OCCL Ltd

Subject and scope

• Subject: Insoluble Sulphur imports from China PR; scope unchanged from original investigation.
• Product codes: 3812 39 30, 2802 00 10, 3824 99 00; classification is indicative.

Absorption findings and pricing dynamics

• Export price from China PR declined in the absorption period, indicating duty absorption.
• Cost of production rose; raw materials and utilities increased, not offset by higher selling prices.

Duty modification and effective date

• Recommended modification: fixed USD 485 per MT, applying to all subject imports.
• Retroactive application from 3 July 2026; provisional assessments began on that date.

Regulatory framework and process

• Legal basis under Customs Tariff Act 1975 and AD Rules 29-31; Rule 30(6) limits scope.
• Public hearing held Aug 4, 2026; no exporter participation; DG Systems data relied.

Next steps and appeals

• Modified duty will replace existing duty for remaining period.
• Appeals admissible to CESTAT under Customs Tariff Act.

OCCL Ltd: Closure of trading window from October 01, 2026 till the expiry of 48 hours after the declaration of Financial Results for the quarter and half year ended September 30, 2026

Rating actions and amounts

• Long-term fund-based - Others: Rs 205 crore; AA-(Stable); reaffirmed/assigned for enhanced amount.
• Long-term fund-based - Term loan: Rs 14.80 crore; AA-(Stable); reaffirmed.
• Unallocated limits: Rs 0.20 crore; AA-(Stable)/A1+; assigned.
• Short-term non-fund based - Others: Rs 49.00 crore; A1+; reaffirmed/assigned for enhanced amount.
• Rationale not provided in excerpt; ratings reaffirmed with enhanced amounts.
• Material change: enhanced amounts assigned for long-term facilities.

Outlook and surveillance

• Outlook for long-term ratings: Stable.
• Surveillance due within one year; may be revised.
• ICRA reserves right to review ratings on new information.

Bank facilities and limits

• SBI term loans: Rs 12.30 crore; AA-(Stable).
• Kotak Bank term loans: Rs 2.50 crore; AA-(Stable).
• SBI working capital facilities: Rs 182.00 crore; AA-(Stable).
• Kotak working capital facilities: Rs 10.00 crore; AA-(Stable).
• SBI working capital facilities: Rs 13.00 crore; AA-(Stable).
• SBI non fund-based facilities: Rs 47.00 crore; A1+.
• Kotak non fund-based facilities: Rs 2.00 crore; A1+.
• Unallocated limits: Rs 0.20 crore; AA-(Stable)/A1+.
• Total limits: Rs 269.00 crore.

AGM Details

• AGM held on 27 August 2026 via video conference and other audio-visual means.
• Start time 11:00 AM, end time 12:11 PM.
• Record date for eligibility: 20 August 2026.
• Total shareholders on record: 19,981.

Key Resolutions and Outcomes

• Resolution 1: Adopted audited financial statements for year ended 31 March 2026; board report approved.
• Resolution 2: Final dividend for the year ended 31 March 2026 declared.
• Resolution 3: Re-appoint Akshat Goenka as director by rotation; promoter abstained.
• Resolution 4: Ratified cost auditor's remuneration.
• Resolution 5: Creation/modification of charges on assets to secure borrowings; public shareholder abstained.

AGM details

• Date, time, and mode: 27 August 2026, 11:00–12:11 IST, VC/OAVM.
• Remote e-voting conducted 24–26 August 2026; eligibility cut-off 20 August 2026.
• E-voting window available for 15 minutes after the AGM.
• Scrutinizer appointed for remote and AGM voting.

Key resolutions

• Ordinary: Adopt Audited Financial Statements; declare final dividend for FY ended 31 March 2026.
• Ordinary: Re-appoint director by rotation.
• Ordinary: Ratify Cost Auditor’s remuneration.
• Special: Creation/modification of charges on assets for borrowings.

Voting status

• Consolidated voting results to be declared within 48 hours of the AGM.

