OCCL Ltd (OCCLLTD) — concall transcript | 31 December 2025

OCCL reported 19% YoY revenue growth to INR 114.6 crores in Q3 FY26, driven by anti-dumping duties and domestic demand, while EBITDA rose 25% to INR 20.2 crores. Management cites stable margins from ADD benefits but faces pressure from rising sulphur prices (up from INR 29 to INR 52) and import competition, particularly from Malaysia. Export markets, especially the US, remain constrained by a 50% tariff, though recovery is anticipated if duties ease. Capacity utilization stands at ~70%, with modest growth expected in FY'27. Net debt is INR30–40 crores, and EBITDA contributions from sulphuric acid remain volatile. Management avoids specific forward margin guidance, prioritizing market share over margin protection amid global oversupply and trade uncertainty.