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Sadhana Nitrochem Limited (SADHNANIQ)

₹2.36 +4.89% last close, 16 Oct

📊 NSE: SADHNANIQ 🏢 Chemicals 📢 Latest filing: 13 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Sadhana Nitrochem's revenue was ₹27.2 Cr (-3.1% year on year, +202.4% on the previous quarter), and net profit ₹-0.6 Cr (a smaller loss than a year earlier); the operating margin was 8.5%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹27.2	-3.1%	+202.4%
Operating profit	₹2.3	+19.6%	from loss
Net profit	₹-0.6	loss narrowed	loss narrowed
EPS (₹)	0.00	loss narrowed	loss narrowed
Operating margin	8.5%	—	—

Full quarterly financials → Results calendar →

SADHNANIQ delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 71.54% of the SADHNANIQ shares traded on NSE were taken to delivery, against the stock's own 20-session average of 58.11%. That is higher than usual for this stock. Turnover was only ₹51 lakh, so a handful of trades can move this figure. It closed at its upper price band (circuit) on 16 Oct, one of 11 band closes in about the last 20 sessions.

71.54%Delivery, 16 Oct

58.11%Own 20-session average

1.2×Volume vs its average

₹2.36NSE close · +4.89%

Delivery in the last 5 sessions: 64.2% · 45.3% · 58.7% · 64.2% · 71.5%

Delivery across the market →Circuit stocks →

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

Sadhana Nitrochem CFO Vimal Rameshchandra Jain Resigns with Immediate Effect

🔴 NEGATIVE ⭐ 7/10

MANAGEMENT 📅 13 Oct 2026, 04:14 PM

Sadhana Nitrochem announced that Mr. Vimal Rameshchandra Jain has resigned from his role as Chief Financial Officer (CFO) and President - Operations & Finance, effective October 13, 2026. The resignation is cited as being due to personal reasons. The exit occurs against a backdrop of financial stress, with the company reporting a TTM net loss of Rs 85 crore and an operating margin of -108.6%. The company has not yet announced a successor for the key managerial role.

CFO and President - Operations & Finance Vimal Rameshchandra Jain resigned effective October 13, 2026
Resignation letter submitted on October 7, 2026, and accepted by the board on October 13, 2026
Company reported a TTM net loss of Rs 85 crore on Rs 49 crore of revenue
Debt stands at Rs 113 crore against a market capitalization of Rs 125 crore

💡 Track the announcement of an interim or permanent CFO appointment and observe whether financial reporting timelines and audit disclosures remain stable in upcoming quarterly filings.

Sadhana Nitrochem Submits Reg 74(5) Demat Compliance Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 13 Oct 2026, 03:49 PM

Sadhana Nitrochem Limited has submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from RTA MUFG Intime India Private Limited confirms that security certificates received for dematerialisation were processed and confirmed within 15 days. The underlying securities remain listed on the stock exchanges, and physical certificates were duly mutilated and cancelled. This is a standard quarterly regulatory filing with no operational or financial impact.

Compliance certificate filed for the quarter ended September 30, 2026
Securities received for dematerialization confirmed within 15 days of receipt
RTA certificate issued by MUFG Intime India Private Limited dated October 3, 2026

💡 No action required as this is a routine administrative filing; investors should track upcoming Q2 FY27 financial results for operational updates.

Sadhana Nitrochem CFO Vimal Rameshchandra Jain Resigns with Immediate Effect

🔴 NEGATIVE ⭐ 7/10

MANAGEMENT 📅 13 Oct 2026, 03:31 PM

CFO and President - Operations & Finance Vimal Rameshchandra Jain resigned effective October 13, 2026
Resignation letter submitted on October 7, 2026, and accepted by the board on October 13, 2026
Company reported a TTM net loss of Rs 85 crore on Rs 49 crore of revenue
Debt stands at Rs 113 crore against a market capitalization of Rs 125 crore

💡 Track the announcement of an interim or permanent CFO appointment and observe whether financial reporting timelines and audit disclosures remain stable in upcoming quarterly filings.

Sadhana Nitrochem Shareholders Approve All AGM Resolutions Including Board Re-Appointments

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 01 Oct 2026, 04:49 PM

Sadhana Nitrochem submitted the scrutinizer's report and voting results for its 53rd Annual General Meeting held on September 30, 2026. Shareholders approved all agenda items with the requisite majority, including the adoption of FY26 financial statements and key management re-appointments. Executive Chairman Asit D. Javeri, Managing Director Abhishek A. Javeri, and Executive Director Seema A. Javeri were all re-appointed via special resolutions. Institutional participation remained nil (0 votes polled out of 2,279,558 shares held).

