August 06, 2025

Emerging trends in the chemical distribution segment?  

The chemical distribution industry is evolving along two major trends. First, we see a shift from commodity-based sales to high-value specialities. The market is moving away from low-margin commodity sales towards high-value, specialised products. Customers today expect more than just a supplier. They seek partners who can provide quality, service, digitalisation, and value-added solutions. Distributors are no longer just intermediaries; they play a vital role in helping customers scale, innovate, and improve efficiency. 

Principals are also raising their expectations, selecting distribution partners who can support innovation through product development and co-creation. Sustainability is another decisive factor, with principals looking for distributors who align with their ESG goals and drive sustainable growth across the supply chain. 

The second key trend is consolidation. Larger players are acquiring regional distributors to strengthen their market position, improve efficiencies, and offer a broader range of solutions. This consolidation helps address the challenges of shifting from commodity sales to high-value specialities, ensuring distributors can meet increasing customer and principal expectations. 

In this evolving landscape, distributors must go beyond transactions and become value chain enablers. The future of chemical distribution lies in scale, innovation, digitalisation, and sustainability - ensuring long-term success for both customers and principals. 

The company has been on acquisition spree in FY 2024-25. How are these acquisitions benefiting IMCD India?  

At IMCD, our acquisitions are driven by a strategic intent: to continuously review our portfolio and identify gaps that, when addressed, enable us to offer a more complete and differentiated value proposition to our customers. We proactively scout for acquisition targets that align with our priorities, both directly and in collaboration with trusted M&A partners.

Over the last few years, we acquired five entities in India: Parkash Dyechem that increased our presence in the construction and ink segments; Tradeimpex Polymers that enhanced our presence in the automotive sector; two business lines from CJ Shah for bolstering our coatings and adhesives segment; Valuetree Ingredients for strengthening our Beauty & Personal Care business, and Signet Excipients for augmenting the Pharmaceuticals business.  

We are delighted that the talent acquired through these acquisitions plays a crucial role with IMCD and in some cases have joined the leadership team within our organisation.  

Key factors that have contributed to IMCD India's growth? 

The chemical industry has experienced a challenging period over the past couple of years, marked by market volatility, supply chain disruptions, and a shift in customer expectations. Despite this backdrop, IMCD India has delivered performance that has outpaced the broader market, reflecting our strategic focus, operational agility, and customer-centric approach. We have garnered market leadership in several key industry sectors, reinforcing our reputation as a preferred distribution partner for both customers and suppliers. 

As a company without manufacturing assets, our people and talent drive our growth. We focus on attracting and nurturing the right talent. To support this, we have launched leadership development programs in partnership with top B-schools and introduced recognition programs for high performers. Our entrepreneurial culture fosters empowerment and accountability, ensuring sustained and consistent growth. 

To support our expansion in India, we have taken measures to strengthen our supply chain. We have consolidated sampling operations into a centralised fulfilment centre that caters to all our businesses. The third party-managed facility underscores our commitment to customer-centric solutions and strengthens partnerships by ensuring quicker access to product samples. In addition, the Authorised Economic Operator (AEO) T2 accreditation strengthens our supply chain resilience and ensures greater efficiency in logistics and trade operations. 

What's your strategy to maintain/grow your market share in the India region?  

Continuous improvement, the new IMCD corporate value, is the cornerstone of all our efforts. Portfolio expansion remains a key strategic focus, achieved both organically by onboarding new principals and inorganically through mergers and acquisitions. Additionally, we emphasize operational excellence, positioning ourselves not just as a distributor but as a formulation development expert. 

Our supply chain excellence has been recognised through multiple awards in 2024, including: ‘Value-Added Distribution Service’ by the Institute of Supply Chain Management (ISCM); Recognition at Fi India Awards 2024 for outstanding practices in logistics, supply chain management, and warehousing services; and Winner in the Supply Chain Management category at the Rosefield Conference. 

By continuously optimising our supply chain, enhancing our service portfolio, and leveraging digital tools, we ensure sustained growth and a competitive edge in the Indian market. 

How has IMCD India ensured sustainability in its operations and what new initiatives are planned on the sustainability front?  

Sustainability is embedded in our operations through a multi-faceted approach such as warehouse selection, sourcing vendor screening, formulation development, operational efficiency, community engagement, and regulatory compliance. 

Warehouse selection: We have partnered with a sustainability-focused warehouse that exemplifies our commitment to greener logistics and operations. The facility includes solar power generation, green logistics through electric vehicles, wastewater treatment systems, and eco-board flooring. 

Sourcing vendor screening: Partnering with suppliers who prioritise eco-friendlier chemistry and solutions. 

Formulation development: We help customers develop prototypes using safer and more sustainable ingredients. 

Operational efficiency: We prioritise optimising energy consumption, minimising waste, and reducing our carbon footprint. For instance, we have moved to a paperless transaction system. 

Community engagement: Aligning CSR initiatives with the UN Sustainable Development Goals, particularly in education and gender equality, to create lasting social impact. 

Regulatory compliance: Recently IMCD India renewed its ISO 9001:2015 certification, assuring our customers of our service through continual improvement. Our dedicated teams from the Global Regulatory Questionnaire Center and the newly established Item Creation Centre/Master Data Management function, both of which are based in India, support regulatory standards for IMCD India as well as globally for the IMCD Group. 

In the rapidly changing and competitive market landscape, how does IMCD India stay ahead by anticipating customer needs and market trends?  

In a recently concluded survey, IMCD India achieved outstanding customer satisfaction ratings. Customers rated us with high scores for supply chain performance, reliability and trustworthiness, and ease of doing business.  

IMCD's strength lies in its ability to deliver hyper-local solutions while leveraging its global expertise. Through our application centres, we provide formulation support tailored to local market needs, helping customers innovate and optimise their products. Additionally, by leveraging deep market insights, we differentiate ourselves by offering value-driven solutions that address the specific challenges of our partners and customers. 

We actively track market trends through intelligence studies and analyses, ensuring a proactive approach. Leveraging our global network, we introduce cutting-edge solutions in India ahead of market demand. Regular engagement with customers via technical seminars, collaborative projects, and digital outreach are a few initiatives that have built our relationship with customers. 

What are the major challenges/opportunities facing the specialty chemicals industry? Suggestions to navigate through them? 

The specialty chemicals industry is navigating a complex environment shaped by both pressing challenges and emerging opportunities. Among the most immediate concerns is the Red Sea crisis, which has disrupted one of the world’s key maritime trade routes. This has resulted in longer shipping times, increased freight costs, and unpredictable delivery schedules, creating bottlenecks in the supply of critical raw materials. For a sector that relies heavily on timely imports and exports, such disruptions directly impact manufacturing timelines, working capital cycles, and customer service levels. 

In parallel, shifting global trade policies and tariffs are further complicating the operating environment. As countries reassess their trade dependencies, tariffs and counter-tariffs have introduced cost volatility and altered traditional sourcing patterns. Deglobalisation and shifting trade policies have disrupted traditional supply chains, while geopolitical developments have led to increased volatility in logistics and raw material availability. At the same time, an influx of Chinese imports into India, as manufacturers seek alternate markets, is intensifying competitive pressures and creating pricing challenges. However, domestic consumption and supply chain realignments present significant growth opportunities. The Indian chemical industry has been expanding at a CAGR of 10.5% since 2018, outpacing GDP growth.  

To thrive in this environment, companies must strike a strategic balance between localising their supply chains and leveraging India's growing importance in global value chains. Investing in digitalization, enhancing logistics resilience, co-developing sustainable solutions with partners, and nurturing technically skilled talent will be essential to remaining competitive.  

Ultimately, companies who, like IMCD, embrace innovation, agility, and collaboration will be best positioned to lead in the next phase of growth for the specialty chemicals sector. 

How is IMCD India planning to leverage digital technologies for optimizing its processes and improving overall operational performance? 

We are advancing digital capabilities through a unified global IT platform, AI-driven tools, integrated ERP, and CRM systems. Our MyIMCD platform enables customers to access technical documentation, track orders, and request samples seamlessly. By integrating supplier, customer, and third-party data, we enhance operational efficiency, reduce manual interventions, and ensure seamless digital interactions across the value chain. 

Our omnichannel distribution model, which includes our 24/7 e-commerce portal MyIMCD and Customer Care 360 support service, ensures we offer a seamless customer experience across all interaction points. These platforms have further enhanced flexibility and accessibility, contributing to high customer satisfaction and loyalty. 

IMCD India has recently inaugurated a new Sample Fulfilment Centre near Mumbai for diverse business segments. How will this Centre help in enhancing efficiency and effectiveness of its operations?   

We indeed recently inaugurated IMCD India’s dedicated Sample Fulfilment Centre near Mumbai, established through a strategic third-party partnership. This initiative underscores our commitment to commercial and operational excellence while significantly elevating the customer experience. Serving across all our business segments, the Centre plays a pivotal role in streamlining our sampling process. By consolidating all sampling operations into a centralised location, we are now equipped to handle large volumes with greater efficiency, improved accuracy, and faster response times. This third-party-managed facility reflects our focus on delivering innovative, customer-centric solutions and reinforces our commitment to strengthening partnerships across the value chain, while maintaining an asset-light model that allows greater flexibility. It is a key enabler of our growth strategy, supporting scale, consistency, and agility in meeting customer needs across India’s dynamic and expanding market landscape. 

Where does India stand in IMCD's global scheme of things? How do you see the growth trends from India? 

As one of the largest and most promising emerging economies, India offers immense opportunities for value creation across a broad spectrum of industries from life sciences to industrial. India presents immense opportunities for growth, driven by industrialisation, regulatory advancements, and evolving customer needs.  

Our mantra for growth in India is centred on combining deep local knowledge with global expertise to deliver tailor-made, technically driven solutions. By leveraging our extensive distribution network, formulation labs, market insights, and highly skilled teams, we are building long-term partnerships that go beyond distribution. With continued investments in talent, digitalisation, supply chain infrastructure, and strategic acquisitions, we are well-positioned to capitalize on India’s momentum and drive sustained, scalable growth in the specialty chemicals space for years to come. Our growth is supported by an expanding customer and principal base.  

IMCD India has received Authorized Economic Operator (AEO) L2 status. How will this status help the company in the long run?                 

IMCD India has received AEO Level 2 status, following a comprehensive evaluation process and thorough inspection of our premises by the authorities. This recognition is a significant milestone in our journey towards operational excellence. The AEO L2 status enables us to serve our customers more efficiently by facilitating expedited customs clearance, reducing physical inspections, ensuring faster release of shipments, and enhancing overall supply chain security. It also strengthens our ability to mitigate risks and respond with greater agility in a dynamic trade environment. This achievement is one of the many steps in our ongoing commitment to customer centricity, enhancing reliability, responsiveness, and resilience across our logistics operations to deliver superior value to our partners. 

Where do you see IMCD India 5 years down the line? 

