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

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.

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 longterm 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 Agro CDMO facility at Bharuch. We commenced commercial despatches to a leading global agrochemical innovator, demonstrating our ability to execute large-scale projects with speed and agility.

Sustainability as a Competitive Advantage

Sustainability is deeply embedded in our operations. 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. In FY 2026, renewable energy contributed 25% of the company’s total power consumption, marking a significant milestone in our decarbonisation journey. Through targeted water stewardship programmes, we improved water recycling to 45% and reduced specific water consumption by 2.8% in FY 2026.

Safety and operational excellence remain our topmost priorities. Our manufacturing facilities at Gajraula, Bharuch, and Nira were recognised with the British Safety Council International Safety Awards, reinforcing our commitment to building a zero-harm workplace. 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 focussed industry verticals, enabling sharper execution and decision-making. We also strengthened leadership capabilities across key functions, including Supply Chain, Manufacturing, HR, and Design and Technology, while scaling investments in talent development to build a high-performing workforce.

We are proud to have been Certified Great Place to Work for the second time in a row 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.

The early outcomes of our Pinnacle strategy are reflected in our performance through strong EBITDA growth, enhanced customer relationships, improved portfolio mix, greater opportunities, and a more efficient balance sheet. 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.