BLACKROSE

Black Rose Inds. financials

Market cap
₹557 Cr
Sector
Chemicals
Calls analysed
1
Latest concall · Q4 FY26 · call held 22 May 2026

BLACKROSE Q4 FY26

FY26 EBITDA Margin 11%

What went well

  • Q4 revenue grew by 38% YoY, demonstrating a strong performance.
  • Q4 EBITDA grew by about 90% YoY, indicating significant operational leverage.
  • Overall FY26 EBITDA margin improved to 11% from 9.7% in the previous year.

What to watch

  • Overall FY26 revenue declined due to a sustained drop in chemical pricing from the beginning of the year till March 2026.
  • Unpredictable tariff policies by the Trump administration led to weaker offtake from the US oil and gas sector, impacting overall exports.
Read the full call →

What Black Rose Inds. Limited does

Black Rose Industries runs two core chemical businesses: a distribution arm that imports and distributes specialty and performance chemicals, and a manufacturing arm at Hatkanangle (Kolhapur, Maharashtra) that produces acrylamide liquid, polyacrylamide solid, acrylamide solid and N-methylol acrylamide (NMA), selling both to merchant customers and for captive use. It also has small legacy businesses making fabrics and made-ups for industrial applications at Kolhapur, and generating renewable power from windmills in Gujarat and Rajasthan, together contributing less than 1% of revenue.

Segments

  • Chemical Distribution
  • Chemical Manufacturing
  • Legacy/Other Businesses
Acrylamide liquid capacity
32,000 MTPA (20,000 MTPA merchant sales, 12,000 MTPA captive)
Polyacrylamide solid capacity
10,000 MTPA (in R&D)
Acrylamide solid capacity
3,600 MTPA
N-methylol acrylamide (NMA) capacity
2,000 MTPA
Manufacturing plant
1 (Hatkanangle, Dist. Kolhapur, Maharashtra)
Renewable energy assets
2 windmills (Gujarat and Rajasthan)
Headquarters Mumbai, Maharashtra, India Company website

Guidance record · Q4 FY26

what the last two calls moved 5 tracked 0 delivered 0 missed 5 open
  • PAM Solid Project Commercialization open said Q4 FY26 Promised: Start commercialization activities during FY27 Q4 FY26: The PAM solid project has advanced to the piloting, and we are progressing the project as planned. And we hope to start commercialization activities during this year going forward.

All 5 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 48.3%, net profit up 150.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue93 88 83 60 84 −10%75 −15%104 +25%89 +48%
EBITDA7 8 9 6 7 +0%7 −12%13 +44%14 +133%
Net profit5 6 6 4 4 −20%4 −33%9 +50%10 +150%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +10.3% 1Y

₹60₹80₹100₹120Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q4 FY26 — 15 May 2026

1Y: ₹98.02 on 10 Sept 2025 → ₹108.14. High ₹131.75 (24 Oct 2025), low ₹63.67 (30 Mar 2026).

Financials, as filed

Revenue fell 7.9% a year over 2 years, FY24 to FY26. Operating margin widened to 10.2%.

Year endingFY24FY25FY26
Revenue₹381 Cr₹362 Cr₹323 Cr
Operating profit₹28 Cr₹30 Cr₹33 Cr
Operating margin7.3%8.3%10.2%
Interest₹0 Cr₹0 Cr₹1 Cr
Depreciation₹4 Cr₹4 Cr₹4 Cr
Net profit₹21 Cr₹22 Cr₹21 Cr
Net margin5.5%6.1%6.5%
Cash from operations₹17 Cr₹-13 Cr₹45 Cr
Free cash flow₹14 Cr₹-16 Cr₹38 Cr
ROCE21.0%19.0%19.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹5 Cr₹5 Cr₹5 Cr₹5 Cr₹5 Cr₹5 Cr
Reserves₹88 Cr₹117 Cr₹122 Cr₹140 Cr₹150 Cr₹164 Cr
Borrowings₹17 Cr₹14 Cr₹5 Cr₹4 Cr₹8 Cr₹1 Cr
Other liabilities₹37 Cr₹40 Cr₹30 Cr₹43 Cr₹50 Cr₹37 Cr
Total liabilities₹147 Cr₹176 Cr₹162 Cr₹193 Cr₹213 Cr₹208 Cr
Fixed assets₹35 Cr₹37 Cr₹40 Cr₹41 Cr₹46 Cr₹46 Cr
Capital work in progress₹7 Cr₹8 Cr₹8 Cr₹7 Cr₹6 Cr₹7 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹12 Cr₹10 Cr₹20 Cr
Other assets₹105 Cr₹130 Cr₹114 Cr₹132 Cr₹152 Cr₹135 Cr
Total assets₹147 Cr₹176 Cr₹162 Cr₹193 Cr₹213 Cr₹208 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +0.18 pp while the public trimmed −0.16 pp. The shareholder count shrank 7% to 50,231.

Promoters
75.0%
DIIs
0.2%
Public
24.8%

Since Jun 2025

  • DIIs +0.18 pp
  • Public −0.16 pp
  • Promoters 0.00 pp

How it drifted, 12 quarters

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 75.0%, Public 25.0%.Dec '23: Promoters 75.0%, Public 25.0%.Mar '24: Promoters 75.0%, Public 25.0%.Jun '24: Promoters 75.0%, Public 25.0%.Sep '24: Promoters 75.0%, Public 25.0%.Dec '24: Promoters 75.0%, Public 25.0%.Mar '25: Promoters 75.0%, Public 25.0%.Jun '25: Promoters 75.0%, Public 25.0%.Sep '25: Promoters 75.0%, DIIs 0.1%, Public 24.9%.Dec '25: Promoters 75.0%, DIIs 0.1%, Public 24.9%.Mar '26: Promoters 75.0%, DIIs 0.1%, Public 24.8%.Jun '26: Promoters 75.0%, DIIs 0.2%, Public 24.8%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Black Rose Inds. Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Wedgewood Holdings Limited 56.47%unchanged
Triumph Worldwide Limited 18.06%unchanged
Investor Education And Protection Fund A 3.23%unchanged
Bhanwarilal Panda . 1.46%unchanged
Tozai Enterprises Pvt Ltd 0.47%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Expensive

To justify its price of ₹108, this stock must grow earnings at 13% every year for 7 years. Our analysis caps realistic growth at ~3%. At that growth it is worth ₹62 — downside of 42%.

Growth the price implies
13.1% a year
for 7 years, fading to 4%
It has actually compounded at
0.0% a year
net profit, FY24–FY26 · EPS 2.8%
The gap
0.1 pp
-42% downside if it only repeats history
Price today ₹108.14 Value at the reference growth ₹62.25

Change the assumptions yourself →

Learn to analyse Black Rose Inds. Limited

Guides on how to read this kind of business and the numbers that matter.