Vipul Organics Limited has announced a major strategic milestone with its membrane unit AdiMem Technologies commencing commercial sales of membranes. This development represents a pivotal transition from pilot operations to full-scale commercial production, positioning the company as India's first fully indigenous membrane manufacturer.

Commercial Operations Launch

AdiMem Technologies has successfully transitioned from pilot to full-scale operations, launching Reverse Osmosis (RO) and Ultrafiltration (UF) membrane manufacturing at its Sayakha, Gujarat facility. The company leverages proprietary Reverse Phase Transition technology to produce high-performance membranes indigenously, reducing dependence on imports from China-dominant supply chains.

The Sayakha unit integrates manufacturing, rolling, quality control, and performance testing infrastructure, enabling comprehensive water and wastewater solutions with consistent product performance at scale. AdiMem now supplies membranes alongside end-to-end Effluent Treatment Plants (ETP), Sewage Treatment Plants (STP), and pre-treatment systems for chemicals, pharmaceutical, and other industrial sectors.

Market Opportunity and Growth Targets

According to IMARC Group's report, India's membrane separation technology market is expanding at 11.52% CAGR, growing from USD 1.34 billion in 2026 to USD 2.7 billion by 2033. This growth is primarily driven by Zero Liquid Discharge (ZLD) mandates, the Namami Gange programme, and industrial water recycling needs, with chemicals emerging as a key end-use segment.

Vipul Organics is targeting 25% of its topline to come from sales of membranes and membrane-based solutions within the next three years. The company also aims to capture a sizeable portion of the USD 6.33 billion India filtration market projected for 2033.

Product Portfolio and Technology

AdiMem's comprehensive product lineup spans MF/UF/NF/RO configurations, tubular and hollow fibre systems, and MBR (Membrane Bioreactor) systems. This represents the first fully Indian-made offering in this category, delivering superior filtration, resilience, and sustainability features.

The membranes enable 90% water recovery across different applications, aligning with Vipul Organics' sustainability commitment. The company maintains strong environmental credentials including:

• 98% effluent recycling
• ZDHC Level 3 certification
• ISO 14001 compliance

Strategic Vision and Financial Impact

Managing Director Vipul P. Shah stated that the commercial sales commencement of AdiMem products reinforces India's sustainability drive while reducing import reliance. The strategic expansion from pigments (10,000 TPA expansion) to membranes opens access to the global USD 350 billion market.

The company projects significant growth in FY2027 amid 12-15% annual chemical membrane demand growth. This expansion is backed by a Rights Issue funding the Sayakha facility ramp-up, with analysts highlighting significant margin advantages versus peers in the specialty chemicals space.

Company Background

Vipul Organics Limited operates as a leading specialty chemicals company in the pigments and dyes segment, manufacturing pigments, dyestuff, lake colours, and pigment intermediaries. The company operates three manufacturing facilities across Maharashtra with a global footprint spanning over 50 countries. Vipul Organics ended financial year 2024-25 with revenues of ₹163 crore.

Vipul Organics Limited has submitted its quarterly compliance certificate under SEBI regulations for the fourth quarter of FY26, demonstrating adherence to regulatory requirements for securities dematerialization processes. The certificate was filed on 8th April 2026 with key market infrastructure institutions.

Regulatory Compliance Filing

The company filed its certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter and year ended 31st March 2026. The submission was made to multiple regulatory and market infrastructure entities to ensure comprehensive compliance coverage.

Recipients and Market Infrastructure

The compliance certificate was submitted to three key institutions that form the backbone of India's securities market infrastructure. These submissions ensure transparency and regulatory compliance across the entire securities ecosystem.

Primary Recipients:

• BSE Limited (Department of Corporate Services)
• National Securities Depository Limited (NSDL)
• Central Depository Services (India) Limited (CDSL)

Dematerialization Process Confirmation

The certificate confirms that Vipul Organics Limited, through its registrar and share transfer agent Bigshare Services Pvt. Ltd., has properly executed all dematerialization processes. The documentation verifies that securities received for dematerialization have been handled in accordance with regulatory requirements.

Registrar and Transfer Agent Role

Bigshare Services Pvt. Ltd., serving as the company's registrar and share transfer agent, provided the compliance certificate confirming proper execution of dematerialization processes. The registrar confirmed that all securities received from depository participants for dematerialization up to 31st March 2026 were properly processed and confirmed to the depositories.

Key Confirmations by Registrar:

• Securities received for dematerialization were confirmed (accepted/rejected) to depositories
• Security certificates comprised in dematerialization requests have been listed on relevant stock exchanges
• Physical certificates were mutilated and cancelled after due verification
• Depository names were substituted in the register of members as registered owners within the 15-day regulatory timeframe

Corporate Information

Vipul Organics Limited operates under the tagline "Interconnected Chemistry" and maintains its corporate office in Andheri (East), Mumbai, with its registered office in Andheri (West), Mumbai. The company is incorporated under CIN: L24110MH1972PLC015857, indicating its establishment in 1972 as a public limited company engaged in chemical manufacturing activities.