20 MICRONS LTD

Makes industrial minerals and specialty functional additives — primarily calcium carbonates and other mineral-based materials used as functional fillers and performance additives by industrial buyers. The largest end-market is paints and coatings, which accounts for around 46% of revenue, with the balance spread across polymer/rubber, construction chemicals, inks and other industrial applications. The business is mid-pivot from traditional industrial minerals into specialty and high-performance additives, launching roughly 35-40 new SKUs each year, with new products contributing about 4-5% of revenue. Exports contribute 14% of revenue. A Rs 100 crore CapEx programme is in place, with 40% allocated to Malaysian operations — a limestone mine is already operational there and a plant is to be commissioned in roughly 12 months, targeting capacity of 1.08 lakh MT. Other growth initiatives include a Sievert joint venture for construction chemicals, a Doffner JV and a newly incorporated Chinese trading subsidiary (Guizhou Twenty Microns). Materials are the dominant cost at 51.7% of revenue, followed by other operating expenses at 25.0% and employee costs at 8.9%.