Ducol Organics Announces FY26 Results; Consolidation EBITDA Hits ₹14.59 Crore Amid Acquisitions
Ducol Organics & Colours Ltd has announced its audited financial results for the second half and full year ended on March 31, 2026. The company reported a consolidated EBITDA of ₹14.59 Crore and a PAT of ₹7.25 Crore for FY26, underscoring a transformational period driven by strategic acquisitions.The company, which is involved in developing, manufacturing, marketing, and distribution of dispersions and master batches for industries including paints, ink, textile, and FMCG, released its results following a Board meeting held on May 19, 2026.
Key Financial Performance Highlights
The financial results confirm significant scale and profitability gains for the consolidated entity.For the full year ended March 31, 2026 (FY26), the consolidated revenue from operations stood at ₹136.07 Crore. The consolidated EBITDA for the full year reached ₹14.59 Crore, resulting in an EBITDA Margin of 10.72%. The consolidated Profit After Tax (PAT) was ₹7.25 Crore, yielding a PAT Margin of 5.32%.
For the half-year (H2 FY26) ended March 31, 2026, consolidated Revenue from Operations stood at ₹71.55 Crore. EBITDA (excluding other income) for H2 FY26 was ₹8.79 Crore, achieving an EBITDA Margin of 12.29%. The PAT for the half year was ₹4.43 Crore, with a PAT Margin of 6.19%.
The comprehensive financial data across multiple periods is detailed below:
| Particulars (Rs. Crore) | H2 FY26 (Consolidated) | H2 FY26 (Standalone) | H2 FY25 (Standalone) | FY26 (Consolidated) | FY26 (Standalone) | FY25 (Standalone) |
|---|---|---|---|---|---|---|
| Revenue from Operations | 71.55 | 42.78 | 38.77 | 136.07 | 83.96 | 77.35 |
| EBITDA* | 8.79 | 6.08 | 2.87 | 14.59 | 9.84 | 7.28 |
| EBITDA Margin | 12.29% | 14.22% | 7.41% | 10.72% | 11.73% | 9.42% |
| PBT | 5.87 | 3.06 | 3.00 | 8.95 | 4.49 | 6.20 |
| Adj. PBT | 7.05 | 4.23 | 3.00 | 11.35 | 6.69 | 6.20 |
| PAT** | 4.43 | 2.36 | 2.11 | 7.25 | 4.06 | 4.62 |
| PAT Margin | 6.19% | 5.51% | 5.44% | 5.32% | 4.83% | 5.98% |
EBITDA refers to profit before interest, taxes, depreciation, and amortization (excluding other income).
Strategic Acquisitions Driving Growth
The strong consolidated performance was significantly influenced by the strategic acquisition of Bitumag Industries, a subsidiary of Ducol. The integration of Bitumag operations contributed materially to both the scale and profitability during H2 FY26 and the full year FY26.Further strengthening its profile, Ducol Organics & Colours Ltd is nearing the completion of the acquisition of Xchem Polymer India Pvt Ltd. Xchem Polymers is engaged in manufacturing construction chemicals, waterproofing chemicals, and industrial adhesives. This development is expected to bolster the company's non-pigment dispersion portfolio and enhance its presence in adjacent specialty chemicals segments, diversifying its product offering.
The acquisition of Xchem Polymer India Pvt Ltd is expected to create substantial operational and strategic synergies, particularly in high-margin, rapidly expanding infrastructure-linked segments. Key financial highlights for Xchem Polymer India Pvt Ltd show it is a debt-free company with a comfortable working capital position.
The acquisition of Xchem Polymer India Pvt Ltd will be completed in phases. The initial consideration of ₹38 Crore is being processed in cash towards acquiring a majority stake, while the remaining ₹30 Crore will be settled through a share swap arrangement. An additional ₹7 Crore will be payable in cash within 24 months from the execution date of the Share Purchase Agreement (SPA).
Management Commentary
Commenting on the results, Mr. Aamer Ahmed Farid, Managing Director of Ducol Organics & Colours Ltd, noted that the company reported a strong performance in H2 FY26, with healthy growth across both standalone and consolidated businesses.He attributed the period's momentum to robust volume growth, improving demand conditions, deeper customer engagement, and the benefits realized from the expanded product portfolio following the integration of Bitumag Industries. While consolidated revenues and volumes showed encouraging growth, profitability at the PAT level was impacted by one-time acquisition-related expenses and finance costs associated with the acquisition funding.
The Managing Director stressed that the successful integration of Bitumag validates the strategic decision to expand beyond pigment dispersions and build a diversified specialty and construction chemicals platform.
Looking forward, the company plans to continue inorganic expansion, while also focusing on accelerating market access and strengthening international presence through partnerships, distribution alliances, and collaborative market expansion initiatives. The management remains focused on driving scale, improving operational efficiencies, and enhancing profitability across all business units.
DUCOL Stock Price Movement
Today, Ducol Organics And Colours Limited shares slipped by 2.84% to settle at ₹111.1, marking a notable decline from yesterday's close. The stock finalized its trading day on a total volume of 3,200 shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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