Laxmi Organic Industries Limited (LXCHEM)
₹179.02 +1.53% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Laxmi Organic's revenue was ₹968 Cr (+44.1% year on year, +31.7% on the previous quarter), and net profit ₹67.7 Cr (+194.8% year on year); the operating margin was 11.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹968 | +44.1% | +31.7% |
| Operating profit | ₹114 | +238.5% | +111.7% |
| Net profit | ₹67.7 | +194.8% | +207.8% |
| EPS (₹) | 2.44 | +194.0% | +212.8% |
| Operating margin | 11.8% | — | — |
LXCHEM delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 31.67% of the LXCHEM shares traded on NSE were taken to delivery, against the stock's own 20-session average of 39.49%. That is lower than usual for this stock.
Delivery in the last 5 sessions: 37.9% · 34.5% · 35.0% · 54.3% · 31.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Laxmi Organic Industries Limited submitted its quarterly Share Capital Audit Report under Regulation 76 of SEBI Regulations for the quarter ended September 30, 2026. The total issued and listed equity capital stands at 27,79,14,693 shares with a face value of Rs 2 each. During the quarter, 70,312 shares were issued and listed under ESOPs, causing minimal dilution. Around 99.99% of total shares are held in dematerialised form across NSDL (83.33%) and CDSL (16.67%).
- Total issued and listed capital stands at 27,79,14,693 equity shares of Rs 2 each as of September 30, 2026
- 70,312 equity shares were allotted and listed pursuant to ESOPs during the quarter
- Dematerialisation levels remain near 100%, with 83.33% held in NSDL, 16.67% in CDSL, and only 75 shares held physically
- Zero demat requests remained pending beyond 21 days during the quarter
Laxmi Organic Industries Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on October 03, 2026. It confirms that securities received for dematerialisation during the quarter were duly processed, verified, and confirmed to depositories within prescribed timelines. This is a standard regulatory submission with no impact on business operations or financials.
- Compliance certificate under Regulation 74(5) submitted for the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited dated October 03, 2026
- Company filing completed on October 14, 2026
Laxmi Organic Industries has announced that Dr. Rajan Venkatesh has resigned as MD & CEO, effective November 13, 2026, after serving for three and a half years. The Board has appointed promoter-group member Mr. Harshvardhan Goenka, currently Executive Director, as the new MD & CEO for a 5-year term from November 14, 2026, to November 13, 2031. Mr. Goenka, son of Executive Chairman Ravi Goenka, has been with the company since 2011 and on the Board since 2020. The leadership change comes as the company tracks TTM revenue of ₹3,117 Cr and manages an ongoing capacity expansion in diketene derivatives and fluorochemicals.
- Dr. Rajan Venkatesh steps down as MD & CEO effective close of business on November 13, 2026, after 3.5 years of tenure.
- Executive Director Harshvardhan Goenka appointed MD & CEO for a 5-year tenure from November 14, 2026 to November 13, 2031.
- Harshvardhan Goenka has been associated with Laxmi Organic since 2011 and on its Board since November 2020.
- Appointment is subject to shareholder approval and regulatory clearances.
Laxmi Organic Industries Limited announced that Dr. Keshav Ruthia (Chief Procurement Officer) and Mr. Salil Mukundan (Chief Technology Officer) have resigned to pursue external opportunities. Both executives will be relieved from their duties with effect from the close of business hours on October 31, 2026. As part of an ongoing organizational realignment, their responsibilities will be integrated within the existing leadership structure without like-for-like replacements.
- Chief Procurement Officer Dr. Keshav Ruthia tendered his resignation vide letter dated August 3, 2026
- Chief Technology Officer Mr. Salil Mukundan tendered his resignation vide email dated August 18, 2026
- Both senior executives will be relieved from duties on October 31, 2026, allowing a transition window
- Company will absorb responsibilities into the existing leadership structure without immediate like-for-like replacements
Laxmi Organic Industries Limited announced the resignation of two senior management executives: Dr. Keshav Ruthia (Chief Procurement Officer) and Mr. Salil Mukundan (Chief Technology Officer). Both executives will be relieved from their duties at the close of business on October 31, 2026. As part of an ongoing organizational realignment, the company is integrating these responsibilities into its existing leadership structure without immediate like-for-like senior replacements. The company has a TTM revenue base of ₹3,117 Cr and is actively ramping up specialty chemical operations.
