OCCL Limited (OCCLLTD)
₹195.03 -13.76% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, OCCL's revenue was ₹220 Cr, and net profit ₹40.3 Cr; the operating margin was 28.1%.
| Q1 FY27 (₹ Cr) | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹220 | — | — |
| Operating profit | ₹61.7 | — | — |
| Net profit | ₹40.3 | — | — |
| EPS (₹) | 8.06 | — | — |
| Operating margin | 28.1% | — | — |
OCCLLTD delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 43.95% of the OCCLLTD shares traded on NSE were taken to delivery, against the stock's own 20-session average of 51.49%. The price fell 13.76% on unusually low delivery. It traded 9.4 times its average daily volume. It closed at a price band (circuit) on 8 sessions in about the last 20.
Delivery in the last 5 sessions: 51.7% · 47.2% · 52.6% · 54.5% · 44.0%
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
The Directorate General of Trade Remedies (DGTR) has initiated a countervailing duty (CVD) investigation into imports of Insoluble Sulphur from China following an application by OCCL Limited, India's sole domestic producer. The probe covers 79 alleged Chinese government subsidy programmes over an investigation period spanning 1 April 2025 to 31 March 2026. This comes on top of an existing 5-year anti-dumping duty imposed in June 2025 and a recently concluded anti-absorption review. While the financial impact is currently unquantifiable, potential CVD duties could further protect OCCL's pricing power across its ₹453 Cr TTM revenue base.
- DGTR initiated a CVD (anti-subsidy) investigation covering 79 alleged subsidy programmes of the Government of China PR.
- OCCL Limited filed the application as the sole producer of Insoluble Sulphur in India representing 100% of the domestic industry.
- Period of investigation defined as 1 April 2025 to 31 March 2026, alongside injury analysis spanning FY23 to FY25.
- Existing trade remedies include 5-year anti-dumping duty imposed on 6 June 2025, with anti-absorption findings issued on 18 September 2026.
OCCL Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the 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 period were duly processed, accepted or rejected, and cancelled within prescribed timelines. This is a standard quarterly administrative filing with no financial or operational impact.
- Compliance submitted under Regulation 74(5) of SEBI Regulations, 2018
- Applies to the quarter ended September 30, 2026
- Certificate received from RTA MUFG Intime India Private Limited dated October 03, 2026
- Confirmed that demat certificates received were verified, cancelled, and substituted within prescribed timelines
The Directorate General of Trade Remedies (DGTR) has concluded its anti-absorption review initiated by OCCL Limited regarding imports of Insoluble Sulphur from China. In its Final Findings dated September 18, 2026, DGTR recommended increasing the anti-dumping duty from USD 307 per MT to USD 485 per MT. The revised duty is recommended to apply retrospectively from July 3, 2026, when provisional assessment took effect. The recommendation now awaits official notification by the Ministry of Finance.
- Recommended anti-dumping duty on Chinese Insoluble Sulphur increased from USD 307 per MT to USD 485 per MT (a 58% increase)
- Duty modification recommended retrospectively with effect from July 3, 2026
- Review initiated after DGTR found Chinese exporters absorbed existing duties, rendering previous measures ineffective
- Final implementation subject to formal notification by the Ministry of Finance
ICRA has reviewed and reaffirmed the credit ratings for OCCL Limited's bank facilities totaling ₹269.00 crore. Long-term fund-based facilities of ₹219.80 crore (including term loans of ₹14.80 crore) are rated [ICRA]AA- with a Stable outlook, including limits assigned for enhanced amounts. Short-term non-fund based limits of ₹49.00 crore have been reaffirmed/assigned at [ICRA]A1+. Unallocated limits of ₹0.20 crore were assigned [ICRA]AA-(Stable)/[ICRA]A1+.
- Total bank facilities rated by ICRA stand at ₹269.00 crore across long-term and short-term lines.
- Long-term facilities of ₹205.00 crore (fund-based others) reaffirmed and assigned for enhanced amounts at [ICRA]AA-(Stable).
- Term loan facility of ₹14.80 crore reaffirmed at [ICRA]AA-(Stable).
- Short-term non-fund based facilities of ₹49.00 crore reaffirmed and assigned for enhanced amounts at [ICRA]A1+.
OCCL Limited announced the voting results of its 4th Annual General Meeting held on August 27, 2026. Shareholders approved all 5 resolutions with over 99.99% votes in favour, including the adoption of FY26 financial statements, declaration of a final dividend, re-appointment of director Akshat Goenka, and a special resolution enabling the creation/modification of charges on company properties for borrowings. A total of 2.72 crore votes were polled out of 4.995 crore total outstanding shares (~54.5% voter turnout).
