Meghmani Organics Limited (MOL) has released the transcript of its Earnings Conference Call held on February 02, 2026, to discuss the financial results for the third quarter of FY26. The call featured insights from Chairman and Managing Director Mr. Ankit Patel, CFO Mr. G. S. Chahal, and Investor Relations representative Mr. Nishant Vyas. During the call, Mr. Patel discussed the challenges faced in Q3 FY26, including softer export volumes due to overseas customers following calendar year-end purchasing patterns and uncertainty surrounding US trade policy, which impacted demand from the US and other export markets. Raw material prices remained stable with stagnant price realization. On a standalone basis for Q3 FY26, MOL reported revenue of ₹485 crore and EBITDA of ₹51 crore, with a Profit After Tax (PAT) of ₹22 crore. The revenue mix comprised 79% from Crop Protection and 21% from the Pigment segment. The Crop Protection segment generated ₹382 crore in revenue with an EBITDA of ₹58 crore, while the Pigment segment reported ₹103 crore in revenue and ₹0.7 crore in EBITDA. For the nine months ended December 31, 2025, standalone revenue stood at ₹1,635 crore, with EBITDA growing 75% year-on-year to ₹203 crore. On a consolidated basis for Q3 FY26, revenue was ₹509 crore with EBITDA of ₹38 crore. For the nine-month period, consolidated revenue and EBITDA were ₹1,700 crore and ₹157 crore, respectively. Consolidated PAT stood at ₹21 crore, a significant improvement from a loss of ₹30 crore in the corresponding previous year. The company also addressed the situation in its Titanium Dioxide (TiO2) segment, which has been under pressure due to elevated raw material costs and weaker price realization, exacerbated by the withdrawal of anti-dumping duty. MOL has temporarily shut down the TiO2 plant to mitigate losses and is awaiting the re-imposition of anti-dumping duty, which is expected shortly. The company anticipates raw material prices to normalize in coming quarters. Regarding the Crop Nutrition segment, MOL is actively developing new international markets for Meghmani Nano Urea, with sample consignments being dispatched for field evaluation. The company's debt on a standalone basis as of December 31, 2025, was ₹573 crore, with a debt-to-equity ratio of 0.33. On a consolidated basis, total debt was ₹783 crore, with a debt-to-equity ratio of 0.51. Year-to-date, the company has made debt repayments of approximately ₹128 crore. Management expressed confidence in the long-term growth trajectory despite near-term macroeconomic headwinds, citing state-of-the-art infrastructure, plant compatibility, a diversified product portfolio, and strong geographic presence.
