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ROSSARI - Rossari Biotech

📊 NSE: ROSSARI 🏢 Chemicals 📅 Last Updated: 12/14/2025 12:27

📢 Recent Corporate Announcements

Rossari Biotech Releases Audio Recording of Q4 FY26 Earnings Conference Call

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 28 Apr 2026, 08:57 PM

Rossari Biotech Limited has officially released the audio recording of its Q4 FY26 earnings conference call held on April 28, 2026. The recording provides a detailed account of the discussion between management and institutional investors regarding the company's quarterly performance. This disclosure is a routine regulatory requirement under SEBI (LODR) Regulations. Investors can access the full audio on the company's website to understand the nuances of the financial results and management's future outlook.

Audio recording of the Q4 FY26 earnings call is now available on the company's website.
The call was conducted on April 28, 2026, following the Q4 results announcement.
Disclosure made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 Investors should listen to the call recording to gain insights into management's commentary on margin trends and growth drivers for the upcoming fiscal year.

Rossari Biotech Independent Director Ms. Aparna Sharma Completes Tenure on April 28, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 28 Apr 2026, 08:40 PM

Rossari Biotech Limited has announced that Ms. Aparna Sharma (DIN: 07132341) has completed her term as an Independent Director effective from the close of business hours on April 28, 2026. During her tenure, she held significant positions, including Chairperson of the Stakeholders Relationship Committee and membership in the Audit and Nomination and Remuneration Committees. This cessation is a routine event following the completion of a fixed term rather than a resignation. The company has placed on record its appreciation for her contributions during her association with the board.

Ms. Aparna Sharma ceased to be an Independent Director effective April 28, 2026, upon completion of her term.
She served as the Chairperson of the Stakeholders Relationship Committee.
She was a member of the Audit Committee, Nomination and Remuneration Committee, and CSR Committee.
The change is a routine regulatory cessation under Regulation 30 of SEBI Listing Regulations.

💡 This is a routine board rotation and requires no immediate action from investors. Monitor future filings for the appointment of a new independent director to fill the committee vacancies.

Rossari Biotech Reports Record Q4 FY26 Revenue of ₹685 Cr, PAT Up 34% YoY

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 28 Apr 2026, 02:17 PM

Rossari Biotech achieved its highest-ever quarterly revenue and EBITDA in Q4 FY26, driven by double-digit growth across all business segments including HPPC, TSC, and AHN. For the full year FY26, revenue grew 15.2% to ₹2,396.4 crore, though EBITDA margins slightly compressed to 11.9% from 12.7% due to raw material cost volatility. The company successfully commissioned an additional 15,000 MTPA ethoxylation capacity at Dahej, bringing the total to 66,000 MTPA. A dividend of ₹0.50 per share has been recommended for the fiscal year.

Q4 FY26 Revenue grew 18.2% YoY to ₹684.9 crore, the highest quarterly performance to date.
Quarterly Net Profit (PAT) surged 33.7% YoY to ₹46.0 crore in Q4 FY26.
Full-year FY26 Revenue reached ₹2,396.4 crore with a consolidated PAT of ₹149.2 crore.
Commissioned 15,000 MTPA ethoxylation capacity at Dahej facility on March 31, 2026.
Net Debt to Equity remains healthy at 0.21x despite ongoing capital expenditure.

💡 Investors should focus on the company's ability to pass on raw material costs to recover margins and the scaling of the newly added ethoxylation capacity. The narrowing losses in the B2C segment and strong core B2B growth suggest a positive outlook for the specialty chemicals platform.

Rossari Biotech Q4 FY26 PAT Jumps 34% YoY to ₹46 Cr; Revenue Up 18% to ₹684.9 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 28 Apr 2026, 01:58 PM

Rossari Biotech reported its highest-ever quarterly revenue of ₹684.9 crore for Q4 FY26, marking an 18% YoY growth driven by strong performance across all business segments. While EBITDA grew 11% to ₹77.3 crore, EBITDA margins contracted slightly to 11.3% from 12.0% due to raw material cost inflation and pricing lags. Net profit (PAT) saw a significant surge of 34% YoY to ₹46.0 crore. The company also successfully commissioned additional ethoxylation capacity at Dahej, bringing the total to 66,000 MTPA, and recommended a dividend of ₹0.50 per share.

