Pondy Oxides and Chemicals Ltd - Aamara Capital Research

Snapshot

Data as of 21 Oct 2026. Price is the Screener 3:30 pm close of 21 Oct 2026. Latest reported period: Q1 FY27 (quarter to 30 Jun 2026, filed 4 Aug 2026). Q2 FY27 / H1 FY27 results are not out: the trading window has been closed since 1 Oct 2026 "for Q2 and half-year FY2027 results" (notice of 28 Sep 2026) and no board-meeting date appears in the NSE feed on 21 Oct (Q2 FY26 was filed on 17 Oct 2025). Basis is CONSOLIDATED unless a figure is labelled standalone; Rs cr = Rs crore. Q3 FY26 is derived (FY26 less the other three quarters) because the Q3 and Q4 results PDFs were image-only: it is labelled [Est.]. FY22 is standalone only (no subsidiaries before FY23). Unlabelled figures are [Fact] from filings; derived figures are marked [Est.]; views are marked [Analyst View].

Market data	Value
CMP	Rs 421 (Screener, 3:30 pm close, 21 Oct 2026) [Fact]
Market cap	Rs 3,209 cr [Fact]
Shares outstanding	7,62,78,197 of face value Rs 2 (the 26 May 2026 Board outcome and the Q1 FY27 filing show 7,62,78,198: a one-share rounding of 3,05,11,279 x 2.5 = 7,62,78,197.5)
52-week range	Rs 392 to Rs 648 (split-adjusted); the dates of the high and low are Not Available in the inputs
Price change	1-year -27%; 3-year CAGR +68%; 5-year CAGR +58% (Screener)
Price 3 Aug 2026	Rs 550, market cap Rs 4,195 cr (Q1 FY27 deck); to Rs 421 on 21 Oct is -23% [Est.]. No company disclosure explains the fall (cause Not Available; NSE feed searched)
Split	Face value Rs 5 to Rs 2 (2 shares into 5), record date 21 Jul 2026; all per-share data from 21 Jul 2026 is on the Rs 2 basis
Listing	Incorporated Mar 1995 (Madras and Coimbatore exchanges); NSE listing in 2023 (company timeline); BSE scrip code 532626. BSE original listing date: Not Available in the inputs
Index membership	Not Available (not stated in any of the six research files)
Volume / delivery / free float	Not Available (NSE quote API returned HTTP 403)
Shareholders	77,410 (Sep 2026) vs 22,109 (Dec 2023): 3.5x
Dividend	Rs 2 per Rs 2 share for FY26 (= Rs 5 on the old Rs 5 share), 0.47% yield

Company overview	Detail
Legal name / CIN	Pondy Oxides and Chemicals Limited; L24294TN1995PLC030586
Registered office	KRM Centre, 4th Floor, 2 Harrington Road, Chetpet, Chennai 600031; website pocl.com
Incorporated	March 1995, Tamil Nadu (Anil Kumar Bansal first director 21 Mar 1995); first plant 1996 in Pondicherry
Current plants	Sriperumbudur (Tamil Nadu), Gummidipoondi / Thervoykandigai (Tamil Nadu), Chittoor (Andhra Pradesh). Pondicherry appears only in company history; it is not in the FY26 plant list
ISIN	Old INE063E01046 (annual report) / INE063E01053 (June 2026 insider form); new INE063E01061 post-split. The two "old" ISINs conflict across files; the NSE shareholding API still shows the old one
Employees	492 permanent at 31 Mar 2026 (443 male, 49 female)
Promoter / Chair	Ashish Bansal, Chairman and MD (22.11%); founder-chairman Anil Kumar Bansal died 1 Apr 2026. Promoter group 36.39% (7 holders), no pledge
Sector	Non-ferrous metal recycling: secondary lead (pure lead, lead alloys), copper, plastics, aluminium
Auditor	L. Mukundan & Associates, Chennai (FRN 010283S); FY26 statutory audit fee Rs 19.20 lakh
Credit rating	CRISIL A/Positive on Rs 240 cr fund-based lines (15 Jul 2026)
Listed peers	Direct listed peers: Gravita India, Jain Resource Recycling, Nile Ltd

Pondy Oxides and Chemicals (POCL) buys scrap (used lead-acid batteries and lead scrap, copper scrap, plastic and aluminium scrap), smelts and refines it, and sells pure lead, lead alloys, copper products and recycled plastic granules, mainly to battery makers (lead) and wire and electrical makers (copper). Lead is the core (76.2% of FY26 revenue) and about 64% of FY26 revenue was exported, mostly to South-East Asia. It earns a processing spread over LME-linked metal, not a metal-price view: raw material and sales are hedged back to back. In Q1 FY27 copper (54%) overtook lead (44%) in revenue for the first time, at less than half the segment margin. Group sales grew 44% in FY26 and 55% in Q1 FY27, but reported operating cash flow was negative in both FY25 and FY26, equity of Rs 307.5 cr was raised over FY24-FY26, and the founder-chairman died on 1 Apr 2026.

Quick Verdict Scorecard

BusinessMediumniche alloys, 64% export; 97% imported scrap, copper mix

ManagementMediumno pledge, clean audit; promoter sales, director loans, founder loss

FinancialMediumPAT up 127%, A/Positive; OCF negative two years

ValuationFair22.5x P/E vs peers 26-27x; 14.9x EV/EBITDA

OverallNeutralverdict TRACK, see Tab 13

Headline KPIs (FY26, consolidated)

Revenue from ops FY26Rs 2,958.4 cr+43.8% y/y; TTM Jun-26 Rs 3,290 cr

PAT FY26Rs 131.9 cr+127% y/y; EPS Rs 17.59 (Rs 2 basis)

EBITDA margin FY267.1%Rs 210.6 cr [Est.]; standalone, company-defined 7.4%

ROCE / ROE FY2623% / 19%Screener; company quoted ROCE 17% on the Q4 call

Latest quarter: Q1 FY27 (quarter to 30 Jun 2026, consolidated)

Metric	Q1 FY27	Q1 FY26	Q4 FY26	Growth y/y
Revenue (Rs cr)	934.9	602.8	935.2	+55.1%
EBITDA, Screener OP (Rs cr)	56	41	59	+36% [Est.] (management: +33%)
EBITDA margin	6.0%	6.8%	6.3%	-0.8 pt
PBT (Rs cr)	47.4	34.4	50.3	+37.5%
PAT (Rs cr)	35.9	25.2	37.5	+42.6% (management: +43%)
EPS (Rs, Rs 2 basis)	4.70	3.49 (restated)	4.92	+35% [Est.]
Lead segment revenue / result	414.7 / 33.6 (8.1%)	505.7	551.1	-18.0% [Est.]
Copper segment revenue / result	505.5 / 19.8 (3.9%)	88.6	376.2	5.7x
Copper share of revenue	54%	15% [Est.]	40%	FY26 23%, FY25 3%
Lead sales (t, standalone)	15,930	22,530	22,930	-29.3% y/y, -30.5% q/q [Est.]
Lead production (t, standalone)	15,801	24,167	20,735	-34.6% y/y [Est.]
Effective tax rate	24.2%	-	-	vs 27% earlier

Standalone Q1 FY27 as reported on the call: revenue Rs 931 cr (+56%), EBITDA Rs 56 cr (+30%), PAT Rs 36 cr (+32%). The consolidated PAT growth (+43%) and standalone PAT growth (+32%) differ because the Q1 FY26 consolidated base (Rs 25.2 cr) was lower than standalone (Rs 28 cr). Peer read-across: Gravita's Q1 FY27 lead volumes were about -10% y/y (43,897 t) against POCL's -29%.

Valuation snapshot at Rs 421	Value	Basis
Market cap	Rs 3,209 cr	Screener
Net debt (31 Mar 2026)	Rs 141 cr	borrowings 152.1 less cash 11.0
Enterprise value	~Rs 3,350 cr	[Est.]
P/E on TTM EPS Rs 18.69	22.5x	Screener TTM; FY26 EPS Rs 17.59 gives 23.9x
EV / TTM EBITDA (Rs 225 cr)	14.9x	[Est.]
EV / Sales (TTM Rs 3,290 cr)	1.02x	[Est.]
P/B (book value Rs 103)	4.1x	Screener
Dividend yield	0.47%	Rs 2 / Rs 421
Earnings yield (TTM)	4.4%	[Est.]
Peer P/E (TTM)	Gravita 26.1x, Jain Resource 27.4x, Nile 8.3x	Screener, 21 Oct 2026 (Tab 9)

Open status items	Status
Q2 FY27 / H1 FY27 results	Not out. Trading window closed 1 Oct 2026; no board-meeting date in the NSE feed on 21 Oct. H1 will bring the first cash-flow statement since March 2026
Cause of the 3 Aug to 21 Oct fall	Not disclosed by the company; no negative filing found. The narrative file's remark that "peers also fell" points to the market file, which carries no peer price series for that window, so the remark is unsupported here
Lead volume guidance FY27	125-130 kt (given 27 May 2026) against Q1 sales of 15.9 kt; management declined to give new volume guidance on 5 Aug ("will revert shortly")
Cash conversion	Operating cash flow -Rs 44.1 cr (FY26) and -Rs 81.0 cr (FY25) against PAT Rs 131.9 cr and Rs 58.1 cr. Management: a vessel delay pushed Rs 120-130 cr of receipts to 5 April 2026. Q1 FY27 cash flow not filed
Broker targets / consensus	Not Available (see Tab 12)
Bulk / block deals	Not Available (NSE endpoint HTTP 503, BSE HTTP 403)
Copper cathode plant	36 kt, ~Rs 200 cr, Phase 1 trial production guided for Dec 2026
Merger approvals	POCL Future Tech (plastics) and Harsha Exito Engineering (TKD land) into the parent: NCLT process pending

Data freshness: price 21 Oct 2026 close; financials to Q1 FY27 (30 Jun 2026); annual data FY2025-26 (annual report filed with the 31st AGM of 22 Sep 2026); shareholding to 30 Sep 2026 (filed 20 Oct 2026).

Analyst Notes

[Analyst View] Aamara Capital, 21 Oct 2026

What happened. POCL has had two very different halves to its story. The reported P&L is an inflection: consolidated revenue +43.8% to Rs 2,958.4 cr in FY26, EBITDA about +101% and PAT +127% to Rs 131.9 cr, then Q1 FY27 revenue +55% to Rs 934.9 cr and PAT +43% to Rs 35.9 cr, with CRISIL moving the outlook to Positive on 15 Jul 2026. The operating detail underneath is weaker. Of the Rs 332 cr of extra Q1 revenue year on year, copper added Rs 417 cr (Rs 88.6 cr to Rs 505.5 cr) while lead, the high-margin core, fell Rs 91 cr (Rs 505.7 cr to Rs 414.7 cr, -18%). Copper is now 54% of revenue at a 3.9% segment margin against 8.1% for lead, so the consolidated EBITDA margin has eased three quarters in a row from 8.4% (Q2 FY26) to 6.0%, and PAT was flat quarter on quarter (Rs 37.5 cr to Rs 35.9 cr). [Est.] for the derived growth and shares.

The lead problem is the one to watch. Lead is the franchise: niche alloys where management says POCL is a single-point source for some customers, a 3N7 LME brand and 100+ customised alloys. Yet Q1 FY27 lead sales fell 29% y/y (15,930 t) and production fell 35%, against about -10% for Gravita, which faced the same Gulf and Hormuz shipping disruption. Management's account is a "conscious strategic decision" to protect value-added mix (85% of lead revenue) and a domestic scrap price "so high" that buying locally would have wiped out EBITDA per tonne; lead EBITDA per tonne did reach a record Rs 21,595. The FY27 guide of 125-130 kt of lead then needs about 36-38 kt a quarter for Q2-Q4, against a best-ever quarter of about 30 kt [Est.]. Management reaffirmed it on 5 Aug but declined to issue fresh volume guidance. I treat the guide as at risk. Q2 lead tonnage is the cleanest single test.

Earnings are not yet cash. Consolidated operating cash flow was -Rs 81.0 cr in FY25 and -Rs 44.1 cr in FY26 against PAT of Rs 58.1 cr and Rs 131.9 cr. Over FY23-FY26 cumulative PAT was about Rs 297 cr and cumulative operating cash flow about Rs 18 cr (6%); cumulative free cash flow was about -Rs 264 cr, funded by Rs 307.5 cr of equity (shares +31% in three years) and Rs 40 cr of FY26 bank borrowing. Management's explanation for FY26 is specific and checkable: a vessel delay pushed Rs 120-130 cr of export receipts from the last week of March to about 5 April. The receivable ageing supports timing (Rs 257.6 cr of Rs 264.6 cr "not due"), and Q1 FY27 segment assets fell from Rs 983 cr to Rs 914 cr with copper capital employed down Rs 143 cr, which is consistent with collection [Est.]. But FY25 was also negative with no vessel story, H1 FY26 was +Rs 117.4 cr and H2 FY26 about -Rs 161 cr, and no cash-flow statement exists for Q1 FY27. The H1 FY27 statement is the most important document this stock has left to publish.

What the market is pricing. At Rs 421 the stock is on 22.5x trailing EPS and about 14.9x EV/EBITDA, below Gravita (26.1x) and Jain Resource (27.4x) on P/E, with a higher ROCE than Gravita and lower than Jain. It is 35% below its 52-week high of Rs 648 and 23% below its Rs 550 close of 3 Aug 2026, even though trailing PAT is up about 104%. No company disclosure explains the fall; I will not supply a reason. What the price does tell us is that the market is no longer paying for headline growth: it is separating copper-trading-like revenue, which is low margin, from lead earnings, and asking for cash. The ownership change points the same way: mutual funds rose from 1.73% to 6.26% of the company between March and September 2026, led by ICICI Prudential Smallcap Fund (1.55% to 4.93% between June and September), while AIFs fell from 5.42% to 3.35% and named HNI holders sold.

Ownership and governance temper the enthusiasm. Founder-chairman Anil Kumar Bansal died on 1 Apr 2026; his shares passed to Ashish Bansal, now Chairman and MD at 22.1%. Promoter holding fell from 39.34% to 36.39% after Manju Bansal sold 2.95% in the market on 29 Jun 2026 (buyer unidentified), and two family members sold about Rs 45 cr in May 2025, while directors lent the company Rs 22 cr at 31 Mar 2026. There is no pledge, the CARO and secretarial reports are clean and four of six directors are independent, but the auditor is a small firm (fee Rs 19.2 lakh on Rs 2,958 cr revenue), the CMD sits on the Audit Committee, and the Company Secretary doubles as a whole-time director. Three customers over 10% each equal Rs 1,707.8 cr, 57.7% of FY26 revenue (four customers, 72.4%, in FY25), and Amara Raja, a named customer, now runs its own smelter.

Policy helps less than the narrative suggests. Under the Battery Waste Management Rules rule 10(8), imported scrap earns only 0.8x the EPR certificates of domestic scrap, and 97% of Q1 FY27 lead scrap was imported (73% in FY26). EPR credits are held, not sold, and management says the benefit is "a few basis points". The formalisation tailwind is real for peers with larger domestic collection (Gravita about 35% domestic in Q1 FY27); for POCL it depends on domestic buying restarting, which the CMD says begins in Q2 but at a price delta that has so far been prohibitive.

Management credibility is two-speed. Financial guidance has been beaten repeatedly (FY26 revenue growth guided +30-35% in May 2025, delivered +45% standalone; EBITDA margin guided about 6%, delivered 7.4% standalone). Volume and timeline guidance has slipped or been re-scoped: FY26 lead guided about 120 kt and delivered 100.7 kt; Mundra has been deferred at least five times; lithium-ion was withdrawn; the copper plan changed from value-added lines to a 36 kt cathode plant. The market will lean on the financial record and discount the operating promises until Q2 tonnage arrives.

What would change the view. (1) Q2 FY27 lead sales moving toward 30 kt or better, which keeps FY27 within reach of 125-130 kt; a number near 20 kt would effectively end that guide. (2) H1 FY27 operating cash flow turning clearly positive and receivable days returning toward the low 20s. (3) EBITDA margin holding at or above 6% while copper stays above half of revenue, since CRISIL's upgrade path assumes 6-7% sustained and its downgrade trigger is 3-4%. (4) Evidence on who bought the 2.95% promoter block, and whether any further family selling follows. (5) Cathode plant trial production in December 2026 against peers already ahead (Jain Resource guides cathode in Q2 FY27). My stance is in Tab 13: the facts that decide it arrive within weeks, so I would watch rather than commit.

Where the six research files conflict, and how this report treats it

Item	File A says	File B says	Treatment here
Q1 FY27 PAT growth	Consolidated +42.6% (Rs 35.9 cr vs 25.2)	Standalone +32% (company call)	Both shown and labelled; headline is consolidated
Q1 FY27 EBITDA growth	+36% [Est.] (Screener OP 56 vs 41)	Management +33% consolidated, +30% standalone	Shown as +36% [Est.] with management's figures alongside
FY26 EBITDA margin	7.1% consolidated [Est.], CRISIL 7.1%	Company 7.4% (standalone, company-defined EBITDA Rs 218 cr)	7.1% consolidated headline; 7.4% labelled standalone
FY25 EBITDA margin	5.1% consolidated [Est.]	CRISIL 5.3% company-adjusted; company standalone Rs 108 cr	All three shown in Tab 5
FY26 ROCE	23% (Screener; TTM 23.4%)	17% (company, Q4 FY26 call)	Both shown wherever ROCE appears; definitions differ
Interest cover FY26	15.85x (CRISIL)	about 20x (company call)	CRISIL figure used; company figure noted
Net debt / equity Mar-26	0.18x [Est.] (141.1 / 788.4)	0.17x (management), CRISIL gearing 0.20x	All three shown
FY26 lead volume guide	about 120 kt (Jul and Oct 2025 calls)	Restated as "we guided 110,000" (May 2026 call)	Delivered 100,727 t sales: miss against either
Lead VAP mix	FY26 65% (May-26 call); Q1 FY26 71%	FY26 about 63% and Q1 FY26 "about 55%" (Aug-26 call)	Treated as definitional or transcription noise; both stated
Q1 FY27 cathode spend	Call: about Rs 25 cr spent	Investor deck: only Rs 5 cr capex in Q1	Inconsistency flagged; not reconciled
Cathode Phase 1 timing	Trial production Dec-2026 (company)	CRISIL: "last quarter of FY27"; an analyst noted September was earlier expected	Dec-2026 trial, with CRISIL date shown
CMD effective date	26 May 2026 (Board report)	1 Aug 2026 (AR certificate)	26 May 2026 used; conflict shown in Tab 7
Promoter labels	AR26: Anil 25,16,480 (8.25%), Saroj 21,07,244 (6.91%)	NSE SAST/PIT filings: opposite way round	NSE filings used; the annual report appears to have the two labels swapped (Tab 7)
Supplier counts	90+ countries, 300+ suppliers (deck, AR)	CRISIL 270+ suppliers; CFO May-25 "270-plus dealers", "70-plus countries"	All shown (Tab 8)
Harsha Exito (HEEL) net worth	Business and narrative files: "net worth Rs -12.4 cr"	AOC-1: share capital Rs 50.0 cr, reserves -Rs 12.4 cr, so net worth about +Rs 37.6 cr [Est.]	The -12.4 figure is reserves, not net worth; both shown (Tab 7)
19 Aug 2026 Reg 10(6) filing	Narrative file: "further transmission of 52,68,110 shares"	Governance file: content not read	21,07,244 x 2.5 = 52,68,110 exactly, so it is probably the April transmission restated post-split [Est.]; not added on top of 22.11%
Peer comparison data	Financials file: peer table Not Available	Market file: peer table from Screener, 21 Oct 2026	Market file table used (Tab 9), flagged indicative
Promoter % at Mar 2024	48.90% (Screener)	45.14% in revised NSE pattern	Both shown in Tab 7
Volume growth target	"15%+" (May-25 to Aug-26 deck)	"20%+" (Jan and May 2026 calls, AR)	Both shown (Tab 11)
Plant and export-country counts	"4 live recycling plants", BRSR 14 countries	Deck "20+ export destinations"	Both shown (Tab 3)

Open questions

Question	Why it matters	Where searched
What explains the 23% price fall since 3 Aug 2026?	Separates information from drift	NSE feed (332 filings): nothing company-specific; no broker or media data obtainable
Does H1 FY27 operating cash flow reverse the FY25-FY26 pattern?	Earnings quality; funding need for the Rs 175-180 cr FY27 capex	Q1 FY27 cash flow not filed (half-yearly only)
Will Q2 lead sales approach 30 kt or more?	FY27 125-130 kt guide	Q1 call: July "a little better"; no figures
Who bought Manju Bansal's 9,00,000 shares (2.95%)?	Block liquidity, promoter intent	NSE bulk/block API (HTTP 503), BSE (HTTP 403)
Repayment timing of the late Chairman's Rs 19.76 cr loan to the company	Liquidity, estate claim	AR26 note 44; timing Not Available
Which alloys carry the claimed ~US$700 per tonne premium?	Moat quality	Q4 FY26 call: management declined to name them
Broker targets and consensus	Sentiment anchor	FMP, TipRanks (not entitled), NSE/BSE: not available
Current Exide / Amara Raja captive recycling scale	Customer backward-integration risk	Peer decks; not available

Business Deep-Dive

Sources: FY26 annual report (MD&A, BRSR, directors' report, note 43), Q1 FY27 investor presentation and call, six earlier concalls, CRISIL rationales (15 Jul 2026 and 17 Apr 2025), company website, NSE announcements. Identity was confirmed against exchange filings: NSE POCL, BSE 532626, CIN L24294TN1995PLC030586, and the Pondicherry-origin lead recycler (first plant 1996). The FY26 plant list shows no current Pondicherry plant. Tags: [Fact] stated in a primary document; [Est.] arithmetic or inference.

What the company does

POCL is a non-ferrous metal recycler: it buys scrap (used lead-acid batteries and lead scrap, copper scrap, plastic and aluminium scrap), smelts or refines it, and sells pure lead, lead alloys, copper products and recycled plastic granules, chiefly to battery makers (lead) and wire and electrical makers (copper). Lead is the core: FY26 segment revenue Rs 2,253.7 cr = 76.2% of consolidated revenue; copper Rs 672.6 cr = 22.7%; others Rs 32.1 cr [Fact] (AR note 43). In Q1 FY27 copper (Rs 505.5 cr, 54%) overtook lead (Rs 414.7 cr, 44%) in consolidated segment revenue [Fact; shares Est.].

The company earns a processing spread over LME-linked metal, not a metal-price view: raw-material purchases and sales are hedged back to back. FY26 standalone economics: COGS 88.5% of revenue (Rs 2,602 cr of Rs 2,939 cr), gross margin 11.7%, EBITDA 7.4% [Est.] from the deck table; the reported figures are [Fact].

Company timeline

Year	Event
1995	Incorporated (March); listed on the Madras and Coimbatore exchanges; Anil Kumar Bansal first director 21 Mar 1995
1996	Litharge, red lead and zinc-oxide plant in Pondicherry (the 1996-98 Pondicherry oxide and stabiliser plants are historical)
1997-2002	Malaysian zinc-oxide joint venture; exited 2002
2003	Lead-acid battery unit (later sold)
2006	First lead smelter, SMD-I, 18 ktpa
2010	Lead capacity 28.2 kt
2012	Lohia Metals merger (+10 kt)
2015	SMD-II (Andhra Pradesh) 24 kt; SMD-I raised to 36 kt
2018	SMD-II raised to 36 kt
2019	First Indian 3N7 lead brand registered on the LME
2020	Acquired Meloy Metals (transfer via NCLT order 21 Feb 2020); combined capacity above 120 kt
2021	SMD-I raised to 48 kt, total 132 kt; copper recycling started
2022	1:1 bonus; subsidiary POCL Future Tech (plastics) incorporated 27 May 2022
2023	Aluminium recycling (Sriperumbudur); NSE listing; acquired Harsha Exito Engineering (TKD site) via NCLT order 12 Jan 2023
2024	123 acres at Mundra, Gujarat (4 Mar 2024); preferential issue Rs 132.5 cr (Feb); share split Rs 10 to Rs 5 (Aug); QIP Rs 175 cr (Dec)
2025	TKD lead plant Phase 1 commercial production from 16 Apr 2025, Phase 2 Dec 2025 (72 kt in total); copper recycling raised to 12 kt (the timeline says 2025, the calls say live Jan-Feb 2026); 30 Sep 2025 US$0.5 mn stake in ACE Green Recycling Inc
2026	1 Apr founder-chairman died; 26 May Board approves 36 kt copper-cathode plant (about Rs 200 cr) and the Rs 5 to Rs 2 split; split record date 21 Jul; CRISIL A/Positive 15 Jul; 4 Aug Harsha Exito merger approved by the Board

Products, capacity and end-markets (product by product)

Vertical	Products	Finished-goods capacity	Procurement FY26 (AR)	Sales FY26 (AR)	Q1 FY27 (deck)	End-markets
Lead	Pure lead; lead-calcium, lead-tin, lead-antimony, master and "specialty" alloys; 100+ customised alloys (CEO, Jan-26)	204,000 tpa	73% import / 27% domestic	74% export / 26% domestic	Procurement 97% import / 3% domestic; sales 55% export / 45% domestic	Lead-acid battery OEMs and other battery makers
Copper	Copper recycled products by grade: Clove, Cobra, Mill Berry, Grease Mill Berry, Tin Mill Berry	12,000 tpa (since Q4 FY26)	98% import / 2% domestic	42% export / 58% domestic	98% / 2% procurement; 25% export / 75% domestic	Wire manufacturers (secondary wire-rod, household wire), busbar makers
Plastics	PPCP, ABS, HDPE, LDPE, PC, PPHP, Nylon 6/66 granules (battery casings are in-house feed)	9,000 tpa	61% import / 39% domestic	100% domestic	80% import / 20% domestic procurement; 100% domestic sales	Automobile, appliances, furniture, paints, battery OEMs, electronics
Aluminium	ADC series (JIS), LM series (BS), tailor-made alloys	12,000 tpa (actual about 200 t a quarter)	100% import	100% domestic	Same	Automobile

Lead capacity quality note

204 ktpa is FINISHED-GOODS capacity (refining, alloying, casting). Smelting capacity was about 90-92 kt at the old plants (Q4 FY25 call) plus 72 kt at TKD = about 160-164 kt (Q1 FY26 call: "approximately 160,000 tons"). Management says some equipment is product-specific, so headline utilisation understates smelter usage. Utilisation: TKD about 65% in FY26; the 72 kt TKD plant below 50% in Q1 FY27; blended group FY26 capacity utilisation 65% (AR). [Fact] Plant-wise utilisation and exact smelter capacity by site: Not Available (management ranges only).