Five years down the line, we envision IMCD India as a leading force in the specialty chemicals space, recognized not just as a distributor, but as a true value-adding partner for all our stakeholders. Our goal is to deliver meaningful impact across the value chain. Our commitment to sustainability, digital transformation, and operational excellence will continue to shape our long-term success, positioning us at the forefront of India’s dynamic and evolving specialty chemicals market. With a focus on talent, customer-centricity, and strategic expansion, we are building a future-ready organization equipped to lead and grow with confidence.

August 04, 2025

What is the core mission of Dangerous Goods Management India (DGMI) in ensuring safety and compliance in the transportation of hazardous materials? 

Our approach is centered on delivering defect-free services while maintaining competitive pricing, positioning ourselves as the most reliable service provider in the hazardous goods sector. We take a proactive, people-driven approach to customer service, with a team that is fully dedicated to ensuring quality and efficiency in every aspect of our operations. 

We aim to foster collaboration to promote trade and act as trusted advisors, not just to our customers and partners, but also to regulatory authorities. Our expansion strategy is carefully managed to ensure our commitment to providing quality services, while ensuring seamless continuity for our clients.

Ultimately, we believe that success is not something we take for granted; it must be earned. We maintain success through constant dedication, innovation, and continuous investment in both our people and systems to ensure we are always improving and meeting the evolving needs of the industry. 

India’s chemical sector is a significant contributor to GDP. How does DGMI address the unique risks associated with transporting dangerous goods in this market? 

We take a thoughtful and consultative approach to the market, rather than employing a blind, aggressive sales strategy. Initially, our focus was solely on providing compliance services—such as packing, marking, labeling, and preparing Dangerous Goods declarations—catering to a critical need within the DG transportation sector. This was not only our core competency but also a significant pain point for many businesses in the industry. To ensure the highest level of service, we made it a priority to thoroughly train every member of our team before they were entrusted with handling shipments. Establishing our own DG Training Institute has proven to be a significant advantage. However, we also identified considerable gaps in the industry's understanding of regulatory requirements. To address this, we began collaborating with industry bodies like Indian Chemical Council (ICC) and CHEMEXCIL hosting webinars throughout the year to raise awareness about various aspects of Dangerous Goods transportation. Through these efforts, we recognized that promoting understanding of the regulations is just as essential as ordering compliance services. 

DGMI offers training in dangerous goods regulations. How do you ensure your programs remain cutting-edge and relevant to industry needs? 

Our biggest advantage in training is the hands-on experience our instructors bring. Together, they have over 50 years of experience in air cargo, logistics, and the chemical industry. Our training programs strictly follow regulatory requirements. To enhance it further, we have introduced innovations like real-time quizzes through Mentimeter to engage participants during sessions. Currently, we are developing a learning management system that combines classroom training with online microlearning modules, enhancing knowledge retention. We also intend to use this system to track participants' learning progress, as DG training is a continuous journey—recurrent training is required every two years. 

How do you navigate the complexities of regulatory frameworks like the IMDG Code and ICAO TI, and what role does DGMI play in shaping industry standards? 

IMDG and ICAO Technical Instructions are not just regulatory frameworks. They represent the global standard for the safe transportation of dangerous goods. If universally followed, they ensure that the fundamental objective of safety in DG transport is fully achieved. 

At DGM India, we actively promote awareness and adherence to these regulations through various initiatives. We conduct free public webinars in collaboration with industry bodies, particularly CHEMEXCIL, to educate stakeholders across the supply chain. Additionally, I regularly participate as a speaker at national and international conferences to advocate for best practices and compliance in DG handling. Our advertisements and outreach efforts further reinforce the importance of regulatory compliance and the adoption of robust safety management principles when dealing with hazardous materials. Raising awareness and building a safety-first mindset is a continuous effort we are deeply committed to.  

With safety being paramount, what measures does DGMI take to mitigate risks during the transportation of hazardous materials by air and sea? 

At DGMI, our core philosophy for mitigating risk is rooted in one word: packaging. Packaging is the first and most critical line of defense. All modal regulations emphasize the use of standard UN specification-tested packaging for the safe transport of dangerous goods. We not only ensure that we use the correct packaging ourselves, but we also hold our customers to the same standard. A properly packaged shipment can be the key difference between a routine transit and a potential safety incident.  

Beyond packaging, we strictly enforce the application of accurate hazard markings and labelling on all packages and containers, as required by regulation. The final piece of the puzzle is documentation— specifically, the Shipper’s Declaration for Dangerous Goods. We believe in zero compromise when it comes to compliance. In DG transportation, there are no half measures—you're either fully compliant or you're not. And we ensure that every shipment we handle meets the full compliance requirements, every single time. 

Piracy and security threats are concerns in global shipping. How do you address these risks, particularly in the Indian context? Dangerous goods transportation is highly regulated. What are the biggest challenges in ensuring compliance with national and international standards in India? 

The biggest challenge we face in ensuring compliance is the quality and consistency of trained personnel at the acceptance check points, particularly in air cargo complexes. Earlier, this function was handled by airline staff who were thoroughly trained in Dangerous Goods regulations. However, with the outsourcing of cargo handling to third-party terminal operators, we now see inconsistent interpretations of the rules. At times, partially trained staff, when questioned or corrected on specific regulatory points, tend to respond defensively—often rejecting shipments on questionable grounds thereafter. 

Let me illustrate with an example: In the case of radioactive materials, packages weighing over 50 kg are required to display the "permissible gross mass." This figure represents the maximum allowable total weight (including both the packaging and the radioactive content) that the package has been tested and approved for, as per IAEA and IATA DGR standards. If a package is marked with a permissible gross mass of 190 kg, that simply means it must not exceed 190 kg— not that it must weigh exactly 190 kg. Yet, we’ve had instances where staff have rejected shipments solely because the actual weight was less than the permissible limit—a clear misunderstanding of the regulation.  

A similar challenge exists in ocean freight. The Shipper’s Declaration for Dangerous Goods, mandated by the IMDG Code, has a specified format and sequence that must be followed. It clearly outlines what information is required—and what is not. For example, details about inner packaging in combination packs are often unnecessary. Despite this, some shipping lines continue to insist on outdated formats and irrelevant data, which creates confusion among logistics staff who have been trained to follow the current, correct procedures. So, while we invest significant effort in training people to understand and apply the right standards, they often find themselves caught between compliance and legacy expectations from other stakeholders. 

How is DGMI preparing for emerging trends such as sustainability and digitalization in logistics and dangerous goods? 

We are actively working towards incorporating sustainable materials into our packaging operations. However, the cost factor remains a significant challenge, as many customers are still reluctant to pay a premium for environmentally friendly alternatives. That said, we’ve made strong progress in digitization. Our IT systems are equipped to generate digital shipper’s declarations, which we can transmit directly to airlines and shipping lines—streamlining documentation and reducing paper use. Additionally, one of our top priorities is to ensure that all packages are handled in a way that prevents any damage or leakage of dangerous goods. I’m proud to say we have a strong track record on that front, with minimal incidents over the years.  

Where do you see DGMI in the next five years, especially with the growing demand for safe hazardous materials transportation? 

Our goal is to establish a dedicated DG handling warehouse that will serve as a central hub for the long-term storage of dangerous goods, as well as for managing DG cargo related to ocean freight EXIM operations. We are actively exploring leasing opportunities for such a facility, either as a standalone venture or through strategic partnerships with interested parties. 

What advice would you give to young professionals aspiring to build a career in dangerous goods management or logistics in India? 

Handling, storing, and transporting dangerous goods—be it chemicals, explosives, or radioactive materials—demands precision, a deep sense of responsibility, and strict compliance. It’s a high-stakes field where safety and environmental impact are always on the line. To build a career in this space, mastering regulatory compliance is essential, and that begins with pursuing the right certifications. Courses like the IATA DGR and IMDG Code are Foundational; they’re not one-time qualifications but continuing education programs that keep you updated with evolving global standards. If you're looking to deepen your expertise, consider specialized international certifications offered by the Institute of Hazardous Materials Management (IHMM) in the US. Programs such as the Certified Professional in Dangerous Goods Management or Certified Hazardous Materials Manager/Practitioner carry strong global recognition. Even broader safety management certifications like NEBOSH, while challenging, open doors to career paths in industrial and environmental safety. 

That said, there’s no substitute for hands-on experience. Work with a couple of solid companies in the chemical or logistics sectors and gain ground-up exposure to every facet of the job. Learn the ropes thoroughly before thinking of your next move. This is a field that’s constantly evolving and gaining relevance worldwide. In fact, it won’t be long before every organization involved in DG transport, especially by road, is required to have a dedicated safety advisor on board. While this mandate currently applies in Europe under the ADR (European Agreement concerning the International Carriage of Dangerous Goods by Road), India is a signatory to the IRU and will likely adopt similar norms soon. However, ADR-certified courses are currently only offered in Europe, making them a valuable addition for those thinking long-term.

August 02, 2025

What motivated rebranding from Sajjan India to Cohizon Life Sciences? How does this align with the company's strategic objectives and future vision?  

Cohizon Life Sciences' rebranding signifies a strategic shift towards enhanced customer centric approach, research & development, sustainability through continuous improvements, developing new chemistry platforms, and diversification & expansion of customer base in specialty chemicals industry segment. The company aims to be a leading Contract Development and Manufacturing Organization (CDMO) partner through responsive solutions, pioneering R&D, digital transformation, and sustainable practices, while empowering its workforce. This aligns with their vision of creating sustainable value for all stakeholders. 

How has Cohizon Life Sciences' performed in FY 2024-25? What factors have driven the company's growth including product categories or market segments that contributed most?  

The chemical industry is facing a tough time in terms of the revenue prospect. Our significant amount of revenue comes from the agrochemical sector which has seen inventory issues and pricing competition from China. This has resulted in muted growth and has impacted our revenue. While we have maintained sales volumes year-over-year, we are subsequently working on our strategic offerings and initiating new projects. In this challenging period, our focus has been on continuous improvement and ensuring that we have maintained our wallet shares with all our key customers. 

Key business initiatives launched by Cohizon Life Sciences in FY 2024-25? How do these initiatives align with the company's long-term growth strategy?  

Aligned with our growth strategy, the focus is on continuous improvement and cost reduction. We have initiated an internal drive “Lakshya” across the company using lean & six sigma tools and techniques along with digital interventions in our key processes at manufacturing and other functions. We have significantly enhanced our approach towards customer connects and using key account management with the support of structured program management to provide enhanced experience for our customers. We are also focusing on diversifying our product portfolio and customer base to unlock new revenue streams. 

Total Capex allocated for FY 2024-25? Which key areas received the most significant investments? Any major facility expansions, plant modernizations, and greenfield projects planned or completed this year?  

During FY22-24 we have spent more than Rs. 800 crore capital investment to build world class capacity of vapor phase chlorination and fluorination facility at Ankaleshwar along with a state-of-the-art R&D facility at Navi Mumbai. We are also making significant investments in upgrading our safety and environment standards. For FY 2024-25, we have allocated Rs. 200 crore in augmenting capacities, pilot plants, and infrastructure. 

How much Capex has been dedicated to research and development? Are there any notable projects in the pipeline? 