All resolutions passed with requisite majorities at the 53rd AGM held on September 30, 2026
Adoption of FY26 financial statements approved with 99.92% votes in favour out of 1,851,022,025 votes polled
Special resolutions for re-appointment of Executive Chairman Asit D. Javeri and MD Abhishek A. Javeri passed with 98.43% and 98.40% approval respectively
Zero institutional shareholder participation recorded across all resolutions (0 of 2,279,558 shares polled)
Total shareholder count stood at 79,356 as of the record date of September 23, 2026

💡 Track the upcoming Q2 FY27 earnings for signs of operational recovery and PAP plant ramp-up following heavy losses in FY26.

Trading Approval Received for 6.75 Cr Preferential Equity Shares at Rs 2.06 Each

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 25 Sep 2026, 12:59 PM

Sadhana Nitrochem has received trading approval from BSE and NSE for 6,75,00,000 equity shares of face value Re 1 each, effective September 25, 2026. The shares were allotted on a preferential basis to non-promoters at an issue price of Rs 2.06 per share (face value Re 1 plus premium of Re 1.06), raising approximately Rs 13.91 crore. The entire lot of 6.75 crore shares is subject to lock-in until March 25, 2027. This fundraise represents ~9.8% of the company's current market cap of Rs 142 crore.

Received trading approval for 6,75,00,000 equity shares effective September 25, 2026
Shares issued on a preferential basis to non-promoters at a premium of Re. 1.06 per share (total price Rs 2.06)
Total capital raised under this allotment is approximately Rs 13.91 crore
All 6,75,00,000 shares remain locked-in until March 25, 2027

💡 Track the deployment of the raised capital towards working capital or debt reduction, and monitor forthcoming quarterly results following significant FY26 net losses.

Sadhana Nitrochem Schedules 53rd AGM for Sept 30, 2026; Proposes Re-appointment of Key Promoters

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 07 Sep 2026, 02:22 PM

Sadhana Nitrochem has issued the notice for its 53rd Annual General Meeting (AGM) to be held on September 30, 2026, via video conferencing. The cut-off date for e-voting eligibility is set for September 23, 2026. Key special resolutions include the 3-year reappointment of Executive Chairman Asit Javeri, Managing Director Abhishek Javeri, and Executive Director Seema Javeri starting May 1, 2027, each with a minimum remuneration clause of up to Rs 1.68 crore p.a. in the event of inadequate profits. The company reported a TTM net loss of Rs -85 crore against TTM revenue of Rs 49 crore.

53rd AGM scheduled for Wednesday, September 30, 2026, via VC/OAVM.
E-voting period opens September 27, 2026, and concludes September 29, 2026; cut-off date is September 23, 2026.
Proposed 3-year re-appointments from May 1, 2027, for Executive Chairman Asit Javeri, MD Abhishek Javeri, and ED Seema Javeri with minimum remuneration of up to Rs 1.68 crore p.a. each.
Ratification of Cost Auditor remuneration of Rs 1,25,000 plus out-of-pocket expenses for FY26.

💡 Shareholders may track voting outcomes post-AGM on September 30, 2026, particularly regarding executive remuneration approval amid ongoing operational losses.

Sadhana Nitrochem reports zero deviation in utilization of ₹263.53 Cr Rights Issue proceeds

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 07 Aug 2026, 08:00 PM

Sadhana Nitrochem Limited has confirmed zero deviation or variation in the utilization of ₹263.53 Crores raised through its Rights Issue on March 12, 2026. The funds were primarily deployed for debt-related repayments, including ₹131.98 Crores for Inter-Corporate Deposits and ₹81.00 Crores for Promoter Loans. The statement, reviewed by the Audit Committee and monitored by Acuite Ratings, covers the quarter ended June 30, 2026. This filing confirms that the company is adhering strictly to the objects of the issue as stated in the offer document.

Total of ₹263.53 Crores raised via Rights Issue on March 12, 2026, with zero deviation in usage.
Largest allocation of ₹131.98 Crores utilized for Inter-Corporate Deposits.
₹81.00 Crores utilized for the repayment of Promoters Loans to deleverage the balance sheet.
₹27.00 Crores deployed for General Corporate Purposes as per the original allocation.
Monitoring agency Acuite Ratings and Research Limited reviewed the utilization for the quarter ended June 30, 2026.

