BODAL CHEMICALS LTD

Manufactures dye intermediates, dyestuffs, basic chemicals and chlor-alkali products from Indian plants, with a Q1 FY26 revenue split of Dye Intermediates at INR 150 cr, Dyestuff at INR 122 cr, Chlor-alkali at INR 84 cr and Basic Chemicals at INR 45 cr. Q1 FY26 consolidated production volumes were 6,892 MT of Dye Intermediates, 3,741 MT of Dyestuff, 56,731 MT of Basic Chemicals and 20,557 MT of Chlor-alkali. The Basic Chemicals segment posted 80% revenue growth in FY26 driven by sulphur price pass-through, while Chlor-alkali revenue was flat at Rs 3,387 mn for the year. The business has been diversifying away from textiles, which management says now accounts for only 35-40% of sales. A benzene derivatives plant at Saykha is being ramped up from 30% utilization toward 70-80% by Q3-Q4 FY26, with benzene revenue guided at about INR 100 cr for FY26. Management targets INR 150-175 cr of debt reduction in FY26 and a debt-to-EBITDA ratio of about 2.5x. Raw materials are the largest cost at 52.4% of FY26 revenue, against employee costs of 6.4% and other opex of 30.4%.