Thank you, Ikra. Thank you and good morning to everyone.

I'd like to start by expressing my appreciation for your presence today. Joining me are Mr.

P. Srinivasan, our Chief Financial Officer, and our investor relations advisors from SGA.

I hope you have all received our investor presentation. If not, it's available on both the stock exchanges and on our company's website.

During the quarter, volumes continue to show an upward trajectory. The domestic volumes witnessed a high single-digit growth driven largely by the improved demand due to GST 2.0.

However, volumes in the international markets were dampened due to the seasonal effect and US tariff issues. Based on our quarter three performance and the current trends, we expect to end financial year '26 with a volume growth of 3 to 4%, in spite of our -5% degrowth in H1 FY26 on a year-to-year basis.

Quarterly revenue remained largely stable, reaching ₹316 crores. This moderation was primarily attributed to lower price realizations influenced by competitive pricing pressures, including dumping from imports.

In this evolving global environment, we continue to focus on a balancing mix of price and volume. To address the price dumping, as stated in our previous calls, we have filed anti-dumping petitions on select key products with the Government of India.

Seeing merit in our submissions, the authorities have initiated detailed investigations, and we expect the outcome of these proceedings in the coming months. On the export side, volumes sequentially declined during the quarter.

As mentioned earlier, it was due to a combination of year-end seasonal effects and lower orders from the US on account of tariffs. The US tariffs, as all of had led to uncertainty and cautious customer behavior in the international markets.

However, the recent developments on the revision in US tariff structures is expected to see a recovery in volumes in the US market. Looking ahead, the India-EU FTA is also expected to support our initiatives and strategic engagement in the European markets.

On the domestic market environment front, the Indian tire industry is positioned to deliver healthy and sustained growth over the medium to long term. This positive outlook is supported through a combination of demand-side triggers and continued infrastructure investments.

The recently concluded trade agreement with Europe and revisions in the US tariff framework is also expected to augur well for our rubber industry in India, both from a tire and non-tire sector point of view. Coming back to developments at NOCIL, our TDQ antioxidant investment in Dahej is coming along well.

We expect to be ahead of our original schedules with production trials planned during the first half of the calendar year. I'm delighted to inform you that the Confederation of Indian Industry, CII, has honored NOCIL with the CII Industry-Academia Partnership Award 2025 in the diamond category.

This award is a recognition of our collaborative work, sponsored projects with research and academic institutions. This recognition is a testament to our continued commitment to fostering strong industry-academia collaboration and driving excellence through innovation.

A big shoutout and appreciation to all our teams involved. Looking ahead, as we look to build our domestic volumes and continue our growth momentum, we expect the trade agreements with the US and EU to provide a fillip for better overall volume growth in financial year '27.

We expect that this enhanced volume growth, coupled with our continual operational efficiency measures, will drive development of our margins. That's it from my side.

I now invite Mr. P.

Srinivasan to provide an overview of our financial performance.

Thank you, Mr. Anand, and good morning to everyone.

Now let's run through the consolidated financial highlights. On the sales volume front, volumes for Q3 FY26 stood at 140 basis points, taking a base of 100 as Q1 FY20.

Coming to the net revenues, the net revenues from operations for Q3 FY26 stood at ₹316 crores, sequentially down by ₹5 crores as in Q2 we recorded ₹321 crores. Coming to the 9-months revenue performance, April to December '25 stood at ₹973 crores vis-a-vis ₹1,053 crores for April to December '24.

During the quarter, as Anand said, we recorded high single-digit volume growth in the domestic market. This was largely offset by a decline in export volumes, resulting in an overall sales growth of 1% compared to Q2 FY26.

Coming to operating EBITDA parameters, the operating EBITDA for Q3 FY26 stood at ₹27 crores as against ₹22 crores recorded in Q2 FY26. The EBITDA margin stood at 8.5% in Q3 FY26.

As far as the 9-months operating EBITDA parameters, stood at ₹80 crores as against ₹103 crores for the previous year, which is at 8.2% during the 9 months FY26. PBT: the PBT for Q3 FY26 stood at ₹13 crores as compared to ₹19 crores for Q2 FY26.

