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Meghmani Organics Results: Latest Quarterly Results & Analysis

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Meghmani Organics Ltd. 10 Nov 2025 14:17 PM
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Q2FY26 Quarterly Result Announced for Meghmani Organics Ltd.

Agrochemicals company Meghmani Organics announced Q2FY26 results

  • Revenue from operations stood at Rs 557.7 crore, up by 5% YoY.
  • EBITDA for the quarter grew by 71% YoY to Rs 70.5 crore, compared to EBITDA of Rs 41.2 crore in Q2FY25.
  • PAT: Rs 42.9 crore against Rs 8.6 crore during Q2FY25, change 402%.

Ankit Patel, Chairman & Managing Director, said: “Despite the headwinds arising from the US tariff actions, our strategic focus on enhancing the product mix and our disciplined execution has enabled us to navigated this quarter effectively. We did witnessed pressure on our export volumes in both the segments however our approach combined with broadly stabilizing raw material prices and a gradually increasing contribution from the formulation business has resulted in improved profitability during the quarter.

In Crop Nutrition segment, we are conducting extensive field trials for Meghmani Nano Urea across seven countries where we have already secured registrations. We are also introducing 2 to 3 new products in this financial year, which will further strengthen our market position.

In Titanium Dioxide (TiO2), we continue to cater to customers across ceramic, rubber, paint, plastic and textile industries. However, profitability during the quarter was impacted due to high raw material prices and stagnant price realisation. The actual effect of antidumping duty (ADD) on price realisation will be evident once the channel inventory buildup by Chinese TiO2 in Indian market is liquidated.”

Result PDF

Result PDF

Agrochemicals company Meghmani Organics announced Q1FY26 results

  • Revenue: Rs 592.6 crore compared to Rs 411.1 crore during Q1FY25, change 44%.
  • EBITDA: Rs 80.6 crore compared to Rs 14.2 crore during Q1FY25, change 467%.
  • EBITDA Margin: 13.6% for Q1FY26.
  • PAT: Rs 40.5 crore compared to Rs -6.3 crore during Q1FY25.
  • PAT Margin: 6.8% for Q1FY26.

Ankit Patel, Chairman & Managing Director, said: “Our strategic focus on enhancing our product mix continues to deliver positive results. This approach combined with improving demand and broadly stabilizing raw material prices resulted into higher revenue and profitability during the quarter. We reported 44% YoY growth in revenue and profit after tax of Rs 40.5 crore against a loss of Rs 6.3 crore in the corresponding quarter previous year.

In Crop Nutrition segment, along with domestic field activities we are conducting extensive field trials for Meghmani Nano Urea in various international markets. We have already secured registrations in 7 countries for Meghmani Nano Urea with more approvals expected in the coming period. Additionally, we are also expanding our product portfolio and would be adding 2 to 3 new products in this financial year, further strengthening our market position.

In Titanium Dioxide (TiO2), following the imposition of antidumping duty (ADD) of $460 to $681 per MT on Chinese TiO2, effective 10th May 2025, we have witnessed gradual improvement in sales realisation during the quarter. However, we anticipate the actual impact of ADD on prices would be coming from Q3FY26 onwards, once the channel inventory in Indian market is liquidated.”

Result PDF

Agrochemicals company Meghmani Organics announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue from Operations: Rs 502.1 crore vs Rs 399.8 crore during Q4FY24.
  • EBITDA: Rs 64.6 crore vs Rs 10.1 crore during Q4FY24.
  • EBITDA Margin: 12.9% vs 2.5% during Q4FY24.
  • Net Profit: Rs 34.0 crore vs Rs -0.4 crore during Q4FY24.
  • Net Profit Margin: 6.8% vs -0.1% during Q4FY24.

FY25 Financial Highlights:

  • Revenue from Operations: Rs 2,003.9 crore vs Rs 1,539.9 crore during FY24.
  • EBITDA: Rs 180.4 crore vs Rs 9.5 crore during FY24.
  • EBITDA Margin: 9.0% vs 0.6% during FY24.
  • Net Profit: Rs 66.4 crore vs Rs -56.6 crore during FY24.
  • Net Profit Margin: 3.3% vs -3.7% during FY24.

Ankit Patel, Chairman & Managing Director, said: “From second quarter onwards, both the segments started witnessing healthy volume growth coupled with our strategic focus on enhancing our product mix. This approach has significantly improved our revenue and profitability for FY25.

We reported 30% YoY growth in revenue, reaching INR 2,003.9 crore and achieved a remarkable turnaround in profitability, posting a profit after tax of INR 66.4 crore against a loss of INR 56.6 crore in the corresponding previous year.