Q4 FY26 Revenue from operations grew 18% YoY to ₹684.9 crore, the highest quarterly revenue ever.
Consolidated PAT for Q4 FY26 increased by 34% YoY to ₹46.0 crore from ₹34.4 crore.
EBITDA margins compressed to 11.3% in Q4 FY26 compared to 12.0% in the previous year's quarter.
Unitop commissioned 15,000 MTPA additional ethoxylation capacity at Dahej, reaching a total of 66,000 MTPA.
The Board recommended a dividend of ₹0.50 per share for the financial year 2025-26.

💡 Investors should monitor the company's ability to pass on raw material costs to recover margins in the coming quarters. The strong top-line growth and capacity expansion indicate a robust demand outlook, supporting a positive long-term view.

Rossari Biotech: Re. 0.50 Dividend, ESOP Allotment, and Capacity Expansion Update

🔵 WATCH ⭐ 7/10

BOARD_MEETING 📅 27 Apr 2026, 06:20 PM

Rossari Biotech's board has approved a final dividend of Re. 0.50 per share (25%) for the financial year ended March 31, 2026. The company also allotted 8,250 equity shares under its ESOP 2019 plan at an exercise price of Rs. 425 per share. Crucially, the company is rescheduling its previously announced capacity expansion project to a phased implementation over the next two years. To bolster innovation, a new R&D facility has been established in Navi Mumbai, and Mr. Udeypaul Singh Gill has been appointed as an Independent Director.

Recommended a final dividend of Re. 0.50 per equity share (25% of face value Rs. 2) for FY 2025-26.
Allotted 8,250 equity shares under ESOP 2019, increasing paid-up capital to Rs. 11.08 crore.
Rescheduled the capacity expansion project to a phased rollout over the next 24 months due to market conditions.
Established a new R&D facility in Navi Mumbai and relocated existing IIT Bombay operations there.
Appointed Mr. Udeypaul Singh Gill as an Independent Director for a three-year term starting April 28, 2026.

💡 Investors should monitor the impact of the delayed capacity expansion on long-term growth targets while noting the company's continued focus on R&D. The dividend is modest, so the focus remains on the upcoming full audited financial performance details.

Rossari Biotech Recommends Rs 0.50 Dividend and Reschedules Capacity Expansion Project

🔵 WATCH ⭐ 7/10

DIVIDEND 📅 27 Apr 2026, 06:10 PM

Rossari Biotech has recommended a final dividend of Rs. 0.50 per share (25% of face value) for the financial year ended March 31, 2026. The company is re-evaluating its previously announced capacity expansion project, which will now be implemented in a phased manner over the next two years instead of the original timeline. To bolster innovation, the company has established a new R&D facility in Navi Mumbai, shifting operations from its existing IIT Bombay site. Additionally, the board approved the appointment of industry veteran Mr. Udeypaul Singh Gill as an Independent Director.

Recommended final dividend of Rs. 0.50 per share (25%) on equity shares of face value Rs. 2 each.
Rescheduled capacity expansion project to be implemented in a phased manner over the next 24 months.
Established a new Research and Development facility at Navi Mumbai to enhance innovation and product development.
Allotted 8,250 equity shares under the Rossari Employee Stock Option Plan - 2019 at an exercise price of Rs. 425.
Appointed Mr. Udeypaul Singh Gill as an Independent Director for a three-year term starting April 28, 2026.

💡 Investors should monitor the impact of the rescheduled capacity expansion on long-term growth targets while noting the company's increased focus on R&D. The dividend yield remains modest, so the primary focus should be on the execution of the phased investment plan.

Rossari Biotech Declares Rs 0.50 Dividend and Reschedules Capacity Expansion Project

🔵 WATCH ⭐ 7/10

BOARD_MEETING 📅 27 Apr 2026, 05:36 PM

Rossari Biotech has approved its audited financial results for FY26 and recommended a final dividend of Rs. 0.50 per share (25% of face value). The company is rescheduling its major capacity expansion project to a phased implementation over the next two years to align with market conditions. In a move to boost innovation, a new R&D facility has been established in Navi Mumbai, replacing the existing IIT Bombay unit. Additionally, the board appointed Mr. Udeypaul Singh Gill as an Independent Director and allotted 8,250 shares under its ESOP scheme.

