YASHO - Yasho Industries
📢 Recent Corporate Announcements
India Ratings & Research (Ind-Ra) has affirmed Yasho Industries Limited's bank loan facilities at 'IND BBB+' for long-term and 'IND A2+' for short-term instruments. Significantly, the agency has resolved the 'Rating Watch with Negative Implications' and assigned a 'Positive' outlook to the company. The total size of the rated issue has been reduced to INR 4,170.06 million from the previous INR 6,129.30 million. This change reflects a more stable credit profile and potentially improving financial health for the specialty chemicals manufacturer.
- Long-term rating affirmed at 'IND BBB+' with the outlook revised to 'Positive'.
- Short-term rating affirmed at 'IND A2+' for non-fund based facilities.
- Successfully resolved and removed the 'Rating Watch with Negative Implications'.
- Total rated bank loan facilities reduced by approximately 32% to INR 4,170.06 million.
- Ratings cover facilities across multiple lenders including Saraswat Bank, Axis Bank, and SVC Co-operative Bank.
Yasho Industries Limited has announced a change in the schedule for its meeting with analysts and institutional investors. Originally intimated on February 11, 2026, the meeting has now been rescheduled to take place on February 26, 2026. The company clarified that the discussion will be based on publicly available information and no unpublished price-sensitive information will be shared. This is a routine administrative update in compliance with SEBI LODR Regulations.
- Meeting with analysts and institutional investors rescheduled to February 26, 2026
- Follows an earlier intimation regarding the meeting schedule dated February 11, 2026
- Company confirmed that no unpublished price-sensitive information (UPSI) will be shared
- The update is filed under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Yasho Industries reported a strong 35% YoY revenue growth in Q3 FY26, reaching ₹201.83 crores, driven by robust volume momentum despite pricing volatility. The company has set an ambitious revenue potential target of ₹1,500 crores by FY28, supported by the ramp-up of its Pakhajan facility and a new ₹85-90 crore strategic project funded by a global MNC. While gross margins saw some compression due to product mix changes, the 9M EBITDA margin remained healthy at 17.06%. Management is actively diversifying geographic presence to mitigate US tariff risks and expects significant scaling from Q1 FY27 as new capacity comes online.
- Q3 FY26 revenue grew 35% YoY to ₹201.83 crores, with 9M FY26 revenue up 19% at ₹583.76 crores.
- Management targets a revenue potential of ₹1,500 crores by FY28, representing nearly 2x growth from current levels.
- A strategic manufacturing project worth ₹85-90 crores is fully funded by an MNC customer, with ₹19.9 crores already received.
- Two new manufacturing lines involving ₹25.9 crores investment are set for commercial production in Q1 FY27.
- EBITDA margins for 9M FY26 stood at 17.06%, with a long-term guidance range of 17-19%.
Yasho Industries Limited has officially released the audio recording of its Q3FY26 earnings conference call held on February 13, 2026. The call focused on the company's unaudited financial results for the quarter and nine-month period ending December 31, 2025. This disclosure is part of the company's regulatory compliance under SEBI (LODR) Regulations. A written transcript of the proceedings is expected to be filed with the stock exchanges shortly.
- Audio recording of the Q3FY26 investor conference call is now available on the company website.
- The call discussed financial performance for the nine months ended December 31, 2025.
- Compliance filing made under Regulation 30 of SEBI Listing Obligations and Disclosure Requirements.
- A formal written transcript will be provided to BSE and NSE in due course.
Yasho Industries reported a robust performance for Q3FY26 with revenue growing 35% YoY to ₹201.83 crore, driven by a significant 33% volume growth. The company successfully turned profitable at the PAT level, posting ₹4.50 crore compared to a loss in the previous year's corresponding quarter. Management highlighted a strong expansion roadmap, including a ₹85-90 crore MNC-funded project and two new manufacturing lines at Pakhajan set for Q1FY27 commercialization. Despite lower utilization at the new facility, EBITDA margins remained resilient at 16.65% due to product mix optimization.
- Revenue for Q3FY26 increased 35% YoY to ₹201.83 crore with a 33% Q-o-Q volume growth.
- PAT turned positive at ₹4.50 crore in Q3FY26 compared to a loss of ₹0.82 crore in Q3FY25.
- Strategic MNC-funded project worth ₹85-90 crore is in progress with commercialization slated for Q1FY28.
- Two new manufacturing lines involving ₹25.9 crore capex are expected to start commercial production in Q1FY27.
- Company projects a total revenue potential of ₹1,500 crore upon full utilization of the Pakhajan facility.
