Date: August 6, 2026
Financial Results (Consolidated)
Q1 FY27 P&L Summary:
- Revenue from Operations: ₹2,447.2 million (Q4FY26: ₹2,610.6 million, Q1FY26: ₹2,471.6 million)
- QoQ Change: -6.3%, YoY Change: -1.0%
- Total Income: ₹2,460.4 million (Q4FY26: ₹2,631.5 million, Q1FY26: ₹2,482.6 million)
- QoQ Change: -6.5%, YoY Change: -0.9%
- Operating Expenses: ₹2,123.2 million (Q4FY26: ₹2,293.0 million, Q1FY26: ₹2,154.2 million)
- QoQ Change: -7.4%, YoY Change: -1.4%
- EBITDA (Excluding OI & EI): ₹324.0 million (Q4FY26: ₹317.7 million, Q1FY26: ₹317.5 million)
- QoQ Change: 2.0%, YoY Change: 2.1%
- EBITDA Margin: 13.2% (Q4FY26: 12.2%, Q1FY26: 12.8%)
- Margin Change: +107 bps QoQ, +40 bps YoY
- Finance Cost: ₹39.1 million (Q4FY26: ₹39.2 million, Q1FY26: ₹47.0 million)
- QoQ Change: -0.3%, YoY Change: -16.8%
- Depreciation & Amortization: ₹53.6 million (Q4FY26: ₹51.8 million, Q1FY26: ₹50.0 million)
- QoQ Change: 3.6%, YoY Change: 7.4%
- PBT: ₹241.8 million (Q4FY26: ₹244.5 million, Q1FY26: ₹228.7 million)
- QoQ Change: -1.1%, YoY Change: 5.7%
- PAT: ₹177.4 million (Q4FY26: ₹175.9 million, Q1FY26: ₹168.6 million)
- QoQ Change: 0.9%, YoY Change: 5.2%
- EPS: ₹5.04 (Q4FY26: ₹4.99, Q1FY26: ₹4.78)
- QoQ Change: 1.0%, YoY Change: 5.4%
Management Commentary
Resilient Performance Amid Cost Headwinds:
The Management stated that 20 Microns delivered a resilient performance during Q1 FY27 despite a challenging operating environment marked by geopolitical disruptions that resulted in higher energy, logistics and commodity costs. While consolidated revenue remained largely stable at ₹2,447.2 million, the Company reported improved profitability with EBITDA increasing to ₹324.0 million and Profit After Tax rising 5.2% year-on-year to ₹177.4 million. EBITDA margins expanded to 13.2%, reflecting the Company's continued focus on operational discipline and profitability.
Operational Excellence Driving Margin Improvement:
The improvement in profitability was supported by a favourable product mix, better raw material utilisation and disciplined cost management. Raw material consumption as a percentage of revenue improved both year-on-year and sequentially, helping offset the sharp increase in furnace oil, gas and distribution costs during the quarter. Controlled finance costs through prudent working capital management further supported earnings despite persistent cost pressures.
Maintaining Business Stability:
The quarter witnessed marginal pressure on revenues across certain application segments amid subdued demand and global uncertainties. However, the Company remained focused on maintaining operational stability rather than pursuing low-margin growth. Efficient cost controls, disciplined execution and continuous monitoring of operating expenses enabled the Company to sustain healthy margins while mitigating the impact of external headwinds.
Future Goals & CAPEX Plan
₹100 Crore CAPEX Break-up:
- India Facilities (Existing & New)
- Malaysian Operations
- Sievert JV (Construction chemicals)
- R&D/ESG
Strengthening Financial Fundamentals:
- 18% Revenue CAGR over the next 3 years
- 200–250 bps EBITDA Margin Expansion through scale efficiencies
- ROCE Improvement to 18–20% driven by better capital productivity
- Sustained Double-Digit Growth backed by strategic investments
- 20%+ Market Share Target in high-value products by FY2030
CAPEX Plan Details:
- 24-Month Execution Plan for phased capex deployment
- Balanced Funding Mix: Internal accruals + selective debt
- Malaysia Capacity Expansion: Targeting annual production capacity of 1.08 lakh MT and quarrying capacity of 0.96 lakh MT by mid-FY2028
- Focus Segments: Paints & coatings, plastics & rubber, inks, and specialty products
Operational Highlights
Business Outreach & Exhibition Highlights:
- Participated in Asia's largest rubber industry event showcasing SUPERMAG and ZINKOMER specialty activators for tyres, conveyor belts, hoses and industrial rubber
- Exhibited at Southern Africa's leading coatings industry event showcasing functional fillers, specialty additives and sustainable solutions
- Strengthened engagement with African customers, partners and industry leaders
Capacity Expansion Details:
- Implementation of total quality systems
- New manufacturing location at Vadadala with 18,000 TPA capacity
- New manufacturing location at Hosur (South India) with 15,000 TPA capacity, diversified into Kaolin
- Introduced a Pozzolanic material
R&D and Global Expansion:
- Established state-of-the-art R&D Centre at Waghodia, Vadodara (recognized and approved by DSIR, Govt. of India)
- Enhanced portfolio by initiating the manufacture of functional additives
- Expanded Malaysia operations for Calcium Carbonate
- Formed subsidiary 20Microns JSC in Vietnam focused on manufacturing of CaCO₃
- Exclusive distribution deal with Dorfner GmBH Germany for Hydrous Kaolin across Europe
- Inaugurated manufacturing operations of new JV with Sievert Baustoff GmbH, Germany for Tile Adhesives & Construction Chemicals
Historical Expansion Journey:
- New manufacturing locations at Alwar (6,000 TPA) and Tirunelveli (6,000 TPA)
- Started manufacturing new products like Synthetic Barium Sulphates, Aluminium Silicates
- Established new territories and sales channels in Europe, North and Latin America
- Began operations in Ipoh, Malaysia for Calcium Carbonate
- Enhanced sustainability portfolio with Ecovadis Gold Certification
- Acquired 100% equity interest in GTLQ SDN BHD and IQ Marbles SDN BHD in Malaysia
Key Management
- Mr. Rajesh C. Parikh: Chairman & Managing Director with over 30 years of leadership in industrial minerals and specialty materials
- Mr. Atil C. Parikh: CEO & Managing Director, Chemical Engineer with MBA in Finance, leads strategy and business transformation
Shareholder Information
- Equity Shares: 3,52,86,502
- Free Float: 55.0%
- Market Cap: ₹6,923 million
- 52 Week High: ₹246
- 52 Week Low: ₹130
- Price to Earnings Multiple: 10.25
One Year Share Price Return:
- 20 MICRONS LTD: -17.9% (1 year), 65.2% (3 year)
- Sensex: -3.8% (1 year), 17.4% (3 year)