- Dr. Keshav Ruthia tendered resignation as Chief Procurement Officer vide letter dated August 3, 2026.
- Mr. Salil Mukundan tendered resignation as Chief Technology Officer vide email dated August 18, 2026.
- Both senior executives will be relieved effective closing of business hours on October 31, 2026.
- No direct like-for-like executive replacements planned; responsibilities being absorbed internally.
Laxmi Organic Industries Limited (LXCHEM) has allotted 703,126 equity shares to employees under its ESOP-2020 scheme. The allotment was made at a face value of ₹2 per share for cash at par. This increases the company's total paid-up share capital from ₹55.44 Cr to ₹55.58 Cr. The resulting equity dilution is approximately 0.25%, which is negligible for existing shareholders.
- Allotment of 703,126 equity shares of face value ₹2 each to eligible employees.
- Total paid-up share capital increased from ₹55,44,23,134 to ₹55,58,29,386.
- The allotment represents a marginal equity dilution of approximately 0.25%.
- Shares were issued at par (₹2 per share) following the exercise of stock options.
Laxmi Organic Industries Limited (LXCHEM) has submitted the scrutinizer's report for its 37th Annual General Meeting held on August 5, 2026. All resolutions were passed with the requisite majority, including the adoption of FY26 audited financials and the declaration of a final dividend. A special resolution regarding executive remuneration during periods of inadequate profits passed with 99.44% total favor, though it saw 10.31% dissent from public institutional voters. Total votes polled across resolutions represented approximately 73.92% of the company's total shares.
- 73.92% of total shares were polled during the voting process for the 37th AGM.
- 99.99% of votes were cast in favor of declaring the final dividend for the financial year ended March 31, 2026.
- 10.31% of Public Institutional votes (1,140,051 shares) were cast against the special resolution for executive remuneration in case of inadequate profits.
- 99.44% overall approval for the special resolution regarding executive director remuneration during periods of low profitability.
- 99.99% approval for the re-appointment of Mr. Harshvardhan Goenka as Executive Director.
Laxmi Organic Industries Limited (LXCHEM) held its 37th Annual General Meeting on August 5, 2026, to adopt the FY26 audited financial statements. Shareholders considered six resolutions, including the declaration of a final dividend and the re-appointment of directors Harshvardhan Goenka and Manish Chokhani. Notably, a special resolution was proposed to approve Executive Director remuneration in the event of inadequate profits, following a year where PAT dropped to ‑43% compared to FY25. The meeting saw participation from 40 members via video conferencing.
- 37th Annual General Meeting successfully conducted on August 5, 2026
- Adoption of FY26 consolidated financial statements with revenue of ‑2,820.2 Cr
- Special resolution proposed for Executive Director remuneration during periods of inadequate profits
- 40 members attended the meeting as per official attendance records
- Voting results to be disclosed within two working days from the conclusion of the meeting
Laxmi Organic reported a strong Q1 FY27 with revenue of ₹968.3 Cr, representing a 40% YoY and 32% sequential growth. The company is nearing the end of its major capex cycle, with the Dahej Phase 2 project expected to reach mechanical completion and stabilization in Q3 FY27. Management indicated that debt has peaked and repayments will commence in FY28 over a five-year period. While specialty margins have been under pressure due to a 10% revenue loss from a phased-out product, the company aims to return to 20-25% margins as new capacities ramp up.
- Revenue for Q1 FY27 stood at ₹968.3 Cr, growing 40% year-on-year.
- Dahej Phase 2 project mechanical completion and stabilization scheduled for Q3 FY27.
- Incremental depreciation of ₹7 Cr to ₹7.5 Cr per quarter expected starting Q2 FY27 upon capitalization.
- Specialty business previously impacted by the phase-out of a key product accounting for 10% of revenues.