Recommended a final dividend of Rs. 0.50 per equity share (25%) for the financial year 2025-26.
Rescheduled the implementation of its capacity expansion project to a phased manner over the next two years.
Established a new Research and Development facility in Navi Mumbai, relocating from the IIT Bombay site.
Appointed Mr. Udeypaul Singh Gill as an Independent Director for a three-year term starting April 28, 2026.
Allotted 8,250 equity shares under the ESOP 2019 plan at an exercise price of Rs. 425 per share.

💡 Investors should monitor the reasons for the expansion delay and the impact of the new R&D facility on product innovation. The dividend yield is relatively low, so focus should remain on the company's ability to execute its phased growth strategy.

Rossari Biotech Schedules Q4 FY26 Earnings Call for April 28, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 21 Apr 2026, 10:38 PM

Rossari Biotech Limited has announced its earnings conference call for the fourth quarter and full financial year ended March 31, 2026. The call is scheduled for Tuesday, April 28, 2026, at 05:00 PM IST, following the board's declaration of financial results on April 27, 2026. Senior management will discuss the company's performance across its core segments, including Home, Personal Care, and Performance Chemicals (HPPC). This session provides an opportunity for investors to gain insights into the company's growth strategy and operational outlook.

Earnings conference call scheduled for April 28, 2026, at 5:00 PM IST
Financial results for Q4 and FY26 to be declared on April 27, 2026
Interactive Q&A session with senior management to follow the results discussion
Universal dial-in numbers provided: +91 22 6280 1141 / 7115 8042

💡 Investors should review the financial results on April 27 and participate in the call to understand management's guidance on raw material volatility and demand in the specialty chemicals sector.

Rossari Biotech Subsidiary Unitop Commissions 15,000 MTPA Capacity; Total Reaches 66,000 MTPA

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 31 Mar 2026, 06:42 PM

Rossari Biotech's material subsidiary, Unitop Chemicals Private Limited, has successfully commissioned the final 15,000 MTPA of its planned 30,000 MTPA ethoxylation expansion at its Dahej facility. This marks the completion of a multi-year expansion project, bringing Unitop's total installed ethoxylation capacity to 66,000 MTPA effective March 31, 2026. The increased capacity is expected to drive significant volume growth and strengthen the company's market position in specialty chemicals. Investors should expect enhanced revenue contributions from this subsidiary starting from the first quarter of FY27.

Successfully commissioned the remaining 15,000 MTPA ethoxylation capacity at the Dahej facility.
Completion of the total planned 30,000 MTPA expansion project first announced in October 2023.
Total installed ethoxylation capacity for subsidiary Unitop Chemicals now stands at 66,000 MTPA.
The new capacity is operational as of March 31, 2026, aligning with the start of the new fiscal year.

💡 Investors should monitor the ramp-up in capacity utilization and its subsequent impact on the consolidated margins and top-line growth in upcoming quarterly results.

Rossari Biotech to Close Trading Window from April 1, 2026, for FY26 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Mar 2026, 08:01 PM

Rossari Biotech Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting April 1, 2026. This closure is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015. The restriction is in anticipation of the audited financial results for the quarter and financial year ending March 31, 2026. The window will reopen 48 hours after the results are officially declared to the stock exchanges.

Trading window closure effective from April 1, 2026.
Closure relates to the announcement of audited financial results for Q4 and FY ending March 31, 2026.
Restriction applies to all 'Designated Persons' and their immediate relatives as per the Company's Code of Conduct.
The window will remain closed until 48 hours after the financial results are made public.
The specific date for the Board Meeting to approve results will be announced separately.

💡 This is a routine regulatory filing with no direct impact on stock fundamentals; investors should wait for the upcoming earnings release to assess company performance.

