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Thirumalai Chemicals Limited (TIRUMALCHM)

₹142.37 +0.08% last close, 16 Oct

📊 NSE: TIRUMALCHM 🏢 Chemicals 📢 Latest filing: 15 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Thirumalai Chemicals' revenue was ₹547 Cr (+21.5% year on year, +28.9% on the previous quarter), and net profit ₹-43.7 Cr (a smaller loss than a year earlier); the operating margin was 6.0%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹547	+21.5%	+28.9%
Operating profit	₹32.6	from loss	+442.8%
Net profit	₹-43.7	loss narrowed	loss widened
EPS (₹)	-3.62	loss narrowed	loss widened
Operating margin	6.0%	—	—

Full quarterly financials → Results calendar →

TIRUMALCHM delivery percentage

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

On Fri, 16 Oct 2026, 54.77% of the TIRUMALCHM shares traded on NSE were taken to delivery, against the stock's own 20-session average of 47.8%. That is close to its usual level. Volume was 0.3 times its average, well below normal.

54.77%Delivery, 16 Oct

47.8%Own 20-session average

0.3×Volume vs its average

₹142.37NSE close · +0.08%

Delivery in the last 5 sessions: 58.3% · 44.7% · 64.6% · 48.8% · 54.8%

Delivery across the market →

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

Thirumalai Chemicals Submits Demat Compliance Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 15 Oct 2026, 11:20 PM

Thirumalai Chemicals Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, issued by the Registrar and Share Transfer Agent MUFG Intime India Private Limited, confirms that securities received for dematerialisation during the quarter were duly processed and confirmed to depositories within prescribed timelines. This is a standard quarterly administrative filing with no operational or financial impact on the company.

Regulation 74(5) certificate submitted for the quarter ended September 30, 2026
Issued by RTA MUFG Intime India Private Limited dated October 3, 2026
Company filing submitted to stock exchanges on October 15, 2026

💡 No action required by investors. Track upcoming Q2 financial results for fundamental performance updates.

Thirumalai Chemicals Receives ₹17.31 Cr GST Show Cause Notice for FY24

🔵 WATCH ⭐ 4/10

LEGAL 📅 01 Oct 2026, 05:03 PM

Thirumalai Chemicals Limited has received a show cause notice (DRC-01) from the Commercial Tax Department, Ranipet, Tamil Nadu, demanding ₹17.31 crore for FY 2023-24 under Section 73 of the CGST Act. The total demand comprises tax of ₹11.23 crore, interest of ₹4.95 crore, and penalty of ₹1.13 crore regarding alleged discrepancies in output turnover, input tax, and ITC reversals. The contested amount represents approximately 0.95% of TTM revenue (₹1,832 crore) and about 11.4% of the TTM net loss (₹152 crore). The company stated that the demand is erroneous and unsustainable, and plans to submit a response within the prescribed timelines without expecting material financial disruption.

Received DRC-01 show cause notice demanding ₹1731.47 lakhs (₹17.31 crore) for FY 2023-24.
Demand includes tax of ₹1123.30 lakhs, interest of ₹495.24 lakhs, and penalty of ₹112.93 lakhs.
Notice issued under Section 73 of the CGST Act citing scrutiny discrepancies under Section 61 of the TNGST Act.
Company management considers the demand erroneous and believes financial implication will be insignificant.

💡 Monitor the company's response submission to the tax authority and track whether the show cause notice converts into a confirmed demand order or is dropped.

Thirumalai Chemicals Receives ₹13.52 Lakh GST Show Cause Notice for AY 2022-23

🟡 NEUTRAL ⭐ 2/10

LEGAL 📅 30 Sep 2026, 07:09 PM

Thirumalai Chemicals Limited has received a show cause notice under Section 73 of the CGST Act, 2017 from the Assistant Commissioner, Ranipet. The notice demands a total of ₹13.52 lakhs (comprising ₹7.37 lakhs in tax, ₹5.31 lakhs in interest, and ₹0.84 lakhs in penalty) for Assessment Year 2022-2023. The alleged discrepancies involve exempted turnover for an SEZ unit, excess input tax credit (ITC), and short payment of tax. The company considers the demand erroneous as GST is not applicable to SEZ transactions, and expects negligible financial impact.

