MOL
Meghmani Organics share price & financials
- Price
- ₹50.29
- Market cap
- ₹1.4k Cr
- Sector
- Chemicals
- Calls analysed
- 6
Meghmani Organics Limited Q1 FY27
What went well
- Consolidated net profit grew by 280% Y-o-Y to INR48.2 crores.
- Consolidated EBITDA grew by 46% Y-o-Y to INR97.9 crores.
- Consolidated EBITDA margin expanded to 18% from 10.9% in the prior year.
What to watch
- Consolidated revenue declined by 12% Y-o-Y to INR542 crores.
- Challenging business environment with softer demand and cautious buying behavior.
What Meghmani Organics Limited does
Meghmani Organics is an integrated chemical manufacturer operating from backward-integrated plants in the Gujarat chemical belt, making pesticide intermediates, technical-grade pesticides and formulations (Crop Protection), phthalocyanine-based pigments used in inks, paints and plastics (Pigments), nano fertiliser/biostimulant/micronutrient products through subsidiary Meghmani Crop Nutrition Ltd (Crop Nutrition), and Anatase-grade titanium dioxide through subsidiary Kilburn Chemicals Ltd (TiO2). It earns by selling technical and formulated crop-protection products and pigment brands to distributors, agro-input dealers and industrial customers in India and abroad, with a large share of Crop Protection and Pigments revenue coming from exports.
Segments
- Crop Protection
- Pigments
- Crop Nutrition
- Titanium Dioxide (TiO2)
- Integrated manufacturing facilities
- 9
- Countries served
- 75+
- Installed Crop Protection capacity
- 55,980 MTPA
- Installed Pigments capacity (excl. TiO2)
- 33,180 MTPA
- Distributors and dealers across India
- 3,500+
- Global position in phthalocyanine pigments
- Largest producer of CPC blue pigment; among top 3 global players (capacity-wise), ~8% global market share
Guidance record · Q1 FY27
what the last two calls moved 15 tracked 2 delivered 4 missed 9 open- Multipurpose Plant (MPP) Revenue went quiet said Q4 FY25 Promised: by FY27 or FY28, for sure, we should be able to achieve INR 1,000 crores top line from the new plant. Q1 FY27: No update provided on MPP revenue contribution for the fifth consecutive quarter.
- TiO2 Pricing & Utilization Improvement missed said Q4 FY25 Promised: We see the actual impact of antidumping coming from Q3 onwards. Q1 FY27: No improvement on anti-dumping duty. Plant remains suspended and reported a negative EBITDA of INR 3 crores. No timeline for resolution.
- Crop Protection EBITDA Margin delivered said Q4 FY25 Promised: about 15% to 16% for the current financial year (FY26). Q4 FY26: Full-year FY26 EBITDA margin for the segment was 15%.
All 15 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 11.6%, net profit up 269.2% 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 | 544 | 569 | 553 | 614 | 577 +6% | 509 −11% | 474 −14% | 543 −12% |
| EBITDA | 31 | 41 | 65 | 67 | 52 +68% | 38 −7% | 20 −69% | 98 +46% |
| Net profit | -9 | -4 | 20 | 13 | 12 +233% | -4 +0% | 8 −60% | 48 +269% |
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 −23.3% 1Y
1Y: ₹81.48 on 10 Sept 2025 → ₹62.52. High ₹86.69 (18 Sept 2025), low ₹36.74 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −1.8%
- 30 Jul
- Q4 FY26
- −5.3%
- 16 May
- Q3 FY26
- −5.0%
- 2 Feb
- Q2 FY26
- −1.4%
- 12 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 fell 5.2% a year over 3 years, FY23 to FY26. Operating margin narrowed to 8.1%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹2.6k Cr | ₹1.6k Cr | ₹2.1k Cr | ₹2.2k Cr |
| Operating profit | ₹341 Cr | ₹-20 Cr | ₹143 Cr | ₹177 Cr |
| Operating margin | 13.4% | -1.3% | 6.9% | 8.1% |
| Interest | ₹65 Cr | ₹46 Cr | ₹69 Cr | ₹91 Cr |
| Depreciation | ₹77 Cr | ₹93 Cr | ₹107 Cr | ₹119 Cr |
| Net profit | ₹238 Cr | ₹-105 Cr | ₹-10 Cr | ₹29 Cr |
| Net margin | 9.3% | -6.7% | -0.5% | 1.3% |
| Cash from operations | ₹204 Cr | ₹250 Cr | ₹66 Cr | ₹222 Cr |
| Free cash flow | ₹-259 Cr | ₹-14 Cr | ₹-20 Cr | ₹178 Cr |
| ROCE | 16.0% | -3.0% | 3.0% | 7.0% |
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 | ₹25 Cr |
| Reserves | ₹1.1k Cr | ₹1.4k Cr | ₹1.6k Cr | ₹1.5k Cr | ₹1.5k Cr | ₹1.5k Cr |
| Borrowings | ₹268 Cr | ₹499 Cr | ₹824 Cr | ₹837 Cr | ₹841 Cr | ₹726 Cr |
| Other liabilities | ₹533 Cr | ₹832 Cr | ₹705 Cr | ₹676 Cr | ₹905 Cr | ₹750 Cr |
| Total liabilities | ₹2.0k Cr | ₹2.8k Cr | ₹3.2k Cr | ₹3.0k Cr | ₹3.3k Cr | ₹3.0k Cr |
| Fixed assets | ₹634 Cr | ₹911 Cr | ₹1.2k Cr | ₹1.2k Cr | ₹1.5k Cr | ₹1.5k Cr |
| Capital work in progress | ₹112 Cr | ₹188 Cr | ₹356 Cr | ₹521 Cr | ₹80 Cr | ₹87 Cr |
| Investments | ₹304 Cr | ₹211 Cr | ₹183 Cr | ₹114 Cr | ₹3 Cr | ₹5 Cr |
| Other assets | ₹924 Cr | ₹1.5k Cr | ₹1.5k Cr | ₹1.3k Cr | ₹1.7k Cr | ₹1.4k Cr |
| Total assets | ₹2.0k Cr | ₹2.8k Cr | ₹3.2k Cr | ₹3.0k Cr | ₹3.3k Cr | ₹3.0k 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.
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Meghmani Organics Limited
Guides on how to read this kind of business and the numbers that matter.