Financial Performance Q1 FY27

  • Revenue: ₹51.78 Crore, representing +37.7% YoY growth but -0.8% QoQ decline
  • EBITDA: ₹4.99 Crore, showing +32.0% YoY growth and +4.4% QoQ growth
  • Operating Profit Margin: 9.64%, compared to 10.05% in Q1 FY26 and 9.15% in Q4 FY26
  • Profit Before Tax: ₹3.45 Crore, demonstrating +112.9% YoY growth and +14.6% QoQ growth
  • Profit After Tax: ₹2.53 Crore, showing +99.7% YoY growth and +27.8% QoQ growth
  • EPS: ₹1.33 for Q1 FY27 compared to ₹0.86 in Q1 FY26

Quarterly Trends

Revenue progression: Q2 FY25 (₹39 Cr), Q3 FY25 (₹41 Cr), Q4 FY25 (₹44 Cr), Q1 FY26 (₹38 Cr), Q2 FY26 (₹39 Cr), Q3 FY26 (₹46 Cr), Q4 FY26 (₹52 Cr), Q1 FY27 (₹52 Cr)

Strategic Developments

Sayakha Greenfield Facility:

  • Commercial production commenced in August 2026 at Gujarat PCPIR, Bharuch
  • Initial capacity: 3,600+ MT/year for pigment powders and high-performance grades
  • Environmental clearance and building approval received
  • Manufacturing consolidated from Tarapur facility
  • Funded by equity raising without incremental debt

Membrane Technology Expansion:

  • ADIMEM Technologies acquired Reverse Osmosis/Nanofiltration membrane manufacturing platform from Aquaporin, Denmark
  • Commercial RO/UF membrane sales began in April 2026
  • Target: 25% of group revenue from membranes within 3 years
  • Co-located with Sayakha facility with shared infrastructure

Distribution Agreement:

  • Exclusive distribution deal signed with Omya Europe in June 2026
  • Covers SunTone®/SunCoat® range across 8 European markets (UK, Norway and 6 others)

Fundraising Activities

Preferential Allotment (October 2025):

  • ₹27.54 Crore raised through allotment of 13,05,400 shares at ₹211/share
  • 19 non-promoter investors participated

Rights Issue (April 2025):

  • ₹20.41 Crore raised through allotment of 44,37,291 shares at ₹46/share
  • Ratio: 1 share for every 3 shares held

Total Equity Raised: ₹47.95 Crore deployed toward capacity expansion and membrane diversification

Operational Highlights

  • Market Cap: ₹510 Crore
  • Export Presence: 50+ countries with ~60% revenue from exports
  • Product Portfolio: 2,400+ SKUs across 13 categories including pigment powders, dispersions, dyes, and pigment intermediates
  • Manufacturing Footprint: 3 sites (Palghar, Ambernath, Sayakha)
  • Certifications: OEKO-TEX ECO PASSPORT, REACH, ISO 9001:2015, ZDHC Level 3, Halal & Kosher, GOTS, ISO 14001:2026, ISO 45001:2019

Market Position

  • World's #1 ODiHCL/Blue B Base producer
  • India's 2nd-largest exporter of dyes & pigments
  • 55+ year established brand in specialty chemicals
  • Domestic operations contribute ~35% of revenues

Growth Drivers

  • Capacity utilization ramp-up at existing plants
  • China+1 strategy creating export opportunities
  • New product development for automotive segments
  • Membrane technology diversification
  • Backward integration through pigment intermediates

Risk Factors

  • Raw material volatility (azo dye intermediates & petrochemical-derived materials)
  • Sayakha execution risk and certification delays
  • Global demand headwinds in textiles & coatings
  • Currency exposure (~60% export revenue)

ESG Initiatives

  • OEKO-TEX ECO PASSPORT certification for entire pigment & reactive dyes range
  • Modern ETP & water management at all manufacturing sites
  • Shift to greener chemistries and safer raw materials
  • ADIMEM membrane platform enabling customer water reuse & ZLD compliance
  • CRISIL & India Ratings credit assessment: BB+/Stable

Ownership Structure

  • Promoter holding: 63.94% (as of June 2026)
  • Leadership: Second & third generation professionally qualified family leadership