Company Overview
Black Rose Industries Limited (Scrip Code: 514183, ISIN: INE761G01016) filed its 36th Annual Report for FY 2025-26 and consolidated financial statements, reporting mixed operational and financial performance amid regulatory compliance requirements.
Financial Performance
Consolidated Results: Revenue from operations declined to ₹3,230.14 crore (PY: ₹3,373.41 crore) while PAT improved to ₹224.24 crore (PY: ₹209.45 crore). EBIDTA stood at ₹353.63 crore with margins of 10.97%. The company maintained strong liquidity with current ratio improving to 4.65 from 2.94 and zero debt position.
Standalone Performance: Revenue was ₹3,258.38 lakhs with PAT of ₹224.96 lakhs and EPS of ₹4.41. Cash flow from operations showed significant improvement at ₹451.23 crore compared to negative ₹125.12 crore in previous year.
Dividend & Corporate Actions
The Board recommended a final dividend of ₹1.25 per equity share (125%) for FY 2025-26, subject to approval at the AGM scheduled for September 9, 2026 via video conference. Record date is fixed for September 2, 2026.
Business Operations Update
Manufacturing Business: Achieved record acrylamide sales volumes with N-Methylol Acrylamide (NMA) sales nearly doubling. Discontinued polyacrylamide liquid business and exited ceramic binder segment. Installed capacities remain at 32,000 MTPA Acrylamide Liquid and 3,600 MTPA NMA.
Distribution Business: Contributed approximately 64% of revenue despite subdued export demand during parts of the year, with improvement noted in the latter period.
R&D Initiatives: New R&D centre inaugurated in Navi Mumbai with polyacrylamide project advanced to pilot stage. Feasibility study initiated with Koei Chemical Company Limited for specialty amine products. R&D expenditure was ₹22.49 lakhs.
Subsidiary & Discontinued Operations
B.R. Chemicals Co., Ltd., Japan (wholly-owned subsidiary) was classified as discontinued operations with Board approval on August 14, 2025 to initiate closure/sale process. Reported loss of ₹7.19 lakhs with nil revenue (PY: ₹538.62 lakhs) and carrying assets of ₹16.21 lakhs.
Regulatory & Compliance Matters
Manufacturing facility at Jhagadia received temporary closure directions from Gujarat Pollution Control Board in December 2025, revoked after 21 days following corrective measures with no material business impact. BSE imposed fine for delay in compliance with SEBI LODR regulations. Auditors issued unmodified opinion noting adequate internal financial controls despite audit trail feature not being enabled in one accounting software.
Corporate Governance
Key management changes included resignation of Mr. Ankit Kumar Jain as Company Secretary & Compliance Officer and appointment of Ms. Darshana Sawant. Mr. Ambarish Daga stepped down as Joint CFO. Mr. Mayur Desai appointed as Additional Director. Promoter shareholding remains at 75% through Wedgewood Holdings (56.47%) and Triumph Worldwide (18.06%).
ESG & Other Initiatives
Jhagadia facility operated as Zero Liquid Discharge site with carbon footprint assessment undertaken. CSR expenditure of ₹57.92 lakhs exceeded requirement of ₹46.93 lakhs. Company maintained CRISIL BBB+/Stable rating for long-term facilities and CRISIL A2 for short-term facilities.
Foreign Exchange & Imports
Total imports were ₹1,731.81 crore (CIF basis) with raw material imports of ₹683.93 crore and traded goods imports of ₹1,047.88 crore. Exports were ₹441.79 crore (FOB value). Company hedged foreign currency exposures through forward contracts outstanding at US$739,366 buy contracts and US$65,813/EURO127,763 sell contracts.