Key Financial Figures (Consolidated, ₹ Crore)

Q1 FY27 Performance:

  • Total Revenue: ₹2,478
  • Cost of Materials (incl. change in inventory): ₹1,651
  • Employee Benefit Expense: ₹130
  • Other Operating Expense: ₹297
  • EBITDA: ₹400
  • EBITDA %: 16%
  • Finance Cost: ₹93
  • Depreciation & Amortization: ₹103
  • PBT before exceptional items: ₹204
  • Exceptional Items: -
  • PBT after exceptional items: ₹204
  • Taxes: ₹49
  • PAT: ₹155
  • Diluted EPS (Rs./Share): 3.9

Comparative Performance:

  • Q1 FY26 Revenue: ₹2,071 crore, EBITDA: ₹248 crore, PAT: ₹40 crore, EPS: ₹1.0
  • Q4 FY26 Revenue: ₹2,120 crore, EBITDA: ₹325 crore, PAT: ₹94 crore, EPS: ₹2.5
  • Full Year FY26 Revenue: ₹8,452 crore, EBITDA: ₹1,384 crore, PAT: ₹435 crore, EPS: ₹11.5
  • Full Year FY25 Revenue: ₹8,228 crore, EBITDA: ₹1,082 crore, PAT: ₹198 crore, EPS: ₹5.1

Corporate Action

The Board has declared an interim dividend of ₹4.5 per equity share.

Operational Highlights & Context

Sales Volume (MT):

  • Quarterly (Q1 FY27): Total 1,53,513 MT (Specialty: 46,888, Performance: 42,386, Chemical Tyres: 16,065)
  • Quarterly (Q1 FY26): Total 1,54,093 MT (Specialty: 91,140, Performance: 91,379, Chemical Tyres: 19,748)
  • Yearly (FY26): Total 6,18,956 MT (Specialty: 354,841, Performance: 194,480, Chemical Tyres: 69,635)
  • Yearly (FY25): Total 5,96,262 MT (Specialty: 348,157, Performance: 185,655, Chemical Tyres: 62,450)

Operational Metrics:

  • Domestic Carbon Black (CB) sales volumes grew 15% YoY to 1,02,985 tons in Q1 FY27.
  • Specialty Blacks volume grew 23% YoY.
  • Exports volume was 50,528 tons.
  • Total Installed Capacity: 900 KTPA Carbon Black (includes 132 KT Specialty Black) and 167 KTPA Specialty & Solutions.

Capacity Commissioning:

  • A super-conductive line of 1,000 MTPA is now operational.
  • A 20,000 MTPA Specialty Black line was commissioned in Mundra.

Power Generation (Co-Generation)

The company has a total co-generation power capacity of 122 MW across five plants, with a strategic focus on energy self-sufficiency and exporting surplus power.

Plant-wise Capacity (MW):

  • Mundra, Gujarat: 32
  • Durgapur, West Bengal: 30
  • Chennai, Tamil Nadu: 24
  • Palej, Gujarat: 19
  • Kochi, Kerala: 17

Capacity Under Construction: A 12 MW plant in Tamil Nadu is under construction with a Commercial Operation Date (CoD) expected in FY27.

Nanovace Advanced Materials Platform

Pilot Plant: A pilot plant at Palej, Gujarat, has received Consent to Operate for R&D. It is designed for scale-up validation, customer qualification, and process optimization.

Proprietary Technology: The company has developed proprietary nanomaterial process technology with a strong global IP foundation. It is expanding its technology roadmap across Si-C and Bio grade silicon sources, with new patents applied in these categories.

R&D and Team: The R&D team has been significantly strengthened with enhanced lab capabilities, focusing on advanced battery material for silicon-enriched anode material. The business development team has been expanded across key international markets, with a strengthened presence in Europe and South Korea.

Mid-Term Outlook

Demand: Global Carbon Black demand is projected to grow at approximately 3% CAGR. The company notes potential benefits from a resolution of geopolitical conflicts and favourable trade deals for India. A growing shift towards premiumisation and electric vehicle adoption is also highlighted.

Margin: The outlook focuses on expanding the high-margin specialty chemical portfolio, cost and efficiency optimization programs, and backward integration into Coal Tar and Yellow Phosphorus. Key growth engines identified are Advance Battery Materials, Green Chelates, Polymers, Biocides, and Synthetic thickener.

Strategy: The company aims for volume-led growth with a focus on margin improvement. It plans to expand its global supply chain and sales footprint to drive market reach and customer penetration, while also diversifying sources of supply and evaluating alternate vendors in the Specialty & Solutions segment.

Cautionary Statement

The document contains a standard cautionary statement noting that forward-looking statements are subject to risks and uncertainties, including demand-supply conditions, raw material prices, changes in government regulations, tax regimes, economic developments, and other factors like litigation.