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Annual Report FY26

Accelerating
Growth.

Pivoting to a stronger future.

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Global Leader
in Specialty
Chemicals
& CDMO

130+ Products
50+ Plants, 6 manufacturing facilities
45+ Years of chemistry legacy
2,300+ Employees
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Key Highlights FY26

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₹0 Crore Total Revenue
₹0 Crore EBITDA
₹0 Crore PAT
0% 0% 0% 0%

Revenue by Geography

Revenue by Geography

56% India
24% Europe
12% Rest of World
8% North America
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Mr. Shyam S. Bhartia, Chairman, and Mr. Hari S. Bhartia, Co-Chairman and Whole-Time Director

Dear Shareholders and Valued Stakeholders,

Accelerating Progress.
Strengthening the Future.

FY 2026 was a defining year in our transformation journey. Amid a global environment shaped by geopolitical disruptions, shifting supply chains, and evolving market needs, we remained focused on innovation, disciplined execution, customer-centricity, and continuous capability enhancement.

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Shyam S. Bhartia Chairman
Hari S. Bhartia Co-Chairman & Whole-Time Director

Expanding Capabilities.
Driving Sustainable Growth.

Over the past few years, we have been systematically repositioning our Company from a product-led enterprise into a customer-centric, service-led Specialty Chemicals and CDMO solutions partner. During FY 2026, this transformation gathered significant momentum. It was the year in which we strengthened the foundations that will power our next phase of growth – commissioning world-class manufacturing facilities, expanding our Specialty Chemicals and CDMO capabilities, strengthening our Nutrition platform, accelerating innovation-led initiatives, and deepening customer partnerships.

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Deepak Jain CEO & Managing Director
Deepak Jain, CEO & Managing Director

Delivering Consistent Growth

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Total Revenue (₹ in crore)

FY 2026
4,136
FY 2024
4,178
FY 2025
4,388
FY 2026

EBITDA (₹ in crore)

607

▲ 9.0% YoY

EBITDA Margin

13.8%

▲ 0.5pt YoY

Profit After Tax (₹ in crore)

FY 2026
183
FY 2024
251
FY 2025
278
FY 2026

Basic EPS (₹)

17.6

▲ 10.7% YoY

PAT Margin

6%

Steady YoY

Net Debt (₹ in crore)

FY 2026
653
FY 2024
658
FY 2025
591
FY 2026

Net Debt to EBITDA (x)

0.97x

▼ 17.8% YoY

Working Capital Days

62

▼ 6.1% YoY

Drivers of Progress

Engines of Transformation and Growth

The Earnings Quality Has Shifted — Permanently

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Integrated Offerings
Across Diverse Segments

We serve diverse customer requirements across Pharmaceutical, Nutrition, Agrochemical, Personal Care, Semiconductor and Industrial sectors, powered by 35+ chemistry platforms, 130+ products, and dedicated R&D capabilities. Our focussed vertical approach enables us to strengthen customer proximity, develop customised solutions, and capture emerging opportunities across global markets.

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Our 3 BUs offer solutions…

Specialty Chemicals

  • Pyridine and Picolines
  • Fine Chemicals: P&P and Diketene Derivatives, Personal care
  • CDMO: Agro, Pharma and Semicon

Nutrition

  • Animal Nutrition: B3, Choline, Premixes
  • Human Nutrition: B3, CC/CBT, Premixes

Chemical Intermediates

  • Acetic Anhydride
  • Bio Acetic Acid
  • Bio-Acetaldehyde
  • Propionic Anhydride
  • Ethyl Acetate
  • Formaldehyde

…across 6 focussed verticals

Pharmaceuticals
Pharmaceuticals
Agrochemicals
Agrochemicals
Nutrition and Food
Nutrition and Food
Personal Care
Personal Care
Industrial Applications
Industrial Applications
Semiconductor Chemicals
Semiconductor Chemicals

Expanding Capabilities. Driving Sustainable Growth.

Dear Shareholders and Colleagues,

Over the past few years, we have been systematically repositioning our Company from a product-led enterprise into a customer-centric, service-led Specialty Chemicals and CDMO solutions partner. During FY 2026, this transformation gathered significant momentum. It was the year in which we strengthened the foundations that will power our next phase of growth—commissioning world-class manufacturing facilities, expanding our Specialty Chemicals and CDMO capabilities, strengthening our Nutrition platform, accelerating innovation-led initiatives, and deepening customer partnerships.

