Ishan Dyes and Chemicals Limited (ISHANCH)
📢 Recent Corporate Announcements
Ishan Dyes and Chemicals Limited has issued the notice for its 33rd Annual General Meeting (AGM) scheduled for Tuesday, September 29, 2026, at 03:00 PM IST via Video Conferencing. The cut-off date to determine voting eligibility is September 22, 2026, with the remote e-voting window open from September 26 to September 28, 2026. The meeting agenda covers ordinary business, including the adoption of FY2025-26 standalone audited financial statements and the re-appointment of Whole-Time Director Mr. Shrinal P. Patel, who retires by rotation.
- 33rd Annual General Meeting scheduled for September 29, 2026, via Video Conferencing
- Cut-off date for e-voting eligibility set for September 22, 2026
- Remote e-voting open from September 26, 2026 (09:00 AM IST) to September 28, 2026 (05:00 PM IST)
- Share transfer books and register of members closed from September 23 to September 29, 2026
- Ordinary business includes re-appointment of Director Shrinal P. Patel (holding 24,15,210 shares) retiring by rotation
Ishan Dyes and Chemicals reported a 154.7% YoY increase in revenue from operations to ₹41.48 cr (₹4,148.04 lakhs) for the quarter ended June 30, 2026, compared to ₹16.29 cr in the previous year. However, net profit declined 49.0% YoY to ₹0.16 cr (₹15.50 lakhs) from ₹0.30 cr, heavily compressed by higher raw material costs, finance costs (₹2.50 cr vs ₹1.26 cr YoY), and depreciation (₹2.05 cr vs ₹0.61 cr YoY). On a sequential basis, net profit fell 89.4% from ₹1.46 cr in the preceding March 2026 quarter. Additionally, statutory auditors issued a qualified conclusion on the standalone financial results.
- Revenue from operations rose 154.7% YoY to ₹4,148.04 lakhs compared to ₹1,628.83 lakhs in Q1 FY26
- Net profit declined 49.0% YoY and 89.4% QoQ to ₹15.50 lakhs from ₹30.40 lakhs in Q1 FY26 and ₹146.49 lakhs in Q4 FY26
- Finance costs increased to ₹249.82 lakhs (up from ₹126.33 lakhs YoY) and depreciation rose to ₹204.51 lakhs (up from ₹60.50 lakhs YoY)
- Statutory auditors M/s A R Sulakhe & Co issued a Qualified Conclusion on the un-audited standalone results
- 33rd Annual General Meeting scheduled for Tuesday, September 29, 2026
Ishan Dyes and Chemicals has commenced work on four new high-value sulphur-based products at its Sulphuric Acid Unit. These products are expected to be commercially launched by October 2026, following a three-month development and ramp-up period. This initiative is part of a broader strategy to diversify into specialty chemicals, complementing the company's ongoing ₹70.97 Cr investment in a bulk chemical intermediates plant. The move is intended to enhance margins and strengthen market presence amidst a competitive global environment.
- Commencement of work for 4 new high-value sulphur-based products
- Commercial launch targeted within the next 3 months (by October 2026)
- Expansion leverages the existing Sulphuric Acid Unit for value-added production
- Complements the existing ₹70.97 Cr investment in a new bulk chemical intermediates plant
- Aims to mitigate pricing pressures from Chinese exports and global volatility
Ishan Dyes and Chemicals Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MCS Share Transfer Agent Limited, confirms that all securities received for dematerialization during the quarter ended June 30, 2026, were processed correctly. The Registrar confirmed that physical certificates were mutilated and cancelled, and the depository's name was updated in the register of members within the required 15-day timeframe. This is a standard administrative filing ensuring the integrity of electronic shareholding records.
- Compliance certificate issued for the quarter ended June 30, 2026
- Confirmation that dematerialization requests were processed within 15 days
- Certificate from Registrar and Share Transfer Agent (RTA) dated July 4, 2026
- Verification that physical share certificates were mutilated and cancelled after processing
Ishan Dyes and Chemicals has formally proposed an exclusive dealership arrangement to A-1 Limited, a listed public company, for seven sulphur-based industrial products. The company has already established a significant relationship with A-1 Limited, supplying materials worth approximately ₹40 Crores between February 2026 and July 2026. If finalized, the arrangement is expected to enhance revenue visibility and market share, complementing the company's ongoing ₹70.97 Cr investment in a new bulk chemical intermediates plant. Currently, the proposal remains non-binding with no definitive agreement executed yet.
