Key Strategic Developments

DyStar Matter Resolution:

  • After a prolonged legal process, the dispute relating to the Company's investment in DyStar has been successfully concluded following the final order of the Singapore Court
  • The Company received proceeds of USD 689 million, materially strengthening the balance sheet

New Strategic Phase:

  • With the DyStar matter concluded, the Company is diversifying into copper smelting, refining, and manufacturing of downstream products (copper tubes, copper foil, copper rods)
  • Expansion into fertilizer production by utilizing sulphur dioxide gases from the smelter to produce sulfuric acid
  • Projects being developed through subsidiaries Indo Asia Copper Limited and IndoAsia Agrotech Fertilizers Limited at Jafrabad, Gujarat

Copper Business Rationale:

  • Structural demand growth from power transmission, renewable energy, electric vehicles, and industrial infrastructure
  • India has structural supply gap of ~1 million tonnes (1.8 Mn tonnes demand vs 0.8 Mn tonnes domestic output)
  • Expected ROE of ~22%-30% based on conservative assumptions
  • Raw material sourcing from South America (Chile and Peru), Australia, Philippines, Democratic Republic of Congo

Project Details

Copper Complex:

  • Total project cost: Approximately INR 8,100 crore (including desalination plant and conveyor belt)
  • Production capacity: 5,00,000 MTPA
  • Phased commissioning: Copper Tube Plant (Q1 FY28), Copper Rod Plant (Q2 FY28), Copper Refinery (Q3 FY29)
  • 36-month completion timeline commencing from October 1, 2025

Fertilizer Project:

  • Total project cost: Approximately INR 3,600 crore
  • Production capacity: NP/NPK Fertilizer Unit - 10,50,000 MTPA, Phosphoric Acid Plant - 3,50,000 MTPA

Additional Infrastructure:

  • Renewable power project and jetty: Capital expenditure approximately INR 1,600 crore

Funding:

  • Proposed equity contribution: Around INR 4,000 crore
  • INR 1,036 crore infused in September 2024, balance to be infused in phased manner
  • Project IRR: ~25%

Project Progress

  • Transitioned from design stage to structured construction phase
  • Detailed engineering under guidance of Tata Consulting Engineers (TCE)
  • Key long-lead mechanical, electrical and utility packages orders placed
  • Civil construction progress in piling, foundations and PEB structure of copper tube plant
  • Continued development of water systems, power infrastructure, captive desalination facility, marine jetty, and raw material conveying system
  • Engagement with global mining companies and trading houses for long-term copper concentrate and rock phosphate supply

Q1-FY27 Financial Highlights

Consolidated Performance (INR Mn):

  • Revenue from Operations: 3,124 (54.6% YoY growth from Q1-FY26: 2,021)
  • EBITDA: 159 (vs Q1-FY26: -163)
  • EBITDA Margins: 5.09%
  • Other Income: 2,859
  • Finance Cost: 14 (97.6% reduction YoY from 595)
  • Profit Before Tax: 2,885 (vs Q1-FY26: -526)
  • Profit After Tax: 2,700
  • PAT Margins: 86.43%
  • Income from Associate & Joint Venture: 207 (66.3% decrease YoY)
  • Diluted EPS: INR 44.89 per share

Standalone Performance (INR Mn):

  • Revenue from Operations: 2,953
  • EBITDA: 173
  • EBITDA Margins: 5.86%
  • Other Income: 2,841
  • Finance Cost: 13
  • Profit After Tax: 2,702
  • PAT Margins: 91.50%
  • Diluted EPS: INR 41.81 per share

Operational Context:

  • Improved industry environment with stronger pricing across Reactive Dyes, Vinyl Sulphone, H-Acid and select basic chemicals
  • Material margin expanded to 31.9% on standalone basis
  • Significantly reduced finance costs following repayment of borrowings at Claronex Holdings Pte. Ltd.
  • Group substantially free of external debt

Historical Financial Snapshot

Consolidated (INR Mn):

  • FY26 Revenue: 8,396; FY25 Revenue: 7,400; FY24 Revenue: 7,086
  • FY26 PAT: 53,793 (includes exceptional income); FY25 PAT: -1,084; FY24 PAT: -913

Standalone (INR Mn):

  • FY26 Revenue: 7,779; FY25 Revenue: 6,556; FY24 Revenue: 6,334
  • FY26 PAT: 55,809 (includes exceptional income); FY25 PAT: 44; FY24 PAT: -936

Market Data (As on June 30, 2026)

  • Face Value: INR 10.00
  • Market Price: INR 381.20
  • 52 Week High/Low: INR 778.00/334.40
  • Market Capitalization: INR 24,842.04 Mn
  • Equity Shares Outstanding: 65.17 Mn
  • 1 Year Average Trading Volume: 897,680 shares

Company Background

  • Established in 1998, headquartered in Gujarat
  • Leading manufacturer and exporter of dyes, dye intermediates, and basic chemicals from India
  • Vertically integrated manufacturing model spanning Basic Chemicals → Dye Intermediates → Dyes
  • Global footprint across 50+ countries, serving apparel, hosiery, automotive textiles, carpets, leather, paper, home furnishings, and industrial fabrics
  • Zero Effluent operations with environmentally responsible manufacturing