1–2 minutes
🔍 Observations
Topline
- Revenue from operations grew 12.4% YoY (₹5,583 Cr → ₹6,274 Cr in FY26), with Q4FY26 accelerating to 15.1% YoY (₹1,452 Cr → ₹1,670 Cr) — momentum is building into year-end.
- Performance & Other Chemicals dominates at 73.5% of FY26 segment revenue (₹4,609 Cr), growing 13.6% YoY; Life Science Chemicals contributed ₹1,805 Cr (+6.7% YoY) — both segments in sustained expansion.
- Q4FY26 inter-segment revenue fell to ₹52 Cr from ₹64 Cr in Q4FY25, indicating less internal cross-charging and cleaner external revenue quality.
Bottomline
- PAT attributable to owners surged 40.1% YoY (₹484 Cr → ₹678 Cr in FY26); Q4FY26 PAT jumped 66.2% YoY (₹127 Cr → ₹210 Cr) — the most decisive quarterly beat of the year.
- Basic EPS expanded from ₹164.37 to ₹230.25 (+40.1% YoY), with no dilution — all earnings growth is owner-accruing.
- A deferred tax charge of ₹39.6 Cr in FY26 (vs. ₹35.5 Cr in FY25) signals continued capex-linked timing differences; despite this, effective tax rate declined to 23.4% from 27.9%, partly aided by ₹14.2 Cr prior-year tax write-back in Q4.
Margins
- EBITDA (PBT + Finance costs + D&A, ex-other income): FY26 = ₹900.5 − ₹202.9 + ₹17.4 + ₹322.1 = ₹1,037.1 Cr on revenue of ₹6,273.5 Cr → EBITDA margin of 16.5% vs. FY25: (₹692.5 − ₹109 + ₹24 + ₹316.8) = ₹924.3 Cr / ₹5,583.4 Cr = 16.6% — broadly stable.
- Net profit margin (PAT attributable / Revenue): FY26 = ₹677.9 / ₹6,273.5 = 10.8% vs. FY25 = ₹483.9 / ₹5,583.4 = 8.7% — 210 bps expansion, a material quality improvement.
- Power & fuel costs declined as a share of revenue (FY26: 10.3% vs. FY25: 11.7%), while material costs held at 51.9% — input efficiency is improving on the energy side.
Growth Trajectory
- Revenue CAGR implied over FY25–FY26 is 12.4%; at Q4FY26 run-rate (₹1,670 Cr/quarter × 4 = ~₹6,680 Cr annualised), FY27 growth is tracking above trend.
- Segment EBIT margin for Life Science Chemicals: FY26 = ₹417 Cr / ₹1,805 Cr = 23.1% vs. FY25 = ₹347 Cr / ₹1,692 Cr = 20.5% — 260 bps expansion; Performance Chemicals: 9.0% vs. 8.5% — incremental but consistent.
- Other income nearly doubled YoY (₹109 Cr → ₹203 Cr), partly from investment gains (₹77 Cr FVTPL gains), suggesting the investment corpus is growing as a structural earnings contributor.