Amal Ltd reported a 77% increase in consolidated revenue to ₹240 cr for the financial year ended March 31, 2026, driven primarily by a 164% spike in the price of sulphur, its main raw material. Despite the top-line growth, consolidated profit before tax (PBT) declined 14% to ₹28 cr, and standalone PBT fell 32% to ₹6 cr, as the company could not fully absorb the increase in input costs.

Consequently, EBITDA and Return on Capital Employed (RoCE) were lower at 16% and 26%, respectively, compared to 32% and 36% in the previous year. The company remains debt-free, and its cash surplus increased by ₹16 cr to ₹38 cr. The Board has recommended a higher dividend of 15% against 10% for the consideration of the shareholders.

Financial Performance

The improvement in revenue was driven by price realisation rather than volume. Consolidated sales increased by 3% and standalone sales by 7% in terms of volume. The company attributed the surge in sulphur prices to constrained production, geopolitical disruptions, and a significant rise in nickel refining and fertiliser production.

Operational Updates

Capital expenditure related to the upgradation of the sulphur yard was completed in FY26. The company is currently implementing three CapEx projects: increasing sales of steam, automation in the old plant to improve monitoring and productivity, and upgrading canteen facilities. The company is also evaluating two growth projects while keeping the external business environment in focus.

Corporate Social Responsibility

The company contributed ₹16 lakh towards its Corporate Social Responsibility (CSR) obligation, comprising ₹12 lakh by the company and ₹4 lakh by its wholly-owned subsidiary, Amal Speciality Chemicals (ASC). The funds were spent via Atul Foundation Trust in 12 villages near Ankleshwar, focusing on conservation and infrastructure development, including the creation of a Miyawaki forest and enhancement of educational institutions.

Amal Ltd reported a strong financial performance for the quarter ended June 30, 2026, with consolidated revenue rising 104% year-on-year to ₹965.39 crore. Net profit for the quarter increased 78% to ₹167.26 crore compared to the corresponding period last year. The board also approved a capital expenditure proposal of approximately ₹12 crore to expand the production capacity of Sulphur Dioxide (SO2) from 45 tonnes per day (tpd) to 105 tpd.

Q1 Financial Performance

The company's standalone revenue from operations for Q1FY27 stood at ₹267.55 crore, up from ₹143.01 crore in the same quarter last year. Standalone net profit surged to ₹24.26 crore from ₹1.88 crore. On a consolidated basis, revenue from operations grew to ₹965.39 crore from ₹473.05 crore, while net profit rose to ₹167.26 crore from ₹94.03 crore. Basic earnings per share (EPS) on a consolidated basis improved to ₹13.53 from ₹7.61 in the previous year.

Operational Highlights and Capex

The board approved the expansion of SO2 capacity by 60 tpd, requiring an investment of approximately ₹12 crore to be funded through internal accruals and debt. The project is expected to be completed within two years. The existing capacity of 45 tpd is almost fully utilised. Additionally, the group recognised other income of ₹5.61 crore during the quarter towards State Goods and Services Tax incentive under the Gujarat Industrial Policy 2015.

The unaudited financial results were reviewed by the Audit Committee and approved by the Board of Directors on July 17, 2026. The statutory auditors, Deloitte Haskins & Sells LLP, performed a limited review and reported no modifications.