Rossari Biotech Renames Wholly Owned Subsidiary Rossari Global DMCC to Rossari Global FZCO

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Mar 2026, 09:05 PM

Rossari Biotech Limited has announced a name change for its international wholly-owned subsidiary based in Dubai. The subsidiary, formerly Rossari Global DMCC, is now Rossari Global FZCO, effective March 23, 2026. This change was necessitated by mandatory guidelines from the Dubai Multi Commodities Centre (DMCC) Authority regarding company suffixes. The update is purely administrative and does not involve any change in the company's ownership or business operations.

Wholly Owned Subsidiary Rossari Global DMCC renamed to Rossari Global FZCO
Name change effective from March 23, 2026, per DMCC Authority certificate
Modification is mandatory and pertains only to the company suffix
No change in the 100% ownership status of the subsidiary

💡 This is a routine regulatory update with no impact on the company's financial health or operations. No action is required from investors.

Rossari Biotech Infuses SAR 8 Million into Subsidiary Rossari International

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 18 Feb 2026, 07:01 PM

Rossari Biotech Limited has announced a capital infusion of SAR 8 million into its wholly-owned subsidiary, Rossari International Limited Company. The investment involved subscribing to 8,000 shares at a face value of SAR 1,000 per share on February 18, 2026. This transaction follows previous intimations made by the company in November 2024 and October 2025. The move signifies the company's continued focus on scaling its international operations and footprint in the Middle East region.

Investment of SAR 8 million (Saudi Riyal) in Rossari International Limited Company.
Acquisition of 8,000 shares at a face value of SAR 1,000 each.
The target entity is a 100% wholly-owned subsidiary of Rossari Biotech.
Follow-up to previous strategic expansion disclosures made in October 2025.

💡 Investors should view this as a commitment to international growth; monitor the subsidiary's contribution to consolidated revenue in future quarters. Maintain a long-term outlook as these capital infusions are part of a planned expansion strategy.

Rossari Biotech to Attend Systematix India Annual Conference on February 9, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 02 Feb 2026, 08:30 PM

Rossari Biotech Limited has scheduled its participation in the 'MANTHAN - Systematix India Annual Conference' on February 9, 2026, in Mumbai. The event will feature one-on-one and group meetings starting at 2:00 PM IST. Discussions will be restricted to publicly available financial information and the Earnings Presentation released on January 18, 2026. The company has explicitly stated that no unpublished price-sensitive information will be shared during these interactions.

Participation in MANTHAN - Systematix India Annual Conference scheduled for Feb 9, 2026
Meetings to include both one-on-one and group formats starting at 02:00 PM IST
Discussion points limited to the Earnings Presentation submitted on January 18, 2026
Company confirms no Unpublished Price Sensitive Information (UPSI) will be disclosed

💡 Investors should monitor for any secondary reports or analyst notes that may emerge following the conference for insights into the company's medium-term outlook. No immediate portfolio action is required based on this routine regulatory filing.

Rossari Biotech Wins Arbitration; Sellers' Put Option Claim for Unitop Chemicals Dismissed

🟢 POSITIVE ⭐ 6/10

LEGAL 📅 29 Jan 2026, 06:26 PM

Rossari Biotech has received a final arbitral award regarding a dispute with the former shareholders of its subsidiary, Unitop Chemicals. The Arbitral Tribunal dismissed the sellers' claim which sought to force Rossari to purchase the third tranche of shares via a Put Option. While the company's counterclaims were also dismissed, the financial liability is restricted to a tax refund of INR 97.91 lakhs plus 12% interest. This outcome is favorable as it prevents a potentially large mandatory cash outflow for share acquisition.

Arbitral Tribunal dismissed Sellers' claim to exercise a Put Option for the third tranche of Unitop Chemicals shares
Company's counterclaims were dismissed, resulting in a limited financial liability of INR 97,90,617
Rossari directed to pay the tax refund amount with 12% interest per annum
Arbitration costs are to be shared equally between Rossari and the Sellers
Management confirms the award will not have any material impact on the company's financials

💡 Investors should view this as a positive resolution as it removes the legal uncertainty and potential financial burden of a forced share purchase. No immediate action is required as the financial impact is negligible relative to the company's size.