For 9 months, the PBT for 9-months FY26 stood at ₹55 crores as compared to ₹88 crores in 9-months FY25. Profit after tax: profit after tax for Q3 FY26 stood at ₹9 crores as compared to ₹12 crores in Q2 FY26.

It may be noted profit after tax for 9-months FY26 stood at ₹39 crores as compared to ₹82 crores in 9-months FY25. Please note that during the last year there was a revision in the taxation LTCG rate; therefore, the deferred tax liability had a ₹15 crore credit, hence there was a lower tax outgo in the last year's financials.

With this, we would like to open the floor for questions.

Sir. Good morning and thanks for the opportunity.

Sir, I have a few questions to ask. Sir, first is on the commentary by various industry players, predominantly from the CV side, like one of the largest CV players has reported close to around 30% volume growth in quarter three of FY26.

When we see the commentary by most of the tire companies, their performance was good in Q3 and even they have guided for a better numbers going forward. Just wanted to have your thoughts, with this US deal also in place and the FTA with EU, which you just mentioned in your opening remarks, how do you see the growth in the export markets, which has been a dampener in Q3, as well as your growth in the domestic market?

If you can share some guidance of volume growth for FY27, that would be very helpful.

Thank you. Thanks, Nirav.

As far as the quarter three again, a year-on-year comparison has also been in the strong double-digit, I would say, in terms of the domestic market growth, year-on-year comparison. Clearly this momentum is expected to continue into quarter four also, that's why I'd also kind of indicated how we see that the year will complete.

Going forward with the tariff situation, surely the India-EU FTA is only expected to come into play in calendar year '27 roughly. With the US tariffs, clearly we see some of the volumes coming back in a 2 to 3-month horizon.

Whatever we had kind of lost, we expect that to come back. With the domestic buoyancy that we see, I would say financial year '27 definitely growth prospects in the double digits overall, yeah.

In terms of the volumes, you are saying.

That's right. That's right.

That's right.

Correct. Sir, in terms of whatever lost volumes in the USA, let's say we were at 100 before the tariff issues start kicking in, where were we in terms of the run rate in Q3, if you can just say on an indexation basis, that also would help?

Roughly about 50% of that, yeah. I would say, yeah.

Okay. Correct.

Those 50% could come back to us within next 2 to 3 months, this is what you are saying.

That's right.

Correct. Sir, recently also we have seen Chinese currency getting appreciated by 8 to 9% and even when we see some of the product prices and the raw materials like aniline and subsequently the antioxidants and the accelerators, they have started showing some uptick in terms of the prices.

Given the kind of operating environment where China is operating in terms of the margins and everything, don't you feel that this 8, 9% currency appreciation could give us that sort of competitive advantage in various markets where we operate in terms of the incremental volumes?

Yes, I think factored that in also while kind of looking at how we see growth prospects going forward. Yes, it should give us a positive, it should give us a competitive advantage, yeah.

Correct. Sir, you also touched upon the trial runs for our new TDQ capacity in calendar year of this '26.

Is it possible that since the capacity is getting expanded by 20% on an overall basis, do we feel that since we are very strong on the antioxidant side, is there a possibility that even from there also we could see some volumes coming in after the samples are approved here?

Yeah. Yes, I would expect definitely the approval period will take its course in terms of, especially our large customers who have the time frames to approve the product.

We will start with lower volumes initially and then slowly ramp up once the approvals come in. During the upcoming financial year, this should happen, yeah.

Correct. Sir, third question is on the operating cost.

When I compare 9 months of last year to 9 months of this financial year, I think on a conversion cost basis we have saved close to around ₹23 crores. This is despite of the fact that our volumes have been steadier or have grown on a 9-month basis when we see last year to this year.

From where this cost savings are coming through? Also if you can share that how much of the cost initiatives which we have earlier planned in terms of the power and other savings in the variable as well as fixed costs is captured in Q3 and how much is left yet to be captured on?

I'm not talking about the operating leverage part. I'm just talking about the operating cost savings through the initiatives which we have taken over last 1 or 2 years.

Sure. Please.

Nirav, Srini was here. Morning.

If I see the broad break-up of this 9 months reduction in other expenses, largely it is aligned with two issues which happened during the year. We made a conscious effort to control the working capital.

