NOCIL Limited (NOCIL)
₹165.76 +1.74% last close, 16 Oct
Q2 FY27 results
📅 Next results: 29 Oct 2026 (board meeting)NOCIL Limited's board meets on 29 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, NOCIL's revenue was ₹403 Cr (+19.9% year on year, +22.1% on the previous quarter), and net profit ₹27.8 Cr (+60.8% year on year); the operating margin was 11.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹403 | +19.9% | +22.1% |
| Operating profit | ₹45.2 | +47.9% | +115.3% |
| Net profit | ₹27.8 | +60.8% | +63.3% |
| EPS (₹) | 1.66 | +61.2% | +62.7% |
| Operating margin | 11.2% | — | — |
NOCIL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 46.82% of the NOCIL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 40.6%. That is close to its usual level. Volume was 0.5 times its average, well below normal.
Delivery in the last 5 sessions: 53.1% · 42.0% · 51.6% · 64.3% · 46.8%
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
NOCIL Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the period from July 1, 2026 to September 30, 2026. The report from its Registrar and Share Transfer Agent, KFin Technologies Limited, confirms the processing of dematerialization requests. During the quarter, 45 demat requests comprising 9,110 shares were approved, while 4 requests for 1,260 shares were rejected. This is a standard regulatory compliance filing with no impact on operations or financials.
- Compliance certificate submitted for the period July 1, 2026 to September 30, 2026 under Regulation 74(5)
- Approved 45 dematerialization requests for a total of 9,110 shares
- Rejected 4 dematerialization requests comprising 1,260 shares
- Certificate issued by Registrar and Share Transfer Agent KFin Technologies Limited
NOCIL Limited responded to queries from the NSE and BSE dated September 9, 2026, regarding a significant spurt in trading volume. The company confirmed it remains fully compliant with SEBI (LODR) Regulations and has reported all relevant material events. Management clarified there is no undisclosed price-sensitive information or pending corporate announcements that could explain the market activity.
- Clarification issued following queries from NSE and BSE on September 9, 2026
- Company confirms zero undisclosed price-sensitive information or impending corporate actions
- Filing confirms ongoing compliance under SEBI (LODR) Regulations 2015
NOCIL Limited's Board of Directors has approved the appointment of Deloitte Haskins & Sells Chartered Accountants LLP as the company's Statutory Auditors for a five-year term. The appointment will commence from the conclusion of the 65th Annual General Meeting (scheduled for July-August 2027) until the conclusion of the 70th AGM for FY 2031-32, subject to shareholder approval. The incoming auditor will replace Kalyaniwalla & Mistry LLP, who are completing their second mandatory five-year term.
- Appointment of Deloitte Haskins & Sells Chartered Accountants LLP as Statutory Auditors for a 5-year term
- Auditor tenure begins from the conclusion of the 65th AGM (July-August 2027) through the 70th AGM (FY 2031-32)
- Existing auditor Kalyaniwalla & Mistry LLP will complete their second consecutive 5-year term at the 65th AGM
- Appointment recommended by Audit Committee and approved in Board meeting held on September 1, 2026 (2:00 PM to 2:20 PM)
NOCIL reported a strong Q1 FY27 with revenue reaching Rs 403 crore, a 20% YoY increase driven by 9% volume growth and higher realizations. EBITDA margins expanded to 11.2%, leading to a 61% YoY growth in PAT to Rs 28 crore. A significant regulatory tailwind was confirmed with the approval of anti-dumping duties on Sulphonamides and a positive recommendation for Pilflex 13, covering 25-30% of the company's top line. Management has provided a robust revenue guidance of Rs 1,400 to Rs 1,600 crore for FY27 with EBITDA margins around 10%.
- Revenue grew 20% YoY to Rs 403 crore in Q1 FY27, with a 22% sequential increase.
- EBITDA increased 48% YoY to Rs 45 crore, with margins expanding 210 bps to 11.2%.
- Anti-dumping duty on Sulphonamides (CBS and NS) was approved on June 20, 2026.
