Hi-Green Carbon Limited — Investor Meet, 12-06-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Hi-Green Carbon reported consolidated revenue of ~96 Cr for FY25, with operations from Bhilwara and partial months from Dhule and subsidiary Samsara Recycling. Dhule runs at ~70-80% capacity; a third plant in Dhar is expected by Nov-Dec 2025. EBITDA margins at ~20% reflect ramp-up costs and limited rCB sales, with management targeting 20-25% going forward. Technology converts waste tires into fuel oil, rCB, and syngas; captive power at Dhule aims to reduce costs. rCB adoption is slow due to long qualification cycles, serving 50+ customers in plastics and tires. Raw material supply is improving, supporting capacity expansion backed by state subsidies. The company plans to add one plant annually, focusing on tech-driven low capital intensity and targeting a 7-10x capacity increase over 7-10 years, amid growing demand for sustainable materials.