Meghmani Organics Limited , a fully integrated and diversified chemical company, has announced its financial results for the third quarter ended December 31, 2025 (Q3 FY26), reporting pressure on quarterly performance due to weak export demand, even as profitability strengthened sharply over the nine-month period.

For Q3 FY26, Meghmani Organics reported revenue from operations of Rs. 484.9 crore, down 13 per cent year-on-year. EBITDA declined to Rs. 51.5 crore, compared with Rs. 60.4 crore in the corresponding quarter last year, reflecting lower capacity utilisation across segments.

The Crop Protection segment, which accounted for approximately 79 per cent of total revenue during the quarter, reported revenue of Rs. 382.1 crore and EBITDA of Rs. 58.3 crore. Segment capacity utilisation stood at 66 per cent, with production declining 14 per cent year-on-year to 9,283 metric tonnes.

The Pigments segment, contributing around 21 per cent of quarterly revenue, recorded revenue of Rs. 102.8 crore and EBITDA of Rs. 0.7 crore. Capacity utilisation in the segment remained subdued at 38 per cent, while production fell 21 per cent year-on-year to 3,144 metric tonnes.

Nine-Month Performance (9M FY26)

For the nine months ended December 31, 2025, revenue from operations increased to Rs. 1,635.2 crore, up 9 per cent year-on-year from Rs. 1,501.8 crore in the corresponding period last year.

EBITDA for the nine-month period surged 75 per cent year-on-year to Rs. 202.5 crore, compared with Rs. 115.8 crore in the previous year, reflecting improved operating leverage and cost efficiencies over the longer term.

Management Commentary

Commenting on the performance, Ankit Patel, Chairman and Managing Director, said export volumes were impacted during the quarter due to softer demand amid ongoing uncertainty around US trade policy.

He noted that lower export demand resulted in reduced capacity utilisation across both segments, which adversely affected revenue and profitability in Q3 FY26.

Providing an update on growth initiatives, Patel said the company continues to advance its Crop Nutrition segment, with field trials underway across seven countries for Meghmani Nano Urea. Sample consignments are being dispatched for further evaluation, alongside efforts to expand the product portfolio and develop new international markets.

On the Titanium Dioxide (TiO₂) business, Patel said profitability remained under pressure due to elevated raw material costs and weaker price realisations, exacerbated by the withdrawal of anti-dumping duty. He added that the company expects raw material prices to normalise in the coming quarters and anticipates that the re-imposition of anti-dumping duty would help improve market dynamics going forward.