Meghmani Organics Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Meghmani Organics Ltd filed with BSE on 19 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
Meghmani Organics reported FY26 standalone revenue of Rs 2,091 crores, up 4% year-on-year, with EBITDA growing 27% to Rs 228.7 crores, while Q4 FY26 saw margin pressure from rising raw material costs amid geopolitical tensions. Management described headwinds from U.S. tariffs and the U.S.-Iran war that softened export demand and pressured the Crop Protection and Pigments segments during the year. The company also discussed suspension of its Titanium Dioxide operations due to commercial unviability, approval for nano fertilizer products, and a proposed amalgamation of its Kilburn Chemicals and Meghmani Crop Nutrition subsidiaries into the parent company.
Numbers mentioned
Revenue: INR2,091 crores (FY26)
p. 4
“In FY26, on standalone basis, revenue stood at INR2,091 crores, up by 4% Y-o-Y, and our EBITDA grew by 27% Y-o-Y to INR228.7 crores.”
Ankit Patel, page 4 of the filed PDF · View the filing
EBITDA: INR228.7 crores (FY26)
p. 4
“In FY26, on standalone basis, revenue stood at INR2,091 crores, up by 4% Y-o-Y, and our EBITDA grew by 27% Y-o-Y to INR228.7 crores.”
Ankit Patel, page 4 of the filed PDF · View the filing
Crop Protection segment revenue: INR1,631 crores (FY26)
p. 4
“Revenue and EBITDA for the segment stood at INR1,631 crores and INR244 crores, respectively.”
Ankit Patel, page 4 of the filed PDF · View the filing
Crop Protection segment EBITDA margin: 15% (FY26)
p. 4
“EBITDA margin for the segment stood at 15%.”
Ankit Patel, page 4 of the filed PDF · View the filing
Pigment segment revenue: INR461 crores (FY26)
p. 4
“The segment reported revenue and EBITDA of INR461 crores and INR15 crores, respectively.”
Ankit Patel, page 4 of the filed PDF · View the filing
Pigment segment EBITDA margin: 3.3% (FY26)
p. 4
“EBITDA margin for the segment stood at 3.3%.”
Ankit Patel, page 4 of the filed PDF · View the filing
Revenue: INR456 crores (Q4 FY26)
p. 4
“If you look at our Q4 FY26 on standalone basis, revenue and EBITDA stood at INR456 crores and INR26.2 crores, respectively.”
Ankit Patel, page 4 of the filed PDF · View the filing
EBITDA: INR26.2 crores (Q4 FY26)
p. 4
“If you look at our Q4 FY26 on standalone basis, revenue and EBITDA stood at INR456 crores and INR26.2 crores, respectively.”
Ankit Patel, page 4 of the filed PDF · View the filing
Consolidated revenue: INR2,174 crores (FY26)
p. 5
“If we look at our financial performance on a consolidated basis in FY26, the revenue stood at INR2,174 crores, and our EBITDA stood at INR176 crores, up by 5% Y-o-Y and 24% Y-oY respectively.”
Ankit Patel, page 5 of the filed PDF · View the filing
Consolidated EBITDA margin: 8.1% (FY26)
p. 5
“EBITDA margin on a consolidated basis stood at 8.1% compared to 6.9% corresponding previous year.”
Ankit Patel, page 5 of the filed PDF · View the filing
Standalone total debt: INR528 crores (as on March 31, 2026)
p. 5
“As on March 31, 2026, on standalone basis, our total debt stands at INR528 crores, comprising of INR430 crores in short-term debt and INR98 crores in long-term debt.”
Ankit Patel, page 5 of the filed PDF · View the filing
Standalone debt-to-equity: 0.30x (as on March 31, 2026)
p. 5
“Debtto-equity on a stand-alone basis stood at 0.30x.”
Ankit Patel, page 5 of the filed PDF · View the filing
Consolidated total debt: INR722 crores (as on March 31, 2026)
p. 5
“On a consolidated basis, our total debt stands at about INR722 crores, which includes INR436 crores in short-term debt and INR286 crores in long-term debt.”