Amongst our growth pillar, one of the important pillars is identifying new products and R&D plays a major role in identifying it. Over the past two years, we have focused and invested significantly in setting up a state-of-the-art R&D Facility at Navi Mumbai as well. We are also planning to construct a pilot plant at Ankleshwar to accelerate product development. 

Any significant product launches or service expansions in FY 2024-25? What gaps are you addressing? 

In FY 2024-25, Cohizon Life Sciences invested in an R&D Facility which is focused on providing cost-effective, scalable, and safe process development for agrochemical innovators. We had identified a clear gap: while companies excel at molecule discovery, they often lack in-house expertise for an efficient lab and kilo lab scale-up. Our new center will directly address this, helping them bring their innovations to market faster. 

What are the key digital transformation initiatives currently underway at Cohizon, and how do they align with the company's broader strategic goals?  

Cohizon's digital transformation focuses on efficiency and growth. We are implementing AI for yield optimization at our plants, a CRM for sales insights, a SaaS travel & expense solution, and a digital procure-to-pay process. These initiatives are critical to achieving our strategic goals of operational excellence, sales expansion, cost-effectiveness, and regulatory adherence. 

Specific sustainability initiatives that Cohizon has implemented in FY 2024-25 to reduce its environmental footprint, particularly waste management and emission reductions? What's your plan for FY 2025-26? 

As a responsible organization, our strategic focus comprises water, waste, carbon, and energy management. In FY 2024-25, we prioritized water and energy conservation. To reduce water usage, we conducted internal audits and implemented conservation measures, resulting in significant reductions. Looking ahead to FY 2025-26, we have secured a hybrid renewable energy agreement (wind and solar), which will significantly decrease our emissions. 

How does Cohizon's leadership foster a culture of innovation and sustainability within the organization and what initiatives are in place to empower employees in these areas?  

Cohizon Life Sciences' leadership prioritizes innovation and sustainability through transparent practices, aligning with UN SDGs and Responsible Care principles. Employee empowerment is fostered through the Cohizon Academy of Excellence, promoting continuous learning, and an inclusive workplace that emphasizes open communication, diversity, and equal opportunities. These initiatives ensure the company's position as an industry leader in both innovation and sustainable practices. 

Cohizon's CSR efforts concentrate on health, education, upskilling, environmental sustainability, and disaster response, benefiting over 200 villages in Surat and Ankleshwar. Insights into flagship CSR projects undertaken by Cohizon and their impact on the communities served?  

Cohizon's CSR initiatives prioritize health, education, environmental sustainability, and disaster response. In our commitment to improving healthcare access, we partnered with the J.B. Mody Cancer Centre in Ankleshwar to expand their cancer OPD facility. Additionally, our collaboration with the AgaKhan Rural Development Support Program resulted in the implementation of various eco-friendly and community-strengthening projects, including tree planting, water harvesting, biogas units, and solar pump installations. 

Would you like to add anything from your side?  

As an organization, we are committed to strengthening our relationships with customers through the implementation of continuous improvement initiatives focused on cost efficiency and sustainability. This commitment has provided us with greater resilience compared to previous years and has paved the way for future collaboration with our customers to drive business growth. Our people continue to be at the core of our strategies. To reinforce our dedication to fostering a positive and inclusive workplace, we will continue to invest in skill development and embrace diversity and inclusion as key elements of our organization.

July 31, 2025

How has the Crop Protection Business of Godrej Agrovet Ltd. performed so far in FY2024-25? 

The Crop Protection Business delivered modest growth in FY 2024-25, despite challenges like erratic monsoons and shifts in farmer sentiment. Strong pricing gains, particularly in the vegetable segment, drove top line growth, though overall performance fell short of internal projections. Profitability remained resilient, supported by a favorable product mix and strategic initiatives such as targeted customer programs and enhanced channel engagement. As we close the fiscal year, we expect continued momentum in herbicides and differentiated offerings, particularly in cotton and horticulture. These efforts position us for accelerated growth in FY 2025-26. 

What’s your outlook for the coming year? 

The coming year looks promising, driven by early forecasts of a normal monsoon and favorable commodity trends, particularly in cotton. We anticipate strong growth in cotton, seed production, and new crop segments like maize and rice, supported by stable sowing patterns and improved farmer confidence. The launch of Ashitaka, our innovative maize herbicide, will be a key milestone, enhancing our portfolio in expanding maize cultivation regions. With a focus on innovation, channel efficiency, and sustainable solutions, we aim to deliver improved performance and create long-term value in FY 2025-26. 

Are new products mainly chemical-based, or is there a mix of chemical and biological solutions? 

Our product pipeline focuses on chemical-based solutions, offering reliable and broad-spectrum crop protection. However, we are increasingly investing in sustainable options, combining the strengths of chemical and biological technologies. Through our partnership with Provivi, we are co-developing residue-free Integrated Pest Management (IPM) solutions. These efforts are expected to grow our biological offerings, particularly in high-value and export-sensitive crops, aligning with global sustainability standards. 

Can you elaborate on your drone-based pest control solutions and Integrated Pest Management (IPM)? 

Our IPM strategy integrates chemical and biological solutions, cultural practices, and precision technologies to reduce reliance on broad-spectrum sprays. Collaborations with innovation-driven partners are helping us develop holistic solutions for crops like rice and corn, with early trials showing promising results. In drone-based applications, we are focusing on precision pest control for crops like cotton, maize, and paddy. These initiatives ensure efficient product usage, reduced labor dependency, and better coverage, enhancing crop health while supporting sustainable practices. 

What will be the cost of these new products? 

Pricing for our upcoming IPM solutions will depend on field trial results and regulatory validations. Designed to complement conventional products, these solutions aim to reduce chemical sprays, lower input costs, and enhance crop health. Our focus remains on affordability and scalability to ensure accessibility for both large and smallholder farmers. These solutions will balance innovation and cost-efficiency, improving farm profitability and environmental sustainability. 

Which crops are your biological products targeting? 

Our biological solutions currently focus on rice and corn, two of India’s most widely cultivated crops. For rice, we aim to reduce chemical dependency while maintaining high pest control efficacy, benefiting residue-sensitive markets. In corn, we target pests like fall armyworm, integrating these solutions into IPM frameworks to support ecological balance and long-term soil health. Field trials for both crops are in advanced stages, with early results indicating cost-effective, environmentally friendly solutions. 

How are digital platforms enhancing farmer training? 

Our platforms like Hello Godrej and Digi News provide real-time advisory, training, and awareness tools. To date, Digi News has trained over six lakh farmers with easy-to-understand content on crop management and sustainable practices. We are set to launch the Sankalp app, which will serve as a one-stop platform for product information, order placements, and loyalty programs, deepening engagement with farmers and retailers. These initiatives empower farmers with knowledge and tools to boost productivity and adopt sustainable farming practices. 

How is satellite data being integrated into these platforms? 

Satellite data integration enhances our digital platforms with real-time, location-specific crop insights. This supports precision recommendations for pest management, irrigation, and nutrient application, mitigating risks tied to weather variability. Additionally, satellite-based tools track acreage, crop stress, and harvest progress, offering better pricing forecasts and demand planning. These insights promote efficiency, transparency, and financial inclusion across the agri-value chain. 

What is your company’s role in the pesticide industry? 

Godrej Agrovet is a significant player in India’s pesticide industry, offering a diverse portfolio of insecticides, herbicides, fungicides, and plant growth regulators. Our subsidiary, Astec LifeSciences, strengthens our B2B presence with its expertise in contract development and manufacturing, supplying globally recognized agrochemical solutions. Through international collaborations, we bring advanced technologies to Indian farmers while expanding our footprint in export markets. Our vision is to combine domestic leadership with global competitiveness, driven by innovation and sustainability. 

What unique value does your company offer to multinational partners, especially Japanese firms? 

Godrej Agrovet offers an end-to-end partnership model, spanning product development, regulatory support, and commercialization. With strong brand equity, a robust distribution network, and advanced R&D capabilities, we enable rapid market entry and localized adaptation for international agrochemical companies. Collaborations with Japanese firms have resulted in differentiated crop protection products for Indian farmers, and we continue to explore alliances to bring innovative, sustainable solutions to both domestic and global markets. 

Can you outline your distribution strategy in India? 

Our distribution network, built over 27 years, includes 9,000+ distributors and 30,000+ retailers, ensuring timely product availability across India. The Godrej Sankalp program digitizes supply chain operations, enhancing transparency and efficiency. Regional strategies and digital platforms like Hello Godrej strengthen farmer trust and improve product adoption. Looking ahead, we aim to further integrate data-driven insights and build a farmer-centric retail ecosystem. 

How do you combat counterfeit products?

To protect product integrity, we use QR-coded packaging for traceability, enabling instant verification. A dedicated task force identifies counterfeit activities and collaborates with authorities to eliminate them. Awareness campaigns and training for farmers and channel partners further ensure only authentic solutions reach the market, safeguarding farmer livelihoods and trust. 

How is Godrej Agrovet expanding its market presence? 

Our expansion strategy focuses on innovation, global collaborations, and digital transformation. With a robust R&D pipeline and collaborations with global leaders, we bring advanced, localized solutions to farmers. Digital platforms like Digi News and Sankalp enhance engagement and accessibility, while targeted regional strategies support penetration into new crop segments like maize, rice, and horticulture. By focusing on sustainability and cost-effective solutions, we aim to transform Indian agriculture into a more resilient and efficient ecosystem. 

Have there been any recent changes in distribution strategies? 

We have enhanced our distribution model with digital tools like the Godrej Sankalp platform, improving supply chain transparency and efficiency. Tailored regional strategies and data-driven insights help channel partners optimize stocking and respond to seasonal demand. These changes make distribution a strategic enabler of growth and farmer connectivity. 

What role does in-licensing model play in your growth? 

The in-licensing model enables us to rapidly expand our portfolio with innovative technologies from global partners. It complements our R&D efforts, diversifying our pipeline with high-value products that address emerging pest challenges. Strong partnerships with global innovators ensure successful localization and adoption of these solutions, reducing R&D risks and accelerating timelines. 

How do you balance patented and off-patent products? 

Our portfolio combines patented innovations and off-patent products to deliver cost-effective, comprehensive solutions. Patented molecules address critical pest challenges, while off-patent products provide affordability and scalability in price-sensitive markets. This balance ensures adaptability to market needs and supports sustainable agricultural practices. 

What’s the long-term vision for agrochemical division? 

We aim to become one of India’s top 10 agrochemical companies within five years, focusing on innovation, sustainability, and farmer-centric solutions. Digital platforms, global collaborations, and advanced R&D will drive our growth, while sustainability initiatives like IPM and biological products will enhance resilience and environmental stewardship. 

How does CSR fit into your strategy? 

Our CSR initiatives align with sustainability and rural empowerment, promoting pollination programs, IPM education, and climate-smart farming. By enhancing livelihoods and resilience, we foster inclusive growth while contributing to the well-being of farming communities. 

How does Godrej engage with local communities? 

We empower farmers with knowledge and tools to adopt sustainable practices through initiatives like Hello Godrej and Digi News. Our focus includes soil health, biological alternatives, and innovative methods like drone-based crop protection. Collaborations with farmer organizations and NGOs ensure alignment with broader rural development goals, building lasting relationships with local communities. 