- Debt repayment for the peaked debt levels to begin in FY28 and continue for 5 years.
Laxmi Organic Industries has published the audio recording of its investor conference call held on July 30, 2026, regarding its Q1 FY27 performance. The company is currently operating with a TTM revenue of ₹2,820 Cr and a net profit of ₹79 Cr, reflecting a compressed operating margin of 6.2% compared to 9.88% in FY25. Management's commentary in the call likely addresses the progress of the 70,000 MTPA n-butyl acetate expansion and the ramp-up of the fluorochemicals business. This filing is a procedural requirement following the quarterly earnings announcement.
- Investor conference call conducted on July 30, 2026, at 2:00 PM IST.
- TTM revenue stands at ₹2,820 Cr with a current Market Cap of ₹5,579 Cr.
- Operating Profit Margin (OPM) has declined to 6.2% from the FY25 level of 9.88%.
- Company maintains a high promoter holding of 69.36% as of March 2026.
- Expansion plans include adding 70,000 MTPA of Ethyl Acetate and n-butyl acetate by H2 FY26.
Laxmi Organic Industries (LXCHEM) reported a robust Q1 FY27 with consolidated revenue growing 40% YoY to ₹968.3 Cr, driven by volume and price growth across both Essentials and Specialties segments. Profitability saw a sharp recovery as PAT jumped 216% YoY to ₹67.7 Cr, while EBITDA margins expanded significantly by 740 bps to 11.8%. The company successfully commissioned its new Ethyl Acetate capacity at Lote and is on track for its Dahej Phase II expansion, with chemical charging expected in Q2 FY27. This performance marks a significant turnaround from the subdued margins seen in FY26.
- Consolidated revenue increased 40% YoY to ₹968.3 Cr, representing ~34% of the total TTM revenue.
- EBITDA grew 272% YoY to ₹114.3 Cr, with margins improving from 4.4% in Q1 FY26 to 11.8% in Q1 FY27.
- Essentials segment revenue grew 50% YoY to ₹726.5 Cr, while Specialties grew 17% to ₹241.8 Cr.
- Gross margins expanded by 660 bps YoY to 37.5% due to higher realizations and operating leverage.
- Dahej Phase II expansion is progressing with chemical charging scheduled for Q2 FY27 and full ramp-up by Q4 FY27.
Laxmi Organic Industries (LXCHEM) reported a robust Q1 FY27 with revenue from operations reaching ₹957.73 Cr, a 42.5% increase YoY. Net profit surged 175.6% YoY to ₹63.30 Cr, nearly matching the entire TTM PAT of ₹79 Cr in a single quarter. The company benefited from improved operational performance and a shift to a lower tax regime of 25.17%. Profit Before Tax (PBT) showed a significant recovery, rising to ₹84.89 Cr from ₹17.75 Cr in the year-ago period.
- Revenue from operations grew 42.5% YoY to ₹957.73 Cr from ₹671.91 Cr.
- Net Profit (PAT) increased 175.6% YoY to ₹63.30 Cr, representing 80% of the total FY26 PAT.
- Profit Before Tax (PBT) jumped 378% YoY to ₹84.89 Cr compared to ₹17.75 Cr in Q1 FY26.
- Adopted a new tax regime under Section 115BAA with an effective rate of 25.17%.
- Raw material costs stood at ₹617.54 Cr, accounting for approximately 64% of total revenue.
Laxmi Organic Industries Limited has scheduled its earnings conference call for Q1 FY27 on July 30, 2026, at 2:00 PM IST. The management team, including the CEO and CFO, will discuss the company's operational and financial performance. This call follows a period where the company reported a TTM revenue of ₹2,820 Cr and a net profit of ₹79 Cr. Investors will be looking for updates on the company's major capacity expansion plans in diketene derivatives and fluorochemicals slated for H2 FY26.
