Black Rose Industries Ltd

AGM notice and access details

• AGM scheduled for 9 September 2026 at 2:00 PM IST via VC/OAVM.
• Notice and Annual Report for FY 2025-26 available online via Investor Relations, Annual Report, 2025-2026.
• e-Voting from 6 September 2026 9:00 AM to 8 September 2026 5:00 PM IST; cut-off 2 September 2026.
• Members with unregistered email IDs may obtain documents via DP/RTA or AGM notice updates.
• Documents also available on BSE and NSDL websites.

Book Closure and Record Date

• Security type: Equity shares.
• Book closure: 03 September 2026 to 09 September 2026 (inclusive).
• Record date: 02 September 2026.
• Purpose: 36th AGM and dividend payment, subject to Members' approval.
• Dividend tax deduction at source, if approved by Members.

Financial highlights

• Consolidated revenue ₹32,585.22 Lakhs; YoY growth 4.3%.
• Consolidated EBITDA ₹3,536.32 Lakhs; PAT ₹2,242.42 Lakhs.
• Standalone revenue ₹32,583.83 Lakhs; Standalone EBITDA ₹3,543.29 Lakhs.
• Standalone PAT ₹2,249.61 Lakhs; ROCE 18.15%.
• Net debt is negative ₹309.74 Lakhs; cash-rich position.

Business model and segments

• Chemical Distribution remains the largest revenue contributor (~64%).
• Chem manufacturing focuses on Acrylamide Liquid, Acrylamide Solid, and NMA.
• Development includes Polyacrylamide Solid at pilot stage.
• PAM Liquid business discontinued; Morbi ceramic binder exit.

Capacity and product roadmap

• Acrylamide Liquid capacity: 32,000 MTPA (merchant 20k; captive 12k).
• Acrylamide Solid capacity: 3,600 MTPA; NMA: 2,000 MTPA.
• PAM Solid capacity under development: 10,000 MTPA.

Innovation and R&D

• New Navi Mumbai R&D Centre enhances product development.
• PAM project progressed to pilot; focus on downstream acrylamide products.
• Exploration of adjacent specialty chemical opportunities.

Capital structure and dividends

• Equity share capital ₹510.0 Lakhs; debt largely unwound.
• Net debt negative ₹309.74 Lakhs; total capital ₹16,633.87 Lakhs.
• Final dividend ₹1.25 per share recommended for 2025-26.

Corporate governance

• Board of seven: five Non-Executive Directors, including one woman ID.
• Mayur Desai appointed Independent Director (Nov 2025; approved Jan 2026).
• Ms. Darshana Sawant appointed Company Secretary & Compliance Officer (May 2026).
• Four Board meetings held in 2025-26.

ESG and CSR

• CSR spend ₹57.92 Lakhs; CSR obligation ₹15.11 Lakhs for 2025-26.
• Atmasantosh Foundation initiatives: Atma Van, Chiranjilal P. Vyas Memorial Scholarship, Edu-Med, Patang, Vidya Sahyog, SHIELD, Aviral Gyan.
• Green belt development: 1,200 trees; 8,000 sq m area.

Outlook and risks

• Macro volatility and geopolitical tensions; management emphasizes diversified supplier base.
• Outlook positive for acrylamide value chain; continued R&D investment and international expansion.

Audit and compliance

• Statutory auditors M M Nissim & Co LLP; no qualifications.
• Secretarial audit by Shiv Hari Jalan; CS resignation in Dec 2025; new CS May 2026.
• Internal controls deemed adequate; no material fraud reported.

Notes on disclosures

• Consolidated FY2025-26 includes B.R. Chemicals Co., Ltd. (Japan) as subsidiary.
• Notes reference key items: PPE, intangibles, newer capacities, and CSR disclosures.
• Discontinued operations: BR Chemicals Co., Ltd. (Japan) shown as discontinued per Ind AS 105.

AGM Details

• AGM: 9 Sept 2026, 2:00 PM IST, via VC/OAVM.
• Register of Members closed 3–9 Sept 2026 (inclusive).
• Cut-off for voting: 2 Sept 2026.
• Remote e-Voting window: 6–8 Sept 2026.

Ordinary Business

• Adopt standalone and consolidated financial statements for FY2025-26.
• Final dividend of ₹1.25 per equity share for FY2025-26.
• Reappoint Anup Jatia as Non-Executive Director by rotation.

Special Business

• Ratify remuneration payable to Cost Auditors for FY2026-27; ₹125,000 plus taxes and expenses.

Dividend Details

• Record date for final dividend: 2 September 2026.

Director & Auditor Updates

• Cost Auditor remuneration: M/s Poddar & Co.; ₹125,000 plus taxes; ratification at AGM.

Performance highlights

• Interim dividend of ₹2 per equity share declared for FY27.
• Q1 FY27 standalone revenue ₹90.14 cr; PAT ₹10.41 cr; EBITDA ₹15.44 cr.
• Revenue up 48% YoY; PAT up 146% YoY.
• EBITDA margin 17.33%; Net profit margin 11.68%.

Segment metrics

• Distribution revenue ₹62.72 cr; EBITDA ₹10.47 cr.
• Manufacturing revenue ₹26.35 cr; EBITDA ₹7.27 cr.
• Debt: Equity ratio 0.001; interest coverage 59.6x.
• Current ratio 4.38x; quick ratio 2.92x; inventory turnover 1.16x.

Outlook and initiatives

• Manufacturing outlook: volumes expected to improve; realizations broadly stable.
• Acrylamide liquid exports expected to rise; markets expanding.
• Acrylamide solid volumes expected to improve; higher prices.
• N-Methylol Acrylamide volumes steady; new customers added.
• Distribution volumes to improve; prices stable; robust US exports.
• PAM solid project progressing toward commercialization.
• Specialty amines project with Koei Chemical to be decided this year.

Dividend details

• Interim dividend of Rs 2 per equity share for FY 2026-27.
• Dividend equals 200% of paid-up equity share capital.
• Record date fixed on 6 August 2026 for entitlement.
• Face value per share is Rs 1.
• Board approved interim dividend declaration.