- All 5 resolutions passed with >99.99% voting approval by shareholders
- Total votes polled stood at 2,72,19,790 shares (~54.49% of the 4,99,50,460 total outstanding shares)
- Approved special resolution for creation/modification of charges on properties regarding borrowings
- Total shareholder count on record date (August 20, 2026) was 19,981
OCCL Limited announced the voting results for its 4th Annual General Meeting held on August 27, 2026. Shareholders approved all five resolutions with over 99.99% voting in favor, covering the adoption of FY26 financial statements, declaration of final dividend, re-appointment of Director Akshat Goenka, and cost auditor remuneration. A special resolution was also passed authorizing the creation and modification of charges on company properties for borrowings. Total voter turnout stood at 54.49% across 2.72 crore shares polled out of 4.995 crore total shares.
- All 5 resolutions passed with >99.99% voting in favor
- Total 2,72,19,790 votes polled, representing 54.49% of total 4,99,50,460 shares
- Formal approval secured for FY26 annual accounts and final dividend distribution
- Special resolution approved for creation/modification of asset charges regarding company borrowings
OCCL Limited has announced August 20, 2026, as the record date for a final dividend of Rs 1.80 per equity share for FY 2025-26. This dividend represents a 90% payout on the face value of Rs 2. Based on the TTM EPS of Rs 3.05, this implies a payout ratio of approximately 59%, demonstrating a significant return of earnings to shareholders. The dividend is subject to approval at the 4th Annual General Meeting scheduled for August 27, 2026.
- Final dividend of Rs 1.80 per equity share recommended for the financial year 2025-26
- Record date for determining shareholder eligibility fixed for August 20, 2026
- Dividend payout represents 90% of the face value of Rs 2 per share
- 4th Annual General Meeting (AGM) to be held on August 27, 2026, for final approval
- TTM EPS stands at Rs 3.05, making the dividend a ~59% payout of trailing earnings
OCCL Limited has issued its FY 2025-26 Annual Report and scheduled its 4th Annual General Meeting for August 27, 2026. The company reported a resilient EBITDA margin of 18%, consistent with the previous year, despite pricing pressure from Chinese imports. Exports remain a significant driver, accounting for 36% of revenue across 22 countries. The company maintains a strong market position in insoluble sulphur with a production capacity of 39,500 MTPA.
- EBITDA margin remained stable at 18% for FY 2025-26, matching FY 2024-25 levels.
- Insoluble sulphur production capacity stood at 39,500 MTPA as of March 31, 2026.
- Exports contributed 36% of total revenue, with products marketed in 22 countries.
- Sulphuric acid and oleum production capacity is maintained at 290 MTPD.
- The company has fixed August 20, 2026, as the cut-off date for e-voting eligibility.
OCCL Limited reported a robust performance for Q1 FY27, with revenue from operations surging 78.5% YoY to ₹219.67 Cr. Net profit grew by 206% YoY to ₹40.25 Cr, up from ₹13.14 Cr in the year-ago period. The company achieved an EPS of ₹8.06 for the quarter, a significant jump from ₹2.63 in Q1 FY26. This growth follows the company's recent business restructuring and reflects improved pricing power supported by anti-dumping duties.
- Revenue from operations increased 78.5% YoY to ₹219.67 Cr from ₹123.09 Cr.
- Net profit surged 206% YoY to ₹40.25 Cr compared to ₹13.14 Cr in Q1 FY26.
- Earnings Per Share (EPS) rose to ₹8.06 from ₹2.63 in the corresponding quarter last year.
- Profit Before Tax (PBT) reached ₹53.82 Cr, representing a 193% increase over Q1 FY26.
- Total expenses for the quarter stood at ₹167.79 Cr, with raw material costs accounting for ₹140.48 Cr.
OCCL Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document, issued by the Registrar and Share Transfer Agent (RTA), MUFG Intime India Private Limited, confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, were processed within prescribed timelines. The RTA verified that the certificates were mutilated and cancelled, and the depositories' names were substituted in the register of members. This is a standard administrative filing required for all listed companies in India.
- Compliance certificate issued for the quarter ended June 30, 2026
- Confirmation provided by Registrar and Share Transfer Agent, MUFG Intime India Private Limited
- Verification and cancellation of physical security certificates completed as per SEBI norms
- Filing dated July 09, 2026, following the RTA certificate dated July 02, 2026
OCCL Limited has submitted a formal response to the National Stock Exchange (NSE) regarding a clarification sought for the quarter ended March 31, 2026. The exchange had queried the company for the non-submission of consolidated financial results under Regulation 33 of SEBI LODR. This follows a period where the company reported a TTM revenue of ₹234 Cr and a PAT of ₹15 Cr. Such clarifications are typically procedural, especially following corporate restructurings like the company's recent demerger.
