Chemkart has appointed Mohammad Asim Siddiqui as Chief Financial Officer, effective September 11, 2026. The appointment follows the resignation of Basavaraj Shankar Dalawai from the same role on September 10, 2026.

The Board of Directors approved the changes during a meeting held on September 10, 2026, in Mumbai. Mr. Dalawai resigned consequent upon internal restructuring and transition within the company. He confirmed there were no other material reasons for his departure.

Leadership Transition

Mr. Siddiqui brings over 16 years of experience in finance, MIS, compliance, internal controls, risk management, and audits. He holds qualifications in LL.B., MBA, and M.Com. The Audit Committee and Nomination and Remuneration Committee recommended his appointment to the Board.

Mr. Siddiqui will also serve as a Whole-Time Key Managerial Personnel under the Companies Act 2013 and SEBI (LODR) Regulations, 2015. He currently holds no shareholding in the company and is not related to any of its directors.

Regulatory Compliance

The company disclosed these changes pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015. Mr. Dalawai ceased to be Key Managerial Personnel with effect from the close of business hours on September 10, 2026.

Mr. Siddiqui is not disqualified from holding the office of CFO under applicable regulations and has provided his consent for the appointment. The Board authorized him as a Key Managerial Personnel for determining materiality of events or information for stock exchange disclosures.

Chemkart reported a 14.37% year-on-year decline in standalone net profit after tax (PAT) to ₹207.72 crore for FY26, despite revenue growth of 4.58%.

The nutraceutical ingredients supplier posted revenue from operations of ₹2,125.95 crore for the financial year ended March 31, 2026, up from ₹2,032.79 crore in the previous year. The company also successfully completed its Initial Public Offering (IPO) during the period, raising approximately ₹800.84 crore.

Financial Performance

The company's consolidated total income rose to ₹2,154.94 crore from ₹2,054.56 crore in FY25. However, profit before tax declined by 14.07% to ₹268.89 crore on a consolidated basis, down from ₹324.75 crore.

What the Numbers Show

A significant divergence exists between top-line growth and bottom-line profitability. While revenue expanded moderately, the cost of material consumed surged by 53.13% to ₹114.63 crore, outpacing revenue growth significantly. This input cost inflation, combined with a 46.76% rise in employee benefit expenses to ₹31.20 crore, compressed margins. EBITDA fell 11.66% to ₹289.40 crore, with the EBITDA margin contracting by 251 basis points to 13.61%.

Balance Sheet and Capital Structure

The IPO proceeds materially strengthened the company’s liquidity position. Cash and cash equivalents skyrocketed to ₹364.95 crore, compared to just ₹27.83 crore at the end of FY25. Concurrently, the company reduced its short-term borrowings significantly, bringing them down to ₹49.53 crore from ₹169.26 crore.

Total reserves and surplus more than doubled to ₹1,189.59 crore, driven primarily by the addition of securities premium amounting to ₹541.78 crore from the public issue. The board did not recommend any dividend for the year, opting to reinvest profits to build a strong reserve base.

Operational Updates

The company continues to operate as a one-stop sourcing partner for nutraceutical ingredients, including amino acids, proteins, and vitamins. Management highlighted plans to scale up processing and blending operations at its Bhiwandi facility and integrate its wholly-owned subsidiaries, Easy Raw Materials Private Limited and Vinstar Biotech Private Limited, to capture greater value-added revenue.