What’s your outlook on India’s agrochemical market? 

India’s agrochemical market is poised for significant growth, driven by evolving farming practices and the demand for food security. Key crops like cotton, rice, and maize offer opportunities for advanced and sustainable solutions. With low per-acre pesticide use, there is room for innovation and growth, supported by digital advancements and improved infrastructure. This positions India as a critical player in global agriculture.

July 29, 2025

How would you explain the emerging trends in agrochemicals in India and globally?

The Indian agrochemical industry faced several headwinds in the past three years. The industry struggled to sustain, rather several business houses showed a declining trend. Similar is the case with the global market. Severe challenges in supply and demand led to raw material price fluctuations throughout the year. Still several companies, including Indofil have shown growth and turned these problems to opportunities. It’s observed that the demand for off-patented molecules remains strong and growing year by year, along with new solutions being added to support the farming fraternity. 

Three main challenges faced by the Indian agrochemicals sector and what are the suggested solutions?  

The key challenges Indian industry faces are:  

Cash crunch across the value chain - We should look at options like channel financing via financial institutions. It helps in mitigating the short-term cash issues with minimal cost;

Supply & Demand – Indian industry is severely dependent on China supplies and looking at ongoing geopolitical issues, it’s important that we find ways to backward integrate key product lines and find solutions by coming together instead of competing; and

End to end solution for farmers – Though everyone is trying hard in this aspect however still the success is not as expected. It’s important now for the agrochemical industry to think of not only providing input chemicals, rather prepare to provide end to end solutions, from seed to harvest. It’s only possible by collaboration if all participating industries come together and offer solutions based on the strengths in a collaborative way.  

How has the performance been for Indofil in the first 9 months of FY 2024-25? Could you elaborate on the factors that contributed to this strong performance?

For Indofil, the first quarter was quite challenging because of weak demand, however in quarter 2 and 3, we revived our strategy and as a result, we could regain the momentum. Overall, for nine months, Indofil could record the desired growth on topline as well as profitability. We kept a close eye on competition and the changing environment. We were very particular on our pricing strategy, cost control measures, and balanced approach for market share gain.     

How have different product segments contributed to the overall revenue, and which segments have shown highest growth? 

Indofil is known for its fungicide portfolio. This year has been one of the best years for our fungicide portfolio and we recorded strong growth. We worked on our legacy products and with revised strategy and were able to outperform. Our journey continued for the growth in insecticide portfolio and we continue to strengthen our herbicide product line. Overall, our approach towards crop diversification and growth helped in growing our market share across the country. 

How has Indofil's diverse product range contributed to its market leadership in both agricultural and specialty chemicals?

Now, Indofil has products for all important crops and this is possible because of our continuous efforts to include new products for the last 3-5 years. Indofil has products to offer for almost all key crops in India. Similarly, our specialty division is continuously adding new product lines to support our customers. Our R&D strengths are increasing year on year and investment continues to support growth.    

 What were the primary areas of capital expenditure in 2024, and how do these investments align with Indofil’s strategic objectives? 

Indofil is continuously investing on manufacturing capabilities, by adding new equipment for volume growth, to bring efficiency and productivity enhancement. These investments are helping us to offer products at competitive prices. Our investment on agro product registration continues to ensure we strengthen our portfolio and crop diversification drive. All our Capex are planned to support our mid-long term growth strategy.    

Indofil repaid Rs. 200 crores of debt in FY24. How has this debt reduction impacted the company's financial health and future investment plans? 

Indofil is continuously working towards strengthening our cash flow situation. Our financial control measures are the key driver to pay off the debt. Indofil’ s management keeps a close eye on profitable volume growth by strengthening our cash flow situation to ensure we are ready for future investments.   

Can you outline any upcoming capital projects or expansions planned for the next fiscal year? 

As said earlier, Indofil is investing continuously in business and will continue to look for opportunities for organic and inorganic growth. 

With exports comprising around 40 - 45 per cent of revenues over the past three fiscal years, how is Indofil expanding its global footprint and entering new markets?

We are very focused on our international business growth. In the past 2-3 years, we have taken several strategic calls to expand our reach across the globe by investing in registration for new products/mixtures beyond mancozeb. We are now ready with products to offer in the Europe and Brazil market which will help us for future growth in this market. Indofil is also continuously investing to expand its innovative solution business reach across the globe. 

How is Indofil integrating sustainable solutions into its product development and operations to address environmental concerns?

Indofil is very focused towards sustainable growth. We have recently invested in hybrid power and as a result, from next year onwards our manufacturing plant will use at least 50 per cent of the power generated via wind and solar source. Similarly, our new product development team works to ensure new products or processes are eco-friendly and to help in reducing carbon footprint. We have recently received Responsible Care accreditation from Indian Chemical Council. Our Ecovadis score is also improving year on year. All our manufacturing sites are working on zero discharge operations. Our efforts towards reducing carbon emission continue by streamlining our supply chain.   

Indofil introduced insecticides like Hokori and herbicides such as Gadget, Tembofil, and Smack in 2024. How have these products impacted the company's growth?

Indofil is proud to launch these products within one year which are surely going to help the farmers to improve their productivity. These products significantly contributed to the growth this year and we have a robust marketing plan to take these products to greater heights in future. As said earlier, Indofil is committed to provide new products and solutions year on year to our customers.   

Indofil launched 'IndoLife Super Specialities' to enhance farmers' return on investments through research-based solutions. How has this initiative impacted the agricultural community? 

Our IndoLife business reached a significant mark in the past 6-7 years and surely helped the farming community with its innovative biological based products. Indofil is reviving Indolife business strategy to offer much better products and solutions with new faces in near future and new announcements will follow soon.    

What are the primary goals behind Indofil's digital transformation efforts, and how do they align with the company's overall business strategy? 

In the past three years, Indofil has significantly invested in digital transformation and it’s continued. We are channelising our actions towards paperless operation. Our several digital initiatives are going to help the organization to be more efficient and will follow the philosophy of “delivering More with Less”. These digitization efforts are bringing data transparency which is helping us to take quick and fact-based decisions. Each action and investment are aligned to our mid-long-term strategy.     

The company has received the 'Responsible Care' certification in 2024. The significance of this accreditation and the initiatives undertaken by the company to achieve it? 

Indofil is proud to share that we got Responsible Care certification in the first attempt and for all codes. Every Indofilian was involved and worked to make it happen. It also demonstrates our commitment towards sustainability. Indofil’s management is committed to provide a safe working place to all our employees and contractors. Our efforts are not limited within our own site or operation, rather we are collaborating with our customer and supplier to ensure we eliminate waste across the value chain and create an ecosystem for sustainable operation.      

Indofil aims to transition from a product-based to a solution-based company within five years. What steps were taken in 2024 towards this goal?

Indofil is always seen as a solution provider rather than just selling products. We are continuously investing in our field marketing activities by deploying our team at ground to help farmers in providing need-based solutions. We are also working to find solutions by inventing a digital tool to provide support to our farmers for soil testing, monsoon forecasting etc. Since Indian farming industry is continuously evolving, acceptance to these new technologies and solutions take more time than usual, however our government’s efforts for smart farming help the farmers fraternity to improve their productivity. Our investment in innovative solutions, by developing technical service teams, continues to provide solutions.  

July 27, 2025

Major initiatives undertaken by Galaxy Surfactants during FY 24-25 to drive growth and innovation? How have these influenced your business operations and market positioning? 

In FY 24-25, Galaxy Surfactants continued to drive growth and innovation through strategic investments in sustainability, digital transformation, and product innovation. Our focus on green chemistry and eco-friendly formulations led to the development of next-generation biodegradable specialty such as Galseer DermaGreen, Galseer Tresscon, and Galseer Flexcon, addressing the rising global demand for greener, milder and beauty care solutions. Galaxy also worked on developing sustainable technologies and has come up with products like GalEcosafe (the first one to produce in India & AMET). In Home Care solutions, we have invented technologies in the field of encapsulation of enzymes and green process for fabric softener. These innovations not only strengthened our market presence but also reinforced our commitment to regulatory compliance and environmental responsibility, making us a preferred partner for leading brands worldwide.

We also accelerated our digital transformation journey, integrating automation, AI-driven analytics, and ERP enhancements across our operations. These efforts have optimized supply chain management, improved operational efficiencies, and enabled better data-driven decision-making. Additionally, our continued investment in R&D and advanced manufacturing capabilities has allowed us to remain agile and responsive to evolving market needs, ensuring the timely delivery of high-performance specialty ingredients.

Beyond business expansion, our sustainability and talent development initiatives have played a pivotal role in reinforcing our market leadership. This year, Galaxy entered the Top 5 Club in ‘Great Place to Work’ in the chemical industry. This has strengthened our employer’s brand, helping us attract and retain top talent. Meanwhile, our enhanced ESG commitments, including waste circularity and responsible sourcing, have positioned us as a trusted and sustainable industry leader. These collective efforts have propelled the Galaxy towards long-term growth, resilience, and continued market leadership.

How did Galaxy Surfactants' revenue in FY 24-25 compare to previous years? Were there specific product lines or markets that significantly contributed to this performance?  

India, which constitutes a significant portion of our business, recorded flat performance this quarter and for the full fiscal year. This was primarily due to the lingering impact of the previous quarter’s slowdown, compounded by a more than 40 per cent rise in fatty alcohol prices from Q2 onwards, leading to a slower-than-expected recovery in the performance segment. However, we remain optimistic about growth in the coming quarters, supported by improving economic indicators and gradual market normalization.

The AMET region also experienced flat performance. While macroeconomic challenges persist, early signs of demand recovery and easing supply chain disruptions make us cautiously optimistic. We are taking proactive steps to strengthen our market presence and capture emerging opportunities as the region stabilizes.

In contrast, the Rest of the World (ROW) has been a bright spot, delivering double-digit growth this quarter and for the full fiscal year. This strong performance reflects our strategic focus on global expansion and the rising demand for premium specialties. Growth in ROW has been driven by continued momentum in Europe, APAC, and North & Latin America. This quarter, we achieved 9 per cent volume growth in ROW, with YTD volume growth at 17 per cent, led by mass specialties.

On a YTD consolidated basis, revenue has grown by 11 per cent from Rs. 3,830 crore to Rs 4,250 crore and EBITDA has grown from 498 crore to Rs. 510 crore, which is a 2.5 per cent growth. On EBITDA /MT, it is broadly in line with the performance of Rs. 19,868 vs PY 20,019/MT. 

These results reflect our continued focus on operational excellence, cost efficiency, and strategic agility, positioning us well for sustained and profitable growth. 

What percentage of revenue was allocated to R&D in FY 24-25 and how does this investment reflect your commitment to innovation? 

Galaxy remains one of the leading companies in India in the specialty chemicals space, consistently investing in R&D talent and infrastructure. Our innovation team comprises many PhDs, postgraduates, engineers, and technologists. Galaxy has recently developed a state-of-the-art BioScience Innovation capability equipped with molecular biology expertise. The Galaxy group has invested more than Rs. 150 crore in various innovation capability-building initiatives in recent years.