- Management guided for FY27 revenue of Rs 1,400-1,600 crore, significantly higher than the TTM revenue of Rs 652 crore.
- New Rs 130 crore investment in Dahej is progressing despite geopolitical disruptions.
NOCIL has made available the audio recording of its conference call held to discuss the financial performance for the quarter ended June 30, 2026. This follows the company's previous intimation on July 21, 2026. The call likely covers management's perspective on the current 8.8% operating margins and the progress of the Rs 250 Cr TDQ capacity expansion in Dahej. Investors can access the recording via the provided link on the company's website.
- Audio recording released for the quarter ended June 30, 2026
- Follows the initial conference call intimation dated July 21, 2026
- Company is currently executing a Rs 250 Cr expansion for TDQ antioxidants
- NOCIL maintains a dominant ~40% domestic market share in rubber chemicals
- Management is navigating pricing pressures where realizations fell 8.5% in FY25
NOCIL reported a strong Q1 FY27 with revenue growing 20% YoY to ₹403 crore and net profit surging 61% to ₹28 crore. The performance was bolstered by a 9% volume growth and EBITDA margin expansion of 210 bps to 11.2%, driven by operating efficiencies and inventory gains. Significantly, the company announced a fresh ₹130 crore brownfield capex at its Dahej facility for peak-utilization products, which is in addition to an ongoing ₹250 crore project. This total capex commitment of ₹380 crore represents approximately 58% of FY26 revenue, signaling aggressive growth intent.
- Revenue from operations increased 20% YoY to ₹403 crore for the quarter ended June 30, 2026
- Net profit grew 61% YoY to ₹28 crore, with EBITDA margins expanding to 11.2%
- Announced a new ₹130 crore brownfield expansion at Dahej, targeted for completion by H1 FY28
- Ongoing ₹250 crore capex at Dahej has moved into the trial production phase
- Sales volumes grew 9% YoY, supported by strong domestic demand following GST 2.0 implementation
NOCIL Limited concluded its 64th Annual General Meeting on August 3, 2026, with shareholders approving all seven proposed resolutions. Key approvals include the adoption of FY26 audited financial statements, declaration of dividend, and the re-appointment of Mr. Hrishikesh A. Mafatlal as Executive Chairman effective August 19, 2026. The voting results showed overwhelming support, with over 99.9% of votes in favor for most resolutions. The company continues to navigate a challenging environment marked by pricing pressure from Chinese imports while pursuing a Rs 250 Cr expansion in Dahej.
- 7 resolutions passed including adoption of FY26 financials and dividend declaration
- Re-appointment of Mr. Hrishikesh A. Mafatlal as Executive Chairman approved via special resolution
- Total of 1,63,913 shareholders were on record for the meeting held via video conferencing
- Resolution for FY26 financial adoption passed with 99.9971% votes in favor
- Ratification of Cost Auditors' remuneration for the upcoming FY27 was approved
NOCIL Limited has received shareholder approval at its 64th AGM for the re-appointment of Mr. Hrishikesh A. Mafatlal as Executive Chairman for a five-year term (2026-2031). The company also formalized the appointment of two Independent Directors: Mr. Sanjiv Lal, former MD & CEO of Rallis India with 41 years of experience, and Mr. Sabyaschi Patnaik, a chemical industry veteran with over 30 years of experience. These appointments strengthen the board's technical and leadership depth as the company navigates a low-margin environment (8.8% OPM in FY26) and executes its Rs 250 Cr TDQ capacity expansion.
- Mr. Hrishikesh A. Mafatlal re-appointed as Executive Chairman for a 5-year term from August 19, 2026, to August 18, 2031.
- Mr. Sanjiv Lal, with 41 years of experience at Tata Group and HUL, appointed as Independent Director for 5 years.
- Mr. Sabyaschi Patnaik, with 30+ years in chemical sector leadership, appointed as Independent Director for 5 years.
- Appointments were ratified by shareholders during the 64th Annual General Meeting held on August 3, 2026.
