Vipul Organics Limited has announced robust financial results for Q3FY26, demonstrating strong operational performance alongside its recent fund raising activities. The specialty chemicals company reported significant revenue growth of 16.92% quarter-on-quarter and 11.65% year-on-year, while maintaining compliance with regulatory requirements for its preferential issue fund utilisation.

Q3FY26 Financial Performance

The company delivered impressive quarterly results with total revenue reaching ₹46.38 crore in Q3FY26:

Nine-Month Performance Overview

For the nine months ended December 31, 2025, the company maintained steady growth momentum:

Fund Utilisation Compliance Status

Simultaneously, the company submitted its quarterly compliance statement confirming no deviation in the utilisation of funds raised through preferential issue for the quarter ended December 31, 2025:

The raised funds remain allocated across three primary objectives with no utilisation reported during the quarter - manufacturing facility upgradation and capacity expansion (₹10.66 crore), reduction of long-term bank debts (₹10.00 crore), and general corporate purposes (₹6.88 crore).

Management Outlook

Commenting on the results, Mr. Vipul Shah, Managing Director, highlighted the company's strategic positioning: "We have seen an improvement in our topline in this quarter. With our Capex almost done, we expect the benefits to kick in from the coming quarters. Our water membrane division has also shown traction and we are hopeful of order flow in the coming fiscal."

The company, which ended FY25 with revenues of ₹163 crore, continues to strengthen its position as a leading specialty chemicals manufacturer in the pigments and dyes segment with global presence across over 50 countries.

Vipul Organics Limited , a key player in the chemical industry, has successfully completed its preferential issue of equity shares to non-promoters, resulting in dilution of promoter shareholding. The company's Board of Directors approved the allotment of 13,05,400 equity shares on December 22, raising approximately Rs 27.50 crore.

Promoter Shareholding Dilution

Following the equity allotment to non-promoters, the promoter group's shareholding has been diluted from 68.64% to 63.94%. The promoter group, led by Vipul Pravinchandra Shah and including Vipul P Shah (HUF), Kavita Javadsha Varaiya, Mita Vipul Shah, Mihir Vipul Shah, Vatsal Vipul Shah, and Niloni Mihir Shah, filed a disclosure under Regulation 29(2) of SEBI Takeover Regulations on December 24.

Revised Fund Utilization Plan

Due to non-participation by some proposed allottees, Vipul Organics revised the amount towards utilization of issue proceeds while maintaining the same objectives approved by shareholders. The company informed BSE about the revised utilization plan under Regulation 30.

Allotment Details

The preferential issue, which received in-principle approval from BSE earlier, was originally planned for up to 16,70,000 equity shares. However, the final allotment was reduced to 13,05,400 shares due to non-participation by some proposed allottees. The shares were allotted at Rs 211 per share to 9 non-promoter investors.

Key Allottees

The preferential issue was subscribed by 9 non-promoter investors, with notable allocations including:

Regulatory Compliance

The promoter group clarified that they have not acquired any shares in the company, and the change in shareholding is purely due to dilution from the equity allotment to non-promoters. As a measure of compliance and caution, the promoters filed the disclosure despite the passive nature of the change. The company confirmed that there are no changes in objects and other terms as approved by shareholders in the extraordinary general meeting held on October 31. Company Secretary Mansi Shah signed the regulatory filing submitted to BSE on December 22.