- Clarification sought by the Exchange for the quarter ended March 31, 2026
- Specific query related to the non-submission of Consolidated Financial Results
- Response filed by the company on July 6, 2026
- Company maintains a TTM revenue base of ₹234 Cr and OPM of 16.7%
OCCL Limited reported a significant increase in its FY26 performance with total revenue reaching ₹505.90 crore compared to ₹306.73 crore in FY25. Net profit for the full year stood at ₹47.71 crore, a sharp rise from ₹21.42 crore in the previous year, though figures are not directly comparable due to a demerger effective July 2024. The board has recommended a final dividend of ₹1.80 per share (90% of face value) with a record date of August 20, 2026. Additionally, the company is transitioning to a new tax regime from FY27, which resulted in a one-time deferred tax reversal benefit of ₹7.04 crore.
- Reported FY26 Revenue from Operations of ₹505.90 crore, representing significant growth over FY25's ₹306.73 crore.
- Net Profit for the financial year ended March 31, 2026, reached ₹47.71 crore with an EPS of ₹47.75.
- Recommended a final dividend of ₹1.80 per equity share (90% on face value of ₹2) for FY26.
- Set August 20, 2026, as the Record Date for dividend payment, subject to shareholder approval at the AGM.
- Announced transition to a new tax regime (25.168% effective rate) starting FY27, leading to a ₹7.04 crore deferred tax liability reversal.
OCCL Limited reported a total income of ₹50,826 Lakhs for the full financial year 2025-26, with a net profit of ₹4,771 Lakhs. The Board recommended a final dividend of ₹1.80 per share (90% of face value). Results are not directly comparable to the previous year due to the demerger of the chemical business from AG Ventures effective July 2024. The company also announced a transition to the new tax regime from FY 2026-27, which led to a one-time deferred tax reversal benefit.
- Full-year FY26 Revenue from Operations stood at ₹50,590 Lakhs
- Net Profit for FY26 reached ₹4,771 Lakhs with an EPS of ₹47.75
- Recommended a final dividend of ₹1.80 per equity share (90% of FV ₹2)
- One-time deferred tax reversal of ₹704.32 Lakhs due to transition to the new tax regime
- Exceptional item of ₹205.56 Lakhs recognized for past service obligations under new Labour Codes
OCCL Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, confirms that dematerialization requests for the quarter ended March 31, 2026, were processed within prescribed timelines. It verifies that physical share certificates were mutilated, cancelled, and the depositories' names were updated in the register of members. This is a standard administrative filing required for all listed companies in India.
- Compliance certificate submitted for the quarter ended March 31, 2026.
- Registrar MUFG Intime India Private Limited confirmed processing of all demat requests.
- Physical share certificates were mutilated and cancelled after due verification by the depository participant.
- Register of members updated with depository names within mandated SEBI timelines.
OCCL Limited has announced the closure of its trading window for all designated persons starting April 1, 2026. This measure is taken in accordance with SEBI's insider trading regulations ahead of the Q4 and full-year financial results for the period ending March 31, 2026. The window will remain shut until 48 hours post the announcement of these results. This is a standard regulatory procedure for listed companies in India and does not indicate any fundamental change in the company's operations.
- Trading window closure begins on April 1, 2026, for all designated persons.
- The closure is in anticipation of the financial results for the quarter and year ended March 31, 2026.
- The window will reopen 48 hours after the financial results are officially declared to the stock exchanges.
- Compliance is maintained under the SEBI (Prohibition of Insider Trading) Regulations, 2015.
Financial Performance
Revenue Growth by Segment
Total income for Q2 FY26 grew 16% YoY to INR 120.6 Cr compared to INR 103.9 Cr in Q2 FY25, primarily driven by the chemicals business following the demerger.
Geographic Revenue Split
Not disclosed in available documents, though the company notes significant competition from Chinese and Japanese imports, suggesting a domestic focus with exposure to global pricing.
Profitability Margins
Gross margins were impacted by raw material costs of INR 54.5 Cr (45% of revenue). PAT margin remained stable at 7.2% for Q2 FY26, while H1 FY26 PAT margin stood higher at 8.9%.