NOCIL Limited's 64th Annual General Meeting (AGM) concluded with shareholders approving all seven proposed resolutions with over 99.9% majority. Key approvals included the adoption of FY26 financial statements (Revenue: Rs 652.06 Cr) and the declaration of a dividend for the fiscal year. Notably, the re-appointment of Mr. Hrishikesh A Mafatlal as Executive Chairman was confirmed for a term starting August 19, 2026. Total voting participation stood at 48.06% of the total equity base, involving 1,63,913 shareholders on record.
- All 7 resolutions passed with >99.9% votes in favor, including adoption of FY26 accounts.
- Re-appointment of Executive Chairman Hrishikesh A Mafatlal approved w.e.f. August 19, 2026.
- Total of 8,02,70,814 votes polled, representing 48.06% of the total 16,70,24,930 shares.
- Dividend for FY26 approved by 99.9971% of voting shareholders.
- 1,63,913 shareholders were on record for the meeting held on August 3, 2026.
NOCIL reported a strong Q1 FY27 with revenue reaching ₹403 cr, a 20% YoY increase driven by 9% volume growth. Operating EBITDA grew 48% YoY to ₹45 cr, with margins expanding 210 bps to 11.2% due to higher average selling prices and volume gains. Net profit rose 61% YoY to ₹28 cr. The company is progressing on its TDQ facility expansion in Dahej, with Capital Work-in-Progress (CWIP) standing at ₹221 cr as of March 2026.
- Net Revenue from Operations increased 20% YoY to ₹403 cr in Q1 FY27
- Operating EBITDA margin expanded by 210 basis points YoY to 11.2%
- Net Profit grew 61% YoY to ₹28 cr, compared to ₹17 cr in Q1 FY26
- Volume growth of 9% YoY, with domestic volumes seeing double-digit growth
- Capital Work-in-Progress (CWIP) reached ₹221 cr as of March 2026, primarily for the TDQ facility
NOCIL Limited's Board of Directors approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, in a meeting held on August 3, 2026. The consolidated results incorporate the performance of its wholly-owned subsidiary, PIL Chemicals Limited. While specific Q1 revenue and profit figures were not detailed in the provided text, the company continues to operate as a single-segment entity focused on rubber chemicals. Investors should evaluate these results against the TTM revenue of Rs 652.06 Cr and the historical operating margin of 8.8%.
- Board meeting held on August 3, 2026, lasting approximately 3 hours and 10 minutes (11:00 a.m. to 2:10 p.m.)
- Approval of unaudited financial results for the first quarter ended June 30, 2026
- Consolidation of wholly-owned subsidiary PIL Chemicals Limited confirmed under Ind AS 110
- Company maintains a single reportable segment: Manufacture of Rubber Chemicals
- TTM revenue as of the latest annual period stands at Rs 652.06 Cr with a PAT of Rs 26.51 Cr
NOCIL Limited has scheduled its earnings conference call for Q1 FY27 on August 4, 2026, at 11:30 AM IST. The call will involve the Managing Director and CFO discussing the company's operational and financial performance for the quarter ended June 30, 2026. This comes at a time when the company is managing a TTM revenue of Rs 652 Cr and a TTM PAT of Rs 27 Cr. Investors will be looking for updates on the Rs 250 Cr TDQ capacity expansion and the impact of Chinese import pricing on margins.
- Conference call scheduled for August 4, 2026, to discuss Q1 FY27 results.
- Management participants include Managing Director Mr. V.S. Anand and CFO Mr. P. Srinivasan.
- Company is currently executing a Rs 250 Cr expansion for TDQ antioxidants in Dahej.
- Latest TTM operating profit margin stands at 8.8% against a historical target of 14-15%.
NOCIL Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended June 30, 2026. The company's Registrar and Share Transfer Agent, KFin Technologies, confirmed that all dematerialization requests were processed within the mandated 15-day timeframe. During this period, 47 requests for 12,840 shares were approved, while 4 requests for 2,080 shares were rejected. This filing is a standard administrative procedure to confirm the integrity of the electronic share register.
