Ducol Organics & Colours Limited to Acquire XCHEM Polymers India for ~₹75 Crore
Mumbai, March 26, 2026—Ducol Organics & Colours Limited (NSE: DUCOL) has entered into a Share Purchase Agreement (SPA) to acquire 100% equity stake in XCHEM Polymers India Private Limited for an aggregate consideration of ₹75 crore. This follows an earlier term sheet announcement and represents a key step toward finalizing the transaction.XCHEM Polymers India, incorporated in 2012 and based in Vapi, Gujarat, is a manufacturer of construction chemicals and industrial adhesives. The company’s product portfolio includes waterproofing systems, concrete admixtures, repair and rehabilitation solutions, bonding agents, and industrial adhesives.
The acquisition will be completed in a phased manner, with an initial payment of ₹38 crore in cash to acquire a majority stake, and the balance ₹37 crore to be settled either in cash or through share swap or any other mutually agreed structure.
Financial Performance of XCHEM:
| Particulars (Rs. Cr.) | 9MFY26 | FY25 | FY24 | Y-o-Y (%) |
|---|---|---|---|---|
| Revenue from Operations | 53.78 | 60.29 | 53.26 | 13% |
| Other Income | 0.06 | 0.27 | 0.12 | |
| Total Income | 53.84 | 60.56 | 53.38 | |
| Expenses | 45.92 | 56.03 | 50.18 | |
| EBITDA (incl. Other Income) | 8.46 | 5.34 | 3.97 | 35% |
| Profit Before Tax | 7.91 | 4.53 | 3.21 | 41% |
| Profit After Tax | 5.86 | 3.37 | 2.35 | 44% |
According to Ducol Organics & Colours Limited, the acquisition aligns with the company’s strategy of deploying capital into adjacent, higher-growth segments.
Key value drivers include entry into the construction chemicals segment, strengthening a waterproofing platform, cross-selling potential, and access to polymer-based technologies.
“This transaction is a continuation of our strategy to build a diversified specialty chemicals portfolio through calibrated capital deployment,” said Mr. Aamer Ahmed Farid, Managing Director, Ducol Organics & Colours Ltd.
Ducol Organics & Colours Limited initially started as a small laboratory in 1990 and now has over 30 years of experience in product development. The company offers a range of pigment dispersions and color solutions for various industries, with three manufacturing facilities.
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