LORDSCHLO
Lords Chloro Alkali financials
- Market cap
- ₹402 Cr
- Sector
- Chemicals
- Calls analysed
- 2
Lords Chloro Q4 FY26
What went well
- Total income for FY26 grew by 44.62% year-on-year to INR393.1 crores, reflecting strong operational performance.
- Profit after tax (PAT) for FY26 surged by 360.9% to INR28.49 crores, indicating significant profitability improvements.
- EBITDA for FY26 increased by 159% to INR66.38 crores, with an EBITDA margin of 16.89%, driven by volume growth and cost discipline.
What to watch
- Q4 FY26 EBITDA margin compressed to 14.03% from over 20% in Q3 FY26, partly due to higher grid electricity rates and an electrolyzer renovation shutdown.
- The planned sulfuric acid capacity expansion has been deferred due to volatile sulfur prices and a focus on prudent capital allocation.
What Lords Chloro Alkali Limited does
Lords Chloro Alkali manufactures caustic soda (lye) at its membrane-cell chlor-alkali plant in Alwar, Rajasthan, producing it via electrolysis of brine. The chlorine co-product is channelled into downstream derivatives — Chlorinated Paraffin Wax (CPW), hydrochloric acid, sodium hypochlorite and hydrogen gas — sold to industries such as aluminium, paper & pulp, textiles, soaps & detergents, PVC/plastics, pharmaceuticals and water treatment. The company earns by selling these chlor-alkali products, and is building captive solar and wind-solar hybrid power generation to reduce reliance on grid electricity for its energy-intensive electrolysis process.
Segments
- Caustic Soda
- Chlorinated Paraffin Wax (CPW)
- Sodium Hypochlorite
- Hydrochloric Acid
- Hydrogen Gas
- Renewable Power (Solar/Hybrid)
- Manufacturing plant
- 1 (Alwar, Rajasthan)
- Installed caustic soda capacity
- 300 TPD (~1,05,000 TPA)
- Caustic soda volume produced (FY26)
- 84,690 tonnes
- Chlorinated Paraffin Wax (CPW) capacity
- 50 TPD (~18,250 TPA), expanding to 100 TPD by FY27
- Captive renewable power capacity
- 16 MW solar (Bikaner) + 10 MW wind-solar hybrid group captive (Jaisalmer)
- Additional solar capacity under construction
- 21 MW, operational by June 2026
Guidance record · Q4 FY26
what the last two calls moved 9 tracked 1 delivered 2 missed 6 open- Debt to Equity Ratio delivered said Q2 FY26 Promised: Keep it around 1 for future extensions... 1, 1.2 is a very, very comfortable debt to equity ratio Q4 FY26: The debt-to-equity ratio as of March 31, 2026, was 0.67x, well within the guided ceiling of 1.0-1.2.
- Quarterly Revenue missed said Q2 FY26 Promised: Expect the same kind of revenue (INR 100 cr) to continue for the next three quarters Q4 FY26: The revenue for the subsequent two quarters was INR 94.35 cr (Q3) and INR 97.75 cr (Q4), both slightly below the guided INR 100 cr run-rate.
- Renewable Energy Mix delayed said Q2 FY26 Promised: 40% to 45% of renewable energy by April, May Q4 FY26: Target of 40-45% by April/May missed. The 21 MW solar plant required to achieve this is now expected to be operational by mid-June '26. Current renewable share is stated as 15-20%.
