Pondy Oxides FY26 results: Profit up 113% to ₹139cr

Record FY26 performance sets a new benchmark

Pondy Oxides and Chemicals Limited reported its highest-ever revenue, EBITDA and profit after tax (PAT) for the year ended March 31, 2026. The company said FY26 performance was supported by strong growth across its Lead and Copper segments, improved operational efficiency, and a rising mix of value-added products. On a standalone basis, revenue from operations increased 45% year-on-year to ₹2,939 crore. Net profit for FY26 surged 113% to ₹139 crore from ₹65 crore in the previous year. The company also reported record consolidated performance for FY26, reflecting the expanding scale of operations. Alongside the results, Pondy Oxides highlighted capacity additions completed during the year and laid out FY27 capex guidance, particularly for copper.

FY26 standalone: revenue growth and margin improvement

The headline improvement in profitability came with an increase in operating leverage and margin expansion. For FY26, EBITDA was reported at ₹218 crore, up over 100% year-on-year, with EBITDA margin improving to 7.4% from 5.3%. PAT margin improved to 4.7%, up 151 basis points year-on-year. The company attributed the shift to stronger segment volumes, efficiencies in operations, and a higher share of value-added products. It also reported diluted EPS of ₹46.27 for FY26, while basic EPS was ₹43.98. These metrics indicate that the year’s earnings growth was not only volume-led but also supported by better profitability per unit of output.

Q4 FY26: sharp year-on-year growth continues

For the quarter ended March 31, 2026, Pondy Oxides reported net profit of ₹38 crore, a 111% year-on-year increase. Quarterly revenue rose to ₹932 crore from ₹517 crore in the corresponding quarter of the previous year. EBITDA for the quarter nearly doubled to ₹61 crore, and the EBITDA margin expanded to 6.5% from 5.3%. The company’s quarterly performance aligned with its FY26 narrative of higher throughput and better mix. While the company cited operational efficiency as a factor, it also pointed to the increasing contribution of value-added products as a margin support.

Consolidated FY26 snapshot and segment split

On a consolidated basis, the company reported FY26 revenue of ₹2,958 crore and net profit of ₹132 crore. Segment-wise, consolidated revenue for FY26 included ₹2,254 crore from the Lead segment and ₹673 crore from the Copper segment. The segment data underlines that lead continues to be the dominant revenue driver, while copper is scaling rapidly from a smaller base. The company also stated that copper sales grew significantly in FY26, reaching ₹673 crore. Management commentary and capacity actions during the year suggest copper is being positioned as a key growth leg alongside the established lead business.

Capacity expansion: lead ramp-up and copper scale-up

Pondy Oxides said it significantly expanded production capacity during FY26. Lead production capacity at the Thervoykandigai plant increased by over 50% to 204,000 MTPA following the commissioning of Phase 2 in December 2025. In copper, recycling capacity doubled to 12,000 MTPA. The company also disclosed a plan to add 36,000 MTPA capacity for finished copper products, with an estimated capex of around ₹200 crore. These moves tie directly to the FY27 capex guidance and help explain the company’s focus on balancing growth with profitability through higher value-added output.

Operational and business mix indicators disclosed by management

The company indicated that procurement during the period included an import mix of approximately 73% for lead, 61% for plastic, and 98% for copper. It also stated that lead production and sales increased by 11% each in FY26. On copper, management commentary stated that production and sales volumes increased seven times in FY26, and copper sales increased by nearly 11 times to ₹673 crore. The company also disclosed EBITDA per ton for copper at ₹39,896 per ton. These disclosures point to both scaling and improved economics as copper ramps up, although the sustainability of per-ton profitability will depend on execution and input costs.

FY27 guidance: capex, lead volume growth, and utilisation targets

During the earnings call, management guided for capex of approximately ₹180 crore to ₹200 crore for FY27, primarily for the copper cathode plant. It also indicated a target of about 15% year-on-year lead volume growth. Utilisation at the Thervoykandigai facility is expected to reach 70% to 75%. This forward guidance is relevant because it frames how the company plans to convert newly added capacity into volumes, and how quickly fixed-cost absorption could improve if utilisation tracks guidance. It also signals that FY27 spending is still in an investment phase, with copper projects a major allocation.

Dividend, capital raising, and auditor remarks

The board recommended a final dividend of ₹5 per share for FY26, and a consolidated dividend of ₹7.00 per share for FY26, as per the company’s disclosures. Separately, the provided material also referenced a highest-ever dividend at 70% (₹3.5 per share), subject to shareholder approval, along with a 29-year streak of consistent payouts. The company also reported raising ₹175 crore via QIP to fund capex, working capital, and corporate purposes, and stated that the balance sheet strengthened with reduced net debt and an improved net debt-to-equity ratio. Statutory auditors issued an unmodified opinion on the consolidated financial results.

Key numbers at a glance

Capacity and capex roadmap summary

Earnings call schedule and what investors tracked

Pondy Oxides scheduled its Q4 and FY26 earnings conference call for May 27, 2026 at 3:30 PM IST, hosted by Go India Advisors. The company disclosed that senior management including the Managing Director, CFO and other officials would participate. The disclosure was filed on May 14, 2026 under Regulation 30 of SEBI (LODR) Regulations, 2015. The company’s FY26 results were declared on May 26, 2026, as per the provided material. For investors, the key discussion points typically include ramp-up timelines for expanded lead capacity, progress on copper projects, and working capital discipline as volumes scale.

Why the FY26 print matters for the metals recycling theme

The FY26 results show a combination of strong revenue growth and sharp profit expansion, supported by margin improvement. Segment disclosures indicate that copper is becoming a meaningful contributor, while lead remains the base business that anchors overall scale. Capacity commissioning in December 2025 is a key operational milestone because it sets the base for FY27 utilisation improvement, if demand and execution remain on track. Management’s capex guidance of ₹180 crore to ₹200 crore for FY27 also makes it clear the company is continuing to invest for growth, especially in copper.

Conclusion

Pondy Oxides closed FY26 with record revenue, EBITDA and PAT, led by growth in lead and a rapid scale-up in copper. The company also expanded capacity and laid out FY27 capex and utilisation targets. The next set of updates will be watched for progress on the copper cathode-related capex plan and how quickly the expanded lead capacity moves towards the guided utilisation range.