Financial snapshot

• Revenue from operations: ₹50,590.36 Lakhs in FY26; up from FY25.
• Total revenue: ₹50,826.45 Lakhs; supported by other income.
• EBITDA: ₹8,947 Lakhs; margin 18%.
• PAT: ₹4,770.81 Lakhs; margin 9.43%.
• EPS: ₹9.55 per share.
• Exports accounted for 36% of revenue; served in 22 countries.
• Net worth: ₹43,127 Lakhs.
• Final dividend ₹1.80; Interim ₹1.00; total ₹2.80 per share.

Operations & product mix

• Insoluble sulphur domestic revenue: ₹16,220.62 Lakhs; export ₹18,282.50 Lakhs.
• Insoluble sulphur total revenue: ₹34,503.12 Lakhs.
• Sulphuric acid & Oleum revenue: ₹16,020.08 Lakhs.
• Product mix: Insoluble sulphur 68%; Sulphuric acid 32%.
• Capacity: 39,500 MTPA insoluble sulphur; 290 MTPD sulphuric acid.
• Global footprint: products marketed in 22 countries; Diamond Sulf brand.

Capital structure & liquidity

• Total borrowings ₹84.13 Cr; net debt ₹85.75 Cr.
• Debt-to-equity ratio 0.21; current ratio 1.81; interest coverage 12.02x.
• ROCE 13%; net worth ₹431.27 Cr.
• Dividend: final ₹1.80; interim ₹1.00; total ₹2.80 per share.

ESG & sustainability

• 42% reduction in Scope 1+2 emissions by 2030; net-zero by 2050.
• Renewable energy: 17% of electricity in FY26.
• Water neutrality achieved at Dharuhera; ongoing water stewardship.
• EcoVadis Gold; Responsible Care; ISO 45001/14001/50001; TfS.
• Zero landfill at Mundra; 5R waste principles; circular economy.

Governance & risk

• Board: 6 directors; 4 independent incl. 1 woman; MD chairman.
• Audit Committee met 4 times; CFO/auditors present.
• ICRA rating AA- (long-term) / A1+ (short-term).
• Internal controls robust; secretarial audit; no material governance issues.
• Risk factors: sulphur price volatility, anti-dumping impacts, supply disruptions.

Dividends & AGM

• AGM scheduled Aug 27, 2026 via VC/OAVM; record date Aug 20.
• Shareholder e-voting Aug 24-26; results posted on company site.
• Dividend per share details as above; tax deductions apply.

Outlook & major risks

• Market conditions improving; potential margin recovery in FY2026-27.
• Ongoing anti-dumping queries; tariff changes could affect pricing.
• Rail/logistics and upstream supply risks; company pursuing diversified suppliers.

Financials

• Revenue from operations: ₹21,966.94 lakhs; total income: ₹22,160.70 lakhs in Q1 FY27.
• QoQ growth: revenue +47.4%; total income +48.1% vs Q4 FY26.
• Profit before tax: ₹5,382.16 lakhs; profit after tax: ₹4,025.09 lakhs.
• Current tax ₹997.62 lakh; deferred tax ₹359.45 lakh.
• Basic and diluted EPS: ₹806.
• Labour Codes impact recognized in FY26: reversal ₹104.86 lakh; year-end provision ₹205.56 lakh.
• Single-chemicals segment; no reportable segments.
• Board approved unaudited results; Limited Review by auditors.
• YoY growth: revenue +78.5%; total income +79.5%; PBT +193%; PAT +206%; EPS +207%.

Dematerialisation processing and listing

• Securities for dematerialisation during the reporting quarter were processed by the Registrar and Share Transfer Agent.
• Securities dematerialised have been listed on the stock exchanges where existing securities are listed.
• Physical certificates were mutilated and cancelled after verification; the depository was updated as registered owner within prescribed timelines.

Meeting Details

• Board meeting scheduled for Thursday, May 21, 2026.

Key Agenda Items

• Approve audited financial results for quarter and year ended March 31, 2026.
• Consider recommendation of dividend on equity shares, if any.

Other Notes

• Trading window closed from April 1, 2026, and reopens 48 hours after results publication.