Our Crop Nutrition segment has reached self-sufficiency in FY25, marking a critical milestone in our journey. Nonetheless, we remain committed on conducting extensive field activities with farmers showcasing the efficacy of Meghmani Nano Urea on different crops. Additionally, we plan to expand our product portfolio by adding 2 to 3 new products in FY26, further strengthening our market position.

In Titanium Dioxide (TiO2), we have established a good customer base and are currently catering to customers from ceramic, rubber, paint, plastic and textile. However, we are facing challenges in achieving optimal plant utilisation because of intense pricing pressure due to aggressive dumping by China. To address this, DGTR has recommended antidumping duty of $460-681 per MT on TiO2 imports from China which will provide much needed relief to domestic players, helping to stabilize the market and improve our capacity utilisation. Simultaneously, we are also targeting Export market for better realization as other countries have already imposed ADD on TiO2 from China.”

Result PDF

Agrochemicals company Meghmani Organics announced Q3FY25 results

  • Revenue from operations stood at Rs 558.0 crore, up by 62% YoY.
  • EBITDA for the Q3FY25 grew to Rs 60.4 crore, compared to a negative EBITDA of Rs 0.4 crore in the Q3FY24.
  • Net Profit: Rs 30.2 crore compared to Rs -27.2 crore during Q3FY24.

Ankit Patel, Chairman & Managing Director said: “Our improved revenue and profitability was on the back of better product mix and continued growth momentum witnessed in both the segments during the quarter. Our revenue grew 62% YoY to Rs 558 crore while our profit after tax stood at Rs 30.2 crore against a loss of Rs 27.2 crore in Q3FY24.

In our Crop Nutrition segment, we have signed MoU with Hindustan Insecticides Limited (HIL) for pan India marketing of Nano Urea and are also conducting extensive field activities with farmers showcasing the efficacy of Meghmani Nano Urea on different crops.

In Titanium Dioxide (TiO2), we have achieved desired quality however prices are under pressure due to aggressive dumping by China. We anticipate the scenario to improve post the antidumping duty on TiO2 from China which is expected by March 2025.”

Result PDF

Agrochemicals company Meghmani Organics announced Q1FY25 results:

Financial Highlights:

  • Revenue from operations remained flat at Rs 411.1 crore for the quarter under review. Meanwhile, EBITDA stood at Rs 14.2 crore in Q1FY25, increasing by 194% YoY and 40% on QoQ basis. Both the segment witnessed healthy volume growth in Q1FY25 which was offset by lower product price realizations across markets impacting profitability during the quarter under review.
  • Crop Protection constitutes ~66% of the overall company’s revenue in Q1FY25. The segment reported Net Revenue and EBITDA of Rs 272.6 crore and Rs 11.3 crore respectively as compared to Rs 300.2 crore and Rs 0.5 crore in corresponding previous year.
  • Pigments constitutes ~34% of the overall company’s revenue in Q1FY25. The segment reported Net Revenue and EBITDA of Rs 138.5 crore and Rs 9.4 crore respectively as compared to Rs 121.4 crore and Rs (8.4) crore in corresponding previous year.

Commenting on Q1FY25 performance, Ankit Patel, Chairman & Managing Director said: “For the quarter under review, we witnessed health volume growth in both the segments implying a gradual recovery in demand. However, this was offset by lower product price realizations across markets impacting our profitability.

In our Crop Nutrition segment, we are pleased to share that we have successfully launched 8 new products in fertilizers, biofertilizer and biostimulant category, providing a comprehensive, one-stop solution for our farmers to improve the productivity and nutrient use efficiency.

Moving ahead in FY25, we are optimistic that in the coming quarters with the momentum in the demand recovery followed by improved pricing will enhance our profitability.”

Result PDF

Agrochemicals company Meghmani Organics announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Revenue from operations: Rs 399.8 crore
  • EBITDA: Rs 10.1 crore
  • Gradual improvement on QoQ basis

FY24 Financial Highlights:

  • Revenue from operations: Rs 1,539.9 crore
  • EBITDA: Rs 9.5 crore
  • Impacted by sluggish demand and lower product price realizations
  • Inventory destocking: ~Rs 70 crore

Crop Protection Segment (FY24):

  • Constitutes ~70% of overall revenue
  • Net Revenue: Rs 1,078.9 crore
  • EBITDA: Rs 44.1 crore
  • Impacted by sluggish global demand and high channel inventory
  • High interest rate scenario affecting performance

Pigments Segment (FY24):

  • Constitutes ~30% of overall revenue
  • Net Revenue: Rs 461.0 crore
  • EBITDA: Rs (6.6) crore
  • Impacted by price erosion in global pigment industry
  • Demand contraction affecting performance

Commenting on Q4 & FY24 performance, Ankit Patel, Chairman & Managing Director said “For the quarter under review, there was a gradual improvement on a QoQ basis however on a full year basis our revenue and profitability were impacted by continued sluggish global demand, lower product price realizations across markets, and inventory destocking.