FY26 output	Production	Sales	Note
Lead (t)	104,481	100,727	sales +11% y/y
Copper (t)	5,480	6,543	sales include traded metal
Plastics	about 800 t a quarter	-	profitable in Q1 FY27 (about Rs 15 lakh PAT)
Aluminium	about 200 t a quarter	-	12 kt capacity under-utilised

Plants (FY26 annual report plant list and directors' report)

Site	Address	Activity and capacity
Smelter Division I (SMD-I)	G-17 to G-19 and G-30 to G-32, SIPCOT Industrial Park, Mambakkam Village, Pondur Post, Sriperumbudur, Kancheepuram, Tamil Nadu 602105	Lead 48,000 tpa; near Chennai port
Smelter Division II (SMD-II)	Plot 78 B & C, Industrial Park, Gajulamandyam Village, Renigunta Mandal, Chittoor, Andhra Pradesh 517520	Lead 84,000 tpa plus copper recycling 12,000 tpa; adjacent to Amara Raja's Chittoor battery plant (CRISIL: "strong linkage with a key customer"). A land parcel of Rs 2.93 cr at Chittoor (Plot 78C) is held in the name of Vedam Drugs / Meloy Metals (amalgamated entities; NCLT order 21 Feb 2020; not promoter-related)
TKD lead division	A1/A-2, SIPCOT Industrial Park, Thervoykandigai, Gummidipoondi, Tamil Nadu 601202 (Harsha Exito Engineering site, about 25 acres)	Lead 72,000 tpa (two 36 kt phases, April 2025 and Dec 2025); fully automated; plastics unit moved here (Mar 2026); 36 kt copper-cathode plant (about Rs 200 cr, Phase 1 trial Dec 2026)
Aluminium division	G-1, SIPCOT Industrial Park, Pondur Post, Sriperumbudur, Tamil Nadu 602105	Aluminium 12,000 tpa (under-utilised)
Mundra (Gujarat)	123 acres near port, acquired 2024 (122.65 acres for Rs 41.40 cr, 4 Mar 2024 per filing)	No plant yet; "phased investments beginning FY27"; deferred repeatedly (Tab 11)

The company says "4 live recycling plants" (AR p.7); BRSR counts 4 plants, 1 office, markets in 11 Indian states and 14 countries, against "20+ export destinations" in the deck. [Fact] Counts differ by document.
Plastics subsidiary POCL Future Tech and land-holding subsidiary Harsha Exito are being merged into the parent through NCLT (Harsha Exito scheme approved by the Board 4 Aug 2026).

How it does it: process and technology

Step	Lead chain (estimated synthesis of the calls and AR) [Est.]
1 Collection	Used lead-acid batteries from dealers, OEMs and traders abroad (90+ countries) and formal domestic sources
2 Import	Chennai and other ports under MoEFCC permission, CIF terms
3 Breaking and sorting	Battery breaking; plastics (PPCP, ABS) diverted to the plastics line
4 Smelting	SMD-I, SMD-II, TKD
5 Refining and alloying	Refined to 99.97% (3N7) pure lead; alloyed and cast into 100+ alloys
6 Dispatch	About 55-74% export (South-East Asia, Korea, Japan, Netherlands) by sea; domestic to Amara Raja and others
7-8 End use and return	Battery makers produce batteries; end-of-life batteries return through the EPR / BWMR loop
Copper chain	Scrap (98% imported), pre-processing and basic melting at Chittoor, sold as copper berry / cobra to wire-rod makers; from Dec 2026 about 8 kt a year of in-house recycled copper plus purchased scrap feed anode, then electro-refining to cathode at TKD

TKD is "fully automated", integrated refining-to-casting. Furnace oil was replaced by natural gas / PNG; furnace retrofits and rooftop solar are under way; targets are more than 50% renewable power and more than 20% energy reduction by 2030 [Fact] (AR, CMD speech).
Copper cathode: integrated pyro-refining plus electro-refining, LME Grade A target (copper filing of 26 May 2026).
Patents / IP: Not Available (no patent disclosure in the AR extracts or decks read); alloy formulations are held under NDA with customers.

Certifications, accreditations, memberships

Item	Detail
ISO 9001:2015, ISO 14001:2015, ISO 45001:2018	QMS, EMS and OHSMS; integrated management system certification by BSI reaffirmed during FY26
LME registered brand	Lead 3N7 (99.97%), brand "POCL PB970R"; "LME-listed tester of lead". The company calls itself India's FIRST 3N7 LME-registered lead brand (2019). A claim, not exclusivity: Gravita (Mundra, "GRAVITA M", 2026) and Jain Resource Recycling also hold LME listings
Authorised Economic Operator	AEO Tier-3 (Ministry of Finance)
Export recognition	Four Star Export House (DGFT; the website still says "Three Star", stale); EEPC India "Star Performer" for FY2024-25 exports in other non-ferrous metals
Import permissions	MoEFCC licence and permissions to import scrap; central and state pollution-board consents (CRISIL cites both as entry barriers)
EPR registrations (BWMR)	Registered and started taking credit for lead and plastics; credits held, not sold (Jul-25, Oct-25, Aug-26 calls)
Trade bodies	Material Recycling Association of India, EEPC India, FIEO, India Lead Zinc Development Association, Bureau of International Recycling, IWMA, CII
Not Available	BIS certification status, IATF 16949, customer-specific approvals list (management: "brand approvals from all the major battery manufacturers"; alloys under NDA)

USP and moat (see Tabs 8 and 9 for the evidence)

Element	Evidence	View
Niche alloys	Single-point source for some customers' alloys; analyst-computed premium of about US$700 per tonne vs about US$300 for peers (Rs 242,000 per tonne realisation at USD/INR about 91.5); management declined to name alloys [Fact]	[Analyst View] The strongest differentiator, but unverifiable
Adjacency to a key customer	SMD-II sits next to Amara Raja's Chittoor battery plant; relationships of 10-15 years with Amara Raja, Sebang Global Battery and Glencore	Also a risk: Amara Raja runs its own smelter
Global sourcing network	90+ countries, 300+ overseas suppliers (deck / AR)	Import dependence cuts both ways
Automation at TKD	Fully automated, integrated plant	Utilisation still below 50% (Q1 FY27) on the new 72 kt
Hedged model	LME broker hedges, bank forex cover, back-to-back sales	Earnings follow conversion margin, not metal price

Distribution, workforce and ESG markers

Item	Detail
Go-to-market	"POCL sells directly to its customers" (no dealers or distributors); about 90% of sales on long-term contracts with full-year visibility (May-25); alloys on annual contracts; incremental TKD volumes about 60-65% to OEMs and the rest via a "channel" (Jan-26); customer base "150+"
Employees	492 permanent at 31 Mar 2026; employee cost about Rs 31.8 cr (about 1.1% of revenue); revenue per employee about Rs 6.0 cr [Est.]
Domestic content	Input material sourced within India by value: 24% in FY26 vs 18% in FY25 (all verticals); from MSMEs 0.56% (4% in FY25)
Hazardous waste	100% disposed via SPCB-authorised TSDFs; no non-compliance notices in the BRSR regulator tables
Subsidiaries	POCL Future Tech Pvt Ltd (100%, plastics); Harsha Exito Engineering Pvt Ltd (100%, TKD land / infrastructure); no joint ventures or associates (details in Tab 7)
Strategy items	Target 2030: more than 20% revenue and profit CAGR, 15-20% volume growth, EBITDA above 8%, ROCE above 20%, value-added above 60% of revenue, above 50% renewable power. Forward integration into copper cathode (36 kt) from Dec 2026; Mundra for exports; lithium-ion and rubber / e-waste only at "pre-feasibility"

Not Available / blocked

Item	Where searched
Plant-wise utilisation and exact smelter capacity by site	Calls and AR: management ranges only
Customer names beyond Amara Raja, Sebang, Glencore	NDA; searched calls, AR, CRISIL, website
Scrap discount-to-LME or premium-over-LME numbers	Calls and AR: only an analyst-computed premium
Pondicherry operations today	Not in the FY26 plant list; history only
BSE API (HTTP 403) and the CPCB environmental-compensation notice (scanned image)	Could not be read; the NSE feed and the BWMR gazette were used instead

Segment Analysis

Consolidated segments per AR26 note 43 and the Q1 FY27 results filing (Rs cr). Margin and share columns are [Est.] arithmetic on filed numbers. Volumes and per-tonne figures are standalone company KPIs from the investor presentations and calls.

Revenue by segment

Rs cr	FY25	FY26	Q1 FY26	Q4 FY26	Q1 FY27
Lead	1,962.4	2,253.7	505.7	551.1	414.7
Copper	55.5	672.6	88.6	376.2	505.5
Others (plastics, aluminium)	39.0	32.1	8.5	7.9	14.7
Total	2,056.9	2,958.4	602.8	935.2	934.9
Lead share of revenue	95.4%	76.2%	83.9%	58.9%	44.4%
Copper share of revenue	2.7% (company: 3%)	22.7% (company: 23%)	14.7%	40.2%	54.1%
Others share of revenue	1.9%	1.1%	1.4%	0.8%	1.6%

Totals tie: Q1 FY27 934.89 = 414.66 + 505.48 + 14.75; Q4 FY26 935.23 = 551.07 + 376.23 + 7.92. FY25 by vertical per the CFO on the Q4 FY25 call (standalone): lead Rs 1,942 cr, copper Rs 55 cr, plastics Rs 31.5 cr.

Segment result, margin and assets

Rs cr	FY25	FY26	Q1 FY27
Lead segment result	112.5	190.0	33.6
Lead segment margin [Est.]	5.7%	8.4%	8.1%
Copper segment result	2.5	25.0	19.8
Copper segment margin [Est.]	4.5%	3.7%	3.9%
Others segment result	(5.8)	(3.1)	1.2
Unallocated expenditure (net)	18.7	20.5	-

Segment assets, Rs cr	Mar-25	Mar-26	Jun-26
Lead	-	467.5	465.6
Copper	65.7	358.0	214.6
Others	-	16.0	-
Unallocated	-	141.4	-
Total assets	737.5	982.9	914.3

Copper capital employed fell Rs 143 cr in one quarter (Rs 358.0 cr to Rs 214.6 cr), the same quarter in which total assets fell from Rs 983 cr to Rs 914 cr. [Fact] from the Q1 FY27 segment table; it is consistent with receivable collection but the Q1 cash-flow statement is not filed [Est.].

Lead: volumes, per-tonne earnings and value-added mix (standalone)

Quarter	Lead production (t)	Lead sales (t)	Lead EBITDA per t (Rs)	Lead VAP mix
Q4 FY25	26,074	22,988	13,848	58%
Q1 FY26	24,167	22,530	16,898	71%
Q2 FY26	26,308	24,878	19,970	about 70%
Q3 FY26	33,271	about 30,389 [Est.]	17,427	55%
Q4 FY26	20,735	22,930	19,739	FY26: 65% (Aug-26 call says about 63%)
Q1 FY27	15,801	15,930	21,595	85%
FY26	104,481	100,727	18,462 (+39%)	65%

Lead EBITDA per tonne guidance has ratcheted up: Rs 14,000-14,500 blended (May-25), Rs 15,000-17,500 "sustainable" (Jan-26), Rs 17,000-19,000 (May-26), Rs 18,000-20,000, or Rs 19,000-21,000 when VAP-heavy (Aug-26). Q2 FY26 CFO split of the Rs 19,970 per tonne: about 1.5% margin from operations, about 1.5% from VAP (about Rs 6 per kg), balance fixed-cost absorption.
Q3 FY26 VAP mix fell to 55% (vs about 70%) as new-plant mix and more domestic buying (procurement 70% import / 30% domestic vs 85/15 in Q2) cut gross margin from 14.6%.
Utilisation: lead 79% in Q3 FY26 on a blended base, 70% for 9M FY26; TKD about 65% in FY26, below 50% for the new 72 kt plant in Q1 FY27; target 70-75% in FY27 and 80-90% in FY28 (no new lead capacity planned "in these locations").
The Q1 FY27 reduction was described by management as a "conscious strategic decision" to prioritise value-added products amid Gulf / Hormuz shipping delays, with "no softness in demand". Gravita's lead volumes fell about 10% in the same quarter (48,889 t in Q1 FY26, 46,215 t in Q4 FY26, 43,897 t in Q1 FY27, read from its deck chart).

Copper: the fast-growing, low-margin segment

Quarter	Copper production (t)	Copper sales (t)	Copper EBITDA per t (Rs)
Q4 FY25	488	451	38,784
Q1 FY26	1,102	1,107	29,278
Q2 FY26	not stated (H1 about 2,200-2,500 t)	not stated	not stated
Q3 FY26	not stated	1,235	35,325 (9M Rs 34,361)
Q4 FY26	2,148	3,235	45,556
Q1 FY27	3,648	4,001	48,488 (+66% y/y)
FY26	5,480	6,543	39,896

Why copper grew: capacity doubled from 6 kt to 12 kt (live Jan-Feb 2026), the copper price rose about 40% in Q3 FY26, and Q4 FY26 included about Rs 122 cr of stock-in-trade purchases (traded copper, "lucrative trade"); Q1 FY27 stock-in-trade purchases were Rs 40.6 cr. Management: opportunistic, "focus is manufacturing". Copper volumes and EBITDA per tonne therefore include trading [Fact] (results filings and Q4 call).
Copper utilisation 86% in Q3 FY26 (74% for 9M) and about 75% overall in Q1 FY27. Q4 FY26 copper was about 40% of sales at a 3.5-4% margin, diluting lead (above 8%).
Copper hedged 100% on volume (LME and forex); an Rs 7.28 cr MTM provision hit Q3 FY26 EBITDA on the price run-up and was expected to reverse as hedged volumes are sold (about Rs 7 cr reversal in Q4).
Guidance: copper recycling Rs 35,000-40,000 per tonne (Q1 FY27 call: "above Rs 40,000"); cathode blended Rs 60,000-65,000 per tonne (May-26: Rs 60,000-70,000); FY28 blended about Rs 60,000 on 24 kt; copper about 45% of FY27 revenue (Q1 actual 54%); copper domestic sourcing targeted at 25-30%; copper inventory cut from about 70 to below 50 days.
Cathode project: 36,000 tpa LME-Grade-A cathode at TKD, about Rs 200 cr from internal accruals; about Rs 25 cr spent by Aug 2026; machine orders placed; installation Sep-Nov; trial production Dec 2026 (Phase 1, 18 kt); Phase 2 by Q3 FY28. Of about 12 kt of in-house recycled copper, about 8 kt feeds cathode and about 4 kt is sold outside (sales realisation on about 40 kt, not 48 kt). Cathode opens industrial cables, foils and PCB-grade uses; higher-grade scrap goes to busbar makers. Cathode utilisation guide for FY28: 80-90% of 36 kt.
Copper products named: Clove, Cobra, Mill Berry, Grease Mill Berry, Tin Mill Berry. Customers: secondary wire-rod makers, household wire makers, busbar makers.

Plastics and aluminium

Item	Plastics (POCL Future Tech)	Aluminium
Capacity / activity	9,000 tpa; about 800 t a quarter; moved to TKD (production from Mar 2026)	12,000 tpa; about 200 t a quarter
Economics	FY26 loss-making (FTPL FY26 turnover Rs 23.56 cr, loss Rs 4.55 cr); Q1 FY27 profit about Rs 15 lakh; EBITDA of 7-8% guided in May-25	Revenue potential of Rs 80-100 cr floated in Oct-25, then "not a segment we concentrate on" (Jan-26)
Management stance	Merger of FTPL into the parent approved by the Board 28 Jan 2026; NCLT pending	Drift: numbers from Q2 FY26 (Jul-25), then de-emphasised

Geography

Item	FY25	FY26	Q1 FY27
Revenue outside India (Rs cr, note 43(f))	1,327.3 (64.5%)	1,888.7 (63.8%)	-
Revenue India (Rs cr)	729.6	1,069.7 (36.2%)	-
Company-quoted export share	-	66%	45% (lead 55%, copper 25%)
Imported raw material share of consumption	75.0%	75.0%	-

Lead exports ran at about 65% of lead revenue in Q1 FY26, of which South-East Asia 75-78%, Europe below 5%; the CMD cited Japan, South Korea, Thailand, Indonesia and the Netherlands and exports above US$200 mn in FY26. Export revenue by vertical is in the product table in Tab 3.

Fastest grower, laggard and management focus

Question	Answer
Fastest grower	Copper: Rs 55.5 cr (FY25) to Rs 672.6 cr (FY26) and Rs 505.5 cr in Q1 FY27 alone, driven by capacity doubling, price and trading [Fact]
Segment under pressure	Lead volumes in Q1 FY27 (-29% y/y sales); lead margin per tonne was a record, so earnings per tonne are intact but tonnage is not
Margin profile	Lead 8.1% vs copper 3.9% in Q1 FY27; consolidated EBITDA margin 6.0% vs target above 8%
Management focus	Lead: value-added alloys (85% VAP in Q1; 65-70% guided for FY27) and TKD utilisation. Copper: cathode to lift margin to Rs 60-65k per tonne. Plastics: turned profitable. Aluminium, lithium-ion, rubber / e-waste: de-prioritised or pre-feasibility
Analyst View	[Analyst View] Revenue growth is now mostly lower-margin copper scrap processing; the investment case rests on lead tonnage returning and the cathode plant lifting copper margin

Financials: P&L

Rs cr; consolidated unless marked standalone; FY = April-March. FY22 is STANDALONE (Screener has no consolidated data before FY23, when subsidiaries began). Filings are in Rs lakh (100 lakh = 1 cr). [Fact] = filed number or Screener reproduction of it; [Est.] = arithmetic.

Five-year P&L

Item	FY22 (standalone)	FY23	FY24	FY25	FY26	TTM Jun-26
Revenue from operations	1,455	1,476.2	1,542.4	2,056.9	2,958.4	3,290
Growth y/y	n/a	1.4% [Est.]	4.5%	33.4%	43.8%	49% (Screener TTM)
EBITDA (ex other income)	77	79	72.1 [Est.]	104.9 [Est.]	210.6 [Est.]	225
EBITDA margin	5.3%	5.4%	4.7%	5.1%	7.1%	6.8%
Other income	5	4.3	2.3	2.3	5.6	4
Finance costs	9	8	17.2	12.2	10.4	10
Depreciation	9	11	13.2	16.6	24.8	27
PBT before exceptional	64	63 [Est.]	44.0	78.3	181.0	193
Exceptional	-	+29.1 (extinguishment of Harsha Exito liabilities net of write-offs, AR23 note 37)	-	-	(0.9) (labour-code change)	-
Tax rate (effective)	25%	18%	28%	26%	27%	-
Net profit	48	75.6	31.9	58.1	131.9	143
PAT margin	3.3%	5.1%	2.1%	2.8%	4.5%	4.3% [Est.]
EPS as reported at the face value then in force (Rs)	8.32	12.90	5.06	22.03 basic / 21.08 diluted (FV Rs 5)	43.98 (FV Rs 5) = 17.59 (FV Rs 2 post-split)	18.69 (Screener, FV Rs 2)
Dividend payout	6%	8%	20%	17%	12% (Rs 5 per Rs 5 share = Rs 2 per Rs 2 share; Rs 15.26 cr, 11% of standalone PAT)	-

Sources: FY26 / FY25 exact from the AR26 consolidated P&L (revenue 2,95,836.12 / 2,05,690.53 lakh; PBT before exceptional 18,100.70 / 7,828.47; PAT 13,187.00 / 5,805.46); FY24 from the Q4 FY25 filing comparatives (revenue 1,54,240.46; PBT 4,401.32; PAT 3,187.22 lakh); FY23 from AR23 (revenue 1,47,618.09 lakh; PAT 7,561.84 lakh); FY22 and TTM from Screener. FY23 EBITDA / PBT / other income follow Screener, which classifies part of the FY23 exceptional gain in other income; AR23 is used to fix PAT. EBITDA is computed as PBT before exceptional + finance cost + depreciation - other income [Est.].

Standalone cross-check (Screener standalone and AR26)	FY23	FY24	FY25	FY26
Revenue (Rs cr)	1,472	1,526	2,028.27	2,938.65 (+45%)
EBITDA, company-defined	-	-	108 (+39%)	218 (7.4%, +212 bps)
PBT before exceptional	-	-	-	187.34
PAT	49	40	65.06 (+65%)	138.73 (+113%)
EPS (Rs)	-	-	-	46.27 (FV Rs 5) = 18.51 (FV Rs 2)

Consolidated PAT is below standalone because the two loss-making subsidiaries lost Rs 6.9 cr in FY26 (POCL Future Tech Rs 4.55 cr, Harsha Exito Rs 2.31 cr; AOC-1). [Fact] Management's five-year CAGRs (Q4 FY26 call, standalone): revenue 24%, EBITDA 52%, PAT 67%. Management's ROCE 17%, interest cover about 20x, net debt / equity 0.17x and "cash conversion 53 days" are company-defined; see Tab 6 for the Screener and CRISIL equivalents.

Eight quarters (consolidated)

Quarter	Revenue	EBITDA (Screener OP)	OPM	PBT	PAT	PAT margin	EPS (Rs 2 basis)	Revenue y/y	Revenue q/q	PAT y/y	PAT q/q
Q2 FY25 (Sep-24)	579.1	29	5.0%	21.3	15.3	2.6%	2.34	-	-	-	-
Q3 FY25 (Dec-24)	509.1	25	4.9%	18.2	13.2	2.6%	1.88	-	-12.1%	-	-13.7%
Q4 FY25 (Mar-25)	523.7	28	5.3%	20.9	16.6	3.2%	2.36	-	+2.9%	-	+25.8%
Q1 FY26 (Jun-25)	602.8	41	6.8%	34.4	25.2	4.2%	3.35 (company restated 3.49)	-	+15.1%	-	+51.8%
Q2 FY26 (Sep-25)	640.4	54	8.4%	46.2	33.9	5.3%	4.44	+10.6%	+6.2%	+121.6%	+34.5%
Q3 FY26 (Dec-25) [Est.]	779.9	57	7.3%	49.1	35.3	4.5%	4.63	+53.2%	+21.8%	+167.4%	+4.1%
Q4 FY26 (Mar-26)	935.2	59	6.3%	50.3	37.5	4.0%	4.92	+78.6%	+19.9%	+125.9%	+6.2%
Q1 FY27 (Jun-26)	934.9	56	6.0%	47.4	35.9	3.8%	4.70	+55.1%	0.0%	+42.6%	-4.3%

Growth columns are [Est.]. Revenue, PBT and PAT are exact from filings: Q2 FY25 (H1 FY26 comparative), Q3 and Q4 FY25 (Q4 FY25 filing), Q1-Q2 FY26 (H1 FY26 filing of 17 Oct 2025), Q4 FY26 and Q1 FY27 (Q1 FY27 filing). Q3 FY26 is derived [Est.]: the Q3 filing is an image PDF, so it is FY26 minus Q1, Q2 and Q4 (revenue 77,993 lakh; PBT 4,911 lakh; PAT 3,531 lakh) and cross-checked to Screener (780 / 49 / 35). EBITDA is the Screener operating-profit line. Q1 FY27 revenue and PAT growth the company quotes (+55% and +43%) agree with the arithmetic here; for EBITDA, management says +33% and this report computes +36% (56 vs 41) from rounded Screener figures.

Consolidated versus standalone: where figures conflict

Period	Consolidated	Standalone (company)	Note
Q1 FY26	Rev 602.8; EBITDA 41; PAT 25.2	Rev 596 (+36%); EBITDA 43 (7.2%, +82%); PAT 28 (+90%)	Consolidated growth +35% / +78% / +94% per the Q1 FY26 call
H1 FY26	Rev 1,243.2; PBT 80.6; PAT 59.0; EPS 20.04 (FV Rs 5)	Rev 1,231 (+22%); EBITDA 98 (+83%); PAT 63 (+98%)	Net cash Rs 71 cr at Q2 FY26 (company)
Q3 FY26	Rev 779.9 [Est.]; PAT 35.3 [Est.]	Rev 776 (+55% y/y); EBITDA 59 (+122%); PAT 38 (+148%)	9M FY26 standalone: Rev 2,007 (+33%), EBITDA 157, PAT 101 (+114%)
Q4 FY26	Rev 935.2; PAT 37.5	Rev 932 (+80% y/y); EBITDA 61 (6.5%); PAT 38
Q1 FY27	Rev 934.9 (+55%); PAT 35.9 (+43%)	Rev 931 (+56%); EBITDA 56 (+30%); PAT 36 (+32%)	Standalone EBITDA margin 6.0% vs 7.2% in Q1 FY26 and 6.5% in Q4 FY26
FY26	EBITDA 210.6 (7.1%) [Est.]	EBITDA 218 (7.4%)	CRISIL quotes 7.1% FY26 and about 5.3% FY25 (company-adjusted) against 5.1% computed here

Operating leverage and margin analysis

Topic	Finding
Operating leverage [Est.]	FY26 revenue +44% but EBITDA +101% and PAT +127%: the step-up from 5.1% to 7.1% came from the copper ramp, value-added lead alloys and Thervoykandigai (TKD) efficiency (CRISIL, calls)
Gross margin	Q2 FY26 record 14.5-14.6% (standalone); Q3 FY26 lower (new-plant mix, more domestic buying, lower VAP at 55%); FY26 standalone 11.7%
Margin direction	Consolidated OPM 8.4% (Q2 FY26) to 7.3% to 6.3% to 6.0% (Q1 FY27) while PAT margin eased from 5.3% to 3.8%; copper at 54% of revenue earns 3.9% segment margin vs 8.1% for lead
Q1 FY27 cost lines	Other expenses +16% y/y and +44% q/q (fuel and a couple of additives "shot up in the last 3 months"; logistics a small part); guided Rs 20-25 cr a quarter. Q1 FY27 effective tax 24.2% vs 27% earlier
Targets	Target 2030: more than 20% revenue and profit CAGR, volume growth above 15% (or 20%+ in some statements), EBITDA margin above 8%, ROCE above 20%, value-added above 60% of revenue
Volume vs price vs mix [Analyst View]	Lead sales volume rose only 11% in FY26 (100.7 kt) against revenue +44%, so growth came mainly from copper (6.5 kt sold, partly traded) and metal prices (copper about +40% in Q3 FY26; lead realisation about Rs 2.42 lakh per tonne in Q4 FY26). No acquisition of an operating business contributed: Harsha Exito is a land and infrastructure holding. Growth is organic
Hedged model	Realisation rises with LME and rupee-dollar moves, but EBITDA per tonne in rupees is stable while EBITDA % falls when metal prices spike (copper Rs 35k+ per tonne steady in Q3 FY26)

One-time items and quality-of-earnings checks

Item	Rs cr	Comment
FY23 exceptional gain (Harsha Exito insolvency acquisition)	+29.1	Liabilities of Rs 76.8 cr extinguished vs write-offs; excluding it FY23 PAT is about Rs 46 cr [Est.]
FY26 exceptional (labour-code change)	(0.9)	One-off
FY26 hedge gain in OCI (pre-tax / post-tax)	39.9 / 29.9	Sits in other comprehensive income, not P&L; if hedged inventory or sales are realised it recycles to P&L (about Rs 3.9 per post-split share pre-tax) [Est.]
FY26 deferred-tax credit within tax	9.4	Mostly on provisions
Q3 FY26 mark-to-market provision on hedged copper	7.28	Hit EBITDA (about 1% of margin); about Rs 7 cr reversed in Q4 FY26
Segment unallocated expenditure (net)	20.5 (FY26) vs 18.7 (FY25)	Group overhead roughly flat
Stock-in-trade purchases (traded metal)	about 122 (Q4 FY26); 40.6 (Q1 FY27)	Trading-like volume sits in copper revenue
Subsidiary losses	(6.9)	FY26 combined (consolidated vs standalone PAT gap)

Earnings-quality verdict

Reported profit is high but it has not converted to cash: operating cash flow was -Rs 81.0 cr (FY25) and -Rs 44.1 cr (FY26) against PAT of Rs 58.1 cr and Rs 131.9 cr; cumulative FY23-FY26 PAT is about Rs 297 cr against cumulative operating cash flow of about Rs 18 cr. Management attributes FY26 to vessel timing (Rs 120-130 cr received about 5 April 2026). Full reconciliation, the H1-versus-H2 split and the receivable ageing are in Tab 6. [Analyst View] Treat the P&L as good but unproven until the H1 FY27 cash-flow statement is filed.

