Concall Note / Chemicals / HIGREEN

Hi-Green Carbon confused its own plant map on the same earnings call

Management reversed the locations and roles of its second and third plants, while a six-month electricity generation delay went unexplained.

HIGREEN ISIN INE0PIC01017 2 Jun 2026 Analysis source: Tijori Concall Monitor

Management consistency flag

In June 2025 and November 2025, Hi-Green's management said Dhule was its second plant for electricity generation and Dhar was its third plant for syngas bottling R&D. In the June 2026 call, the Managing Director said the bottling would happen at the 'third plant at Dhule', reversing the map. The shift was not explained.

What's new

FY26 consolidated revenue grew 42% to ₹141 crore, but EBITDA margins compressed 318 basis points to 18.3%.
PAT dropped 69% to ₹3.43 crore due to a one-time fire loss at Samsara and new plant depreciation.
Syngas bottling revenue of ₹4-5 crore is targeted for H2 FY27, pending final PESO and BIS approvals.

Themes from the call

Credibility

The plant map confusion undermines the precision of management's capex and technology narrative.

Execution

Electricity generation from captive syngas was promised by December 2025 and is still in trial stage six months later.

Margins

TPO realizations are stuck at a ₹40-45/kg floor due to a bitumen supply crisis, not crude oil moves.

Guidance watch

Management guided for 30-40% revenue growth in FY27-28 with EBITDA margins of 20-25%, contingent on new plant ramps.
Syngas bottling revenue is targeted for H2 FY27, but final approvals from PESO and BIS are still pending.

Risk flags

Management provided conflicting information about which plant does what, raising questions about the clarity of the industrial strategy.
The six-month delay in starting electricity generation exposes execution risk in new technology projects.
TPO margins are under pressure from a bitumen supply crisis, and there is no clear timeline for resolution.

Key quotes

"In our second plant, we had a plan for electricity generation from that syngas... Then in our third plant at Dhule, we propose to bottle it."
— Amit Kumar Balodi, Managing Director
"So in Dhule it will be power, and one more R&D that is a bottling of syngas. So we are targeting that also in Dhar."
— Amit Kumar Balodi, Managing Director, June 2025 call

The brief

Hi-Green Carbon's growth numbers are solid. Revenue rose 42% to ₹141 crore and waste tire processing jumped 48% to over 36,000 metric tonnes. The trouble is in the details. During the June 2026 earnings call, Managing Director Amit Kumar Baloni said the company would bottle syngas at its 'third plant at Dhule'. In the previous two calls, he had consistently said Dhule was the second plant for power and Dhar was the third for syngas. No explanation was offered for the flip. The same call revealed a six-month delay in electricity generation. Management had said in November 2025 that the gas engine was ready and power would flow by December. As of June 2026, it is still in trial. These are not minor misstatements. They concern the core technology roadmap that justifies the capital allocation. The financial backdrop does not help. PAT crashed 69% to ₹3.43 crore. While management blamed a one-time fire loss and new depreciation, the 318-basis-point EBITDA margin compression is ongoing and linked to TPO realizations stuck at ₹40-45/kg. Management is targeting ₹4-5 crore in syngas bottling revenue for H2 FY27, but this depends on final regulatory approvals that are not yet in hand. Investors must weigh the headline growth against the execution gaps and the credibility questions the call has now opened.

The take

Hi-Green Carbon is growing fast, but on this call it forgot which plant does what.

Source Tijori Concall Monitor analysis This brief is derived from Tijori's call-monitor analysis, not the exchange transcript source of record. Verify material claims against the company's call materials where available.