As a result, we are one of the leading Indian companies in our industry, with 111 approved patents and 32 patents applied for—6 of which were granted in FY 25 alone. For two consecutive years, we have won the ‘Best Innovative Ingredient’ award at the in-cosmetics global show, making Galaxy the only Indian company to achieve this accomplishment.

With such commitment, we have introduced new innovative products in areas such as mild cleansing, natural and modern preservation, DermaCare for sensitive skin, ultra-low dioxane sulfates, green chemistry-based amino acid surfactants, fabric softeners, and encapsulated enzymes. This diverse range of innovative products enables us to be the only Indian company serving various global brands in the Home Care, Personal Care, and Beauty segments. 

What were the primary areas of focus for your capital expenditures in FY 24-25? How have these investments enhanced your production capabilities or operational efficiency? 

In FY 24-25, Galaxy Surfactants strategically directed its capital expenditures towards enhancing production capabilities, expanding its global footprint, and strengthening sustainability initiatives. A significant milestone was the company’s recent strategic partnership with a global customer for Engineering, Procurement, and Construction (EPC) services. This initiative is expected to facilitate the establishment of performance surfactants and specialty ingredients plants overseas, reinforcing Galaxy’s global presence and contributing to long-term growth.

Additionally, the company continued investing in capacity expansion, particularly in specialty care ingredients catering to premium personal care and beauty formulations. These investments align with the increasing demand for superior-performance and sustainable products, enabling Galaxy to better serve its customers and meet growing market demand. Strengthening production capabilities in this segment not only drives revenue growth but also solidifies Galaxy’s position as a key player in the personal care, beauty & home care industry.

What strategies has Galaxy Surfactants employed to expand its global footprint and penetrate new markets? How have these strategies contributed to the company's growth and diversification? 

Galaxy Surfactants has actively pursued global expansion through a combination of strategic partnerships, capacity enhancements, and a customer-centric approach. One of the key initiatives in FY 24-25 was the company’s collaboration with a global customer for Engineering, Procurement, and Construction (EPC) services, which is expected to facilitate the establishment of performance surfactants and specialty ingredients plants in international markets. This move aligns with Galaxy’s vision to strengthen its global presence and cater to the growing demand for sustainable and high-performance personal care ingredients in developed markets. 

In addition to partnerships, the company has focused on market-specific product innovation to meet regional consumer preferences. Expanding its specialty care ingredient portfolio to cater to premium personal care brands has been a key differentiator, allowing Galaxy to penetrate high-growth markets in Europe, North America, and Southeast Asia. By leveraging its research and development capabilities, the company has introduced tailor-made solutions that comply with stringent global regulatory standards, ensuring relevance and competitiveness in new geographies. Galaxy has demonstrated revenue of CAGR of 9 per cent in the last 10 years and 10 per cent CAGR in Specialty Product Revenues.  

Galaxy Surfactants has been recognized for its sustainability efforts, including achieving water positivity by restoring more water to the environment than it withdraws. Could you elaborate on the strategies and projects that led to this accomplishment? 

The company’s approach is rooted in optimizing water usage, increasing recycling and reuse, and supporting large-scale water harvesting initiatives. A major milestone was its achievement of becoming net water positive, where more water is restored to the environment than withdrawn for operations. This was accomplished through improved water efficiency across manufacturing sites, investments in advanced water treatment technologies, and process innovations that minimize water consumption.

One of the key initiatives driving this achievement is the company’s focus on rainwater harvesting and groundwater recharge projects in water-stressed regions. Galaxy has partnered with local communities and NGOs to develop watershed management programs, ensuring long-term water availability for both industrial and agricultural use. Additionally, it has implemented closed-loop water recycling systems within its production facilities, significantly reducing freshwater dependency. By adopting circular water management principles, Galaxy has not only enhanced operational sustainability but also contributed to local water security.

This effort has resulted in Galaxy being 1.4X water positive consistently for the past three years. In addition, Galaxy is actively working towards transitioning all its operations to run on renewable energy sources. We have achieved 27.76 per cent renewable energy usage in India, and 20.10 per cent across our global operations. Our goal is to reach 75 per cent renewable energy usage by 2030.

Your company received the Gold Innovation Award at HPCI India for the ingredient Galseer Flexcon. Can you share the development process and the unique benefits this product offers to consumers? 

The ingredient was developed through extensive R&D efforts aimed at addressing key challenges in the personal care industry, such as achieving high-performance conditioning while maintaining environmental sustainability. Galaxy’s innovation team worked rigorously to formulate a solution that offers enhanced sensory benefits, superior conditioning, and improved formulation stability—all while aligning with the global shift towards eco-friendly and biodegradable ingredients.

Galseer Flexcon stands out due to its multifunctionality, catering to both hair and skin care applications. It provides deep conditioning, reduces frizz, and enhances softness without the use of traditional silicones, which are often criticized for their environmental impact. The product has been designed to seamlessly integrate into various formulations, offering formulators flexibility while meeting evolving consumer demands for cleaner, more responsible beauty solutions.

Key focus areas of Galaxy Surfactants' CSR policy, specifically regarding projects related to water conservation, women's empowerment, education, and healthcare? 

Galaxy Surfactants' CSR policy focuses on six key areas: health and hygiene, women's empowerment, education, environmental protection, community development, and disaster relief. Under Aarogya Vardheeni, the company distributed maternal and child health kits, organized blood donation camps, and provided medical support for underprivileged children. The Stree Unnati initiative promoted menstrual hygiene awareness and skill development for women, while Gyan Sanjeevani supported education in underprivileged areas in Maharashtra and Gujarat through study material distribution, vocational training, and building school infrastructure.

On the environmental front, the Paryavaran Suraksha initiative includes waste management support, tree plantation drives, and cattle feed assistance. Galaxy is proud to have planted and maintained 2, 09,000 trees as of March 2025 and is working with a vision to plant an additional 3, 00,000 trees by 2030, taking the cumulative plantation target to 5, 00,000 trees. 

Rural development efforts under Samajeek Utthaan included building water storage facilities and school infrastructure, benefiting communities in Gujarat and Maharashtra. Additionally, Aapda Rahat focused on disaster relief, aiding flood-affected families in Ankleshwar and Bharuch. These initiatives reinforce Galaxys’ commitment to sustainable and inclusive growth

How does the company plan to advance its sustainability agenda across various operations?

Galaxy remains committed to driving sustainable growth through continuous innovation, operational excellence, and responsible environmental practices. Looking ahead, the company aims to enhance its green chemistry, bioscience-based portfolio by increasing the share of biodegradable and bio-based ingredients. Strengthening its ESG commitments, Galaxy plans to achieve net water positivity, further reduce carbon emissions, and expand its renewable energy usage.  

The specialty chemicals industry is witnessing strong growth, driven by increasing demand for sustainable and high-performance ingredients across personal care, home care, and beauty applications. With regulatory bodies tightening environmental norms, the shift towards green surfactants and specialty care ingredients is accelerating. Companies like Galaxy are well-positioned to capitalise on this trend by leveraging advanced research, digitally advanced supply chain capabilities, and a strong commitment to sustainability.           

July 26, 2025

What strategic initiatives did Shiva Engineering Services (SES) undertake in FY 2024-25 to enhance its position in the Engineering, Procurement, and Construction (EPC) services? 

Over the last 15 years, we have built a solid foundation at SES—not just with our clients, but also with a strong vendor network that plays a big role in smooth EPC execution. In FY 2024-25, we focused on taking that further. 

One of the big moves this year was starting collaborations with technology partners who have their own proprietary technologies. The idea is simple: while they bring the technology, we come in as the turnkey EPC partner, delivering the full project from concept to commissioning. This approach is helping us tap into new and growing sectors like biofuels, specialty chemicals, and circular economy projects. 

We also spent time strengthening our vendor systems. We have begun a formal prequalification process that uses data from past performance to help us make more informed and timely decisions. That’s been a big support in improving procurement speed and reliability. 

Alongside this, we’ve been improving our logistics and execution models so we can deliver projects faster and more efficiently. These steps are part of our larger goal to be more agile, bring added value to our clients, and continue building trust through reliable, end-to-end EPC solutions. 

SES operates across various sectors, including Process Chemicals, Flavors & Fragrances, Consumer Goods, Low Carbon Fuels, Circular Economy, Petrochemicals, Polymers, Engineering Plastics and Masterbatch, Industrial Facility, and GMP Facility. How does this diversification contribute to the company's financial stability and growth? 

When we started, our very first project was quite simple developing as-built P&IDs for a specialty chemical plant. Since then, we’ve come a long way. Today, we are handling large-scale greenfield Capex projects across multiple industries. This journey has been possible because we kept expanding our domain knowledge and project experience along the way. 

Diversifying into various sectors has been one of our core strengths. It’s given us a broader platform to operate from and helped us build cross-domain expertise, which adds a lot of value in both design and execution. From a financial standpoint, this diversification helps us maintain stability. It also shields us from sector-specific risks, which is important in today's ever-changing market landscape. 

How has the overall performance been for SES in FY 24-25 in terms of number of projects bagged and what's the total value and expectations from FY 25-26? 

FY 2024-25 has been a very successful year for SES. We kicked off the year by delivering a large-scale greenfield project for a leading specialty chemicals client, an important milestone that set the tone for the months ahead. 

Following this, we secured multiple new projects across diverse sectors, including ink manufacturing, recycling, specialty chemicals, flavors & fragrance, construction chemicals, and renewable fuels. It’s been encouraging to see strong growth not just in terms of business volume, but also in the overall maturity and capabilities of our organization. 

This year has also validated some of our strategic bets, especially our focus on long-term partnerships with technology providers. These associations are already opening new doors, and we expect them to give us a strong competitive edge in the years ahead. 

Looking forward to FY 25-26, we are aiming to further scale up, both in terms of project size and geographical reach. We are actively planning to expand our operations beyond India, using a lean execution model that allows us to remain agile and cost-effective while serving global clients. Overall, we’re optimistic and confident about continuing this growth trajectory. 

The company’s revenue performance during FY 24-25 with key growth metrics and expectations from the upcoming fiscal year i.e. FY 25-26? What factors would contribute to continuing the growth momentum? 

FY 24-25 has been one of the most promising years for SES in terms of revenue growth and business expansion. We’ve seen a healthy volume of projects, from greenfield Capex projects across sectors like recycling and renewable fuels. These sectors not only brought in new business but also strengthened our overall capability. Another key contributor to this year’s performance was our ability to take on larger, more complex projects end-to-end from basic and detailed engineering to procurement and construction. This full-scope delivery helped us create more value per project, which directly translated into better topline performance. 

Looking ahead to FY 25-26, we are expecting continued growth, supported by a well-focused initiative. First, our long-term collaborations with technology licensors will help us tap into projects where technology plus EPC delivery is expected. Second, we are investing in digital tools, lean execution models, and expanding outside India to serve global clients in a more agile way. Our team structure is also evolving to support larger-scale project delivery, and we’re building internal capabilities around cost optimization, faster execution, and quality control, all of which will play a big role in sustaining momentum. 