Strengthening Leadership in Specialty Chemicals. Our Specialty Chemicals segment delivered another year of strong performance. Revenue grew 7% to ₹1,937 Crore, while EBITDA rose 21% to ₹510 Crore at a margin of 26%, sustained above 25% for three consecutive quarters. Specialty Chemicals now contributes 75% of overall EBITDA, up from 67% in FY 2025 and 54% in FY 2024. Our Fine Chemicals portfolio gained traction through healthy volume growth across Pyridine and Diketene derivatives. As the world's only scaled non-Chinese manufacturer of Pyridine and its derivatives, we remain uniquely positioned to benefit from ongoing global supply chain diversification and the China+1 strategy.

Scaling CDMO into a Strategic Growth Engine. Our transition to a service-led company is most visible in our fast-growing CDMO business. Our USD 300 million multipurpose Agro CDMO facility at Bharuch was constructed and commissioned within 14 months, with the first commercial dispatch made in March 2026. The Pharma CDMO pipeline has grown 3x in two years. Across our CDMO and Specialty pipeline, we now have 100+ active opportunities representing ₹3,400+ Crore in peak revenue potential, of which 20+ molecules have been confirmed with ₹1,500 Crore+ and 10+ are in advanced-stage discussions with ₹1,100 Crore+ revenue potential.

Construction of the Multi-Purpose Plant at Gajraula is progressing well and will expand our ability to execute multiple customer programmes while supporting future growth. We also approved a dedicated Semiconductor R&D and Pilot Lab at Greater Noida, a clean-room facility that will anchor our growing Semiconductor Chemicals business.

Expanding Our Nutrition Business. In Nutrition & Health Solutions, Vitamin B3 recorded its highest quarterly volumes in eight quarters during Q4 FY 2026, while Choline witnessed healthy demand across export markets. A key milestone was the acquisition of Remidex Pharma, a WHO-GMP, GAIN, FSSC, and ISO certified facility. This acquisition transforms our Human Nutrition business from a vitamins-focused operation into a full-spectrum nutrition solutions provider.

Deepening Customer Partnerships. Our Key Account Management programme covers our top 40 global customers, maintaining high engagement at the leadership level. We conducted 100+ customer meetings across the EU, US, and Japan in FY 2026. Our increasingly verticalised business structure, aligned to six focused industry segments, is driving improved decision-making, customer responsiveness, and tailored engagement.

Driving Operational Excellence. Our integrated cost optimisation and operational excellence programmes delivered ₹120 Crore+ in annualised savings. Power and fuel costs declined 10% through energy efficiency initiatives, with renewable energy now accounting for 35% of total power consumption. Working capital improved to 16% of revenue from 18% in FY 2025, with net working capital days reducing to 59. Net Debt/EBITDA improved to 0.99x.

Accelerating Innovation and Digital Transformation. Our three R&D centres, including a newly DSIR-recognised facility at Greater Noida, employ 150 scientists (including 30 PhDs) across 35+ chemistry platforms. With 50+ products in the R&D pipeline, FY 2027 is expected to witness the highest number of product launches. Under our digital transformation Programme, SuperNova, we deployed 50+ Digital and AI initiatives across the organisation, including a GenAI-powered R&D tool, smart plant capabilities across 27 facilities, and predictive analytics enhancing raw material procurement and logistics tracking.

Looking Ahead. As we enter FY 2027, our confidence is stronger than ever. Growth will be led by Specialty Chemicals and Nutrition segments, alongside a steady recovery in Chemical Intermediates. The CDMO pipeline, with 20+ confirmed molecules and 100+ active opportunities, is growing at an accelerated pace. Backed by a robust R&D pipeline, sustained investments in emerging platforms, and disciplined execution of our Pinnacle Strategy, we expect substantial improvement in revenue and profitability and remain confident in delivering long-term growth and value.

We are grateful to our colleagues for their commitment, resilience, and relentless pursuit of excellence, to our customers for their continued trust, to our business partners for their enduring collaboration, and to our shareholders for their unwavering support and confidence.

Warm regards,
Deepak Jain — CEO & Managing Director

Accelerating Progress. Strengthening the Future.

Dear Shareholders and Valued Stakeholders,

FY 2026 was a defining year in our transformation journey. Amid a global environment shaped by geopolitical disruptions, shifting supply chains, and evolving market needs, we remained focused on innovation, disciplined execution, customer-centricity, and continuous capability enhancement. We are pivoting from a product-led manufacturing organisation to a service-led Specialty Chemicals and CDMO solutions partner, built on differentiated chemistry platforms, deeper customer partnerships, and long-term value creation.

Navigating a Changing Global Landscape. The year saw unprecedented challenges in the operating environment. Persistent conflicts in the Middle East disrupted global shipping routes and raw material supply chains, leading to sharp increases in crude-linked input costs. Our agile operating model, diversified sourcing strategy, proactive supply chain management, and strong customer engagement enabled us to navigate external headwinds. Through timely cost pass-through mechanisms and disciplined execution, we ensured uninterrupted customer deliveries without force majeure or production disruptions.