- Supplied materials worth ~₹40 Crores to A-1 Limited in the five-month period since February 2026
- Proposal covers 7 products including Sulphuric Acid (98% & 70%), Oleum (23% & 65%), and Chloro Sulphonic Acid
- Company is currently investing ₹70.97 Cr in a new plant for bulk chemical intermediates expected by late 2025
- The proposal aims to leverage an existing distribution network and established customer base for incremental growth
Ishan Dyes and Chemicals Limited has responded to a clarification sought by the National Stock Exchange regarding its Q4 FY2025 financial results. The exchange noted that the original submission lacked the mandatory balancing figure note required under SEBI Regulation 33. The company has now submitted revised notes, attributing the initial omission to an administrative oversight. The filing also provides the audited cash flow statement, showing cash generated from operations at ₹1,228.63 lakhs for FY25.
- NSE sought clarification on July 1, 2025, regarding missing balancing figure notes in the May 28, 2025, filing
- Company submitted revised financial notes for the quarter and year ended March 31, 2025
- Net cash generated from operating activities stood at ₹1,228.63 lakhs for FY25 compared to ₹1,424.89 lakhs in FY24
- Cash and cash equivalents at the end of the financial year were reported at ₹14.26 lakhs
- The company stated the reporting error was due to oversight and without any willful intention
Ishan Dyes and Chemicals reported a weak performance for FY26, with annual revenue from operations declining 27.6% to ₹73.47 crore from ₹101.47 crore in FY25. The company swung to a net loss of ₹7.11 crore for the full year, compared to a profit of ₹1.08 crore in the previous fiscal. However, Q4 FY26 provided some relief with a net profit of ₹1.46 crore, a significant recovery from the ₹5.25 crore loss reported in Q3 FY26. The company also announced the appointment of M/s. H D Panchal & Co. as Internal Auditors for FY27.
- Annual revenue from operations fell 27.6% YoY to ₹73.47 crore in FY26.
- Reported a net loss of ₹7.11 crore for FY26 against a profit of ₹1.08 crore in FY25.
- Q4 FY26 revenue stood at ₹31.75 crore, showing a sequential recovery from ₹18.69 crore in Q3.
- Finance costs rose to ₹7.02 crore in FY26 from ₹5.13 crore in FY25.
- Full-year Basic EPS declined to -₹3.00 from ₹0.52 in the previous year.
Ishan Dyes and Chemicals Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting July 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the Q1 financial results. The window will remain closed until 48 hours after the declaration of the un-audited standalone financial results for the quarter ending June 30, 2026. The specific date for the board meeting to approve these results has not yet been announced.
- Trading window closure effective from July 1, 2026
- Closure pertains to un-audited standalone financial results for the quarter ending June 30, 2026
- Restriction applies to employees, directors, KMPs, and designated persons
- Window to reopen 48 hours after the official announcement of financial results
Ishan Dyes and Chemicals Limited reported a significant annual downturn for FY26, swinging to a net loss of ₹710.85 lakhs from a profit of ₹108.50 lakhs in FY25. Annual revenue from operations fell by approximately 27.6% to ₹7,347.13 lakhs. While Q4 FY26 showed a recovery with a net profit of ₹146.49 lakhs, the statutory auditors have issued a 'Qualified Opinion' on the financial results, necessitating a revised filing to include the Statement of Impact of Audit Qualifications.
- Company reported a net loss of ₹710.85 lakhs for FY26 compared to a profit of ₹108.50 lakhs in FY25.
- Annual revenue from operations declined to ₹7,347.13 lakhs from ₹10,146.96 lakhs in the previous year.
- Statutory Auditors M/s A R Sulakhe & Co issued a Qualified Opinion on the audited financial results.
- Q4 FY26 standalone net profit stood at ₹146.49 lakhs, a turnaround from a loss of ₹116.20 lakhs in Q4 FY25.
- Board appointed M/s. H D Panchal & Co. as Internal Auditors for the financial year ending March 31, 2027.
Ishan Dyes and Chemicals has received an advisory letter from the National Stock Exchange (NSE) regarding a compliance lapse involving 45,84,872 warrants allotted in September 2025. The company failed to implement the mandatory one-year lock-in period on the date of allotment, resulting in a delay of over two months until December 6, 2025. While the NSE has viewed this non-compliance seriously, no financial penalties or fines have been imposed at this stage. The company attributed the delay to operational issues and confirmed that no warrants were traded during the period of non-compliance.
- NSE issued an advisory letter for non-compliance with SEBI (ICDR) Regulations regarding 45,84,872 warrants.
- The mandatory lock-in period was delayed by over 2 months, starting December 6, 2025, instead of September 20, 2025.
- Company cited operational issues in obtaining ISIN and Corporate Action as the reason for the delay.