- Processed 47 demat requests for a total of 12,840 shares during the quarter
- Rejected 04 demat requests involving 2,080 shares
- Compliance period covers 1st April 2026 to 30th June 2026
- Confirmed all security certificates were mutilated and cancelled within 15 days of receipt
- Registrar confirmed the substitution of depository names in the register of members
NOCIL Limited has released its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26, disclosing a total turnover of ₹1,279.53 Cr and a net worth of ₹1,773.20 Cr. The company remains 100% dependent on rubber chemicals, with 34% of revenue generated from exports across 40 countries. Notably, the company voluntarily obtained Limited Assurance for its BRSR Core from TUV SUD, a year ahead of the SEBI mandate for FY 2026-27. While shareholder and customer grievances were 100% resolved, gender diversity remains low with 0% female representation in Key Management Personnel.
- Total turnover for FY 2025-26 reached ₹1,279.53 Cr, derived entirely from rubber chemicals.
- Exports accounted for 34% of total turnover, serving markets in 40 countries.
- Net worth stood at ₹1,773.20 Cr as of March 31, 2026.
- Resolved 100% of the 31 shareholder complaints and 13 customer complaints received during the year.
- Board diversity stands at 12.5% female representation (1 out of 8 directors).
NOCIL Limited has scheduled its 64th Annual General Meeting (AGM) for August 3, 2026, to adopt FY26 financial statements and declare a dividend. A significant agenda item is the re-appointment of Mr. Hrishikesh A. Mafatlal as Executive Chairman for a five-year term effective August 19, 2026. The company is also seeking shareholder approval for the appointment of two new Independent Directors for five-year tenures. Additionally, the remuneration for Cost Auditors for FY27 is set at ₹9.50 lakhs, pending ratification.
- 64th Annual General Meeting scheduled for August 3, 2026, via Video Conferencing
- Proposed 5-year re-appointment of Executive Chairman Hrishikesh A. Mafatlal from August 2026 to August 2031
- Ratification of ₹9.50 lakhs remuneration for Cost Auditors for the Financial Year 2026-27
- Cut-off date for determining voting eligibility is July 27, 2026
- Appointment of two Independent Directors, Mr. Sanjiv Lal and Mr. Sabyaschi Patnaik, for 5-year terms
Financial Performance
Revenue Growth by Segment
Total revenue from operations was INR 1,392.69 Cr in FY25, representing a 3.6% decline from INR 1,444.67 Cr in FY24. Q1 FY26 revenue further declined by 10% YoY to INR 336 Cr from INR 372 Cr due to pricing pressure from imports.
Geographic Revenue Split
Exports contributed 36% of total revenue in FY25, up from 31% in FY23 and 26% in FY18. Domestic sales account for the remaining 64%, benefiting from a dominant 40% market share in India.
Profitability Margins
Operating margins contracted significantly from 13.4% in FY24 to 9.8% in FY25. Q1 FY26 margins further dipped to 9.1% compared to 11% in the previous year's quarter. Net profit margin and Return on Net Worth also exceeded threshold limits of 25% variance due to realization pressure.
EBITDA Margin
Operating EBITDA for FY25 stood at INR 134.58 Cr, a 29.3% decrease from INR 190.36 Cr in FY24. The margin compression is primarily due to an 8.5% fall in realizations caused by dumping from China and other regions.
Capital Expenditure
NOCIL has planned a capital expenditure of INR 250 Cr for expanding the capacity of its antioxidant Trimethyl Dihydroquinoline (TDQ) at the Dahej plant, with trial production expected in H1 FY27.
Credit Rating & Borrowing
The company maintains a CRISIL AA/Negative and CARE AA/Stable rating. While historically debt-free with a gearing of 0.03x, the company plans to avail a term loan of INR 100 Cr in FY26 to fund its INR 250 Cr capex.
Operational Drivers
Raw Materials
Key raw materials include Benzene, Aniline, Chlorinated Aromatics, and Amines, which are predominantly crude oil derivatives.