Financials: Balance Sheet, Cash Flow & Ratios

Consolidated, Rs cr, 31 March. FY23-FY24 from Screener consolidated; FY25-FY26 exact from the AR26 consolidated balance sheet (p.170), P&L (p.171), cash flow (p.172) and notes 4-45; Jun-26 from the Q1 FY27 segment table. A balance sheet and cash-flow statement at 30 Jun 2026 are not part of the quarterly filing (half-yearly only).

Balance sheet summary

Item	FY23	FY24	FY25	FY26	30-Jun-26
Equity capital	12	13	14.1	15.3	15.3
Reserves	253	345	578.8	773.1	n/a (equity about 794 [Est.]: assets 914.3 less liabilities 119.9)
Total equity	265	358	592.9	788.4	about 794
Borrowings	156	103	112.0	152.1	not disclosed (liabilities include 101.5 unallocated)
Other liabilities (payables, provisions)	52	22	32.5	42.4	-
Total liabilities + equity	472	482	737.5	982.9	914.3
Net block (PPE + intangibles + goodwill)	148	162	174	252	-
CWIP	12	9	74.7	2.6	-
Inventories	-	-	240.6	272.7	-
Trade receivables	-	-	129.4	264.6	-
Cash and bank	-	-	40.0	11.0	-
Other current assets (supplier advances, GST)	-	-	64.1	123.4	-

March 2026 detail (notes 10-26) [Fact]

Line	Rs cr	Comment
Property, plant and equipment	241.3	Net block 252 includes goodwill and intangibles
Goodwill	9.65	From the Harsha Exito acquisition
Capital advances	21.6	Capital commitments Rs 61.2 cr at Mar-26
Supplier advances	65.4	Up about Rs 41 cr in FY26
GST / benefit receivable	55.2	Up about Rs 22 cr; export-related IGST refund receivable of Rs 75-80 cr cited on the Jan-26 call
Other financial assets	22.6	Was 1.7-2.1 at Mar-25; derivative positions grew
Inventories	272.7	Raw material 193.1 (including Rs 23.8 cr in transit), WIP 22.9, finished goods 54.5
Trade payables	15.5	Of which MSME 1.8
Provision for tax	12.2
Deferred tax asset	5.4
Cash	11.0	Includes Rs 10.1 cr of liquid-fund units that are lien-marked (restricted) and FDs of Rs 0.68 cr lien-marked

Borrowings at 31 March 2026 (note 21) [Fact]

Facility	Mar-26	Mar-25	Terms
Rupee working-capital loans	94.2	-	Repayable on demand; 7%-9%; secured by current assets plus charge on fixed assets
Foreign-currency loans (packing credit / FCNR type)	34.6	nil	Unhedged exposure not disclosed beyond note 43
Unsecured director loans	22.0 (2,199.21 lakh)	6.9 (plus 3.0 non-current)	Related-party; see Tab 7
Inter-corporate deposit (Metier Enterprises, directors' entity)	1.3	-	About 10%
Total borrowings	152.1	112.0	No long-term debt after Mar-2026 (CRISIL)

Net debt Mar-26 = 152.1 - 11.0 = 141.1; net debt / equity 0.18x [Est.] (management 0.17x). CRISIL: gearing about 0.20x, interest cover about 15.9x (FY25 7.85x), net cash accrual Rs 157 cr, networth Rs 778 cr (CRISIL definition) against book equity Rs 788.4 cr.
Equity bridge FY26 [Fact, note 17; sum Est.]: opening 592.9 + PAT 131.9 + OCI (cash-flow-hedge gain, net of tax) 29.9 + warrant conversion 60.5 (share capital +1.2, securities premium +59.3) less Rs 15.1 cr already counted as warrant money in Mar-25 equity - dividend 10.7 - tax true-up 0.9 = 788.4.
Guarantees: corporate guarantee for a subsidiary bank loan Rs 10.0 cr (Rs 28.0 cr at Mar-25). Contingent liabilities: Rs 5.0 cr LC / BG, Rs 10.0 cr subsidiary guarantee, Rs 0.26 cr disputed GST: small against equity of Rs 788 cr.

Cash flow versus PAT

Rs cr	FY23	FY24	FY25	FY26
Net profit	75.6	31.9	58.1	131.9
Operating profit before working-capital changes	-	-	105.0	212.2
Working-capital change [Est.]	-	-	-166.7 (inventory -111.0, receivables -25.0, other assets -36.0, payables +10.8, provisions -4.5, financial assets -0.9)	-206.4 (receivables -135.2, inventory -32.1, other assets -59.4, financial assets +20.4, payables -5.6, provisions +5.4)
Taxes paid	-	-	(19.3)	(49.8)
Cash from operations (CFO)	78	65	(81.0)	(44.1)
Capex (PPE including CWIP)	-	-	(88.8)	(50.1)
Cash from investing	(109)	(53)	(67.9)	(49.7)
Cash from financing	30	(2)	177.4	64.7
of which equity raised	-	-	184.5	45.4
Net change in cash	(1)	11	28.6	(29.1)
Free cash flow (Screener: CFO less capex)	(32)	32	(170)	(94)
CFO / PAT	103%	204%	-139%	-33%
CFO / EBITDA [Est.] (recomputed from the CFO and EBITDA rows of this report; Screener's own quoted 123% / 109% / -58% / 3% do not reconcile to these figures and are not used)	99%	90%	-77%	-21%

Dividend paid: Rs 10.7 cr in FY26 and Rs 6.5 cr in FY25. FY23-FY24 and FCF from Screener; FY25-FY26 from the AR26 consolidated cash flow.

Black: PAT. Gold: positive CFO. Red: negative CFO. Cumulative FY23-FY26 PAT Rs 297 cr against cumulative CFO about Rs 18 cr and cumulative FCF about -Rs 264 cr.

Cash-flow reconciliation: the most important item to re-check [Est.]

Over FY23-FY26 cumulative PAT is Rs 297 cr against cumulative CFO of about Rs 18 cr (6% conversion). The gap was funded by Rs 307.5 cr of equity (Feb-2024 preferential Rs 132.5 cr in tranches plus Dec-2024 QIP Rs 175 cr) and by bank borrowings (+Rs 40 cr in FY26).
Receivables rose Rs 135 cr in FY26 (129 to 265, +104% against revenue +44%); supplier advances +Rs 41 cr; GST receivable +Rs 22 cr.
Management (27 May 2026 call) [Fact]: export vessels slipped by days and "around INR 120-130 crore" was received in the first week of April; the negative operating cash flow was "point-in-time". The ageing supports it: Rs 257.6 cr of Rs 264.6 cr is "not due"; Rs 7.0 cr is 0-6 months overdue; Rs 0.02 cr is 6-12 months (note 11).
H1 FY26 CFO was +Rs 117.4 cr (company filing), so FY26 swung from +117 in H1 to about -161 in H2. FY25 was also negative (-Rs 81.0 cr, inventory build of Rs 111 cr) with no vessel explanation.
Q1 FY27: segment assets fell (copper Rs 358 cr to Rs 215 cr; total Rs 983 cr to Rs 914 cr), consistent with collection, but no cash-flow statement exists until H1 FY27 results.

Ratios and working-capital days [Fact, Screener / CRISIL]

	FY23	FY24	FY25	FY26
Debtor days	25	25	23	33
Inventory days	45	35	48	38
Payable days	3	3	4	2
Cash-conversion cycle (days)	68	57	66	69
Working-capital days (Screener)	26	34	52	61
ROCE	n/a (21% standalone)	14%	16%	23% (TTM 23.4%); company-quoted 17% for FY26
ROE	-	-	-	19% (TTM 19.2%); CRISIL 3-year ROE 15%
Interest coverage (CRISIL, consolidated)	-	-	7.85x	15.85x (company: about 20x)
Adjusted debt / networth (CRISIL)	-	-	0.19x	0.20x

Payables are tiny (2-4 days) because scrap imports are paid on or about a week before arrival at port ("payment cycle is when the material arrives closer to the port, about a week before arrival"), so working capital is funded entirely by banks and equity. Management's cycle: 53 days (Mar-26), 46 days (Jun-26); target inventory below 45 days.
Asset-light by design: revenue per rupee of net block FY26 = 11.7x [Est.]. Incremental capital employed FY25-FY26 +Rs 235 cr (equity 788 + debt 152 less 593 + 112) for incremental EBITDA of +Rs 106 cr [Est.].

Capex

Period	Capex (Rs cr)	Detail
FY25	94 (cash capex in the cash flow: 88.8)	TKD Phase 1 (Rs 85 cr); FY26 guide was Rs 75 cr
FY26	49-50 (cash 50.1)	Under-spent versus Rs 75 cr guide; capital commitments Rs 61.2 cr at Mar-26
FY27 plan	175-180 (calls: Rs 180-200 cr in May-26)	Rs 140-150 cr copper cathode (36,000 tpa; total about Rs 200 cr; about Rs 25 cr spent by Aug-26; Phase 1 guided Q4 FY27 by CRISIL, trial Dec-26 by company); Rs 20-25 cr maintenance; funded from internal accruals, no new debt
FY28 plan	50-60	Phase 2 copper

TKD lead capacity was raised 55% to 2,04,000 tpa and copper recycling capacity doubled to 12,000 tpa in FY26. Q1 FY27 deck shows only Rs 5 cr capex in the quarter whereas the call says Rs 25 cr spent on the cathode project: inconsistent in the sources. Maintenance versus growth: of FY27's Rs 175-180 cr, about Rs 20-25 cr is maintenance and the rest growth.

Debt, lenders and credit ratings [Fact]

Lender	Rs cr sanctioned	Note
HDFC Bank	70.0 (37.44 + 32.56)	Fund-based working-capital demand loans
Axis Bank	55.0
HSBC	45.0
Kotak Mahindra Bank	40.0
DBS	30.0
Total	240.0	Average fund-based utilisation 36% over the 12 months to Mar-26; actual bank debt Mar-26 Rs 128.8 cr (rupee 94.2 + foreign-currency 34.6) = 54% of limits at the year-end peak

Date	Rating action	Detail
14 Jan 2022 (CRISIL) and 27 Jan 2022 (Brickwork)	Earlier ratings	Contents Not Available (documents not opened); A2+ short-term earlier
Mar 2023, Jan 2024	CRISIL A-/Stable
17 Apr 2025	Upgraded to A/Stable
15 Jul 2026	A/Positive (outlook revised from Stable, rating reaffirmed)	Rs 240 cr fund-based working-capital demand loans
Upgrade triggers	-	Scale with 6-7% EBITDA margin sustained, higher non-lead contribution, customer diversification
Downgrade triggers	-	Operating margin 3-4% sustained, large debt-funded capex or acquisition, working-capital elongation, adverse regulation

No bonds, no NCDs, no long-term debt, no covenants disclosed (CRISIL). Finance cost FY26 Rs 10.4 cr (about 7.9% on average year-end debt of about Rs 132 cr [Est.]); borrowing is cheap (7-9%) because exports are funded in foreign currency. No defaults; CARO reports no overdue loans. CRISIL liquidity "strong" (accruals above Rs 150 cr).

Equity dilution and share-count history [Fact]

Date	Event	Detail
Feb 2024	Preferential issue, Rs 132.5 cr	9,86,187 equity shares (FV Rs 10) plus 16,27,221 warrants (FV Rs 10, price Rs 507 = Rs 253.50 on a Rs 5 basis) to promoters and identified investors; 25% received upfront. The governance file states the same issue as 19,72,394 shares plus 32,54,442 warrants on the Rs 5 basis at Rs 253.50 (Rs 248.50 premium): one issue shown before and after the split
Aug 2024	Split Rs 10 to Rs 5	1,30,25,179 to 2,60,50,358 shares
FY25	Warrant conversions	4,33,926 warrants to 8,67,852 shares; Rs 22.0 cr moved from warrant money to equity
Dec 2024	QIP, Rs 175.0 cr	20,34,883 shares at Rs 860 (Rs 5 FV); expenses Rs 6.03 cr (net Rs 168.97 cr); CARE Ratings monitoring agency; fully used
FY26	Warrant conversions	11,93,295 warrants (FV Rs 10) to 23,86,590 shares (FV Rs 5); Rs 60.5 cr received (Rs 45.4 cr in FY26)
21 Jul 2026	Split Rs 5 to Rs 2 (2 into 5)	3,05,11,279 to 7,62,78,198 shares; postal ballot approved 2 Jul 2026

Share count Mar-23 about 2.32 cr to Mar-26 3.05 cr: +31% in three years [Est.]. Warrants outstanding now: nil; ESOPs: none. Net equity raised FY24-FY26 = Rs 307.5 cr gross; FY26 profit-per-share growth of more than 100% absorbed it, but per-share FCF is negative. FY25 weighted shares 2.64 cr vs diluted 2.75 cr.
Buybacks: none. Bonus: none in the FY24-FY26 capital history tracked by the financials file, while the business file lists a 1:1 bonus in 2022 (not reconciled). Rights: last in 2006. Dividends: Rs 5 (FY23, FV Rs 10), Rs 5 (FY24 recommended 28 May 2024, FV Rs 10), Rs 3.5 (FY25, FV Rs 5), Rs 5 on FV Rs 5 = Rs 2 on FV Rs 2 (FY26). A clarification of the per-share restatement was issued on 28 Aug 2026.

Key balance-sheet risks [Analyst View]

Risk	Evidence
Cash conversion	CFO negative two years; receivables +104% in FY26
Funding via equity	Rs 307.5 cr of equity in three years; FY27 capex of Rs 175-180 cr is to be accrual-funded while FY26 FCF was -Rs 94 cr
Short-dated, on-demand debt	All borrowings repayable on demand; Rs 22 cr is from directors
Derivative and FX	Other financial assets 22.6 (from 1.7); forward-contract payable Rs 3.4 cr; foreign-currency loans Rs 34.6 cr
Subsidiary exposure	Rs 19.5 cr receivable from loss-making subsidiaries; goodwill Rs 9.65 cr; Harsha Exito idle
Not Available	Peer-based balance-sheet comparison; quarterly working-capital days; FY22 consolidated; FY22 and FY21 annual-report detail (Screener standalone used)

Management, Promoters & Governance

Latest shareholding pattern: 30 Sep 2026 (filed 20 Oct 2026). Sources: AR26 (Board's report, AOC-1 / AOC-2, MR-3, corporate governance report, notes 41-45), NSE shareholding XBRL, NSE insider-trading (PIT Reg 7(2)) and SAST Reg 29 APIs, CRISIL, NSE announcements. [Fact] = primary document; [Est.] = arithmetic / inference. "Not Available" = looked for it and could not obtain it, with where.

Promoters and promoter group (Sep-2026 XBRL)

Holder	Shares (post-split, Rs 2)	%	Note
Ashish Bansal (Chairman & MD)	1,68,65,360	22.11	Rose from 15.20% (Mar-2026) on 1 Apr 2026 by inheritance / transmission of 21,07,244 pre-split shares (6.91%) from the late Anil Kumar Bansal
Saroj Rajendra Prasad Bansal	62,91,200	8.25	Sold 2,00,000 pre-split shares on 23 May 2025 (PIT)
Manju Bansal	33,08,270	4.34	Sold 9,00,000 pre-split shares (2.95%) in the open market on 29 Jun 2026 (SAST)
Pawankumar Bansal	12,32,900	1.62
Megha Choudhari	55,680	0.07
Priyanka Pawan Bansal	6,250	0.01
Vaishnavi Reddy	340	about 0	Categorised promoter group on 13 May 2025 (Dec-2024 pattern revised)
Promoter group (7 holders)	2,77,60,000	36.39	of 7,62,78,197 shares

Sep-2026 XBRL: pledged = false; non-disposal undertaking = false; other encumbrance = false; significant beneficial owner = false; warrants outstanding = false.
Founder: Anil Kumar Bansal (Chairman and whole-time director, promoter) died 1 Apr 2026 (demise filing 2 Apr 2026); his promoter shares passed to Ashish Bansal (son). No holding company exists; the promoter group is individuals only (no corporate promoter, no trust) (AR26 note 44).
Promoter background (education, other businesses, track record): Not Available beyond the facts above; searched AR26 and the company website extracts (not in any of the six research files). Ashish Bansal has been a director since 30 Jul 2009.

Data-quality flag: promoter labels swapped in the annual report [Fact + Est.]

AR26 note 16(b)/(d) labels "Anil Kumar Bansal" with 25,16,480 shares (8.25%) and "Saroj Bansal" with 21,07,244 (6.91%). NSE SAST / PIT filings show the opposite: Saroj held 25,16,480 after selling 2,00,000 on 23 May 2025 (before 27,16,480), and Anil held 21,07,244 after selling 4,00,000 (before 25,07,244). The Sep-2026 XBRL shows Saroj 62,91,200 post-split (= 25,16,480 x 2.5) and Ashish 1,68,65,360 (= 67,46,144 x 2.5, which equals 46,38,900 + 21,07,244). So the AR26 labels appear swapped [Est.]; low materiality but an annual-report accuracy lapse.

Shareholding trend (12 quarters)

Quarter-end	Promoter %	FII %	DII %	Public %	Shareholders
Dec 2023	48.89	0.18	0.00	50.93	22,109
Mar 2024	48.90 (revised 45.14 in NSE)	0.22	0.00	50.89	24,060
Jun 2024	45.14	0.02	0.00	54.83	25,817
Sep 2024	43.76	0.22	0.14	55.88	50,180
Dec 2024	40.59	2.83	5.05	51.54	60,269
Mar 2025	40.61	2.10	4.88	52.40	61,578
Jun 2025	39.90	1.33	6.15	52.63	64,601
Sep 2025	39.34	1.75	7.02	51.89	69,355
Dec 2025	39.34	2.34	6.78	51.56	66,935
Mar 2026	39.34	2.22	7.15	51.27	65,865
Jun 2026	36.39	3.14	7.50	52.96	72,759
Sep 2026	36.39	3.19	9.61	50.80	77,410

Source: Screener cross-checked to NSE XBRL. Promoter % per NSE: 30-Jun-2024 45.14, 30-Sep-2024 43.76, 31-Dec-2024 40.59, 31-Mar-2025 40.61, 30-Sep-2025 39.34, 30-Jun-2026 36.39, 30-Sep-2026 36.39. Screener auto-flag: "Promoter holding has decreased over last 3 years: -12.5%".

Promoter selling and dilution of the promoter stake [Est. unless noted]

Driver	Detail
(a) Dilution FY24-FY25	The fall from about 48.9% to 40.6% is mostly dilution: the Feb-2024 preferential issue (equity plus warrants, Rs 132.5 cr) and the Dec-2024 QIP (20,34,883 shares at Rs 860 = Rs 175 cr)
(b) Open-market sales, 23 May 2025	Saroj Rajendra Prasad Bansal 2,00,000 shares for Rs 14.66 cr; Anil Kumar Bansal 4,00,000 shares for Rs 29.85 cr (pre-split; implied about Rs 733-746 per share): Rs 44.5 cr together [Fact] (PIT)
(b) Open-market sale, 29 Jun 2026	Manju Bansal 9,00,000 pre-split shares = 2.95%; value Not Available in the SAST filing (at the then price of the order of Rs 30-40 cr [Est.]); buyer unidentified
(c) Chairman's own buying	Ashish Bansal increased his holding via warrant conversion (+11,83,432 pre-split shares in FY26) and small market buys: 7,500 shares on 19 Mar 2025 for Rs 41.6 lakh and 9,602 on 29 Jan 2025 for Rs 63.7 lakh
Net	Promoter cash-out in the open market since May 2025 is at least 15,00,000 pre-split shares (4.9% of the pre-split count) by three family members, while the Chairman and MD consolidated to 22.1%
Exempt filings	Reg 10(6) (inter-se transfer / transmission) filings on 6 Apr 2026 and 19 Aug 2026; Reg 31(4) no-encumbrance disclosures on 3 Apr 2024, 11 Apr 2025 and 6 Jul 2026
19 Aug 2026 filing [Est.]	The narrative file calls it a "further transmission of 52,68,110 shares (post-split)"; the governance file did not read it. 21,07,244 x 2.5 = 52,68,110 exactly, so it is probably the April transmission restated post-split and is not added on top of the 22.11%

Pledge

No pledge or encumbrance. The NSE pledge API returns empty for POCL; Sep-2026 XBRL shows pledged = false. CRISIL and AR26 mention no promoter-related encumbrance. Not Available: pre-2024 pledge history (searched the NSE API and AR23-AR26; none reported).

Board, committees and KMP (after 26 May 2026 / 4 Aug 2026)

Director	DIN	Role	Since	Note
Ashish Bansal	01543967	Chairman & MD (promoter, executive)	Director 30 Jul 2009; CMD w.e.f. 26 May 2026 (Board report) / 1 Aug 2026 (AR certificate): conflict	Son of Anil; remuneration Rs 262.53 lakh FY26 (salary 240.00 + perquisites 22.53)
K. Kumaravel	00664405	Director Finance & Company Secretary (executive)	30 Dec 2021; re-appointed WTD for 3 years from 30 Dec 2024	Retires by rotation, re-elected at the 22 Sep 2026 AGM (99.9998% for in the accounts vote; 99.2161% on his resolution); wife K. Mahalakshmi is a related party (professional fees Rs 18.00 lakh FY26)
A. Vijay Anand	06431219	Independent; Audit Committee Chair	27 Dec 2018	5-year terms
Dr. M. Ramasubramani	07999117	Independent (retired IPS)	13 Mar 2020; second term from 13 Mar 2025	Holds 44,370 shares
Shanti Balamurugan	07730909	Independent (CA, CS)	22 Jul 2024	Replaced Shoba Ramakrishnan (term ended 18 Sep 2024)
Hemant Jawahar Lal	11731104	Independent	26 May 2026 (postal ballot 99.99% for)	Inducted to the Audit Committee 4 Aug 2026

Former: Anil Kumar Bansal (Chairman and whole-time director, promoter) died 1 Apr 2026; Shoba Ramakrishnan (independent) ceased 18 Sep 2024. At 31 Mar 2026 the board had 6 directors (3 executive including Anil Kumar Bansal, 3 independent); the AR26 (dated 4 Aug 2026) shows 6 = 2 executive plus 4 independent, 67% independent [Est.], with one promoter-family director.
Board meetings FY26: 4 (16 May 2025, 23 Jul 2025, 17 Oct 2025, 28 Jan 2026); all directors attended all four; independent directors met twice.
Committees: Audit Committee (reconstituted 4 Aug 2026): A. Vijay Anand (Chair), Dr. M. Ramasubramani, Shanti Balamurugan, Hemant Jawahar Lal (all independent) plus Ashish Bansal (CMD) as member; 4 meetings FY26, all attended. NRC: 3 independent directors, 1 meeting (23 Jul 2025). CSR and Stakeholders' Relationship committees, and a new Risk Management Committee effective 1 Apr 2026 (executives plus independents).
[Analyst View] The CMD sits on the Audit Committee that reviews related-party loans from himself and his family. This is permitted by LODR but weakens the panel's independence. The Company Secretary doubling as whole-time director is a governance concentration.

Executive remuneration FY26 (Rs lakh)	Amount
Ashish Bansal	262.53
Anil Kumar Bansal	120.14
K. Kumaravel	76.52
KMP short-term benefits total (note 44)	493.31 (FY25 462.79; FY24 460.41); 3.6% of standalone PAT [Est.]

No ESOPs, no sweat equity, no commission shown. Independent directors' sitting fees: Not Available (AR26 table not extractable).
KMP: CEO-equivalent Ashish Bansal; CFO Vijay (B.) Balakrishnan; Company Secretary and Compliance Officer K. Kumaravel (also a director); R.S. Vaidhyanathan appointed senior management personnel 23 Sep 2024; GM-HR Anuradha Nagarajan resigned 30 Apr 2024 (personal reasons). Employees 492 (443 male, 49 female). Revenue per employee about Rs 6.0 cr [Est.]: a thin professional bench for Rs 2,958 cr of revenue.
Committee chair and director backgrounds beyond the above (prior roles of CFO / MD): Not Available in the inputs.

Auditors [Fact]

Item	Detail
Statutory auditor	L. Mukundan & Associates, Chartered Accountants, Chennai (FRN 010283S; partner L. Mukundan, M.No. 204372); appointed at the 27th AGM (Sep 2022) for five years to the conclusion of the 32nd AGM (2027); ICAI peer-reviewed
Opinion	FY26 standalone and consolidated: unmodified; "no materially significant key audit matters"
FY26 fees	Audit Rs 19.20 lakh + tax Rs 4.00 + certification Rs 1.62 = Rs 24.82 lakh (company) plus Rs 2.53 lakh (subsidiaries)
Fee versus size [Est.]	Audit fee is 0.0065% of consolidated revenue (Rs 2,958 cr); the firm is small against Rs 3,000 cr turnover, with no larger firm in the chain. A quality-of-assurance flag, not an observed misstatement
Auditor changes	None for the statutory auditor in FY23-FY27 YTD. Three NSE "Change in Auditors" filings (22 Jul 2024, 23 Jul 2025, 4 Aug 2026) are re-appointments of the secretarial auditor (KSM Associates, from FY26 for 5 years), internal auditor (Kalyanasundaram & Associates, FRN 005455S) and cost auditor (K.R. Vivekanandan Unni & Associates, FRN 102179; fee Rs 45,000)
Secretarial audit FY26	KSM Associates, 4 Aug 2026: clean; no adverse remarks
CARO FY26	No overdue loans, no default, no fraud under s.143(12), no wilful-defaulter status; one disputed GST item (Rs 41,400 paid under protest; appeal before the Deputy Commissioner (GST Appeals), Chennai)

Subsidiaries and group structure (AOC-1) [Fact]

Entity	Incorporated	Holding	FY26 turnover (Rs lakh)	PAT (Rs lakh)	Share capital / reserves (Rs lakh)	Total assets (Rs lakh)
POCL Future Tech Pvt Ltd (FTPL; plastics)	27 May 2022, Chennai	100%	2,356.06	(455.05)	99.99 / (1,027.52)	974.26
Harsha Exito Engineering Pvt Ltd (HEEL; TKD land)	acquired via NCLT order 12 Jan 2023 (IA/248/CHE/2022)	100%	26.87	(231.08)	5,000 / (1,241.74)	4,031.49

No associates or JVs. Both subsidiaries are loss-making: combined FY26 loss Rs 6.86 cr (consolidated PAT Rs 131.87 cr vs standalone Rs 138.73 cr). HEEL was bought out of insolvency (CIRP) for Rs 32.5 cr plan value; liabilities were extinguished; bargain purchase Rs 13.04 cr booked to capital reserve; consolidated goodwill Rs 9.65 cr; HEEL turnover Rs 0.27 cr on Rs 40.3 cr of assets (idle). POCL's investment in subsidiaries (shares) is Rs 39.45 cr.
HEEL net worth conflict: the business and narrative files say "net worth Rs -12.4 cr" (Rs 50 cr capital). The AOC-1 figures give share capital Rs 50.0 cr and reserves -Rs 12.4 cr, so net worth is about +Rs 37.6 cr [Est.]; the -12.4 figure is the reserves line. FTPL net worth is negative: share capital Rs 1.0 cr and reserves -Rs 10.3 cr = about -Rs 9.3 cr.
FTPL amalgamation into POCL approved by the Board 28 Jan 2026; NCLT Chennai application filed after year-end, pending. HEEL merger approved by the Board 4 Aug 2026.
Outside the group: 2,680 shares (0.29%) of ACE Green Recycling Inc (a US start-up; FY24 turnover only US$24,133) bought 30 Sep 2025 for US$5,00,007.60 (Rs 4.46 cr) in cash; promoters have no interest in it. 2,000 shares of Amara Raja (Rs 0.13 cr; customer-linked). An LLP incorporation filing of 12 Mar 2025 (details Not Available; image PDF).
Land: 122.65 acres of industrial land at Mundra, Gujarat acquired for Rs 41.40 cr (4 Mar 2024); a land parcel of Rs 2.93 cr at Chittoor (Plot 78C) is held in the name of Vedam Drugs / Meloy Metals (amalgamated entities; transfer via NCLT order 21 Feb 2020; not promoter-related).