Ankit Patel, page 5 of the filed PDF · View the filing
Debt repayment: approximately INR160 crores (FY26)
p. 5
“In FY26, we have made a debt repayment of approximately INR160 crores.”
Ankit Patel, page 5 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.
Crop Protection EBITDA margin — 15% to 17% · FY27
stated firmly by Ankit Patel
p. 8
“So on the long-term perspective, we stick to a guideline of 15% to 17%. So we believe that in FY27, we will be somewhere in this range only.”
Ankit Patel, page 8 of the filed PDF · View the filing
Capex — INR35 crores to INR40 crores · FY27
stated firmly by Ankit Patel
p. 9
“So as far as the capex is concerned, there won't be any significant capex in the current financial year. Only the routine capex to the tune of about INR35 crores to INR40 crores will be there.”
Ankit Patel, page 9 of the filed PDF · View the filing
Dividend — FY27
stated conditionally by Ankit Patel
p. 6
“In FY27, we believe that we will have better revenue and better profitability. And based on that, in this financial year, FY27, with the Board approval, we'll try to provide a reasonably good dividend to the investors.”
Ankit Patel, page 6 of the filed PDF · View the filing
Crop Protection top line growth — double-digit growth · FY27
stated as an aspiration by Ankit Patel
p. 7
“So we believe that there will be double-digit growth in top line in Crop Protection segment, which will have a better profitability going forward than quarter 4.”
Ankit Patel, page 7 of the filed PDF · View the filing
Pigments segment revenue — INR500 crores to INR600 crores · FY27
stated as an aspiration by Ankit Patel
p. 12
“So this segment would be in the range of -- in the top line point of view, it will be in the range of somewhere INR500 crores to INR600 crores.”
Ankit Patel, page 12 of the filed PDF · View the filing
Pigments segment EBITDA margin — FY27
stated as an aspiration by Ankit Patel
p. 12
“We see this year it will be much better than the last financial year because we have been working at the plant level to improve our manufacturing cost and optimize certain parameters.”
Ankit Patel, page 12 of the filed PDF · View the filing
Antidumping duty announcement for TiO2 — 1 or 2 months
stated conditionally by Ankit Patel
p. 6
“We believe that in probably in 1 or 2 months' time, there should be some announcement from the DGTR team for the antidumping duty for TiO2.”
Ankit Patel, page 6 of the filed PDF · View the filing
Nano fertilizer commercial production — Kharif season this year
stated firmly by Ankit Patel
p. 5
“Commercial production of these products are expected to commence during the Kharif season this year.”
Ankit Patel, page 5 of the filed PDF · View the filing
Top line and bottom line growth in Crop Nutrition and overall — next 2 to 5 years
stated as an aspiration by Ankit Patel
p. 7
“And going forward for the next 2 to 5 years period, we see significant growth happening in the Nutrition segment with better profitability.”
Ankit Patel, page 7 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 FY26 had no dividend but expects better revenue and profitability in FY27, and with Board approval will try to provide a dividend.
Answered by Ankit Patel
Asked by Naveen Gadia: Does the company plan to pay a dividend given none has been paid in three years?
p. 6
“In FY27, we believe that we will have better revenue and better profitability. And based on that, in this financial year, FY27, with the Board approval, we'll try to provide a reasonably good dividend to the investors.”
Ankit Patel, page 6 of the filed PDF · View the filing
Management said an antidumping duty announcement could come in 1-2 months, but sulphuric acid prices are unpredictable due to geopolitical factors.
Answered by Ankit Patel
Asked by Nipun Sharma: What are the expectations for the TiO2 project regarding the anti-dumping duty and raw material prices?
p. 6
“So it will be very difficult to assume that when the prices will come down for sulphuric acid. So we won't be able to predict that in the current situation.”
Ankit Patel, page 6 of the filed PDF · View the filing
Management reaffirmed the 15-17% range for FY27, attributing Q4 weakness to inability to immediately pass on price increases.
Answered by Ankit Patel
Asked by Ankit Merchant: What is the outlook for the 15%-17% Crop Protection EBITDA margin guidance given a weak Q4 run rate?
p. 8
“Quarter 4 was one of the odd quarters where the geopolitical situation arised and we were not able to pass on the price increase immediately to the customer, which was the situation.”