How does SES collaborate with clients to integrate R&D efforts into the design and development of specialty chemical plants? 

We collaborate closely with our clients from the early stages, often engaging with their R&D and pilot plant teams to understand the chemistry, process sensitivities, and desired outcomes. Our process engineering team has deep experience in scale-up projects, whether it's from lab to pilot scale or pilot to commercial production. 

We have successfully delivered multiple such projects where scale-up was a key requirement. In each case, our involvement included process simulation, scaled-up mass and energy balances, utility planning, and eventually translating those into a detailed engineering package that supports safe, efficient, and cost-effective execution. 

What sets us apart is that we don’t just stop at design. We support clients all the way—from process design to equipment sizing, material compatibility reviews, HAZOP studies, layout development, and even procurement support and construction planning. This end-to-end involvement ensures that the transition from R&D to commercial production is seamless and future ready. In short, SES becomes a true partner in turning breakthrough formulations into scalable, operational realities. 

Could you elaborate on the major capital investments SES made in FY 24-25 and their anticipated impact on the company's growth? 

In FY 24-25, we made some focused capital investments that are aligned with our long-term vision. A large part of that went into strengthening our core engineering capabilities investing in advanced design software, simulation tools, and improving our digital infrastructure to ensure faster, more accurate project delivery. 

We also put significant effort into building our in-house capabilities to take on full-scope EPC projects. This includes enhancing our construction management tools, procurement systems, and project tracking mechanisms, so we’re well-equipped to deliver turnkey projects with greater control and efficiency. 

Another key area of investment was talent. We have brought in experienced professionals in critical areas and initiated specialized training programs to align our team with the evolving demands of EPC projects. Additionally, as we prepare to expand our footprint outside India, we have started developing a lean execution model and building strategic partnerships in target regions. These steps are setting the foundation for global operations in the near future. 

All these investments are aimed at one goal: positioning SES for sustainable growth. We want to be a future-ready EPC partner, known not just for engineering excellence but also for agility, global reach, and long-term value creation. 

Could you share insights into SES's upcoming projects and strategic focus areas in the near future? 

In the near future, we are focusing on growing the number of EPC projects we take on, while continuing to support our clients with EPCM services. We have seen how delivering complete, end-to-end solutions from basic engineering all the way to construction and commissioning can really make a difference, and we’re building on that momentum. 

A big part of our strategy is moving towards greener and more sustainable sectors. We are already involved in several projects related to renewable fuels, biogas, chemical recycling, and other circular economy initiatives. These projects often involve both technical complexity and careful execution, and that’s where our experience and integrated approach come in handy. Right now, we are working on multiple renewable fuel and recycling projects. We are also seeing growing interest in areas like sustainable chemical manufacturing and solvent recovery systems. 

The company was awarded an EPCM contract for a specialty chemicals multipurpose plant near Bharuch, involving operations like hydrogenation, bromination, chlorination, and nitration, with an investment of approximately Rs. 230 crore. Could you provide details on SES's specific contributions to this project? 

Our involvement began at the concept development stage, where we created a detailed site master plan. This included planning for process areas, utility blocks, tank farms, ETP, storage facilities, admin buildings, and internal road networks—designed to optimize space, ensure safe man and material movement, and enable future scalability. Early-stage planning like this not only supports operational efficiency but also helps reduce overall Capex. 

Once the concept was locked, we delivered the Basic Engineering Package along with cost estimation to help the client firm up their investment decision. From there, we moved into full-scope detailed engineering covering civil & structural, equipment design, piping, electrical, instrumentation & controls, fire & safety systems, and more. Our team also supported the client with procurement assistance, vendor integration, and on-ground construction management, acting as a single-point EPCM partner. Overall, SES acted as a one-stop solution for the entire project from concept to construction with a strong focus on safety, timelines, and smooth execution. 

How has the company contributed to advancing the circular economy, and what specific sustainability projects were implemented in 2024?  

At SES, we have been actively aligning ourselves with the global shift towards sustainability and the circular economy. In 2024, we took concrete steps by expanding our project portfolio in this space. We’ve been awarded several recycling projects covering areas like batteries, textiles, and other critical waste streams. These are emerging markets, and our aim is to become a leading EPC partner for clients in these sectors. 

Alongside recycling, we’re also focusing strongly on renewable fuels. We’ve delivered engineering solutions for multiple projects in Compressed Biogas (CBG), green ethanol, and green methanol—both in India and internationally. Our scope in these projects varies from FEED package development to detailed engineering and modular designs for ease of execution. 

How does Engineering Services help with advanced tech integration in greenfield chemical projects? 

We have had the opportunity to work on several greenfield projects where integrating client-owned or partner-provided technologies was a key requirement. Whether the technology is developed in-house or licensed from a third party, our role is to ensure it can be successfully scaled and implemented into a commercially viable plant. 

We typically start with thorough understanding of the process and, wherever needed, running simulations to validate its performance under various operational parameters. When the technology is at a lab or pilot stage, our team supports the scale-up through detailed mass and energy balances, equipment sizing, and utility requirement estimation. Over the years, we have delivered multiple such projects taking processes from lab to pilot, and pilot to commercial scale, which has given us valuable insight into the complexities and nuances of such transitions. 

July 24, 2025

How would you explain the emerging trends in the chlor-alkali business in India and globally? And how prepared Epigral is to tap the growth opportunity?   

We see strong potential in the chlor-alkali industry due to its applications across various sectors that are directly linked to daily consumption. Both globally and in India, we anticipate that the demand for chlor-alkali products will remain robust and gradually increase each year. Epigral, with its capacity for caustic soda, is well-positioned to meet this growing demand.  

Additionally, we have evaluated various downstream co-products, such as chlorine and hydrogen, to ensure we operate as an integrated player in the industry. Epigral has strategically chosen co-products that we can consume in our operations, which has improved our efficiency. By selecting import-substitute products that utilize these co-products, we have also contributed to the nation by reducing dependency on imports, aligning with the Government of India's initiatives of Atmanirbhar Bharat and Make in India. 

What are the three main challenges that the Indian chlor-alkali sector is facing and what could be the suggested solutions to overcome these challenges, according to you? 

In India, the chlor-alkali or caustic soda industry faces the challenge of producing chlorine alongside caustic soda. Instead of viewing this as a setback, we identified a range of products that utilize chlorine, which has strengthened our profit and loss statement as well as our balance sheet. By turning this challenge into an opportunity, we have enhanced our company's performance. Another significant challenge for the caustic soda industry is the high cost of electricity required for production. To address this, we have installed our own power plant, which has improved our operations and overall efficiency, benefiting the company. 

Could you elaborate on the strategic initiatives Epigral undertook in 2024 to enhance its market position and operational efficiency? 

We periodically evaluate our strategic initiatives and continuously evolve better. Specifically, in 2024, we commissioned an additional capacity of CPVC Resin of 45,000 TPA, which increased our total capacity to 75,000 TPAs, the world's largest capacity in a specific location. Additionally, we commissioned the CPVC Compound facility, and hence, we will now cater both resin and compound to pipe manufacturers based on their needs. During the year, we have set up a pilot plant for making pipes at our facility to provide consistent quality and be a reliable partner. In the last fiscal year, Epigral further announced the expansion of our CPVC Resin and epichlorohydrin capacity; we are doubling both capacities, considering the growth opportunities we see for these products.  

Epigral has raised funds for the company from the capital market through QIP, where institutional investors participated and showed confidence in the company's vision. With these funds, we strengthened our balance sheet and it improved our rating from Crisil AA— to Crisil AA. 

The company reported a 37 per cent revenue growth in the first nine months of FY2025, driven by a 15 per cent increase in sales volume from high-value derivative and specialty products. What strategies contributed to this significant growth? 

Since the financial year 2018-19, we, at Epigral, have made a strategic decision to diversify our business by leveraging chlorine and hydrogen as co-products. As part of this strategy, we have ventured into the production of CPVC, epichlorohydrin, chloromethanes, and hydrogen peroxide. This diversification has enabled us to serve various industries domestically while providing high-quality products that substitute for imports. As a result, the company has become more resilient compared to others in the industry during periods of economic slowdown. This strategic shift has significantly contributed to the company’s overall performance. 

Key projects being rolled out by Epigral to achieve their growth in coming years? Can you share an update on the progress so far? 

This year, various capital expenditures (capex) we undertook in the past have begun to yield results and will continue to contribute to the coming years. In FY2024, we successfully commissioned a CPVC Resin plant with a capacity of 45,000 tons per annum (TPA), a CPVC Compound facility with a capacity of 35,000 TPA, and a chlorotoluenes value chain facility. These expansions, along with other capacities commissioned in previous years, will positively impact on our business performance this year and next year. 

We have also announced plans to increase our CPVC Resin and epichlorohydrin capacities for further growth. These additional capacities are expected to be commissioned in FY2027, and we anticipate they will start contributing from that time onwards, with an expectation to reach optimal performance by FY2028. For future growth, we have already acquired around 100 acres of land close to our current plant. Our focus will be on developing new chemistries that will drive the company’s growth. 

As a growth-focused company, we will carefully plan and allocate our capital expenditure to ensure robust growth in the coming years. 

Could you share an overview of the major Capex projects Epigral has undertaken recently, including their objectives and expected timelines? 

Recently, the company announced plans to expand its capacity for CPVC Resin by 75,000 TPA and epichlorohydrin by 50,000 TPA. These expansions are driven by anticipated growth in demand both in India and globally. Additionally, they will enhance the captive consumption of chlorine and hydrogen, further strengthening our integrated complex. The projects are expected to be commissioned in the first half of FY2027. With this expansion, we will become the largest manufacturer of epichlorohydrin in India and the largest manufacturer of CPVC Resin in the world. 

How has the commissioning of the additional 45,000 TPA CPVC Resin capacity in April 2024 impacted your production capabilities and market reach? 

It has allowed us to produce more to meet the domestic demand for CPVC Resin and increase our presence and market share among various customers. As the demand further increases we are ready with the capacity to meet the same. 

What has been the effect of the new CPVC compound facility commissioned in June 2024 on your product offerings and customer satisfaction? 

The CPVC Compound facility has allowed us to serve all types of CPVC pipe manufacturers. Previously, we could only cater to selected manufacturers, but now, thanks to our presence in the compound, we can fulfill the needs of all pipe manufacturers. Additionally, we have recently obtained NSF certification for our CPVC resin and compound, confirming that our products are suitable for drinking water purposes. This underscores our commitment to quality and further strengthens our brand. 

With the inauguration of your first R&D Centre in Ahmedabad in November 2023, what key projects or innovations have emerged, and how do they align with Epigral's long-term goals? 

The R&D center plays a crucial role in guiding integrated chemical manufacturers like Epigral. Our R&D center is working further downstream of the chlorotoluenes value chain that we recently commissioned. In addition, the center is focused on improving the processes for our existing products and enhancing overall efficiency. The team is also engaged in developing new molecules for the specialty business. 

What digital transformation/automation initiatives has Epigral implemented in 2024 to enhance operational efficiency, supply chain management, and customer engagement? 

