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OCCL Ltd Initiates Anti-Dumping Duty Absorption Review Against Chinese Insoluble Sulphur Imports
OCCL Limited, the sole domestic producer of Insoluble Sulphur in India, has successfully petitioned the DGTR to initiate an anti-dumping duty (ADD) absorption review. The company alleges that Chinese exporters are absorbing the existing $307/MT duty by lowering export prices despite rising raw material costs, rendering the current protection ineffective. The review period is set for July 2025 to December 2025, and a favorable outcome could lead to an upward revision of duties. This regulatory move aims to safeguard OCCL's market share and margins against dumped imports used primarily in the tire industry.
Key Highlights
DGTR initiated an absorption review (Case No. AD (AA)-02/2026) on Insoluble Sulphur imports from China PR following OCCL's application.
Existing anti-dumping duties of $307 per MT were implemented on June 6, 2025, and are scheduled to remain in effect until June 2030.
OCCL claims that export prices from China have decreased significantly compared to the original investigation period, despite higher production costs.
The tire industry accounts for over 90% of the total consumption of Insoluble Sulphur in India, where OCCL is the dominant domestic player.
The DGTR has recommended provisional assessment of all subject imports until the completion of the review to protect domestic interests.
💼 Action for Investors
Investors should view this as a positive step toward protecting OCCL's domestic pricing power and market share. Monitor the final findings of the DGTR, as an increase in anti-dumping duties would likely improve the company's long-term profitability.
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OCCL Q3 FY26 Results: Revenue Up 19% to ₹115 Cr, PAT Rises 24% to ₹6.5 Cr
OCCL Limited reported a robust performance for Q3 FY26, with revenue increasing 19% YoY to ₹114.6 crores and PAT growing 24% to ₹6.5 crores. EBITDA margins saw an expansion to 17.6%, supported by improved domestic realisations following anti-dumping duties on imports from Japan and China. The company, holding a 60% domestic market share in insoluble sulphur, expects further tailwinds from GST reductions in the auto sector and favorable trade deals with the US and EU. However, high sulphur prices remain a key challenge for margin sustainability.
Key Highlights
Revenue from operations grew 19% YoY to ₹114.6 crores in Q3 FY26.
EBITDA increased by 26% YoY to ₹20.2 crores with margins improving by 100 bps to 17.6%.
PAT for the quarter stood at ₹6.5 crores, representing a 24% growth compared to the previous year.
Maintains a dominant 55-60% domestic and ~10% global market share in Insoluble Sulphur.
Management highlighted positive outlooks from US trade deals and domestic automobile demand recovery.
💼 Action for Investors
The company shows steady growth and margin improvement despite raw material headwinds; investors should monitor sulphur price trends and the progress of the India-EU Free Trade Agreement.
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OCCL Limited Appoints Rajneesh Dhiman as Head of Sales and Marketing
OCCL Limited has appointed Mr. Rajneesh Dhiman as Head – Sales and Marketing, effective February 4, 2026. Mr. Dhiman is a returning veteran to the company, having previously served from 2017 to 2025 and managed a business portfolio exceeding ₹150 crore. With over 23 years of experience in specialty and rubber chemicals, his expertise in Insoluble Sulphur and Carbon Black aligns closely with OCCL's core business. This appointment is expected to strengthen the company's strategic market development and customer engagement efforts.
Key Highlights
Appointment of Mr. Rajneesh Dhiman as Head – Sales and Marketing effective February 4, 2026
Mr. Dhiman brings over 23 years of extensive experience in the chemicals and materials industry
Previously managed a business portfolio exceeding ₹150 crore during his prior tenure at OCCL
Expertise spans Insoluble Sulphur and Carbon Black, including leadership roles at Balkrishna Industries and Continental Carbon India
💼 Action for Investors
Investors should view this as a positive move to stabilize and grow the sales division with experienced leadership. Monitor for improvements in sales execution and market share in the specialty chemicals segment over the coming quarters.
