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Sanmisan Capital · Q4 FY26 · LiveOn call
TranscriptSpeaker-labeled
  • 00:02
    Moderator

    Welcome to the Q4 FY26 earnings call for Sanmisan Capital.

Cross-call analysisUpdating live
Revenue
₹751 cr
+6.1% YoY
EBITDA %
13.4%
+40 bps
ND / EBITDA
2.1x
−0.3x
    Synced audio · click line to jumpExport memo →

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    Cited corpus
    How has the net interest margin trended for HDFC Bank over the last 4 quarters?
    @ HDFC Bank@ 4 quarters@ NIM
    Compass · 4 sources read · 9 citations

    NIM expanded from 3.42% in Q1 to 3.62% in Q4 — a cumulative +20 bps driven by repricing of the floating-rate book and a stable cost of funds.

    Net Interest MarginFY26
    3.42%Q1
    3.51%Q2
    3.44%Q3
    3.62%Q4
    Q4 Investor Presentation · p.8Q3 Earnings Call · 14:22Annual Report FY26 · p.62
    Ask a follow-up · @ mention a filing…Send

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    Theme
    DHANUKA
    IGCL
    IPL
    PIIND
    RALLIS
    Macro Outlook
    Cautious

    Abnormal and uneven rainfall… significant crop losses. Optimistic on…

    Cautious

    Extended monsoons and a cautious trade environment. Expects…

    Bullish

    Global agrochemical sector is showing early signs of recovery…

    Cautious

    Prolonged down-cycle… a full recovery is not expected before 2nd ha…

    Cautious-Opt

    Global signals for recovery… show cautious optimism. Positive on Rabi.

    Demand Headwinds
    Cautious

    Heavy rainfall hitting herbicide applications. Biostimulant sales halted b…

    Cautious

    Erratic monsoon in key southern states and Punjab. Exports challenged by…

    Cautious

    Domestic market hit by heavy monsoons and challenges in the pesticide…

    Cautious

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    Cautious

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    BullishCautious

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    Where did margins come under pressure?NL
    Matched on
    margingross marginEBITDAoperating leveragecost inflation
    PositiveCautiousNegative

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    Guidance vs ActualsQ4 FY25 issued
    EBITDA MarginVolatile
    Ex. 11% - 14%11.2%
    Q3 dip due to Pune plant stabilization1821
    Export GrowthSignificant Beat
    Ex. 7% - 8%21.0%
    9M Y/E export growth at 18% vs 8% guidance1142
    CAPEXConsistent
    Ex. ~7,000 CrOn Track
    Focused on Pune expansion & 26 model roadmap1218

    Management Note: Expecting stronger H2 driven by new product launches and supply chain normalization.

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    CalQuity · Compass

    AskWhat did management guide on FY27 margins?

    The CFO guided 50–80 bps of gross-margin expansion1 versus FY26, citing raw-material tailwinds.

    Source [1]

    Q4 FY26 Earnings Call · 24:42 — “we target 50–80 bps of gross expansion versus FY26.”

    Cited to source