Black Rose Industries Annual Report FY26

Revenue ₹323.01 crore; Profit After Tax ₹22.42 crore.

Reader Takeaway: Revenue dipped, but PAT grew, driven by R&D focus and strategic exits. Operations faced temporary closure.

What just happened

Black Rose Industries Ltd. released its 36th Annual Report for the financial year ended March 31, 2026. The company reported consolidated revenue of ₹323.01 crore, a decrease of 4.3% year-on-year. However, Profit After Tax (PAT) saw a 7.1% increase, reaching ₹22.42 crore. EBITDA grew by 9.1% to ₹35.44 crore.

Why this matters

The results indicate a mixed financial performance. While overall revenue declined, the growth in PAT and EBITDA suggests improved operational efficiency or better product mix. The focus on R&D and advancing the polyacrylamide (PAM) solid project signals future growth potential in specialized chemical derivatives.

The backstory

Black Rose Industries is focused on acrylamide chemistry, operating South Asia's first bio-catalytic acrylamide facility. The company has been strategically exiting non-core segments, such as liquid polyacrylamide and ceramic binders, to concentrate on high-potential areas. The Jhagadia manufacturing facility faced a temporary closure from the Gujarat Pollution Control Board (GPCB) in December 2025, but operations resumed by month-end with no significant business loss reported.

What changes now

The company is strengthening its manufacturing and research capabilities with a new R&D center in Navi Mumbai. The polyacrylamide (PAM) solid project has moved to the pilot stage, indicating a step towards commercialization. The board has recommended a final dividend of ₹1.25 per equity share.

Risks to watch

Management cited ongoing uncertainty in global logistics and energy markets as potential concerns, though they have employed diversified sourcing and proactive planning. The company also faced a fine from the BSE for a compliance delay regarding SEBI listing regulations.

Peer comparison

(No peer comparison data available in the filing.)

Context metrics (time-bound)

• Revenue (FY 2025-26): ₹323.01 crore (down 4.3% YoY)
• EBITDA (FY 2025-26): ₹35.44 crore (up 9.1% YoY)
• PAT (FY 2025-26): ₹22.42 crore (up 7.1% YoY)
• Final Dividend: ₹1.25 per equity share recommended
• New R&D Center: Inaugurated in Navi Mumbai
• PAM Solid Project: Advanced to pilot stage
• Jhagadia Facility Closure: December 2025 (temporary, operations resumed)
• Board Appointments: Mr. Mayur Desai (Independent Director), Ms. Darshana Sawant (Company Secretary & Compliance Officer)
• CFO Step Down: Mr. Ambarish Daga (Joint CFO) stepped down in May 2026.

What to track next

Investors should closely monitor the progress and commercialization of the polyacrylamide solid project and the operational stability of the Jhagadia plant. Any further developments in R&D and market penetration for new products will be key indicators.