Black Rose Industries Limited has submitted its mandatory quarterly compliance certificate to BSE Limited, fulfilling regulatory requirements under SEBI's depository regulations for the quarter ended March 31, 2026.

Regulatory Compliance Filing

The company filed its certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 on April 10, 2026. The submission was signed by Ambarish Daga, Whole-time Director (DIN: 07125212), and addressed to BSE Limited's Corporate Relationship Department.

Registrar Confirmation

Satellite Corporate Services Private Limited, serving as the company's Registrar and Share Transfer Agent, prepared the compliance certificate dated April 6, 2026. The registrar confirmed adherence to dematerialization requirements for the quarter.

The certificate validates two key compliance aspects:

• Securities comprised in the certificates have been listed on stock exchanges
• Physical certificates have been duly verified, mutilated, and cancelled with the depository name substituted as the registered owner in company records

Administrative Details

The filing was copied to both major depositories - Central Depository Services (India) Limited and National Securities Depository Limited, ensuring comprehensive regulatory notification. Michael Monteiro, Director at Satellite Corporate Services Private Limited, signed the registrar's certificate confirming the company's compliance status.

This quarterly filing represents Black Rose Industries' ongoing commitment to maintaining regulatory compliance with SEBI's depository and participant regulations, ensuring proper handling of share dematerialization processes during the quarter.

Black Rose Industries Limited reported its Q3 FY26 performance results, showing revenue of ₹75.86 crores compared to ₹84.31 crores in Q2 FY26. While revenue moderated during the quarter, the company delivered stronger operating performance with improved profitability across both manufacturing and distribution businesses, supported by enhanced product mix and higher export contribution.

Financial Performance Overview

The company's financial metrics for Q3 FY26 showed mixed results compared to the previous quarter:

Despite the revenue decline, the company maintained relatively stable profitability, with PAT declining only marginally by 0.45%. The EBITDA margin improved to 9.63% in Q3 FY26 from 8.98% in Q2 FY26, while net profit margin increased to 5.87% from 5.28%.

Segment-wise Performance Analysis

The standalone segment-wise results revealed varying performance across business divisions:

The distribution division maintained better EBITDA performance despite lower sales, while the manufacturing division experienced both revenue and EBITDA decline. The distribution to manufacturing revenue ratio increased to 1.86:1 from 1.68:1 in the previous quarter.

Key Financial Indicators

Several financial ratios demonstrated the company's operational stability:

Operational Developments

The company faced temporary operational challenges when the Gujarat Pollution Control Board issued closure directions for its Jhagadia plant on December 05, 2025. However, the order was revoked on December 26, 2025, enabling immediate resumption of operations. The brief shutdown had no material impact on financial performance due to sufficient inventory levels.

In the manufacturing division, acrylamide liquid segment delivered healthy operating performance supported by stronger export volumes, while solid acrylamide sales were lower due to competitive market conditions. N-methylol acrylamide showed growth with increased sales volumes and new customer onboarding.

Future Outlook and Projects

The company expects stronger performance in upcoming quarters, with the manufacturing division projected to deliver improved results through higher acrylamide liquid sales across export and domestic markets. The distribution business anticipates stronger performance supported by stable domestic demand and increased merchant export volumes.

During Q3 FY26, the polyacrylamide solid development program progressed toward the piloting phase, while the specialty amines project with Koei Chemicals advanced as planned. The R&D team initiated new product development initiatives aimed at creating fresh manufacturing opportunities in coming quarters.