Summary of quarterly results filing for Bodal Chemicals Ltd published on 05 Aug, 2026
1. Auditor’s Note
- The auditor’s review reports for both standalone and consolidated unaudited financial results for the quarter ended 30th June 2026 are unqualified.
- The auditors state that nothing has come to their attention to indicate any material misstatement or non-compliance with applicable accounting standards and SEBI regulations.
- The review was conducted under the applicable standards (SRE 2410) and is a limited review, not a full audit.
- No qualifications, concerns, or issues were raised by the auditors.
2. Financial Performance
Units and Currency
- All figures are in Rs. Million (₹ Mn)
- Periods covered:
- Latest quarter: Q1 FY27 (Quarter ended 30 June 2026)
- Immediately preceding quarter: Q4 FY26 (Quarter ended 31 March 2026)
- Same quarter previous year: Q1 FY26 (Quarter ended 30 June 2025)
- Full financial year: FY26 (Year ended 31 March 2026)
2.1 Standalone Financial Results
| Particulars | Q1 FY27 (30.06.2026) | Q4 FY26 (31.03.2026) | Q1 FY26 (30.06.2025) | FY26 (31.03.2026) |
|---|---|---|---|---|
| Income | ||||
| Revenue from operations (Refer Note 4) | 6,982.96 | 5,770.99 | 4,448.47 | 19,746.27 |
| Other income | 52.79 | 18.62 | 22.44 | 385.76 |
| Total income | 7,035.75 | 5,789.61 | 4,470.91 | 20,132.03 |
| Expenses | ||||
| Cost of materials consumed | 4,811.13 | 3,106.83 | 2,272.75 | 10,547.49 |
| Purchase of stock-in-trade | — | — | — | — |
| Changes in inventories of finished goods, stock-in-trade and WIP | (614.30) | 65.69 | 27.02 | 309.80 |
| Employee benefits expense | 315.02 | 289.98 | 303.75 | 1,225.48 |
| Finance costs | 185.58 | 177.94 | 208.87 | 786.60 |
| Depreciation and amortisation expense | 171.56 | 169.96 | 172.64 | 686.41 |
| Other expenses | 1,779.35 | 1,611.09 | 1,347.82 | 5,984.58 |
| Total expenses | 6,648.34 | 5,421.49 | 4,332.85 | 19,540.36 |
| Profit before tax (PBT) | 387.41 | 368.12 | 138.06 | 591.67 |
| Exceptional items (Refer Note 3) | 0.30 | — | — | — |
| Profit before tax (after exceptional items) | 387.41 | 368.12 | 138.06 | 591.37 |
| Tax expense/(reversal) | ||||
| Current tax | — | — | 0.17 | — |
| Short/(Excess) Provision of Tax of Prior Years | — | (28.25) | — | (28.00) |
| Deferred tax | 99.58 | 91.13 | 34.47 | 148.93 |
| Total tax expense/(reversal) | 99.58 | 62.88 | 34.64 | 120.93 |
| Profit for the period (PAT) | 287.83 | 305.24 | 103.42 | 470.44 |
| Other Comprehensive Income (OCI) | ||||
| Remeasurements of defined benefit plans | (0.50) | 7.01 | (3.10) | (2.01) |
| Income tax relating to items not reclassified to profit or loss | 0.12 | (1.76) | 0.78 | 0.51 |
| Total OCI | (0.38) | 5.25 | (2.32) | (1.50) |
| Total Comprehensive Income (7+8) | 287.45 | 310.49 | 101.10 | 468.94 |
| Paid-up Equity share capital (Face value Rs. 2 per share) | 251.89 | 251.89 | 251.89 | 251.89 |
| Other equity | — | — | — | 11,734.53 |
| Earnings Per Share (EPS) (not annualised for quarters) | ||||
| Basic (Rs.) | 2.29 | 2.43 | 0.82 | 3.74 |
| Diluted (Rs.) | 2.29 | 2.43 | 0.82 | 3.74 |
2.2 Consolidated Financial Results
| Particulars | Q1 FY27 (30.06.2026) | Q4 FY26 (31.03.2026) | Q1 FY26 (30.06.2025) | FY26 (31.03.2026) |
|---|---|---|---|---|
| Income | ||||
| Revenue from operations (Refer Note 6) | 7,090.41 | 5,880.18 | 4,542.03 | 20,122.42 |
| Other income | 61.47 | 25.85 | 40.49 | 416.48 |
| Total income | 7,151.88 | 5,906.03 | 4,582.52 | 20,538.90 |
| Expenses | ||||
| Cost of materials consumed | 4,811.13 | 3,106.83 | 2,272.75 | 10,544.29 |
| Purchase of stock-in-trade | 61.28 | 64.83 | 48.34 | 208.10 |
| Changes in inventories of finished goods, stock-in-trade and WIP | (610.53) | 57.58 | 54.24 | 348.62 |
