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Manufactures and trades food colors and specialty food ingredients from two production facilities at Dahej and Roha. The product range spans food colors used by food and beverage manufacturers, along with specialty ingredients for the pharma and cosmetics industries. CoatIcon, a pharma tablet coating system, is currently in aggressive sampling and qualification with multiple pharmaceutical companies in India and overseas, with an approval cycle of around 6 months. Revenue in FY26 was ₹380 crore, essentially flat year-on-year, but EBITDA rose to ₹78 crore with margins expanding to 20.52% as the product mix shifted toward higher-value items. Value-added or high-margin products account for about 5% of the portfolio, and management is targeting a doubling to 10-12% in FY27. The biggest cost line is raw materials at 49.1% of revenue, followed by other operating expenses at 18.3% and employee costs at 4.2%. Capacity expansion of 200 MT/month is underway at Roha and 300 MT/month at Dahej, and ₹75-85 crore of capex has been committed for a new product line at Dahej targeting ₹125-150 crore of peak sales.