EBITDA Margin
EBITDA margin for Q2 FY26 was 16.8%, a contraction from 18.6% in Q2 FY25, despite a 5% YoY growth in absolute EBITDA to INR 20.2 Cr.
Capital Expenditure
Property, Plant and Equipment stood at INR 360.8 Cr as of September 2025, with Capital Work-in-Progress of INR 3.3 Cr, indicating ongoing minor maintenance or debottlenecking.
Credit Rating & Borrowing
The company maintains a strong liquidity profile; it prepaid a sizeable portion of long-term debt in Q1. Total borrowings as of Sep-25 were INR 81.5 Cr (INR 70.0 Cr current and INR 11.5 Cr non-current).
Operational Drivers
Raw Materials
Sulphur is the primary raw material, with total raw material costs accounting for INR 54.5 Cr or 45.2% of total revenue in Q2 FY26.
Import Sources
Not specifically disclosed, but the company monitors global sulphur price moderation to improve profitability.
Capacity Expansion
Current Property, Plant and Equipment is valued at INR 360.8 Cr. Specific MTPA capacity is not disclosed, but the company emphasizes a highly cost-competitive manufacturing base.
Raw Material Costs
Raw material costs increased significantly to INR 54.5 Cr in Q2 FY26 from INR 36.4 Cr in Q2 FY25, a 49.7% increase, which pressured EBITDA margins.
Manufacturing Efficiency
Focus on operational efficiency and R&D foundation to maintain a cost-competitive base against imports.
Logistics & Distribution
Freight and forwarding expenses accounted for INR 8.3 Cr in Q2 FY26, representing 6.9% of total revenue.
Strategic Growth
Expected Growth Rate
16%
Growth Strategy
Growth is targeted through the imposition of anti-dumping duties (ADD) on Chinese and Japanese imports, which restores pricing power. The company is leveraging its R&D foundation and cost-competitive manufacturing to strengthen market position and deliver consistent value.
Products & Services
Insoluble Sulphur and related chemical products for the rubber and tyre industry.
Brand Portfolio
OCCL Limited (following the demerger of the chemicals business from the former Oriental Carbon & Chemicals Limited).
New Products/Services
Not specifically disclosed, but R&D focus suggests ongoing product quality improvements.
Market Expansion
The company aims to strengthen its market position following the recent business restructuring and demerger.
Market Share & Ranking
Not disclosed, but the company is a significant player benefiting from protective anti-dumping duties.
Strategic Alliances
The company was formed via a demerger where the chemical business was moved into OCCL Ltd, while investments remained with AG Ventures Limited.
External Factors
Industry Trends
The industry is seeing a shift toward domestic sourcing in India due to regulatory protections (ADD). Profitability is expected to improve due to moderation in sulphur prices and price hikes taken by the company.
Competitive Landscape
Key competition arises from Chinese and Japanese chemical exporters; the company competes on cost and quality.
Competitive Moat
The moat is built on cost-competitive manufacturing and R&D, further protected by the 5-year anti-dumping duty on imports from China and Japan, which limits low-cost competition.
Macro Economic Sensitivity
Sensitive to global chemical industry cycles and tyre demand, as well as international sulphur commodity pricing.
Consumer Behavior
Demand is driven by the global tyre industry's requirement for high-quality vulcanizing agents.
Geopolitical Risks
Trade barriers such as anti-dumping duties are currently a tailwind, but changes in trade relations with China or Japan could shift the competitive landscape.
Regulatory & Governance
Industry Regulations
The company is subject to the Companies Act 2013 and Ind AS. The recent imposition of anti-dumping duty by regulatory authorities is a critical favorable factor.
Taxation Policy Impact
Effective tax rate for Q2 FY26 was approximately 25% (INR 2.9 Cr tax on INR 11.6 Cr PBT).
Legal Contingencies
Auditors reported that the company did not have pending litigations having a material impact on its financial position as of March 31, 2025.
Risk Analysis
Key Uncertainties
The primary uncertainty is the sustainability of margins if sulphur prices rise sharply or if the anti-dumping duty is challenged or revoked, potentially impacting margins by 2-5%.
Geographic Concentration Risk
Not disclosed, but the business is sensitive to the domestic Indian market's regulatory environment.
Third Party Dependencies
Dependency on banks for working capital limits (sanctioned over INR 5 Cr) and sulphur suppliers.
Technology Obsolescence Risk
The company mitigates this through a 'strong R&D foundation' and focus on product quality.
Credit & Counterparty Risk
Auditors found no material differences in quarterly returns filed with banks; the company has not provided loans or guarantees to third parties during the year.
