Management Commentary

Mr. Punit Gopikishan Makharia, Chairman and Managing Director, provided commentary on the company's performance:

  • Revenue from Operations stood at ₹403.5 Cr in Q2 FY27, registering 58.2% YoY growth
  • EBITDA reached ₹50 Cr with approximately 12.0% margin, reflecting 88% YoY growth
  • Profit After Tax (PAT) stood at ₹35.7 Cr, registering 96.2% YoY growth
  • H1 FY27 Revenue from Operations reached ₹683.6 Cr with PAT of ₹58.6 Cr, demonstrating 50% growth

Strategic Expansion Plans

The Board of Directors has approved:

  • New capital expenditure of ₹70 Cr at Ratnagiri Unit 5 for a new Chemical Plant with annual capacity of 3,000 MTPA
  • Project expected to be commissioned by March 2028
  • Funding through internal accruals and preferential issuance of Fully Convertible Warrants

Capital Raising

  • Issuance of up to 8,54,060 Fully Convertible Warrants to promoter Mr. Punit Gopikishan Makharia
  • Issue price of ₹526.90 per warrant, aggregating up to ₹45 Cr
  • Subject to shareholders' and other applicable approvals

Operational Highlights

  • Commercial Production at Unit-5 commenced during the quarter, boosting Dyes Capacity by 6,000 MTPA
  • 10.00 MW DC solar plant at Nanded, Maharashtra was commissioned, bringing total Solar Capacity to 20.6 MW DC on consolidated basis
  • Total manufacturing capacity: 7,23,660 MTPA across 9 facilities
  • Maintains ₹142.83 Cr in non-lien deposits as on 30th September, 2026

Q2 FY27 Consolidated Financial Highlights

| Metric | Q2 FY27 | Q2 FY26 | YoY Growth |

| Revenue from Operations | ₹403.5 Cr | ₹255.1 Cr | 58.2% |

| EBITDA | ₹49.2 Cr | ₹26.2 Cr | 87.7% |

| EBITDA Margin | 12.2% | 10.3% | |

| PAT | ₹35.7 Cr | ₹18.2 Cr | 96.1% |

| PAT Margin | 8.9% | 7.1% | |

H1 FY27 Consolidated Financial Highlights

| Metric | H1 FY27 | H1 FY26 | YoY Growth |

| Revenue from Operations | ₹683.6 Cr | ₹509.6 Cr | 34.1% |

| EBITDA | ₹81.2 Cr | ₹55.3 Cr | 46.6% |

| EBITDA Margin | 11.9% | 10.8% | |

| PAT | ₹58.6 Cr | ₹39.2 Cr | 49.7% |

| PAT Margin | 8.6% | 7.7% | |

Balance Sheet (as of 30th September 2026)

Equity & Liabilities:

  • Total Equity: ₹662.0 Cr (vs ₹610.1 Cr in Mar 26)
  • Total Non-Current Liabilities: ₹72.7 Cr
  • Total Current Liabilities: ₹411.7 Cr (includes Current Borrowings of ₹210.6 Cr)
  • Total Equity & Liabilities: ₹1,146.4 Cr

Assets:

  • Non-Current Assets: ₹542.9 Cr (includes Property, Plant and Equipment of ₹356.5 Cr and Capital Work in Progress of ₹126.8 Cr)
  • Current Assets: ₹603.5 Cr (includes Inventories of ₹93.9 Cr, Trade Receivables of ₹332.1 Cr, and Investments of ₹132.7 Cr)

Cash Flow Statement (H1 FY27)

  • Cash Flow from Operating Activities: (₹53.35) Cr
  • Cash Flow from Investing Activities: (₹40.4) Cr
  • Cash Flow from Financing Activities: ₹93.80 Cr
  • Net decrease in Cash & Cash equivalent: (₹0.01) Cr
  • Cash and cash equivalents at end of period: ₹0.66 Cr

Historical Financial Performance

| FY | Revenue (Cr) | EBITDA (Cr) | PAT (Cr) |

| FY26 | ₹976.6 | ₹99.5 | ₹70.1 |

| FY25 | ₹806.3 | ₹83.9 | ₹58.6 |

| FY24 | ₹726.2 | ₹60.7 | ₹37.1 |

| FY23 | ₹684.0 | ₹68.4 | ₹37.2 |

| FY22 | ₹584.0 | ₹79.7 | ₹55.5 |

| FY21 | ₹354.9 | ₹43.2 | ₹28.5 |

Strategic Growth Investments

The company has multiple expansion projects underway:

  • Unit 8 at Meghnagar: 3,00,000 MTPA Fertiliser capacity, ₹350 Cr capex, target completion March 2028
  • Unit 6 at Ratnagiri: 1,50,000 MTPA capacity
  • Unit 5 at Ratnagiri: 69,000 MTPA Chemical capacity
  • Total planned capex: ₹582 Cr
  • Total capex incurred: ₹248 Cr
  • Total capex outstanding: ₹334 Cr

Product Portfolio

  • Fertilisers: Single Super Phosphate, various NPK formulations, MPK, MAP, Calcium Nitrate, Sulphate of Potash
  • Chemicals: Various reactive dyes including Royal Blue Series, Turquoise Blue Series, Blank Series, CELF Reactive Dyes

Corporate Governance

Board of Directors includes:

  • Mr. Punit Gopikishan Makharia (Chairman and Managing Director)
  • Mr. Gautam Gopikishan Makharia (Joint Managing Director)
  • Mr. Raghav Punit Makharia (Non-Executive Non-Independent Director)
  • Mr. Ishtiaq Ali (Non-Executive Independent Director)
  • Mrs. Barkharani Harsh Nevatia (Non-Executive Independent Director)

ESG Profile

The presentation includes detailed AI-ESG profile covering 15 factors and 493 subfactors across Environment (34 factors), Social (73 factors), and Governance (87 factors).