Rossari Biotech Completes Sale of Office Premises in Kanjurmarg, Mumbai

🟡 NEUTRAL ⭐ 4/10

OTHER 📅 23 Jan 2026, 08:07 PM

Rossari Biotech Limited has officially completed the sale of its office premises located in Kanjurmarg, Mumbai, as of January 23, 2026. This follows the initial intimation of the transaction sent to the exchanges on January 17, 2026. The completion of this sale represents a disposal of non-core fixed assets by the company. While the specific sale value was not disclosed in this update, the move is part of the company's administrative or capital allocation strategy.

Transaction for the sale of office premises in Kanjurmarg, Mumbai, was finalized on January 23, 2026.
The sale was conducted in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements).
This announcement serves as a follow-up to the initial disclosure made on January 17, 2026.
The disposal of this property indicates a streamlining of the company's real estate footprint.

💡 This is a routine asset disposal and should be viewed as neutral for the stock price. Investors should look for the financial impact of this sale in the upcoming quarterly results to see if it results in a significant one-time gain.

View All ROSSARI Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

In Q2 FY26, total revenue grew 18% YoY to INR 586 Cr. Segment-wise, Home, Personal Care and Performance Chemicals (HPPC) grew 16% YoY to INR 454 Cr, Textile Specialty Chemicals (TSC) grew 21% YoY to INR 101 Cr, and Animal Health and Nutrition (AHN) grew 29% YoY to INR 31 Cr. This growth is driven by healthy volume expansion across all core businesses despite a subdued pricing environment.

Geographic Revenue Split

While specific regional percentages are not fully disclosed, the Far East and MENA regions contribute less than 10% of total sales. Exports have been increasing, which improves the company's natural hedge against foreign currency fluctuations.

Profitability Margins

Gross margins have remained stagnant at approximately 30% over the last three years due to global market uncertainty. PAT margin for FY24 was 7.1% (INR 130.5 Cr) compared to 6.4% (INR 106.3 Cr) in FY23. Profitability is sensitive to raw material price movements, as sharp increases cannot always be fully passed on to customers immediately.

EBITDA Margin

EBITDA margin for Q2 FY26 stood at 12.3% (INR 71.9 Cr), a decline from 13.2% in Q2 FY25. However, the core EBITDA margin (excluding institutional and B2C verticals) remained steady at approximately 15%. The decline is attributed to one-time expenses of INR 2.5 Cr and increased SG&A costs related to growth initiatives.

Capital Expenditure

The company is executing a total capex of INR 178 Cr. This includes INR 128 Cr for Unitop Chemicals to expand ethoxylation capacity and INR 50 Cr for Rossari Biotech to increase specialty chemical production and backward integration. This capex is expected to provide an asset turn of 4x at peak utilization, supporting a revenue potential of INR 3,500 Cr.

Credit Rating & Borrowing

Rossari maintains a credit rating of [ICRA]AA- (Stable) for fund-based limits (INR 147 Cr) and [ICRA]A1+ for non-fund based limits (INR 25.61 Cr). The company has a healthy credit profile with a TD/OPBDITA of 0.48x and interest coverage of 12.9x as of FY24.

⚙️ Operational Drivers

Raw Materials

Key raw materials include surfactants, ethoxylates, and various specialty chemical intermediates. While specific % of total cost per material is not disclosed, raw material costs are the primary driver of the cost of goods sold, and volatility in these prices directly impacts the 30% gross margin floor.

Import Sources

The company sources raw materials both domestically and internationally. It is actively taking steps to reduce imports to mitigate forex risk, though specific sourcing countries like those in the Middle East or Asia are implied by the nature of chemical feedstocks.

Capacity Expansion

Current installed capacity is 367,100 MTPA across 7 manufacturing facilities. The company recently commissioned new capacities in Q2 FY26 and is further expanding ethoxylation capacity via a INR 128 Cr investment in Unitop Chemicals to meet growing demand.

Raw Material Costs

Raw material costs are susceptible to sharp fluctuations. In FY22, consolidated operating margins moderated to 11.95% from 17.35% YoY primarily due to a sharp increase in raw material costs that could not be fully passed through to the end-user.

