Meghmani Organics LimitedQ1 FY27 Results & Financial Update
Meghmani Organics Limited: Q1 FY27 consolidated results and company financials – revenue ₹542.83 Cr, PAT ₹48.19 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore Meghmani Organics Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Profit after tax was ₹48.19 Cr for the reported quarter. EPS was ₹1.90 for the reported quarter.
Operated in a challenging business environment during Q1 FY27, marked by softer demand across key export markets and domestic markets, as well as cautious customer buying behavior due to ongoing macroeconomic uncertainties.
Despite a 12% year-on-year decline in consolidated revenue to INR 542 crores, profitability improved significantly through optimized product mix, disciplined pricing strategies, and enhanced operational efficiencies.
Crop Protection revenue and EBITDA stood at INR 391 crores and INR 77.8 crores respectively (19.9% margin); Pigment segment reported revenue of INR 131 crores and EBITDA of INR 15.9 crores (12.1% margin).
During the quarter ended June 30, 2026, Meghmani Organics Limited reported consolidated revenue from operations of INR 542.83 crore, reflecting sequential growth compared to the previous quarter but a decline against the same period in the previous year.
Profitability showed notable sequential and year-on-year improvement, with profit after tax reaching INR 48.19 crore, supported by optimization across input costs and financing charges.
Total consolidated income for the quarter stood at INR 554.75 crore, combining revenue from operations and other income streams.
01 · Historical context
What shaped the business before this quarter
Previously, the company expanded its international footprint with the establishment of Meghmani Organics Biodefensivos E Agricolas Do Brasil LTDA effective November 18, 2025.
During the previous financial year ended March 31, 2026, the company entered into shareholder agreements and energy supply arrangements to invest in Pro-Zeal Green Power Fifteen Private Limited for a wind-solar hybrid power plant in Gujarat.
On April 4, 2026, the board approved a scheme of amalgamation for wholly owned subsidiaries Kilburn Chemicals Limited and Meghmani Crop Nutrition Limited with Meghmani Organics Limited, with an appointed date of January 1, 2026.
02 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Q1 FY27 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹542.83 Cr | ₹613.62 Cr | ₹474.34 Cr |
| Total income | ₹554.75 Cr | ₹630.20 Cr | ₹511.58 Cr |
| Profit before tax | ₹66.98 Cr | ₹24.30 Cr | ₹7.15 Cr |
| Profit after tax | ₹48.19 Cr | ₹12.68 Cr | ₹8.03 Cr |
| EPS | ₹1.90 | ₹0.50 | ₹0.32 |
03 · Why it moved
Why the quarter looked the way it did
What drove revenue
Consolidated segment revenue was led by the Agrochemicals division at INR 391.61 crore and the Pigments division at INR 143.58 crore for the quarter.
Revenue from operations improved sequentially from INR 474.34 crore in the quarter ended March 31, 2026, to INR 542.83 crore in the quarter ended June 30, 2026.
What drove margins
Consolidated EBITDA margin expanded to 18% in Q1 FY27 compared to 10.9% in the corresponding quarter of the previous year.
Approximately 5% to 6% of the margin expansion was driven by better realization, with the balance driven by operational efficiencies.
Finance costs decreased to INR 13.05 crore for the current quarter compared to INR 20.48 crore in the preceding quarter and INR 29.47 crore in the corresponding quarter of the previous year.
Cost of materials consumed was reported at INR 301.03 crore, reflecting disciplined management of raw material expenses relative to operational scale.
04 · Demand, customers & order book
Where demand is coming from
No significant inventory buildup at customer or distributor levels across Crop Protection or Pigment segments; customers are purchasing on a spot basis according to requirements.
Most of the volume decline during the quarter stemmed from the Latin American region due to pricing pressure and global macroeconomic factors.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Generated revenue of INR 143.58 crore before inter-segment eliminations, contributing segment results of INR 2.85 crore.
Delivered revenue of INR 391.61 crore, representing the largest operational segment with robust segment results of INR 70.06 crore.
06 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
At 85% to 90% utilization, the Crop Protection segment has the potential to generate revenue in the range of INR 2,500 crores to INR 3,000 crores.
Capacity utilization stood at 63% for the Crop Protection segment and 39% for the Pigment segment in Q1 FY27.
The company does not plan to undertake heavy capital expenditure for the next one or two years.
07 · Strategy & new businesses
How the company is trying to change its growth mix
The proposed amalgamation of wholly owned subsidiaries Kilburn Chemicals Limited and Meghmani Crop Nutrition Limited aims to achieve operational synergies, administrative efficiencies, and simplification of the group structure.
08 · Reported developments
What changed operationally
Consolidated net profit grew by 280% year-on-year to INR 48.2 crores, and EBITDA grew by 46% year-on-year to INR 97.9 crores for Q1 FY27.
Strengthened the Crop Nutrition portfolio with newly introduced nano fertilizer products including Nano DAP, Nano NPK, and Nano Zinc, complementing existing Nano Urea.
Profit after tax expanded significantly to INR 48.19 crore compared to INR 8.03 crore in the previous quarter and INR 12.68 crore in the corresponding quarter of the previous year.