Improving operational efficiency is an ongoing process at Epigral, and we have implemented several enhancements at the plant level. These efforts are evident in our operating performance and are directly reflected in our profit and loss statements. The company has deployed various tools and digitized multiple processes to monitor operations within the plant. With our state-of-the-art facility, we have focused on enhancing safety, which directly contributes to continuous improvements in performance and efficiency. 

The commissioning of an 18.34 MW Wind Solar Hybrid Power Plant in Q1 FY24 showcases Epigral's commitment to sustainability. How has this initiative influenced your environmental footprint and operational costs? 

At Epigral, we are continually working to improve our footprint and protect the local environment surrounding our production plant. We commissioned an 18.34 MW wind and solar power plant over a year ago, and as a result, approximately 8 per cent of our power requirements are now met through green energy. This initiative has not only contributed to environmental preservation but has also been cost-effective, as it is cheaper than conventional grid electricity. 

Your current phase of expansion/diversification is coming to its completion in 2027. What is the strategy for the next phase of expansion/diversification? Are you looking at new and emerging segments? 

As a leading integrated chemical company, we are continuously researching various formulations that are feasible for the Indian market. Epigral, being a domestic-focused company, is looking at the growing demand for qualitative products for domestic consumption and considering the increase in household spending power. We are evaluating various projects where the demand for such products is going to increase substantially in the long term. 

Where do you want to see Epigral in 2032?  

In the long term, Epigral aims to expand its product portfolio to serve other industrial segments. By 2032, we want to be recognized as the leading integrated multi product chemical player globally, allowing us to add value to our stakeholders.

July 23, 2025

Dhanuka Agritech Limited with more than 321 registrations including Herbicides, Insecticides, Fungicides and Plant Growth Regulators /Bio- Stimulants and with over 330 active SKUs has one of the most extensive market penetration in agri-input industry. Dr R G Agarwal, Chairman Emeritus, Dhanuka Agritech talks about the emerging scenario of agrochemicals as well as his company’s future plan: 

How has the overall performance of Dhanuka Agritech been in 2024 and what are your expectations from 2025?  

Dhanuka Agritech Limited has been progressing well beyond its expectations. During 2024, the annual turnover of Dhanuka Agritech increased by about 17 per cent, from Rs. 1,758 crore to around Rs. 2,035 crore which was more than the expected target. It is imperative that such a market response speaks about its superior efficacy and popularity among the farmers. During 2025, Dhanuka is expected to reach the figure of around Rs. 2,500 crores due to the widening of our product portfolio with exclusive solutions developed in coordination with Japanese companies. 

Given the current geopolitical scenario and tariff war, how would you explain the emerging scenario of agrochemicals in India?  

The recent imposition of a 26 per cent discount tariff by the United States on Indian imports has significantly increased the cost of Indian agrochemical exports to the US. This move could reduce demand for these products in the short term. The same has been deferred by the US for 3 months.   

However, despite the hike in tariff, it is 26 per cent for India but it remains lower than that of major competing countries such as China, where the total tariff stands at 54 per cent and has been further increased to 225 per cent.

In comparison, the customs duty imposed on other countries like Vietnam (46 per cent), and Bangladesh (37 per cent) are still higher than India’s. This scenario could provide Indian agrochemical companies with a relative advantage in the US market, as Indian supplies would be subject to lower customs duties. If Indian companies can maintain competitive pricing strategies, they could significantly benefit from this opportunity. 

However, the imposition of higher tariffs on Chinese agrochemicals in the US may lead Chinese firms to dump their excess supply to other markets at reduced prices. This could intensify competition for Indian exporters in non-US markets. We must adopt a wait-and-watch approach to assess how the situation evolves.  

The trend of diversifying supply chains away from existing core manufacturing markets, influenced by geopolitical factors, could present India as a preferred destination for agrochemical manufacturing. The conflict in regions like Ukraine has disrupted food supplies in the European Union, leading these nations to turn to India and other regions for their agricultural needs, potentially boosting Indian agrochemical exports to the EU.    

Your recent acquisition of fungicides like Iprovalicarb and Triadimenol from Bayer AG marks a significant step into global markets. What inspired this move, and how do you expect it to impact Dhanuka’s growth trajectory? 

Dhanuka Agritech has been a strong player in the Indian agrochemical market for more than four decades. This takeover of two new molecules from the agrochemical giant Bayer AG will enrich Dhanuka’s portfolio. Additionally, it will also strategically serve to provide a vaulting platform to ingress into the markets of over 20 countries across Latin America, Europe, the Middle East, Africa, and Asia, including India. This will result in the transition of these products from a domestic angle to a global outlook. Our company was not a player in the international market, but with the acquisition of these two products, it will become easier for our company to export other pesticides to these markets. 

Dhanuka anticipates a substantial increase in its topline product solutions. In 2023, these two products generated approximately Rs. 220 crore in revenue.Dhanuka aims at a 12-15 per cent EBITDA margin following the acquisition of these molecules thereby, improving the overall profitability. We project the revenue generation in India to commence by the first quarter of FY26, with global operations scaling up by the fourth quarter. Our team is completing the formalities of documentation in the countries for the transfer of the registration and brand ownership from Bayer to Dhanuka’s name.  

What is Dhanuka’s overall expansion plan for 2025-30?  

In the coming years, Dhanuka Agritech plans to grow its business by focusing on sustainability by increasing the development and promotion of sustainable agricultural solutions, such as biopesticides, biostimulants, and other eco-friendly green molecules. The company’s strategies for developing consortia of pesticides and biopesticides would not only increase the broad-spectrum efficacy but also provide a means for resistance management against pests thereby providing sustainability to commercial agriculture as well as organic farming. We believe that organic pesticides alone may not be successful on a large scale. A combination of organic and inorganic pesticides is likely to be the roadmap for the future. 

We also plan to expand into new international markets, apart from where we already hold Bayer registration, and also for our other products. At our technical plant in Dahej, we are manufacturing Bifenthrin Technical with over 98 per cent purity and plan to register this product in multiple countries. Additionally, we aim to develop tailored products and strategies to meet the specific needs and requirements of different countries, regions, and crops. 

We are exploring strategic acquisitions and partnerships to enhance product offerings, gain access to new markets, and strengthen the company's competitive position in the industry. We are also in negotiations with various international companies for the contract manufacturing of various intermediates. 

With plans to expand into over 20 countries, what strategies are you employing to ensure Dhanuka stands out in the competitive international agrochemical market? 

Dhanuka has introduced a range of new pesticides, including insecticides, fungicides, herbicides, and microbial fertilizers. While Iprovalicarb and Triadimenol will provide a strong initial entry, we are continuously exploring opportunities to widen the product portfolio of the company, introduce novel consortia of chemicals and or biologicals, and develop new formulations relevant to the international markets. We will conduct thorough market research to understand the specific crop protection challenges and farmer needs in each target country and offer tailored products accordingly.  

We plan to explore and introduce more sustainable and environmentally friendly agrochemical solutions, aligning with the growing global emphasis on green agriculture. We will penetrate new geographical markets domestically and internationally to capture a larger customer base and capitalize on emerging opportunities in agriculture. 

From drones to precision agriculture tools, technology is reshaping farming. How is Dhanuka leveraging these advancements to empower farmers and enhance productivity? 

To promote the evaluation, awareness, and dissemination of new and proven advanced technologies in the remotest villages of the country, Dhanuka is forging collaborations with public institutions. By leveraging the resources and expertise of both partners, this Public-Private Partnership (PPP) approach aims to contribute to a more vibrant and sustainable agricultural ecosystem in India. 

As part of this initiative, Dhanuka has already signed a Memorandum of Understanding (MoU) with ICAR and has begun working with various stakeholders, including agricultural universities, ICAR research institutions, and Krishi Vigyan Kendras (KVKs), to transfer new technologies to farmers. We have signed MoUs with 15 agricultural universities, fostering mutual support. In addition to conducting live demonstrations, training sessions, and extension activities, we are also sponsoring scholarships and participating in student training programs furthering our shared commitment to agricultural development. 

With increasing pressure to adopt eco-friendly practices, how is Dhanuka balancing profitability with sustainable innovation, such as your partnerships with Japanese firms for green chemistry? 

Dhanuka Agritech has adapted to changing market conditions. It envisages its industry roadmap to reach consumer preferences by focusing on research and development to create innovative products tailored to meet the demands of modern agriculture. We have expanded our product range to include sustainable and eco-friendly biological solutions with 6 different categories of biopesticides, biostimulants, and PGRs in response to growing consumer interest. Further, we are marketing various digital technologies tools including automatic weather stations, and precision sensors to monitor the irrigation requirement, nutrients, etc. Dhanuka also has invested in agri-drone manufacturer IoTechWorld Avigation for standardization of crop-specific SOPs for precise application of smart farming solutions, helping farmers increase efficiency and productivity. 

Dhanuka has a reputation for supporting Indian farmers. Can you share a specific initiative—like the Dhanuka Agritech Research and Technology Centre (DART)—and its impact on smallholder farmers? 

Dhanuka has always been a pioneer in the sector of agrochemicals and always strives to provide innovative and novel product solutions to farmers. We are also engaged in trial demonstrations to have a comparative study between the framer practice and Dhanuka’s technology. One of the demonstration trials was conducted by Dhanuka for the production of groundnut using its novel product solutions at PDKV (Punjab Rao Deshmukh Krishi Vidyapeeth), Akola. In the demonstration plot, an 81 per cent yield increase in the groundnut was attributed to Dhanuka’s agritechnology. This enhancement resulted from a combination of factors including higher pod count per plant, increased shelling percentage, heavier (1000 kernel) test weight, and a premium of Rs. 1,000 per quintal in the market.  

The increase in productivity of groundnuts because of the application of Dhanuka’s product solutions following GAPs was duly certified by PDKV, Akola. Such demonstrations encourage farmers to follow GAPs to enhance their production and productivity as one of the most important principles of extension is “Seeing is Believing”. One of the key interventions was seed treatment with Vitavax Power, which prevented early-stage plant mortality. As a result, the increased plant population contributed significantly to the overall yield improvement. 

You have been a pioneer in R&D. What new agrochemical products Dhanuka launched in 2024 and what are in the pipeline for 2025?  

In 2024, we launched Lanevo, the broad-spectrum protection against sucking & chewing insect-pest together; Purge, a herbicide developed in collaboration with Nissan Chemicals, Japan for the Soyabean crop; Mycore Super, an AMF with 100 per cent endomycorrhiza that establishes a faster symbiotic relationship with the roots and facilitates better nutrient & water uptake by the crops. We also launched Miyako, a Cyenopyrafen 30 per cent SC (acaricide) having control on all types and all stages of mites; and Roxa, a pre-emergent herbicide, designed to control resistant Phalaris minor in wheat.  

The upcoming products in the pipeline for 2025 includeDinkar, a weedicide; Melody Duo, a fungicide acquired from Bayer; and Melody Compact Fungicide acquired from Bayer. 

What do you see as the biggest challenges facing the agrochemical industry in the next decade, and how is Dhanuka preparing to address them? 

The major challenge that looms over the agrochemical industry in the next decade is the large-scale prevalence of parallel grey market and spurious agrochemicals in the market.  