Related-party transactions (standalone note 44, Rs lakh) [Fact]

Related parties: subsidiaries (FTPL, HEEL); Metier Enterprises (India) Pvt Ltd (entity in which directors / relatives are interested); KMP (Anil, Ashish, Kumaravel, Vijay Balakrishnan); K. Kumaravel's relative K. Mahalakshmi; POCL Group Gratuity Trust.

Item	FY26	FY25	FY24
Loans taken by company from KMP (directors)	3,530.17	441.83	723.50
Loans repaid by company to KMP	2,493.60	332.01	1,062.89
Interest paid to KMP	192.01	95.03	118.66
Interest paid to Metier Enterprises (director-interested)	12.46	11.49	10.86
Loan repaid to Metier	1.59	0.57	5.17
KMP remuneration (short-term)	493.31	462.79	460.41
Professional fees to relative of KMP	18.00	14.25	8.00
Loans given to subsidiaries	2,982.41	1,472.14	2,782.98
Loans repaid by subsidiaries	2,758.81	1,370.88	1,472.30
Interest received from subsidiaries	157.52	142.98	44.81
Sales to subsidiaries	262.61	169.49	265.16
Purchases from subsidiaries	109.13	119.31	245.07
Rent paid to / with subsidiary	30.06	15.08	-
Professional charges with subsidiary	8.70	-	-
Gratuity trust contribution	1.87	1.56	0.15
Guarantee given for subsidiary bank loan (contingent)	1,000.00 (reduced from 2,800.00)	2,800.00	2,800.00

Closing balances (Rs lakh; payable shown negative)	FY26	FY25	FY24
Anil Kumar Bansal	(1,976.01)	(950.24)	(555.21)
Ashish Bansal	(176.87)	(6.25)	(217.31)
K. Kumaravel	(46.33)	(33.33)	(33.82)
Metier Enterprises	(134.49)	(124.86)	(116.17)
FTPL receivable	1,843.32	1,510.30	1,320.89
HEEL receivable	108.51	76.17	40.13

[Est.] Unsecured director loans in borrowings were Rs 21.99 cr at 31 Mar 2026 (Rs 6.90 cr at Mar-2025; "Loans from directors 2,199.21") plus the Metier inter-corporate deposit of Rs 1.34 cr at about 10%. Promoters were lending to the company at the very time three family members sold stock. The Rs 19.76 cr owed to the deceased Chairman is now an estate claim; repayment timing is Not Available.
Rs 29.8 cr was lent to subsidiaries in FY26 (7.5%, repayable on demand) and Rs 19.5 cr stands receivable from FTPL and HEEL, against a negative FTPL net worth; recoverability depends on the FTPL merger. Subsidiary-related RPTs are approved within a Rs 10 cr cap each for goods and services (AOC-2, Board approval 16 May 2025).
The Board states there were no material RPTs and none with 10%-plus promoter-group holders; BRSR: RPTs are 0.04% of purchases and 0.09% of sales. Half-yearly RPT disclosures are filed with the exchange. CSR FY26: obligation Rs 132.84 lakh, spent Rs 133.17 lakh.

Capital raises and use of proceeds [Fact]

Raise	Detail
Preferential issue, Feb 2024	Rs 132.50 cr: 19,72,394 equity shares plus 32,54,442 warrants (Rs 5 basis), Rs 253.50 each including Rs 248.50 premium; to promoter and non-promoter identified investors; all warrants converted by Mar-2026; proceeds fully used (fixed assets, working capital, general corporate purposes). Identity of non-promoter allottees is in the Feb-2024 EGM notice (not downloaded)
QIP, Dec 2024	20,34,883 shares at Rs 860 = Rs 174.99 cr (net Rs 168.97 cr after Rs 6.03 cr expenses); fully used for capex, working capital and general corporate purposes
Monitoring	CARE Ratings monitoring agency; 15 monitoring reports and 5 Reg-32 deviation statements filed; no deviation noted in the headlines
Warrants outstanding now	Nil

Voting and shareholder behaviour [Fact]

Meeting / resolution	For	Comment
AGM 22 Sep 2026: accounts	99.9998%	4 resolutions in all
AGM 2026: dividend Rs 2 (100%)	99.9995%
AGM 2026: K. Kumaravel re-appointment	99.2161%	0.78% against (3,13,552 votes): the only visible dissent
AGM 2026: cost-audit remuneration	99.9998%
Postal ballot 3 Jul 2026 (split, MOA change, independent director Hemant JL)	above 99.99%	All approved
AGM 2025: Ashish Bansal re-appointment	-	4.05% against (2,70,491 votes)
Attendance, AGM 2026	-	4 promoter and 53 public shareholders by VC; record-date holders 75,930

Regulatory, pollution-board and litigation record

Item	Detail
Exchange fine [Fact]	NSE and BSE each fined Rs 48,000 plus GST (total Rs 96,000 plus GST) for non-constitution of the NRC and Stakeholders' Relationship Committee during 19-30 Sep 2024 (after independent director Shoba Ramakrishnan ceased on 18 Sep 2024; fixed 1 Oct 2024); paid 25 Nov 2024
Exchange query [Fact]	NSE asked on 15 Sep 2023 why the consolidated P&L reconciliation was missing in Q1 FY24 results; the company replied on 22 Sep 2023 that subsidiaries were formed in Q2 and Q4 of FY23. "Spurt in volume" clarification requests from NSE on 4 and 7 Aug 2023 (no information beyond standard text)
Pollution-board / environmental actions	None disclosed. AR26: "no significant and material orders passed by Regulators or Courts which would impact going concern"; BRSR: 100% hazardous waste via SPCB-authorised TSDFs and no non-compliance notices. The secretarial auditor lists the Air, Water, Hazardous Waste and Battery Waste Management Rules 2022 as applicable and reports no non-compliance. CRISIL flags tightening environmental norms as a weakness. Not Available: state pollution-control board consent-order history, CPCB hearings and NGT cases for Sriperumbudur / Chittoor / TKD (searched AR23-AR26 and NSE announcements; media and NGT databases not checked)
Litigation and contingent liabilities (Mar-2026, Rs lakh)	LC / BG 503.00; guarantee for subsidiary bank loan 1,000.00; disputed GST 26.10; capital commitments 6,123.48. No other tax litigation or show-cause notices. Insolvency: none against POCL (HEEL was the corporate debtor acquired in CIRP)
Dividend notice discrepancy [Fact]	The Board recommended "Rs 5 per share" on 26 May 2026 (pre-split); the AGM notice converted it to Rs 2; the company issued a clarification on 28 Aug 2026
Unclaimed dividends	Rs 14.12 lakh in the unpaid-dividend account; 11,436 shares transferred to IEPF in FY26
ISIN	Old INE063E01046 (AR26 / NSE API) vs INE063E01053 (June 2026 insider form, pre-split); new INE063E01061 on AR26 and AGM voting results; NSE shareholding API still shows the old code

Governance red-flag register (ranked) [Est. unless noted]

#	Flag	Evidence
1	Cash conversion	CFO -Rs 44.1 cr (FY26) and -Rs 81.0 cr (FY25) against PAT Rs 131.9 cr / Rs 58.1 cr; four-year CFO (FY23-26) about Rs 18 cr against PAT about Rs 297 cr. Management: vessel delay moved Rs 120-130 cr to 5 Apr 2026 [Fact]; Q1 FY27 cash flow not filed
2	Promoter flows	Family members sold stock in May 2025 (Rs 44.5 cr) and Jun 2026 (2.95%) while promoters lent Rs 22 cr to the company; 12.5 points lower promoter holding in 3 years
3	Key-person and succession	Founder died 1 Apr 2026; one promoter now on the board; CMD also on the Audit Committee; CS doubles as whole-time director
4	Audit assurance	Small statutory firm; fee Rs 19.2 lakh on Rs 2,958 cr revenue; term runs to 2027
5	Subsidiary losses and loans	Rs 19.5 cr receivable from loss-making subsidiaries; HEEL asset base idle; goodwill Rs 9.65 cr
6	Concentration	Top 3 customers = Rs 1,708 cr = 57.7% of FY26 revenue; 75% of raw material imported; 64% of revenue exported; a hedge gain of Rs 39.9 cr sits in OCI [Fact]
7	Disclosure hygiene	Swapped promoter labels in AR26; dividend per-share restatement; ISIN differences; exchange fine in Nov 2024
8	Positive governance markers	No pledge; clean CARO and secretarial report; 4 of 6 directors independent with 100% attendance; related-party sales and purchases small (below 1% of revenue); CRISIL raised the outlook to Positive on 15 Jul 2026 and cites "strong corporate governance practices" as the company's own statement

Who owns it now (NSE XBRL, 30 Sep 2026): 7,62,78,197 shares, 77,410 holders [Fact]

Category	Holders	Shares	%	Mar-26 %	Dec-25 %	Sep-25 %
Promoter and group	7	2,77,60,000	36.39	39.34	39.34	39.34
Mutual funds	3	47,74,329	6.26	1.73	1.58	1.86
AIFs	10	25,53,368	3.35	5.42	5.20	5.16
Total DII (MF + AIF; no insurers or banks)	13	73,27,697	9.61	7.16	6.77	7.02
FPIs	43	24,29,209	3.18	2.22	2.34	1.75
Resident individuals up to Rs 2 lakh	73,865	2,37,09,324	31.08
Resident individuals above Rs 2 lakh	18	60,25,382	7.90
NRIs	1,664	26,27,388	3.44
Bodies corporate	373	38,17,327	5.00
Others (HUF, LLP, clearing, trusts, directors, IEPF)			about 3.0

Institutions (DII 9.61% + FPI 3.18% = 12.8%) against 8.8% in Sep-2025 and about 0.4% in Sep-2024 (FII 0.22% plus DII 0.14%) [Est.]. MF holding rose from 1.7% (Mar-26) to 6.3% (Sep-26), a regime change after the June-2026 site visits. Retail (small individuals) hold 31.1%; shareholders rose 3.5x from 22,109 (Dec 2023) to 77,410.

Notable holders at or above 1% and their trajectory (% of then share count)

Holder	Type	Sep-24	Dec-24	Mar-25	Sep-25	Dec-25	Mar-26	Jun-26	Sep-26
ICICI Prudential Smallcap Fund	MF	<1	<1	<1	<1	<1	<1	1.55 (4,72,000 sh pre-split)	4.93 (37,59,709 sh)
Bandhan Small Cap Fund	MF	<1	<1	<1	<1	<1	1.73 (5,28,491 pre-split)	1.35 (4,11,691)	1.19 (9,10,500 post-split)
Motilal Oswal Financial Services (proprietary a/c)	Broker prop	-	-	-	-	-	1.09 (3,32,240)	1.09	1.09 (8,30,600)
Persistence Capital Fund I	AIF	-	-	-	-	1.01 (3,06,674)	<1	<1	<1
Bajaj Finserv Flexi Cap Fund	MF	-	-	-	1.03 (3,13,683)	<1	<1	<1	<1
Authum Investment & Infrastructure Ltd	Corporate investor	3.03 (3,94,477)	2.81 (7,88,954)	2.81	1.19 (3,63,661)	<1	<1	<1	<1
GKK Capital Markets Pvt Ltd	Corporate	1.46 (1,90,000)	<1	<1	-	-	-	-	-
Maneesh Parmar	Individual (HNI)	-	-	-	3.36 (10,25,642)	3.36	3.35	2.55 (7,79,108)	2.30 (17,50,811)
Sangeetha S	Individual	1.77	1.64	1.64	1.51	1.51	1.51	1.51	1.51 (11,50,050)
Dolly Khanna	Individual	1.12 (1,46,297)	<1	<1	-	-	-	-	-
Ramesh Shantilal Tolat	Individual	1.14 (1,48,714)	-	-	-	-	-	-	-

Share counts are as filed at each date (Sep-24 counts on the then Rs 10 / Rs 5 face value; Sep-26 counts on Rs 2). "<1" = not a named 1%-plus holder in that pattern; "-" = not named.

Flow	Reading [Est.]
ICICI Prudential Smallcap Fund	Accumulated about 10.3 lakh pre-split-equivalent shares (+3.4% of capital; about Rs 158 cr for the whole 4.93% stake at Rs 421) in Jun-Sep 2026: the largest institutional buyer and now the largest non-promoter holder; it met management on 18 Jun 2026 and 9 Sep 2026
Bandhan Small Cap Fund	Trimmed from 13.2 lakh post-split-equivalent shares (Mar-26) to 9.1 lakh (Sep-26): -31%
Maneesh Parmar	Sold about 8.1 lakh post-split-equivalent shares between Dec-25 and Sep-26 (-32%)
Authum Investment	Built a 3%-plus stake in 2024 and exited most by Sep-2025
Dolly Khanna	1.12% (Sep-2024) not in the next pattern: consistent with a sale or with dilution by the Dec-2024 QIP (+7.8% shares)
AIFs	Net sellers: 5.4% to 3.35% (Mar-26 to Sep-26), partly offsetting MF buying
Promoters	Sold about 15 lakh pre-split shares in May-2025 and Jun-2026
Mutual-fund breadth	Only 3 MF holders (6.3%); only 2 named above 1% besides ICICI
Net	Ownership is rotating from fast-money and HNI holders to domestic institutional small-cap funds; no named large FPI long-only holder above 1%

Insider trades (PIT Reg 7(2)) and SAST Reg 29 filings on NSE [Fact]

Date	Person	Action	Shares (pre-split)	Value	Holding after
29 Jun 2026	Manju Bansal (promoter group)	Sale, open market (SAST)	9,00,000 (2.95%)	Not Available (not given in the SAST form)	13,23,308 (4.34%)
1 Apr 2026	Ashish Bansal (CMD)	Acquisition by transmission from the late Anil Kumar Bansal	21,07,244 (6.91%)	nil (non-market)	67,46,144 (22.11%)
23 May 2025	Anil Kumar Bansal	Market sale	4,00,000	Rs 29.85 cr	21,07,244 (7.49% of then capital)
23 May 2025	Saroj Rajendra Prasad Bansal	Market sale	2,00,000	Rs 14.66 cr	25,16,480 (8.95% then)
19 Mar 2025	Ashish Bansal	Market buy	7,500	Rs 0.42 cr	34,55,468 (12.29%)
29 Jan 2025	Ashish Bansal	Market buy	9,602	Rs 0.64 cr	34,47,968 (12.28%)
11 Sep 2024	Manju Bansal	Gift received	16,400	Rs 3.48 cr (valuation)	11,11,654 (8.53%)

The API returned only these PIT records for 2020-2026 (no non-promoter KMP or director dealings reported). Dr. M. Ramasubramani holds 44,370 shares (AR26).
Bulk and block deals: Not Available. NSE historical bulk and block endpoints returned HTTP 503 on three attempts (21 Oct 2026), BSE's API returned 403, and no web search was possible. The Jun-2026 drop in promoter holding is explained by Manju Bansal's 9,00,000-share open-market sale on 29 Jun 2026; the buyer is Not Available [Est.] likely institutional, as MF holding rose 4.5 points (1.73% in Mar-26 to 6.26% in Sep-26).
Warrants: all 16,27,221 (pre-split FV Rs 10) warrants issued Feb-2024 were converted by Mar-2026.

Institutional engagement log (Reg 30 intimations) [Fact]

Item	Detail
Volume	104 analyst / institutional-investor meet or con-call filings from May 2023 to Oct 2026; the monthly count peaked at 8 in June 2026 and 7 in July 2025; 77 PDFs since Jan 2025 were read
Group site visits, Chennai	22 Sep 2025 (21 names: Kotak Securities, Systematix, B&K Securities, Nuvama Wealth, Vinamra Capital, Persistence Capital, Svan Investments, Korman Capital, Shravas Capital, Masters' Union Investment Fund, Maheshwari Investors (MIPL), MAIQ Capital, Native Capital, Prodigy Investment, NAN Partners, Niveshaay, Ageless Capital, 3A Financial Services, Richbond Capital, Felcon Investment Advisors, Lotus Asset Managers); 27 Nov 2025 (SNS Ventures); 15 Jun 2026 (ICICI Securities, IIFL Capital, 360 One, Emkay, Dhan Institutional, Mirae Asset Sharekhan, Geojit AM, Guardian Capital, Quantum Advisors, InCred AMC, Caprize, Resurgence Capital, Anvil Family Office, Equinox Capital Ventures and others; 14+ names)
One-to-one meetings with funds and institutions	TRUST MF (5 Aug 2025); JM Financial MF (8 Jul 2025); Motilal Oswal AMC (16 Jul 2025 group meeting Chennai; 6 Jun 2025); SBI MF (23 Sep 2025); Motilal Oswal Financial Services (23 Dec 2025); HDFC MF (1 Jul 2026, Chennai physical); ICICI Prudential MF (18 Jun 2026; again 9 Sep 2026); Geojit AM (9 Jun 2026); Singularity AMC (Jul 2026); Care (Religare) Insurance (6 Jul 2026); Bajaj Finserv Ltd (Pune, 6 Mar 2025); Azurean Investment Managers; Persistence Capital (7 Aug 2025; 28 Nov 2025; 3 Dec 2025); Locus Investment Group; Aionios Alpha (17 Feb 2025); NV Alpha Fund Management (28 Feb 2025); Dalton Investments (24 Mar 2025); RatnaTraya Capital (18 Nov 2025); Ambit PMS (16 Mar 2026); Centrum PMS (6 Nov 2025); Capri Global Family Office; ASK Wealth (17 Sep 2025); ULJK Group and IGE India family offices (names as printed); Stallion Assets (8 Jul 2026); Asian Markets Securities (8 Jul 2026); Arika Capital (14 Jul 2026); 1M Financial (10 Sep 2026)
Muddy Waters Capital LLC	Scheduled physical meeting with the company in Chennai on 25 Mar 2026 (Reg 30 intimation filed 19 Mar 2026). No Muddy Waters report on POCL was found, and neither the seven concall transcripts read nor the AGM proceedings mention Muddy Waters (keyword search). This report draws no inference from the meeting

Not Available (where looked)

Item	Where searched
Insider-trading details for non-promoter KMP	PIT API shows promoters only
Bulk / block deal history	NSE API 503 (three attempts); BSE API 403
Director sitting-fee table	AR26 layout lost
SEBI / NCLT / NGT orders and SPCB consent history	Not in filings; web search unavailable
Content of the 19 Aug 2026 Reg 10(6) report and the 12 Mar 2025 LLP filing	Image PDFs
Proxy-advisor opinions (IiAS / SES / InGovern)	No access
Buyer of Manju Bansal's June-2026 sale; holders between 0.5% and 1%	XBRL lists holders of 1% and above only
Scheme-level mutual-fund holdings from AMC portfolio disclosures	Not fetched

Supply Chain

Period is stated for every split because mixes move sharply between periods. Sources: FY26 AR (BRSR, note 43), Q1 FY27 deck and call, earlier calls, CRISIL, BWMR gazette, Gravita Q1 FY27 call (read-across). [Fact] / [Est.] as marked.

Value-chain map (lead)

Where pricing power sits [Analyst View]

Metal price is a pass-through (hedged back to back). Pricing power sits (1) with POCL only in niche value-added alloys, where management says it is a single-point source for some customers and earns an analyst-computed premium of about US$700 per tonne over base lead against about US$300 for peers; (2) with the large battery customers on standard lead, three of whom are 57.7% of revenue and one of which (Amara Raja) has its own smelter; (3) with scrap suppliers and shipping lanes upstream, since 97% of lead scrap was imported in Q1 FY27 and the domestic price delta was too high to buy locally. Copper recycling is a conversion business at 3.9% segment margin with limited pricing power until the cathode plant lifts it.

Upstream: what POCL depends on

Item	Detail
Raw materials by vertical	Lead: used lead-acid batteries and other lead scrap. Copper: mixed copper scrap (cable, motor / alternator scrap are common industry feedstocks, [Est.]; not itemised by POCL). Plastics: mainly polypropylene copolymer (PPCP) and ABS from battery casings (in-house) plus Nylon etc. (Jan-26 call). Aluminium: imported scrap
Sourcing breadth (counts differ by document)	"90+ countries" and "300+ overseas suppliers" (deck / AR); CRISIL: "over 270 suppliers"; CFO May-25: "270-plus dealers across the world" and "70-plus countries"
Procurement mix (FY26 AR)	Lead 73% import / 27% domestic; copper 98% / 2%; plastics 61% / 39%; aluminium 100% import. Imported raw material = 75.0% of consumption in FY25 and FY26 (note 43)
Geography	Jul-25: each of Middle East, Europe, US and South America about 15-20% of procurement, Africa below 5%, Asia / other the balance. Jan-26 (copper): US, South America, Australia and other permitted exporters. Aug-26: Middle-East direct procurement "well below 5%" but vessels transit Hormuz; being diversified to South-East Asia, South America and more domestic
EU restriction	EU battery scrap cannot currently be exported to India; management hoped India-EU trade agreements could open it (Jan-26)
Peer read-across	Gravita says 15-20% of its imports come from the Gulf and many other consignments transit it; its Q1 FY27 lead volume fell about 10%; it sources about 35% domestically
Intermediaries (BRSR)	Purchases from trading houses were 15% of total purchases in FY26 (57% in FY25) across 41 houses (57 in FY25); the top 10 houses = 92% of that (80%). [Est.] POCL moved from trader-heavy to direct sourcing during FY26
Domestic sourcing filter	POCL buys domestically "only from the formal sector, larger companies"; costs are slightly higher; a rising domestic share from BWMR / EPR is the strategic goal but price-sensitive. Input material sourced within India by value: 24% in FY26 vs 18% in FY25; from MSMEs 0.56% (4%)
Commercial terms	Contracts largely CIF to an Indian port; payment "about a week before the arrival" of material, so longer sailing time does not stretch working capital (Aug-26). Vessel delays moved about Rs 120-130 cr of export receipts across the March-April year-end
Working-capital cycle	46 days (Jun-26), 53 days (Mar-26); lead inventory about 45 days; copper inventory cut from about 70 to below 50 days (May-26); receivable days about 15 (Jan-26)
Inputs other than scrap	Fuel (shift from furnace oil to natural gas; fuel and "a couple of additives" shot up in Q2-Q3 CY2026), power (solar PV; target above 50% renewable), consumables; other expenses guided at Rs 20-25 cr a quarter. Employee cost about 1.1% of revenue (Rs 31.8 cr FY26); 492 permanent employees
Single-source / chokepoint risks [Est.]	97% import dependence (Q1 FY27) concentrates exposure on shipping lanes, import-licence policy, exporter-country scrap curbs and FX; counter-signals are EPR / BWMR formalisation raising domestic availability, and Amara Raja / Exide-type captive recycling absorbing OEM scrap

Lead scrap import share over time

Period	Import %	Domestic %	Source
Historically	about 90	about 10	Management
FY25	about 73	about 27	May-25 call
Q1 FY26	80 (84% per the call text)	20	Jul-25 call
H1 FY26	86	14	Oct-25 call
Q2 FY26	85	15	Jan-26 call
Q3 FY26	70	30	Jan-26 call
9M FY26	70	30	Jan-26 call
FY26	73	27	AR
Q1 FY27	97	3	Q1 FY27 deck

Downstream: who depends on POCL

Item	Detail
Named customers [Fact]	Amara Raja Energy & Mobility Ltd (CRISIL AA+/Stable), Sebang Global Battery Co Ltd (Korea) and Glencore International AG (S&P BBB+/Stable): relationships of 10-15 years. Customer base "150+". Names beyond these: Not Available (NDA)
Export markets	Named by the CMD: Japan, South Korea, Thailand, Indonesia, the Netherlands; customers in "20+ countries"; export revenue above US$200 mn in FY26. Lead exports Q1 FY26 about 65% of lead revenue, of which South-East Asia 75-78%, Europe below 5%, rest Middle East / other. Aug-26: "our exports are not to European countries... South-East Asia and the like"
Trader channel	Management said some sales are routed through "1 or 2" traders and an analyst named Trafigura; the company did not name the trader [Est.]: treat as unconfirmed
Sales channel and contracts	Direct sales, no dealers; about 90% of sales on long-term contracts with full-year visibility (May-25); alloys on annual contracts; incremental TKD volumes about 60-65% to OEMs, the rest via a "channel" (Jan-26)
Segment customers	Lead: battery OEMs and replacement-battery makers (automotive "predominantly" the end-use, CMD Aug-26). Copper: secondary wire-rod and household wire makers; higher-grade scrap to busbar makers; cathode opens industrial cables, foils, PCB-grade uses. Plastics: domestic OEMs. Aluminium: auto
End-products containing the output	Lead-acid batteries (automotive and industrial); electrical wire, busbar; moulded plastic parts; aluminium alloy castings
Contract tenor / stickiness	Long-term relationships and brand approvals from major battery makers; alloys under NDA; single-point-source niche alloys increase stickiness; pricing mechanics are LME-linked

Customer concentration [Fact, consolidated note 43(h); shares Est.]

Year	Customers above 10% each	Aggregate (Rs cr)	Consolidated revenue (Rs cr)	Share
FY26	3	1,707.8	2,958.4	57.7%
FY25	4	1,488.5	2,056.9	72.4%

Revenue geography (note 43(f))	FY26 Rs cr	FY26 %	FY25 Rs cr	FY25 %
India	1,069.7	36.2%	729.6	35.5%
Outside India	1,888.7	63.8%	1,327.3	64.5%

Company-quoted export share: 66% (FY26) and 45% in Q1 FY27. The fall in the three-customer share from FY25 to FY26 reflects copper growth diluting lead customers, not diversification of lead buyers.

Customer integration risk [Fact]

Amara Raja commissioned its own lead smelter in FY25; it historically tolled out about 30-35% of its scrap and now processes that in-house while continuing outright purchases. POCL reported no change in orders in the first months (May-25) and the Q1 FY26 call described it as a balance rather than a threat. Nile's FY2022-23 annual report also lists Amara Raja's captive smelter as a volume risk to its own offtake (not POCL-specific). Exide's captive recycling scale: Not Available.