💡 Investors should monitor the upcoming quarterly financial results to assess the impact of the ₹212.98 Crore debt/loan repayment on the company's interest expense and net margins.

Sadhana Nitrochem Allots 6.75 Cr Shares at Rs 2.06; Approves Q1 FY27 Results

🟡 NEUTRAL ⭐ 6/10

FUNDRAISE 📅 07 Aug 2026, 07:49 PM

Sadhana Nitrochem has approved the allotment of 6.75 crore equity shares on a preferential basis at a price of Rs 2.06 per share. This action raises approximately Rs 13.91 crore, representing about 9.1% of the company's current market capitalization of Rs 152 crore. The board also approved the unaudited financial results for the quarter ended June 30, 2026. This capital infusion comes at a time when the company is facing significant financial stress, with a TTM loss of Rs 87 crore and debt of Rs 113 crore.

Allotment of 6,75,00,000 fully paid-up equity shares at an issue price of Rs 2.06 per share
Total fundraise value of approximately Rs 13.91 crore
Paid-up equity share capital increased from Rs 296.47 crore to Rs 303.22 crore
Approval of unaudited standalone and consolidated financial results for Q1 FY27
Issue price of Rs 2.06 includes a premium of Rs 1.06 per share

💡 Investors should closely examine the detailed Q1 FY27 financial statements to check for any recovery in operating margins, which were -107.4% in the previous trailing twelve months. Monitor the utilization of the Rs 13.91 crore proceeds to see if it is directed toward debt reduction or working capital for the non-operational PAP plant.

6.75 Cr Shares: Sadhana Nitrochem Receives In-Principle Approval for Preferential Issue

🟢 POSITIVE ⭐ 9/10

FUNDRAISE 📅 28 Jul 2026, 04:54 PM

Sadhana Nitrochem has received in-principle approval from both BSE and NSE for a preferential issue of 6,75,00,000 equity shares of Re. 1/- each. This fundraise comes at a critical time as the company reported a TTM net loss of Rs 87 crore and negative operating margins of -107.4%. The equity infusion is likely intended to bolster liquidity or address the company's Rs 113 crore debt, given that its 6,000 TPA PAP plant remained non-operational in H2FY25 due to market conditions.

Received in-principle approval for the issuance of 6,75,00,000 equity shares of face value Re. 1/- each.
Approval granted by NSE on July 27, 2026, and subsequently by BSE.
Company is currently loss-making with a TTM PAT of Rs -87 crore against TTM revenue of Rs 50 crore.
Total debt stands at Rs 113 crore as of the latest financial context, making capital infusion vital.
Promoter holding recently increased to 60.91% as of March 2026 from 29.97% in December 2025.

💡 Investors should monitor the announcement of the final issue price and the identity of the allottees to understand the extent of equity dilution and promoter commitment. The key execution milestone will be the restart of the 6,000 TPA PAP plant using these funds.

Sadhana Nitrochem Submits Quarterly Share Dematerialization Certificate for June 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Jul 2026, 02:44 PM

Sadhana Nitrochem Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that for the quarter ended June 30, 2026, all physical share certificates received for dematerialization were processed within the mandated 15-day period. The company's Registrar and Share Transfer Agent (RTA), MUFG Intime India Private Limited, has verified, mutilated, and cancelled the physical certificates as required. This is a standard administrative procedure to ensure the accuracy of electronic shareholding records.

Compliance certificate issued for the quarter ended June 30, 2026
Dematerialization requests processed within the regulatory timeline of 15 days
Confirmation provided by RTA MUFG Intime India Private Limited (formerly Link Intime)
Physical certificates were mutilated and cancelled after due verification

💡 No action is required from investors as this is a routine regulatory filing confirming the integrity of the company's shareholding records.

Sadhana Nitrochem to Close Trading Window from July 1, 2026, for Q1 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Jun 2026, 03:40 PM

Sadhana Nitrochem Limited has announced the closure of its trading window starting July 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations. This closure is for the quarter ending June 30, 2026, and applies to all designated persons and their immediate relatives. The window will remain closed until 48 hours after the declaration of the unaudited financial results. The company has also coordinated with NSDL to freeze PANs at the security level for its ISIN-INE888C01040 to ensure compliance.

