More XLPE, PVC and HFFR capacity has changed Ddev's denominator
Ddev Plastiks reported Q1 FY27 revenue of Rs 989 crore, up 29% from Rs 769 crore a year earlier; EBITDA rose 27% to Rs 101 crore and profit after tax increased 22% to Rs 64 crore. The EBITDA margin was close to 10%, 13 basis points lower year on year, so profit growth broadly tracked revenue rather than a material margin expansion.
Overall utilisation fell to 66% from 87%; XLPE utilisation moved to 71% from 90%, PVC to 52% from 74%, and HFFR to 48% from 78%. Its locally made WTR-XLPE compound cleared a two-year VDE cable test, while 132 kV compound remains in research and development rather than commercial qualification.
A larger denominator is the reason the 66% figure matters; it is not evidence that output fell by the same amount. Utilisation, qualified volumes and margin on the new lines will decide how much of the capex becomes recurring cash generation.
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