NACL Industries reported a strong turnaround in FY26 with revenue up 28% to ₹1,584 crore and EBITDA turning positive at ₹106 crore from a loss. Debt reduced significantly.
NACL Industries FY26: Revenue Soars 28%, EBITDA Turns Positive
Consolidated Revenue: ₹1,584 crore
Consolidated EBITDA: ₹106 crore
Reader Takeaway: Strong revenue growth and positive EBITDA after debt reduction and strategic acquisition.
What just happened
NACL Industries has reported a significant turnaround in its financial performance for FY 2025-26. Consolidated revenue increased by 28% to ₹1,584 crore, a notable jump from ₹1,234 crore in the previous fiscal year. Crucially, the company moved from a consolidated EBITDA loss of ₹55 crore to a positive ₹106 crore.
Why this matters
This financial rebound is a direct result of strategic initiatives, including a ₹250 crore rights issue primarily used for debt repayment. Total borrowings were reduced by 24% to ₹301 crore, significantly improving the debt-equity ratio to 0.44 times from 0.93 times. The acquisition of a 53.08% stake by Coromandel International Limited, integrating NACL into the Murugappa Group, provides substantial strategic backing.
The backstory
The company achieved its highest-ever technical production of 14,640 MT and successfully launched two new technical products and six formulation products. A long-term credit rating upgrade to CRISIL AA from BB+ reflects improved financial health and market confidence.
What changes now
With Coromandel International as the majority owner, NACL is expected to benefit from an expanded distribution network and enhanced industry expertise. The focus will be on operational synergies and developing a more differentiated product portfolio.
Risks to watch
Concerns include potential reliance on generic solo products facing pricing pressure and ongoing risks of input cost volatility and supply chain disruptions. The company also paid fines for delayed filings.
Peer comparison
While specific peer performance isn't detailed in the filing, NACL's strategic move under the Murugappa Group aims to bolster its competitive position in the agrochemical sector.
Context metrics (time-bound)
FY 2025-26 Consolidated Revenue: ₹1,584 crore (+28% YoY)
FY 2025-26 Consolidated EBITDA: ₹106 crore (Turnaround from ₹(55) crore)
Total Borrowings: ₹301 crore (-24% YoY)
Debt-Equity Ratio: 0.44 times (Improved from 0.93 times)
What to track next
Investors will be watching for sustained profitability, successful integration with Coromandel for operational synergies, and the company's ability to develop higher-margin products to counter pricing pressures in the generics segment.