Total tax, interest, and penalty demand is ₹13.52 lakhs
Notice issued under Section 73 of the CGST Act, 2017 for AY 2022-2023
Breakdown includes ₹7.37 lakhs tax, ₹5.31 lakhs interest, and ₹0.84 lakhs penalty
Demand amount represents less than 0.01% of TTM revenue (₹1,832 Cr)

💡 Track the outcome of the company's reply to the GST authority, although the financial exposure is immaterial to the company's balance sheet.

TIRUMALCHM Approves Sale of Up to 9.5 Lakh Shares (~Rs 40 Cr) in Ultramarine & Pigments

🟢 POSITIVE ⭐ 6/10

FUNDRAISE 📅 30 Sep 2026, 11:58 AM

Thirumalai Chemicals' Fund Raising Committee has approved the sale of up to 9,50,000 equity shares (3.25% stake) held in promoter group company Ultramarine & Pigments Limited via open market. At the closing price of Rs 418.50 per share, the potential monetization is approximately Rs 39.8 crore. Prior to the sale, Thirumalai holds 27,38,837 shares representing a 9.38% stake. The proceeds offer immediate liquidity, which is relevant given Thirumalai's net loss of Rs 152 Cr over TTM and total debt of Rs 760 Cr.

Approved sale of up to 9,50,000 equity shares (3.25% of total capital) in Ultramarine & Pigments Limited
Current holding stands at 27,38,837 shares (9.38% of total capital)
Last closing price of target company cited at Rs 418.50 on NSE (Rs 418.10 on BSE), valuing the proposed sale at ~Rs 39.8 Cr
Sale is planned via open market on the stock exchange with expected completion date of 30.09.2026

💡 Track the execution price and realized proceeds in upcoming quarterly filings to evaluate liquidity improvement and debt reduction progress.

Thirumalai to sell up to 5% stake in Ultramarine & Pigments to raise ~₹60 Cr

🟢 POSITIVE ⭐ 6/10

FUNDRAISE 📅 30 Aug 2026, 11:57 PM

Thirumalai Chemicals' Fund Raising Committee has approved the sale of up to 14,60,000 equity shares (a 5.00% stake) held in promoter group entity Ultramarine & Pigments Limited. Based on the target's recent market price of ₹410.70, the transaction is estimated to generate gross cash proceeds of approximately ₹60 Crore. The company currently holds a 14.38% stake (41,98,837 shares) in Ultramarine & Pigments. The sale is planned to be completed within 7 working days via permitted SEBI transaction modes.

Approved sale of up to 14,60,000 equity shares (5.00% stake) in Ultramarine & Pigments Limited
Estimated transaction value of ~₹59.96 Cr based on target CMP of ₹410.70 (as of Aug 28, 2026)
Thirumalai currently holds 41,98,837 equity shares representing 14.38% total capital
Transaction expected to be executed and completed within 7 working days

💡 Track the formal execution details, actual realized price per share, and management's capital allocation of proceeds (such as debt reduction vs capex funding).

Thirumalai Chemicals: Auditor Resigns at Material Subsidiary to Align with Group Rotation

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 29 Aug 2026, 10:45 AM

Walker Chandiok & Co LLP has resigned as the statutory auditor of TCL Intermediates Private Limited, a material subsidiary of Thirumalai Chemicals Limited, effective August 28, 2026. The resignation is driven by the parent company's mandatory auditor rotation, where Walker Chandiok concluded its tenure at the 53rd AGM on August 7, 2026. The change is intended to align group-wide audit processes under the new holding company auditors. The outgoing auditor confirmed there are no material concerns, limitations, or disputes.

Walker Chandiok & Co LLP resigned as statutory auditor of subsidiary TCL Intermediates effective August 28, 2026
Parent company audit term concluded at the 53rd AGM on August 7, 2026 due to mandatory statutory rotation
Subsidiary tenure was originally scheduled through the 6th AGM in 2027 after appointment on September 16, 2022
No disagreements, reservations, or reporting limitations were cited in the auditor resignation letter

💡 Track the subsequent announcement of the incoming statutory auditor for the subsidiary to ensure standard audit continuity across the group.

