Meghmani Organics Ltd(MOL)

NSE: MOLBSE: 543331

₹ 55.36+6.79%refreshed 26 Oct, 03:59 pm ISTMarket cap: ₹ 1,408 crWebsite: www.meghmani.comUpdated: 24 Oct 2026

About

Meghmani Organics Ltd (MOL), established in 1986 and based in Ahmedabad, Gujarat, is a diversified chemical company with core strengths in Crop Protection, Crop Nutrition and Pigments, and it has also entered Titanium Dioxide. In FY26, consolidated revenue was ₹2,173.96 crore, and agrochemicals made up 73.1% of segment revenue. The company describes itself as a leading integrated pesticide manufacturer in India with over 780 product registrations, and as one of the top three global Phthalocyanine-based pigment players with an 8% global market share.^[1][2][3]

Business segments

Agrochemicals (Crop Protection): 73.1% of segment revenue (₹1,631.24 crore) in FY26, up 4.8 percentage points vs FY22; makes technicals and formulations.^[3]
Pigment: 23.8% of segment revenue (₹531.36 crore) in FY26, down 5.9 percentage points vs FY22; makes CPC Blue and CPC Green pigments.^[3]
Others (Crop Nutrition / TiO2): 3.1% of segment revenue (₹68.28 crore) in FY26; includes Nano Urea and the suspended Kilburn Chemicals TiO2 operations.^[3]
By geography in FY24, revenue from outside India was ₹1,284.18 crore and from within India ₹282.1 crore.^[4]

Products and portfolio

Crop Protection sells technical-grade actives (~60% of revenue in Q3 FY26) and formulations (~40%); the formulation share has been rising quarter on quarter.^[5]
As of FY25, the company says it has more than 780 product registrations and more than 40 well-recognised pesticide formulation brands.^[1]
Newer high-value products from the multipurpose plant (MPP), per the FY25 annual report: Cyfluthrin, Beta-cyfluthrin, Flubendamide, Pymetrozine, Ethiprole, Flonicamid and Spiromesifen.^[1]
Crop Nutrition: commercial exports of Nano Urea have begun. Nano DAP, Nano NPK and Nano Zinc were added in Q1 FY27 after Ministry of Agriculture approval, with no additional capex at Sanand.^[6]
As of Q1 FY27, TiO2 operations at Kilburn Chemicals remain suspended because sulphur prices rose to ₹35-40/unit (from ₹4-5/unit) and there is no anti-dumping duty protection.^[6]

Operations and capacity

As of FY25, the company has 7 manufacturing units and 19 warehouses across India.^[1]
Installed capacity in FY24: Crop Protection 54,660 MTPA at 67% utilisation; Pigments 33,180 MTPA at 41% utilisation.^[4]
The Nano Urea plant at Sanand can make 5 crore 500 ml bottles a year; the Titanium Dioxide plant at Dahej has 75 TPD of Anatase-grade capacity (FY25).^[1]
Crop Protection's installed capacity supports peak revenue of ₹2,500-3,000 crore at 85-90% utilisation, with no additional capex needed to reach that level.^[6]
A 3.3 MW wind-and-solar hybrid group captive power agreement was signed, targeting renewables above 50% of consumption and a power cost of ~₹5/unit vs ~₹9-9.5/unit.^[7]
TiO2 is made from ilmenite ore and sulphuric acid; the company says it is backward integrated for its essential raw materials (FY25).^[1]

Key operating numbers

Crop Protection production was 41,892 MT in FY25, against 36,780 MT in FY24.^[1]
Pigments production was 15,237 MT in FY25 vs 13,721 MT in FY24; utilisation rose to 46% from 41%.^[1]
Crop Protection utilisation was 63% in Q1 FY27, against 78% in Q1 FY26 and 72% in FY26; production was 8,880 MT in Q1 FY27, down 17% YoY.^[6]
Pigment utilisation was 39% in Q1 FY27, against 46% in Q1 FY26; production was 3,233 MT in Q1 FY27, down 14% YoY.^[6]
Crop Protection EBITDA margin was 19.9% in Q1 FY27, against 17.3% in Q1 FY26 and 14.9% in FY26, which the company attributes to pricing discipline and product mix.^[6]
Pigment EBITDA margin was 12.1% in Q1 FY27, up from 3% in Q4 FY26 and 3.3% in FY26; about 5-6 percentage points came from better price realisation.^[6]

Customers and distribution

As of FY25, the company says it has more than 400 marquee customers, and its Crop Protection business supplies MNCs.^[1]
In India, the company sells across 16 states through more than 3,500 distributors and dealers (FY25).^[1]
Latin America is the main export market for Crop Protection; volume fell ~17% YoY in Q1 FY27, partly because of pricing pressure there.^[6]
Formulation exports were roughly one-third of Crop Protection export revenue as of Q2 FY26, and the share was rising quarter on quarter.^[8]
As of Q1 FY27, channel inventories had normalised after two years of excess stock, and customers were buying on a spot basis.^[6]
Nano Urea received commercial orders in select international markets as of Q3 FY26; field trials were under way in 35-40 countries as of FY25.^[5][1]

Expansion and capex

A wholly owned subsidiary was incorporated in Brazil in FY26 to enter the ~$15 billion Brazilian agrochemical market, where registrations take a long time.^[7]
Phase II of the Agro V multipurpose plant was expected to be completed in FY2025-26, according to the FY25 annual report.^[1]
FY27 maintenance capex is guided at about ₹35-40 crore, with no significant capex planned for at least two years.^[7]
Crop Nutrition is targeted to reach a couple of hundred crore in revenue over the next 2-3 years from the nano fertiliser platform.^[6]

Recent developments

On 8 October 2026, NCLT Ahmedabad sanctioned the amalgamation of wholly owned subsidiaries Kilburn Chemicals Ltd and Meghmani Crop Nutrition Ltd into MOL; it takes effect on filing with RoC Ahmedabad.^[9]
The amalgamation scheme was filed in April 2026, and the second motion petition went to NCLT on 2 July 2026 after shareholders and creditors approved it.^[6]
The anti-dumping duty on TiO2 imports, imposed in May 2025, was vacated by the Kolkata High Court; DGTR's re-imposition process is ongoing.^[5]
In Q1 FY27, the company moved its forex debt to INR borrowings to remove MTM losses, and repaid ₹32 crore of debt.^[6]

Market Cap

₹1,408 Cr

High / Low

₹84 / 36

Stock P/E

20.5

Price / Book

0.8

Book Value

₹61

EPS

₹1.1

No. of Shares

25.43 Cr

ROCE

6.7%

ROE

1.9%

OPM

6.8%

Debt / Equity

0.47

Sales

₹2,174 Cr

Net Profit

₹29 Cr

Promoter holding

49.0%

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Meghmani Organics Ltd(MOL)

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