Performance Review Q2 FY 2026
BLACKROSE · price
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Black Rose Industries reported Q2 FY26 standalone revenue of Rs. 84.31 crore, up 38.46% from Rs. 60.89 crore in Q1 FY26, driven by a 60% surge in the distribution business and 19% growth in manufacturing. EBITDA rose 9.43% to Rs. 7.54 crore and PAT grew 4.45% to Rs. 4.43 crore, though EBITDA margin compressed sharply from 11.5% to 8.98% as the lower-margin distribution segment gained share. Manufacturing EBITDA was nearly flat QoQ despite higher sales, with acrylamide solid facing aggressive Chinese price competition in the latter half of the quarter. The distribution rebound was led by ethanolamines, meta-cresol, and purified isophthalic acid volumes. The company guided improved manufacturing performance next quarter, citing rising acrylamide liquid exports, recovering N-methylol acrylamide demand, favorable raw material prices, and process efficiency initiatives to drive margin improvement.
Strong top-line growth is a positive, but the notable margin compression and near-flat manufacturing EBITDA despite higher volumes may temper near-term investor enthusiasm; however, management's explicit guidance on margin improvement and recovery in coming quarters could support sentiment.