Thirumalai Chemicals Receives ₹33.47 Lakh GST Show Cause Notice

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 19 Aug 2026, 11:31 PM

Thirumalai Chemicals Limited has received a show cause notice from the Central GST and Central Excise Audit Commissionerate, Vadodara, under Section 74 of the CGST Act, 2017. The notice alleges non-reversal of Input Tax Credit (ITC) on stock differences covering the audit period from April 2020 to March 2024. The total tax demand specified is ₹33.47 lakhs, while interest and penalties remain unascertained. Given the company's TTM revenue of ₹1,832 Cr, the financial exposure of ~₹0.33 Cr is immaterial (<0.02% of revenue), and the company intends to challenge the demand.

Received show cause notice under Section 74 of CGST Act from Central GST Audit Commissionerate, Vadodara
Demand pertains to alleged non-reversal of ITC on stock difference for the period April 2020 to March 2024
Quantified tax demand stands at Rs. 33.47 lakhs; interest and penalties are not yet ascertained
Company considers the demand erroneous and will file its response within the prescribed timelines

💡 Track subsequent filings to confirm if the tax authority upholds, modifies, or drops the demand following the company's formal response.

ICRA Downgrades Rating to BBB (Negative); US Project Cost Escalates to $340 Million

🔴 NEGATIVE ⭐ 9/10

REGULATORY 📅 13 Aug 2026, 11:27 PM

ICRA has downgraded Thirumalai Chemicals' long-term rating to [ICRA]BBB (Negative) from [ICRA]BBB+ (Negative). The downgrade is primarily driven by a 33% increase in the US project cost to USD 340 million (approx. Rs 2,850 Cr) and a six-month delay in commissioning to December 2026. This escalation, caused by high US construction and labor costs, increases the funding gap and leverage, straining liquidity as debt repayments are scheduled to commence in FY2027.

US project cost revised upwards from USD 255 million to USD 340 million due to elevated construction and labor costs.
Project completion timeline extended by 6 months, with full operations now expected by December 2026.
Total rated debt facilities enhanced to Rs 1,404.50 Cr to cover the increased funding requirements.
Company reported a breach of financial covenants with certain lenders in FY2026, though waivers were obtained.
Q1FY2027 operating profit showed recovery at Rs 32.6 Cr compared to a loss of Rs 26.7 Cr in Q1FY2026.

💡 Monitor the company's ability to raise the proposed Rs 750 Cr in domestic funds and track any further cost revisions or delays in the US project execution.

Thirumalai Chemicals 53rd AGM: Shareholders Approve FY26 Results and New Auditor Appointment

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 07 Aug 2026, 11:14 PM

Thirumalai Chemicals concluded its 53rd Annual General Meeting on August 07, 2026, where shareholders approved all proposed resolutions, including the adoption of FY26 financial statements. The company reported a significant TTM net loss of ₹167.91 Cr against a TTM revenue of ₹1,735 Cr, reflecting a difficult two-year period marked by negative operating margins (-2.3%). Shareholders also approved the appointment of M/s. PKF Sridharan & Santhanam LLP as the new Statutory Auditor. The Chairman's address highlighted external pressures such as Chinese dumping and inflationary impacts on the Dahej and US expansion projects.

Shareholders approved the FY26 Audited Financial Statements, which recorded a consolidated net loss of ₹167.91 Cr.
Appointment of M/s. PKF Sridharan & Santhanam LLP as Statutory Auditor was passed with 98.29% votes in favor.
Re-appointment of Ms. Ramya Bharathram as Director was approved with a 99.95% majority.
Management highlighted that PPE and CWIP combined totaled ₹2,497 Cr as of March 2025, indicating the scale of ongoing capacity expansion.
The company expects new capacity to be absorbed over the next 12 to 15 months to drive margin recovery.

💡 Investors should monitor the quarterly progress of the Dahej and US project commissioning, as the company's turnaround depends on absorbing the ₹2,497 Cr in capital assets to offset current operating losses.

