TGV Sraac Ltd (507753)
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, TGV Sraac's revenue was ₹511 Cr (+4.9% year on year, +14.1% on the previous quarter), and net profit ₹28.0 Cr (+27.3% year on year); the operating margin was 16.6%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹511 | +4.9% | +14.1% |
| Operating profit | ₹85.0 | +44.1% | +10.4% |
| Net profit | ₹28.0 | +27.3% | +0.0% |
| EPS (₹) | 2.61 | +28.6% | -0.4% |
| Operating margin | 16.6% | — | — |
📢 Recent Corporate Announcements
TGV Sraac Ltd has submitted its monthly compliance report regarding the special window for re-lodgement of transfer requests for physical shares pursuant to SEBI circular dated January 30, 2026. For the month of September 2026, the company's Registrar and Transfer Agent, Aarthi Consultants Private Limited, reported nil requests received, processed, approved, or rejected. This is a recurring administrative filing that has no impact on operations or financial performance. The company continues to operate with a TTM revenue of ₹1,950 Cr and market cap of ₹1,098 Cr.
- 0 requests received for re-lodgement of physical shares during September 2026
- 0 requests processed, approved, or rejected during the month
- Filing submitted in compliance with SEBI circular dated 30th January, 2026
TGV Sraac Limited has commissioned an additional 5.00 MWp of solar power capacity. This raises the company's total captive solar power generation capacity from 70.40 MWp to 75.40 MWp, representing a 7.1% increase in its solar portfolio. Because power constitutes approximately 50% of production costs in chlor-alkali manufacturing, captive renewable capacity helps lower unit operating costs. The investment details and capex outlay for this specific addition were not disclosed in the filing.
- Added 5.00 MWp of solar power generating capacity
- Total solar power capacity increased from 70.40 MWp to 75.40 MWp
- Represents a 7.1% expansion in total solar power capacity
TGV Sraac Limited has commissioned an additional 5.00 MWp of solar power generating capacity. This addition increases the company's total captive solar power generation capacity from 65.40 MWp to 70.40 MWp (a 7.6% increase in solar capacity). For a chlor-alkali manufacturer where power accounts for ~50% of caustic soda production costs, expanding captive renewable energy directly aids operating cost containment. Against the company's Rs 1,950 Cr TTM revenue base and ongoing Rs 1,044 Cr expansion, this incremental power addition is operationally positive but modest in size.
- Solar power capacity addition of 5.00 MWp commissioned
- Total solar power generating capacity increased from 65.40 MWp to 70.40 MWp
- Expands internal renewable power base to help mitigate power costs (~50% of caustic production cost)
TGV Sraac Ltd announced that shareholders approved amendments to its Memorandum of Association (MoA) Object Clause during the Annual General Meeting held on September 26, 2026. The company replaced Clause III(A)2 and inserted a new Clause III(A)13, permitting it to engage in business as contractors, builders, town planners, and infrastructure and estate developers. TGV Sraac's authorized share capital remains unchanged at ₹130 Cr divided into 13 Cr equity shares of ₹10 each. The chemical manufacturer has not yet committed specific capital expenditure to these newly added real estate activities.
- Shareholders approved the alteration of the Object Clause in the AGM on 26/09/2026
- Inserted Point III (A) 13 allowing activities as builders, town planners, and infrastructure developers
- Replaced Point III (A) 2 regarding acquiring land and developing estates
- Authorized share capital stands at ₹130,00,00,000 comprising 13,00,00,000 equity shares of ₹10 each
TGV Sraac has commissioned an additional 2.5 MWp of solar power capacity. This raises the company's total captive solar power generating capacity from 62.90 MWp to 65.40 MWp, an increase of ~4.0%. Power costs account for roughly 50% of production costs in the caustic soda business, making captive renewable additions an incremental positive for operating margins.
- Solar power capacity increased by 2.5 MWp
- Total solar power generating capacity expanded from 62.90 MWp to 65.40 MWp
- Follows earlier submission dated 13.07.2026 regarding the planned capacity
TGV Sraac Ltd has announced its 44th Annual General Meeting (AGM) for September 26, 2026. The company has fixed September 18, 2026, as the record date for determining shareholder eligibility for dividend payments and e-voting. Dividend disbursements are scheduled to be completed by October 17, 2026. This administrative update follows a fiscal year where the company achieved a net profit of ₹132 Cr on revenues of ₹1,950 Cr.
- 44th Annual General Meeting scheduled for September 26, 2026, at 11:00 AM via VC/OAVM
- Record date for dividend eligibility and e-voting fixed as September 18, 2026
- Dividend payment to be processed by October 17, 2026
- Remote e-voting period set from September 21 (9:00 AM) to September 25 (5:00 PM), 2026
TGV Sraac has approved its unaudited financial results for the quarter ended June 30, 2026. The company fixed September 18, 2026, as the record date for the final dividend of FY 2025-26, with the Annual General Meeting (AGM) scheduled for September 26, 2026. Additionally, the board recommended the re-appointment of Sri K. Karunakar Rao as Executive Director (Finance & Commercial) for a three-year term starting May 2027 at a monthly remuneration of Rs 2.50 lakhs plus allowances. This ensures leadership continuity as the company navigates its significant capital expenditure phase.
