Key Financial Performance (Standalone, ₹ crores)

Quarter-over-Quarter Comparison:

  • Revenue: Q1 FY27 ₹90.14 vs Q1 FY26 ₹60.89 (+48%) vs Q4 FY26 ₹104.78 (-14%)
  • EBITDA: Q1 FY27 ₹15.44 vs Q1 FY26 ₹6.89 (+124%) vs Q4 FY26 ₹13.76 (+12%)
  • PBT: Q1 FY27 ₹14.14 vs Q1 FY26 ₹5.79 (+144%) vs Q4 FY26 ₹12.29 (+15%)
  • PAT: Q1 FY27 ₹10.41 vs Q1 FY26 ₹4.24 (+146%) vs Q4 FY26 ₹9.42 (+11%)

Segment-wise Results Q1 FY27 (₹ crores):

  • Distribution: Sales ₹62.72, EBITDA ₹10.47
  • Manufacturing: Sales ₹26.35, EBITDA ₹7.27
  • Other*: Sales ₹1.07, EBITDA -₹2.30

*Includes administrative and CSR expenses

Key Financial Indicators Q1 FY27:

  • Distribution:Manufacturing Revenue Ratio: 2.38:1 (vs 1.22:1 in Q1 FY26)
  • Debt:Equity Ratio: 0.001
  • Quarterly Interest Coverage Ratio: 59.6 times
  • Quarterly Inventory Turnover Ratio: 1.16 times
  • Quarterly Return on Equity: 23.2%
  • Current Ratio: 4.38
  • Quick Ratio: 2.92
  • EBITDA Margin: 17.33%
  • Net Profit Margin: 11.68%

Corporate Action

Board of Directors declared an interim dividend of ₹2 per equity share for FY27.

Business Update Details

Manufacturing Division Performance

Revenue remained broadly unchanged compared to both Q1 FY26 and Q4 FY26. Sequential volumes were lower due to customer inventory adjustments and softer demand in first half of quarter.

Acrylamide Liquid:

  • Volumes broadly in line with corresponding quarter previous year
  • Sequential volumes moderated due to elevated prices and customer wait-and-watch approach
  • Raw material Acrylonitrile declined from ~$1,800/MT to ~$1,500/MT during quarter
  • Improved sales realizations and higher spread supported profitability

Acrylamide Solid:

  • Company remains sole global manufacturer outside China
  • Volumes broadly in line with previous quarter
  • Domestic demand remained steady
  • Sales realizations significantly higher compared to preceding quarter

N-Methylol Acrylamide:

  • Volumes moderated compared to preceding quarter and corresponding quarter previous year
  • Lower procurement by key domestic customer following elevated Q4 FY26 offtake
  • Continued market reinforcement through new customer additions

Distribution Division Performance

  • Strong YoY improvement in volumes and turnover
  • Higher sales across most key products and improved realizations
  • Sequential moderation from Q4 FY26 (which had elevated customer purchases)
  • Profitability improved despite lower sequential sales
  • Supported by stronger spreads, stock-and-sale model benefits, and healthy export volumes to US oil & gas sector

Outlook

Manufacturing Division Outlook

  • Expects improved volumes in upcoming quarter
  • Realizations likely to remain broadly stable
  • Acrylamide liquid exports expected to increase despite higher freight costs
  • Supported by customer additions and expansion into new markets/geographies
  • N-Methylol Acrylamide demand expected to remain steady
  • Acrylamide solid volumes anticipated to improve

Distribution Division Outlook

  • Overall sales volumes expected to improve
  • Supported by strong supplies and healthy demand across key products
  • Market prices expected to remain stable
  • Merchant exports to US oil & gas sector expected to remain robust

Projects and Expansions

  • Polyacrylamide (PAM) solid project progressed further in piloting stage
  • Expected to move towards commercialization over upcoming quarters
  • Development work on downstream products based on acrylamide chemistry progressing as planned
  • Decision on specialty amines project in collaboration with Koei Chemical Company, Ltd. expected during FY27

Disclaimer Included

Document contains forward-looking statements subject to risks and uncertainties including availability/cost of raw materials, demand fluctuations, exchange rates, government policies, tax changes, and economic developments.