Trading window closure effective from Wednesday, July 1, 2026.
Closure pertains to the financial quarter ending June 30, 2026.
Restriction applies to Designated Persons and their immediate relatives as per the Code of Conduct.
Window will reopen 48 hours after the declaration of the unaudited financial results.
PAN-level freezing implemented via NSDL as per SEBI circular dated July 19, 2023.

💡 This is a routine regulatory filing with no impact on business fundamentals. Investors should wait for the upcoming quarterly results to assess the company's financial performance.

Sadhana Nitrochem Reports Q1 FY26 Net Loss of ₹1.7 Cr; Divests Subsidiary and CFO Resigns

🔴 NEGATIVE ⭐ 7/10

REGULATORY 📅 25 Jun 2026, 02:51 PM

Sadhana Nitrochem Limited (SADHNANIQ) reported a net loss of ₹1.70 crore for the quarter ended June 30, 2025, compared to a profit of ₹3.99 crore in the preceding quarter. Revenue from operations declined to ₹28.10 crore from ₹40.07 crore in Q4 FY25. The company also announced the divestment of its entire stake in subsidiary Calchem Industries and the resignation of its CFO, Rakesh R. Kothari. To mitigate financial strain, executive directors waived 55% of their remuneration, totaling ₹69 lakhs.

Revenue from operations fell to ₹2,810 lakhs in Q1 FY26 from ₹3,084 lakhs in the same quarter last year.
Reported a net loss of ₹170 lakhs against a marginal profit of ₹4 lakhs in Q1 FY25.
Divested 100% stake in wholly-owned subsidiary Calchem Industries (India) Limited on May 28, 2025.
CFO Rakesh R. Kothari resigned effective August 14, 2025, replaced by new leadership in Finance and Operations.
Executive Directors waived ₹69 lakhs in remuneration to support the company's financial position.

💡 Investors should exercise caution as the company has swung into a loss and is undergoing significant management and structural changes. Monitor the performance of the new management team and the impact of the subsidiary divestment on future cash flows.

Sadhana Nitrochem Promoters Declare 65.85% Total Holding with 2.24% Encumbered Shares

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 11 Jun 2026, 10:58 AM

Asit D. Javeri, representing the promoter group of Sadhana Nitrochem Limited, has submitted the annual disclosure under SEBI Takeover Regulations for the year ending March 31, 2026. The promoter group maintains a substantial majority stake of 65.85%, totaling 1,95,21,31,701 shares. As of the year-end, 6,66,20,000 shares are encumbered, representing approximately 2.24% of the total equity capital. The filing confirms that no new undisclosed encumbrances were created during the financial year.

Promoter and Promoter Group hold a 65.85% stake in the company as of March 31, 2026.
Total encumbered shares stand at 6,66,20,000, which is 2.24% of the total equity share capital.
Asit Dhankumar Javeri and Abhishek Asit Javeri are the largest shareholders with 28.99% and 27.68% stakes respectively.
The declaration confirms compliance with Regulation 31(4) regarding share encumbrances for FY 2025-26.

💡 Investors should view this as a routine regulatory filing that confirms high promoter skin in the game and a relatively low level of share pledging. No immediate action is required based on this disclosure.

Sadhana Nitrochem to Issue 6.75 Crore Equity Shares at ₹2.06 via Preferential Allotment

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 01 Jun 2026, 12:46 PM

Sadhana Nitrochem Limited has finalized the pricing for its preferential allotment of 6,75,00,000 equity shares. Following consultation with the National Stock Exchange, the floor price was determined to be ₹2.05 based on the 90-day volume-weighted average price (VWAP). The company has confirmed it will proceed with an allotment price of ₹2.06 per share, which is slightly above the regulatory floor. This move marks a significant equity issuance to raise capital for the company's operations or expansion.

Issue and allotment of 6,75,00,000 equity shares with a face value of Re. 1 each.
Allotment price fixed at ₹2.06 per share, staying above the calculated floor price of ₹2.05.
Floor price based on 90-day VWAP was ₹2.05, while the 10-day VWAP was ₹2.03.
The issuance is being conducted on a preferential basis under SEBI ICDR Regulations.
The pricing discovery was finalized in consultation with the National Stock Exchange of India.

💡 Investors should note the capital infusion which could support growth, but also be aware of the equity dilution resulting from the 6.75 crore new shares. Monitor the company's subsequent filings regarding the specific use of these proceeds.