There was some significant savings and if you see the September balance sheet it is evident there. As a result, we aligned the production as per the inventory adjustment.

Secondly, we also had a situation, that's why you can see the stock change has a debit rather than the credit, if you see during the 9 months period. The second part is this also led to lower requirement of utilities and efficient management of utilities.

There, that was one of the savings. Second, we negotiated fine rates on the S&D freight, etc.

to the customer. There was some saving there.

Of course, there are some other operating cost where you have the normal factory establishment, wherever we could see some areas where to improve, we made an effort to improve that. It's a combination of three, four factors which led to this reduction in cost.

While we have achieved this, we don't wish to stop it here. We would like to continue this effort to look at other areas and see how best we can improve.

Correct. Sir, last question before I join back.

Sir, on the newer products which we were talking about in the earlier concalls, when can we see those products getting commercialized or start selling to the customers if you can share your thoughts here? Let's say whenever it starts picking up, out of our overall volumes, how much it could form a part of?

I'm talking about the current numbers, let's say what current run rate of volumes we are doing. From these newer products, whenever they would start ramping up, what sort of percentage it could form out of our overall volumes?

Yeah. Yes, you're right.

There are a couple of products in the pipeline. One of them we have done a bit of a soft launch, largely with trials with customers and it's taking its slow ramp-up speed.

Eventually, surely we expect these products should give us at least about 10 to 12% compared to current volumes at least, in terms of volumes we see that, yeah.

Correct. Let's say whatever total volumes we are doing on an annualized basis, 10% contribution could come from these volumes.

How the ramp-up would happen? Are we expecting FY27 some sort of benefits coming in and FY28 could be a year where these numbers could be achieved?

FY27 will still be on the slower side, but I expect that '28 it should pick up speed, yeah. Once the approvals start coming in, then it starts picking up pretty much faster.

Correct. Thank you so much, sir, for all the detailed answers and I'll again join back in the queue.

Wish you all the best.

Thank you.

Thank you, sir, for the opportunity. Just a couple of questions.

Sir, this double-digit volume growth which you are stating in FY27, how much of this would come from the base capacity and how much from the new TDQ facility?

A large part of it will still come from the base capacity, because since we will still be ramping up and stabilizing production in the upcoming year, the contribution will be much significantly lesser and we'll also still be waiting for approvals and all that. A large part will still come from the base capacity, improved utilization.

Got it. Sir, despite seeing a good reduction in cost and ramping up the volumes, as you've said, for the next two years, still one issue of imports from China that remain unaddressed.

You have said that anti-dumping duty, earlier, sir, you had stated that would come by December. Now we are standing in February.

Any update, sir? Are we reapplying the duty?

Earlier duty has not been approved, it has been canceled now. How things will shape up for the next one year?

Yeah. Aditya, Srinivasan here.

Just want to clarify something. See, the procedure as per the anti-dumping rules is 1 year from the date of notification, the findings should get concluded.

Due to their administrative organization restructure, the DA got transferred and the new DA got inducted somewhere in December. There had to be a mandatory repeat of public hearings, which got finished.

As per the protocol and the statute, they have taken a 3-months extension, as it is available on the DGTR website. We hope that in the next 1 and a 1/2, 2 months they should conclude their findings.

Okay. Sir, coming to next question onto the export market.

You have rightly mentioned that 50% of US volumes will come back. Any other markets, sir, where we see significant ramp-up, like earlier one market was lower, now that market will see higher volumes?

Any higher tariff in China to US versus India, anything sort of an advantage play which we have here? Considering if today US is X, considering the tariff differential between India and China, how much you see India can grow from here to US versus China?

Yeah. Just coming back to your earlier question, just a clarification that there was not any cancellation, like what Srini just clarified.

It was more an administrative delay, I just wanted to kind of mention that. Coming back to your second question, the growth for us is not only limited, so that means we still have opportunities to grow in Asia, we have opportunities to grow in Europe, as well as the US.

The US market today, our at least last 6 months, our view is that since with all those tariffs, there has been more increased volumes going in from Europe and less from China because China was also inhibited due to the tariff situation very similar to us. We expect to gain in all the markets where we are working.

It's because we still have much lower market share in most of the markets.

Aditya, just to add a bit, see, what we are doing is this is a relation on a principal-to-principal basis. The allocation on different destinations is decided with the principal.