Lead price pass-through, hedging and margin mechanics

Mechanism [Fact]	Detail
Hedging	Raw-material price risk hedged with an LME broker; forex through banks; the import-export natural hedge is maintained as a hedge book; inventory is carried at purchase price while the hedge position moves, and the mark-to-market sits in P&L until the hedged sale happens (Oct-25, Jan-26 calls)
Management quotes	"We run a completely hedged model... in terms of percentage the impact [of lead price] is hardly any" (Jul-25); "we will not see a windfall profit nor a loss" (Oct-25)
Margin volatility	Comes from product mix (value-added share) and timing, not metal price; EBITDA per tonne is stable while EBITDA % falls when metal prices spike (copper +about 40% in Q3 FY26 compressed margin % with Rs per tonne steady at Rs 35k+)
Import vs domestic basis	Domestic scrap is priced off the local market, imports off LME-linked contracts, so the import-domestic basis moves margin (Jan-26: higher domestic buying and lower VAP mix cut gross margin)
Copper	100% hedged on volume; MTM provision Rs 7.28 cr in Q3 FY26 on a vertical price run-up, expected to reverse as hedged volumes are sold
EPR cost	When buying domestic scrap, sellers factor EPR pricing into the scrap price, so it is largely passed to POCL's cost; the benefit is "a few basis points" at most (Aug-26). Under BWMR rule 10(8), EPR certificates for recyclers are scaled by (1-A), A = 0.2 for imported waste batteries (0 for domestic): imported scrap earns 0.8x certificates [Fact: gazette; consequence Est.]
Pricing power [Fact]	Value-added products command a premium. VAP share of lead revenue: 71% (Q1 FY26), about 70% (Q2), 55% (Q3), 65% (FY26), 85% (Q1 FY27). EBITDA per tonne Rs 17-21k follows mix. Segment margins in Q1 FY27: lead 8.1%, copper 3.9%

Key sensitivities [Est.]	Value
Lead realisation (Q4 FY26, analyst-quoted at USD/INR about 91.5; CMD did not dispute)	about Rs 2.42 lakh per tonne
Lead EBITDA per tonne (Q4 FY26)	Rs 19.7k = about 8% of realisation
10% move in LME lead price: inventory plus receivable value per tonne	about Rs 24k
Lead in the working-capital pipeline	about 45 days on about 100 kt a year = about 12.4 kt
Working-capital swing for a 10% metal move	about Rs 30 cr, with hedged EBITDA unchanged
Unhedged exposures	MTM timing, FX on un-matched positions, funding cost (management: higher metal prices raise financing cost and dilute % margins)
CRISIL downgrade trigger	Operating margin falling to 3-4% sustained, tied to raw-material price volatility

Upstream summary [Analyst View]

The Q1 FY27 swing to 97% imported scrap shows the supply chain bends under shipping stress, and the cost of staying with imports is a structurally low EPR certificate yield (0.8x). The Q1 sales drop of 29% and production drop of 35% are the market's evidence that scrap procurement, not demand, is the binding constraint. Domestic buying resuming from Q2 is the variable to track.

Competitive Position

Peer prices and ratios are Screener.in snapshots of 21 Oct 2026 (end-of-day vendor data): indicative. Direct listed peers: Gravita India, Jain Resource Recycling, Nile Ltd. Customers / captive recyclers: Amara Raja Energy & Mobility, Exide Industries. Screener's own "peer" list for POCL (Vedanta, Jain Resource, Ardee Industries, Innomet Advanced, Bonlon) is a generic non-ferrous bucket and is not used. The financials file could not build a peer table (Screener peers endpoint returned another sector's list; Gravita fetch HTTP 429); the market file's table below is the one used.

Position in one view

Company	FY26 revenue (Rs cr)	Q1 FY27 growth y/y	EBITDA margin Q1 FY27	FY26 PAT (Rs cr)	ROE	P/E (TTM)	EV/EBITDA	Moat
POCL	2,958	+55%	6.0%	132	19.2%	22.5x	14.9x [Est.]	Niche lead alloys, automation at TKD, global sourcing; customer-concentrated
Gravita India	4,265	+42%	9.8% adjusted (Screener 7%)	about 378	15.5%	26.1x	Not computed	Scale, global collection (39 yards, 2,200+ touch points), ICRA AA
Jain Resource Recycling	9,543	+76%	4.0%	347	30.4%	27.4x	Not computed	Copper scale and early cathode; 184 kt lead
Nile Ltd	1,041	n/a (Q1 revenue 280.7)	3.8%	55	19.0%	8.3x	Not computed	Small Tirupati smelter; customer-concentrated

Full peer metrics

Metric	POCL	Gravita India	Jain Resource Recycling	Nile Ltd
Price 21 Oct 2026 (Rs) / 52-week range	421 / 392-648	1,390 / 1,267-1,914	289 / 271-594	1,348 / 1,201-2,065
Market cap (Rs cr)	3,209	10,262	9,975	404
P/E (TTM) / ROCE / ROE	22.5 / 23.4% / 19.2%	26.1 / 16.2% / 15.5%	27.4 / 25.7% / 30.4%	8.3 / 25.0% / 19.0%
FY26 revenue (Rs cr, consolidated)	2,958	4,265	9,543	1,041
FY26 net profit (Rs cr)	132 (consolidated 131.9; standalone 138.7)	about 378	347	55
Q1 FY27 revenue (Rs cr) / y/y	935 / +55%	1,475 / +42%	2,724.5 / +76%	280.7
Q1 FY27 EBITDA (Rs cr) / margin	56 / 6.0% (standalone)	about 145 adjusted (Screener OP 110, 7%) / 9.8% adjusted	109.5 / 4.0%	10.6 / 3.8%
Q1 FY27 PAT (Rs cr)	36 (+32%, standalone basis)	106 (+14%)	69.4 (+23%)	8.1
Lead EBITDA per tonne, Q1 FY27 (Rs)	21,595	24,181	18,660	n/a
Lead volumes Q1 FY27	Sales 15,930 t (-29% y/y)	43,897 t (-10% y/y) [read from a chart]	n/a	n/a
Lead capacity	204 kt finished goods (smelting about 160 kt)	Total recycling capacity 4.97 lakh tpa across metals; Phagi lead 75.8 kt, Mundra +80.3 kt added Feb-26; target above 8 lakh tpa by FY29	184 kt lead / 83 kt copper / 13.2 kt plastics	Not Available
Copper	12 kt recycling; 36 kt cathode from Dec-26	Acquired RMIL (Rs 561.84 cr, 31.2 kt alloys); Rs 160 cr, 29.4 kt copper recycling plant due within 12 months; copper EBITDA per tonne Rs 55,151	Copper about 67% of Q1 revenue; anode live; cathode Q2 FY27; wire rod / busbar Q3 FY27; copper EBITDA per tonne Rs 17,390	None
LME-listed lead brand	POCL PB970R (3N7; "first Indian" by company claim, 2019)	"GRAVITA M" at Mundra, listed 2026	LME-registered lead ingots	n/a
Footprint	TN (Sriperumbudur, Thervoykandigai), AP (Chittoor); Mundra land	India plus Africa, Sri Lanka, Romania, Americas; 39 yards, 2,200+ touch points	Chennai-area (Ennore, Katupalli, SIPCOT) plus Ahmedabad; Kuwait investment	Andhra Pradesh (Tirupati) smelter, wind power
Credit rating	CRISIL A/Positive	ICRA AA (upgraded Jul-26)	Not checked	Not checked

Sources: Screener (prices, ratios, quarterly financials); Gravita Q1 FY27 call (28 Jul 2026) and deck; Jain Resource Q1 FY27 deck and call; POCL Q1 FY27 call and CRISIL; Nile description from its FY2022-23 annual report (the file Screener links as "Annual Report 2026" is this older report). Gravita lead volumes read from a deck chart (48,889 / 46,215 / 43,897 for Q1 FY26 / Q4 FY26 / Q1 FY27); the -10% matches an analyst statement on POCL's call. Gravita and POCL "adjusted EBITDA" include hedge adjustments; Screener's operating profit differs. POCL's Q1 FY27 "+32%" PAT is standalone; consolidated is +43%.

Observations [Est.]

Theme	Read
Valuation	POCL at 22.5x trailing earnings sits below Gravita (26.1x) and Jain (27.4x) while posting higher ROCE than Gravita and lower than Jain; Nile trades at 8x on a tiny, customer-concentrated base
Margin and volume	POCL has the highest EBITDA-margin pressure in the group this quarter from copper dilution and lead-volume loss; Gravita defended volumes better (-10% vs -29%) although it also cited Gulf disruption (15-20% of its imports route via the Gulf)
Local rivalry	Jain Resource competes in POCL's backyard (Chennai ports) for scrap and customers and is ahead on cathode timing (Q2 FY27 vs POCL's trial in Dec-26)
Scale	Gravita's FY26 revenue is about 1.4x POCL's (Rs 4,265 cr vs Rs 2,958 cr consolidated) and it is deploying Rs 1,680 cr of capex to FY29: the scale gap is widening
Customers integrating backward	Amara Raja runs its own smelter (started FY25; historically tolled about 30-35% of its scrap externally); Nile's FY23 report named Amara Raja as its major customer then building its own smelter ("will affect offtake"). Exide Industries (Q1 FY27 sales Rs 5,528 cr; mcap Rs 30,388 cr) and Amara Raja (Q1 FY27 sales Rs 4,215 cr) are both customers and captive competitors; Exide's captive recycling scale: Not Available (searched Screener; no primary document pulled)

Strengths and weaknesses versus each peer [Analyst View]

Versus	POCL stronger	POCL weaker
Gravita India	Higher ROCE (23.4% vs 16.2%); lower P/E; niche alloy premium (claimed); TKD automation	Scale (1.4x revenue), global collection network, better volume defence in Q1 FY27, higher lead EBITDA per tonne (Rs 24,181 vs Rs 21,595), higher ICRA rating (AA vs A), copper plant plans earlier in execution (RMIL acquired)
Jain Resource Recycling	Lead EBITDA per tonne above Jain's Rs 18,660; lower P/E; margin (6.0% vs 4.0%)	Scale (3.2x revenue), faster copper growth and earlier cathode, higher ROE (30.4% vs 19.2%)
Nile	Scale (2.8x revenue), diversification beyond lead, copper growth	Nile's P/E of 8.3x and 25% ROCE reflect a tiny base; its smelter and customer concentration differ in kind
Amara Raja / Exide (customer-competitors)	Independent supply and brand approvals with several battery makers	They can internalise recycling and are the largest customers

Market share (no primary source exists: estimates with method) [Est.]

Basis	Calculation	Result
POCL FY26 lead sales vs India refined-lead usage	100,727 t / about 1.4 Mt (ILZSG 2025 usage "close to 1.4 Mt")	About 7% of Indian usage (production 104,481 t gives about 7.5%); FY vs CY mismatch ignored
Domestic-only share	Lead sales 74% export / 26% domestic in FY26 (AR): about 26 kt domestic	About 1.9% of Indian usage
POCL vs Gravita (FY26 lead produced)	POCL 104,481 t vs Gravita recycled lead 198,398 t (global, all plants)	POCL about 0.53x Gravita
Capacity share of Indian usage	POCL 204 kt, Jain 184 kt, Gravita lead capacity share Not Available	POCL about 15%, Jain about 13% of 1.4 Mt (capacity, not output; much is exported)
Global	100.7 kt / 13.79 Mt (2026 demand)	About 0.7%

Interpretation: POCL is a mid-sized, export-oriented specialist (roughly two-thirds of revenue abroad: outside India Rs 1,888.7 cr of Rs 2,958.4 cr, 63.8%; CMD: exports above US$200 mn) rather than a domestic share leader. The "India's largest lead-alloy maker" language on Screener is a company or vendor claim not corroborated here.

Industry: global lead [Fact unless marked] (ILZSG press release 19 Oct 2026; World Lead Factbook 2026)

Metric	Value
World refined lead demand 2026 / 2027	13.79 Mt (+0.9%) / 13.92 Mt (+1.0%)
World refined lead supply 2026 / 2027	13.88 Mt (+1%) / 14.08 Mt (+1.5%)
Market balance	Surplus of 90 kt (2026); 163 kt (2027)
Mine supply	-2.8% to 4.44 Mt in 2026; +2.9% to 4.58 Mt in 2027
India	Refined-lead producer ranked 2nd globally in 2025; usage "close to 1.4 Mt", 3rd after China (5.4 Mt, 40%) and the US (about 1.5 Mt, 11%); India demand forecast to rise in 2026 and 2027
Secondary share of refined production 2025	World 55-70% range over 2005-25; Americas 93%, Europe 80%, Asia 59% ("scope for further growth, subject to scrap availability")
Implied world secondary share 2026 [Est.]	About 68% = (13.88 - 4.44) / 13.88 (crude: mine supply is not identical to primary refined output)
Lead-acid battery demand growth (management view)	India about 5-6% incremental plus replacement; global about 2-3% (Jan-26); lead-acid "here to stay for 8-10 years" (Jul-25). The India figure is a management claim, not independently verified

[Analyst View] A roughly 1% growth, near-balanced global lead market means POCL's lead growth must come from share gain, value-added mix and utilisation, not market growth; a forecast surplus implies no tailwind for LME lead.

Wider recycling markets cited in the AR (third-party research as reproduced; vendor accuracy not verified)

Market	Figures	Vendor
Global scrap-metal recycling	About USD 436 bn (CY2025) to USD 722 bn (2035)	Precedence Research
India non-ferrous scrap recycling	AR prints "USD 25.3 million in FY2025 to USD 30.7 million by FY2034": the unit is almost certainly wrong (likely billion); do not use	IMARC
India battery recycling	Chart end-points USD 603.9 mn to USD 1,323.4 mn over 2025-2034 (about 9% CAGR [Est.], read from chart labels)	IMARC
Global lead-acid battery recycling	USD 16.49 bn (2024), 17.64 bn (2025), 23.94 bn (2030); CAGR 6.3%	MarketsandMarkets
Global recycled copper	USD 31.3 bn (2020), 51.9 bn (2026), 105.1 bn (2033); CAGR 8.8% (2020-25) and 10.6% (2026-33). Refined copper demand about 33 Mt by 2035 (AR text); recycling uses up to 85% less energy than primary	Persistence
Global engineering plastics	USD 103.0 bn (2024), 107.2 bn (2025), 131.0 bn (2030); CAGR 4.1%	MarketsandMarkets
Macro	India real GDP +7.7% in FY26, 6.6% projected for FY27; global growth 3.4% (2025) to 3.1% (2026) per IMF as quoted	AR
CMD view (May-26 call)	India copper consumption could rise from about 1.2 Mt to about 3-3.5 Mt in 3-4 years: a management claim, aggressive, unverified	Q4 FY26 call

Industry structure and barriers

Organised vs informal: lead recycling in India is split between regulated smelters and a large informal sector; the AR lists "competition from the informal sector" as the main restraint and formalisation (EPR, GST) as the driver. Management (Jul-25) said the formal share of scrap had moved from 20-30% to around 60% (transcript wording garbled; directional only).
Entry barriers (CRISIL): lead-scrap imports need MoEFCC licensing; plants need central and state pollution-board consents; CRISIL still rates entry barriers "moderate" and flags stiff competition from organised and unorganised players because standard products have low value addition.
Economics: recyclers run back-to-back LME hedges, so earnings = conversion margin (alloying / VAP, scale, yields), not metal price. Peer lead EBITDA per tonne (Q1 FY27): Gravita Rs 24,181; POCL Rs 21,595; Jain Rs 18,660.

Battery-recycling policy: BWMR, EPR, GST, trade [Fact: gazettes, CPCB portal]

Item	Detail
Chronology	BWMR 2022 notified 24 Aug 2022 (S.O. 3984(E)); amendments 25 Oct 2023 (S.O. 4669(E)), 14 Mar 2024 (G.S.R. 190(E)), 20 Jun 2024 (S.O. 2374(E)), 3 Dec 2024 (S.O. 5210(E)), 24 Feb 2025 (S.O. 958(E)). CPCB runs the EPR portal; producers' annual-return deadlines were extended for FY2023-24, FY2024-25 and again for FY2025-26 (notice dated Aug 2026; scanned PDF, not read)
EPR	Producers (manufacturers / importers of batteries) must meet collection plus 100% recycling / refurbishment targets, discharged by buying EPR certificates generated by registered recyclers on the CPCB portal (rule 10; certificates valid 7 years; a producer may buy up to current liability + carried liability + 10%)
Automotive lead-acid collection targets (Schedule II(viii))	As % of batteries placed on the market three years earlier: 30% (FY23), 50% (FY24), 70% (FY25), 90% (FY26 onwards), with 100% collection / recycling by the end of each 7-year cycle. Industrial and EV batteries have their own schedules
Recycler recovery targets (rule 10(4)) as in POCL's deck	Automotive 55% (FY25), 60% (FY26), 60% (FY27+); industrial 55 / 60 / 60; portable and EV 70 / 80 / 90
EPR certificate formula (rule 10(8))	Certificates (kg) = (actual recovery % / recovery target %) x battery quantity processed x (1 - A), where A = 0 for domestically generated waste batteries and A = 0.2 for imported waste batteries permitted under the Hazardous Waste Rules 2016. [Est.] Imported scrap earns 20% fewer certificates (0.8x); with 97% of Q1 FY27 lead scrap imported (73% in FY26) POCL's certificate generation is structurally low, and domestic sourcing raises EPR income at a higher scrap price, consistent with management saying credits are held, not sold, and that "domestic prices are higher even after EPR benefits"
Environmental compensation (rule 13)	Levied on non-compliant producers (CPCB) and recyclers / collectors (SPCBs); if a shortfall is cured within 1 / 2 / 3 years, 75% / 60% / 40% of the compensation is refunded; forfeited after 3 years; funds held in escrow. The CPCB "EC guidelines" notice is a scanned image (Not Available in text)
Recycled-content mandate (S.O. 2374(E), 20 Jun 2024)	Minimum recycled material as % of battery dry weight: portable and EV batteries 5% (FY2027-28), 10%, 15%, 20% (FY2030-31 onwards); automotive and industrial 35%, 35%, 40%, 40% over the same years. [Est.] A demand tailwind for recycled lead from FY28
Labelling (24 Feb 2025)	Producers may print the EPR registration number as barcode / QR on the battery, packaging or brochure; Cd / Pb chemical-symbol marking not required below 20 ppm Cd / 40 ppm Pb
Ground reality per POCL	EPR registered for lead and plastics; credits held but unsold in Jul-25, Oct-25, Jan-26 and Aug-26 because pricing "has not matured" and penalties were not biting; CPCB portal registration reopened 1 Jun 2026 and price mandates were expected from 1 Apr 2026 with a framework 3-6 months later; the EPR cost is embedded in domestic scrap prices so margins see only "a few basis points"
GST	Scrap taxed at 18%; the Reverse Charge Mechanism for metal scrap was notified but with a low threshold so management says it is of limited use; they want a higher threshold or lower GST to push informal sellers into the formal chain. POCL's deck shows RCM and 2% TDS as "favourable"
Imports	Lead-scrap imports require MoEFCC permission (CRISIL; POCL's "MoEF license and permissions"). The EU does not currently allow battery-scrap exports to India; management hopes the India-EU deal opens this (Jan-26); India-EU trade deal called a "structural catalyst" (EU duty on metals to 0; POCL already approved with some EU customers)
Trade	AR cites escalating US tariffs on Indian exports in FY26 and an interim bilateral trade agreement in Feb 2026; POCL's exports go mainly to South-East Asia (75-78% of lead exports), Europe below 5% (Jul-25)
PLI schemes	Not Available (none cited for POCL in the inputs)
Policy read-through [Analyst View]	Supportive but slow: regulation raises the cost of informal recycling and the value of formal capacity, but (a) imports are discounted 20% in certificates, (b) EPR pricing is immature, (c) RCM is not effective, and (d) peers with larger domestic collection (Gravita about 35% domestic sourcing in Q1 FY27) benefit more than POCL

Porter's Five Forces and moat [Analyst View]

Force	Level	Evidence
Buyer power	High	Three customers = 57.7% of revenue; Amara Raja has a captive smelter; standard lead is a commodity-spread business
Supplier power (scrap)	High	97% imported in Q1 FY27; domestic price delta too high; Gulf routing; EU curbs; trading houses 15% of purchases
New entrants	Moderate	MoEFCC licensing and pollution-board consents are barriers, but CRISIL rates them "moderate"; peers are expanding (Gravita to above 8 lakh tpa by FY29)
Substitutes	Low-Moderate	Lithium-ion (no POCL plant; LFP recovery 1.5-2%); ILZSG sees the ICE replacement market supporting lead-acid but China lead growth only 0.2%
Rivalry	High	Gravita, Jain Resource, Nile, informal sector and captive recyclers

Moat [Analyst View]: narrow and product-specific. For: niche alloys with a claimed premium, LME 3N7 brand, automation at TKD, ROCE 17-23%, A/Positive rating. Against: customer concentration, import dependence, no scale parity with Gravita or Jain, captive-recycling customers, and copper (54% of revenue) as a thin-margin conversion activity until cathode arrives.

Not Available

Item	Where searched
India lead-recycling market size and organised share	ILZSG, AR, calls; ILZDA website unreachable
Gravita's India-only lead capacity / share; Nile capacity; Exide / Amara Raja captive capacities	Peer decks and ARs (the Nile file retrieved was the FY23 report)
CPCB environmental-compensation and FY25-26 AR-extension notices	Scanned PDFs; BSE API HTTP 403
Jain Resource lead volumes; Jain and Nile credit ratings	Not extracted

Risks & Red Flags

Severity (High / Med / Low) is the analyst's judgement [Analyst View], based on the market file's probability / impact grades (P / I) where the risk appears there; evidence is [Fact] unless marked. 33 risks: 7 High, 18 Medium, 8 Low. Where this report's severity differs from the market file's grade it is stated in the explanation.

Category	Count	Risk numbers
Business	7	1, 2, 3, 4, 14, 21, 22
Financial	8	6, 9, 10, 20, 25, 26, 27, 31
Execution	4	5, 7, 18, 32
Regulatory / ESG	4	11, 12, 29, 33
Governance	7	16, 17, 19, 23, 24, 28, 30
Macro	3	8, 13, 15

Risk register

#	Risk	Category	Severity	Detailed explanation	Mitigant
1	Customer concentration	Business	High	3 customers each above 10% of revenue = Rs 1,707.8 cr = 57.7% of consolidated FY26 revenue (FY25: 4 customers, Rs 1,488.5 cr = 72.4%); named long-term customers Amara Raja, Sebang Global Battery, Glencore (10-15-year relations). Market file P / I: M / H	Annual contracts; about 90% of sales on long-term contracts; brand approvals; more export diversification
2	Customer backward integration	Business	High	Amara Raja's captive smelter has operated since FY25; large battery makers already recycle in-house; Nile's FY23 report flagged the same for its own offtake. Market file P / I: M / H	Management: no order change so far; shift to value-added alloys
3	Import dependence and shipping disruption	Business	High	97% of lead scrap imported in Q1 FY27 (73% FY26); Gulf / Hormuz delays cut lead sales 29% y/y and 31% q/q (this report computes -30.5% q/q); Gulf direct sourcing below 5% but routes affected. P / I: H / H	Re-routing to South-East Asia and Latin America; domestic buying (price delta high); CIF terms protect the payment cycle
4	Scrap competition from peer expansion	Business	Med	Gravita to above 8 lakh tpa by FY29, Jain 184 kt lead, Amara Raja captive; Gravita notes Indian scrap shortage. P / I: H / M	Global network (90+ countries, 300+ suppliers)
5	FY27 lead-volume guidance miss	Execution	High	Guide 125-130 kt vs Q1 sales 15.9 kt; needs about 36-38 kt a quarter afterwards against a record of about 30 kt [Est.]; management declined new guidance on 5 Aug. P / I: H / M; raised to High here because it also underpins the EBITDA path	Capacity available (TKD below 50% utilised); "July a little better"
6	Margin dilution from copper mix	Financial	High	Q1 FY27 copper = 54% of revenue at 3.9% segment margin vs lead 8.1%; EBITDA margin 6.0% vs target above 8% and FY27 guide of 7-8% (Jan-26). CRISIL downgrade trigger is 3-4% sustained, upgrade 6-7% sustained. P / I: H / M	Cathode plant (Rs 60-65k per tonne guided); VAP lead mix 65-70%
7	Copper cathode execution and timing	Execution	Med	Rs 200 cr, Phase 1 trial Dec-26, Phase 2 Q3 FY28; peers earlier (Jain cathode Q2 FY27); CRISIL dates Phase 1 to the last quarter of FY27; scope changed from the Oct-25 value-added plan. P / I: M / M	Equipment ordered; accrual-funded
8	Commodity price / hedge risk	Macro	Med	100% LME hedge claimed; MTM provision Rs 7.28 cr in Q3 FY26 on the copper spike; higher copper price lifts working capital. P / I: M / M	Back-to-back hedging; copper inventory about 50 days
9	Earnings quality: trading	Financial	Med	Stock-in-trade purchases Rs 122 cr in Q4 FY26 and Rs 40.6 cr in Q1 FY27; copper volumes and EBITDA per tonne include trading. P / I: M / L-M	Management: opportunistic; "focus is manufacturing"
10	Working capital / cash flow	Financial	High	Operating cash flow -Rs 44.1 cr (FY26) and -Rs 81.0 cr (FY25) on Rs 264.6 cr receivables (vessel timing; Rs 120-130 cr received 5 Apr); cash about Rs 35 cr at Dec-25 and Rs 11 cr at Mar-26 against Rs 175-180 cr capex in FY27. The market file graded this M / M; raised to High here because it persisted two years and Q1 FY27 cash flow is unpublished	Cycle 46 days at Jun-26; no long-term debt; CRISIL liquidity "strong" (accruals above Rs 150 cr)
11	Environmental / regulatory (smelting)	Regulatory / ESG	High	CRISIL: tightening pollution norms may impact operations; lead smelting carries environmental-compensation and consent risk; OH&S is a material BRSR issue. P / I: M / H	ISO 14001 / 45001; fuel switch to PNG; automation at TKD; no notices disclosed
12	EPR economics disappoint	Regulatory	Med	Imported scrap earns 0.8x certificates; credit price immature; compensation guidelines unread (scanned). P / I: M / L-M	Rising domestic share if prices allow
13	Export / trade policy	Macro	Med	64% of revenue abroad; US tariffs; South-East Asia 75-78% of lead exports; Europe below 5%. P / I: M / M	India-EU deal; Mundra port base
14	Technology substitution (lithium-ion)	Business	Med	POCL has no Li-ion plant (LFP recovery 1.5-2%; US$0.5 mn ACE Green stake); ILZSG sees the ICE replacement market supporting lead-acid but China lead growth only 0.2%. P / I: L-M / M-H	Management expects lead-acid to last 8-10 more years
15	Lead price / surplus	Macro	Low	ILZSG forecasts 90 kt (2026) and 163 kt (2027) surplus: no price tailwind; spreads matter. P / I: M / L	Hedged model
16	Key-person / succession	Governance	Med	Founder-chairman Anil Kumar Bansal died 1 Apr 2026; Ashish Bansal now CMD; board of 2 executive and 4 independent. P / I: M / M	Family continuity; professional CFO and Director Finance
17	Promoter selling / holding decline	Governance	Med	Promoter holding 39.34% (Mar-26) to 36.39% (Jun-26) after a 9,00,000-share (2.95%) open-market sale by Manju Bansal on 29 Jun 2026; Rs 44.5 cr of sales in May 2025; 12.5 points lower in 3 years. P / I: M / L-M	Disclosed; transmissions neutral; Chairman and MD holds 22.1%; no pledge
18	Guidance reliability on non-financial items	Execution	Med	Mundra deferred five-plus times; lithium-ion timeline withdrawn; aluminium drift; FY26 lead tonnage missed (100.7 kt vs about 120 kt). P / I: H / L-M	Financial guidance was beaten
19	Related-party / intra-group exposure	Governance	Low	Loans to subsidiaries Rs 29.8 cr (7.5%); Harsha Exito merger pending at NCLT (its net worth is about +Rs 37.6 cr on AOC-1; the -Rs 12.4 cr quoted elsewhere is reserves); RPTs 0.04% of purchases, 0.09% of sales (BRSR). P / I: L / L	Subsidiaries 100% owned; mergers
20	Valuation / sentiment	Financial	Med	Price Rs 550 (3 Aug) to Rs 421 (21 Oct): -23% [Est.] with no company disclosure; P/E 22.5x vs peers 26-27x. P / I: M / M	Q2 result is the catalyst
21	Sourcing intermediary concentration	Business	Low	Purchases from trading houses 15% of FY26 purchases (57% FY25); top-10 houses = 92% of that. P / I: L-M / M	Falling share
22	Informal-sector competition	Business	Med	AR and CRISIL: low value-add standard products, informal players with lower compliance cost. P / I: M / M	Alloys / VAP; GST / RCM reform pending
23	Director loans and related-party funding	Governance	Med	Unsecured director loans Rs 22.0 cr at 31 Mar 2026 (Rs 6.9 cr a year earlier); Rs 19.76 cr owed to the late Chairman is now an estate claim, timing unknown; Rs 35.3 cr taken and Rs 24.9 cr repaid in FY26; Metier deposit Rs 1.3 cr at about 10%	Repayable on demand but unsecured and cheaper than banks; interest paid to KMP only Rs 1.92 cr
24	Audit assurance	Governance	Med	Statutory auditor is a small Chennai firm; fee Rs 19.20 lakh (0.0065% of revenue); term to 2027; unmodified opinion, no key audit matters	Clean CARO and secretarial audit; ICAI peer-reviewed
25	Equity dilution and funding dependence	Financial	Med	Rs 307.5 cr raised over FY24-FY26; shares +31% in three years; FY26 FCF -Rs 94 cr	No warrants or ESOPs outstanding; management says the cathode plant is funded from internal accruals with no new debt
26	Unhedged FX and derivative positions	Financial	Med	Foreign-currency loans Rs 34.6 cr (nil at Mar-25); other financial assets Rs 22.6 cr (from 1.7); forward-contract payable Rs 3.4 cr; exposure not disclosed beyond note 43	Forex covered through banks per management
27	Hedge gain parked in OCI	Financial	Low	Rs 39.9 cr pre-tax (Rs 29.9 cr post-tax) gain on hedging instruments sits in OCI; recycles to P&L if hedged inventory or sales are realised (timing, not loss)	Disclosed in note 38
28	Disclosure hygiene	Governance	Low	Swapped promoter labels in AR26; dividend per-share restatement (28 Aug 2026 clarification); ISIN differences across documents; NSE / BSE fine of Rs 96,000 plus GST in Nov 2024; CMD effective-date mismatch (26 May vs 1 Aug 2026)	Items are low in value; the lapses were corrected or clarified
29	Environmental legal record unverified	Regulatory / ESG	Med	State pollution-control board consent history, CPCB hearings and NGT cases for Sriperumbudur, Chittoor and TKD were not checked (media and NGT databases unavailable); the CPCB compensation notice is an unread image	Filings disclose no orders; BRSR reports no non-compliance
30	Subsidiary losses and idle assets	Governance	Low	Subsidiaries lost Rs 6.9 cr in FY26; Harsha Exito carries Rs 40.3 cr of idle assets on Rs 0.27 cr turnover; FTPL net worth about -Rs 9.3 cr; Rs 19.5 cr receivable from the two	Both merging into the parent; loans carry 7.5% interest
31	Liquidity against FY27 capex	Financial	Med	Cash Rs 11.0 cr (of which Rs 10.1 cr lien-marked liquid-fund units are restricted) vs capex Rs 175-180 cr; all borrowings are on-demand lines; sanctioned lines Rs 240 cr with 36% average utilisation	Unused limits; accrual of above Rs 150 cr (CRISIL)
32	Mundra land: idle capital	Execution	Low	123 acres bought for Rs 41.4 cr in 2024; no project announced; start date deferred repeatedly	Option value; phased investments said to begin in FY27
33	Litigation and tax	Regulatory	Low	Contingent liabilities small: Rs 5.0 cr LC / BG, Rs 10.0 cr subsidiary guarantee, Rs 0.26 cr disputed GST; no show-cause notices; none against POCL under insolvency	-

