NOCIL Ltd

Financial Performance

• Q1 FY27 net revenue Rs 403 crores, up 20% YoY.
• Volumes grew 9% YoY; sequentially down 3% due to constraints.
• EBITDA Rs 45 crores, up 48% YoY; QoQ up 115%.
• EBITDA margin 11.2% in Q1 FY27.
• Margin rose 210 bps YoY and 480 bps QoQ.
• PBT Rs 37 crores; up 60% YoY, 77% QoQ.
• PAT Rs 28 crores; up 61% YoY, 63% QoQ.

Operations and Volume Trends

• Exports ~33%, domestic ~67% in Q1 FY27.
• TDQ Dahej plant in trial production; samples to customers.
• Rs 130 crore Dahej investment on track amid disruptions.
• Approvals six to eight months; volumes to trickle in Q4, more in Q1 next year.
• R&D and product portfolio expansion targeting positive traction this year.

Guidance and Outlook

• FY27 revenue guidance Rs 1,400–1,600 crores; EBITDA around 10%.
• Full-year volume growth guided around 10%.
• Realizations may moderate; driven by volume, mix, and operating leverage.
• Exports expected to rise toward 40–45% of volumes over time.
• Specialty expansion adds 5–10% to top-line in two years.

Q&A Highlights

• Q1 EBITDA run-rate expected around 10% for FY27; 10% volume growth implied.
• ADD impact on top-line estimated 25–30%; EBITDA impact not yet quantified.
• Exports of ~33% in Q1; target 40–45% over time.
• TDQ approvals six to eight months; first volumes in Q4, larger in Q1.
• INR depreciation not materially affecting volumes; rubber chemicals exports still supported.

Risks and Watchpoints

• Geopolitical uncertainties and logistics disruptions; raw material price volatility.
• Gas supply constraints and higher utilities costs discussed as near-term risks.
• Anti-dumping duties and PILFEX 13 developments; government approvals needed.

Demat processing status

• Processed all demat/remat requests received in the period; 47 approved and 4 rejected.
• Securities dematerialised have been listed on the stock exchanges.
• Physical certificates were mutilated and cancelled after verification.
• Depository name substituted as registered owner for approved demat within the prescribed timeline.

Overview

• NOCIL Limited manufactures rubber chemicals and reports BRSR for FY2025-26 on a standalone basis.
• Turnover is 100% from rubber chemicals; exports account for 34% of turnover.
• Operations span two Indian plants serving 40 countries worldwide.
• CSR and sustainability disclosures appear in the annual report and on nocil.com.

Key ESG Risks & Opportunities

• GHG emissions risk with regulatory costs; robust decarbonization and SBTi targets in place.
• Air quality risks mitigated via R&D, process improvements, monitoring and control systems.
• Energy management risk addressed through ISO 50001, audits, and efficiency upgrades.
• Water management improvements include condensate recovery, cooling water recycling, and rainwater harvesting.
• Hazardous waste management with circular economy practices and energy recovery.
• Human rights and community relations risk mitigated via CSR engagement and governance.
• Employee health and safety managed with ISO 45001, safety culture and training; LTIFR reported.
• Product design lifecycle opportunities through materials optimization and efficiency gains.
• Regulatory environment management seen as an opportunity; quarterly compliance reviews.
• Critical incident risk management reduces downtime and remediation costs.

Governance & Policy Highlights

• Core Committee on Sustainability oversees ESG progress; MD chairs implementation.
• Highest authority is the Managing Director; Board approves policies and reviews quarterly.
• Key policies include ABAC, whistleblower, human rights, POSH, privacy, and related party.
• Independent assurance by TÜV SÜD; EcoVadis and CDP assessments referenced.
• No material non-compliances; no fines in FY2025-26.

Social Responsibility & Workforce

• Total workforce: 1,627 (785 employees and 842 workers); female representation: 6.83% of employees, 3.32% of workers.
• Board gender diversity: 1 female director out of 8 directors.
• Turnover: permanent employees 25%; permanent workers 13.46% (males higher than females in both groups).
• Well-being spend equals 0.97% of revenue; retirement benefits include PF, Gratuity, ESI.
• Return-to-work after parental leave: 100% for females; no male parental leaves reported.
• Whistleblower and employee grievance mechanisms in place; 100% of health & safety training coverage.
• CSR beneficiaries include 2,712 direct beneficiaries; 87% from vulnerable groups.

Environmental Performance

• Total energy: 1,482,906.84 GJ; renewable share 64,157.40 GJ; non-renewable 1,418,749.44 GJ.
• GHG emissions: Scope 1 123,179.23 t CO2e; Scope 2 25,312.33 t CO2e; intensity 2.09 MT CO2e/MT.
• Rooftop solar and green electricity reduce grid dependence by about 28.3%; total green electricity 51,919.32 kWh.
• Water withdrawal 1,249,695 kl; consumption 463,387 kl; water intensity 0.00003556 KL/rupee turnover.
• Waste generated 16,157.33 t; hazardous waste 7,742.895 t; no material recycling captured in reported figures.
• Certifications include ISO 9001, 14001, 45001, 50001; BIS and ISCC Plus; SBTi-aligned targets.

