• The document is a regulatory filing containing the transcript of the Q4 FY26 Earnings Conference Call held on Wednesday, May 27, 2026.
  • The call was held to discuss the financial and operational performance of the Company for the fourth quarter and financial year ended March 31, 2026.
  • Management participants included:
  • Ms. Vinati Saraf Mutreja, Managing Director and Chief Executive Officer
  • Mr. Gulshan Sakhuja, Chief Financial Officer
  • Mr. Aditya Churiwala, AGM, Corporate Finance
  • The moderator was Mr. Archit Joshi from Nuvama Institutional Equities.
  • The transcript was submitted in compliance with Regulation 30 of the SEBI Listing Regulations and is also hosted on the company's website (www.vinatiorganics.com).
  • The company included a standard disclaimer that the call may contain forward-looking statements subject to business risks.

Financial Performance Highlights (as disclosed in the transcript):

Standalone Performance Q4 FY26:

  • Net Income (incl. other income): INR631 crores (up 17% from INR538 cr in Q3)
  • EBITDA: INR203 crores (up 20% from INR169 cr in Q3)
  • Profit After Tax (PAT): INR137 crores (up 27% from INR108 cr in Q3)

Standalone Performance Full Year FY26:

  • Net Income (incl. other income): INR2,281 crores (stable YoY)
  • EBITDA: INR741 crores (up 17% from INR630 cr in FY25)
  • PAT: INR488 crores (up 18% from INR415 cr in FY25)

Consolidated Performance Q4 FY26:

  • Net Income (incl. other income): INR624 crores (up 16% from INR540 cr in Q3)
  • EBITDA: INR191 crores (up 15% from INR165 cr in Q3)
  • PAT: INR123 crores (up 23% from INR101 cr in Q3)

Consolidated Performance Full Year FY26:

  • Net Income (incl. other income): INR2,280 crores (stable YoY)
  • EBITDA: INR707 crores (up 13% from INR625 cr in FY25)
  • PAT: INR444 crores (up 9% from INR405 cr in FY25)

Operational Performance & Guidance:

  • ATBS: Global market share remained robust. Demand softened from Oct 2025 but has recovered. Expects 15-20% volume growth in FY27.
  • Butyl Phenols: Delivered steady performance in FY26. Expects moderate growth in FY27.
  • IB and HP-MTBE: Stable performance in FY26. Expects double-digit growth in FY27.
  • IBB: Volume declined ~20% in FY26 due to raw material unavailability from the Iran war. Constraint is now resolved; production and sales are back on track.
  • Customized Products: Recorded 10% YoY growth in FY26.
  • Antioxidants (AO): Delivered 15% revenue growth in FY26 despite a challenging environment. Expects strong momentum in FY27.
  • Overall: Targeting ~15% volume growth at the company level in FY27.

Capital Expenditure (Capex):

  • FY26 Capex: ~INR270 crores incurred, including investments in subsidiary VOPL for capacity expansion, new product development, and operational scalability.
  • ATBS capacity expansion was successfully completed during the year.
  • FY27 Capex: Earmarked INR200-250 crores for continued investment in capacity expansion, innovation, and operational efficiency.
  • The R&D team is working on new products for the next phase of investment.

Subsidiary Update (VOPL):

  • Veeral Organics Pvt Ltd (VOPL), a 100% subsidiary, requires process reengineering for a few products.
  • This is expected to take ~6 months, with revenue contribution anticipated from Q3 FY27 onwards.
  • FY26 sales from VOPL were minimal (~INR10 cr). FY27 sales are expected to be INR100-120 crores.

Financial Position & Dividend:

  • The company has been funding all expansion through internal accruals and remains debt-free.
  • Treasury balance of ~INR190 crores as of March 31, 2026.
  • The Board recommended a dividend of INR8.50 per equity share (FV INR1) for FY26, subject to shareholder approval.

Key Q&A Highlights from Transcript:

  • New Products: 2-3 new niche chemical products targeting fragrance, personal care, food additives (antioxidants), and plastics are in the pipeline for H2 FY27.
  • Revenue Breakup (FY26): ~35% ATBS, 15-20% Antioxidants (AO), 10-12% IB, 10-12% IBB, rest from customized and other products.
  • Raw Material & Logistics: Initial challenges due to the Iran war have been resolved; supply chain is now stable.
  • ATBS Capacity: Effectively 40,000 tonnes (for higher purity product). Phase 2 expansion will be utilized more in FY28.
  • Capex Split (FY27): ~INR40-50 cr in VOPL; ~INR200 cr in the holding company.
  • Antioxidants (AO) & ADD: The anti-dumping duty (ADD) application was previously rejected. The company has reapplied; a decision may take 6-9 months.
  • Margin Outlook: Management aims to maintain a long-term EBITDA margin of 26-27%.
  • Growth Strategy: Focus remains on organic expansion with an annual capex of INR250-300 cr for the next 3-5 years.

Additional Notes Section

  • The document is an enclosure to a letter dated May 29, 2026, submitted to the BSE and NSE.
  • The transcript itself was the attachment to this filing.
  • No new unpublished price sensitive information (UPSI) was indicated to have been shared in the announcement letter itself; the transcript contained previously disclosed financial results and forward-looking commentary.