Platinum Industries FY26 Revenue Jumps 34% to ₹4.34B

Financial Performance Highlights

FY 2025-26 Results:

Consolidated Performance:

Revenue from Operations: ₹4,504.41 million (14.8% growth from FY25 ₹3,922.61 million)
EBITDA: ₹598.5 million (4.2% growth from FY25 ₹574.3 million)
EBITDA Margin: 13.3% (down from 14.6% in FY25)
Profit After Tax: ₹512.30 million (3.7% growth from FY25 ₹493.93 million)
PAT Margin: 11.4% (down from 12.6% in FY25)

Standalone Performance:

Revenue from Operations: ₹4,343.60 million (33.7% growth from FY25 ₹3,248.93 million)
Profit Before Tax: ₹684.61 million in FY26 vs ₹663.33 million in FY25
Tax Expense: ₹149.34 million (Effective tax rate 21.81%)
Earnings Per Share: ₹9.46 (basic and diluted) for FY26

Key Financial Metrics:

Gross Margin: 29.9%
Return on Capital Employed (ROCE): 15.0%
Return on Net Worth: 11.3%
Interest Coverage Ratio: 78x
Debt-to-Equity Ratio: 0.01
Customer Concentration: Top 3 customers accounted for 66.57% of revenue
Export Contribution: ~15% of total revenue (₹658.75 million)

Operational Highlights

Capacity Expansion:

Palghar Unit II: Commercial production commenced from May 21, 2026, adding ~60,000 MT capacity
Egypt Facility: 60,000 MTPA greenfield manufacturing facility in Suez Canal Economic Zone, expected commissioning in FY27
Total Installed Capacity: ~85,000 MT across domestic units

Product Portfolio & Certifications:

Lead-Free Additives (Highstab Calcium Zinc, Organic Lead-Free Add Pack)
Lead-Based Additives (Booster Lead, Hybrid Low-Lead)
CPVC Additives and Compounds (NSF 533 certified)
Lubricants and Metallic Soaps (PE Wax, OPE Wax, Calcium/Zinc Stearates)
REACH registration for zinc stearates
20-year patent for specialized stabilizer composition for thermostable CPVC resin

R&D Initiatives:

DSIR-recognized R&D unit with ~20 scientists
₹41.51 million invested in R&D during FY26

Subsidiary Updates

Material Subsidiary:

Platinum Stabilizers Egypt LLC (99.99% owned)

Incorporated: July 20, 2022
Country: Egypt
Principal Business: Manufacturing of Specialty Chemicals
Net Worth: ₹53.20 million (exceeding 10% of consolidated net worth)

Other Subsidiaries:

1. Platinum Global Additives Private Limited (99.95% stake)

2. Platinum Oleo Chemicals Private Limited (89.49% stake)

3. Rivadu Lifesciences Private Limited (100% stake, incorporated March 18, 2026)

Associate Entity:

Platinum Polymers and Additives (Partnership firm, 50% contribution)

Fire incident occurred on July 7, 2025 at Palghar factory
Loss recognized: ₹103.35 million (excluding GST)
Insurance claim of ₹98.19 million recognized, survey in progress
Carrying value of investment: ₹100 million
Loan outstanding: ₹6.00 million
Normal operations partially restored

Capital Expenditure & IPO Proceeds Utilization

₹376.22 million spent in FY26, primarily for setting up manufacturing facilities
IPO completed on March 5, 2024, raising ₹2,353.17 million (net proceeds ₹2,118.29 million)

Utilization as at March 31, 2026:

Investment in Platinum Stabilizers Egypt LLC: ₹155.02 million utilized (₹677.21 million proposed)
Palghar Facility: ₹653.78 million utilized (₹712.61 million proposed)
Working Capital: ₹271.64 million utilized (₹300.00 million proposed)
General Corporate Purpose: ₹427.43 million utilized (₹428.47 million proposed)
Total utilized: ₹1,507.87 million
Unutilized: ₹610.42 million (temporarily invested in fixed deposits and current accounts)

Regulatory and Compliance Matters

RBI Compounding Order:

Penalty of ₹538,000 levied for delayed submission of Form ODI for overseas investment in subsidiary
Order dated October 28, 2025

SEBI Compliance:

Annual Secretarial Compliance Report submitted to stock exchanges
Minor non-compliance in newspaper advertisement for AGM (missing mandatory disclosure on remote e-voting)
Regulatory filing pursuant to SEBI Listing Regulations Regulation 34(1) for submission of Annual Report

Income Tax Dispute:

Disputed income tax liabilities: ₹156.89 million
Relates to inter-corporate deposits taken from related parties during FY 2021-22
Company has filed appeal with Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC)

Statutory Auditors:

M/s PKF Sridhar and Santhanam LLP (appointed for 5 years till 9th AGM)

Qualified opinion due to insurance claim of ₹98.19 million for subsidiary fire incident where survey is in progress

Corporate Governance

AGM Details:

Date: Thursday, September 24, 2026
Time: 11:00 AM (IST)
Mode: Video Conferencing/Other Audio Visual Means
Book Closure: September 21-23, 2026
Remote E-voting: September 21-23, 2026

Management Changes:

CFO Change: Mr. Gyandeep Mittal resigned (July 16, 2025), Mr. Ashok Bothra appointed (September 6, 2025)
Board Composition: 7 Directors (4 Independent, 3 Executive)

CSR Initiatives:

Total Expenditure: ₹1.16 crore
Focus Areas: Education, Healthcare, Community Development, Environment
Amount required to be spent: ₹11.62 million
Amount actually spent: ₹11.62 million

Risk Factors

Identified Risks:

Raw material price volatility and freight cost pressures
Regulatory complexity and compliance requirements
Economic sensitivity to construction and infrastructure sectors
Competitive intensity from domestic and international manufacturers
Foreign exchange exposure
Skilled workforce constraints

Mitigation Strategies:

Product portfolio diversification
Geographical expansion to reduce market concentration
Disciplined sourcing practices and supplier relationships
Hedging strategies for foreign exchange risk
Compliance framework and employee training

Forward-looking Statements

Revenue growth target: ~40% in FY27
Estimated CAGR of ~35% between FY26 and FY29
Expansion into adjacent industries: polyolefins, coatings, inks, textiles
Plans to establish centralized Centre of Excellence
Egypt facility expected to reduce freight costs to key export markets by up to 90%