Yasho Industries reported a strong 34.99% YoY revenue growth in Q3FY26, reaching ₹201.97 Cr, driven by improved volume traction and timely order execution. The company successfully turned around its bottom line, posting a PAT of ₹4.50 Cr compared to a loss of ₹0.82 Cr in the same quarter last year. While EBITDA margins saw a slight contraction to 16.65% from 18.50% YoY, the overall 9M FY26 performance remains robust with revenue up 18.81%. Exports continue to be a major driver, contributing 61% of total revenue despite a challenging global trade environment.
- Revenue for Q3FY26 grew 34.99% YoY to ₹201.97 Cr, with a 10.01% sequential growth over Q2FY26.
- Profit After Tax (PAT) turned positive at ₹4.50 Cr for the quarter, recovering from a loss of ₹0.82 Cr in Q3FY25.
- EBITDA increased by 21.46% YoY to ₹33.62 Cr, although EBITDA margins compressed to 16.65% from 18.50% YoY.
- Exports remained a significant contributor at 61% of total revenue, while the industrial business accounted for 84.90%.
- The company's R&D lab at Pakhajan is now fully operational, aimed at enhancing product mix and efficiency.
Yasho Industries reported a robust 35% YoY revenue growth in Q3 FY26, reaching ₹201.83 crore, primarily driven by a 33% surge in sales volumes. The company successfully turned profitable with a PAT of ₹4.50 crore, compared to a loss of ₹0.82 crore in the same quarter last year. While EBITDA margins saw a slight contraction to 16.65% due to sub-optimal utilization at the new Pakhajan facility, the company is aggressively expanding with two new manufacturing lines and a large MNC-funded project. Management has outlined a long-term revenue potential of ₹1,500 crore from its current infrastructure.
- Revenue for Q3 FY26 grew 35% YoY to ₹201.83 crore with a significant 33% volume growth.
- EBITDA increased 21% YoY to ₹33.62 crore, though margins moderated to 16.65% from 18.50% YoY.
- Received ₹19.90 crore advance for a ₹85-90 crore strategic project fully funded by a global MNC, with commercialization set for Q1 FY28.
- Investing ₹25.9 crore in two new manufacturing lines expected to start commercial production in Q1 FY27.
- Exports contributed 61% of total revenue in Q3 FY26, maintaining a strong international presence.
Yasho Industries has announced the appointment of M/s. Aneja Assurance Private Limited as its new Internal Auditor, effective from April 1, 2026. This transition occurs as the current auditor, M/s. Proteus Advisors Private Limited, completes its tenure on March 31, 2026. The new auditing firm, Aneja Group, is a boutique GRC firm with nearly 40 years of experience and a team of approximately 300 professionals. Additionally, the board approved the un-audited financial results for the quarter and nine months ended December 31, 2025.
- Appointment of M/s. Aneja Assurance Private Limited as Internal Auditor starting April 1, 2026
- Outgoing auditor M/s. Proteus Advisors Private Limited to complete tenure on March 31, 2026
- Aneja Group brings nearly 40 years of experience serving over 200 multinational and Indian companies
- The new audit firm employs approximately 300 qualified professionals across five major Indian cities
- Board meeting concluded on February 12, 2026, also approving Q3 and 9M FY26 financial results
Yasho Industries reported a strong turnaround in Q3 FY26, with revenue from operations growing 31% year-on-year to ₹198.14 crore. The company posted a net profit of ₹3.50 crore, a significant recovery from a net loss of ₹0.94 crore in the same quarter last year. For the nine-month period ended December 2025, net profit surged to ₹11.99 crore compared to ₹1.75 crore in the previous year. The board also approved the appointment of M/s. Aneja Assurance Private Limited as the new Internal Auditor effective April 2026.
- Revenue from operations increased 31% YoY to ₹198.14 crore in Q3 FY26 from ₹151.21 crore.
- Net profit turned positive at ₹3.50 crore for the quarter vs a loss of ₹0.94 crore in Q3 FY25.
- Nine-month (9M FY26) net profit jumped nearly 7x to ₹11.99 crore from ₹1.75 crore YoY.
- Export sales contributed ₹118.58 crore, representing approximately 60% of total Q3 revenue.
- Earnings Per Share (EPS) improved significantly to ₹2.90 from a negative ₹0.83 in the year-ago period.
Yasho Industries reported a strong performance for Q3 FY26, with standalone revenue growing 31% YoY to ₹19,814 Lakhs. The company successfully turned around from a net loss of ₹94 Lakhs in Q3 FY25 to a net profit of ₹350 Lakhs this quarter. On a nine-month basis, PAT surged significantly to ₹1,199 Lakhs compared to ₹175 Lakhs in the previous year. Exports continue to be the primary driver, contributing approximately 60% of the total revenue.
- Revenue from operations grew 31% YoY to ₹19,814 Lakhs in Q3 FY26 compared to ₹15,121 Lakhs in Q3 FY25.
- Net Profit turned positive at ₹349.51 Lakhs vs a loss of ₹94.32 Lakhs in the same quarter last year.