40.5 KTPA USA Expansion Highlighted in Q1 FY27 Investor Presentation

🔵 WATCH ⭐ 7/10

EXPANSION 📅 07 Aug 2026, 12:59 PM

Thirumalai Chemicals is executing a massive global expansion strategy to pivot away from domestic margin pressures caused by Far East oversupply. The company is developing a 40.5 KTPA Maleic Anhydride and Food Ingredients facility in West Virginia, USA, leveraging feedstock prices that are ~25% lower than other global markets. Despite a TTM loss of ₹168 Cr, the company's asset base (PPE + CWIP) stands at ₹2,497 Cr, which is significantly higher than its current market cap of ₹1,887 Cr. Management expects a 7-year payback for the USA project, targeting a market where 65-70% of consumption is currently met by imports.

USA project capacity of 40.5 KTPA for Maleic Anhydride and Food Ingredients in West Virginia.
Combined PPE and CWIP of ₹2,497 Cr as of March 2025, representing ~132% of current market capitalization.
Feedstock (n-butane) costs in the USA project region are estimated to be at least 25% lower than other global markets.
USA project targets a market where imports account for over 65% of Malic Acid and 70% of Fumaric Acid consumption.
Expected payback period for the USA project is 7 years from the start of operations.

💡 Investors should monitor the commissioning timeline of the USA project and the margin recovery in the domestic Dahej unit, which recently added 94 KTPA of Phthalic Anhydride capacity.

Rs 56.14 Cr Fund Utilization: Thirumalai Chemicals Reports Zero Deviation in Preferential Issue

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 04 Aug 2026, 05:47 PM

Thirumalai Chemicals has confirmed zero deviation in the utilization of Rs. 56.14 crore raised via a preferential issue in December 2025. As of June 30, 2026, the company has deployed Rs. 35.85 crore towards its US expansion via TCL Global BV and Rs. 20.13 crore for general corporate purposes. The filing, reviewed by the Audit Committee, shows that nearly all funds have been utilized as per the original objects, with only a nominal balance of Rs. 0.98 lakhs remaining.

Total funds raised via preferential issuance on December 18, 2025, amounted to Rs. 5613.99 Lakhs.
Rs. 3584.62 Lakhs has been utilized for investment in TCL Global BV for US-based capital expenditure.
Rs. 2012.59 Lakhs was spent on General Corporate Purposes against an allocation of Rs. 2013.57 Lakhs.
A negligible balance of Rs. 0.98 Lakhs remains unutilized in the Share Application Account.

💡 Investors should monitor the operational progress and execution timeline of the US-based project (TCL Specialties LLC), which received the bulk of this funding.

Rs 750 Cr fundraise approved; Q1 revenue grows 21.5% YoY to Rs 546.67 Cr

🔵 WATCH ⭐ 9/10

BOARD_MEETING 📅 04 Aug 2026, 04:44 PM

Thirumalai Chemicals reported a recovery in Q1 FY27 with consolidated revenue rising 21.5% YoY to Rs 546.67 Cr. To address its high debt levels (Rs 760 Cr TTM) and support operations, the Board approved a massive fundraise of up to Rs 750 Cr, which is approximately 36% of its current market capitalization. Additionally, the company is divesting non-core assets by selling 3.2 MW of windmill capacity in Tamil Nadu. This capital infusion is critical given the company's TTM net loss of Rs 168 Cr.

Consolidated revenue for Q1 FY27 increased 21.5% YoY to Rs 546.67 Cr from Rs 450.05 Cr.
Board approved a fundraise of up to Rs 750 Cr through equity, debt, or convertible instruments.
The proposed fundraise amount represents approximately 36% of the company's Rs 2,076 Cr market cap.
Approved the sale of 4 windmills with 3.2 MW total capacity and 11.42 acres of land in Tamil Nadu.
Fundraise proceeds are earmarked for day-to-day operations and refinancing/repayment of existing debt.

💡 Monitor the specific mode of the Rs 750 Cr fundraise; an equity-heavy QIP or rights issue could lead to significant shareholder dilution. Watch for whether the revenue recovery translates into a return to profitability in the coming quarters.