Specific flags the research standard asks for

Flag	Status	Risk #
Rising debt	Borrowings Rs 152.1 cr vs Rs 112.0 cr; net debt / equity 0.18x; low	26, 31
Margin deterioration	Consolidated OPM down three quarters in a row from 8.4% to 6.0%	6
Auditor concerns	No qualification; small firm and low fee	24
Related-party abuse	No abuse alleged; director loans and subsidiary loans flagged	19, 23, 30
Promoter selling	Yes, Rs 44.5 cr (May-25) plus 2.95% (Jun-26)	17
Dilution	Rs 307.5 cr of equity; shares +31%	25
Customer losses	None reported; backward integration risk	1, 2
Litigation / tax demands	Minor	33
Commodity / currency / rate risk	Hedged; FX loans and derivative balances flagged	8, 26
Technology obsolescence	Li-ion substitution, no plant	14
Key-person dependency	Founder died; CMD succession	16

Concall Highlights & Guidance

Six calls read in full (transcripts filed on NSE; some OCR speaker-tag errors handled by context; numbers as spoken). Basis is standalone unless stated; Rs cr; per-share data is split-sensitive (pre-split EPS FY26 Rs 46.27, post-split Rs 18.51; dividend Rs 5 then Rs 2). Q2 FY27 call has not happened: results are not out. [Fact] / [Est.] as marked.

Six-quarter scorecard (standalone, company KPI slides)

Quarter (call date)	Revenue	EBITDA (margin)	PAT	Lead prod / sales (t)	Lead EBITDA/t (Rs)	Copper prod / sales (t)	Copper EBITDA/t (Rs)	Lead VAP mix
Q4 FY25 (19 May 2025)	517	27 (5%+)	18	26,074 / 22,988	13,848	488 / 451	38,784	58%
Q1 FY26 (25 Jul 2025)	596	43 (7.2%)	28	24,167 / 22,530	16,898	1,102 / 1,107	29,278	71%
Q2 FY26 (17 Oct 2025)	635	55 (8%+)	36	26,308 / 24,878	19,970	not stated (H1 about 2,200-2,500 t)	not stated	about 70%
Q3 FY26 (29 Jan 2026)	776	59 (7%+)	38	33,271 / about 30,389 [Est.]	17,427	n.s. / 1,235	35,325	55%
Q4 FY26 (27 May 2026)	932	61 (6.5%)	38	20,735 / 22,930	19,739	2,148 / 3,235	45,556	FY26: 65% (Aug-26 call: about 63%)
Q1 FY27 (5 Aug 2026)	931	56 (6.0%)	36	15,801 / 15,930	21,595	3,648 / 4,001	48,488	85%

Q1 FY27 presentation tables extracted out of alignment; revenue, EBITDA and PAT are taken from the results filing / presentation headline (Rs 9,309 mn / 559 / 363) and lead / copper volumes from the KPI chart cross-checked to CEO statements (copper "4,000 t"; lead EBITDA per tonne Rs 21,595). Derived [Est.]: Q1 FY27 lead sales -29.3% y/y and -30.5% q/q; lead production -34.6% y/y; PAT +32% y/y. FY26: revenue 2,938.65 (+45%), EBITDA 218 (7.4%), PAT 138.7 (+113%), lead production 104,481 t / sales 100,727 t (+11%), lead EBITDA/t 18,462 (+39%), copper production 5,480 t / sales 6,543 t, copper EBITDA/t 39,896.

Q1 FY27 call: 5 Aug 2026

Topic	What management said
Headline	Revenue Rs 931 cr (+56% y/y), EBITDA Rs 56 cr (+30%), PAT Rs 36 cr (+32%); consolidated +55% / +33% / +43%. Sales mix 55% domestic / 45% export (lead export 55%, copper export 25%)
Lead volumes	Production 15,801 t, sales 15,930 t. A "conscious strategic decision" to prioritise value-added products amid supply-chain disruption (Gulf / Hormuz shipping delays); Middle-East direct procurement "well below 5%" but shipping routes delayed; "no softness in demand". Record lead EBITDA/t Rs 21,595 (+28% y/y) on 85% VAP mix; exports go mainly to South-East Asia, not Europe
Capacity use	New 72 kt TKD lead plant "below 50%" (pure-lead focused); copper about 75% utilised overall
Sourcing	Lead procurement 97% import / 3% domestic: the domestic price delta was "so high" that domestic buying would have wiped out EBITDA/t. Alternative sourcing from South-East Asia and South America being pushed; copper domestic sourcing targeted at 25-30%
Cost	Other expenses +16% y/y and +44% q/q; drivers fuel prices and a couple of additives that "shot up in last 3 months"; logistics a small part
Guidance	Lead EBITDA/t "sustainable" Rs 18,000-20,000 (Rs 19-21k when VAP-heavy); lead VAP mix 65-70% for FY27 (FY26 about 63% on this call; 65% on the May-26 call); copper recycling EBITDA/t "above Rs 40,000" (raised from 35-40k); cathode blended Rs 60,000-65,000/t (May-26: 60-70k); FY28 cathode utilisation 80-90% of 36 kt; copper about 45% of FY27 revenue; FY27 capex Rs 175 cr more (Rs 140-150 cr copper plant, Rs 20-25 cr maintenance); working-capital cycle 46 days (53 earlier). Declined to give new FY27 / FY28 volume guidance ("will revert shortly") but "confident" of the volumes committed last quarter (125-130 kt lead)
Cathode project	36,000 tpa LME-Grade-A cathode at TKD, about Rs 200 cr, internal accruals; about Rs 25 cr spent; machine orders placed; installation Sep-Nov; trial production Dec-2026 (Phase 1, 18 kt); Phase 2 by Q3 FY28. Of about 12 kt of in-house recycled copper, about 8 kt feeds cathode and about 4 kt is sold outside (CMD confirmed an analyst's arithmetic: realisation on about 40 kt, not 48 kt)
Other	Plastics turned profitable (about 800 t, about Rs 15 lakh PAT); aluminium about 200 t a quarter; lithium-ion "still contemplating" (LFP recovery only 1.5-2%, so "rest is not of much value"); EPR credits held, not yet monetised, domestic purchases carry EPR cost in price; CRISIL outlook to Positive; Mundra not discussed in detail
Analyst challenge	A participant noted the peer leader's lead volumes fell about 10% vs POCL's about 25% (the transcript number; arithmetic gives -29% sales); management declined to compare

Q4 FY26 call: 27 May 2026

Topic	What management said
FY26	Record year: revenue Rs 2,939 cr (+45%), EBITDA Rs 218 cr (7.4%, +212 bps), PAT Rs 139 cr (+113%); 5-year CAGR 24% revenue / 52% EBITDA / 67% PAT. Exports 66%; lead:copper revenue 77:23. ROCE 17%, interest cover about 20x, net debt/equity 0.17x, cash conversion 53 days (explained as a vessel delay shifting about Rs 120-130 cr of receipts from the last week of March to about 5 April; negative FY26 operating cash flow was "point-in-time")
Q4	Revenue Rs 932 cr (+80% y/y), EBITDA Rs 61 cr, PAT Rs 38 cr; margin dipped to 6.5% as copper (about 40% of Q4 sales at about 3.5-4% margin) diluted lead (above 8%). Included about Rs 122 cr stock-in-trade (traded copper, "lucrative trade"); other expenses fell after a Rs 7 cr MTM reversal
Capacity	TKD lead 132 to 204 kt (+55%); TKD ran about 65% in FY26, target 70-75%; copper recycling doubled to 12 kt in Q4; Board approved the 36 kt cathode plant (Rs 200 cr). FY26 capex Rs 49 cr; FY27 Rs 180-200 cr; FY28 Rs 50-60 cr (Phase 2 copper). No debt planned
Guidance	FY27 lead sales 125-130 kt (the call said FY26 "almost" hit 110 kt), FY28 +15% volume; lead EBITDA/t Rs 17-19k; copper 12 kt in FY27, 24-28 kt in FY28 (cathode from about Dec-26, 36 kt by end FY28); copper recycling Rs 35-40k/t, cathode Rs 60-70k/t, FY28 blended about Rs 60k on 24 kt; lead utilisation about 70% FY27 and 80-90% FY28; no new lead capacity "in these locations"; inventory days below 45; Mundra start-up in FY27
Q&A	Reported lead premium about US$700/t vs peers' about US$300/t (analyst calculation from Rs 242,000/t realisation at USD/INR about 91.5) explained as niche alloys where POCL is single-point source; copper hedged 100% (LME and forex); EPR portal registrations from 1 June, framework expected in 3-6 months; Middle-East war added 10-20 days to raw-material arrival but purchases are CIF so payment is on arrival; outward freight impact about US$2/t; lithium-ion deferred (EV batteries expected by about 2028); other expenses Rs 20-25 cr a quarter; one analyst praised that "what is promised gets delivered"
Corporate	Dividend Rs 5 per share (100% of Rs 5 FV; about 11% payout); Board approved the 2-into-5 sub-division and re-designated Ashish Bansal as Chairman & MD

Q3 FY26 call: 29 Jan 2026

Topic	What management said
Results	Record quarter: revenue Rs 776 cr (+22% q/q, +55% y/y), EBITDA Rs 59 cr (+122% y/y), PAT Rs 38 cr (+148%); 9M revenue Rs 2,007 cr (+33%), EBITDA Rs 157 cr, PAT Rs 101 cr (+114%). Exports 67%; 9M VAP 65% but Q3 alone 55% (vs about 70%) as new-plant mix and more domestic buying (70% import / 30% domestic in Q3 vs 85 / 15 in Q2) cut gross margin from 14.6%
Operations	Lead production 33,271 t (+57% y/y, +26% q/q); 9M 83,746 t (+23%). Lead utilisation 79% in Q3 on a blended base, 70% for 9M; copper 86% in Q3, 74% for 9M. TKD Phase 2 (36 kt) commissioned Dec 2025; copper recycling 6 to 12 kt "by end Jan 2026"
Hedge	Rs 7.28 cr MTM provision on hedged copper (vertical price run-up) hit EBITDA (about 1% of margin); expected to reverse. Copper EBITDA/t Rs 35,325 (9M Rs 34,361): a "slight margin shrink" because the market could not absorb a roughly 40% price spike immediately
Guidance	EBITDA margin 7-8% maintained; lead EBITDA/t Rs 15,000-17,500 "sustainable" (conservative anchor); copper recycling Rs 35-40k/t; copper 12 kt minimum in FY27; Mundra "second half of calendar 2027"; no lithium-ion capex next year; aluminium "not a segment we concentrate on"; capex in FY26 Q4 Rs 35 cr; inventory Rs 230-250 cr at year-end; working-capital cycle about 47 days
New items	India-EU trade deal called a "structural catalyst" (EU duty on metals to 0; POCL already approved with some EU customers; EU battery-scrap export curbs hinder sourcing); Board approved the merger of POCL Future Tech into the parent; plastics unit moved to TKD; cash only about Rs 35 cr at December-end; Rs 75-80 cr export-related IGST refund receivable

Q2 FY26 call: 17 Oct 2025

Topic	What management said
Results	Record H1: revenue Rs 1,231 cr (+22%), EBITDA Rs 98 cr (+83%), PAT Rs 63 cr (+98%); Q2 revenue Rs 635 cr, EBITDA Rs 55 cr (above 8%), PAT Rs 36 cr; net cash Rs 71 cr; exports 61% in Q2. Lead EBITDA/t Rs 19,970 (+62% y/y); VAP about 70%; gross margin 14.5% (record). CFO split of the gain: about 1.5% margin from operations, about 1.5% from VAP (about Rs 6/kg), balance fixed-cost absorption
TKD	Phase 1 ran about 50-55% (about 5,000 t in the quarter); Phase 2 refining / alloying "almost complete", trials imminent, commissioning H2 FY26; combined TKD utilisation about 60% by year-end, ramp to 80% next year
Guidance	FY26 lead about 120 kt (H2 about 70 kt); copper revenue about Rs 400 cr in FY26 (Rs 172 cr done in H1); margin 8%+ sustainable; revenue growth about 25%, then 20%+ a year; copper ramp via products "first rollout in H1 FY27", 12 kt + 12 kt = 24 kt by end FY27, capex about Rs 100-110 cr over FY26-27 for Rs 900-1,000 cr turnover; Mundra update "next quarter"; ACE Green stake R&D-stage with "2027" for commercial lithium-ion; aluminium trials, FY26-27 revenue maybe Rs 80-100 cr; EPR credits held, not sold; GST on lead scrap still 18% (RCM notified for small amounts only)
Hedging	Raw material hedged on LME via a broker, forex via banks; sales about 90% on long-term contracts

Q1 FY26 call: 25 Jul 2025

Topic	What management said
Results	Revenue Rs 596 cr (+36%), EBITDA Rs 43 cr (+82%, above 7%), PAT Rs 28 cr (+90%); consolidated +35% / +78% / +94%. Lead EBITDA/t Rs 16,898 (+48%); VAP 71% (vs 50% y/y, 58% q/q). Mix 56% export / 44% domestic (lead 65 / 35, copper 7 / 93). Imports 84% (lead), 53% (plastics), 100% (copper)
TKD	Phase 1 started Q1 FY26 at 40-45% utilisation, target about 70%; Phase 2 in H2 FY26 (about Rs 20 cr). Existing plants about 70% overall, smelters 90%+. Capex Q1 Rs 8 cr, Rs 42 cr to follow (excluding about Rs 75 cr TKD already capitalised)
Margin bridge	1-1.5% from efficiencies, 0.5-1% from new customised alloys supplied to international customers under NDA (annual contracts). FY26 guide: EBITDA margin "7% plus", lead about 120 kt, consolidated revenue +30%, copper exit capacity 12 kt (FY26 at 6 kt basis), copper margin 4-4.5% (revenue potential Rs 650-700 cr at 10-12 kt)
Strategy	No small acquisitions ("technology at TKD is one of its kind"); Mundra "next financial year"; lead exports about 65%, of which South-East Asia 75-78%, Europe below 5%; sourcing 15-20% from each continent, Africa below 5%; Amara Raja's captive smelter seen as a balance, not a threat; no African expansion; lithium-ion chemistry undecided

Q4 FY25 call: 19 May 2025

Topic	What management said
Results	FY25 record: revenue Rs 2,028 cr (+33%), EBITDA Rs 108 cr (+39%), PAT Rs 65 cr (+65%); Q4 revenue Rs 517 cr (+45%), EBITDA Rs 27 cr, PAT Rs 18 cr. CRISIL upgrade to A/Stable (Apr-25); dividend Rs 3.5 per share (70%); QIP Rs 175 cr raised; FY25 capex Rs 94 cr; FY26 capex guide Rs 75 cr. FY25 revenue by vertical (CFO): lead Rs 1,942 cr, copper Rs 55 cr, plastics Rs 31.5 cr
TKD	Phase 1 (Rs 85 cr) commercial production from Q1 FY26 (company filing 16 Apr 2025); Phase 2 H2 FY26 (about Rs 20 cr)
FY26 guide	Revenue +30-35% (standalone and consolidated), EBITDA margin about 6% (later raised), lead EBITDA/t Rs 14,000-14,500 blended (new plant 14.5-15k), copper revenue about Rs 300 cr (4-5 kt), plastics about Rs 50-55 cr, FY27 copper Rs 650-700 cr; copper capacity 9-12 kt; Mundra implementation moved from Q4 FY26 to Q1 FY27; import share of lead scrap falling from about 90% historically to about 73%; about 90% of sales on long-term contracts with full-year visibility
Amara Raja	Captive smelter running for a couple of months with no change in POCL orders (Amara Raja historically tolled about 30-35% of its scrap outside)

Guidance versus actuals ledger

#	Item	What management said (when)	What happened	Verdict
1	FY26 revenue growth	+30-35% (May-25)	+45% (Rs 2,939 cr)	Beat
2	FY26 EBITDA margin	About 6% (May-25), 7%+ (Jul-25), 8%+ (Oct-25), 7-8% (Jan-26)	7.4%	Beat original; below the Oct-25 "8%+"
3	FY26 lead volume	About 120 kt (Jul / Oct-25); restated in May-26 as "we guided 110,000"	Sales 100,727 t, production 104,481 t	Miss (-16% vs 120 kt; -8% vs 110 kt); H2 sales about 53 kt vs about 70 kt guided [Est.]
4	Lead EBITDA/t	Rs 14-14.5k blended (May-25); Rs 15-17.5k (Jan-26)	Rs 18,462 FY26; guide since raised to 17-19k (May-26), 18-20k (Aug-26)	Beat; guidance ratchets up each quarter
5	FY26 capex	Rs 75 cr (May-25)	Rs 49 cr	Under-spent
6	TKD lead Phase 1 / Phase 2	Q1 FY26 / H2 FY26	16 Apr 2025 / Dec 2025	On time
7	TKD utilisation	About 70% "in coming quarters" (Jul-25); 70-75% FY27 (May-26)	40-45% Q1 FY26; about 50-55% Q2; about 65% FY26; below 50% Q1 FY27	Behind
8	Copper revenue FY26	About Rs 300 cr (May-25), about Rs 400 cr (Oct-25)	Rs 673 cr	Large beat (includes traded copper in Q4)
9	Copper volume FY26	4-5 kt (May-25)	Sales 6,543 t, production 5,480 t	Beat
10	Copper EBITDA/t	Rs 35-40k (since Q1 FY26)	FY26 Rs 39,896; Q1 FY27 Rs 48,488; guide "above 40k"	Met / beat; Q4 figure includes trading
11	Copper product plan	VAP lines (flat / extruded to foils), 12 + 12 kt, about Rs 100-110 cr, "first product H1 FY27" (Oct-25)	Replaced by 36 kt cathode, about Rs 200 cr, Phase 1 Dec-26, Phase 2 Q3 FY28 (May / Aug-26)	Scope change; larger, later
12	Cathode margin	Rs 60-70k/t (May-26)	Rs 60-65k/t (Aug-26)	Trimmed
13	Copper recycling capacity 12 kt	By FY26 end	Live Jan-Feb 2026	On time
14	Mundra	Q4 FY26, then Q1 FY27 (May-25), "update next qtr" (Oct-25), H2 CY27 (Jan-26), "FY27 start-up" (May-26), "phased investments beginning FY27" (AR)	No capex disclosed	Repeated deferral
15	Lithium-ion	"2027 full-fledged" (Oct-25); "not next year" (Jan-26); feedstock about 2028 (May-26); "contemplating" (Aug-26)	Only a US$0.5 mn stake in ACE Green Recycling Inc (30 Sep 2025)	Retreat
16	Aluminium	Numbers from Q2 FY26 (Jul-25); Rs 80-100 cr potential (Oct-25)	"Not concentrating" (Jan-26); about 200 t a quarter (Aug-26); capacity 12 kt	Drift
17	Plastics	EBITDA 7-8% (May-25); PAT-positive FY27 (May-26)	Loss-making in FY26; Q1 FY27 about Rs 15 lakh profit	Turned
18	Working capital	45 days or less (May-25)	53 days Mar-26; 46 days Jun-26	Met in Q1 FY27
19	FY27 lead volume	125-130 kt (May-26)	Q1 sales 15.9 kt; needs about 36 kt a quarter for Q2-Q4 (record about 30 kt) [Est.]	At risk; new volume guidance "to follow"
20	FY27 EBITDA margin	7-8% (Jan-26)	Q1 FY27 6.0% (copper mix 54%; fuel and additive costs)	Below range
21	Copper share of FY27 revenue	About 45% (Aug-26)	Q1 FY27 54%	Ahead
22	Volume growth target	"15%+" (May-25 to the Aug-26 deck) vs "20%+" (Jan / May-26 calls, AR)	-	Wording inconsistent; Target-2030: revenue CAGR 20%+, EBITDA above 8%, ROCE above 20%, VAP above 60%
23	Credit rating	A- / Stable, then A / Stable (Apr-25), then A / Positive (Jul-26)	CRISIL	Delivered

[Analyst View] Pattern: financial and margin guidance has been repeatedly conservative and beaten; volume and timeline guidance (lead tonnage, Mundra, lithium, aluminium, copper plan) has slipped or been re-scoped. The one-quarter test of FY27 lead volumes comes with Q2.

What analysts ask (the debate) [Fact]

Theme	Detail
Cash flow vs profit (Q4 FY26, Spark's Sagar Shah)	"in spite of such a robust performance we had a negative operating cash flow... heavy trade receivables of around Rs 265 crore". Management: vessel delay moved receipts of Rs 120-130 cr to the first week of April; receivables are finished-goods only; inventory rose only Rs 36 cr
Volumes vs margin (Q1 FY27, Spark / B&K)	Is the 1.25-1.30 lakh tonne FY27 lead guide achievable after a soft Q1? Supply-chain delays, not demand; management committed to the guide; Q1 lead EBITDA/t Rs 21,595; sustainable Rs 18,000-20,000
Cathode timing	Rs 200 cr, 36,000 tpa; Rs 25 cr spent; start originally expected in September; no firm date given
Working capital with the "war elongated" (Q1 FY27, Mirae / Sharekhan)	Management: working capital not stretched; payment about a week before arrival of material
Margin outlook, copper mix (Niveshaay, Nuvama, Geojit)	Copper EBITDA/t Rs 48,488 (+66% y/y), lead Rs 21,595
Capex split (Geojit's Khush Gosrani)	FY27 capex Rs 175 cr; Rs 25 cr already spent
Topics not raised	No analyst raised promoter selling or the founder's death on the calls searched (keyword search of the 7 transcripts and AGM proceedings)
Participation breadth	Mostly PMS / AIF / family-office buy-side (Niveshaay, Svan, Equinox Capital, Anvil, Eiko Quantum, Sohum, Crown Capital, MIV, Vinamra, Aionios Alpha, Lucky Investments, Perpetual Capital, Ageless Capital, Craving Alpha, Money Stories) plus 6-8 broker analysts; few global / FPI long-only names [Est.]

