NOCIL - NOCIL
📢 Recent Corporate Announcements
NOCIL Limited has notified shareholders regarding the availability of Tax Deduction at Source (TDS) certificates for the dividend paid for the financial year 2024-25. The dividend was distributed starting August 14, 2025, following approval at the 63rd Annual General Meeting. Shareholders can now download Form 16A from the KFin Technologies portal using their PAN and Folio details. This is a standard administrative update to assist investors with their tax documentation and filings.
- TDS certificates (Form 16A) for FY 2024-25 dividend are now available for download via KFin Technologies.
- The dividend payment was originally initiated on August 14, 2025, following the AGM on August 7, 2025.
- Shareholders can access the certificates using their PAN and DP ID/Client ID or Physical Folio details.
- The TDS credit will also be reflected in the shareholders' Form 26AS on the Income Tax e-filing portal.
NOCIL reported Q3 FY26 revenue of Rs. 316 crores, a slight sequential decline from Rs. 321 crores due to pricing pressures and import dumping. Operating EBITDA improved to Rs. 27 crores (8.5% margin) from Rs. 22 crores in Q2, driven by domestic volume growth and cost-saving initiatives. The company expects to end FY26 with 3-4% volume growth, recovering from a 5% decline in the first half of the year. Management anticipates a recovery in US export volumes, which dropped 50% in Q3, within the next 2-3 months following tariff revisions.
- Q3 FY26 EBITDA increased to Rs. 27 crores from Rs. 22 crores in Q2, with margins at 8.5%
- Domestic volumes grew in high single digits, while US export volumes fell by approximately 50% due to tariffs
- Management guides for 3% to 4% overall volume growth for FY26 despite a 5% degrowth in H1
- TDQ antioxidant capacity expansion at Dahej is ahead of schedule with trials starting in H1 CY2026
- 9-month PAT stood at Rs. 39 crores, significantly lower than Rs. 82 crores in the previous year
NOCIL Limited has officially released the audio recording of its investor conference call held to discuss the financial and operational performance for the quarter and nine months ended December 31, 2025. This disclosure is in compliance with Regulation 30 of the SEBI (LODR) Regulations, 2015. The recording provides management's perspective on the company's performance during the third quarter of the 2025-26 fiscal year. Investors can access the full audio file via the company's website to gain deeper insights into business trends and future guidance.
- Audio recording of the Q3 and 9M FY26 earnings call is now available for public access.
- The call discussed the company's operational and financial performance for the period ending December 31, 2025.
- The disclosure follows the initial conference call intimation sent on January 30, 2026.
- The recording is hosted on the company's official website under the investor relations section.
NOCIL reported a mixed Q3FY26 with revenue declining 1% QoQ to ₹316 crore, while Operating EBITDA grew 20% QoQ to ₹27 crore. Despite a 5% volume de-growth in H1FY26, the company expects full-year volume growth of 3-4% driven by high single-digit domestic demand recovery. Profitability remains under significant pressure with 9M Net Profit down 53% YoY to ₹39 crore due to persistent Chinese dumping and pricing challenges. However, the ₹250 crore Dahej brownfield expansion is progressing ahead of schedule, signaling long-term capacity readiness.
- Revenue for Q3FY26 stood at ₹316 crore, down 1% QoQ and 7% YoY from ₹340 crore.
- Operating EBITDA margin improved by 140 bps QoQ to 8.5%, though 9M EBITDA remains 23% lower YoY.
- Management maintains a full-year volume growth guidance of 3-4% despite a weak H1 performance.
- ₹250 crore Dahej expansion project is on track and expected to be completed ahead of schedule.
- Net Profit for 9MFY26 fell 53% YoY to ₹39 crore, impacted by a ₹5 crore exceptional item related to new labour codes.
NOCIL Limited has updated its 'Code of Fair Disclosure Conduct to Regulate, Monitor and Report Trading by Insiders' effective February 11, 2026. This revision aligns the company's internal policies with the SEBI (Prohibition of Insider Trading) (Amendment) Regulations, 2024. The code strictly defines 'Designated Persons' and 'Unpublished Price Sensitive Information' (UPSI) to prevent market abuse. It mandates a prohibited trading period starting from the end of every quarter until 48 hours after the declaration of financial results.
- Board of Directors approved the revised Insider Trading Code on February 11, 2026, for immediate implementation.
- The update incorporates changes from the SEBI (Prohibition of Insider Trading) (Amendment) Regulations, 2024.
- The code applies to all 'Designated Persons', including promoters, directors, and key managerial personnel (KMPs).
- Trading restrictions are enforced from the end of each quarter until 48 hours post-financial result announcements.
