OCCLLTD
OCCL financials
- Market cap
- ₹798 Cr
- Sector
- Chemicals
- Calls analysed
- 4
OCCL Q3 FY26
What went well
- Strong Q3 FY26 total income growth of 19% YoY to INR 114.6 crores.
- EBITDA grew 25% YoY to INR 20.2 crores in Q3 FY26, with margins expanding to 17.6%.
- PAT increased by 25% YoY to INR 6.5 crores in Q3 FY26.
What to watch
- All-time high Sulphur prices are affecting margins, with prices having doubled since August 2025, making full cost pass-through difficult.
- 9M FY26 results are not comparable year-on-year due to the demerger of the chemical business of AG Ventures Limited effective July 1, 2024.
What OCCL does
OCCL Limited manufactures insoluble sulphur, a specialized rubber-vulcanising chemical, for tyre and rubber makers worldwide under its 'Diamond Sulf' brand. It also produces commercial- and battery-grade sulphuric acid and oleum, used as a dehydrating agent, catalyst and industrial reactant. Manufacturing is carried out at two facilities in Dharuhera (Haryana) and Mundra SEZ (Gujarat), with in-house R&D and process technology developed internally. The company sells to over 40 customers spread across 21 countries, serving leading global tyre manufacturers.
Segments
- Insoluble Sulphur
- Sulphuric Acid & Oleums
- Manufacturing plants
- 2 (Dharuhera, Haryana & Mundra SEZ, Gujarat)
- Installed capacity - Insoluble Sulphur
- 39,500 MTPA (17,500 MT Dharuhera + 22,000 MT Mundra SEZ)
- Installed capacity - Sulphuric Acid/Oleum
- 88,000 MTPA (Dharuhera)
- Production lines (Insoluble Sulphur)
- 7 (3 at Dharuhera + 4 at Mundra SEZ)
- Customer base
- 40+ customers across 21 countries
- Domestic market share - Insoluble Sulphur
- ~55-60%
Guidance record · Q3 FY26
what the last two calls moved 7 tracked 1 delivered 2 missed 4 open- EBITDA Margin missed said Q1 FY26 Promised: 21.7%... at least for this year, we should be having. Q3 FY26: Margin at 17.6%, management admits inability to pass on high sulphur costs.
- Domestic Market Share delayed said Q1 FY26 Promised: Go up over a period of time, maybe to over 60%. Q3 FY26: Aggressively looking at increasing share... please allow us some time till June.
- Long-Term Debt on track said Q1 FY26 Promised: This INR34 crores will be repaid in two years, in normal course. Q3 FY26: Long-term debt further reduced to 22.75 cr.
All 7 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 133.3%, net profit up 425.0% 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 | 32 | 30 | 28 | 21 | 30 −6% | 31 +3% | 25 −11% | 49 +133% |
| EBITDA | 5 | 4 | 3 | 3 | 2 −60% | 2 −50% | 1 −67% | 26 +767% |
| Net profit | 1 | 2 | 2 | 4 | 1 +0% | 2 +0% | 1 −50% | 21 +425% |
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 +13.5% 1Y
1Y: ₹140.5 on 10 Sept 2025 → ₹159.41. High ₹180.37 (4 Aug 2026), low ₹77.78 (9 Mar 2026).