| Employee benefits expense | 327.48 | 305.36 | 315.34 | 1,283.38 |
| Finance costs | 185.72 | 178.28 | 216.32 | 788.16 |
| Depreciation and amortisation expense | 174.04 | 172.51 | 175.05 | 696.26 |
| Other expenses | 1,798.46 | 1,633.44 | 1,360.83 | 6,056.15 |
| Loss from subsidiary in hyperinflationary economies (Refer Note 8) | 13.10 | 26.50 | 14.45 | 69.87 |
| Total expenses | 6,760.68 | 5,545.30 | 4,457.32 | 19,994.83 |
| Profit before share of profit from associates, exceptional items and tax | 391.20 | 360.70 | 125.20 | 544.07 |
| Share of profit/(loss) from associates (net) | - | - | - | - |
| Profit before exceptional items and tax | 391.20 | 360.70 | 125.20 | 544.07 |
| Exceptional items (Refer Note 7) | - | - | - | 0.30 |
| Profit before tax (after exceptional items) | 391.20 | 360.70 | 125.20 | 543.77 |
| Tax expense/(reversal) | ||||
| Current tax | 0.95 | 0.49 | 0.45 | 1.51 |
| Short/(Excess) Provision of Tax of Prior Years | - | (28.24) | - | (27.99) |
| Deferred tax | 86.46 | 67.85 | 29.42 | 91.97 |
| Total tax expense/(reversal) | 87.41 | 40.10 | 29.87 | 65.49 |
| Profit for the period (PAT) | 303.79 | 320.60 | 95.33 | 478.28 |
| Other Comprehensive Income (OCI) | ||||
| Remeasurements of defined benefit plans | (0.97) | 6.77 | (3.14) | (2.64) |
| Income tax relating to items not reclassified to profit or loss | 0.24 | (1.71) | 0.79 | 0.66 |
| Exchange differences on translation of foreign subsidiaries | (10.53) | (17.67) | (0.78) | (40.31) |
| Income tax relating to items reclassified to profit or loss | - | - | - | - |
| Total OCI | (11.26) | (12.61) | (3.13) | (42.29) |
| Total Comprehensive Income | 292.53 | 307.99 | 92.20 | 435.99 |
| Profit/(Loss) attributable to: | ||||
| - Owners of the Company | 303.79 | 320.60 | 95.33 | 478.28 |
| - Non-controlling interest | - | - | - | - |
| OCI attributable to: | ||||
| - Owners of the Company | (11.26) | (12.61) | (3.13) | (42.29) |
| - Non-controlling interest | - | - | - | - |
| Total Comprehensive Income attributable to: | ||||
| - Owners of the Company | 292.53 | 307.99 | 92.20 | 435.99 |
| - Non-controlling interest | - | - | - | - |
| Paid-up Equity share capital (Face value Rs. 2 per share) | 251.89 | 251.89 | 251.89 | 251.89 |
| Other equity | - | - | - | 11,323.55 |
| Earnings Per Share (EPS) (not annualised for quarters) | ||||
| Basic (Rs.) | 2.41 | 2.55 | 0.76 | 3.80 |
| Diluted (Rs.) | 2.41 | 2.55 | 0.76 | 3.80 |
3. Detailed Notes and Management Commentary
-
Audit and Review: Both standalone and consolidated results have been reviewed by the Audit Committee and approved by the Board on 5th August 2026. Limited review reports issued by M/s B N P S & Associates LLP, Statutory Auditors.
-
Exceptional Items:
- A fire incident occurred in December 2024 at the blending operations area of the Dyes Plant (Unit 7), causing damage to inventories and fixed assets.
- Insurance claim of Rs. 47.11 million received against total claim of Rs. 59.91 million.
- Loss due to fire recognized Rs. 12.80 million in total: Rs. 12.50 million booked in FY25 and Rs. 0.30 million booked as exceptional item in FY26.
- Insurance claim fully settled.
-
Revenue from Operations:
- Includes SGST incentive income of Rs. 25.71 million recognized under Punjab Industrial Incentive Scheme.
- Recognition based on management’s assessment of reasonable certainty and subject to final verification by authorities.
-
Accounting Policies:
- Results prepared as per Ind AS 34 (Interim Financial Reporting) and other applicable Indian Accounting Standards.
- Consolidated results prepared as per Ind AS 110 (Consolidated Financial Statements).