It's not that only US market or EU market. That's one thing also it addresses that part.

If suppose one market is unfavorable because of tariffs, through the discussion, we will try to divert that whatever volume to some other market.

Got it. Sir, now next question, sir, when we look at the India-EU FTA, what I know, sir, Europe still has some 10, 15% of the global supply.

Is there any chance wherein now with the zero duty, there could be higher volumes flowing from Europe? Second, sir, are you witnessing any new capacities building up globally in China, Europe, US, anywhere?

You're right. Any FTA always plays both ways, but I still see that the FTA should on balance also give us our opportunities like the players in Europe will also have opportunities, but I see it more on the positive side of things looking ahead as far as the India-EU FTA is concerned.

In terms of newer capacities coming in, outside of China, there hasn't been too much of investments in the antioxidants and accelerators. It's largely been more in China.

There have been some capacities in antioxidants and accelerators that have come in the last 12 to 15 months, yeah.

Is there any risk, sir, sir, we are sitting at highest imports today. Is there any further chance whether this could go up?

Yeah. See, imports coming in, it has kind of been at a certain level in the last few quarters.

I don't expect that it should now significantly increase from here on, yeah.

Got it, sir. Thank you.

That's it.

Hi. Thanks.

Thank you. Good afternoon, team.

My first question is on the gross margins here. While optically the gross margins might have increased percentage terms, but given the lower denominator, but in per kg terms, if you see, probably hit the lowest levels, even lower than Q2 there.

Has this now stabilized or there is more pressure on the gross spreads? Also if you look from EBITDA per kg number, there is some improvement there given the cost initiatives, I believe.

I just wanted to check on how much cost savings from the initiatives are already embedded? That is my first question.

Nitesh, Srinivasan here. Coming on the gross margin per kg or the value addition which we talk about per kg, per se, yeah, it looks to be one of the lower end of the spectrum.

What we see is probably, we have been trying to say that, but the way it looks, the costs are building up, we feel things from here on should improve as we go forward. Secondly, on the cost initiatives, yes, some of the has already been reflected in the 9-months results, which you are seeing.

I think there was one question asked by the previous participant. There, this year we have got that much benefit.

As we go along, that base is established, now we will try to improve further and that is an ongoing task which will be continually be [unclear].

There are more initiatives underway and so we should see it play out, yeah.

Sure, sir. Just on the same question, what would be the steady state EBITDA margins here assuming no anti-dumping duties?

What would be the targeted medium-term kind of margin band post the expansion? Just some color on whether the TDQ margins [unclear] higher versus the [unclear]?

Yeah. Definitely we're looking that with all the initiatives over the next 2 to 3, 3, 4 years, we expect at least on an annual basis an improvement of 150 basis points and plus or minus on an annual basis, yeah.

Sir, what percentage of the incremental upcoming capacity, what would be the expected peak potential there from this expansion and by when do we expect to reach there?

I think the approval phase is when post that the volumes start picking up. Expect that we should start improving our utilization towards the end of next financial year.

Then it might continue to ramp up then that it has sizable volume.

All right. Sir, just one last if I may.

On the export volume, we've seen some decline coming in there. I think US was one as you explained.

Has there been some weakness in some of our key [unclear] like Japan there and what would be the reason?

There's some weakness, not so much in Asia, I would say, but some weakness in part here on the latex markets and in terms of the [unclear] from market demand point of view, yeah.

All right. Just one last on the raw material side.

There's some bit of increase coming through in our key raw material, aniline, in the last month or so. Will we be able to pass through the price increases immediately or will there be a lag?

How do you see it?

We are looking at that we will be able to pass on because it is a overall gradual increase that's been happening since the beginning of this year, yeah.

Sir. Thank you so much for answering my questions and wish you all the best.

Thank you.

Hi, sir. Thanks for taking my question.

Sir, my question is related to antioxidants, whether pricing from Korean players have continued to be aggressive. I assume there is no anti-dumping investigations for antioxidants coming from Korea.

Will the company request for an investigation in this segment?

Harshit, I think Srinivasan here. The antioxidants product coming from Korea, we have already initiated a case against them and the investigation is underway.

Oh, okay.