All 9 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 6.0%, net profit up 50.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 61 | 65 | 80 | 100 | 98 +61% | 94 +45% | 98 +23% | 106 +6% |
| EBITDA | 3 | 6 | 10 | 20 | 19 +533% | 11 +83% | 14 +40% | 23 +15% |
| Net profit | 0 | 1 | 3 | 10 | 9 | 5 +400% | 4 +33% | 15 +50% |
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 −24.2% 1Y
1Y: ₹181.54 on 10 Sept 2025 → ₹137.67. High ₹225.41 (21 Oct 2025), low ₹109.08 (30 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- −2.9%
- 1 Jun
- Q2 FY26
- −11.0%
- 11 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 9.8% a year over 3 years, FY23 to FY26. Operating margin narrowed to 16.4%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹295 Cr | ₹220 Cr | ₹271 Cr | ₹390 Cr |
| Operating profit | ₹84 Cr | ₹1 Cr | ₹24 Cr | ₹64 Cr |
| Operating margin | 28.5% | 0.5% | 8.9% | 16.4% |
| Interest | ₹3 Cr | ₹2 Cr | ₹7 Cr | ₹12 Cr |
| Depreciation | ₹8 Cr | ₹8 Cr | ₹11 Cr | ₹16 Cr |
| Net profit | ₹53 Cr | ₹-4 Cr | ₹6 Cr | ₹28 Cr |
| Net margin | 18.0% | -1.8% | 2.2% | 7.2% |
| Cash from operations | ₹69 Cr | ₹-14 Cr | ₹9 Cr | ₹26 Cr |
| Free cash flow | ₹52 Cr | ₹-48 Cr | ₹-117 Cr | ₹-27 Cr |
| ROCE | 44.0% | -3.0% | 5.0% | 13.0% |
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 ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹25 Cr | ₹25 Cr | ₹25 Cr | ₹25 Cr | ₹25 Cr | ₹29 Cr |
| Reserves | ₹59 Cr | ₹91 Cr | ₹144 Cr | ₹139 Cr | ₹176 Cr | ₹214 Cr |
| Borrowings | ₹65 Cr | ₹42 Cr | ₹22 Cr | ₹43 Cr | ₹147 Cr | ₹174 Cr |
| Other liabilities | ₹31 Cr | ₹42 Cr | ₹46 Cr | ₹55 Cr | ₹68 Cr | ₹62 Cr |
| Total liabilities | ₹180 Cr | ₹200 Cr | ₹238 Cr | ₹262 Cr | ₹416 Cr | ₹479 Cr |
| Fixed assets | ₹121 Cr | ₹126 Cr | ₹124 Cr | ₹135 Cr | ₹271 Cr | ₹262 Cr |
| Capital work in progress | ₹1 Cr | ₹0 Cr | ₹11 Cr | ₹24 Cr | ₹3 Cr | ₹44 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹10 Cr | ₹10 Cr |
| Other assets | ₹58 Cr | ₹74 Cr | ₹103 Cr | ₹103 Cr | ₹132 Cr | ₹163 Cr |
| Total assets | ₹180 Cr | ₹200 Cr | ₹238 Cr | ₹262 Cr | ₹416 Cr | ₹479 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, the public trimmed −0.33 pp while promoters added +0.30 pp.
- Promoters
- 75.0%
- FIIs
- 0.0%
- DIIs
- 0.1%
- Public
- 25.0%
Since Jun 2025
- Public −0.33 pp
- Promoters +0.30 pp
- DIIs +0.04 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 74.7%, DIIs 0.0%, Public 25.2%.Dec '23: Promoters 74.7%, DIIs 0.0%, Public 25.3%.Mar '24: Promoters 74.7%, FIIs 0.0%, DIIs 0.0%, Public 25.3%.Jun '24: Promoters 74.7%, DIIs 0.0%, Public 25.3%.Sep '24: Promoters 74.7%, FIIs 0.0%, DIIs 0.0%, Public 25.3%.Dec '24: Promoters 74.7%, FIIs 0.0%, DIIs 0.0%, Public 25.3%.Mar '25: Promoters 74.7%, DIIs 0.0%, Public 25.3%.Jun '25: Promoters 74.7%, DIIs 0.0%, Public 25.3%.Sep '25: Promoters 74.7%, FIIs 0.1%, DIIs 0.2%, Public 25.1%.Dec '25: Promoters 74.7%, FIIs 0.0%, DIIs 0.0%, Public 25.2%.Mar '26: Promoters 75.0%, FIIs 0.0%, DIIs 0.0%, Public 25.0%.Jun '26: Promoters 75.0%, FIIs 0.0%, DIIs 0.1%, Public 25.0%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Lords Chloro Alkali Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Madhav Dhir | 33.48% | unchanged |
| Dhir Hotels And Resorts Private Limited | 17.33% | unchanged |
| Srishti Dhir - Open Offer Demat Account | 15.83% | unchanged |
| Maneesha Dhir | 6.70% | unchanged |
| Mehak Infracon Private Limited | 2.22% | unchanged |
| Securocrop Securities India Private Limited | 2.00% | unchanged |
| Snigdha Dhir | 1.57% | unchanged |
| Abhisar Estates Private Limited | 1.02% | unchanged |
| Sangeeta Pareekh | 1.01% | unchanged |
| Shiva Consultants Private Limited | 0.06% | 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.
All earnings calls (2)
Read the Q4 FY26 call →Learn to analyse Lords Chloro Alkali Limited
Guides on how to read this kind of business and the numbers that matter.