Meghmani Organics, a fully integrated diversified chemical company, has reported a sharp divergence in quarterly and annual performance for the fourth quarter and year ended 31 March 2026.

 

For Q4 FY26, the company faced a clear demand slowdown amid global uncertainty, with revenue from operations slipping to Rs. 456.6 crore, down 9% year-on-year from Rs. 502.1 crore. Profitability took a sharper hit, with EBITDA falling 59% YoY to Rs. 26.2 crore versus Rs. 64.6 crore a year ago. Net profit declined 42% to Rs. 19.5 crore from Rs. 34.0 crore, as margin pressure intensified.

 

“The quarter under review (Q4 FY26), subdued demand due to ongoing macroeconomic uncertainties impacted export volumes, while rising input costs and broadly stable realisation placed pressure on margins and profitability.”

 

For FY26, however, the full-year picture was notably stronger. Revenue from operations rose to Rs. 2,091.8 crore, up 4% from Rs. 2,003.9 crore in FY25. EBITDA surged 27% to Rs. 228.7 crore, while net profit jumped 89% to Rs. 125.3 crore, compared to Rs. 66.4 crore in the previous year.

 

"Revenue from operations stood at Rs. 2,091.8 crore as compared to Rs. 2,003.9 crore in the corresponding previous year, up by 4% YoY. EBITDA grew by 27% YoY to Rs. 228.7 crore, compared to EBITDA of Rs. 180.3 crore in the corresponding previous year.”

 

The Crop Protection segment remained the company’s core growth engine, contributing ~78% of FY26 revenue. The segment posted Rs. 1,631.2 crore in revenue and Rs. 243.6 crore in EBITDA, with margins at 14.9% and capacity utilisation at 72%.

 

Pigments, however, continued to lag, contributing ~22% of revenue with Rs. 460.6 crore in sales and just Rs. 15 crore in EBITDA, translating to a thin 3.3% margin and lower 40% capacity utilisation.

 

Management highlighted early-year demand strength followed by a second-half slowdown driven by global trade tensions.

 

“The financial year began on a positive note with overall demand improving gradually. However, from the second half of FY26, export volumes came under pressure due to subdued demand amid macroeconomic uncertainties including US tariff and geopolitical headwinds.”

 

The company also flagged cost pressures and strategic shifts in its portfolio. In Crop Nutrition, Meghmani added three nano fertilizer products—Nano DAP, Nano NPK and Nano Zinc—set to be manufactured at its Sanand facility without additional capital expenditure.

 

In contrast, operations in Titanium Dioxide (TiO2) were suspended during the year.

 

“In Titanium Dioxide (TiO2), operations have been temporarily suspended due to commercial unviability arising from elevated raw material costs and weaker price realisations following the withdrawal of anti-dumping duty (ADD).”