Import Sources
Sourced globally and domestically; specific countries are not listed, but pricing is heavily influenced by global crude markets and dumping from China, Korea, Thailand, and the EU.
Capacity Expansion
Current capacity includes a wide basket of 20+ rubber chemicals. Planned expansion involves a new unit for TDQ (antioxidants) in Dahej with an investment of INR 250 Cr.
Raw Material Costs
Raw material prices have softened, but the decline is lower than the 8.5% fall in finished goods realizations, leading to margin contraction. Historically, the company passes on costs with a lag to contract customers.
Manufacturing Efficiency
Operating leverage gains are expected as enhanced capacities ramp up, though margins are currently subdued due to lower capacity utilization and pricing pressure.
Logistics & Distribution
Logistical challenges in H1 FY25 impacted margins; however, freight costs are expected to normalize over the medium term, supporting a bounce back in margins.
Strategic Growth
Expected Growth Rate
10-12%
Growth Strategy
Growth will be driven by the 'China+1' strategy to increase export share, the expansion of TDQ capacity in Dahej by H1 FY27, and the potential implementation of Anti-Dumping Duties on 40% of the product portfolio.
Products & Services
Rubber chemicals including accelerators, antioxidants (such as TDQ), and other specialty chemicals used primarily in tyre manufacturing.
Brand Portfolio
NOCIL (part of the Arvind Mafatlal Group).
New Products/Services
Expansion into value-added products and increased capacity for TDQ antioxidants are expected to contribute to future revenue growth.
Market Expansion
Targeting a higher global market share through exports, which have already grown to 36% of the revenue mix.
Market Share & Ranking
Largest rubber chemicals manufacturer in India with approximately 40% domestic market share.
External Factors
Industry Trends
The industry is evolving toward diversified sourcing. NOCIL is positioning itself as a reliable alternative to Chinese suppliers, aiming for a 14-15% margin through cost rationalization and volume growth.
Competitive Landscape
Intense competition from large-scale manufacturers in China, Korea, and the European Union who are currently oversupplying the market.
Competitive Moat
Moat consists of a 40-year track record, 40% domestic market share, and a wide basket of 20+ products. Sustainability depends on the timely implementation of Anti-Dumping Duties and successful capacity ramp-ups.
Macro Economic Sensitivity
Highly sensitive to the automobile and tyre industry cycles; a slump in commercial vehicle demand directly impacts two-thirds of NOCIL's business.
Consumer Behavior
Global tyre manufacturers are increasingly seeking 'China+1' vendors to ensure supply chain resilience, benefiting NOCIL's export volumes.
Geopolitical Risks
Global sourcing shifts (China+1) act as a tailwind, while dumping from Asian and European players acts as a significant trade barrier to profitability.
Regulatory & Governance
Industry Regulations
The company is subject to DGTR investigations regarding Anti-Dumping Duties on four key products; favorable rulings are crucial for recovering profitability to the 15%+ range.
Taxation Policy Impact
H1 FY26 PAT was impacted by the absence of a taxation credit that was available in H1 FY25.
Legal Contingencies
The company has filed an application for Anti-Dumping Duty with the Directorate General of Trade Remedies (DGTR) for products contributing to 40% of revenue.
Risk Analysis
Key Uncertainties
The primary uncertainty is the timing and success of Anti-Dumping Duty implementation; failure to secure these could keep operating margins below 10% indefinitely.
Geographic Concentration Risk
64% of revenue is concentrated in the Indian market, making the company highly vulnerable to domestic automotive downturns.
Third Party Dependencies
High dependency on the global tyre majors; loss of a single large contract could impact a significant portion of the 67% tyre-related revenue.
Technology Obsolescence Risk
The company uses SAP ERP to manage digital risks and maintains a wide product basket to mitigate the risk of single-product obsolescence.
Credit & Counterparty Risk
Liquidity is strong with INR 279 Cr in cash and bank balances as of March 2025, and bank lines remain largely unutilized, indicating low counterparty risk.