We have recently commissioned our Nano Urea plant and Titanium Dioxide (TiO2)’s co-gen power plant. Moving into FY25, contribution from Nano Urea and TiO2 will complement our existing Crop Protection and Pigment businesses in which we see gradual recovery in demand followed by improved pricing from H2FY25.

We also plan to introduce 4 to 5 products in fertilizers, biofertilizer and biostimulant category in our Crop Nutrition basket, providing a comprehensive, one-stop solution for our farmers to improve the productivity and nutrient use efficiency.

To conclude, once again I would like to reiterate that our long-term growth prospects remain intact, given our expanded infrastructure, plant compatibility, wider product range, and geographical reach which will help Meghmani Organics to command sustainable long-term position.”

Result PDF

Agrochemicals company Meghmani Organics announced Q3FY24 & 9MFY24 results:

Financial Highlights

  • Q3FY23 vs Q3FY24:
    • The revenue from operations decreased from Rs 553.8 crore in Q3FY23 to Rs 344.5 crore in Q3FY24.
    • EBITDA dropped from a positive Rs 61.4 crore in Q3FY23 to a negative Rs (0.4) crore in Q3FY24.
    • The EBITDA Margin shrank from 11.1% in Q3FY23 to (0.1%) in Q3FY24.
    • Net Profit decreased from a positive Rs 17.9 crore in Q3FY23 to a negative Rs (27.2) crore in Q3FY24.
    • Net Profit Margin declined from 3.2% in Q3FY23 to (7.9%) in Q3FY24.
  • 9MFY23 vs 9MFY24:
    • Revenue also showed a contraction from Rs 1,992.1 crore in 9MFY23 to Rs 1,140.0 crore in 9MFY24.
    • EBITDA also recorded a negative balance of Rs (0.7) crore in 9MFY24 in contrast to the positive Rs 280.3 crore in 9MFY23.
    • Net Profit saw a decline from Rs 205.3 crore in 9MFY23 to Rs (56.2) crore in 9MFY24.

Segment Performance in Q3FY24:

  • Crop Protection: Contributed approximately 69% to overall revenue, with Rs 239 crore in Net Revenue and Rs 5.1 crore in EBITDA.
  • Pigments: Accounted for about 31% of the company's revenue, with Rs 105 crore in Net Revenue and Rs 0.9 crore in EBITDA.

Ankit Patel, Chairman & Managing Director, said: "For the quarter under review, we continued to witness sluggish global demand coupled with lower product price realizations across markets impacting our revenue and profitability. As management we have proactively undertaken cost control measures, clearing the high-priced inventory, optimizing the working capital utilization, and enhancing the cash conversion cycle to maintain our balance sheet strength.

We anticipate that the overall scenario will start normalizing from the next financial year. Nano Urea and Titanium Dioxide would also start contributing meaningfully from FY25 which would help us strike a balance between export and domestic business.

To conclude, once again I would like to reiterate that our long-term growth prospects remain intact, given our expanded infrastructure, plant compatibility, wider product range, and geographical reach which will help Meghmani Organics to command a sustainable long-term position."

 

 

Result PDF

Agrochemicals company Meghmani Organics announced Q2FY24 & H1FY24 results:

  • Q2FY24 vs Q2FY23:
    • Revenue from Operations decreased from 655.2 to 374.0 (a change of -43.1%)
    • EBITDA decreased from 84.8 to 14.8 (a change of -82.5%)
    • EBITDA Margin decreased from 12.9% to 4.0% (a change of -8.9%)
    • Net Profit decreased from 73.4 to -3.6 (a change of -100.0%)
    • Net Profit Margin decreased from 11.2% to -1.0% (a change of -12.2%)
  • H1FY24 vs H1FY23: 
    • Revenue from Operations decreased from 1,438.3 to 795.5 (a change of -44.6%)
    • EBITDA decreased from 218.9 to -0.3 (a change of -100.1%)
    • EBITDA Margin decreased from 15.2% to -0.04% (a change of -15.24%)
    • Net Profit decreased from 187.4 to -28.9 (a change of -115.4%)
    • Net Profit Margin decreased from 13.0% to -3.6% (a change of -16.6%)

Commenting on Q2FY24 performance, Ankit Patel, Chairman & Managing Director said, “The industry continues to be under pressure due to sharp price erosion, high channel inventory and subdued global demand. Demand from developed economies is also impacted due to high inflation and emerging geopolitical tensions. As we navigate through this tough time, the management has proactively undertaken cost control measures, clearing the high-priced inventory, optimizing the working capital utilisation, and enhancing the cash conversion cycle to maintain our balance sheet strength.