- Record date for FY 2025-26 final dividend fixed for September 18, 2026.
- Re-appointment of Executive Director (Fin. & Comml.) for a 3-year term from May 11, 2027, to May 10, 2030.
- Executive Director remuneration set at Rs 2.50 lakhs per month plus perquisites.
- 44th Annual General Meeting (AGM) to be held on September 26, 2026, via video conferencing.
- Re-appointment of M/s. Aruna Prasad & Co. as Cost Auditors for FY 2026-27.
TGV Sraac reported a strong performance for Q1 FY27, with revenue from operations rising 10.6% YoY to ₹543.08 Cr. Net profit increased by 17.2% YoY to ₹45.42 Cr, while sequentially (QoQ), profit surged by 62.3% from ₹27.99 Cr. The growth was primarily driven by the core Chemicals segment, which saw PBIT improve to ₹66.49 Cr from ₹59.28 Cr in the previous year's quarter. Finance costs also saw a healthy reduction of 19.8% YoY, supporting the bottom-line expansion.
- Revenue from operations grew 10.6% YoY to ₹543.08 Cr from ₹490.94 Cr.
- Net profit for the quarter stood at ₹45.42 Cr, a 17.2% increase over ₹38.75 Cr in Q1 FY26.
- Chemicals segment revenue reached ₹536.61 Cr, contributing over 98% of total revenue.
- Finance costs decreased to ₹5.53 Cr from ₹6.90 Cr in the corresponding quarter last year.
- Basic EPS improved to ₹4.24 for the quarter compared to ₹3.61 in the previous year.
TGV Sraac Ltd has scheduled a board meeting on August 10, 2026, to review and approve the unaudited financial results for the quarter ended June 30, 2026. This follows a fiscal year (FY26) where the company generated Rs 1,950 Cr in revenue and Rs 132 Cr in PAT. The trading window for insiders has been closed since July 1, 2026, and will reopen on August 12, 2026. Investors will be monitoring these results for margin trends in the commodity chemicals segment and updates on the ongoing Rs 1,044 Cr expansion project.
- Board meeting scheduled for August 10, 2026, to approve Q1 FY27 results.
- Trading window closed from July 1, 2026, until August 12, 2026 (48 hours post-results).
- Results pertain to the first quarter ended June 30, 2026.
- Company is currently executing a Rs 1,044 Cr capacity expansion, representing ~94% of its current market cap.
TGV Sraac Ltd has successfully commissioned an additional 2.5 MWp of solar power capacity, bringing its total solar generation base to 62.90 MWp. This represents a 4.14% increase from its previous capacity of 60.40 MWp. The addition is part of the company's strategy to enhance captive power generation for its industrial operations. While the incremental capacity is modest, it contributes to long-term energy cost optimization and improves the company's ESG profile.
- Added 2.5 MWp of solar power capacity to its existing portfolio
- Total solar power generating capacity increased from 60.40 MWp to 62.90 MWp
- The expansion follows a previous intimation submitted to the exchange on June 25, 2026
- The project is located at the company's facilities in Kurnool, Andhra Pradesh
TGV Sraac Ltd has submitted its monthly status report regarding the special window for re-lodgement of physical share transfer requests for June 2026. The company reported that zero requests were received, processed, or approved during the month. This filing is a procedural requirement under the SEBI circular dated January 30, 2026, aimed at facilitating the transfer of shares held in physical form.
- 0 requests received for re-lodgement of physical share transfers in June 2026
- 0 requests approved or rejected during the reporting period
- Compliance filing as per SEBI Circular dated 30th January, 2026
- Report verified by Registrar and Transfer Agent, Aarthi Consultants Private Limited
Financial Performance
Revenue Growth by Segment
Total operating income grew 13.1% from INR 1,545.96 Cr in FY24 to INR 1,749.04 Cr in FY25. H1FY26 revenue reached INR 990.88 Cr, a 12% YoY increase compared to H1FY25.
Geographic Revenue Split
Domestic sales constitute the majority of revenue; however, exports grew 27.1% from INR 72.90 Cr in FY24 to INR 92.68 Cr in FY25.
Profitability Margins
Net Profit Ratio improved 33.76% YoY, rising from 3.96% in FY24 to 5.30% in FY25. Return on Equity (RoE) increased from 5.67% to 8.10%, a 42.89% favorable variance.
EBITDA Margin
PBILDT margin improved significantly to 18.92% in H1FY26 from 13.70% in H1FY25. FY24 PBILDT was INR 134.39 Cr (8.69% margin) compared to INR 539.45 Cr in FY23.