-
Hyperinflation Accounting:
- Applied Ind AS 29 for subsidiaries in Turkey (functional currency Turkish Lira).
- Non-monetary assets/liabilities and P&L restated using Turkish CPI.
- Net impact of Rs. 13.10 million debited to other expenses in Q1 FY27 consolidated results.
- Impact of Rs. 15.29 million credited to opening retained earnings as of 1 April 2026.
-
Segment Reporting:
- Company and Group operate in a single reportable segment: Chemical Business.
-
Subsidiaries and Associates:
- Consolidated results include 7 subsidiaries and 1 associate.
- Some subsidiaries’ interim financials not reviewed by auditors but considered not material.
-
Taxation:
- Prior year tax adjustments reflected in current quarter and year.
- Deferred tax expenses significant in all periods.
-
Earnings Per Share:
- EPS not annualised for quarters as per standard practice.
4. Segment Information
- The company and group report only one business segment: Chemical Business.
- No further segment breakdown by geography or product is provided.
- No segment EBIT/PBIT margins or growth rates explicitly provided.
5. Capex, Projects, and Corporate Activity
- No explicit information on capital expenditure or ongoing/planned projects disclosed in the filing.
- No mention of write-downs, writebacks, impairments, or provisions other than the fire loss and related insurance claim.
- No acquisitions, disposals, divestitures, mergers, or restructuring efforts disclosed.
- The fire loss and insurance claim is the only material exceptional event noted.
6. Standalone vs Consolidated
- Both Standalone and Consolidated financial results are provided and reviewed.
- Consolidated results include multiple subsidiaries and one associate.
- Consolidated revenue and profit figures are slightly higher than standalone, reflecting inclusion of subsidiaries.
- Consolidated results include an additional expense line for loss due to hyperinflation accounting for Turkish subsidiaries (Rs. 13.10 million in Q1 FY27).
- EPS is higher on consolidated basis (Basic EPS Q1 FY27: 2.41 vs 2.29 standalone).
Summary Table of Key Profit Metrics (Standalone vs Consolidated)
| Metric | Q1 FY27 Standalone | Q1 FY27 Consolidated | Q4 FY26 Standalone | Q4 FY26 Consolidated | Q1 FY26 Standalone | Q1 FY26 Consolidated | FY26 Standalone | FY26 Consolidated |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 6,982.96 | 7,090.41 | 5,770.99 | 5,880.18 | 4,448.47 | 4,542.03 | 19,746.27 | 20,122.42 |
| Other income | 52.79 | 61.47 | 18.62 | 25.85 | 22.44 | 40.49 | 385.76 | 416.48 |
| Total income | 7,035.75 | 7,151.88 | 5,789.61 | 5,906.03 | 4,470.91 | 4,582.52 | 20,132.03 | 20,538.90 |
| Total expenses | 6,648.34 | 6,760.68 | 5,421.49 | 5,545.30 | 4,332.85 | 4,457.32 | 19,540.36 | 19,994.83 |
| Profit before tax (PBT) | 387.41 | 391.20 | 368.12 | 360.70 | 138.06 | 125.20 | 591.37 | 543.77 |
| Profit after tax (PAT) | 287.83 | 303.79 | 305.24 | 320.60 | 103.42 | 95.33 | 470.44 | 478.28 |
| EPS Basic (Rs.) | 2.29 | 2.41 | 2.43 | 2.55 | 0.82 | 0.76 | 3.74 | 3.80 |
Key Actionable Points for Analysts
- Profitability: Both standalone and consolidated PAT improved QoQ and YoY, with Q1 FY27 PAT at Rs. 287.83 Mn (standalone) and Rs. 303.79 Mn (consolidated).
- Revenue Growth: Strong sequential and YoY growth in revenue from operations, reflecting business recovery and growth.
- Exceptional Items: Minimal impact in current quarter (Rs. 0.30 Mn standalone exceptional item related to prior fire loss).
- Taxation: Prior year tax adjustments continue to impact tax expense.
- Hyperinflation Impact: Consolidated results include Rs. 13.10 Mn expense due to hyperinflation accounting for Turkish subsidiaries.
- Segment: Single segment chemical business; no further segment data.
- No major corporate actions or capex details disclosed.
- EPS: Improvement in EPS QoQ and YoY, indicating improving profitability.
Conclusion
The company reported steady growth in revenue and profitability in Q1 FY27 on both standalone and consolidated basis. The financials are clean with no auditor qualifications. The impact of prior fire loss is largely settled. The company benefits from government incentives (SGST). The consolidated results reflect additional expenses due to hyperinflation accounting for Turkish subsidiaries. No major corporate or restructuring activities were disclosed. The results indicate stable operational performance in the chemical business segment.