Strong volume growth corroborated; long-term capex positioned, margins guarded

Delivered revenue ₹404.0 Cr; implied prior Q1 ~₹289 Cr; 39.5% YoY growth matches

Delivered PAT ₹78.7 Cr; call cited ₹79 Cr; implies prior Q1 ~₹47 Cr; 68% growth corroborates

Call stated ₹106 Cr EBITDA; 106÷404=26.2%; prior Q1 margin ~17.1%; 49 bps expansion supported

Volume growth ~85%, realization/pricing stable for value-added products; implies ~6% headwind/neutral from realization/forex

Q1 achieved 26.3%, within prior 25–27% guidance band; management claimed historical range holds but hedged on quarterly variability

Already spent ₹70 Cr by call date; intent ₹220 Cr+ more in FY27, tracking ₹225–250 Cr annual burn vs prior ₹460 Cr multi-year

Debottleneck split: 7.5k MT (portion done, 4.5k MT Q3 FY27) + 52k MT run-rate by end-FY27; new capex Q3 FY28

ECBE (enzymatic cocoa butter alternative) development underway; forward integration; CBA launch timing TBD

Chad subsidiary incorporated; Burkina Faso land acquired (10 ha); Brazil trial production ramping; now 10 African subsidiaries

Reaffirmed 25–27% band and 26.3% Q1 as 'broadly stable' but explicitly cautioned on quarter-to-quarter variability and macro headwinds

7.5k tons total; portion already operationalized, balance targeted for Q3 FY27 subject to operational timelines

Targeted Q3 FY28 commissioning; Burkina Faso facility ₹120 Cr capex also targeted Q3 FY28; full impact visible FY29

CBA (cocoa butter alternative) using interesterified process on coproducts; ECBE technology to convert liquid fractions to solid; R&D team developing value-added products from existing portfolio

Q1 FY25: 55–60% export; Q1 FY27: 60% export; range has remained ~50–60%

Trial production in last quarter; gradual scale quarter-to-quarter from Indian facility; no specific timeline but expect ramp over multiple quarters

Products are value-added, formulated to customer specs; pricing stable largely, in line with costing model; macro volatility has modest impact

Don't share per-ton realization; products are multi-SKU with different formulations; pricing directionally stable for value-added products

CBE: 30%; stearin: balance (71%); both technically the same

Chad is a sourcing vehicle for shea nut and butter from Africa; enhances value chain and sourcing security

Contracts are 9–12 months, ongoing rolling process; can't quantify per quarter; varies by customer

Don't share quarterly volume specifics; can guide on annual basis; utilization 80% this quarter

Debottlenecking in Q3; expect 80–85% full-year utilization

Payback ~3 years once operational; meaningful impact on bottom line and efficiency

Nigeria 1 of 22 African countries; we operate 10 subsidiaries across Africa; set up facility in Burkina Faso; diverse sourcing strategy mitigates impact

ECBE (enzymatic cocoa butter equivalent) using enzyme technology to convert liquid fractions to solid; cocoa butter alternative for food, chocolate, confectionery, HoReCa; forward integration model

Trial production started last quarter; ramping gradually over 2–3 quarters; directional opportunity but no specific revenue guidance

Last quarter included one-time performance incentive provision; current run-rate ₹14–15 Cr/quarter going forward

Primarily due to higher freight and container costs

Shea procurement largely done last quarter; raw material cost ~50%; margin range 45–50% depends on freight timing and by-product realization; best tracked with EBITDA margin

Raw material cost has been ~50% historically; don't see 75–80% in H1

Volume growth ~85% of the 39%; implies forex and realization headwind/flat

4.5k tons additional debottlenecking in FY27; current 47.5k MT → 52k MT by year-end

Margins see quarter-to-quarter movement on mix and one-offs; underlying range expected broadly stable; current level should hold

Consolidated vs standalone diff ~₹4–5 Lakh; subsidiary losses declined due to one-time costs in prior quarter

Ballpark FY27 capex ₹225–250 Cr; other income: ₹13 Cr forex, ₹3 Cr FDR; will normalize as QIP-driven FDR income fades

FY27: ₹225–250 Cr; already spent ₹70 Cr, intend ₹220 Cr+ more; no specific FY28 yet

Burkina Faso ~₹120–130 Cr; balance for Indian projects (solvent fractionation, refinery) out of ₹460 Cr total capex plan

Tentatively Q3 FY28 for all facilities

~50–60% from imported seeds/butters; ~50% from domestic seeds and butters; similar split

Guidance was on utilization basis (80% on 52k MT), not absolute revenue; stakeholders can model from that

Debit note raised; claiming full amount from supplier; in process per SEBI disclosure; timeline uncertain

Supply 30+ countries; multiple routes; import from Africa, Malaysia, Indonesia; diversified sourcing and exports mitigate impact

Executing target internally 85–90%; for stakeholders, take 80%; improvements will be shared

Bans ongoing couple of quarters; company navigates and balances sourcing/exports/production; indirect impact via freight/logistics but directly mitigated

Tentatively Q3 FY28 commissioning; gradual contribution; full impact visible FY29 as ramp-up occurs

Q1: ~₹20 Cr; until call date: ₹70 Cr; intend ₹220 Cr+ more in FY27

Won't share specific breakdown; communicated ₹120 Cr for full Burkina Faso project; not comfortable sharing per-component

No specific numbers yet; Dekel is processing facility for material from India plant; revenue will be visible from Indian plant, not Dekel standalone

Aiming for higher asset turn historically; won't guide specific 7x, 8x, 9x; new capex should give healthy growth for 3–5 year vision

Started FY27 healthy; Q1 provides good run-rate; see further scope of improvement; confident on healthy topline growth but no %

Raw material ~50% working capital; lined up with existing bankers (SBI lead); QIP ₹500 Cr done; ₹150 Cr FDR on hand; no further equity dilution planned

Natural hedge via imports/exports; policy is hedge 50–60% of net exposure historically; in line with management requirement

Difficult to guide 2–3 years out today; directionally in good shape; capex should improve efficiencies; historically consistent 25 quarters; quarterly movements will be shared

No numeric FY27 revenue target; capacity guidance 80% on 52k MT implies ~₹1,650+ Cr annualized (vs delivered ₹404 Cr Q1); management deferred specifics

Prior guidance 25–27% band reaffirmed; Q1 achieved 26.3% in band; management hedged on quarter-to-quarter volatility, one-offs, mix impacts

₹460 Cr total multi-year capex confirmed; already spent ₹70 Cr; intent ₹220 Cr+ remaining; Burkina Faso 3-year payback cited

Shea sourcing concentrated in West Africa (22 countries); Nigeria export ban active; while diversified, shea procurement disruption could impact margins and volumes

Other expenses +16% YoY due to freight and container cost spikes; while pricing stable, raw material cost inflation + freight pressure gross margin (45–50% range); if freight does not normalize, EBITDA margin could compress

Brazil, Chad, LatAm subsidiaries in build-out phase; Q1 FY27 consolidated PAT losses ~₹3–5 Cr from subsidiaries; expected to persist 2–3 years before scaling; if Brazil ramp delays, losses could extend

Supplier quality issue; debit note raised; company claiming full recovery but timeline and recoverability uncertain per SEBI disclosure; if recovery fails, financial and reputational impact material

New capex (refinery, solvent fractionation, Burkina Faso) targeted Q3 FY28 commissioning 'tentatively'; construction delays or regulatory hurdles could push timelines to FY29; if delayed, margin/growth impact spreads