Capital Expenditure
The company has planned a large-scale capex of INR 1,044 Cr over FY26-FY27. In FY25, INR 63 Cr was spent on caustic soda and chloromethane capacity expansions.
Credit Rating & Borrowing
CARE A; Stable (Long-term) and CARE A1 (Short-term) reaffirmed in January 2026. Total debt stood at INR 305 Cr as of September 30, 2025, with a Net Debt/PBILDT of 0.81x.
Operational Drivers
Raw Materials
Industrial salt, potassium chloride, palm fatty acids, and castor oil, which collectively represent 35% to 45% of the total production cost.
Import Sources
Imported raw materials and capital goods totaled INR 99.59 Cr in FY25, a decrease from INR 247.31 Cr in FY24; sources include global markets for potassium chloride.
Key Suppliers
Key suppliers include group entities such as TGV Industries Private Limited (INR 358.55 Cr in purchases) and Priyadarshini Salt Works Private Limited (INR 7.11 Cr).
Capacity Expansion
Current installed capacity includes Caustic Soda (3,32,150 MTPA), Caustic Potash (49,500 MTPA), and Chloromethane (1,39,914 MTPA). Expanding caustic soda by 450 TPD by March 2027.
Raw Material Costs
Raw material costs account for 35-45% of total costs. The company utilizes group synergies to procure salt and other inputs to mitigate price volatility.
Manufacturing Efficiency
Maintained high capacity utilization for key products during FY24; manufacturing plants are ISO 9002, ISO 14001, and OHSAS 18001 certified.
Logistics & Distribution
Not disclosed as a specific percentage of revenue, but the company serves over 200 clients across diverse industrial sectors.
Strategic Growth
Expected Growth Rate
10%
Growth Strategy
Growth will be driven by an INR 1,044 Cr expansion of caustic soda capacity by 450 TPD by March 2027. The strategy includes increasing renewable energy capacity to lower the 50% power cost burden and leveraging integrated operations to maintain 18-19% PBILDT margins.
Products & Services
Caustic soda, caustic potash, sodium hypochlorite, chlorine, hydrochloric acid, hydrogen gas, chloromethane products, castor oil derivatives, fatty acids, and toilet soaps.
Brand Portfolio
TGV Group; specific consumer brands for toilet soaps and healthcare products are managed under the flagship TGV SRAAC entity.
New Products/Services
Expanded chloromethane and caustic soda capacities are expected to be the primary contributors to the projected 10% YoY revenue growth in FY26.
Market Expansion
Targeting increased market share in Southern India and expanding the export portfolio, which grew by 27% in the most recent fiscal year.
Market Share & Ranking
Identified as a notable player in the Southern India chloro-alkali industry with a track record of ~40 years.
Strategic Alliances
Strong intra-group alliances with Sree Rayalaseema Hi-Strength Hypo Limited (Sales: INR 95.33 Cr) and Roopa Industries Limited.
External Factors
Industry Trends
The chloro-alkali industry is evolving with a focus on reducing carbon footprints. TGV SRAAC is shifting toward renewable energy to mitigate high power costs and regulatory pressure.
Competitive Landscape
Operates in a competitive commodity chemical market; key risks include 'heavy dumping' of caustic soda by larger global players.
Competitive Moat
Durable competitive advantage through 40 years of experience, a 120.50 MW captive power plant, and highly integrated manufacturing that protects against cyclicality.
Macro Economic Sensitivity
Highly sensitive to global chemical demand-supply cycles and industrial GDP growth, which directly affect ECU realizations.
Consumer Behavior
Demand is driven by industrial shifts in the textile, alumina, and soap industries, which are currently showing stable demand for chlor-alkali products.
Geopolitical Risks
Trade barriers or global oversupply (dumping) of caustic soda from international markets can significantly impact domestic pricing and margins.
Regulatory & Governance
Industry Regulations
Subject to stringent environmental and fire safety norms. Tightening of pollution control regulations could lead to increased operational costs.
Environmental Compliance
ISO 14001 certified. The company must adhere to evolving pollution control norms to ensure seamless operations and avoid potential disruptions.
Taxation Policy Impact
Standard corporate tax rates apply; no specific fiscal incentives or unique tax policies were disclosed.
Legal Contingencies
No major pending court cases or values disclosed; the company reports compliance with all requisite approvals and pollution control observations.
Risk Analysis
Key Uncertainties
Project implementation risk for the INR 1,044 Cr capex; any delay in commissioning by March 2027 could impact return on capital employed (ROCE).
Geographic Concentration Risk
Operations are concentrated in Southern India, making the company sensitive to regional industrial demand and power policies.
Third Party Dependencies
High dependency on power utilities and specific raw material suppliers like TGV Industries for 35-45% of input costs.
Technology Obsolescence Risk
The company is mitigating technology risks by upgrading to renewable energy and maintaining ISO-certified manufacturing standards.
Credit & Counterparty Risk
Adequate receivables quality; liquidity is supported by a current ratio of 1.06x and moderate utilization (82%) of working capital limits.