- No financial penalties or fines were imposed on the company by the exchange.
- The company confirmed that no purchase or sale of these warrants occurred during the delayed lock-in period.
Ishan Dyes and Chemicals Limited has filed its Annual Secretarial Compliance Report for the financial year ended March 31, 2026. The report highlights a specific non-compliance with SEBI Regulation 17(1) because independent directors did not constitute half of the Board. As a result, the company was fined ₹20,000 by BSE and NSE. The company has since rectified the board composition and reported compliance in the subsequent quarter.
- Non-compliance with SEBI LODR Regulation 17(1) regarding the required ratio of independent directors on the Board.
- A total fine of ₹20,000 was imposed by BSE and NSE for the board composition deviation.
- The company successfully rectified the board composition issue in the corresponding quarter following the violation.
- Full compliance confirmed for SEBI Prohibition of Insider Trading and Related Party Transaction regulations.
- Secretarial audit conducted by M/s. Kunal Sharma & Associates for the period ending March 31, 2026.
Ishan Dyes and Chemicals Limited has submitted its statement of fund utilization for the quarter ended March 31, 2026. The company raised approximately ₹549.97 lakhs through two preferential issue tranches in late March 2026. The proceeds were entirely utilized for meeting working capital requirements, which is consistent with the original objects of the issue. The Audit Committee has confirmed that there are no deviations or variations in the use of these funds.
- Raised ₹199.99 lakhs on March 21, 2026, and ₹349.98 lakhs on March 28, 2026.
- Total funds of ₹549.97 lakhs utilized specifically for working capital requirements.
- Zero deviation reported from the original objects of the preferential issue.
- Audit Committee reviewed and approved the utilization statement on May 28, 2026.
Ishan Dyes and Chemicals Limited has filed its statement of deviation for the quarter ended March 31, 2026, confirming that funds raised through preferential issues were used as intended. The company raised a total of approximately ₹5.50 crore across two tranches in late March 2026. All utilized proceeds during this period were directed toward meeting working capital requirements. The Audit Committee has reviewed the statement and confirmed there are no deviations from the original objects of the issue.
- Raised ₹199.99 lakhs on March 21, 2026, and ₹349.98 lakhs on March 28, 2026, via preferential issues
- Total funds raised during the reported period amount to approximately ₹549.97 lakhs
- Confirmed zero deviation or variation in the utilization of proceeds from the stated objects
- Funds utilized during the quarter were specifically allocated to meet working capital requirements
- Statement reviewed and approved by the Audit Committee in their meeting on May 28, 2026
Ishan Dyes and Chemicals reported a quarterly turnaround with a net profit of ₹146.49 lakhs in Q4 FY26, compared to a loss of ₹116.20 lakhs in the same period last year. However, the full-year performance for FY26 remained under pressure, posting a net loss of ₹710.85 lakhs against a profit of ₹108.50 lakhs in FY25. Annual revenue from operations saw a significant decline of 27.6%, falling to ₹7347.13 lakhs from ₹10146.96 lakhs. The company also announced the appointment of M/s H D Panchal & Co as Internal Auditors for the upcoming financial year.
- Q4 FY26 revenue increased significantly to ₹3175.53 lakhs from ₹1673.11 lakhs YoY.
- Company achieved a Q4 net profit of ₹146.49 lakhs, recovering from a loss of ₹116.20 lakhs YoY.
- Full-year FY26 revenue declined to ₹7347.13 lakhs from ₹10146.96 lakhs in FY25.
- FY26 ended with a total comprehensive loss of ₹704.07 lakhs.
- M/s H D Panchal & Co appointed as Internal Auditor for the financial year ending March 31, 2027.
Ishan Dyes and Chemicals reported a strong recovery in Q4 FY26 with revenue jumping nearly 90% YoY to ₹31.76 crore and a net profit of ₹1.46 crore, compared to a loss in the previous year's quarter. Despite the quarterly recovery, the full-year FY26 performance was weak, posting a net loss of ₹7.11 crore against a profit of ₹1.08 crore in FY25. The company significantly expanded its fixed asset base to ₹163.40 crore and raised approximately ₹45 crore through equity and warrants during the year.
- Q4 FY26 revenue from operations rose 89.8% YoY to ₹31.76 crore from ₹16.73 crore.
- Achieved a Q4 net profit of ₹1.46 crore, reversing a net loss of ₹1.16 crore in Q4 FY25.
- Full-year FY26 net loss stood at ₹7.11 crore compared to a net profit of ₹1.08 crore in FY25.
- Property, Plant, and Equipment surged to ₹163.40 crore from ₹61.81 crore, indicating major capacity capitalization.
