MCC Capacity Utilization
72-73%
Down from normal
Utilization impacted by safety audits and production slowdown post-fire.
SIGACHI
Other
15 Feb 2026
Sigachi Industries Ltd — Q3 FY26
Sigachi reported Q3 FY26 revenue of ₹117.2 crore with EBITDA of ₹5.7 crore (margin 4.6%) and a marginal net loss of ₹0.02 crore.
✓ Verified against BSE filing
2-Min Summary
Sigachi reported Q3 FY26 revenue of ₹117.2 crore with EBITDA of ₹5.7 crore (margin 4.6%) and a marginal net loss of ₹0.02 crore. The sharp margin compression was driven by the aftermath of the Hyderabad fire incident, including relocation of raw materials, higher transportation costs, and customs duty impacts. MCC segment revenue fell to ₹61.72 crore (53% of total) as production was constrained by safety audits and operational slowdowns. Management expects normalization by Q4 FY26 and a return to double-digit EBITDA margins by FY28. The 12,000 MTPA MCC expansion at Dehli SEZ and 1,800 TPA CCS facility remain on track for Q3 FY27 commissioning. Key risk: sustained margin pressure if production ramp-up is delayed or insurance claims are lower than expected.
Key Numbers
Export Share of Production
62%
Stable
Exports continue to account for majority of MCC production.
MCC Segment Revenue
₹61.72 Cr
Down from 83% to 53% of total revenue
MCC revenue share declined due to production constraints.
Insurance Claim Expected
₹70 Cr
Pending
Includes fixed assets (₹48 Cr), inventory (₹4 Cr), and business interruption (₹25 Cr).
Management Guidance
MCC capacity expansion to 30,000 MTPA by Q3 FY27
12,000 MTPA MCC expansion at Dehli SEZ on track for commissioning in Q3 FY27, taking total cellulose-based excipient capacity to 30,000 MTPA.
expansionCCS facility commissioning in Q3 FY27
1,800 TPA CCS disintegrant facility at Dehli SEZ progressing well and expected to be commissioned in Q3 FY27.
expansionDouble-digit EBITDA margin expected by FY28
Management expects EBITDA margins to recover to double-digit levels by FY28 as new capacities absorb overheads and operations normalize.
marginsCystic fibrosis API revenue of ₹250 Cr after 12 months
Company expects ₹250 crore revenue from cystic fibrosis API after commercialization, which is 12 months post-development.
revenueKey Risks
Sustained margin pressure from fire incident
EBITDA margin fell to 4.6% due to higher costs from material relocation, customs duties, and production slowdown. Recovery may be slower than expected.
high · management_commentaryLegal proceedings against MD and CEO
MD Amritraj Simha was arrested and released; case is sub judice. Further legal actions could impact management bandwidth and reputation.
medium · analyst_questionInsurance claim realization uncertainty
Total claim of ~₹70 crore is pending; ad hoc amount of ₹20-25 crore expected before March 31, but full settlement timeline is uncertain.
medium · analyst_questionCapex funding and equity dilution
Company may need to raise equity or debt for capex; no decision yet, which could lead to dilution or increased leverage.
medium · analyst_questionNotable Quotes
Our plants are running at plank capacity. Supply chains remain stable and customer demand continue to be strong.
The action we have taken over the past few quarters have reinforced the resilience of our businesses and ensured that our long-term directions remain firmly on course.
We don't see any challenges in the demand and the pricing erosion. Pricing also it is increasing and then demand is there.