NSE: BLACKROSE · BSE: 514183
BLACK ROSE INDS. LTD.
Distributes specialty chemicals sourced from manufacturers in Japan, Germany and Thailand, and manufactures acrylamide-based specialty chemicals at plants in Jhagadia (Gujarat) and Kolhapur (Maharashtra). Started as a pure distributor three decades ago and later built South Asia's first acrylamide liquid plant. Manufacturing scaled to about 35% of FY26 revenue, with the rest coming from the stock-and-sale distribution business. The manufacturing division grew about 20% in FY26 driven by acrylamide liquid volumes and a near-doubling of N-methylol acrylamide volumes, while the distribution side contracted on chemical price corrections and US tariff headwinds. The company has exited its ceramic binder business in Morbi to focus on the acrylamide chain, with a polyacrylamide (PAM) solid project in piloting and a specialty amines project with Japan's Koei Chemicals under evaluation. FY26 revenue stood at 323.014 cr with an EBITDA margin of 10.97%; the company is debt-free and declared a 125% dividend. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Manufacturing (acrylamide chain) (35%), Chemicals distribution, Textiles (1%), Renewable Energy (1%), Others (0%). Asset-light specialty chemicals distribution plus growing in-house acrylamide manufacturing
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 488 | 430 | 380 | 391 | 323 |
| EBITDA (ex other income) | 45 | 14 | 28 | 29 | 33 |
| margin % | 9.3 | 3.2 | 7.4 | 7.4 | 10.1 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 6.25 | 1.55 | 4.16 | 4.11 | 4.40 |
| ROE % · ROCE % | 26.1 · 33.8 | 6.2 · 9.5 | 14.6 · 19.5 | 13.7 · 18.5 | 13.2 · 18.0 |
| Debt / equity (x) | 0.11 | 0.04 | 0.03 | 0.07 | 0.00 |
| Cash from operations | 15 | 22 | 14 | (13) | 43 |
| Capex | (6) | (6) | (3) | (3) | (7) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 98 | 123 | 87 | 83 | 60 | 84 | 75 | 104 |
| Profit before tax | 6 | 6 | 8 | 8 | 6 | 6 | 6 | 12 |
| Net profit | 5 | 5 | 6 | 6 | 4 | 4 | 4 | 9 |
| EPS (₹) | 0.93 | 0.92 | 1.12 | 1.14 | 0.82 | 0.87 | 0.86 | 1.85 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,42,095 | 53.6 | 12.86 | 37.6 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 69,659 | 32.2 | 4.96 | 21.6 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 47,075 | 76.8 | 5.95 | 37.4 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 43,610 | 55.1 | 10.97 | 39.3 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 20,905 | 88.6 | 8.51 | 56.8 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 20,257 | 25.9 | 3.45 | 21.0 | 9.4 | 10.2 | 12.6 | 21.5 |
| AARTI INDUSTRIES LTD | 15,871 | 29.9 | 2.67 | 17.1 | 7.0 | 4.4 | 13.0 | 16.2 |
| FINE ORGANIC IND. LTD. | 15,604 | 35.6 | 5.86 | 25.5 | 15.7 | 20.0 | 15.9 | 28.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.5 | 23.1 | 45 of 99 | 55% |
| P/B | 2.8 | 2.8 | 52 of 99 | 47% |
| ROCE | 17.2 | 10.1 | 25 of 106 | 77% |
| ROE | 13.2 | 8.1 | 29 of 99 | 71% |
| Debt / Equity | 0.0 | 0.2 | 17 of 99 | 84% |
| EBITDA margin | 13.2 | 15.5 | 59 of 99 | 41% |
| Revenue growth | 25.5 | 24.4 | 41 of 94 | 57% |
| Profit growth | 61.9 | 55.1 | 44 of 92 | 53% |
| Market cap | 482 | 699 | 58 of 108 | 47% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · VP Innovation Dr. Pavankumar Aduri resigns, effective 13 Nov 2026 | management changes | high | — | — |
| 5 Oct 2026 · Reg 74(5) certificate: physical shares dematerialized for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · KYC update reminder sent to physical shareholders | compliance | minimal | — | — |
| 29 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 10 Sept 2026 · AGM Results: All 4 Resolutions Passed, Rs 1.25 Dividend Declared | board shareholder meetings | low | — | — |
| 9 Sept 2026 · 36th AGM held; final dividend of INR 1.25 per share declared | board shareholder meetings | medium | — | — |
| 24 Aug 2026 · Company Secretary resigns due to personal reasons | management changes | medium | — | — |
| 24 Aug 2026 · Newspaper notice for transfer of unclaimed shares to IEPF account | compliance | minimal | — | — |
| 18 Aug 2026 · Letters to shareholders with AGM web link; 36th AGM on 9 September 2026 | compliance | minimal | — | — |
| 18 Aug 2026 · 36th AGM notice published; e-voting Sep 6-8; record date Sep 2 | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.