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OCCL Ltd Q3 FY26 PAT Rises 24% YoY to ₹6.5 Cr; EBITDA Up 26%
OCCL Limited reported a strong Q3 FY26 performance with total income growing 19% YoY to ₹114.6 crores. EBITDA increased by 26% YoY to ₹20.2 crores, with margins expanding to 17.6% despite challenges from high sulphur prices. Net profit (PAT) grew 24% YoY to ₹6.5 crores, even after absorbing a one-time exceptional charge of ₹3.1 crores related to new Labour Code obligations. The company is benefiting from anti-dumping duties on imports and a boost in domestic tyre demand following GST reductions in the automobile sector.
Key Highlights
Total Income for Q3 FY26 grew 19% YoY to ₹114.6 crores from ₹96.5 crores in the previous year.
EBITDA rose 26% YoY to ₹20.2 crores, maintaining a healthy margin of 17.6%.
Profit After Tax (PAT) increased 24% YoY to ₹6.5 crores, inclusive of a ₹3.1 crore exceptional item for Labour Code impacts.
9M FY26 Total Income reached ₹358.7 crores with a PAT of ₹28.4 crores.
Management reported improved domestic realisations following anti-dumping duties on imports from Japan and China.
💼 Action for Investors
Investors should monitor the impact of volatile sulphur prices on margins, though the company's outlook remains positive due to favorable trade policies and rising domestic tyre demand. The stock remains a key beneficiary of the 'China Plus One' strategy and domestic anti-dumping protections.
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OCCL Limited Q3 FY26 PAT Rises 24% YoY to ₹6.5 Crore; Revenue Up 19%
OCCL Limited reported a strong performance for Q3 FY26, with total income rising 19% YoY to ₹114.6 crore. EBITDA grew by 26% YoY to ₹20.2 crore, while EBITDA margins improved to 17.6% from 16.6% in the same quarter last year. Net profit (PAT) increased by 24% YoY to ₹6.5 crore, despite an exceptional charge of ₹3.1 crore related to the impact of new labour codes. The company is benefiting from improved domestic realizations following anti-dumping duties on imports from Japan and China.
Key Highlights
Total Income for Q3 FY26 stood at ₹114.6 crore, a 19% increase compared to ₹96.5 crore in Q3 FY25.
EBITDA grew 26% YoY to ₹20.2 crore with margins expanding by 100 bps to 17.6%.
Net Profit (PAT) for the quarter rose 24% YoY to ₹6.5 crore, including a ₹3.1 crore exceptional item for labour code compliance.
9M FY26 performance shows a Total Income of ₹358.7 crore and a PAT of ₹28.4 crore.
Management noted improved domestic realizations due to anti-dumping duties and a positive export outlook for Europe and the USA.
💼 Action for Investors
Investors should note the margin expansion and the company's strong position in the tyre industry supply chain. Monitor the impact of high sulfur prices on future margins and the potential benefits from the India-EU Free Trade Agreement.
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OCCL Q3 FY26 PAT Grows 24% YoY to ₹6.5 Cr; Revenue Increases 19% to ₹114.6 Cr
OCCL Limited reported a robust performance for Q3 FY26, with revenue from operations rising 19% YoY to ₹114.6 crores. EBITDA for the quarter grew by 26% to ₹20.2 crores, with margins expanding to 17.6% from 16.6% in the previous year. Net profit (PAT) increased 24% YoY to ₹6.5 crores, even after accounting for a one-time exceptional impact of ₹3.1 crores related to new Labour Codes. The company is benefiting from improved domestic realisations following anti-dumping duties on imports and a boost in automotive demand due to GST reductions.
Key Highlights
Revenue from operations grew 19% YoY to ₹114.6 crores in Q3 FY26 compared to ₹96.5 crores in Q3 FY25.
EBITDA increased 26% YoY to ₹20.2 crores with margins improving by 100 bps to 17.6%.
Net Profit (PAT) rose 24% YoY to ₹6.5 crores despite a ₹3.1 crore exceptional charge for Labour Code compliance.
9M FY26 Total Income stood at ₹358.7 crores with an EBITDA of ₹67.1 crores (18.7% margin).
The company appointed Mr. Rajneesh Dhiman as Senior Management Personnel effective February 4, 2026.
💼 Action for Investors
Investors should monitor the sustainability of margin expansion and the impact of anti-dumping duties on domestic market share. The company's strong position in the insoluble sulphur market makes it a key beneficiary of the recovery in the global tyre and domestic automotive sectors.