That's in progress.

Sir, second question was that recently China has announced scrapping of a lot of export-related rebate in a lot of commodities. Is rubber chemicals also included in this?

Not in this list so far.

Not in this list. Sir.

Thank you. That's all.

Thank you.

Hi, sir. Thank you for the opportunity.

Sir, you mentioned that you are filing anti-dumping duty against the Koreans also, but in your initial notification, it was only against China and European Union. Has this been applied separately?

The next 1 and a 1/2 to 2 months timeline of final findings that you are seeing, will that be only for China and European Union, and do we expect Koreans to come in later?

Radha, Srinivasan here. Actually, please refer to the product applications, PUC product which we have applied.

There are about four notifications are there. In one notification, it was only China, only the export country.

The second notification, China, EU, and USA. There was a third product which is China, EU, USA, Korea, and Thailand.

I think that is one we are referring to, the case was initiated in March '25 in initiation notification. The last one is against China and EU, which got initiated in September.

Please refer to the notification. All these are already covered in the original notification itself.

There is no further amendment or application.

Understood, sir. Even if anti-dumping duty comes in the next few months, do you think there is a risk of rerouting to India via Southeast Asia?

No. I think anti-dumping is applicable on country of origin, not country of supply.

The customs look at the country of origin from where it is originated. If suppose someone is routing Chinese material through Europe and then Europe is selling to India, the country of origin is China, I'm just giving a hypothetical example.

That is it is country of origin. It is not country of supply.

Understood. One last question, sir.

How much was volume degrowth from exports on a quarter-on-quarter basis this quarter? Or 9 months if you can tell.

9 months, for the 9 months compared to the last year, it's about 8 to 9%.

This year, how much we are expecting growth in exports, sir, in FY26, FY27?

We should get to a flat level at least by the end of the year.

You're talking about FY26, right? Yeah.

Yeah.

'27, '27, sir. How much growth are you expecting from this base in FY27?

It should be in the double digits, yeah.

Understood, sir. Thanks and all the best to you.

Thank you.

Hi, sir. Thanks for the opportunity.

Sir, from the latex point of view, let's say whatever peak volumes which we did in FY21, '22 during the COVID times and whatever capacities which we are having, at what rate currently we are operating on? Let's say if you can share for third quarter of FY26.

Nirav, just a minute, huh?

Yeah.

Should be around...

I think in the 9 months we are looking at, it's about 60%.

60%. This export double-digit volume growth, which we have assumed for FY27, does it also include the growth in the latex or it is purely driven by the other products?

No, it includes something in latex also.

It's quite moderate. It's the others which will be more, yeah.

Perfect. Sir, secondly, on this EU FTA deal which has happened, are there any raw materials which we are currently importing from Europe where the duties are higher and when the FTA would be in place, it should start benefiting us?

Yes, yes. There are some raw materials there will be a benefit once the FTA comes into play.

Correct. Just wanted to understand let's say out of our overall imports, are the imports from Europe forms a sizable chunk or it is let's say if you can just quantify in terms of our total overall imports, how much would be from Europe?

Yeah. It's not sizable, but at this point I'm not able to really put my finger on the right number, but it's not sizable at this point in time, okay?

Correct. Sir, last bit from my side.

When we see the Indian market for rubber chemicals and let's say for third quarter of FY26 where you mentioned that the imports have reached the peak in terms of the volumes which were coming to India, let's say if you can help us understand what was the size of Indian rubber chemical market as on third quarter of FY26 and how much of this were through imports?

Nirav, actually what you should look at is normally when we consider we have a 40% share, right? The remaining 60% is supplied through intermediates as well as finished goods.

Per se if you exclude the intermediates, I think we will be about 40%, otherwise if you include intermediates, it's 60%.

Correct. Given the kind of rubber consumption of India, is it safe to assume that the market in India could be closer to 80, 85,000 tons now?

Yes, yes. About 85,000, yeah.

Perfect, sir. Thank you so much and wish you all the best.

Thank you.

Thank you. Thank you everybody for your time.

I hope we've been able to address all your queries. For any further information, kindly get in touch with any one of us or Strategic Growth Advisors, our investor relations advisors.

Thank you once again and wishing everyone a very pleasant afternoon.