- Earnings conference call scheduled for July 30, 2026, at 2:00 PM IST
- Management participants include Dr. Rajan Venkatesh (CEO) and Mr. Amit Jain (CFO)
- Call will cover financial performance for the quarter ended June 30, 2026
- Company is currently operating with a TTM OPM of 6.2% and a market cap of ₹5,051 Cr
Laxmi Organic Industries has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (DP) Regulations for the period ending June 30, 2026. The document, provided by its Registrar and Share Transfer Agent (RTA), MUFG Intime India Private Limited, confirms that all share certificates received for dematerialization were processed and listed on the exchanges. This is a standard procedural requirement for listed entities to verify the accuracy of their shareholding records. There is no impact on the company's financial performance or strategic outlook.
- Compliance certificate covers the quarter ended June 30, 2026.
- Certificate issued by Registrar and Share Transfer Agent, MUFG Intime India Private Limited.
- Confirms dematerialized securities are listed on BSE (Scrip: 543277) and NSE (Symbol: LXCHEM).
- Confirms that security certificates were mutilated and cancelled after due verification within prescribed timelines.
Laxmi Organic Industries (LXCHEM) has announced its 37th Annual General Meeting (AGM) will be held on August 5, 2026, at 11:00 AM IST via video conferencing. The company has released the Annual Report for the financial year 2025-26 and sent web-links to shareholders. A cut-off date of July 29, 2026, has been established for shareholder participation. This filing is a standard regulatory requirement for listed companies.
- 37th Annual General Meeting scheduled for August 5, 2026.
- Cut-off date for shareholder eligibility set for July 29, 2026.
- Annual Report for FY 2025-26 made available on the company website.
- Meeting to be conducted via Video Conference (VC) or Other Audio Visual Means (OAVM).
Financial Performance
Revenue Growth by Segment
Total revenue for FY25 was INR 29,446.06 Mn, a 4.26% increase YoY. In H1 FY25, the Specialty segment grew 15.9% to INR 475 Cr, while the Essentials segment grew 4.4% to INR 1,014 Cr. However, H1 FY26 saw a 6.4% YoY decline to INR 1,393 Cr due to pricing pressures and a 20% decline in Specialty revenue during Q2 FY26.
Profitability Margins
Gross margins were 33.1% in Q2 FY26, down from 35.8% in Q2 FY25. Net profit for FY25 was INR 1,180.21 Mn, a 7.34% decrease from INR 1,273.70 Mn in the previous year. PAT margin for Q2 FY26 stood at 1.6%, a decline of 207 bps YoY.
EBITDA Margin
FY25 EBITDA was INR 3,077.17 Mn, up 7.29% YoY. However, the EBITDA margin significantly contracted to 4.9% in H1 FY26 from 9.8% in H1 FY25. Q2 FY26 adjusted EBITDA margin was 5.6%, reflecting a 405 bps YoY decline due to lower realizations and product phase-outs.
Capital Expenditure
The company is executing a total capex of INR 1,100 Cr between FY25 and FY28. Phase I (FY25-26) involves INR 800-850 Cr for doubling diketene derivatives and adding 70,000 MTPA each of Ethyl Acetate and n-butyl acetate. Phase II (FY27-28) involves INR 300-350 Cr for further specialty and essential expansions.
Credit Rating & Borrowing
CRISIL AA/Negative (outlook revised from Stable). Short-term rating is CRISIL A1+. Gearing is healthy at 0.17x as of September 2025. Interest coverage ratio deteriorated to 7.29x in H1 FY26 from 15.02x in H1 FY25 due to the sharp decline in profitability.
Operational Drivers
Raw Materials
Key raw materials include Acetic Acid (linked to natural gas prices) and Ethyl Alcohol/Ethanol (derived from sugarcane molasses or grain). These represent a significant portion of the cost structure, with Essentials revenue (72% of total) being highly sensitive to feedstock price links.
Import Sources
The company imports raw materials such as acetic acid and ethyl alcohol, though specific countries are not listed beyond general mentions of global supply dynamics.
Capacity Expansion
Essentials capacity utilization is currently 90-95%. Planned expansion includes doubling diketene derivatives capacity to become a top 3 global producer and adding 70,000 MTPA of Ethyl Acetate and 70,000 MTPA of n-butyl acetate by H2 FY26.