How the price took the results
close before → close after
- Q3 FY26
- −3.4%
- 5 Feb
- Q2 FY26
- −1.1%
- 3 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 15.7% a year over 2 years, FY24 to FY26. Operating margin narrowed to 7.5%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹80 Cr | ₹109 Cr | ₹107 Cr |
| Operating profit | ₹18 Cr | ₹14 Cr | ₹8 Cr |
| Operating margin | 22.5% | 12.8% | 7.5% |
| Interest | ₹0 Cr | ₹0 Cr | ₹2 Cr |
| Depreciation | ₹4 Cr | ₹4 Cr | ₹4 Cr |
| Net profit | ₹52 Cr | ₹13 Cr | ₹8 Cr |
| Net margin | 65.0% | 11.9% | 7.5% |
| Cash from operations | ₹97 Cr | ₹8 Cr | ₹-6 Cr |
| Free cash flow | ₹78 Cr | ₹5 Cr | ₹-70 Cr |
| ROCE | -3.0% | 1.0% | 2.0% |
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 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Equity capital | ₹10 Cr | ₹10 Cr | ₹10 Cr | ₹10 Cr |
| Reserves | ₹592 Cr | ₹627 Cr | ₹401 Cr | ₹261 Cr |
| Borrowings | ₹167 Cr | ₹1 Cr | ₹75 Cr | ₹29 Cr |
| Other liabilities | ₹117 Cr | ₹257 Cr | ₹85 Cr | ₹57 Cr |
| Total liabilities | ₹886 Cr | ₹896 Cr | ₹570 Cr | ₹357 Cr |
| Fixed assets | ₹478 Cr | ₹70 Cr | ₹370 Cr | ₹129 Cr |
| Capital work in progress | ₹1 Cr | ₹0 Cr | ₹3 Cr | ₹0 Cr |
| Investments | ₹225 Cr | ₹246 Cr | ₹30 Cr | ₹185 Cr |
| Other assets | ₹181 Cr | ₹580 Cr | ₹168 Cr | ₹42 Cr |
| Total assets | ₹886 Cr | ₹896 Cr | ₹570 Cr | ₹357 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 added +1.70 pp while FIIs trimmed −1.38 pp. The shareholder count shrank 16% to 27,569.
- Promoters
- 51.8%
- DIIs
- 4.8%
- Public
- 43.5%
Since Jun 2025
- Public +1.70 pp
- FIIs −1.38 pp
- DIIs −0.33 pp
How it drifted, 12 quarters
Over this window the public went from 35.7% to 43.5% — +7.7 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 51.8%, FIIs 0.7%, DIIs 11.8%, Public 35.7%.Dec '23: Promoters 51.8%, FIIs 0.7%, DIIs 11.8%, Public 35.8%.Mar '24: Promoters 51.8%, FIIs 0.7%, DIIs 11.7%, Public 35.8%.Jun '24: Promoters 51.8%, FIIs 0.6%, DIIs 11.1%, Public 36.6%.Sep '24: Promoters 51.8%, FIIs 0.0%, DIIs 5.7%, Public 42.5%.Dec '24: Promoters 51.8%, FIIs 0.0%, DIIs 5.2%, Public 43.0%.Mar '25: Promoters 51.8%, FIIs 0.1%, DIIs 5.1%, Public 43.1%.Jun '25: Promoters 51.8%, FIIs 1.4%, DIIs 5.1%, Public 41.8%.Sep '25: Promoters 51.8%, FIIs 1.3%, DIIs 5.1%, Public 41.9%.Dec '25: Promoters 51.8%, FIIs 1.0%, DIIs 5.1%, Public 42.1%.Mar '26: Promoters 51.8%, FIIs 0.3%, DIIs 5.0%, Public 42.9%.Jun '26: Promoters 51.8%, DIIs 4.8%, Public 43.5%.
Who is on the register
Named in the Jun 2026 filing
Every holder of OCCL above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Cosmopolitan Investments Private Limited | 25.59% | unchanged |
| New India Investment Corporation Ltd | 12.13% | unchanged |
| Duncan International (India) Private Ltd | 9.96% | unchanged |
| HDFC Large And Mid Cap Fund Mutual fund | 2.62% | unchanged |
| LICI Asm Non Par Insurer | 2.08% | unchanged |
| Aparna Goenka | 2.00% | unchanged |
| Investor Education And Protection Fund Authority Ministry Of Corporate Affairs | 1.63% | unchanged |
| Arvind Goenka | 1.08% | unchanged |
| Akshat Goenka | 1.00% | 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.
Mutual funds in OCCLLTD
Filings to Jul 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
- Held by funds
- ₹22 Cr
- 1 schemes
- Biggest holder
- HDFC Large and Mid Cap Fund
- ₹22 Cr · 0.1% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹22 Cr | held | Jul '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Jul 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
- Held by funds
- ₹22 Cr
- 1 schemes
Shares held by these funds −69%
Jul '24 13.11 L shares Jul '26
All earnings calls (4)
Read the Q3 FY26 call →Learn to analyse OCCL
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