Manufacturing Efficiency

The company targets an asset turnover ratio of 4.0x for its new capex. Efficiency is driven by 4 R&D facilities that focus on high-value-added products and process optimization.

Logistics & Distribution

Freight and traveling expenses are major components of 'other expenses,' which saw a sharp rise in Q2 FY26. Maintenance expenses also added INR 3.5 Cr to the cost base during the same period.

📈 Strategic Growth

Expected Growth Rate

15%

Growth Strategy

Growth will be achieved by scaling up the recently commissioned 367,100 MTPA capacity, targeting a revenue potential of INR 3,500 Cr. The strategy involves focusing on high-margin B2B segments (maintaining 15% core EBITDA), expanding the ethoxylation business via Unitop, and leveraging the 26% historical revenue CAGR (FY19-25) to capture market share in HPPC and AHN.

Products & Services

Specialty chemicals for home and personal care, textile processing chemicals, animal health and nutrition supplements, surfactants, ethoxylates, and institutional cleaning sanitizers.

Brand Portfolio

Rossari, Unitop, Tristar, Romakk, Buzil (Institutional/B2C).

New Products/Services

The company has over 4,250 products and continues to launch value-added specialty chemicals. New capacity in ethoxylation is expected to contribute significantly to the HPPC segment, which already accounts for 65.1% of revenue.

Market Expansion

Expansion is focused on the Far East and MENA regions. Domestically, the company is ramping up its Dahej unit and Silvassa facilities to deepen penetration in the Indian specialty chemicals market.

Market Share & Ranking

Rossari is a leading player in the Indian textile chemical industry and has rapidly gained market share in the HPPC segment (growing from 56% to 65.1% of revenue in one year).

Strategic Alliances

Strategic investments include Romakk Chemicals and the acquisition of Unitop Chemicals and Tristar Intermediates to create synergies in surfactants and specialty intermediates.

🌍 External Factors

Industry Trends

The specialty chemicals industry is shifting toward sustainable and high-performance ingredients. Rossari is positioned to benefit from this through its R&D focus and capacity expansion in ethoxylates, which are seeing steady demand growth.

Competitive Landscape

Key competitors include large multinational corporations and domestic specialty chemical firms. Competition is particularly intense in the HPPC and textile segments, limiting the ability to raise prices aggressively.

Competitive Moat

The moat is built on technocrat promoters with 45+ years of experience, a massive portfolio of 4,250+ customized products, and deep-rooted R&D capabilities. These factors create high switching costs for B2B customers who rely on specific chemical formulations.

Macro Economic Sensitivity

The business is sensitive to global supply chain disruptions and crude oil price volatility, as many specialty chemicals are petroleum derivatives. A 10% shift in raw material costs significantly impacts the 12-13% operating margins.

Consumer Behavior

Increased demand for home and personal care products (HPPC) has shifted the revenue mix, with HPPC now representing the largest share (65.1%) of the business.

Geopolitical Risks

Uncertainty in global markets and supply chains (e.g., Far East/MENA logistics) impacts freight costs and raw material availability.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by chemical manufacturing standards, pollution control board norms, and safety regulations for hazardous material handling.

Environmental Compliance

As a chemical manufacturer, the company is subject to stringent environmental regulations regarding waste disposal and emissions. Compliance is a key operational requirement for its 7 manufacturing units.

⚠️ Risk Analysis

Key Uncertainties

Project execution risk for the INR 178 Cr capex could delay the expected 4x asset turn. Raw material volatility remains the primary risk to the 15% EBITDA guidance.

Geographic Concentration Risk

Manufacturing is concentrated in Silvassa and Dahej, though the customer base is diversified across India and growing international markets.

Third Party Dependencies

Dependency on suppliers for key chemical intermediates; however, backward integration plans aim to reduce this dependency.

Technology Obsolescence Risk

The company mitigates technology risk through its 4 R&D centers and partnership with IIT Mumbai to stay at the forefront of specialty chemical formulations.

Credit & Counterparty Risk

Receivables quality is maintained through established relationships with a wide customer base, supported by a strong liquidity position and INR 172 Cr in unutilized bank limits.