Recovery steady but below plan; capacity math questioned

MCC realization ₹241/kg, up 11.7% QoQ; but revenue -5.4% YoY despite price gains

Capacity utilization only 76.8%; 3,400 MT sold on 18,000 MT base (75% of stated)

Q1 at ₹121.3 Cr requires ₹162-169 Cr/qtr average; Q1 shortfall ~25% vs implied run-rate

Delayed to Q2 FY28 from Q1 FY28; no revenue contribution in FY27

Capacity constraints real; FY25 sold 20,000 MT; Q1 FY27 only 3,400 MT at recovering facility

Dahej-2 commissioning delayed from Q1 FY28 to Q2 FY28; no revenue impact FY27

₹650-675 Cr revenue and 18% EBITDA maintained despite Q1 shortfall; confidence claimed but math questioned by analysts

New molecules (Sparsentan, Bempedoic Acid) added; FY27 target lifted to >₹100 Cr from prior ₹90-100 Cr range

1,800-ton facility now expected to commission Q2 FY28; pre-launch inquiries already received from export customers

Entry barriers exist (regulatory, quality). Asia-Pacific MCC CAGR 7-8% to $1.4B by 2035. Sigachi known for quality; Aurobindo/Roquette examples show failures if quality lacking.

Q1 ₹21 Cr; next quarters strong. Sparsentan, Bempedoic Acid, Zestrapin with higher margins coming.

Q1 small variations. Second half revenues up. No change in guidance.

India ~$100M. Realization ₹1,200-1,500/kg, margins 25%+. Already in pharma supply chain so faster ramp expected.

Plant ramp takes time. Product mix, shutdowns, validation required. By Q4 will be 95%+ run-rate.

Assessment done; e-auction in process. Expect full or ad-hoc by end-September 2026.

30-year customer relationships. Once capacity restored, expect to regain market share.

More towards export. Already receiving inquiries from export customers. No supply yet but goodwill there.

Innovation drove margin expansion (2016-2026 from 12% to 20%+). Product mix shift to higher-grade MCC. Expect to maintain.

Currently 90-94 days; aiming for 75-80 days by year-end. Positive trend.

Maintained from prior call. Q1 at ₹121.3 Cr implies ₹162-169 Cr/qtr needed; aggressive ramp required. No specific quarterly phasing provided.

Q1 only ₹21.68 Cr; requires ₹25+ Cr per quarter going forward. New molecules cited but no customer names, no binding contracts.

Delayed from Q1 FY28. Pre-launch inquiries noted but no signed agreements disclosed.

Q1 at 13.6%; requires margin accretion of 400 bps. Management claims fixed cost absorption as capacity/revenue grows; no capex drag considered.

Higher than MCC (~14-15%). Contingent on CMC supply availability and customer acceptance. No proof-of-concept production.

MCC (₹106 Cr) + CCS (₹93 Cr) = ₹199 Cr total project; split over FY27-FY28. Additional ₹50 Cr for further debottlenecking/expansion mentioned but not quantified.

Company debt-free; bankers ready. But prior warrant forfeit and preferential share delay flagged as governance risk by shareholders.

Q1 76.8% utilization (3,400 MT on 18,000 MT base) vs FY25 20,000 MT sales. Management blames product mix & shutdowns, but capacity restoration slower than expected.

Q1 revenue 26% below implied quarterly run-rate. Even if API ramps to ₹25+ Cr/qtr, MCC must sustain ₹100+ Cr/qtr at current mix and utilization trajectory unproven.

Q1 API ₹21.68 Cr; FY27 target >₹100 Cr requires ₹25+ Cr/qtr Q2-Q4. Cystic fibrosis product pushed to end of year or next year; management cited inventory destocking in Bempedoic Acid at peers.

CCS market in India ~$100M. Sigachi targeting 25%+ margins vs MCC 13.6%. But pre-launch inquiries only; no supply agreements; customer approval timelines typically 6-12 months in pharma.

Company currently debt-free but capex ₹100+ Cr FY27, ₹150-200 Cr FY28 requires external funding. Insurance claim on 'higher side' claim; assessment complete but e-auction still in process.