- 9M FY26 PAT stands at ₹1,199.40 Lakhs, a nearly 7x increase over the ₹174.66 Lakhs reported in 9M FY25.
- Export sales contributed ₹11,857.75 Lakhs, representing approximately 60% of total Q3 revenue.
- The Board approved the appointment of M/s. Aneja Assurance Private Limited as the new Internal Auditor effective April 1, 2026.
Yasho Industries Limited has informed the stock exchanges about a scheduled one-on-one virtual meeting with analysts and investors on February 16, 2026. The meeting is part of the company's routine investor relations activities under SEBI (LODR) Regulations. Management has explicitly stated that the discussion will be restricted to publicly available information and no unpublished price-sensitive information will be shared. This interaction provides an opportunity for institutional interest but does not signal any immediate corporate action.
- One-on-one virtual meeting scheduled for February 16, 2026.
- Interaction conducted under Regulation 30 of SEBI (LODR) Regulations, 2015.
- Strict adherence to sharing only publicly available information during the meet.
- The meeting schedule is subject to change based on last-minute exigencies.
Yasho Industries has scheduled a conference call for February 13, 2026, at 4:00 PM IST to discuss its financial performance for the third quarter and nine months of FY26. The call will be led by Managing Director & CEO Mr. Parag Jhaveri and CFO Mr. Chirag Shah. This session provides a platform for investors to understand the company's recent operational performance and future growth strategy. Such calls are critical for assessing management's outlook on the specialty chemicals sector and margin trends.
- Conference call scheduled for Friday, February 13, 2026, at 4:00 PM IST
- Agenda involves discussion of Q3 and 9M FY26 financial results
- Top management including MD & CEO and CFO will be present for the briefing
- Primary dial-in numbers are +91 22 6280 1550 and +91 22 7115 8378
- International toll-free numbers available for USA, UK, Singapore, and Hong Kong
Yasho Industries has received shareholder approval via postal ballot to reclassify three members of the promoter group to the public category. The entities, including Mr. Rajanikant Desai and family, collectively hold 10,030 shares, representing a minor 0.08% stake. This move is a regulatory formality under SEBI guidelines and does not impact the core management or control of the company. The change will be reflected in future shareholding patterns filed with the exchanges.
- Shareholders approved the reclassification of 10,030 shares from Promoter Group to Public category.
- The combined stake of the reclassified entities amounts to approximately 0.08% of the company's total equity.
- Approval was finalized on February 06, 2026, through a Postal Ballot mechanism with the requisite majority.
- The reclassified individuals include Mr. Rajanikant Desai (0.02%), Mrs. Kalpana Desai (0.02%), and Rajanikant Desai HUF (0.04%).
Yasho Industries has announced that shareholders approved the reclassification of certain promoter group members to the public category via postal ballot. The resolution passed with a 99.99% majority of the votes polled, showing strong support from participating shareholders. Public institutions cast 395,711 votes, all in favor of the proposal. This change adjusts the company's shareholding structure but does not affect its operational fundamentals.
- Resolution passed with 99.9992% majority representing 396,005 votes in favor.
- Public Institutions cast 395,711 votes, representing 100% support from that category.
- Total votes polled accounted for 3.28% of the total 12,057,095 outstanding shares.
- The record date for the voting process was December 26, 2025, with 25,834 eligible shareholders.
Yasho Industries Limited has responded to a surveillance inquiry from the National Stock Exchange dated January 9, 2026, regarding a significant increase in trading volume. The company clarified that it has disclosed all material information and events to the exchanges as per SEBI Regulation 30. Management stated they are unaware of any specific reason for the volume movement, attributing it entirely to market conditions. The company confirmed that no material information has been withheld that could impact price or volume behavior.
- NSE issued a surveillance inquiry (Ref No. NSE/CM/Surveillance/16328) on January 9, 2026.
- Company submitted its formal response on January 12, 2026, denying any undisclosed developments.
- Management confirmed full compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
- The volume and price movement were categorized as purely market-driven by the company secretary.
Financial Performance
Revenue Growth by Segment
Industrial Chemicals segment contributed 83% of revenue in FY 2024-25 (INR 55,485 million), while Consumer Chemicals contributed 17% (INR 11,365 million). Overall revenue from operations grew 13% YoY to INR 66,850 million in FY 2024-25 from INR 59,356 million.
Geographic Revenue Split
International markets accounted for 65% of revenue (INR 43,452 million) in FY 2024-25, up from 63% in FY 2023-24. Domestic sales contributed 35% (INR 23,398 million), down from 37% YoY.
Profitability Margins
Gross margins remained healthy at 42% in Q2 FY26. However, PAT margin declined sharply from 9.76% in FY 2023-24 to 0.89% in FY 2024-25 due to a 220% increase in depreciation (INR 5,006 million) and higher interest costs. Q2 FY26 PAT margin recovered slightly to 2.65%.