Ankit Patel, page 8 of the filed PDF · View the filing
CFO explained synergies come from compliance simplification, combining customer-facing teams, and resource/cash optimization across entities.
Answered by G.S. Chahal
Asked by Ankit Merchant: What are the quantified synergies from the Kilburn amalgamation?
p. 9
“So we want to combine our customer facing teams, so that it is going to improve the synergies at the ground level, where as a single entity we'll be presented.”
G.S. Chahal, page 9 of the filed PDF · View the filing
Management said quarter-specific projection is difficult but expects significant annual growth in top line and bottom line from the segment.
Answered by Ankit Patel
Asked by An Sharma: When will Nano Urea approval translate into revenue impact?
p. 10
“So on a quarter-on-quarter basis, it is difficult. But year as a whole, there will be a very significant amount of growth in top line as well as bottom line.”
Ankit Patel, page 10 of the filed PDF · View the filing
Management confirmed some orders exist and expects more, with growth spread across quarters depending on market seasonality.
Answered by Ankit Patel
Asked by An Sharma: Are there existing orders for Nano Urea and when will they reflect in revenue?
p. 11
“Yes. We do have some orders and we expect going forward more orders.”
Ankit Patel, page 11 of the filed PDF · View the filing
Management said depreciation helps export competitiveness against Chinese currency appreciation, though it is not favorable for the country overall.
Answered by Ankit Patel
Asked by Ankit Merchant: How is rupee depreciation affecting export competitiveness against China?
p. 12
“So when we compare in the global market, we have a competition from China. China currency is appreciating and Indian currency is depreciating. So from the export point of view, it definitely helps.”
Ankit Patel, page 12 of the filed PDF · View the filing
Management said unorganized competitors are also forced to raise prices since prices were already at the bottom, helping expand margins.
Answered by Ankit Patel
Asked by Ankit Merchant: Is competition in Pigments leading to price increases and expanding margins?
p. 13
“And because of the current situation where the cost has gone up drastically through the raw materials, people have to pass on the price increase. There is no chance.”
Ankit Patel, page 13 of the filed PDF · View the filing
Management clarified capacity is 5 crore bottles per year, not 2 crore, and described plans to use the same plant for Nano DAP, NPK and Zinc without new capex.
Answered by Ankit Patel
Asked by Shayan: What is Meghmani's Nano Urea production capacity and how does it compare to industry sell-out rates?
p. 14
“So our capacity is not 2 crores bottles per year. Our capacity is 5 crores bottles per year.”
Ankit Patel, page 14 of the filed PDF · View the filing
Risks flagged
U.S. tariffs created pressure on export volumes and softened demand across other export geographies
p. 4
“However, in quarter 2, we saw headwinds arising from the U.S. tariffs, which created a pressure on export volumes.”
Ankit Patel, page 4 of the filed PDF · View the filing
Geopolitical tension from the U.S.-Iran war further softened demand and raised raw material costs
p. 4
“While we were navigating this phase due to the rising of geopolitical tension, raw material costs started rising while realization remained broadly stable, placing pressure on the margin and profitability.”
Ankit Patel, page 4 of the filed PDF · View the filing
Sulphuric acid price increases have made TiO2 production commercially unviable
p. 8
“Currently, the sulphuric acid price is more than INR30 per kg, which used to be below INR10.”
Ankit Patel, page 8 of the filed PDF · View the filing
Withdrawal of anti-dumping duty combined with elevated raw material costs made the TiO2 project unviable
p. 5
“Elevated raw material costs and the weaker price realization, following the withdrawal of the anti-dumping duty has made this project unviable in the prevailing market condition.”
Ankit Patel, page 5 of the filed PDF · View the filing
War conditions increased utility costs including coal and gas, impacting manufacturing costs
p. 8
“At the same time, the utility costs, because of the war, the coal, gas, everything has gone up.”
Ankit Patel, page 8 of the filed PDF · View the filing
Sudden price increases in March led to customer resistance in passing on costs
p. 12
“So in the month of March, when there was a sudden increase of various raw materials because of war conditions, so when we immediately try to pass on that kind of price increase, there was resistance.”
Ankit Patel, page 12 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.