Ddev Plastiks completes XLPE plant, expects ₹500 crore

Ddev Plastiks commissioned its 48,000-metric-tonnes-per-annum (MTPA) cross-linked polyethylene (XLPE) facility in Bhiwadi, Rajasthan, in April 2026, increasing XLPE capacity to 214,500 MTPA from 166,500 MTPA. Management expects the new plant to generate around ₹500 crore in additional revenue, following capital expenditure of ₹79.22 crore on the expansion.

What did Ddev Plastiks complete at Bhiwadi?

Ddev Plastiks completed a greenfield XLPE compounds facility in Bhiwadi with annual installed capacity of 48,000 MTPA. The plant became operational in April 2026, which falls in the first quarter of FY27, and the company says the capacity addition will be recorded from 1QFY27 onward.

The Bhiwadi project lifted Ddev Plastiks' XLPE capacity by 48,000 MTPA, to 214,500 MTPA from 166,500 MTPA. The company disclosed ₹79.22 crore of capital expenditure for the XLPE capacity addition completed in April 2026, but did not provide a breakdown between plant, machinery and other project costs.

Management says the facility is intended to meet growing demand, broaden Ddev Plastiks' geographic presence and support long-term growth. Its estimate of around ₹500 crore in additional revenue is an expectation for the facility, rather than revenue reported from the plant during H1FY27.

How much capacity did Ddev Plastiks add across products?

Ddev Plastiks completed additions in halogen-free flame retardant (HFFR), polyvinyl chloride (PVC) and XLPE compounds across FY26 and 1QFY27. The three disclosed projects added a combined 78,000 MTPA, with XLPE accounting for the largest increase of 48,000 MTPA.

Ddev Plastiks says HFFR is expected to replace PVC in house-wiring cables and that the government has mandated HFFR use in malls, metro stations, hospitals, schools and other public areas. The company also identifies HFFR as vital for solar cables, while its completed FY26 expansion doubled HFFR capacity to 10,000 MTPA.

For PVC, Ddev Plastiks cites cable-industry demand and the entry of participants including Adani and Ultratech as factors expected to raise consumption. PVC capacity increased by 25,000 MTPA in FY26 to 69,000 MTPA, compared with the 48,000-MTPA XLPE addition commissioned in 1QFY27.

What does the Bhiwadi plant mean for Ddev Plastiks' FY27 plan?

Ddev Plastiks' FY27E plan indicates installed capacity of about 332,400 MTPA, compared with 268,400 MTPA in FY26 and 233,400 MTPA in FY25. FY27E is management's estimate for FY27, while the company separately reported current capacity of 316,400 MTPA as of September 2026.

Management's FY27E topline estimate of about ₹3,800 crore is about ₹852 crore above FY26 topline of ₹2,948 crore. The estimated ₹500 crore additional revenue from the Bhiwadi XLPE facility is therefore a significant component of the capacity-led growth plan, although the presentation does not disclose the expected utilisation rate or timing of that contribution.

The FY27E capital-expenditure plan of about ₹175 crore is above ₹96 crore in FY26 and ₹55 crore in FY25. Ddev Plastiks says this spending is for capacity enhancement, new-product approvals and entry into newer segments, while its FY27 topline outlook is based on higher volumes, product mix, utilisation and market reach.

What operating results support Ddev Plastiks' expansion plan?

Ddev Plastiks reported H1FY27 revenue from operations of ₹1,968 crore, up 36% year on year, with exports contributing ₹572 crore. Management said polymer-compound demand was led by the wires and cables sector and supported by infrastructure, construction, industrial projects and power activity.

For Q2FY27, Ddev Plastiks reported revenue of ₹978 crore, earnings before interest, tax, depreciation and amortisation (EBITDA) of ₹86 crore, and profit after tax of ₹52 crore. The company reported gross margin of 16%, EBITDA margin of 9% and profit-after-tax margin of 5%, and notes that EBITDA includes other income.

Ddev Plastiks reported consolidated compound annual growth rates between FY21 and FY26 of 14% for revenue, 34% for EBITDA and 58% for profit after tax. The April 2026 commissioning follows that five-year record, but the presentation does not disclose Bhiwadi's utilisation, realised revenue or margin contribution in H1FY27.

Ddev Plastiks operates six manufacturing units and has a portfolio of more than 200 compounds. The company describes XLPE as part of its cable-compound range, alongside high-voltage polyethylene-based cable compounds and HFFR compounds, with the Bhiwadi plant adding capacity within that portfolio.

Conclusion

Ddev Plastiks has turned its XLPE expansion plan into an operating 48,000-MTPA Bhiwadi facility, raising XLPE capacity to 214,500 MTPA from 166,500 MTPA. Management expects around ₹500 crore of additional revenue from the new plant, while the company also completed FY26 additions of 5,000 MTPA in HFFR and 25,000 MTPA in PVC compounds.

The next measures to watch are management's FY27E targets of about 332,400 MTPA of installed capacity, about ₹175 crore of capital expenditure and about ₹3,800 crore of topline. Ddev Plastiks has not disclosed the Bhiwadi facility's utilisation, revenue ramp timing or realised margins, leaving subsequent FY27 operating updates relevant to assessing delivery against its plan.