Performance Review Q1 FY26
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Black Rose Industries reported a weak Q1 FY26 with standalone revenue falling 26.6% quarter-on-quarter to Rs. 60.89 crore and profit after tax dropping 29% to Rs. 4.24 crore, mainly due to supply constraints in the distribution business. However, the manufacturing division grew strongly year-on-year — sales rose to Rs. 26.81 crore from Rs. 18.63 crore and EBITDA nearly doubled to Rs. 6.06 crore. EBITDA margin improved to 11.5% from 9.7% a year ago, and the balance sheet remains nearly debt-free with a debt-to-equity ratio of just 0.006. The company inaugurated a new R&D centre in Navi Mumbai and is evaluating a specialty amines project with Japan's Koei Chemicals.
Near-term numbers are soft on distribution weakness, but the improving manufacturing mix and low debt offer comfort. Shareholders should watch for margin recovery in Q2 as guided by management.