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AksharChem India Credit Rating Outlook Revised to Negative; Long-term Rating Reaffirmed at CARE A-
CARE Ratings has reaffirmed AksharChem's long-term rating at 'CARE A-' but revised the outlook to 'Negative' due to sustained weak financial performance. The company reported a net loss of ₹5.24 crore in 9MFY26, with operating margins dropping to 4.43% from 7.39% YoY. Debt coverage metrics have deteriorated significantly, with Total Debt/PBILDT rising to 8.46x, though overall gearing remains comfortable at 0.25x. Recovery depends on the stabilization of the new PPT silica plant and mitigation of the 50% US export tariff impact.
Key Highlights
Outlook revised to Negative from Stable; Long-term rating reaffirmed at CARE A-.
Reported a net loss of ₹5.24 crore in 9MFY26 compared to a profit of ₹3.33 crore in 9MFY25.
Operating margins compressed to 4.43% in 9MFY26 due to 50% US export tariffs and high input costs.
Total Debt/PBILDT ratio weakened significantly to 8.46x in 9MFY26 from 2.69x in FY25.
PPT silica segment yet to achieve break-even, impacting overall overhead absorption and profitability.
💼 Action for Investors
Investors should exercise caution as the negative outlook indicates a risk of a future rating downgrade if margins remain suppressed. Monitor the silica segment's utilization and potential reduction in US tariffs as primary indicators for a turnaround.
AksharChem Credit Outlook Revised to Negative by CARE Ratings; Ratings Reaffirmed at 'A-'
CARE Ratings has reaffirmed AksharChem India's long-term rating at 'CARE A-' but revised the outlook from 'Stable' to 'Negative'. This revision follows a sharp decline in operating margins to 4.43% in 9MFY26 and a net loss of ₹5.24 crore compared to a profit in the previous year. The company's debt coverage metrics have also weakened significantly, with Total Debt to PBILDT rising to 8.46x. Investors should note the impact of a 50% US tariff on exports and the ongoing stabilization risks of the new PPT silica plant.
Key Highlights
Outlook revised to 'Negative' from 'Stable' for long-term facilities totaling ₹108.41 crore.
Operating margin compressed by 296 bps to 4.43% in 9MFY26 due to weak realisations and US tariffs.
Reported a net loss of ₹5.24 crore in 9MFY26 against a profit of ₹3.33 crore in 9MFY25.
Total Debt to PBILDT ratio deteriorated sharply to 8.46x in 9MFY26 from 2.69x in FY25.
Overall gearing remains comfortable at 0.25x as of March 31, 2025, despite recent performance pressure.
💼 Action for Investors
Investors should exercise caution as the negative outlook reflects sustained pressure on profitability and debt serviceability. Monitor the stabilization of the PPT silica segment and any relief in US export tariffs as key triggers for a potential recovery.
AksharChem Q3 Results: Revenue Drops 11% YoY, Reports Net Loss of ₹4.62 Cr
AksharChem India reported a weak set of numbers for Q3 FY26, with revenue from operations declining 11.4% YoY to ₹80.38 crore. The company swung to a net loss of ₹4.62 crore for the quarter, compared to a profit of ₹1.19 crore in the same period last year. Total expenses at ₹83.49 crore exceeded total income, primarily driven by higher material costs. A positive development is the commissioning of a 5.19 MWp solar power plant in November 2025, which is expected to reduce captive power costs going forward.
Key Highlights
Revenue from operations fell 11.4% YoY to ₹80.38 crore from ₹90.69 crore.
Reported a net loss of ₹4.62 crore in Q3 FY26 versus a net profit of ₹1.19 crore in Q3 FY25.
Cost of materials consumed rose to ₹54.74 crore from ₹44.78 crore in the preceding quarter.
Commissioned a 5.19 MWp solar power plant on November 12, 2025, for captive consumption.
Earnings Per Share (EPS) declined to negative ₹5.75 from ₹1.48 YoY.
💼 Action for Investors
Investors should remain cautious as the company has turned loss-making due to margin pressure and declining sales. Monitor the impact of the new solar plant on operating margins in the coming quarters to see if cost efficiencies materialize.
AksharChem Q3 FY26 Revenue Falls 11% YoY to ₹80.38 Cr; Swings to Net Loss of ₹4.62 Cr
AksharChem India reported a weak performance for Q3 FY26, with revenue from operations declining 11.4% YoY to ₹80.38 crore. The company posted a net loss of ₹4.62 crore, a significant downturn from the ₹1.19 crore profit recorded in the same quarter last year. Operational efficiency was pressured as total expenses of ₹83.49 crore exceeded total income, leading to a loss before tax of ₹3.07 crore. A potential positive for future quarters is the commissioning of a 5.19 MWp solar power plant in November 2025 for captive consumption.
Key Highlights
Revenue from operations decreased to ₹80.38 crore in Q3 FY26 from ₹90.69 crore in Q3 FY25.
Reported a net loss of ₹4.62 crore for the quarter compared to a net profit of ₹1.19 crore YoY.
Total expenses stood at ₹83.49 crore, resulting in an operational loss as revenue failed to cover costs.
EPS for the quarter turned negative at ₹(5.75) versus ₹1.48 in the previous year's corresponding quarter.
Successfully commissioned a 5.19 MWp ground-mounted solar power plant on November 12, 2025, for captive use.
💼 Action for Investors
Investors should exercise caution as the company has entered a loss-making phase with declining revenues. Monitor the next two quarters to see if the new solar plant effectively reduces power costs and improves operational margins.
AksharChem Commissions 5.19 MWp Ground Mounted Solar Plant for Captive Use
AksharChem India Limited has successfully commissioned a 5.19 MWp (DC) / 3.85 MWp (AC) ground-mounted solar power plant in Banaskantha, Gujarat. The facility is designed for captive consumption at the company's manufacturing unit located in Indrad (Chhatral). Power generation officially commenced on November 12, 2025, following certification from the Gujarat Energy Development Agency (GEDA). This initiative is part of the company's strategy to enhance its renewable energy portfolio and reduce long-term energy costs.
Key Highlights
Commissioned 5.19 MWp (DC) / 3.85 MWp (AC) solar power plant for captive consumption
Solar power generation started effective from November 12, 2025
Plant located at Village Makdala, Banaskantha to power the Indrad (Chhatral) factory
Received official commissioning certificate from GEDA on December 18, 2025
Move aimed at enhancing sustainability and reducing operational power costs
💼 Action for Investors
Investors should view this as a positive step toward margin improvement through reduced power costs. Monitor upcoming quarterly results to quantify the impact of lower energy expenses on the bottom line.