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Revenue
₹78.9 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹7 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
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Quarter read
What the record says.
Gem Aromatics reported Q3 FY26 consolidated revenue of ₹78.9 crore with an EBITDA margin of 8.9%, impacted by tariff uncertainties and GST changes. Gross margins improved to 23% from 14% QoQ, driven by better mint prices and clove derivative growth. The new Dahej facility (Crystal Ingredients) was commissioned on December 11, 2025, with cooling agents and eugenol verticals operational; contribution was limited to ~20 days. Management guided for ₹1,050-1,100 crore revenue by FY28 with 16-18% EBITDA margins, driven by Dahej ramp-up and product diversification. Dahej is expected to reach 50-60% utilization by Q1 FY28 and peak revenue of ₹750-800 crore by FY29. Near-term risks include persistent tariff headwinds and GST-related demand disruption in the domestic market.
Colored figures show movement against the previous available record.
Guidance to track
- Company targets consolidated revenue of ₹1,050-1,100 crore by FY28, with Dahej contributing ~₹700 crore and Gem ~₹400 crore.
- Management expects consolidated EBITDA margins to reach 16-18% by FY28, driven by Dahej's margin-accretive products and operational efficiencies.
- Dahej plant expected to reach 50-60% capacity utilization by Q1 FY28, with all products online by Q1 FY27.
- Crystal Ingredients expected to achieve cash break-even at roughly 45% capacity utilization during FY27.
Risks flagged
- 60% of exports were to the US, and tariffs continue to impact demand. Management is pursuing a US+1 strategy but due diligence is lengthy.
- GST changes have led to cautious procurement, especially from price-sensitive unorganized players. Clarity is emerging but impact lingers.
- New facility requires customer approvals and production stability; delays in commercialization could impact revenue targets.
Key quotes
- The company is targeting revenue of rupees 1050 to 1100 crores by FI28 with Ibida margins in the range of 16 to 18%.
- We expect crystal to break even in the next year.
- A large portion of our business is with sticky customers and this portfolio... the numbers of the top five customers pretty much have not changed in the last decade.
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