We concluded the year with revenue of ₹4,388 Crore, marking a growth of 5%. EBITDA grew 9% to ₹607 Crore, with margins expanding to 14%. Profit after tax rose 11% to ₹278 Crore, with earnings per share rising to ₹17.6. Our Specialty Chemicals business strengthened its contribution to profitability, supported by higher-value products, growing CDMO revenues, and improved operating efficiencies. The Board has recommended a final dividend of ₹2.50 per share, taking the total dividend for the year to ₹5.00 per share, reflecting confidence in the Company's financial strength and long-term prospects.

Building Future-Ready Growth Platforms. Several years ago, we made a conscious decision to invest ahead of demand. We recognised that our future growth will be driven by specialised chemistries, innovation-led partnerships, and integrated capabilities. Therefore, we embarked on one of the largest investment programmes in the Company's history. Over the last three years, we have invested more than ₹2,000 Crore in advanced manufacturing infrastructure, technology platforms, and R&D capabilities, creating scalable growth engines across Specialty Chemicals, CDMO, Nutrition, Personal Care, and Semiconductor applications. In FY 2026, these investments began translating into tangible outcomes with the successful commissioning of our multipurpose USD 300 million Agro CDMO facility at Bharuch.

Our CDMO business represents one of the most compelling growth opportunities. Global pharmaceutical, agrochemical, semiconductor, and specialty chemical companies are increasingly seeking trusted partners for complex chemistry and integrated manufacturing. The new Multi-Purpose Plant at Gajraula is progressing as planned and will further strengthen our CDMO roadmap. Our total active opportunity pipeline stands at 100+ programmes with ₹3,400 Crore+ in peak revenue potential, of which 20+ molecules have been confirmed and 10+ are in advanced-stage discussions.

We are also building new growth platforms across high-potential applications. The acquisition of Remidex Pharma marks an important step towards expanding our Human Nutrition business through enhanced capabilities in Vitamin and Mineral Premixes. Our Personal Care portfolio continues to evolve beyond Niacinamide into specialised cosmetic ingredients. During the year, we approved capital for a dedicated Semiconductor R&D and Pilot Lab in Greater Noida.

Sustainability as a Competitive Advantage. Our Bharuch plant retained its distinction as a member of the World Economic Forum's Global Lighthouse Network, having implemented over 30 Fourth Industrial Revolution (4IR) use cases. We made significant progress in our decarbonisation journey, with renewable energy contributing 35% of total power consumption. Through targeted water stewardship programmes, we improved water recycling to 46% and reduced specific water consumption by 3.6% in FY 2026. Our manufacturing facilities at Gajraula, Bharuch, and Nira were recognised with the British Safety Council International Safety Awards. Our sustainability efforts are reflected in our 97th percentile ranking in the S&P Global Corporate Sustainability Assessment, sustained leadership across DJSI and EcoVadis, and our continued commitment to the Responsible Care framework.

Nurturing a Skilled Workforce. Our people are the driving force behind our transformation. In FY 2026, we transitioned to a verticalised organisational structure with dedicated teams across six focused industry verticals, enabling sharper execution and decision-making. During the year, we delivered an average of 4.2 learning days per employee. We are proud to have been certified as a Great Place to Work for both FY 2026 and FY 2027 and recognised among India's Top 50 Best Workplaces in Manufacturing 2026 (Large Category).

Outlook. In FY 2027, we expect growth to be driven by Specialty Chemicals and Nutrition business, along with a gradual recovery in Chemical Intermediates with improving pricing and volume trends. Our CDMO pipeline continues to gain momentum, supported by the successful commissioning of the Agro CDMO facility, the upcoming Multi-Purpose Plant at Gajraula, and emerging opportunities across Pharmaceutical, Agrochemical, Semiconductor, and Specialty applications. Our R&D engine, with 50+ products in pipeline, is expected to deliver the highest number of product launches. With improving demand fundamentals and a gradual recovery in pricing, we remain confident of sustained growth across our businesses.

A Note of Gratitude. On behalf of the Board, we extend our sincere gratitude to our employees for their passion and commitment, our customers and business partners for their enduring trust, and our shareholders for their unwavering confidence and support. Your faith in our vision inspires us to strengthen our capabilities, embrace new opportunities, and create sustainable value for all. Together, we have built a solid foundation and look forward to driving the next phase of our growth and transformation.

Warm regards,
Shyam S. Bhartia — Chairman
Hari S. Bhartia — Co-Chairman & Whole-Time Director