Key Quantitative Figures (Q1FY27 Consolidated)

  • Revenue from Operations: ₹158.3 Crores (Up 27% YoY from ₹124.9 Cr in Q1FY26)
  • EBITDA: ₹54.9 Crores (Up 25% YoY from ₹43.9 Cr); EBITDA Margin: 34.7% (vs. 35.1% in Q1FY26)
  • Profit After Tax (PAT): ₹40.6 Crores (Up 30% YoY from ₹31.3 Cr); PAT Margin: 25.6% (vs. 25.0% in Q1FY26)
  • Earnings Per Share (EPS): ₹3.59
  • Cost of materials consumed: ₹56.6 Cr
  • Employee Expenses: ₹14.3 Cr
  • Other Expenses: ₹32.4 Cr
  • Depreciation: ₹4.0 Cr
  • Other Income: ₹5.4 Cr
  • Finance Cost: ₹2.1 Cr
  • Tax: ₹13.7 Cr

Management Commentary (MD's Message)

Mr. Sujit Bhayani, Managing Director, cited a "strong start to FY27" despite a "challenging global environment characterised by geopolitical uncertainties, supply chain disruptions, intermittent gas supply constraints, and elevated logistics costs." The performance was attributed to operational excellence, improved manufacturing efficiencies, and disciplined cost management.

Strategic & Operational Updates

  • Greenfield Expansion (Nandesari, Gujarat): The project, focused on Pharma Excipients, Actives, and Food & Nutrition Minerals, remains on schedule. The total capex is ~₹150 Crores, financed through internal accruals, to add 51,200 MT of annual capacity. Internal validation is completed, and customer validation is in progress with multiple audits scheduled.
  • Sudeep Advanced Materials (SAM) - Battery Materials: The groundbreaking ceremony for the plant in Dahej, Gujarat, was held on January 23, 2026. Phase 1 (25,000 MT capacity for Iron Phosphate) is on track for commissioning by March 2027. The total project cost is approximately ₹300 Crores, to be financed via Internal Accruals + Debt. The company has upgraded existing pharma Iron Phosphate capacity to produce 5,000 MT of battery-grade material. During the quarter, 2 additional MoUs were signed with leading South Korean CAM manufacturers, bringing the total to 8 MoUs signed.
  • NSS Integration (Inorganic Growth): Integration of the acquired Vitamin & Mineral Blends business is "progressing well" across commercial, supply chain, procurement, and operational functions. The operating environment in Europe remained challenging with subdued demand due to elevated energy costs.
  • Specialty Ingredients Business: Delivered a "strong quarter" driven by robust growth in the Premix and Encapsulation portfolios.

Corporate Governance Update

The Board was strengthened with the appointment of Mr. Milin Mehta as an Independent Director. He is a CA Rank Holder, M.Com (Gold Medalist), and Managing Partner at K C Mehta & Co LLP.

Historical Financial Snapshot (Full Year Consolidated)

| Particulars (₹ Crs) | FY26* | FY25 | FY24 | FY23 |

| Revenue | 642.3 | 502.5 | 458.7 | 429.2 |

| EBITDA | 221.9 | 190.0 | 181.7 | 89.1 |

| PAT | 174.3 | 138.7 | 133.2 | 62.3 |

| EPS | 15.50 | 12.78 | 12.28 | 5.74 |

| Total Assets | 1,174.9 | 717.2 | 513.9 | 420.1 |

| Total Equity | 898.1 | 493.1 | 356.0 | 223.3 |

Capacity Expansion Roadmap

| Business Line | Current/FY26 | Near-term Target | Long-term Target |

| Pharma, Food & Nutrition (Existing + Greenfield) | 86,200 MT | 137,400 MT | 137,400 MT |

| Specialty Ingredients (Incl. NSS) | 37,500 MT | 45,000 MT | 75,000 MT |

| Battery Materials (SAM) | 5,000 MT | 30,000 MT | 105,000 MT |

| Total Capacity | 128,700 MT | 212,400 MT | 317,400 MT |

Capital Structure & Cash Flow (As of Mar-26*)

  • Share Capital: ₹11.3 Cr
  • Net Cash from Operating Activities (FY26): ₹69.5 Cr
  • Net Cash used in Investing Activities (FY26): ₹(330.9) Cr
  • Net Cash from Financing Activities (FY26): ₹247.3 Cr
  • Cash and Cash Equivalents (EoP): ₹26.7 Cr
  • Bank Balances: ₹87.9 Cr