Sadhana Nitrochem Bags Rs 108 Cr Long-Term Export Order from Japanese MNC

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 28 May 2026, 03:12 PM

Sadhana Nitrochem Limited has entered into a significant long-term supply contract with a Japanese multinational for the export of speciality chemicals. The contract has a firm committed value of approximately Rs. 108 crores to be executed over a two-year period. This new order has propelled the company's total confirmed order book to over Rs. 200 crores. This development provides strong revenue visibility and validates the company's standing in the international speciality chemicals market.

Secured a long-term export contract worth approximately Rs. 108 crores.
Contract duration is set for two years with a Japanese multinational customer.
Total confirmed order book now stands at over Rs. 200 crores.
The deal focuses on the international supply of speciality chemical products.

💡 Investors should monitor the company's execution capabilities and the resulting impact on quarterly revenue growth. The significant increase in the order book provides a positive outlook for the medium term.

View All SADHNANIQ Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total revenue from operations declined 29.38% YoY to INR 135.99 Cr in FY25, compared to INR 192.86 Cr in FY24. The decline was driven by lower sales across all product segments and the management's decision to halt Para Amino Phenol (PAP) production due to competitive import pricing.

Profitability Margins

Net profit margin remained stable at 3.91% in FY25 compared to 3.92% in FY24. Profit After Tax (PAT) for FY25 was INR 5.22 Cr, down 29.5% from INR 7.41 Cr in FY24.

EBITDA Margin

EBITDA margin improved to 29.37% in FY25 from 23.45% in FY24. This 592 bps improvement was driven by higher profitability on specific products like ODB2, despite the overall revenue decline.

Capital Expenditure

Fixed assets increased by INR 41.90 Cr (13.5% increase) to INR 352.10 Cr in FY25, up from INR 310.20 Cr in FY24, primarily reflecting the capacity enhancement of the PAP plant.

Credit Rating & Borrowing

The company's credit rating is IVR D (Default). Borrowing costs are high, with finance costs reaching INR 17.65 Cr in FY25 (13% of revenue). The company has ongoing delays in servicing term loans and overutilization of cash credit limits.

⚙️ Operational Drivers

Capacity Expansion

Para Amino Phenol (PAP) capacity was enhanced to 6,000 TPA, achieved in September 2024. However, the plant remained non-operational in H2FY25 due to market conditions.

Raw Material Costs

Cost of materials consumed was INR 64.02 Cr in FY25, representing 47.08% of total revenue, down from INR 71.88 Cr in FY24.

📈 Strategic Growth

Growth Strategy

Growth is targeted through vertical integration, plant automation, and upskilling the workforce in AI/IoT applications. The company aims to establish end-to-end visibility of production and dispatch to enhance competitiveness.

Products & Services

Para Amino Phenol (PAP), ODB2, and Metanilic Acid.

New Products/Services

ODB2 is highlighted as a high-margin product contributing to EBITDA growth.

🌍 External Factors

Industry Trends

The industry is shifting toward digital infrastructure for supply chain visibility and predictive maintenance. Current trends include significant pressure from low-cost imports and a focus on vertically integrated manufacturing to mitigate cost risks.

Competitive Landscape

Intense competition from Chinese manufacturers who are selling products at historically low prices.

Competitive Moat

The company's moat is built on its vertically integrated manufacturing approach and 50-year history of serving multinational conglomerates, which provides a sustainable advantage in quality control and process optimization.

Macro Economic Sensitivity

Sensitive to global economic slowdowns and domestic demand fluctuations in the chemical industry.

Geopolitical Risks

High sensitivity to trade dynamics with China, specifically dumping practices that impact domestic margins.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to Maharashtra Pollution Control Board (MPCB) consents and safety legislations (ISO 9001, OHSAS 18001).

Environmental Compliance

The company maintains ISO 14001:2004 certification and focuses on socially responsible waste and effluent management.

Taxation Policy Impact

The effective tax rate for FY25 was approximately 42.8%, with tax expenses of INR 3.91 Cr on a PBT of INR 9.13 Cr.

Legal Contingencies

A fire incident in the chemical storage area at the Roha plant in September 2024 resulted in the deaths of contract workers, leading to regulatory inspections and local agitation.

⚠️ Risk Analysis

Key Uncertainties

Uncertainty regarding the resumption of PAP production and the company's ability to regularize debt servicing for more than 90 days to improve its credit rating.