Raw Material Costs
Raw material costs are highly volatile; for instance, Q2 FY26 COGS was INR 4,679 Mn against revenue of INR 6,997 Mn (approx. 66.8% of revenue). Procurement strategies include diversifying the supplier base and Alternate Vendor Development (AVD) to mitigate price spikes.
Manufacturing Efficiency
Essentials and diketene derivative units are operating at 90-95% and 100% utilization respectively. Efficiency is driven by an 'operational excellence journey' to increase throughput from existing assets.
Strategic Growth
Expected Growth Rate
15-20%
Growth Strategy
Growth will be driven by doubling diketene derivative capacity to reach a top 3 global ranking, ramping up the fluorochemicals business to 40-60% of peak revenue (targeting INR 80-100 Cr), and diversifying the Essentials portfolio with new n-butyl acetate capacity. The company aims for an asset turn of 1.2x on new capex.
Products & Services
Ethyl Acetate, Diketene Derivatives, Fluorochemicals, n-butyl acetate, and specialty chemicals used in pharmaceuticals, agrochemicals, paints, and packaging.
Brand Portfolio
Laxmi Organic Industries Limited (LXCHEM).
New Products/Services
Introduction of n-butyl acetate (70,000 MTPA) and expansion into new diketene derivatives. Fluorochemicals are expected to contribute significantly as the capacity ramps up to peak levels.
Market Expansion
Targeting global markets to become a top 3 producer in specific chemistries. Expansion is focused on the Dahej and Lote facilities with production commencement expected in H2 FY26.
Market Share & Ranking
Strong market position in Essentials and Specialty; aiming for Top 3 globally in Ketene and Diketene derivatives.
Strategic Alliances
Absorption of Yellowstone Fine Chemicals Private Limited was completed to consolidate operations.
External Factors
Industry Trends
The global chemical industry is currently facing supply-side overcapacities and pricing pressure. LXCHEM is responding by optimizing costs and restructuring to remain competitive against subscale assets.
Competitive Landscape
Facing competition from global players; noted that Sipchem (Middle East) recently took 100,000 tonnes of capacity offline, affecting market spreads.
Competitive Moat
Moat is built on complex chemistries, high R&D requirements, and high capital entry barriers in the Specialty segment (72% of EBITDA). Sustainability is supported by a diversified end-user base where no single segment exceeds 30% of revenue.
Macro Economic Sensitivity
Highly sensitive to global supply-demand dynamics and natural gas prices, which dictate the cost of acetic acid, a primary feedstock.
Consumer Behavior
Demand signals remain demanding due to regional dynamics and cost-optimization efforts by end-users in pharma and agrochemicals.
Geopolitical Risks
Geopolitical tensions are identified as a supply chain risk that could disrupt production schedules and delivery to overseas locations.
Regulatory & Governance
Industry Regulations
Operations are subject to Industry-specific laws, Labour laws, and environmental regulations. The company uses an automated internal compliance management tool to track statutory obligations.
Environmental Compliance
Ongoing changes in environmental norms necessitate significant compliance investments, managed by a Risk Management and ESG Governance Committee.
Taxation Policy Impact
The company paid INR 165 Mn in direct taxes in H1 FY26. The effective tax rate is subject to standard corporate tax laws in India.
Legal Contingencies
No significant legal weaknesses or material departures from accounting standards were reported in the FY25 annual report. Specific pending court case values were not disclosed.
Risk Analysis
Key Uncertainties
The primary uncertainty is the timing of the recovery in operating margins, which halved to 4.9% in H1 FY26. Sustained pricing pressure and potential delays in capex execution (INR 1,100 Cr) are key monitorables.
Third Party Dependencies
Dependence on imported acetic acid and ethanol makes the company vulnerable to supplier disruptions and global pricing cycles.
Technology Obsolescence Risk
Delayed adoption of emerging technologies is identified as a risk that could reduce competitiveness; mitigated by ongoing R&D and technology absorption initiatives.
Credit & Counterparty Risk
Receivables and credit exposure are managed through a diversified customer base with no single client exceeding 10% of revenue, reducing individual counterparty risk.
