Volume Index (Q1 FY20=100)
150
+7% QoQ
Volume index reached 150 for the second time in history, indicating strong sequential volume growth.
NOCIL
Other
15 May 2026
NOCIL Limited — Q4 FY26
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.
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
Domestic Volume Mix
70%
Flat YoY
Domestic volumes account for 70% of total volume; export 30%.
Specialty Mix Target
20%
+5pp vs current
Management targets specialty mix to reach 20% of revenue post new capex, up from current ~15%.
Anti-dumping Duty Recommendation
₹40/kg
Pending approval
DGTR recommended ₹40/kg duty on TDQ and sulfenamides; central government approval expected by mid-June.
Management Guidance
Double-digit volume growth in FY27
Management targets double-digit volume growth for the coming year, building on Q4 momentum and new capacities.
growthEBITDA margin improvement of 150 bps from FY26 base
Management expects to improve EBITDA margin by 150 basis points from FY26 levels through cost efficiencies and operating leverage.
margins₹130 crore specialty capex completion by H1 FY28
New integrated specialty facility will be commissioned by H1 FY28, targeting 20% specialty mix.
capexAnti-dumping duty approval expected by mid-June 2026
Central government is expected to approve DGTR's anti-dumping duty recommendations within 90 days, i.e., by mid-June.
otherKey Risks
Low-priced imports from FTA countries
Imports from Thailand and Korea under FTA continue to pressure realizations; management is highlighting the issue but no outcome yet.
high · analyst_questionGeopolitical disruptions in Middle East
Volatility in crude-linked raw materials, freight costs, and transit timelines could impact margins and supply chain.
medium · management_commentaryAnti-dumping duty may not be approved or may be ineffective
Finance ministry may delay approval in inflationary environment, or exporters may absorb duties, limiting margin benefit.
medium · analyst_questionNew capacity ramp-up slower than expected
Customer approvals for new H plant may take 6-8 months, delaying volume contribution and operating leverage.
low · management_commentaryNotable 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.