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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹330 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹21 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
NOCIL's Q4 FY26 revenue of ₹330 crore grew 5% sequentially, with volumes up 7% QoQ, driven by GST 2.0-led domestic demand and steady international traction. However, EBITDA margin contracted to 6.4% due to inventory effects and rising raw material costs, while PAT improved to ₹17 crore from ₹9 crore in Q3. Management expects double-digit volume growth in FY27, supported by new capacity at H (trial production started) and a ₹130 crore specialty capex for H1 FY28. Pricing power is returning: non-contractual prices were raised in March, and contractual revisions are underway. Anti-dumping duty recommendations for TDQ and sulfenamides await government approval, which could improve spreads. Key risk: persistent low-priced imports from FTA countries may delay margin recovery despite anti-dumping measures.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets double-digit volume growth for the coming year, building on Q4 momentum and new capacities.
- Management expects to improve EBITDA margin by 150 basis points from FY26 levels through cost efficiencies and operating leverage.
- New integrated specialty facility will be commissioned by H1 FY28, targeting 20% specialty mix.
- Central government is expected to approve DGTR's anti-dumping duty recommendations within 90 days, i.e., by mid-June.
Risks flagged
- Imports from Thailand and Korea under FTA continue to pressure realizations; management is highlighting the issue but no outcome yet.
- Volatility in crude-linked raw materials, freight costs, and transit timelines could impact margins and supply chain.
- Finance ministry may delay approval in inflationary environment, or exporters may absorb duties, limiting margin benefit.
- Customer approvals for new H plant may take 6-8 months, delaying volume contribution and operating leverage.
Key quotes
- We are looking to improve our EBITDA from the base of financial year 26 to another 150 basis points going forward.
- While price is critical, it is not everything. That's why we need to prove our capability, our ability to supply reliably in quality and also during difficult times.
- We have not borrowed any debt. We are having some lines about 100 crores from a bank but we are yet to utilize it.
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