How much Q1 revenue is spillover of Q4 export shipments that could not be shipped in March?

About 1,000 tons was moved from Q4 to Q1; Q1 export revenue was ₹300+ Cr, partly contributed by previous-quarter export quantities, with value affected by higher freight and prices.

How much will the new Bhiwadi capacity realise in FY27?

The unit is currently running at roughly 20-25% utilisation and is expected to average 50%-plus utilisation in FY27, ramping up progressively.

Is the higher EBITDA per ton sustainable?

The current quarter's ₹19.6 per ton may not be sustainable every quarter; normal targets are ₹16-17 per ton, or 10-12% EBITDA margin, but export tailwinds may persist for a few months.

Will BESS be an EPC model or an asset-owning BOO model?

BESS will start as supply plus some EPC; BOO and BOOT models are not being eyed on an immediate start basis.

What are BESS margin expectations and funding requirements as the business scales?

Supply-phase EBITDA margin is 6-8%; EPC adds 2-5%; long-term system-integration target is 11-15%. First phase investment is ₹150-200 Cr from internal accruals plus ₹100-150 Cr working-capital debt; later phases will be re-evaluated as market-driven.

How much of FY27 growth is volume-led versus realisation-led?

Guidance assumes no price increase and last year's average realisation; the real tracking metric is volume growth of about 15%.

Q1 volume grew only 1%; is 15% volume growth still achievable?

Yes, Q1 was affected by demand destruction from high prices and export disruption; Bhiwadi will contribute meaningfully in H2, and uncertainty is subsiding.

Can Q2 exports repeat the ₹330 Cr export revenue seen in Q1?

Export ASP corrected lower in July, so ₹300 Cr may not repeat in Q2, but export volume should be better than Q1.

DDev Plastiks Q1 FY27 Earnings Call — Analysis (NSE: DDEVPLSTIK)

Ddev Plastiks delivered a strong Q1 FY27 with EBITDA crossing ₹100 Cr for the first time, driven by export realisations and a war-risk premium, while guiding FY27 volume growth of about 15% as the new Bhiwadi XLPE facility ramps.

14 Aug 2026 · Analysis by Alpha Inflection

Result quality: stable — Steady quarter. Management sentiment: optimistic.

The take

Q1FY27 Revenue ₹989 Cr ( +29% YoY ) . New guidance — FY30 fy30 revenue target ₹5,000 Cr . New story: Bhiwadi XLPE capacity ramp .

Results

Revenue grew 29% YoY to ₹989 Cr; EBITDA grew 27% YoY to ₹100+ Cr with 10% margin; PAT grew 22% YoY to ₹64 Cr.

Financial highlights

DDev Plastiks Q1 FY27 reported figures
Metric	Value	Change	Basis
Revenue	₹989 Cr	+29%	yoy · Q1FY27
EBITDA	₹100+ Cr	+27%	yoy · Q1FY27 · Crossed ₹100 Cr for the first time
EBITDA margin	10%		none · Q1FY27
PAT	₹64 Cr	+22%	yoy · Q1FY27
Export revenue	₹300+ Cr		point_in_time · Q1FY27 · Q1 FY27; partly includes about 1,000 tons of prior-quarter export spillover
Volume	52,163 tons	+1%	yoy · Q1FY27 · Volume growth of only about 1% YoY
Installed capacity	316,400 MTPA		point_in_time · Q1FY27 · As of Jun-26
Capacity utilisation	~66%		none · Q1FY27 · Diluted by Bhiwadi capacity addition

Guidance

Management reiterated its FY30 top-line ambition of ₹5,000 Cr and guided FY27 volume growth of about 15%, with the Bhiwadi facility expected to contribute ₹200-250 Cr in FY27 on a conservative 13% revenue growth assumption.

What management committed to

Management remains firmly on track to achieve top line ambition of ₹5,000 crores by FY30. — ₹5,000 crores, FY30
Management targets 2,31,000 tons of volume for FY27, with volume growth of about 15% year-on-year driven by ramp-up of [the Bhiwadi XLPE facility]. — 2,31,000 tons / ~15% volume growth, FY27
Management has assumed conservative FY27 revenue growth of 13% and expects to surpass it because Q1 [FY27] was better than expected. — 13%, FY27
Management expects [the new Bhiwadi XLPE facility of 48,000 MTPA] to run at an average utilisation of 50%+ in FY27, after starting at roughly 20-25%. — 50%+, FY27
Management expects [the new Bhiwadi XLPE facility] to contribute incremental revenue close to ₹500 Cr as utilisation levels scale up progressively. — close to ₹500-odd crores, as utilisation levels scale up progressively
Management expects [the Bhiwadi XLPE facility] to generate around ₹200-250 Cr of revenue in FY27 at ~50% average utilisation. — ₹200-250 Cr, FY27
Management expects export volume in Q2 FY27 to be better than Q1 FY27, although export revenue may be lower than [Q1's ₹300+ Cr] because average selling prices corrected lower in July. — better volume; export value may be lower than ₹300 Cr, Q2FY27
Management targets increasing HFFR capacity to 20,000 tons by FY27. — 20,000 tons, FY27
Management expects [medium-voltage cable compound capability in East India] to be completed by end FY27 or Q1 FY28, with investment already committed. — Q1FY28
Management expects committed investments for FY27 to be in the range of ₹150-175 Cr, including [medium-voltage capability, HFFR capacity, Vapi consolidation, and BESS]. — ₹150 crores to ₹175-odd crores, FY27
Management expects first-phase BESS [1 GWh] overall investment to be within ₹150-200 Cr, funded from internal accruals, with additional working-capital debt of ₹100-150 Cr. — ₹150-200 Cr + ₹100-150 Cr debt, first phase
Management indicates [first-phase BESS 1 GWh] timeline of mid-FY29. — FY29