EBITDA Margin
EBITDA grew 10% YoY to INR 11,829 million in FY 2024-25. EBITDA margin for Q2 FY26 stood at 18.20%, driven by product mix optimization and operating efficiencies despite price pressures.
Capital Expenditure
The company made substantial capital investments in infrastructure and capacity expansion, notably the Pakhajan plant. This led to depreciation rising from INR 1,562 million to INR 5,006 million (a 220% increase) in FY 2024-25.
Credit Rating & Borrowing
Crisil assigned a 'Crisil BBB+/Positive' rating to INR 200 crore of bank facilities. Interest coverage ratio dropped to 1.14 in FY 2024-25 from 6.19 in FY 2023-24 due to project capitalization and lower earnings.
Operational Drivers
Raw Materials
Chemical intermediates for food antioxidants, aroma chemicals, rubber chemicals, lubricant additives, and specialty chemicals; total material consumed was INR 39,006 million (58% of revenue).
Import Sources
China, USA, Europe, and Japan. The company is actively diversifying its supply chain to reduce reliance on China.
Key Suppliers
Not disclosed by name, but includes international suppliers in USA, Europe, and Japan, alongside local Indian manufacturers supporting 'Make in India'.
Capacity Expansion
Recently commissioned a large new plant at Pakhajan. While current capacity in MT is not specified, volume growth was 26.5% YoY in Q2 FY26, indicating significant new capacity coming online.
Raw Material Costs
Material consumption rose 3% YoY to INR 39,006 million in FY 2024-25. Procurement strategy involves maintaining a balanced portfolio of exports and imports to hedge currency and price risks.
Manufacturing Efficiency
Volume growth (26.5% in Q2 FY26) significantly outpaced revenue growth (9.6%), reflecting a shift toward the Industrial segment which has lower price realization per tonnage but higher volume potential.
Logistics & Distribution
Distribution is handled through subsidiaries Yasho Industries Europe BV and Yasho Inc (USA) to strengthen global footprint.
Strategic Growth
Expected Growth Rate
20-27%
Growth Strategy
Ramping up the Pakhajan plant, expanding sales in alternate geographies to the US (like Europe), executing a 15-year long-term contract where the customer funded capex, and targeting 10-15% of revenue from new customers.
Products & Services
Food antioxidants, aroma chemicals, rubber chemicals, lubricant additives, and specialty chemicals.
Brand Portfolio
Yasho Industries.
New Products/Services
New customer acquisitions are expected to contribute 10-15% of the projected INR 800-850 crore revenue.
Market Expansion
Focus on the USA market via Yasho Inc and exploring alternate geographies for lubricant additives to ensure plant ramp-up.
Strategic Alliances
15-year long-term contract with a major vendor who funded the company's capex, indicating high strategic importance.
External Factors
Industry Trends
The industry is seeing a demand slump recovery. Yasho is positioning itself by shifting focus to the rapidly growing Industrial segment (rubber chemicals and lubricant additives).
Competitive Landscape
Faces intense market competition in both domestic and international markets, particularly in price-sensitive industrial segments.
Competitive Moat
Moat is built on long-term (15-year) customer contracts, deep technical expertise, and a diversified product basket across five verticals, making them a critical supplier.
Macro Economic Sensitivity
Sensitive to global demand and economic conditions affecting the chemical industry; revenue grew 13% despite a 'tough environment'.
Consumer Behavior
Shifting preferences in the Consumer Chemicals segment (aroma/food) led to a modest increase in its revenue contribution to 17%.
Geopolitical Risks
Ongoing tariff pressures and uncertainty in the United States impacted Q2 FY26 export orders.
Regulatory & Governance
Industry Regulations
Compliance with pollution norms and chemical manufacturing standards; subject to changes in government policies and tax regulations.
Environmental Compliance
Ensures robust regulatory compliance and operational excellence as part of its R&D and manufacturing process.
Taxation Policy Impact
Subject to Indian corporate tax and international tax regulations for subsidiaries in Europe and USA.
Risk Analysis
Key Uncertainties
Tariff-related uncertainties in the US could impact 65% of revenue derived from exports. High depreciation and interest costs (INR 50.06 Cr depreciation) pose a risk to short-term PAT.
Geographic Concentration Risk
65% revenue concentration in international markets, with a specific focus on the US and Europe.
Third Party Dependencies
Historical dependency on China for raw materials is a key risk, currently being mitigated through diversification to Japan and USA.
Technology Obsolescence Risk
Risk of technological advancements rendering processes or products obsolete; mitigated by R&D and academic collaborations.
Credit & Counterparty Risk
Debtors turnover ratio of 4.94 indicates a collection cycle of approximately 74 days; inventory levels are currently high due to new plant commissioning.