- Raised ₹39.92 crore via share issuance and ₹5.39 crore through warrants to bolster the balance sheet.
Financial Performance
Revenue Growth by Segment
Export turnover reached INR 41.30 Cr (Rs. 4130.21 Lakhs) for the year ended March 31, 2025. Total revenue growth percentage was not explicitly disclosed, but the company achieved 'satisfactory financial results' despite global volatility.
Geographic Revenue Split
Export turnover contributed INR 41.30 Cr to the total revenue. The company maintains a strong presence in both domestic and international markets, though specific regional percentage splits were not disclosed.
Profitability Margins
Specific Gross, Operating, and Net margins were not disclosed. The management's stated objective is to minimize losses and post profits in a volatile environment through cost control and modernization.
Capital Expenditure
Capital Work in Progress (CWIP) for the new project increased by 36.09% from INR 52.15 Cr (₹5,215.04 Lakhs) as of March 31, 2024, to INR 70.97 Cr (₹7,097.12 Lakhs) as of March 31, 2025.
Credit Rating & Borrowing
The company has been sanctioned working capital limits in excess of INR 5 Cr from banks based on the security of current assets. Interest rate percentages were not disclosed.
Operational Drivers
Raw Materials
Key raw materials include commodity chemicals, gas, and coal, which are critical for the production of dyes and chemical intermediates.
Import Sources
China is indicated as a significant factor due to mentions of anti-dumping duties and the impact of the Chinese economic slowdown on supply and pricing.
Capacity Expansion
The company is investing INR 70.97 Cr in a new plant for bulk chemical intermediates, expected to commence operations by the end of 2025. Modernization of existing plant and factory buildings has also been completed to increase tonnage.
Raw Material Costs
Raw material costs are described as 'skyrocketed' and volatile due to global factors like the Russia-Ukraine war and inflation. Management is implementing cost control measures at all levels to mitigate these impacts.
Manufacturing Efficiency
Modernization efforts are targeted at overall efficiency improvement, cost savings, and increased production tonnage.
Strategic Growth
Growth Strategy
Growth will be driven by the commencement of the new bulk chemical intermediates plant by late 2025, which aims to diversify the product range and increase revenues. Modernization of existing facilities is expected to drive efficiency and cost savings.
Products & Services
Dyes, chemicals, and bulk chemical intermediates.
Brand Portfolio
Ishan Dyes and Chemicals.
New Products/Services
Bulk chemical intermediates from the new project are expected to significantly contribute to future revenue and margin expansion.
Market Expansion
The company is focusing on protecting and increasing demand in both domestic and international markets, leveraging its export turnover of INR 41.30 Cr.
External Factors
Industry Trends
The industry is currently volatile and dynamic due to new domestic capacities in India creating a competitive environment and a recessionary trend expected through 2024-25.
Competitive Landscape
Intense competition from new capacities coming up in India and pricing pressures from Chinese exports.
Competitive Moat
Moat is built on quality products and continuous improvements that foster long-term client relationships, though sustainability is tested by intense global competition.
Macro Economic Sensitivity
Highly sensitive to global inflation, rising interest rates, and GDP slowdowns in developed nations and China.
Consumer Behavior
Anticipated slowdown in demand from developed nations due to recessionary trends.
Geopolitical Risks
The Russia-Ukraine war and trade barriers such as anti-dumping duties by China are primary geopolitical concerns.
Regulatory & Governance
Industry Regulations
Operations are impacted by anti-dumping duties by China and domestic pollution/manufacturing standards. Auditors noted differences in quarterly returns filed with banks compared to books of account.
Taxation Policy Impact
The company faces a pending Income Tax litigation for AY 2013-14 with a case value of INR 2.15 Cr (Rs. 215.38 Lakhs).
Legal Contingencies
Pending litigation includes an Income Tax case of INR 2.15 Cr (AY 2013-14) and a CGST case of INR 4.53 Cr (Rs. 453.22 Lakhs) for FY 2018-19.
Risk Analysis
Key Uncertainties
Volatility in skyrocketed commodity, gas, and coal prices poses a significant risk to production costs and margins.
Geographic Concentration Risk
Significant exposure to international markets with an export turnover of INR 41.30 Cr, making it vulnerable to global trade barriers.
Technology Obsolescence Risk
The company is mitigating technology risks through a significant INR 70.97 Cr investment in plant modernization and new project development.
Credit & Counterparty Risk
The company has granted loans of INR 16.41 Cr (Rs. 1641.15 Lacs) to related parties, representing 52.8% of its total loans granted, indicating high related-party credit exposure.