₹22.93 Cr GST Show Cause Notice Received by Thirumalai Chemicals

🔵 WATCH ⭐ 5/10

REGULATORY 📅 31 Jul 2026, 12:02 PM

Thirumalai Chemicals has received a show cause notice (SCN) from the Commercial Tax Department, Tamil Nadu, for the financial year 2022-23. The total demand of ₹22.93 Cr includes ₹13.56 Cr in tax, ₹8.01 Cr in interest, and ₹1.36 Cr in penalties. The notice alleges discrepancies in output turnover and input tax credit (ITC) under Section 73 of the CGST Act. While the company believes the demand is erroneous and will not have a material impact, the amount represents approximately 13.6% of its TTM net loss of ₹168 Cr.

Total demand of ₹22.93 Cr (₹2292.66 lakhs) issued by the Deputy Commissioner, Ranipet.
The demand consists of ₹13.56 Cr tax, ₹8.01 Cr interest, and ₹1.36 Cr penalty.
Notice pertains to alleged output turnover and input tax discrepancies for FY 2022-23.
The company intends to submit a response within prescribed timelines to contest the demand.

💡 Monitor whether this show cause notice converts into a final demand order and if the company is required to make any pre-deposits for appeals, which could impact cash flows.

Thirumalai Chemicals submits Regulation 74(5) compliance for Q1 FY27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Jul 2026, 02:07 PM

Thirumalai Chemicals Limited has filed 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 share certificates received for dematerialization during the quarter ended June 30, 2026, were processed within prescribed timelines. The registrar confirmed that securities were listed on the exchanges and physical certificates were mutilated and cancelled as per norms. This is a standard administrative filing with no impact on business operations or financials.

Compliance certificate issued for the quarter ended June 30, 2026
Registrar MUFG Intime India Private Limited confirmed processing of dematerialization requests
Securities comprised in the certificates are listed on NSE and BSE
Physical certificates were mutilated and cancelled after due verification by the depository participant

💡 This is a routine regulatory filing. Investors should monitor the company's upcoming quarterly financial results for material performance updates.

Trading Window Closure from July 01, 2026 for Q1 FY27 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Jun 2026, 07:54 PM

Thirumalai Chemicals Limited has announced the closure of its trading window for all designated persons starting July 01, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of unaudited financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the results are officially disclosed to the exchanges. This is a standard procedural filing and does not reflect any change in the company's business fundamentals.

Trading window closure effective from July 01, 2026
Closure pertains to the financial results for the quarter ended June 30, 2026
Window to reopen 48 hours after the financial results are declared
Company reported a TTM net loss of ₹168 Cr as per latest available context

💡 Investors should wait for the announcement of the Q1 FY27 board meeting date to see if the company can improve its operating margins, which were -2.3% on a TTM basis.

View All TIRUMALCHM Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Standalone revenue grew 8.3% YoY to INR 2,152.07 Cr in FY25, while consolidated revenue declined 1.6% to INR 2,049.51 Cr. The US subsidiary (TCL Global BV) saw a 20% revenue decline to USD 27.82 Mn in FY25 due to market instability.

Geographic Revenue Split

India operations contributed INR 2,152.07 Cr (Standalone) in FY25. The United States subsidiary contributed USD 27.82 Mn (approx. INR 230 Cr), representing roughly 11% of consolidated revenue. The company is focusing its full attention on these two primary markets.

Profitability Margins

Standalone PAT margin improved from 1.8% to 3.8% in FY25, with PAT rising 126% to INR 82.21 Cr. However, consolidated PAT was a loss of INR 46.10 Cr in FY25, worsening from a loss of INR 38.79 Cr in FY24 due to subsidiary underperformance.

EBITDA Margin

Standalone EBITDA margin improved from 6.2% to 8.4% in FY25, with EBITDA rising 45% to INR 182.89 Cr. Consolidated EBITDA margin remained flat at 3.4% (INR 69.40 Cr). Q1 FY26 standalone EBITDA margin crashed to 1.5% from 10.1% YoY due to reduced PAN-OX spreads.