Key themes

Capacity-led growth, export margin tailwind, BESS entry

How the narrative shifted

Structural electrification and transmission demand: Management positions India's electrification, power capacity build-out, and data-centre expansion as a multi-decade demand cycle for specialised cable compounds.
Export margin tailwind from war-risk: Management attributes elevated export realisations to Middle East war-risk, freight uncertainty, and raw-material volatility, while cautioning the premium may not persist each quarter.
Bhiwadi XLPE capacity ramp: The new Bhiwadi greenfield XLPE facility is positioned to capture North Indian cable demand and free West capacity for exports, with management guiding a gradual FY27 ramp.
BESS entry calibrated and disciplined: Management frames BESS as a natural extension of its power ecosystem knowledge, but is deliberately limiting initial scope to supply plus some EPC and avoiding asset-owning models immediately.
Raw-material and commodity price volatility: Management describes resin price volatility and war-related supply disruption as a driver of Q1 margin, but expects prices to normalise over 3-6 months once the Hormuz situation clears.
Product and geographical mix improvement: Management points to a shift toward medium/high-voltage XLPE, low-voltage to higher-value compounds, and a better export/domestic mix as a structural margin driver.
West to East BESS relocation: constructive

Operational commentary

Bhiwadi greenfield XLPE facility commissioned April 2026 with 48,000 MTPA; total XLPE capacity now 214,500 MTPA. Management expects ~50% average utilisation in FY27, generating ₹200-250 Cr revenue, scaling toward ~₹500 Cr incremental revenue over time.
XLPE market position strengthened: over one-third share in XLPE compounds, about 50% share in Sioplas, and a leading HFFR position. Bhiwadi serves North India customers and should free West-region capacity for exports.
Export revenue above ₹300 Cr in Q1 was driven by MENA demand. Management attributed elevated realisations to war-risk/freight premium and raw-material volatility; export volume growth was only modest single-digit in Q1, with Q2 volume expected better but ASP lower.
New capacity actions: East India medium-voltage cable capability expected by end FY27/Q1 FY28; HFFR capacity expansion to 20,000 tons in FY27; Vapi consolidation; total FY27 committed investment guided at ₹150-175 Cr.
BESS strategy: initial supply model rather than BOO/BOOT, first phase 1 GWh, ₹150-200 Cr investment funded from internal accruals plus ₹100-150 Cr working-capital debt; supply-phase EBITDA margin 6-8%, targeted 11-15% at scale; timeline mid-FY29; site shifted from West to Bengal pending state industrial policy.
Working capital: cash conversion cycle rose in Q1 due to raw-material price spikes and higher inventory/debtors; management expects return to 55-60 days.
Customer approvals: existing product approvals carry across facilities, so no new approvals are needed for Bhiwadi; water-tree-retardant XLPE is already being supplied in good quantities after German lab approval.

Analyst Q&A

Q. How much Q1 revenue is spillover of Q4 export shipments that could not be shipped in March?
About 1,000 tons was moved from Q4 to Q1; Q1 export revenue was ₹300+ Cr, partly contributed by previous-quarter export quantities, with value affected by higher freight and prices.
Q. How much will the new Bhiwadi capacity realise in FY27?
The unit is currently running at roughly 20-25% utilisation and is expected to average 50%-plus utilisation in FY27, ramping up progressively.
Q. Is the higher EBITDA per ton sustainable?
The current quarter's ₹19.6 per ton may not be sustainable every quarter; normal targets are ₹16-17 per ton, or 10-12% EBITDA margin, but export tailwinds may persist for a few months.
Q. Will BESS be an EPC model or an asset-owning BOO model?
BESS will start as supply plus some EPC; BOO and BOOT models are not being eyed on an immediate start basis.
Q. What are BESS margin expectations and funding requirements as the business scales?
Supply-phase EBITDA margin is 6-8%; EPC adds 2-5%; long-term system-integration target is 11-15%. First phase investment is ₹150-200 Cr from internal accruals plus ₹100-150 Cr working-capital debt; later phases will be re-evaluated as market-driven.
Q. How much of FY27 growth is volume-led versus realisation-led?
Guidance assumes no price increase and last year's average realisation; the real tracking metric is volume growth of about 15%.
Q. Q1 volume grew only 1%; is 15% volume growth still achievable?
Yes, Q1 was affected by demand destruction from high prices and export disruption; Bhiwadi will contribute meaningfully in H2, and uncertainty is subsiding.
Q. Can Q2 exports repeat the ₹330 Cr export revenue seen in Q1?
Export ASP corrected lower in July, so ₹300 Cr may not repeat in Q2, but export volume should be better than Q1.
Q. Does raw-material and logistics volatility support market-share gains?
Yes, supply-chain disruption may make local customers rely more on Ddev's domestic capacity rather than overseas suppliers; Bhiwadi capacity positions the company to capture this.
Q. What is the expected timeline for the 1 GWh BESS first phase?
You can consider mid-FY29.

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