Dhanuka has taken various steps to address this menace. We have signed a comprehensive MoU with ICAR, marking a significant milestone in our collaborative efforts to strengthen research and extension activities aimed at benefiting farmers across the country. By leveraging the collective resources and expertise of both organizations, we are poised to make substantial advancements in agricultural practices and contribute to the welfare of farmers. We have made video film, and Do’s and Don’t’s posters for the farmers' awareness to purchase all the agri inputs after scanning through the QR code against original bills. 

We appreciate the proactive measures taken by the Ministry of Agriculture in canceling the registrations and licenses of approximately 7,000 companies that failed to comply with the KYC requirements prescribed by the CIB&RC. The remaining 2,600 companies are now required to undergo the next round of KYC, which includes providing comprehensive details of their manufacturing units, infrastructure, machinery, laboratories, instruments, manpower, production capacity, and more. 

We regularly work with various state and central agriculture departments on multiple reforms in the sector. The new Integrated Pesticide Management System (IPMS) has been finalized with active contributions from the industry, in which our company is a participating member. However, the system has not yet been launched but it should be launched at the earliest possible to ensure transparency and efficiency. 

Pesticides play a critical role in safeguarding agricultural output and should be used judiciously, strictly following recommended guidelines. Our company has deliberately exited from the production of red triangle-labeled products and is committed to using only safe molecules.

July 20, 2025

With over 100 products supplied to more than 1,100 customers in 60 countries, Aarti Industries has earned trust by consistently delivering value-added, cost-effective solutions. Suyog Kotecha, CEO, Aarti Industries talks about the overall growth strategy of the company…  

What were the primary contributors to Aarti Industries Limited (AIL's) revenue in FY 2024-25, and how did different segments perform relative to expectations? 

FY25 remained a year where we reaped the benefits of staying the course on our core philosophy: chemistry-led value creation.  AIL achieved a consolidated revenue of Rs. 8,046 crore in FY24-25, marking a 15 per cent year-over-year growth.  Our performance was underpinned by volume-led growth across our diversified product segments, despite the volatility in global pricing.

Agrochemical intermediates remained under pressure, but the real traction came from performance chemicals and polymer additives, where our backward integration and customer stickiness helped us outperform market expectations.

We witnessed early signs of recovery in demand for dyes, pigments, and pharma intermediates, but the pricing remained subdued. Another major contributor to our growth was the increase in the volumes of Energy applications, which are still in the market development phase. AIL’s Energy Business achieved strong volume growth, driven by expanded market reach across the US, Europe, and India. Thus, the diversified product mix across end-markets is a testimony to the resilience we’ve built into our portfolio, which supports our growth.   

AIL reported a 15 per cent increase in revenue in FY25, totalling Rs 8,046 crore. What were the primary drivers behind this growth? 

The 15 per cent revenue growth in FY25 was primarily driven by volume and wasn't incidental but intentional. We placed a sharp focus on capacity utilisation, commercialising key projects and working closely with customers to deliver at scale. The commissioning of new capacities in our Nitrotoluene and Ethylation chains, coupled with consistent execution and scaling up of volumes across various value chains, including specific products such as MMA, enabled us to tap into latent demand.  Additionally, the commissioning of new projects and a focus on high-value specialty chemicals contributed to the top-line growth. The fact that we achieved revenue growth amid global disruptions shows the strength of our integrated, future-ready model. 

Despite economic headwinds, AIL maintained its capital expenditure plans of investing a total of Rs. 3,000 crores in new chemical value chains and high-potential products. What areas received the most investment, and what returns are anticipated? 

Capex at AIL is not just a number, but a roadmap to the future. A large part of Rs. 3,000 crore has already been invested over the last few years, directed towards developing new chemical value chains in Nitrotoluene, Chlorotoluene, and newer Ethylation platforms, aligned with growth trends. Our capital expenditure (Capex) for FY26 is expected to be below Rs. 1,000 crore. A pilot plant at Jhagadia (the new greenfield site) has already begun operations, while the multipurpose and calcium chloride plants are expected to be commissioned by Q3 FY26. However, significant volume contributions from these assets are anticipated from FY27 onward, post-stabilisation and ramp-up. These strategic investments aim to enhance our product portfolio and cater to the growing demand for specialty chemicals. The anticipated returns include increased market share, improved margins, and strengthened global partnerships. 

AIL earmarked about Rs. 1,800 crore for capital expenditures in FY25. What are the key projects or areas receiving these investments? How do these capital investments align with AIL's long-term growth objectives and market expansion plans? 

The Capex in FY25 was approximately Rs. 1,372 crores. This capital expenditure was channelled into key projects that bridge current capabilities with future aspirations, from piloting high-value products at Jhagadia (the new green field site) to strengthening our Chlorotoluene value and advanced intermediates platforms. These investments align with our vision to be a “Global Partner of Choice” with a differentiated portfolio. These investments future-proof our manufacturing backbone and reinforce our position in the global supply chain.  

AIL planned to complete several projects by 2024, including the third long-term contract unit at Jhagadia and the NCB capacity expansion at Vapi. What is the current status of these projects, and how will they impact AIL's production capabilities? 

Both the third long-term contract unit at Jhagadia and the NCB capacity expansion at Vapi have been successfully commissioned. The Jhagadia unit enhances AIL’s ability to fulfil long-term supply agreements, while the NCB expansion increases production capacity from 75 KTPA to 108 KTPA, supporting growth in downstream products. 

What specific upgrades were made to the acid unit at Vapi, and how do they contribute to operational efficiency and sustainability? 

The acid unit at Vapi underwent a significant upgrade, focusing on energy recovery, emission control, and process intensification. With Phase I complete, we have already seen marked improvements in emergency efficiency and a reduction in emissions that contribute to AIL’s sustainability goals. On the one hand, this reflects our principles that operational efficiency and sustainability are not mutually exclusive, but rather interlinked. Our recognition on the CDP A list for both climate and water security reflects the measurable progress we have made in this direction. The outcome is not just lower cost but a future-proof operation aligned with the global expectations.   

Exports showed sequential growth in 2024. Which international markets or products significantly contributed to this trend? 

Export revenue in FY25 increased by approximately 21 per cent to Rs. 4,425 crore, with a sequential rise led by robust demand in the US and Europe especially for specialty chemicals and advanced intermediates. Customers worldwide are increasingly seeking resilient, compliant, and agile partners, and our integrated model is the ideal fit. We have also expanded commercial presence in newer regions to build pipeline diversity.  

AIL's near-term emission reduction targets have been validated by the Science-Based Targets initiative (SBTi). What specific strategies are in place to achieve these targets?  

SBTi validations are not the finish line for AIL; it's actually a starting point. Our multi-pronged strategy targets emissions reduction through increased renewable energy use, investments in low-emission processes, and circularity initiatives. This includes optimising energy efficiency, expanding renewable energy in operations, and implementing waste-to-energy solutions. 

Certified under ISO 50001, AIL uses an IT-based Energy Management System to track and drive progress. Key projects—such as Variable Frequency Drives (VFDs), waste heat recovery, steam compressors, and biomass substitution—have already reduced energy use and emissions. In FY24, energy-saving measures resulted in over 6.3 million kWh of savings. Investments in hybrid renewable power and cleaner fuels have also been significantly scaled up. With renewable power expected to account for over 75 per cent of our purchased energy mix by FY27, we're on track to reduce our carbon footprint significantly. Further sustainability measures include advanced distillation, NOx abatement, zero liquid discharge, and hazardous waste recycling. Every plant upgrade, every molecule redesign, now considers carbon impact. At AIL, emissions control should be integrated into the design, rather than being treated as an afterthought.  

AIL increased its investments in renewable energy sources during fiscal year 2024. What percentage of the company's energy mix is now derived from renewables, and what are the future targets? 

As of FY24, AIL commissioned a 13.2 MW hybrid renewable power plant, reinforcing our push towards energy transition. We are progressively tilting our energy mix towards renewables, and our next milestone is to reach a point where more than 75 per cent of our purchased power requirements going forward will be met through renewable sources.  

Over the next three years, this will be further accelerated through a mix of captive green projects and green power procurement.  

Aarti Circularity, a wholly owned subsidiary of AIL, has formed a joint venture with Re Sustainability to establish a plastic recycling facility in Hyderabad, at an outlay of Rs. 100 crore. What is the current status of the project and long-term targets? 

Aarti Circularity’s joint venture with Re Sustainability is a bold step toward material circularity. The Rs. 100 crore Hyderabad project, currently in the pre-construction stage, is designed to process hard-to-recycle multilayer plastics using advanced recycling technology. Over time, we aim to recover value from waste at scale, reduce our dependency on landfills, and offer recycled raw materials as feedstock back into the petrochemical supply chain. It’s about closing the loop. The project is progressing as planned, with long-term targets focused on promoting circular economy practices and enhancing operational sustainability. 

AIL ranks between 1st and 4th globally for 75 per cent of its product portfolio. What strategies have contributed to achieving and maintaining this market position? 

AIL’s strong global ranking is a result of its commitment to quality, innovation, and customer-centric approaches. Our global leadership is rooted in deep strengths, including an integrated operating model, a de-risked and diversified portfolio, and long-term customer relationships. With over 100 products supplied to more than 1,100 customers in 60 countries, we have earned trust by consistently delivering value-added, cost-effective solutions. Our R&D-driven innovation, with 250+ scientists and 40+ new products under development, ensures we stay ahead of market needs. Strategic capital expenditures in high-margin value chains and emerging chemistries, such as electronic chemicals, membranes and polymer additives, further reinforce our edge. At AIL, we build enduring leadership through science, scale, and sustainability. 

What programs has AIL implemented to promote employee well-being, gender equality, and community development in 2024? 

People are the cornerstone of our success. We firmly believe a thriving organisation is built on the well-being of its employees. This belief is reflected in our comprehensive approach to employee welfare, encompassing five key dimensions: career, financial, social community, health, and well-being. These pillars of well-being are integral to our organisational culture, driving engagement, productivity and satisfaction.  

We conduct regular employee surveys on well-being through renowned external agencies. Our scores on the dimensions of well-being have crossed 90th percentile globally. 72 per cent of our workforce have a thriving and positive view of life against a global average of 35 per cent. 

By investing in our people and communities, we not only enhance individual fulfilment but also strengthen our collective capacity to achieve excellence. AIL has implemented various programs focusing on employee health and safety, learning and development, diversity and inclusion, and community engagement. 

Aarti Industries Limited (AIL) and UPL Limited (UPL) formed a 50-50 joint venture (JV) Augene Chemical Private Limited, to manufacture and market specialty chemicals. What is the latest development on this front? 

The joint venture, Augene Chemical Private Limited, established by AIL and UPL, is progressing with plans to manufacture and market specialty chemicals. We are working on finalising the product lines that can create mutual advantage, technology and market reach.  The synergy lies in leveraging the strengths of the two partners to build a platform for differentiated specialty chemicals catering to global demand. This arrangement will enable India to demonstrate its ability to collaborate and partner in creating world-class chemical manufacturing assets that deliver innovative specialty chemicals to the world.