Capital Expenditure

Consolidated Property, Plant and Equipment (PPE) increased 93% to INR 1,145 Cr in FY25, with Capital Work-in-Progress (CWIP) at INR 1,352 Cr. The company is investing INR 330 Cr for US capital expenditure and additional funds for manufacturing projects in Dahej, Gujarat.

Credit Rating & Borrowing

ICRA maintains a 'Negative' outlook due to margin pressure. Consolidated non-current borrowings surged 72% to INR 1,401 Cr in FY25. The company faces principal repayment obligations of INR 81 Cr in H2 FY2026 and INR 133 Cr in FY2027.

⚙️ Operational Drivers

Raw Materials

Orthoxylene (OX) is the primary raw material for Phthalic Anhydride (PAN) production. Standalone cost of materials consumed was INR 1,381 Cr in FY25, representing 64.2% of standalone revenue.

Import Sources

Producers from the Far East and China are noted as major competitors and sources of dumping, impacting the Indian market for commodities and food ingredients.

Capacity Expansion

Expanding manufacturing projects through subsidiaries in Dahej, Gujarat and the United States (TCL Specialties LLC). PPE and CWIP combined total INR 2,497 Cr as of March 2025, indicating massive capacity buildup.

Raw Material Costs

Standalone raw material costs decreased 4.8% YoY to INR 1,381 Cr in FY25 despite higher revenue, reflecting better procurement. However, margins remain highly susceptible to the volatility in PAN-OX spreads.

Manufacturing Efficiency

The company is driving process improvements and drawing on 15 years of leadership experience to manage expansion. Capacity expansions are expected to be absorbed over the next 12 to 15 months.

📈 Strategic Growth

Growth Strategy

Strategy involves capacity expansion in Dahej and the US, divestment of non-core or struggling subsidiary parts to focus on India/US markets, and absorption of new capacity over 12-15 months to improve margins.

Products & Services

Phthalic Anhydride (PA), Maleic Anhydride (MAN), Speciality Chemicals, and Food Ingredients.

Brand Portfolio

Thirumalai Chemicals Limited (TCL).

New Products/Services

Focusing on Speciality Chemicals and Food Ingredients, which serve robustly growing markets, though currently facing margin pressure from Far East competition.

Market Expansion

Targeting India and the United States for long-term growth. Capital infusion of INR 327.53 Cr was made into the Netherlands subsidiary for onward investment into the US project.

🌍 External Factors

Industry Trends

The industry is currently in a 'bad patch' regarding margins due to Far East oversupply, but volume demand remains robust. Recovery is expected as Far East markets stabilize and domestic capacity is absorbed.

Competitive Landscape

Intense competition from Far East commodity chemical producers who dump products into India using regulatory gaps.

Competitive Moat

Moat is built on a 50-year track record, cost-leadership through process optimization, and robust safety/environmental management (Zero-Liquid Discharge). Sustainability depends on maintaining manufacturing controls.

Macro Economic Sensitivity

Highly sensitive to global oil price volatility and economic slowdowns in China and the Far East, which lead to dumping in the Indian market.

Consumer Behavior

Robust growth in end-user industries for PA and food ingredients supports volume insulation despite margin volatility.

Geopolitical Risks

Trade barriers and regulatory gaps in India are being plugged by the government to prevent toxic/substandard dumping from Far East producers.

⚖️ Regulatory & Governance

Industry Regulations

Subject to pollution norms and manufacturing standards. The company led campaigns for the GOI to plug regulatory gaps ensuring substandard/toxic products are not dumped in India.

Environmental Compliance

Maintains zero-liquid discharge and invested in latest water treatment technology. CSR average net profit is INR 139.01 Cr, with a 2% obligation of INR 2.78 Cr.

Taxation Policy Impact

Standalone effective tax rate was approximately 21% in FY25 (INR 22 Cr tax on INR 105 Cr PBT).

Legal Contingencies

The company has filed an appeal with the Securities Appellate Tribunal (SAT) in Mumbai against fines imposed by Stock Exchanges regarding the reconstitution of Board committees (NRC, SRC, RMC).

⚠️ Risk Analysis

Key Uncertainties

Volatility in PAN-OX spreads and the successful absorption of massive new capacity in the US and Dahej are primary risks, with potential margin impact exceeding 5-10%.