Black Rose Industries Ltd(BLACKROSE)

NSE: BLACKROSEBSE: 514183

₹ 93.4-3.96%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 476 crWebsite: www.blackrosechemicals.comUpdated: 24 Oct 2026

About

Black Rose Industries is a specialty chemicals company with two businesses: chemical distribution, which includes merchant exports, and manufacturing of acrylamide and its derivatives at Jhagadia. In FY26 it reported revenue of 323.01 crore. Manufacturing made up 35% of revenue in FY26, up from 27% in FY25, and distribution made up 64%, down from 70%.^[1][2][3]

Business segments

Manufacturing made up 35% of revenue in FY26, up from 27% in FY25. Distribution fell to 64% from 70% over the same period.^[2]
Manufacturing revenue rose to ₹1,141M in FY26 from ₹948M, and manufacturing EBITDA rose to ₹251M from ₹172M.^[2]
Distribution revenue fell to ₹2,091M in FY26 from ₹2,431M. Lower chemical prices outweighed higher domestic volumes.^[2]
Distribution grew 29% in value and 10% in volume in FY25. Its share of standalone revenue was 70%, up from 67% in FY24.^[3]

Products

The manufactured range includes acrylamide liquid, acrylamide solid, N-methylol acrylamide (NMA) and polyacrylamide liquid.^[2][3]
Acrylamide liquid and NMA both recorded significant volume growth in FY26.^[2]
In distribution, the top 5 products made up 73% of revenue and 76% of profits in FY26. In FY25 they made up 85% of the top line and 82% of profit.^[2][3]
The company launched BRILBIND CE03, a sturdier version of its polyacrylamide liquid ceramic binder, in FY25.^[3]

Operations and capacity

Acrylamide liquid capacity was 32,000 MTPA as of FY26.^[2]
Manufacturing is at Jhagadia, Gujarat.^[3]
A new leased R&D facility in Navi Mumbai opened in May 2025. Its team is developing new downstream acrylamide products.^[3][2]

Customers and exports

Exports were 30% of revenue in Q3 FY25, up from 18% in Q2 FY25, as merchant exports more than doubled on a rebound in US oil and gas demand.^[4]
Merchant export volumes fell in FY26 as uncertainty over US tariffs reduced buying by the US oil and gas sector.^[2]
Manufacturing growth in FY26 came from new customers in India and abroad. Export sales are supported by REACH registration and KKDIK pre-registration.^[2]

Expansion and capex

The polyacrylamide solid project had reached the pilot stage as of Q4 FY26, with commercial activity expected to start during FY27. The plant's capex was earlier put at ₹60-100 crore.^[2][3]
A specialty amines project with Koei Chemical of Japan at Jhagadia is under study, and a decision is expected during FY27. It was earlier described as a 5,000 MTPA brownfield project costing ₹20-30 cr.^[2][4]
About 20 acres of land near Dahej was being acquired as a land bank for future plants, as of Q3 FY25.^[4]

Recent developments

In FY26 the company exited the ceramic binder business in Morbi to concentrate on upstream acrylamide and higher-value uses.^[2]
The Japanese subsidiary B.R. Chemicals stopped operating with effect from 30 January 2025.^[4]

Market Cap

₹476 Cr

High / Low

₹138 / 61

Stock P/E

16.6

Price / Book

2.8

Book Value

₹33

EPS

₹4.4

No. of Shares

5.1 Cr

ROCE

18.9%

ROE

14.0%

OPM

9.7%

Debt / Equity

0.00

Sales

₹323 Cr

Net Profit

₹23 Cr

Promoter holding

75.0%

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Black Rose Industries Ltd(BLACKROSE)

About

Business segments

Products

Operations and capacity

Customers and exports

Expansion and capex

Recent developments

Signal history

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