Black Rose Industries Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Black Rose Industries Ltd filed with BSE on 28 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Black Rose Industries reported Q4 revenue growth of 38% and EBITDA growth of about 90%, with EBITDA margin improving from 9.7% to 11% year-on-year, driven by its stock and sale distribution model and growth in the manufacturing division. Management said standalone full-year revenue saw a minor dip due to a sustained decline in chemical prices through the year, even as volumes grew. The company also discussed the permanent revocation of closure directions at its plant, a dividend of 125% for the year, and ongoing projects including PAM solid, new downstream acrylamide products, and a specialty amines project with Koei Chemicals.
Numbers mentioned
Revenue growth: 38% (Q4 FY26)
p. 3
“our revenue grew by 38%, and the EBITDA grew by about 90%”
Mr. Ambarish Daga, page 3 of the filed PDF · View the filing
EBITDA growth: about 90% (Q4 FY26)
p. 3
“our revenue grew by 38%, and the EBITDA grew by about 90%”
Mr. Ambarish Daga, page 3 of the filed PDF · View the filing
EBITDA margin: went from 9.7% to 11% (FY26 vs previous year)
p. 3
“the overall EBITDA also grew significantly from the previous year, going up from 9.7% to 11%”
Mr. Ambarish Daga, page 3 of the filed PDF · View the filing
Dividend: 125% (FY26)
p. 3
“the company, based on its performance, declared a dividend of 125%”
Mr. Ambarish Daga, page 3 of the filed PDF · View the filing
Acrylamide liquid capacity: 32,000 MTPA
p. 2
“which currently, the capacity stands at 32,000 MTPA, out of which 20,000 are earmarked for merchant sales and the balance is for our inhouse capital consumption”
Mr. Ambarish Daga, page 2 of the filed PDF · View the filing
Acrylamide solid capacity: 3,600 MTPA
p. 3
“currently, we offer acrylamide solid, which has a capacity of 3,600 MTPA and Nmethylol acrylamide”
Mr. Ambarish Daga, page 3 of the filed PDF · View the filing
NMA capacity: 2,000 MTPA
p. 3
“we are manufacturing acrylamide solid as well as NMA, which has a capacity of 2,000 MTPA and the polyacrylamide solid is currently in the R&D and piloting stage”
Mr. Ambarish Daga, page 3 of the filed PDF · View the filing
Manufacturing share of revenue: almost 35% (previous year)
p. 4
“almost 35% of the revenue for the previous year came from the manufacturing segments and the balance from distribution”
Mr. Ambarish Daga, page 4 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Near-term chemical distribution demand — Q1
stated conditionally by Mr. Ambarish Daga
p. 5
“the near-term demand in Q1 is likely to remain subdued due to global uncertainties”
Mr. Ambarish Daga, page 5 of the filed PDF · View the filing
Merchant exports — this quarter
stated as an aspiration by Mr. Ambarish Daga
p. 6
“we are seeing strong order pipeline and that should turn into a healthy performance during this quarter”
Mr. Ambarish Daga, page 6 of the filed PDF · View the filing
Acrylamide export demand — second half of the current quarter
stated as an aspiration by Mr. Ambarish Daga
p. 6
“the export demand has started to pick up in the second half of the current quarter and that augurs well for our overall sales for acrylamide”
Mr. Ambarish Daga, page 6 of the filed PDF · View the filing
NMA volumes
stated as an aspiration by Mr. Ambarish Daga
p. 6
“NMA) volumes are expected to remain stable”
Mr. Ambarish Daga, page 6 of the filed PDF · View the filing
PAM solid commercialization — this year going forward
stated as an aspiration by Mr. Ambarish Daga
p. 6
“we hope to start commercialization activities during this year going forward”
Mr. Ambarish Daga, page 6 of the filed PDF · View the filing
Specialty amines project decision — during the current year
stated as an aspiration by Mr. Ambarish Daga
p. 6
“we hope to take a decision on the project going forward during the current year”
Mr. Ambarish Daga, page 6 of the filed PDF · View the filing
Overall top line — from the previous year
stated conditionally by Mr. Ambarish Daga
p. 8
“we see we are targeting an increase in overall top line from the previous year at current market prices”
Mr. Ambarish Daga, page 8 of the filed PDF · View the filing
FY27 EBITDA target of Rs 50 crore — Rs 50 crore · FY27
stated as an aspiration by Mr. Ambarish Daga
p. 9
“The endeavor is to increase our business in both distribution as well as manufacturing, and we would be happy to achieve the best possible number that we can with all our efforts”
Mr. Ambarish Daga, page 9 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said EBITDA in absolute terms should be sustainable, though margin percentage depends on chemical prices which have normalized.