Tone trajectory, recurring themes and contradictions [Analyst View]

Call	Tone	Note
Q4 FY25 (May-25)	Confident	Record year, QIP done, conservative 6% margin guide
Q1 FY26 (Jul-25)	Confident, bullish	Margin bridge, TKD ramp
Q2 FY26 (Oct-25)	Very confident	8%+ margin, 120 kt guide, copper product roll-out, lithium 2027
Q3 FY26 (Jan-26)	Confident, adapting	Record quarter but VAP fell to 55%; lithium-ion pushed out; aluminium de-emphasised
Q4 FY26 (May-26)	Upbeat, defensive on cash	Record year; cash-flow question; cathode plant replaces product plan
Q1 FY27 (Aug-26)	Cautious, "conscious strategic decision"	Volume shortfall explained; no new volume guidance

Recurring themes: value-added mix, hedged model, TKD ramp, copper as growth engine, EPR / domestic sourcing, cost of capital for working capital.
Contradictions: EBITDA margin "8%+ sustainable" (Oct-25) then 7-8% (Jan-26) then 6.0% actual (Q1 FY27); lead guide of 120 kt restated as 110 kt; VAP of 71% in Q1 FY26 against "about 55% last year" in the Aug-26 transcript; volume growth "15%+" vs "20%+"; Q1 FY27 capex Rs 5 cr (deck) vs Rs 25 cr spent on the cathode project (call).
Data-quality flags: VAP-mix statements conflict (Q1 FY26 71% in the Jul-25 call vs "about 55% last year" in Aug-26; FY26 65% in May-26 vs about 63% in Aug-26): treat as definitional or transcription noise. Standalone FY26 revenue Rs 2,938.65 cr vs consolidated Rs 2,958.36 cr; CRISIL EBITDA margin about 7.1% vs company 7.4% (different definitions).
Not Available: Q2 FY27 board date and results; company response on the share-price decline; post-split ISIN verification; Q3 FY25 call content (Jan-25, outside the six-quarter window; not summarised here, the transcript was used only for keyword searches and analyst participation in Tab 12); BSE announcements API (HTTP 403, NSE feed used); call recordings (audio) not reviewed.

Growth, Outlook & Valuation

Data to 21 Oct 2026. Q2 FY27 results and call are not yet out. Per-share items on the Rs 2 face-value basis from 21 Jul 2026. [Fact] / [Est.] / [Analyst View] as marked.

Order book and revenue visibility

No order book or backlog is disclosed: Not Available (searched the six concall transcripts, the FY26 annual report and the investor decks; metal recycling is sold on LME-linked contracts, not a disclosed book). Book-to-bill is not applicable. Visibility comes from contracts: about 90% of sales on long-term contracts with full-year visibility (May-25 and Oct-25 calls); alloys on annual contracts; incremental TKD volumes about 60-65% to OEMs and the rest via a channel (Jan-26).

Visibility proxy	Value
Contracted share of sales	About 90% (management, May-25 / Oct-25)
Lead finished-goods capacity / smelting capacity	204 kt / about 160 kt
Lead utilisation	FY26 blended 65%; TKD about 65% in FY26; new 72 kt plant below 50% in Q1 FY27; targets 70% (FY27) and 80-90% (FY28)
Copper recycling utilisation	About 75% (Q1 FY27) on 12 kt
Cathode	36 kt; FY28 utilisation 80-90% targeted
FY27 lead sales guide	125-130 kt (Q1 actual 15.9 kt)
Customer concentration	3 customers = 57.7% of FY26 revenue

Management guidance on the record (latest first)

Item	Q1 FY27 call (5 Aug 2026)	Q4 FY26 call (27 May 2026)
Lead volume	"Confident" of the 125-130 kt committed; new guidance "will revert shortly"	FY27 125-130 kt; FY28 +15% volume
Lead EBITDA per tonne	Rs 18,000-20,000 sustainable (Rs 19-21k VAP-heavy)	Rs 17,000-19,000
Lead VAP mix	65-70% for FY27	65%
Copper	Copper about 45% of FY27 revenue; recycling EBITDA/t above Rs 40,000; cathode Rs 60,000-65,000/t	12 kt in FY27, 24-28 kt in FY28; recycling Rs 35-40k/t; cathode Rs 60-70k/t; FY28 blended about Rs 60k on 24 kt
Utilisation	Cathode 80-90% of 36 kt in FY28	Lead about 70% FY27, 80-90% FY28
Capex	FY27 Rs 175 cr more (Rs 140-150 cr copper, Rs 20-25 cr maintenance)	FY27 Rs 180-200 cr; FY28 Rs 50-60 cr
Working capital	46 days	Inventory days below 45
Other expenses	Fuel and additive spike	Rs 20-25 cr a quarter
Mundra	Not discussed in detail	Start-up in FY27
Funding	Internal accruals; no long-term debt	No debt planned

Target 2030 (deck, AGM speech)	Goal
Revenue and profit CAGR	Above 20%
Volume growth	Above 15% (deck) or 20%+ (calls, AR): wording inconsistent
EBITDA margin	Above 8%
ROCE	Above 20%
Value-added share of revenue	Above 60%
Renewable power share	Above 50%; energy use down more than 20% by 2030
Analyst consensus FY+1 / FY+2	Not Available (FMP analyst endpoint denied by plan; TipRanks not entitled; no consensus on Screener)

Capacity and capex tracker (21 Oct 2026)

Asset	Status
Lead finished-goods capacity	204,000 tpa (SMD-I 48k TN + SMD-II 84k AP + TKD 72k TN); smelting about 90-92k at old plants plus 72k TKD = about 160k+
TKD lead Phase 1 / 2	36k from 16 Apr 2025; 36k from Dec 2025; Rs 85 cr plus about Rs 20 cr
Copper recycling (AP)	12,000 tpa since Q4 FY26 (6k to 12k); about 75% utilised
Copper cathode (TKD)	36 kt in two 18 kt phases; about Rs 200 cr; Rs 25 cr spent by Aug-26; Phase 1 trial Dec 2026 (CRISIL: "last quarter of FY27"); Phase 2 Q3 FY28; pyro plus electro-refining; LME Grade-A target; accrual-funded
Plastics 9 kt / Aluminium 12 kt	Plastics moved to TKD (production from Mar 2026); aluminium idle-ish (about 200 t a quarter)
Mundra (Gujarat)	123 acres bought 2024; no project announced
Capex history and plan	FY25 Rs 94 cr; FY26 Rs 49 cr; FY27 plan Rs 175-180 cr (Rs 140-150 cr copper); FY28 Rs 50-60 cr. The Q1 FY27 deck says only Rs 5 cr was spent in the quarter whereas the call says Rs 25 cr on the cathode project: inconsistent
Funding	Internal accruals; no long-term debt; borrowings about Rs 152 cr (working capital); QIP Rs 175 cr plus preferential Rs 132.5 cr already raised

Catalysts and drivers

Horizon	Item	View [Analyst View]
12 months	Q2 / H1 FY27 results (date not announced): lead tonnage, first cash-flow statement since March	Binary for the FY27 guide and for the cash-conversion question
12 months	Domestic scrap buying restarting from Q2 (CMD); Gulf shipping normalising	Restores tonnage if the price delta narrows
12 months	Cathode installation (Sep-Nov) and trial production (Dec 2026)	First test of whether copper margin moves from 3.9% toward the Rs 60-65k/t guide
12 months	NCLT outcomes on the FTPL and Harsha Exito mergers	Cleans the structure; limited earnings impact
12 months	EPR price framework (portal reopened 1 Jun 2026; framework expected 3-6 months after)	Optional upside; imports earn only 0.8x certificates
12 months	CRISIL outlook (Positive): upgrade needs 6-7% EBITDA margin sustained, more non-lead share and customer diversification	Margin is currently 6.0%
3-5 years	Target 2030 (20%+ revenue and profit CAGR, EBITDA above 8%, ROCE above 20%)	Requires lead tonnage growth and cathode margin
3-5 years	Recycled-content mandate from FY2027-28 (35-40% for automotive batteries by FY2030-31); lead-acid demand "8-10 more years"	Structural demand for recycled lead; scrap access is the constraint
3-5 years	India-EU trade deal (EU duty on metals to 0; EU battery-scrap export curbs a hindrance); Mundra port-linked export base	Option value; Mundra has been deferred repeatedly
Headwinds	Gravita (above 8 lakh tpa by FY29) and Jain Resource expansion; Amara Raja captive smelter; ILZSG-forecast lead surplus (90 kt 2026; 163 kt 2027)	Competition for scrap and customers

Recent news and developments (NSE feed unless stated)

Date	Event
11 / 16 Apr 2025	TKD commercial production (Phase 1) intimated; 18 Apr 2025 NSE intimation of the CRISIL A/Stable upgrade (rationale dated 17 Apr 2025)
23 Jul 2025	Q1 FY26 results; auditor-change intimation (re-appointments); 25 Aug 2025 AGM-related letters
30 Sep / 1 Oct 2025	Investment of US$500,007.60 in ACE Green Recycling Inc (lead plus lithium battery recycling; target turnover US$24,133 at 31 Mar 2024; not a related party)
28 Jan 2026	Q3 FY26 results; Board approves the merger of POCL Future Tech into POCL
16 Mar 2026	Investor-meet intimations continue through the quarter (for example Ambit PMS); the full engagement log is in Tab 7
1 Apr 2026	Chairman and promoter Anil Kumar Bansal passed away (NSE 2 Apr). 6 Apr: transmission of 21,07,244 shares (6.91%, pre-split) to Ashish Bansal; 19 Aug 2026: a further Reg 10(6) filing (52,68,110 shares post-split, probably the same transmission restated [Est.]); no change in consolidated promoter holding
26 May 2026	FY26 results; dividend Rs 5 (pre-split); split approved (2 shares of Rs 5 into 5 of Rs 2); Ashish Bansal becomes Chairman & MD; Hemant Jawahar Lal appointed independent director; Board approves the Rs 200 cr, 36 kt copper cathode plant
29 Jun 2026	Promoter Manju Bansal sold 9,00,000 shares (2.95% of paid-up capital) in the open market; Screener shows promoter holding 39.34% (Mar-26) to 36.39% (Jun-26, unchanged Sep-26), FII 3.19%, DII 9.61%, public holders 77,410 (Sep-26)
2 Jul 2026	Shareholders approve the split by postal ballot; record date 21 Jul 2026
15 Jul 2026	CRISIL A/Positive on Rs 240 cr bank lines
4 Aug 2026	Q1 FY27 results; Board approves the merger of Harsha Exito Engineering into POCL; audit committee reconstituted; AGM set for 22 Sep, dividend record date 15 Sep 2026
28 Aug 2026	Clarification: dividend Rs 5 on Rs 5 FV (100%) became Rs 2 on Rs 2 FV (100%) after the split
22 Sep 2026	31st AGM held (accounts, final dividend Rs 2 per share, re-appointment of K. Kumaravel, cost-auditor fee). CMD notes exports above US$200 mn in FY26 and customers in 20+ countries
5-10 Sep 2026	Investor-meet schedules (ICICI Prudential MF 9 Sep, 1M Financial 10 Sep); GIA conference 16 Sep
28 Sep / 12 Oct 2026	Trading window closed from 1 Oct for Q2 / H1 FY27 results; 12 Oct Reg 74(5) certificate (no other price-sensitive items seen)
5 Oct 2026	Reg 30 newspaper publication on a special window for transfer and dematerialisation of physical securities (Screener announcements list, checked 21 Oct 2026; no other filing dated 12 to 21 Oct 2026 and no Q2 FY27 board-meeting intimation)
3 Aug to 21 Oct 2026	Price Rs 550 (market cap Rs 4,195 cr) to Rs 421 (Rs 3,209 cr, P/E 22.5, 52-week Rs 648 / 392): -23% [Est.]; no company-specific negative disclosure found in the feed. The narrative file also says peers fell, citing the market file; the market file contains no peer price series for that window, so this is unsupported here. Gravita separately reported lead volumes -10% y/y in Q1 FY27 on Gulf disruption and flagged a Q2 impact

Valuation

Metric (21 Oct 2026 close)	Value
Share price	Rs 421 (52-week Rs 392-648; 1-year -27%; 3-year CAGR +68%; 5-year CAGR +58%)
Shares / market cap	7,62,78,197 / Rs 3,209 cr
Net debt (Mar-26) / EV	Rs 141 cr / about Rs 3,350 cr [Est.]
P/E on TTM EPS Rs 18.69	22.5x
P/E on FY26 EPS Rs 17.59 (reported, FV Rs 2)	23.9x
P/E on Q1 FY27 annualised (4.70 x 4 = 18.8)	22.4x [Est.]
EV / TTM EBITDA (Rs 225 cr)	14.9x [Est.]
EV / Sales (TTM Rs 3,290 cr)	1.02x
P/B (book value Rs 103)	4.1x
Dividend yield (Rs 2 / Rs 421)	0.47%
Earnings yield (TTM)	4.4% [Est.]
Buyback history	None
3-year historical average P/E, P/B, EV/EBITDA	Not Available (history series not obtained; Screener fetch was rate-limited)
Peer multiples	P/E: Gravita 26.1x, Jain Resource 27.4x, Nile 8.3x (EV/EBITDA for peers not computed)

Illustrative earnings-multiple scenarios (TTM EPS Rs 18.69) [Est.]	P/E applied	Implied price (Rs)	vs Rs 421
Deep discount to peers	15x	280	-33%
Discount to peers	18x	336	-20%
Current	22.5x	421	0%
Gravita's multiple	26.1x	488	+16%
Jain Resource's multiple	27.4x	512	+22%

[Analyst View] These are arithmetic illustrations, not forecasts or targets. The question the multiple has to answer is whether TTM EPS of Rs 18.69 is stable when copper is 54% of revenue and lead tonnage is down 29%: Q1 FY27 annualised EPS (Rs 18.8) is flat against TTM. A multiple below the peers is defensible while cash conversion is unproven and lead volume lags Gravita's; convergence to peer multiples needs cash flow and tonnage to confirm.

Street coverage [Fact for participation; coverage status Est.]

Ratings and target prices: Not Available

Broker initiation notes and targets are paywalled. Searched: FMP analyst / price-target endpoints (denied by plan), TipRanks via FMP (premium add-on not entitled), NSE / BSE announcements (brokers' research is not filed there), the Screener page (no consensus shown). No sell-side targets or consensus could be obtained; none is inferred. Per Screener the only machine-generated "pro" is "company is expected to give good quarter" and the "con" is the promoter-holding decline of 12.5% over 3 years. Credit view: CRISIL A/Positive (15 Jul 2026), upgraded from A-/Stable to A/Stable on 17 Apr 2025.

Firm	Evidence	Comment
Spark Capital / Spark PWM / Avendus Spark	Sagar Shah (and Aadesh Gosalia) asked on 7 of 7 calls read (Q3 FY25 to Q1 FY27); Avendus Spark meeting in Chennai 10 Feb 2025; Spark PWM one-to-one 20-21 Mar 2025	Most persistent analyst; most probable active coverage [Est.]
Systematix Institutional Equities	Shweta Dikshit asked on 5 calls (Q3 FY25, Q4 FY25, Q1 FY26, Q2 FY26, Q4 FY26); hosted a "Diversified Metals & Recycling Conclave" with POCL 18-21 Mar 2025; Systematix Group on the Sep-2025 site visit	Likely initiating or active coverage; recycling theme sponsor [Est.]
Nuvama (PCG research / Wealth)	Jigar Jani (Nuvama PCG Research) on 4 calls and Samay Shah (Nuvama Wealth) on Q3 / Q4 FY26; PCG desk and Circularity Symposium 9 Sep 2025; Emerging Ideas Conference 3 Dec 2025	Wealth-channel research
Kotak Securities (Institutional Equities)	Siddharth Mehrotra / Sumangal Nevatia on Q4 FY25, Q1 FY26, Q3 FY25 calls; site visit 22 Sep 2025
B&K Securities (now 360 ONE Capital)	Dheeraj Ram as host / lead questioner on Q2 FY26, Q3 FY26, Q1 FY27 calls; one-to-one 4 Nov 2025; 360 ONE Trinity India 2026 conference 29 May 2026	Probable host / coverage [Est.]
Emkay Global	Amit Lahoti (Jan-2025), Akhilesh (Q4 FY26) on calls; group site visit 15 Jun 2026
ICICI Securities	Vikas Singh on the Q3 FY26 call; June-2026 group site visit	Possible initiation after the visit [Est.]
Axis Securities	Sani Vishe on the Q3 FY25 call
DAM Capital Advisors	Abhishek Mehra on the Q4 FY26 call
Mirae Asset Sharekhan, IIFL Capital, 360 One Capital, Dhan Institutional, Geojit AM, Quantum Advisors, InCred AMC, Resurgence, Caprize	15 Jun 2026 group site-visit list (14+ names)
Others hosting meetings	Ashika Institutional Equities (Jun-2025 Chennai, Aug-2025 "Lal Chakra", Jun-2026); Anand Rathi Global Financial (G-200 summit, Mumbai 14 Nov 2025); Share India Securities roadshow (19 Mar 2025); Motilal Oswal (AMC and FS); SBI Securities (Jun-2026); Ventura Securities (Dec-2025); Investec India (Nov-2025); Go India "Top Ideas 2026" conference 8 Jan 2026 (host not stated); "GIA" promoter / flagship / recycling-day conferences 26 Jun 2025, 23 Jun 2026, 16 Sep 2026 (organiser name not expanded in the filing)

Sentiment, media and smart-money read [Est. unless noted]

Item	Detail
Press, TV, social media, forums	Not Available: web search exhausted; ValuePickr, X, Reddit, Moneycontrol, Economic Times not fetched. Press coverage of the Chairman's death on 1 Apr 2026 is likely but none was read
Exchange-side attention [Fact]	NSE "spurt in volume" clarification letters on 4 and 7 Aug 2023 (no price-sensitive information beyond standard replies); fine for committee reconstitution in Nov 2024
Price action	Rs 421; high / low Rs 648 / 392; 1-year -27%; the stock is down despite TTM profit +104% (Screener). [Analyst View] For the one-year -27% de-rating, cash conversion, ownership change and dilution are candidate factors; for the 3 Aug to 21 Oct fall the company has disclosed nothing that explains the move and none is supplied here
Management messaging [Fact]	"Target 2030"; CRISIL Positive outlook; 100% AGM approvals; AGM speech (22 Sep 2026) stressed FY26 revenue +45% to Rs 2,939 cr (standalone), Rs 2 per share dividend, TKD commissioning and the Rs 200 cr cathode project
Retail ownership [Fact]	77,410 holders (3.5x in 33 months); 31% of equity held by small retail; the 5-to-2 split's stated rationale was liquidity and small-investor participation
Positives	MF ownership rose 3.6x in two quarters, led by ICICI Prudential Smallcap Fund (+3.4 points) with repeated management meetings (HDFC MF, ICICI MF, SBI MF, JM MF, TRUST MF, Motilal Oswal AMC all met the company); FPI holding up to 3.2%; broker coverage widened after the June-2026 site visit (ICICI Securities, IIFL, Emkay, 360 One, Mirae)
Negatives	AIF, PMS and HNI holders (Authum, Dolly Khanna, Persistence Capital, Maneesh Parmar, the AIF bucket) have been net sellers; the promoter family sold about Rs 45 cr in May 2025 and 2.95% in Jun 2026 while lending the company Rs 22 cr; negative reported operating cash flow two years running
Net	Ownership is rotating from fast money and HNI to domestic institutional small-cap funds; no named large FPI long-only holder above 1%

What to watch

#	Item
1	Q2 FY27 result (date not announced): does lead tonnage recover toward 36 kt a quarter, or is 125-130 kt abandoned? Management said July was "a little better"
2	Gulf / Hormuz shipping and the 97% import reliance: domestic scrap price delta and EPR cost pass-through
3	Cathode plant: installation Sep-Nov, trial Dec 2026; Jain Resource says its cathode starts Q2 FY27
4	Fuel and additive cost spike and copper-mix dilution of EBITDA margin (6.0% in Q1)
5	Receivables and working capital after the March vessel timing; operating cash flow in H1 FY27
6	Mundra, lithium-ion and aluminium decisions (history of deferral)
7	Promoter stake after the 2.95% sale and succession; board and key-man (founder died Apr 2026)

Final Verdict

Business QualityMediumniche alloys, A/Positive; 54% copper at 3.9%, 97% imported scrap

Management QualityMediumno pledge, clean audit; promoter sales, director loans, founder loss

Financial QualityMediumPAT +127%; OCF -Rs 44 cr, shares +31% in 3 years

ValuationFair22.5x P/E, 14.9x EV/EBITDA; peers 26-27x

Overall ViewNeutralstrong print, unproven cash and tonnage; verdict below

Bull case

The earnings engine is real and still accelerating at the top line: revenue +43.8% in FY26 and +55% in Q1 FY27, PAT +127% and +43%, lead EBITDA per tonne at a record Rs 21,595, CRISIL A/Positive, and a 72 kt TKD lead plant running below 50% utilisation with spare capacity to fill.
The stock is cheaper than the peers it resembles (22.5x vs Gravita 26.1x and Jain 27.4x) with higher ROCE than Gravita, domestic mutual funds raising holdings from 1.7% to 6.3% in two quarters, and a 36 kt cathode plant (Dec 2026 trial) that targets Rs 60-65k per tonne against 3.9% segment margin on copper today.
Policy and demand favour formal recyclers: BWMR recycled-content mandates from FY2027-28, EPR formalisation, a near-balanced global lead market that rewards conversion margin, and an India-EU deal as an option.

Bear case

Earnings are not turning into cash: operating cash flow -Rs 81.0 cr (FY25) and -Rs 44.1 cr (FY26) on PAT of Rs 58.1 cr and Rs 131.9 cr, Rs 307.5 cr of equity raised in three years, Rs 11 cr of cash at March 2026 against Rs 175-180 cr FY27 capex, and no cash-flow statement for Q1 FY27.
Growth is now low-margin copper (54% of revenue at 3.9%) while the core lead business shrinks: Q1 FY27 lead sales -29% y/y against Gravita's -10%, the 125-130 kt FY27 guide needs 36-38 kt a quarter against a record of about 30 kt, and EBITDA margin has eased three quarters in a row to 6.0%.
Concentration and ownership: three customers are 57.7% of revenue (one runs its own smelter), 97% of Q1 lead scrap was imported earning 0.8x EPR certificates, the founder died in April, promoter-family members sold about Rs 45 cr (May 2025) and 2.95% (Jun 2026) while directors lent the company Rs 22 cr, and the auditor charges Rs 19.2 lakh on Rs 2,958 cr of revenue.

Base case (12-18 months) [Analyst View]

Most likely: FY27 lead sales finish near FY26's 100.7 kt rather than 125-130 kt (Q1 15.9 kt plus three quarters at 25-30 kt gives 91-106 kt [Est.]); consolidated revenue stays strong because copper holds above half of sales; EBITDA margin sits in a 6.0-6.5% band; PAT is broadly flat to the trailing Rs 143 cr; the stock trades in a 20-24x P/E band. The upgrade or downgrade of this view will be decided by two numbers that arrive within weeks: Q2 FY27 lead tonnage and the H1 FY27 operating cash flow.

Illustrative FY27 scenarios [Est.]	Downside	Base	Upside
Assumption	Lead guide abandoned, H1 cash flow negative again	Tonnage near FY26, cash flow roughly neutral	Tonnage recovers, cathode on time, margin lifts
FY27 revenue (Rs cr)	3,500	3,650	3,800
EBITDA margin	5.0%	6.25%	7.0%
EBITDA (Rs cr)	175	228	266
PBT (Rs cr), after D&A 28, interest 11, other income 4	140	193	231
PAT at 26% tax (Rs cr)	104	143	171
EPS (Rs, 7.63 cr shares)	13.6	18.7	22.4
P/E applied	15x	22.5x (20-24x range)	26x
Implied price (Rs)	204	421 (range 375-450)	583
vs Rs 421	-52%	0%	+38%

Arithmetic illustrations built from the Q1 FY27 run-rate (Rs 935 cr a quarter), TTM D&A of Rs 27 cr and finance cost of Rs 10 cr stepped up to Rs 28 cr and Rs 11 cr in the table; they are not forecasts, targets or management guidance. Sell-side targets could not be obtained.

What would change the stance

Signal	Move toward committing capital	Move toward rejecting
Q2 FY27 lead tonnage (FY27 guide needs about 36-38 kt a quarter; record about 30 kt)	Q2 lead sales at or above about 30 kt and management reaffirming or re-basing FY27 with a credible H2 ramp	Q2 lead sales near Q1's 15.9 kt (or below 20 kt) with the guide dropped or cut
H1 FY27 operating cash flow (first statement since March 2026; FY26 -Rs 44.1 cr)	Clearly positive (on the order of at least half of H1 PAT) with receivables falling back from Rs 264.6 cr and capex funded from accruals	Negative a third consecutive period, or receivables above Rs 265 cr again
EBITDA margin	6% or better with copper above half of revenue; progress toward the 6-7% CRISIL upgrade condition	Below 5%, approaching CRISIL's 3-4% downgrade trigger
Ownership	No further promoter-family selling; identity of the 2.95% buyer is institutional	Further family selling, or director loans rising
Cathode	Trial production in December 2026	Slippage beyond FY27 without explanation

Five things to remember

Consolidated Q1 FY27: revenue Rs 934.9 cr (+55%), PAT Rs 35.9 cr (+43%), EBITDA margin 6.0%; copper 54% of revenue at a 3.9% segment margin vs 8.1% for lead.
Lead sales -29% y/y (production -35%) against Gravita about -10%; the FY27 guide of 125-130 kt looks at risk with Q1 at 15.9 kt.
Operating cash flow was -Rs 44 cr (FY26) and -Rs 81 cr (FY25) against PAT of Rs 132 cr and Rs 58 cr; management says a vessel delay pushed Rs 120-130 cr of receipts to 5 April; Q1 FY27 cash flow is not filed and Q2 is not out.
The price fell about 23% from 3 Aug to 21 Oct 2026 (Rs 550 to Rs 421) and the company has disclosed nothing that explains it.
Ownership is changing hands: promoter 39.34% to 36.39% (no pledge), mutual funds 1.73% to 6.26%, AIFs and named HNIs net sellers; founder-chairman died 1 Apr 2026.

Five questions before investing

Is the FY27 lead guide of 125-130 kt still management's plan after Q2, and what scrap supply and price delta restore tonnage?
Does H1 FY27 operating cash flow reverse the FY25-FY26 pattern, and how much of the Rs 264.6 cr March receivable was collected?
Who bought Manju Bansal's 2.95%, will any further family selling follow, and when is the late Chairman's Rs 19.76 cr loan repaid?
Which alloys carry the claimed US$700 per tonne premium, and how durable is the single-point-source position with Amara Raja running its own smelter?
Will the cathode plant lift copper margin toward Rs 60-65k per tonne from Dec 2026, given that peers (Jain Resource) are earlier?

Opinion [Analyst View]. POCL has a genuine earnings step-up, an A/Positive rating, no pledge and a fair valuation against peers, but the quality of that earnings step-up is unproven: cash flow has been negative two years running, the growth in Q1 FY27 came from low-margin copper while the high-margin lead franchise lost 29% of its volume, and the founder's death, family selling and an unexplained 23% price fall sit on top. The two facts that decide the case, Q2 lead tonnage and H1 FY27 operating cash flow, will be public within weeks. Until they are, I would follow the stock with explicit triggers (table above) rather than commit capital or reject it.

TRACK

Sources

Every document below was fetched on 21 Oct 2026 (as stated in each research file); the document's own date is in brackets. The six research files each carry their own source-key table (the keys S1, F1, G1, M1, S1 and H1 are not interchangeable), and those tables are reproduced separately, not merged. Where the BSE links are abbreviated in the files as "...Pname=", the full pattern is https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=<id>.pdf and NSE files sit under https://nsearchives.nseindia.com/corporate/. URLs are plain text (the report makes no external requests).