On the Capex front, we are progressing in a calibrated manner and we are optimistic that Nano Urea and Titanium Dioxide would start contributing meaningfully from the next financial year. This would help us strike a balance between export and domestic business.

Lastly, I would like to reiterate that our long-term growth prospects remain intact, given our expanded infrastructure, plant compatibility, wider product range, and geographical reach which will help Meghmani Organics to command a sustainable long-term position.”

 

Result PDF

Agrochemicals company Meghmani Organics announced Q1FY24 results:

  • During Q1FY24, revenues from operations were at Rs 422 crore; impacted by a prolonged challenging global macro-economic environment, demand slowdown, and decline in prices across the industry.
  • During Q1FY24, EBITDA was at Rs (15) crore, impacted due to higher cost of operation due to lower capacity utilization coupled with destocking of inventory.
  • Agrochemicals constitute ~71% of the overall company’s revenue during Q1FY24.
  • Pigments constitute ~29% of the overall company’s revenue in Q1FY24.
  • Net Profit of Rs (25) crore in Q1FY24 compared to Rs 114 crore in Q1FY23.
  • EPS of Rs (0.99) in Q1FY24 compared to Rs 4.48 in Q1FY23.

Commenting on Q1FY24 performance, Ankit Patel, Chairman & Managing Director said, “In testing times like these, our priority as the management of the company is to be able to withstand this downturn, overcome these challenging times and come out of it with enhanced wisdom and strength. During this time, we have adopted certain strategies such as cost rationalization wherein the management has proactively undertaken cost control measures, clearing the high-priced inventory, optimizing the working capital utilization, and enhancing the cash conversion cycle to maintain our balance sheet strength. Lastly, I would like to reiterate that our long-term goals remain intact. Some of the virtues such as our expanded infrastructure, plant compatibility, wider product range, and geographical reach will help Meghmani Organics to command a sustainable long-term position.”

 

 

Result PDF

Agrochemicals company Meghmani Organics announced Q4FY23 & FY23 results:

  • Q4FY23:
    • During Q4FY23, the company revenues stood at Rs 565 crore
    • EBITDA stood at Rs 84 crore during the quarter and EBITDA margin was at 14.8% in Q4FY23
    • Ranked as #1 Fortune Next 500 Company by Fortune India
  • FY23:
    • During FY23, the company revenues stood at Rs 2,557 crore
    • EBITDA stood at Rs 364 crore during the year, the EBITDA margin was at 14.2% in FY23
    • PAT stood at Rs 250 crore in FY23
    • Agrochemicals constitutes ~76% of the overall company’s revenue during FY23
    • Pigments constitutes ~24% of the overall company’s revenue
    • Declared final dividend of 140% (INR 1.40/equity share) for FY23

Commenting on FY23 performance, Ankit Patel, CEO, said, “It gives me immense pleasure to share that Meghmani Organics was ranked #1 Fortune Next 500 company by Fortune India. We are grateful to all our stakeholders for their continued support of our capabilities and vision for over three decades. Despite challenging global macro-environment and inflationary pressure, Meghmani Organics' topline grew by 2.5% YoY to Rs 2,557 crore in FY23. We are adding meaningful capacities and capabilities in both pigment and agrochemical businesses gearing towards future growth. Phase I of the TIO2 plant (16,500 MTPA) is getting stabilised and it will add a meaningful contribution in FY24. The Company aims to commission its captive power plant in Q3 FY24 and double its TIO2 plant capacity to 33,000 MTPA in Phase II.

I am happy to share that our agrochemicals vertical has bagged the prestigious Responsible Care® certification in FY23 reflecting the Company’s continuous improvement in safe chemicals management. It propels us to achieve excellence in Environmental, Health, Safety and Security (EHS&S) performance in the coming years. The MPP is getting stabilised and is expected to make a notable contribution in FY24. The capex towards MNCL for manufacturing Nano Urea (Liquid) fertilizer is progressing as planned and commercial production is expected in Q4FY24. MNCL eyes annualized revenue of Rs 1,000 crore from the Nano Urea plant. The long-term supply contract for 5 years with a reputed multinational customer for agro products will add Rs 160 crore annually to the top line.

Meghmani Organics continues to retain and attract new clients with its diversified product portfolio and quality products in both pigments and agrochemicals business. We are confident in achieving sustainable long-term growth for the esteemed stakeholders aided by our robust business model, financial prudence, and strong balance sheet.”

 

 

Result PDF

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