Gem Aromatics Limited has released its audited financial results for the financial year ended March 31, 2026. The company reported a standalone Profit After Tax (PAT) of ₹26.71 Cr for FY26, a decline of 53% from ₹56.85 Cr in the previous year. Revenue from operations for the year stood at ₹370.94 Cr, down 25.4% from ₹497.0 Cr in FY25. The Board approved the audited financial results, and the statutory auditors issued an unmodified opinion. The company announced that these results were published in newspapers on May 22, 2026.

Financial Performance

For the full year, the company reported an EBITDA of ₹39.4 Cr, with a margin of 10.6%. Basic EPS for the year stood at ₹5.33 compared to ₹12.13 in the previous year. The table below summarises the key annual financial metrics:

Quarterly Performance

The company demonstrated a sequential recovery in Q4FY26. Standalone PAT for the quarter rose 182% quarter-on-quarter (QoQ) to ₹11.87 Cr. Revenue from operations for the quarter increased 33.8% QoQ to ₹112.24 Cr. On a year-on-year basis, Q4 net profit stood at ₹11.87 Cr compared to ₹35.10 Cr in the same quarter of the previous year, while revenue came in at ₹112.24 Cr against ₹206.26 Cr in the year-ago period.

Gross profit for the quarter increased 70.2% QoQ to ₹26.2 Cr, with margins improving to 23.4% from 18.4% in Q3FY26. EBITDA for the quarter rose 97.7% QoQ to ₹15.1 Cr.

Corporate Developments

The Board approved the appointment of Mr. Dinesh Vasu Thekkepanakkal as an Additional (Whole Time) Director designated as Executive Director and Mr. Nandan Narula as an Additional (Independent) Director, both for a term of five years effective May 21, 2026, subject to shareholder approval. Additionally, M/s Y.R. Doshi & Associates were appointed as the Cost Auditor for FY26-27. The company also announced that commercial production of GEM Cool 5 cooling agents and Safranal commenced at the greenfield Dahej facility on February 26, 2026.

gem aromatics has successfully completed the utilization of its Initial Public Offer (IPO) proceeds as of the quarter ended March 31, 2026. The company submitted the final monitoring agency report to the stock exchanges on May 06, 2026, confirming that the gross proceeds of Rs 1,750.00 million have been fully deployed. The report, issued by CRISIL Ratings Limited, was prepared in compliance with Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Issue Details and Allocation

The IPO, which opened for subscription from August 19, 2025, to August 21, 2025, comprised equity shares with a total issue size of Rs 1,750.00 million. After deducting issue expenses amounting to Rs 121.37 million, the net proceeds available for deployment were Rs 1,628.63 million. The company allocated these funds towards specific objectives, including the repayment of borrowings and general corporate purposes.

Utilization of Proceeds

The primary object of the issue was the prepayment or repayment of outstanding borrowings availed by the company and its subsidiary, Krystal Ingredients Private Limited. A total of Rs 1,400.00 million was utilized for this purpose. Additionally, funds were allocated to general corporate purposes and issue expenses. The actual issue expenses were lower than estimated, resulting in a saving of Rs 4.58 million, which was subsequently added to the general corporate purposes allocation. The following table summarizes the revised and actual utilization of IPO proceeds:

Monitoring Agency Observations

CRISIL Ratings Limited, acting as the monitoring agency, confirmed that there were no deviations from the objects stated in the offer document. The agency verified the utilization based on a management undertaking, statutory auditor certificates dated April 20, 2026 issued by Chhajed & Doshi, Chartered Accountants, and bank statements. The report highlighted that the amount utilized for general corporate purposes did not exceed 25% of the gross proceeds. As of March 31, 2026, the IPO public issue account and monitoring account balances were nil, indicating the complete deployment of funds.

The board of directors approved the utilization of funds for general corporate purposes towards meeting expenses incurred in the ordinary course of business, including vendor payments for raw materials, via a resolution dated May 05, 2026. The following table details the quarter-wise progress in utilization of IPO proceeds:

With the full utilization of proceeds, this monitoring agency report serves as the final submission regarding the IPO fund deployment for Gem Aromatics Limited.