Report basis and handling notes

Written from six research files produced by two agents from primary documents: NSE announcements, FY23-FY26 annual reports, CRISIL rationales, concall transcripts and results filings.
Q3 FY26 consolidated figures are derived (FY26 less Q1, Q2 and Q4) because the Q3 and Q4 results PDFs were image-only; they are labelled [Est.].
FY22 is standalone only; consolidated data starts in FY23.
Where files conflict, both values are shown (see the conflict table in Tab 2).
No sell-side targets, consensus or bulk / block deal data could be obtained (see Not Available below).
Tags: [Fact] = stated in a primary document; [Est.] = arithmetic or inference; [Analyst View] = Aamara assessment.

A. Business file (1_business): source keys

Key	Document	URL
S1	Q1 FY27 concall (5 Aug 2026)	https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=9b938865-8148-4184-b0bd-19cfda3aeb3b.pdf
S2	Q1 FY27 investor presentation	https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=f32253b0-fcd5-4051-afa1-6893b0382848.pdf
S3	Q4 FY26 concall (27 May 2026)	https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=49dacb06-4966-40b5-b7db-dbd377039cf6.pdf
S4	Q4 FY26 presentation	https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=c9812016-4ce6-4234-97e9-7f4a77658c0d.pdf
S5	Q3 FY26 concall (29 Jan 2026)	https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=59128d1b-215d-415c-8000-53f500a87adf.pdf
S7	Q2 FY26 concall (17 Oct 2025)	https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=edbd959a-c444-410b-ab25-377771dfcfb3.pdf
S9	Q1 FY26 concall (25 Jul 2025)	https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=5bf6dc19-e290-4c11-af7b-0ea4bf67deda.pdf
S11	Q4 FY25 concall (19 May 2025)	https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=a691043f-a2da-4cfc-ba5e-08061ac44c53.pdf
S13	Annual Report FY2025-26 (directors' report, MD&A, BRSR, consolidated note 43 segments)	https://www.bseindia.com/xml-data/corpfiling/AttachHis/0e7d8879-5acf-4052-9282-dbd8ba17a0c2.pdf
S14	AGM proceedings and CMD speech (22 Sep 2026)	https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=b51b0fb0-17b9-43cd-a8d0-587b731832b3.pdf
S15	CRISIL rating rationale (15 Jul 2026)	https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/PondyOxidesandChemicalsLimited_July%2015_%202026_RR_399062.html
S19	CRISIL rating rationale (17 Apr 2025)	https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/PondyOxidesandChemicalsLimited_April%2017_%202025_RR_366526.html
S16	NSE corporate announcements feed (1 Apr 2025 to 21 Oct 2026)	https://www.nseindia.com/api/corporate-announcements?index=equities&symbol=POCL&from_date=01-04-2025&to_date=21-10-2026 (files under https://nsearchives.nseindia.com/corporate/)
S21	Q1 FY27 results filing (4 Aug 2026)	https://nsearchives.nseindia.com/corporate/POCL_04082026184110_Q1FinancialResultsFY27SD.pdf
S16b	Copper filing (26 May 2026)	https://nsearchives.nseindia.com/corporate/POCL_26052026184648_CopperRecyclingIntimationsd.pdf
S17	Screener POCL consolidated	https://www.screener.in/company/POCL/consolidated/
S20	Company website, About us	https://pocl.com/about-us/
S22	Battery Waste Management Rules 2022 gazette (EPR certificate formula)	https://eprbattery.cpcb.gov.in/upload/adminDoc/Battery-WasteManagementRules-2022.pdf
S23	Gravita India Q1 FY27 concall (peer sourcing read-across)	https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=c7e9ab15-d4eb-46f5-b764-c4a12442d176.pdf

B. Financials file (2_financials): source keys

Key	Document	URL
F1	Q1 FY27 results (4 Aug 2026)	https://nsearchives.nseindia.com/corporate/POCL_04082026184110_Q1FinancialResultsFY27SD.pdf
F2	Annual Report FY2025-26 (consolidated BS p.170, P&L p.171, CF p.172, notes 4-45; standalone statements; Board report)	https://www.bseindia.com/xml-data/corpfiling/AttachHis/0e7d8879-5acf-4052-9282-dbd8ba17a0c2.pdf
F3	NSE announcements API; trading-window notice (28 Sep 2026) on Screener announcements	https://www.nseindia.com/api/corporate-announcements?index=equities&symbol=POCL
F4	Screener consolidated and standalone (fetched 21 Oct 2026; price Rs 421 at 3:30 pm)	https://www.screener.in/company/POCL/consolidated/ and https://www.screener.in/company/POCL/
F5	H1 FY26 results filing (17 Oct 2025)	https://nsearchives.nseindia.com/corporate/POCL_17102025130729_Q2FinancialResultssd.pdf
F6	Q4 / FY25 results; Q3 FY25 results	https://nsearchives.nseindia.com/corporate/POCL_16052025170555_Q4FinancialResultsFY2025sd.pdf ; https://nsearchives.nseindia.com/corporate/Q3FinancialResults2024-25sdSD_24012025141654.pdf
F7	Annual Reports FY2024-25, FY2023-24, FY2022-23	https://www.bseindia.com/xml-data/corpfiling/AttachHis/61176bbd-f651-4dce-b9ed-ff1e8b425458.pdf ; https://www.bseindia.com/xml-data/corpfiling/AttachHis/2dac3c4d-bcc0-4436-86d6-8ebf3707a253.pdf ; https://www.bseindia.com/xml-data/corpfiling/AttachHis/97ca9d52-f4eb-49ed-8a74-af445e0921a7.pdf
F8	CRISIL rationales (15 Jul 2026; 17 Apr 2025)	https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/PondyOxidesandChemicalsLimited_July%2015_%202026_RR_399062.html ; https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/PondyOxidesandChemicalsLimited_April%2017_%202025_RR_366526.html
F9	Concall transcripts: Q4 FY26 (27 May 2026); Q1 FY27 (5 Aug 2026)	https://nsearchives.nseindia.com/corporate/POCL_02062026180558_TranscriptOfQ4EarningsCallSD.pdf ; https://nsearchives.nseindia.com/corporate/POCL_11082026122913_Q1TranscriptFY27POCLSD.pdf
F10	Share-split outcome (26 May 2026); NSE shareholding XBRL (Sep 2026)	https://nsearchives.nseindia.com/corporate/POCL_26052026191206_Q4OutcomeofBMsd.pdf ; https://nsearchives.nseindia.com/corporate/xbrl/SHP_1742220_20102026124316_WEB.xml

C. Governance file (3_governance): source keys

Key	Document	URL
G1	Annual Report FY2025-26 (Board's report, AOC-1 / AOC-2, MR-3, corporate governance report, notes 41-45 standalone, 42-45 consolidated)	https://www.bseindia.com/xml-data/corpfiling/AttachHis/0e7d8879-5acf-4052-9282-dbd8ba17a0c2.pdf
G2	Annual Reports FY2024-25, FY2023-24, FY2022-23	https://www.bseindia.com/xml-data/corpfiling/AttachHis/61176bbd-f651-4dce-b9ed-ff1e8b425458.pdf ; https://www.bseindia.com/xml-data/corpfiling/AttachHis/2dac3c4d-bcc0-4436-86d6-8ebf3707a253.pdf ; https://www.bseindia.com/xml-data/corpfiling/AttachHis/97ca9d52-f4eb-49ed-8a74-af445e0921a7.pdf
G3	Board outcome (26 May 2026): split, CMD, new independent director	https://nsearchives.nseindia.com/corporate/POCL_26052026191206_Q4OutcomeofBMsd.pdf
G4	Q1 FY27 results (4 Aug 2026)	https://nsearchives.nseindia.com/corporate/POCL_04082026184110_Q1FinancialResultsFY27SD.pdf
G5	NSE corporate-announcements API (332 filings, 1 Apr 2023 to 12 Oct 2026)	https://www.nseindia.com/api/corporate-announcements?index=equities&symbol=POCL (individual files under https://nsearchives.nseindia.com/corporate/)
G6	NSE insider-trading (PIT Reg 7(2)) API	https://www.nseindia.com/api/corporates-pit?index=equities&symbol=POCL&from_date=01-01-2020&to_date=21-10-2026
G7	NSE SAST Reg 29 API	https://www.nseindia.com/api/corporate-sast-reg29?index=equities&symbol=POCL
G8	NSE shareholding master API and XBRL files (Sep-2026, Jun-2026, Mar-2026, Dec-2025, Sep-2025, Mar-2025, Dec-2024, Sep-2024)	https://www.nseindia.com/api/corporate-share-holdings-master?index=equities&symbol=POCL ; https://nsearchives.nseindia.com/corporate/xbrl/SHP_1742220_20102026124316_WEB.xml ; https://nsearchives.nseindia.com/corporate/xbrl/SHP_1696510_20072026122616_WEB.xml ; https://nsearchives.nseindia.com/corporate/xbrl/SHP_1654963_20042026035444_WEB.xml ; https://nsearchives.nseindia.com/corporate/xbrl/SHP_1606807_21012026015433_WEB.xml ; https://nsearchives.nseindia.com/corporate/xbrl/SHP_1553248_18102025010006_WEB.xml ; https://nsearchives.nseindia.com/corporate/xbrl/SHP_197929_1418210_18042025121448_WEB.xml ; https://nsearchives.nseindia.com/corporate/xbrl/SHP_195620_1437389_13052025050400_WEB.xml ; https://nsearchives.nseindia.com/corporate/xbrl/SHP_193208_1280403_19102024045335_WEB.xml
G9	CRISIL rationales (15 Jul 2026; 17 Apr 2025)	https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/PondyOxidesandChemicalsLimited_July%2015_%202026_RR_399062.html ; https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/PondyOxidesandChemicalsLimited_April%2017_%202025_RR_366526.html
G10	NSE / BSE fine disclosure (25 Nov 2024)	https://nsearchives.nseindia.com/corporate/POCL_25112024192029_Fine_For_Reconstitution_Reg_30sd.pdf
G11	Reply to NSE query (22 Sep 2023)	https://nsearchives.nseindia.com/corporate/POCL_26092023115126_ReplytoNSESept2023Financials.pdf
G12	ACE Green Recycling acquisition (1 Oct 2025); Mundra land (4 Mar 2024)	https://nsearchives.nseindia.com/corporate/POCL_01102025174019_ODIACEGreenAcquisitionReg30sd.pdf ; https://nsearchives.nseindia.com/corporate/POCL_04032024151039_NSELandAcqReg30SD.pdf
G13	AGM voting results (23 Sep 2026); postal ballot results (3 Jul 2026); AGM 2025 scrutiniser report	https://nsearchives.nseindia.com/corporate/POCL_23092026185211_VotingResultsAGMFY2026SD.pdf ; https://nsearchives.nseindia.com/corporate/POCL_03072026192216_VotingResultsPostalBallotSD.pdf ; https://nsearchives.nseindia.com/corporate/POCL_20092025152902_FinalVotingResultsScrutinizerReport30thAGMsd.pdf
G14	Investor-meet intimation (19 Mar 2026) and others (see file 6)	https://nsearchives.nseindia.com/corporate/POCL_19032026151203_InvestorMeetPOCL19032026sd.pdf
G15	Screener consolidated page (shareholding trend)	https://www.screener.in/company/POCL/consolidated/
G16	Audit-committee reconstitution (4 Aug 2026); board changes (22 Jul 2024); independent director exit (19 Sep 2024)	https://nsearchives.nseindia.com/corporate/POCL_04082026192145_ReconstitutionofCommitteeSD.pdf ; https://nsearchives.nseindia.com/corporate/POCL_22072024181902_Reg30ApptofDirectorsAuditorssd.pdf ; https://nsearchives.nseindia.com/corporate/POCL_19092024174241_Reg30CessationofndependentDirectorsd.pdf

D. Market file (4_market): source keys

Key	Document	URL
M1	ILZSG press release (19 Oct 2026; forecasts 2026-27)	https://www.ilzsg.org/wp-content/uploads/3.PRESS%20RELEASES/ILZSG%20October%202026%20Press%20Release.pdf
M2	ILZSG World Lead Factbook 2026	https://www.ilzsg.org/wp-content/uploads/SitePDFs/ILZSG%20World%20Lead%20Factbook%202026.pdf
M3	POCL Annual Report FY2025-26 (MD&A pp.79-90 citing IMARC / Precedence / MarketsandMarkets / Persistence; BRSR; consolidated note 43)	https://www.bseindia.com/xml-data/corpfiling/AttachHis/0e7d8879-5acf-4052-9282-dbd8ba17a0c2.pdf
M4	Battery Waste Management Rules 2022 (S.O. 3984(E), 24 Aug 2022)	https://eprbattery.cpcb.gov.in/upload/adminDoc/Battery-WasteManagementRules-2022.pdf
M5	BWM (Second Amendment) Rules 2024, S.O. 2374(E), 20 Jun 2024	https://eprbattery.cpcb.gov.in/upload/adminDoc/Battery_Waste_Management_Rules_20_June_2024.pdf
M6	BWM (Amendment) Rules 2025, S.O. 958(E), 24 Feb 2025	https://eprbattery.cpcb.gov.in/upload/adminDoc/Battery_Waste_Management_(Amendment)_Rules,_2025.pdf
M7	CPCB EPR portal (rules list, notices)	https://eprbattery.cpcb.gov.in/
M8	Gravita India Q1 FY27 call (28 Jul 2026); investor deck	https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=c7e9ab15-d4eb-46f5-b764-c4a12442d176.pdf ; https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=0d02bd8e-65cb-49fa-a5ce-56b2c50af40c.pdf
M9	Jain Resource Recycling Q1 FY27 deck; call	https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=be25c001-b588-4d33-a6da-1d7309189f65.pdf ; https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=fe3477d9-c24a-4bca-beb7-c9657086bcc8.pdf
M10	Screener pages: POCL, Gravita, Jain Resource, Nile, Exide, Amara Raja (consolidated)	https://www.screener.in/company/POCL/consolidated/ ; https://www.screener.in/company/GRAVITA/ ; https://www.screener.in/company/JAINREC/ ; https://www.screener.in/company/NILE/ ; https://www.screener.in/company/EXIDEIND/ ; https://www.screener.in/company/ARE%26M/
M11	Nile Ltd 39th Annual Report FY2022-23 (the file Screener links as "Annual Report 2026")	https://www.bseindia.com/xml-data/corpfiling/AttachHis/a5617555-ac2a-4169-99bd-a15fa1a93d4b.pdf
M12	POCL management documents (BSE Pname ids): Q1 FY27 call 9b938865-8148-4184-b0bd-19cfda3aeb3b; Q1 FY27 deck f32253b0-fcd5-4051-afa1-6893b0382848; Q4 FY26 call 49dacb06-4966-40b5-b7db-dbd377039cf6; Q3 FY26 call 59128d1b-215d-415c-8000-53f500a87adf; Q2 FY26 call edbd959a-c444-410b-ab25-377771dfcfb3; Q1 FY26 call 5bf6dc19-e290-4c11-af7b-0ea4bf67deda; Q4 FY25 call a691043f-a2da-4cfc-ba5e-08061ac44c53; AGM speech b51b0fb0-17b9-43cd-a8d0-587b731832b3	https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=9b938865-8148-4184-b0bd-19cfda3aeb3b.pdf ; https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=f32253b0-fcd5-4051-afa1-6893b0382848.pdf ; https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=49dacb06-4966-40b5-b7db-dbd377039cf6.pdf ; https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=59128d1b-215d-415c-8000-53f500a87adf.pdf ; https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=edbd959a-c444-410b-ab25-377771dfcfb3.pdf ; https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=5bf6dc19-e290-4c11-af7b-0ea4bf67deda.pdf ; https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=a691043f-a2da-4cfc-ba5e-08061ac44c53.pdf ; https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=b51b0fb0-17b9-43cd-a8d0-587b731832b3.pdf
M13	CRISIL rationale (15 Jul 2026)	https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/PondyOxidesandChemicalsLimited_July%2015_%202026_RR_399062.html
M14	NSE announcements feed	https://www.nseindia.com/api/corporate-announcements?index=equities&symbol=POCL&from_date=01-04-2025&to_date=21-10-2026 (files under https://nsearchives.nseindia.com/corporate/)

E. Narrative file (5_narrative): source keys

Key	Document	URL
S1	Q1 FY27 call transcript (5 Aug 2026)	https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=9b938865-8148-4184-b0bd-19cfda3aeb3b.pdf
S2	Q1 FY27 investor presentation (4 Aug 2026)	https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=f32253b0-fcd5-4051-afa1-6893b0382848.pdf
S3	Q4 FY26 call (27 May 2026)	https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=49dacb06-4966-40b5-b7db-dbd377039cf6.pdf
S4	Q4 FY26 presentation	https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=c9812016-4ce6-4234-97e9-7f4a77658c0d.pdf
S5	Q3 FY26 call (29 Jan 2026)	https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=59128d1b-215d-415c-8000-53f500a87adf.pdf
S6	Q3 FY26 presentation	https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=548dfc14-ff71-47f3-bdec-c46f6bac4819.pdf
S7	Q2 FY26 call (17 Oct 2025)	https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=edbd959a-c444-410b-ab25-377771dfcfb3.pdf
S8	Q2 FY26 presentation	https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=68ac4124-9627-405a-8cae-ad2dd43e90e3.pdf
S9	Q1 FY26 call (25 Jul 2025)	https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=5bf6dc19-e290-4c11-af7b-0ea4bf67deda.pdf
S10	Q1 FY26 presentation	https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=e5d91ede-30f9-415e-bf89-93dd7c40aff5.pdf
S11	Q4 FY25 call (19 May 2025)	https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=a691043f-a2da-4cfc-ba5e-08061ac44c53.pdf
S12	Q4 FY25 presentation	https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=c73bfff9-7d27-46f5-8c57-dab5f84dbf05.pdf
S13	Annual Report FY2025-26	https://www.bseindia.com/xml-data/corpfiling/AttachHis/0e7d8879-5acf-4052-9282-dbd8ba17a0c2.pdf
S14	AGM proceedings and CMD speech (22 Sep 2026)	https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=b51b0fb0-17b9-43cd-a8d0-587b731832b3.pdf
S15	CRISIL rating rationale (15 Jul 2026; Apr-2025 version also)	https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/PondyOxidesandChemicalsLimited_July%2015_%202026_RR_399062.html ; https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/PondyOxidesandChemicalsLimited_April%2017_%202025_RR_366526.html
S16	NSE corporate-announcements feed; documents under nsearchives	https://www.nseindia.com/api/corporate-announcements?index=equities&symbol=POCL&from_date=01-04-2025&to_date=21-10-2026
S16(a)	Q1 FY27 results	https://nsearchives.nseindia.com/corporate/POCL_04082026184110_Q1FinancialResultsFY27SD.pdf
S16(b)	Copper recycling intimation (26 May 2026)	https://nsearchives.nseindia.com/corporate/POCL_26052026184648_CopperRecyclingIntimationsd.pdf
S16(c)	PIT disclosure (30 Jun 2026)	https://nsearchives.nseindia.com/corporate/POCL_30062026170908_PITDisclosuresd.pdf
S16(d)	Q4 FY26 board outcome (26 May 2026)	https://nsearchives.nseindia.com/corporate/POCL_26052026200209_Q4OutcomeofBMsd.pdf
S16(e)	Dividend clarification (28 Aug 2026)	https://nsearchives.nseindia.com/corporate/POCL_28082026154420_SEDividendClarificationsd.pdf
S16(f)	Approval of scheme, Harsha Exito (4 Aug 2026)	https://nsearchives.nseindia.com/corporate/POCL_04082026185910_ApprovalofSchemeHEEPLSD.pdf
S16(g)	ACE Green acquisition (1 Oct 2025)	https://nsearchives.nseindia.com/corporate/POCL_01102025174019_ODIACEGreenAcquisitionReg30sd.pdf
S16(h)	Commencement of commercial production (16 Apr 2025)	https://nsearchives.nseindia.com/corporate/POCL_16042025144417_CommofCommercialProdSD.pdf
S16(i)	Reg 10(6) filings (6 Apr 2026; 19 Aug 2026)	https://nsearchives.nseindia.com/corporate/team_bbodade_06042026151430_POCL.pdf ; https://nsearchives.nseindia.com/corporate/team_bbodade_19082026184649_19082026174804_POCL.pdf
S17	Screener POCL (price, shareholding trend, concall index)	https://www.screener.in/company/POCL/consolidated/
S18	Gravita India Q1 FY27 call (28 Jul 2026); deck	https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=c7e9ab15-d4eb-46f5-b764-c4a12442d176.pdf ; https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=0d02bd8e-65cb-49fa-a5ce-56b2c50af40c.pdf
Not downloaded	Q3 FY25 (Jan-25) call: outside the six-quarter window; used only as a download check	https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=761b0fcf-d9e8-4e5f-9585-4c0396b2c6c8.pdf

F. Street / market-participants file (6_heard): source keys

Key	Document	URL
H1	NSE corporate announcements (332 filings)	https://www.nseindia.com/api/corporate-announcements?index=equities&symbol=POCL
H2	NSE shareholding master and XBRL files (Sep-2026, Jun-2026, Mar-2026, Dec-2025, Sep-2025, Mar-2025, Dec-2024, Sep-2024)	https://www.nseindia.com/api/corporate-share-holdings-master?index=equities&symbol=POCL ; https://nsearchives.nseindia.com/corporate/xbrl/SHP_1742220_20102026124316_WEB.xml ; https://nsearchives.nseindia.com/corporate/xbrl/SHP_1696510_20072026122616_WEB.xml ; https://nsearchives.nseindia.com/corporate/xbrl/SHP_1654963_20042026035444_WEB.xml ; https://nsearchives.nseindia.com/corporate/xbrl/SHP_1606807_21012026015433_WEB.xml ; https://nsearchives.nseindia.com/corporate/xbrl/SHP_1553248_18102025010006_WEB.xml ; https://nsearchives.nseindia.com/corporate/xbrl/SHP_197929_1418210_18042025121448_WEB.xml ; https://nsearchives.nseindia.com/corporate/xbrl/SHP_195620_1437389_13052025050400_WEB.xml ; https://nsearchives.nseindia.com/corporate/xbrl/SHP_193208_1280403_19102024045335_WEB.xml
H3	NSE insider-trading API; SAST Reg 29 API	https://www.nseindia.com/api/corporates-pit?index=equities&symbol=POCL&from_date=01-01-2020&to_date=21-10-2026 ; https://www.nseindia.com/api/corporate-sast-reg29?index=equities&symbol=POCL
H4	Earnings-call transcripts (NSE): Q1 FY27; Q4 FY26; Q3 FY26; Q2 FY26; Q1 FY26; Q4 FY25; Q3 FY25	https://nsearchives.nseindia.com/corporate/POCL_11082026122913_Q1TranscriptFY27POCLSD.pdf ; https://nsearchives.nseindia.com/corporate/POCL_02062026180558_TranscriptOfQ4EarningsCallSD.pdf ; https://nsearchives.nseindia.com/corporate/POCL_31012026171259_Q3EarningsCallTranscriptsd.pdf ; https://nsearchives.nseindia.com/corporate/POCL_22102025160352_Q2EarningsCallTranscriptPOCLsd.pdf ; https://nsearchives.nseindia.com/corporate/POCL_29072025153704_Q1FY2526EarningsCallTranscriptsd.pdf ; https://nsearchives.nseindia.com/corporate/POCL_22052025112054_OutcomeTranscriptQ4FY202425sd.pdf ; https://nsearchives.nseindia.com/corporate/POCL_30012025123202_Q3EarningsCallTranscriptsd.pdf
H5	Investor-meet schedules (Reg 30): 19 Mar 2026 meeting intimation; June-2026 group site visit; Sep-2025 site visit; ICICI Prudential MF (12 Jun 2026; 5 Sep 2026); HDFC MF (26 Jun 2026); Systematix conclave (12 Mar 2025); about 75 such PDFs under the NSE archive named POCL_<ddmmyyyy...>_InvestorMeet...	https://nsearchives.nseindia.com/corporate/POCL_19032026151203_InvestorMeetPOCL19032026sd.pdf ; https://nsearchives.nseindia.com/corporate/POCL_10062026170753_InvestorMeetPOCL_15062026sd.pdf ; https://nsearchives.nseindia.com/corporate/POCL_17092025161822_InvestorMeetPOCL17092025sd.pdf ; https://nsearchives.nseindia.com/corporate/POCL_12062026130911_SE_LetterSd.pdf ; https://nsearchives.nseindia.com/corporate/POCL_05092026133224_InvestorMeet05092026SD.pdf ; https://nsearchives.nseindia.com/corporate/POCL_26062026133612_HDFCintimationsd.pdf ; https://nsearchives.nseindia.com/corporate/POCL_12032025185411_InvestorMeetSytematixSparkSD.pdf
H6	Screener consolidated page (shareholding, price statistics)	https://www.screener.in/company/POCL/consolidated/
H7	CRISIL rationale (15 Jul 2026)	https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/PondyOxidesandChemicalsLimited_July%2015_%202026_RR_399062.html

Not Available (searched, not found), merged from all six files

Item	Where searched
Broker ratings, target prices and EPS consensus	FMP analyst endpoints (denied by plan); TipRanks via FMP (not entitled); NSE / BSE (research is not filed there); Screener (no consensus)
Bulk and block deals	NSE historical bulk / block endpoints (HTTP 503, three attempts, 21 Oct 2026); BSE API (HTTP 403)
Peer valuation table from the financials workstream	Screener peers endpoint (wrong sector); Gravita fetch HTTP 429; the market file's Screener snapshot is used instead
Media, social and forum sentiment; proxy-advisor reports	No web search; ValuePickr, X, Reddit, Moneycontrol, Economic Times not fetched; IiAS / SES / InGovern no access
Cause of the 3 Aug to 21 Oct 2026 price fall; company response	NSE feed (no company-specific item)
Q2 FY27 board-meeting date and results	NSE feed on 21 Oct 2026
Q3 and Q4 FY26 results in text	Image PDFs: Q3 derived as FY26 less the other three quarters
Q1 FY27 cash-flow statement and balance sheet	Not part of the quarterly filing (half-yearly only)
FY22 consolidated data; FY21-FY22 annual-report detail	No subsidiaries before FY23; BSE annual-report links not downloaded
Quarterly working-capital days	Not published
3-year historical average multiples; index membership; volume and delivery data	Screener rate-limited; NSE quote API HTTP 403
Plant-wise utilisation; exact smelter capacity by site; customer names beyond three; scrap discount to LME	Calls, AR, CRISIL, website
Pondicherry operations today	FY26 plant list shows none (history only)
BIS certification, IATF 16949, patents	AR extracts, website, decks
Pollution-board consent history, CPCB hearings, NGT cases; SEBI / NCLT orders	Not in filings; databases not checked
CPCB environmental-compensation and AR-extension notices; 19 Aug 2026 Reg 10(6) report; 12 Mar 2025 LLP filing	Scanned image PDFs
Director sitting fees; promoter and executive biographies; non-promoter KMP dealings	AR26 layout lost; PIT API shows promoters only
Buyer of the June-2026 promoter block; holders between 0.5% and 1%; scheme-level MF holdings	XBRL lists holders of 1% and above only; AMC portfolios not fetched
Exide / Amara Raja captive recycling capacity; Nile capacity; Jain and Nile credit ratings; Jain lead volumes	Peer decks and ARs
India lead-recycling market size and organised share	ILZSG, AR, calls; ILZDA website unreachable
Post-split ISIN verification; Q3 FY25 call content	Not verified; Q3 FY25 call not summarised (keyword search and analyst participation only)