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 However, the order was revoked on December 26, 2025, enabling immediate resumption of operations.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.

Black Rose Industries Limited has received reaffirmation of its credit ratings from Crisil Ratings Limited, maintaining stable outlook on the company's banking facilities. The rating agency has reaffirmed both long-term and short-term credit ratings on the company's bank loan facilities totaling Rs. 86.5 crore.

Credit Rating Details

Crisil has maintained its assessment of Black Rose Industries' creditworthiness across multiple rating categories. The reaffirmation covers the company's complete portfolio of bank loan facilities.

Regulatory Compliance

The company announced this development through a formal communication to BSE Limited on January 28, 2026. The intimation was made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which mandates disclosure of material events including credit rating actions.

Whole-time Director Shruti Jatia signed the regulatory filing, ensuring compliance with stock exchange notification requirements. The company has also made this information available on its corporate website at www.blackrosechemicals.com for stakeholder access.

Company Operations

Black Rose Industries Limited operates from its registered office at Mittal Towers, Nariman Point, Mumbai, with manufacturing facilities located at Shree Laxmi Co-op. Industrial Estate in Hatkanangle, Kolhapur district, Maharashtra. The company maintains its listing on BSE with scrip code 514183 and ISIN INE761G01016.

The credit rating reaffirmation reflects the rating agency's continued confidence in the company's financial profile and business operations, providing stability for its banking relationships and financial planning initiatives.