Phychem Technologies Limited Export Share Fell as Maharashtra Took 55%

Phychem Technologies Limited’s export share fell to 23.32% of revenue from operations in FY 2025-26 from 31.02% in FY 2023-24, while Maharashtra accounted for 54.60% of sales. Phychem’s export revenue declined to Rs 13.17 crore from Rs 14.57 crore even as total revenue rose to Rs 56.47 crore.

Why did Phychem’s export share fall?

Phychem’s export share fell because export revenue contracted while domestic revenue expanded during the three reported financial years. Exports accounted for Rs 13.17 crore, or 23.32% of FY 2025-26 revenue from operations, compared with Rs 14.19 crore, or 28.21%, in FY 2024-25 and Rs 14.57 crore, or 31.02%, in FY 2023-24. Phychem’s financial year ends on March 31, making FY 2025-26 the 12 months ended March 31, 2026.

Domestic revenue moved in the opposite direction, rising to Rs 43.30 crore in FY 2025-26 from Rs 36.12 crore in FY 2024-25 and Rs 32.40 crore in FY 2023-24. Domestic sales increased by Rs 10.90 crore across the period, raising India’s revenue share to 76.68% from 68.98%. Total revenue from operations rose by Rs 9.50 crore to Rs 56.47 crore, so domestic growth exceeded the Rs 1.40 crore reduction in export revenue.

Phychem manufactures rotational molding, or roto molding, compounds, which are polyethylene-based raw materials used to produce hollow plastic products. The revenue mix would continue to be domestic-led if demand in India grows enough to offset lower or variable export sales. Phychem stated that its portfolio was sold in around 21 countries and 24 Indian states as of March 31, 2026, but its reported sales mix became less export-led over the three years.

How did Maharashtra take 55% of Phychem sales?

Maharashtra was Phychem’s largest disclosed geography, generating Rs 30.83 crore, or 54.60% of FY 2025-26 revenue from operations. That was up from Rs 25.30 crore, or 50.29%, in FY 2024-25 and Rs 20.96 crore, or 44.62%, in FY 2023-24. Maharashtra’s share increased by 9.98 percentage points over the three financial years and exceeded the company’s entire FY 2025-26 export revenue by Rs 17.66 crore.

Maharashtra sales grew faster than sales in the rest of the domestic market. Revenue from domestic locations excluding Maharashtra was Rs 12.47 crore in FY 2025-26, compared with Rs 10.82 crore in FY 2024-25 and Rs 11.44 crore in FY 2023-24. Karnataka was the second-largest domestic state at Rs 2.46 crore, or 4.36% of total revenue, followed by Gujarat at Rs 1.65 crore, or 2.92%.

Phychem’s sole manufacturing facility is located at Khatwad, Dindori, Nashik, Maharashtra, and it operates three fully functional rotational molding machines there. The local facility does not by itself establish the reason Maharashtra sales increased, but the disclosed revenue data show geographic dependence: the state supplied more than half of company revenue in FY 2025-26.

Which export markets changed the most for Phychem?

Guinea remained Phychem’s largest export destination in FY 2025-26, contributing Rs 4.50 crore, or 7.98% of total revenue. Guinea sales increased from Rs 3.51 crore in FY 2024-25 and Rs 3.71 crore in FY 2023-24. Mauritius was second at Rs 2.59 crore, or 4.59%, increasing from Rs 2.31 crore and Rs 2.25 crore in the preceding two financial years.

Declines in several markets outweighed the increases in Guinea and Mauritius. Cameroon sales fell to Rs 1.90 crore in FY 2025-26 from Rs 2.69 crore in FY 2024-25 and Rs 2.53 crore in FY 2023-24. Poland declined to Rs 61.81 lakh from Rs 1.92 crore in FY 2023-24, while Myanmar fell to Rs 38.17 lakh from Rs 94.06 lakh. Bangladesh had no FY 2025-26 sales after Rs 90 lakh in FY 2024-25 and Rs 91.22 lakh in FY 2023-24.

Guinea was not as dominant within exports as Maharashtra was within total revenue. Guinea’s Rs 4.50 crore represented 34.20% of Phychem’s Rs 13.17 crore export revenue in FY 2025-26, based on the disclosed figures. Other export markets and the “Others” category provided Rs 8.66 crore, meaning a recovery in one country alone would not necessarily return exports to their FY 2023-24 share of 31.02%.

What does Phychem’s wider sales mix show?

Manufacturing remained Phychem’s principal activity, although trading gained share in FY 2025-26. Manufacturing generated Rs 52.29 crore, or 92.61% of total sales, compared with 96.98% in FY 2024-25 and 94.84% in FY 2023-24. Trading rose to Rs 4.06 crore, or 7.18%, from Rs 1.14 crore, or 2.26%, in FY 2024-25.

Color powders were Phychem’s largest manufacturing product category at Rs 25.72 crore, or 45.55% of total sales, in FY 2025-26. Stone-effect compound contributed Rs 13.01 crore, or 23.05%, and polyethylene foam compound contributed Rs 8.61 crore, or 15.25%. Color-powder revenue rose from Rs 17.74 crore in FY 2023-24, whereas polyethylene foam compound revenue declined from Rs 11.86 crore.

Customer concentration is another measure of dependency in the revenue mix. Phychem reported that its largest customer contributed approximately 15.73% of FY 2025-26 revenue from operations, while its 10 largest customers accounted for 52.99%, compared with 49.30% in FY 2024-25. The company sold to around 265 domestic customers and around 24 global customers in FY 2025-26.

Conclusion

Phychem’s three-year revenue movement shows that India, and particularly Maharashtra, supplied the greater part of sales growth. Maharashtra revenue increased by Rs 9.87 crore between FY 2023-24 and FY 2025-26, while the export business declined by Rs 1.40 crore. The shift occurred alongside manufacturing’s continued 92.61% share of FY 2025-26 sales and trading’s rise to 7.18%.

The next measure to watch is whether Phychem’s disclosed plan to extend domestic and international customer coverage changes the geographic mix. Phychem has registered for Rotoplas 2026 and Plastivision India 2027 and plans to purchase rotational molding, pulverizing and extruder machinery at its Nashik facility. The company proposes to use Rs 5.15 crore of net proceeds for that capital expenditure to increase capacity and reduce production downtime.