09 · Pressure points & risks
What is not going smoothly
Operations in the titanium dioxide segment (Kilburn Chemicals) remained suspended due to commercial unviability caused by elevated raw material costs and weaker price realization following the withdrawal of anti-dumping duty.
Overall standalone revenue declined 12% year-on-year in Q1 FY27, driven by a reduction of nearly 17% in volumes, particularly impacting Latin America.
10 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
As of June 30, 2026, standalone total debt stood at INR 555 crores (debt-to-equity of 0.31) and consolidated total debt stood at INR 732 crores (debt-to-equity of 0.46).
Made a debt repayment of approximately INR 32 crores during Q1 FY27.
Capital allocation & funding
Shifted certain borrowings to INR-denominated debt to benefit from lower interest rates and eliminated foreign currency MTM losses.
11 · Management guidance & targets
What management is targeting from here
Targeting double-digit top-line growth in the Crop Protection segment over the next two to three years while maintaining or exceeding the industry average EBITDA margin range of 15% to 17%.
Expected annual revenue for the Pigment segment to be in the range of INR 550 to INR 600 crores, targeting around 10% EBITDA margin.
Expecting a couple of hundred crores in revenue from the nano fertilizer segment over a period of the next two to three years.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Management Change
Mr. Naresh Prajapati was appointed as the Company Secretary, Compliance Officer, and Key Managerial Personnel effective July 29, 2026.
13 · Management call deep dive
What management said on the conference call
Operating takeaways
15 key pointsAt 85% to 90% utilization, the Crop Protection segment has the potential to generate revenue in the range of INR 2,500 crores to INR 3,000 crores.
Shifted certain borrowings to INR-denominated debt to benefit from lower interest rates and eliminated foreign currency MTM losses.
Key raw material sulfur/sulfuric acid prices increased 8 to 10 times (from INR 4-5 to INR 35-40), making titanium dioxide production unviable while anti-dumping duties remain suspended.
Second motion application for the amalgamation of two wholly owned subsidiaries has been filed with NCLT after securing approval from creditors.
No significant inventory buildup at customer or distributor levels across Crop Protection or Pigment segments; customers are purchasing on a spot basis according to requirements.
Most of the volume decline during the quarter stemmed from the Latin American region due to pricing pressure and global macroeconomic factors.
Capacity utilization stood at 63% for the Crop Protection segment and 39% for the Pigment segment in Q1 FY27.
The company does not plan to undertake heavy capital expenditure for the next one or two years.
Consolidated EBITDA margin expanded to 18% in Q1 FY27 compared to 10.9% in the corresponding quarter of the previous year.
Approximately 5% to 6% of the margin expansion was driven by better realization, with the balance driven by operational efficiencies.
As of June 30, 2026, standalone total debt stood at INR 555 crores (debt-to-equity of 0.31) and consolidated total debt stood at INR 732 crores (debt-to-equity of 0.46).
Made a debt repayment of approximately INR 32 crores during Q1 FY27.
Targeting double-digit top-line growth in the Crop Protection segment over the next two to three years while maintaining or exceeding the industry average EBITDA margin range of 15% to 17%.
Expected annual revenue for the Pigment segment to be in the range of INR 550 to INR 600 crores, targeting around 10% EBITDA margin.
Expecting a couple of hundred crores in revenue from the nano fertilizer segment over a period of the next two to three years.
Important analyst Q&A
3 key pointsManagement noted that Pigment segment capacity utilization will likely hover around 40% to 50% due to industry overcapacity, but profitability is prioritized over top-line expansion.
Kilburn Chemicals (Titanium Dioxide) incurred a negative EBITDA of nearly INR 3 crores in Q1 FY27, translating to estimated annual losses of INR 10 crores to 12 crores if operations remain suspended.
Management confirmed that the 12% year-on-year quarterly revenue decline comprised a 17% reduction in volume offset by approximately 5% realization growth through product mix optimization.
14 · Key Q&A
The quarter, answered directly
What is the clearest takeaway from Q1 FY27?
Profit after tax was ₹48.19 Cr for the reported quarter. EPS was ₹1.90 for the reported quarter.
What drove revenue or demand?
Consolidated segment revenue was led by the Agrochemicals division at INR 391.61 crore and the Pigments division at INR 143.58 crore for the quarter.
What mattered most for margins or profitability?
Consolidated EBITDA margin expanded to 18% in Q1 FY27 compared to 10.9% in the corresponding quarter of the previous year.
What changed operationally beyond the headline numbers?
At 85% to 90% utilization, the Crop Protection segment has the potential to generate revenue in the range of INR 2,500 crores to INR 3,000 crores.
What is management guiding or targeting from here?
Targeting double-digit top-line growth in the Crop Protection segment over the next two to three years while maintaining or exceeding the industry average EBITDA margin range of 15% to 17%.
What are the main pressure points disclosed for the quarter?
Operations in the titanium dioxide segment (Kilburn Chemicals) remained suspended due to commercial unviability caused by elevated raw material costs and weaker price realization following the withdrawal of anti-dumping duty.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Amalgamation Progress: Monitor the formal approval and legal effectiveness of the proposed scheme of amalgamation for wholly owned subsidiaries.
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