Stakeholder Engagement & Complaints

• Stakeholders: Employees, Customers, Suppliers, Investors, Shareholders, Regulatory Bodies, Communities.
• Engagement channels include in-person meetings, emails, and website communications; frequency varies by group.
• Customer complaints: 13 filed in FY2025-26; all resolved; no data privacy/cyber issues reported.
• Investors: 0 complaints filed in FY2025-26; 2024-25 had 18 complaints resolved.

Other Notable Metrics

• 84% of raw materials are sourced sustainably; 86% of value chain partners assessed for environmental impact.
• Supplier Code of Conduct and HR due diligence implemented for supplier onboarding.
• Data privacy: Privacy Policy and cyber security framework in place; no data breaches in FY2025-26.

AGM Details

• AGM date and time: 3 August 2026 at 03:00 PM IST via VC/OAVM.
• Venue deemed at registered office, Mumbai.
• Cut-off date for attendance/voting: 27 July 2026.
• Dividend record date: 24 July 2026.

Ordinary Resolutions

• Adopt Audited Standalone and Consolidated Financial Statements for FY2025-26.
• Declare dividend for FY2025-26.
• Re-appoint Anand V.S by rotation.

Special Resolutions

• Re-appoint Hrishikesh A Mafatlal as Executive Chairman for five years from Aug 19, 2026.
• Appoint Sanjiv Lal as Independent Director for five years (May 7, 2026–May 6, 2031).
• Appoint Sabyaschi Patnaik as Independent Director for five years (May 7, 2026–May 6, 2031).
• Ratify remuneration payable to Cost Auditors for FY2026-27: ₹9.50 lakhs.

Dividend Details

• Final dividend of ₹1.50 per equity share; record date 24 July 2026; payable on/after 10 August 2026.

Auditors

• Cost Auditors remuneration approved; appointment at Board meeting May 7, 2026.

Voting Status

• Voting outcomes not disclosed in this filing excerpt.

Related Party Transactions

• No material related party transactions disclosed.

Financials & Outlook

• Revenue from operations: 1302.97 Cr, down from 1392.69 Cr YoY
• PAT: 64.09 Cr, down from 107.58 Cr
• EPS: Basic 3.84; Diluted 3.83 (vs 6.45/6.43)
• EBITDA: 91.97 Cr; margins pressured by external dynamics
• Domestic revenue: 863 Cr; Exports: 439-440 Cr; H2 volumes up 12%

Operations & Capex

• TDQ Dahej expansion: ₹250 Cr, completed ahead of schedule; trial production underway
• Integrated speciality rubber chemicals facility at Dahej planned; commissioning in H1 2027-28
• Funding for projects largely internal; long-term loan up to ₹100–110 Cr
• Renewable energy share: ~30% of electricity; second steam turbine; solar expansion
• R&D: DSIR-recognized; two-three new specialty products; soft launch underway

Dividends & Capital Allocation

• Dividend policy disclosed; final dividend ₹1.50 per share; subject to AGM
• Record date: 24 July 2026; payout around 10 August 2026
• Unclaimed dividends/shares transferred to IEPF: ₹3.04 Cr; 1,19,383 shares transferred in Sep 2025
• Previous year dividend: ₹2 per share; 2025-26 dividend pending AGM approval

Governance & Leadership

• 64th AGM on 3 Aug 2026; MD Anand V.S reappointed; Executive Chairman Hrishikesh A. Mafatlal reappointed for 5 years
• Independent Directors Sanjiv Lal and Sabyaschi Patnaik appointed
• Death of Independent Director A. Vellayan on 17 Nov 2025
• Board comprises 8 directors, 5 independent; NFRA governance framework adopted

Audit, Risk & Controls

• Statutory Auditor: Kalyaniwalla & Mistry LLP; no qualifications
• Secretarial Auditor: Parikh & Associates; no qualifications
• Strong internal controls; SAP-based ERP; quarterly risk reviews
• NFRA framework reinforces two-way governance between TCWG and auditors

ESG & Sustainability

• BRSR 2025-26 with TÜV SÜD limited assurance on 9 core attributes
• LACP Platinum Award for Sustainability Report 2025-26
• ISCC Plus for TDQ; ~30% renewables; RO plant and solar expansion
• SBTi near-term targets: 58.8% reduction in Scope 1+2; 35% Scope 3 by 2033-34

CSR & Social Impact

• CSR spend ₹3.20 Cr; 12 projects; 2712 beneficiaries; 87% from vulnerable groups
• CSR in aspirational districts: Punjab Moga ₹0.0026 Cr; MP Khargone ₹0.1294 Cr
• CSR governance: CSR Committee oversight; detailed project disclosures on website

Shareholding & Capital Structure

• Equity capital ₹167.02 Cr; 16,70,24,930 shares; 99.24% dematerialised
• Promoters hold ~33.76%; Hrishikesh A. Mafatlal ~18.16%; Mafatlal Industries 15.12%
• ESOPs: 16,19,397 options; exercise price ₹10; PRSUs granted 1,28,650 in Feb 2026
• 64th AGM: MD reappointment; independent directors appointed; record date 24 July 2026

Meeting Details

• Board meeting on 3 August 2026 at Mafatlal House, 4th Floor, Backbay Reclamation, Mumbai.

Key Agenda Items

• Consider and approve unaudited standalone and consolidated results for quarter ended 30 June 2026, with Limited Review Report.

Other Notes

• No additional material notes disclosed in filing.