Answered by Mr. Ambarish Daga
Asked by Madhur Rathi: Are Q4 margins and EBITDA sustainable?
p. 7
“The EBITDA in terms of absolute numbers, again, should be sustainable. However, in terms of margin percentage, as I mentioned, it is driven by price.”
Mr. Ambarish Daga, page 7 of the filed PDF · View the filing
Management said it was a mix of both operational gain and inventory-related effects, and that the improvement is not a one-time inventory gain.
Answered by Mr. Ambarish Daga
Asked by Madhur Rathi: Will the company maintain Rs 13 crore EBITDA per quarter, and was Q4 performance inventory gain or operating income?
p. 8
“it is not just about inventory gain on a one-time basis, it is going to be sustainable as far as we can foresee”
Mr. Ambarish Daga, page 8 of the filed PDF · View the filing
Management said the closure notice has been permanently revoked and operations will continue without interruption.
Answered by Mr. Ambarish Daga
Asked by Vishwendra Singh: What is the impact of the permanent revocation of the closure directions on the company's plant?
p. 8
“the closure notice which was received is now permanently revoked, in the sense, the operation can continue without any interruption”
Mr. Ambarish Daga, page 8 of the filed PDF · View the filing
Management said they are targeting an increase in overall top line from the previous year at current market prices.
Answered by Mr. Ambarish Daga
Asked by Shweta Agarwal: How will the addition of more products during the year affect the top line?
p. 8
“we see we are targeting an increase in overall top line from the previous year at current market prices”
Mr. Ambarish Daga, page 8 of the filed PDF · View the filing
Management declined to give a specific number, saying too many factors are involved.
Answered by Mr. Ambarish Daga
Asked by Madhur Rathi: Will the company achieve Rs 50 crore EBITDA in FY27?
p. 9
“It is difficult to put down any number as an assumption because it will not hold much value.”
Mr. Ambarish Daga, page 9 of the filed PDF · View the filing
Management said the revocation and capacity expansion are unrelated, and declined to give specific numbers, saying new products will add volume and revenue over time.
Answered by Mr. Ambarish Daga
Asked by Vishwendra Singh: For the revocation, how much capacity can be increased and what revenue growth is expected in FY27 and FY28?
p. 9
“rather than saying… giving out any specific numbers, I would say, with addition of each product to our manufacturing portfolio and to our distribution portfolio, they will keep adding.”
Mr. Ambarish Daga, page 9 of the filed PDF · View the filing
Risks flagged
Unpredictable US tariff policy weakened offtake from the US oil and gas sector, impacting merchant exports
p. 5
“the unpredictable tariff policies by the Trump administration, which led to weaker offtake from the US oil and gas sector, which impacted the overall exports, overall merchant exports”
Mr. Bhavesh Shah, page 5 of the filed PDF · View the filing
Sustained drop in chemical pricing through the year reduced overall revenue despite volume growth
p. 4
“overall revenue declined due to a sustained drop in the chemical pricing from the beginning of the year till March 2026”
Mr. Bhavesh Shah, page 4 of the filed PDF · View the filing
Geopolitical disruption in the Middle East affecting supply and raw material prices
p. 5
“despite the geopolitical distributions in the Middle East”
Mr. Bhavesh Shah, page 5 of the filed PDF · View the filing
Continual imports from China affecting the acrylamide powder business
p. 5
“acrylamide powder, our volumes remained stable despite continual imports from China”
Mr. Bhavesh Shah, page 5 of the filed PDF · View the filing
Global uncertainties expected to keep near-term Q1 demand subdued
p. 5
“the near-term demand in Q1 is likely to remain subdued due to global uncertainties”
Mr. Ambarish Daga, page 5 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.