- UPSI definitions now explicitly include forensic audits, changes in ratings (excluding ESG), and specific regulatory actions.
NOCIL Limited has announced the grant of 1,28,909 Performance Restricted Stock Units (PRSUs) to eligible employees under its Long Term Incentive Plan-2024. These units are issued at a deeply discounted exercise price of Rs. 10 per share, which is the face value of the equity. The vesting period is set for three years from the grant date, with the exercise period commencing after five years. This initiative is designed to align employee interests with long-term corporate growth and improve talent retention.
- Grant of 1,28,909 PRSUs at an exercise price of Rs. 10 per share
- Vesting period is 3 years from the date of grant (February 11, 2026)
- Exercise period begins 5 years from the date of grant
- Total LTIP 2024 pool allows for up to 85,00,000 shares in ESOPs and PRSUs
- Scheme is fully compliant with SEBI Share Based Employee Benefits Regulations, 2021
NOCIL Limited has announced the grant of 1,28,909 Performance Restricted Stock Units (PRSUs) to eligible employees under its Long Term Incentive Plan 2024. These units are issued at a deeply discounted exercise price of Rs. 10 per share, which is the face value of the equity. The units will vest after three years, and the exercise period will commence five years from the date of grant. This initiative is part of a larger shareholder-approved pool of 85,00,000 shares intended to align employee interests with long-term corporate growth.
- Grant of 1,28,909 PRSUs at an exercise price of Rs. 10 per share.
- Vesting period is set at 3 years from the date of grant (February 11, 2026).
- Exercise period for the granted units begins 5 years from the grant date.
- The grant is part of a total LTIP pool of 85,00,000 shares approved in August 2024.
- The plan aims to motivate and retain talent by creating an employee ownership culture.
NOCIL Limited's Board of Directors met on February 11, 2026, to approve the unaudited financial results for the quarter and nine months ended December 31, 2025. The consolidated results include the performance of its wholly-owned subsidiary, PIL Chemicals Limited. The statutory auditors, Kalyaniwalla & Mistry LLP, have completed their limited review and reported no material misstatements. The board meeting lasted approximately four and a half hours, concluding at 4:30 p.m. IST.
- Board approved Un-Audited Standalone and Consolidated Financial Results for the period ended December 31, 2025.
- Consolidated results include the financial data of wholly-owned subsidiary PIL Chemicals Limited.
- Statutory auditors issued a Limited Review Report with no qualifications or adverse findings.
- The board meeting commenced at 12:00 Noon and concluded at 4:30 p.m. on February 11, 2026.
NOCIL Limited has scheduled its earnings conference call for Thursday, February 12, 2026, at 11:30 AM IST. The call will discuss the company's operational and financial performance for the third quarter and nine months ended December 31, 2025. Top management, including Managing Director Mr. V.S. Anand and CFO Mr. P. Srinivasan, will be present to address analyst queries. This is a standard post-earnings interaction to provide qualitative insights into the company's performance.
- Earnings call scheduled for February 12, 2026, at 11:30 AM IST.
- Focus on operational and financial performance for Q3 and 9M ended December 31, 2025.
- Participation from Managing Director V.S. Anand and CFO P. Srinivasan.
- Primary dial-in numbers provided: +91 22 6280 1309 and +91 22 7115 8210.
NOCIL Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations for the period ending December 31, 2025. The report, issued by KFin Technologies, confirms that dematerialization requests were processed within the mandated 15-day timeframe. During the quarter, the company approved 77 requests for 22,160 shares and rejected 18 requests for 5,490 shares. This is a standard administrative filing confirming that physical share certificates were properly mutilated and cancelled after conversion to electronic form.
- Compliance certificate for the quarter from October 1, 2025, to December 31, 2025
- Approved 77 dematerialization requests involving 22,160 shares
- Rejected 18 dematerialization requests involving 5,490 shares
- Confirmed all requests were processed within the statutory 15-day limit
- Registrar KFin Technologies confirmed the mutilation and cancellation of physical certificates
NOCIL Limited has announced the closure of its trading window for all designated and connected persons starting from the close of business hours on December 31, 2025. This closure is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations for the upcoming Q3 and nine-month financial results ending December 31, 2025. The trading window will remain closed until 48 hours after the financial results are officially declared. The company will announce the specific date of the Board meeting for result approval at a later time.
- Trading window closure begins from the close of business hours on December 31, 2025
- Closure is related to the Unaudited Financial Results for the quarter and nine months ending December 31, 2025
- Restriction applies to all designated and connected persons as per SEBI regulations
- Trading window will reopen 48 hours after the declaration of financial results
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.