Tarsons Products Limited — Investor Meet, 03-06-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Tarsons Products reported 7% YoY consolidated revenue growth in Q4 FY25 to INR 113 Cr, with standalone revenues at INR 93 Cr (+7% YoY). Consolidated EBITDA rose 22% YoY to INR 37 Cr, aided by scale despite lower-margin trading. Standalone EBITDA margin improved to 39.7%. PAT was affected by higher depreciation and interest from capex, especially at the Panchla facility, expected to generate revenue from H2 FY26. Domestic revenue grew 10%, international 20%, boosted by Nerbe acquisition.

Management sees industry demand normalizing gradually, aiming for peak capacity around FY28-29 to reach ~INR 750-800 Cr revenue. Expansion into cell culture and bioprocessing will nearly double the market, with commercial supply slated from Q4 FY26. European growth via Nerbe is key but faces macro challenges and lower margins (~7-8%). Marketing focuses on exhibitions over mass advertising.

Tarsons is investing through the cycle to build capacity and product breadth, with margin gains expected as revenues and fixed cost absorption improve. International growth is early but critical for long-term scale.