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NOCIL to Invest INR 130 Crore for Capacity Expansion at Dahej Plant
NOCIL Limited has approved a capital expenditure of approximately INR 130 crores for a brownfield expansion at its Dahej plant in Gujarat. The project focuses on specialty rubber chemicals and includes backward integration of inputs to improve operational efficiencies. Currently, the company operates at 70% utilization of its 115,000 MTA capacity. The expansion is targeted for completion by H1 FY 2027-28 and will be funded primarily through internal accruals.
Key Highlights
Approved INR 130 crore investment for capacity expansion at the Dahej facility.
Project includes backward integration for specialty rubber chemicals to enhance margins.
Targeted completion date set for the first half of financial year 2027-28.
Funding to be managed largely through internal accruals, indicating a strong balance sheet.
Existing capacity stands at 115,000 MTA with current utilization around 70%.
💼 Action for Investors
Investors should view this as a positive long-term growth signal that strengthens NOCIL's competitive position in specialty chemicals. Monitor the execution timeline and the ramp-up of utilization levels in the coming quarters.
NOCIL Q3 FY26: EBITDA Rises to Rs 27 Cr; Domestic Volumes Show High Single-Digit Growth
NOCIL reported Q3 FY26 revenue of Rs. 316 crores, a slight sequential decline from Rs. 321 crores due to pricing pressures and import dumping. Operating EBITDA improved to Rs. 27 crores (8.5% margin) from Rs. 22 crores in Q2, driven by domestic volume growth and cost-saving initiatives. The company expects to end FY26 with 3-4% volume growth, recovering from a 5% decline in the first half of the year. Management anticipates a recovery in US export volumes, which dropped 50% in Q3, within the next 2-3 months following tariff revisions.
Key Highlights
Q3 FY26 EBITDA increased to Rs. 27 crores from Rs. 22 crores in Q2, with margins at 8.5%
Domestic volumes grew in high single digits, while US export volumes fell by approximately 50% due to tariffs
Management guides for 3% to 4% overall volume growth for FY26 despite a 5% degrowth in H1
TDQ antioxidant capacity expansion at Dahej is ahead of schedule with trials starting in H1 CY2026
9-month PAT stood at Rs. 39 crores, significantly lower than Rs. 82 crores in the previous year
💼 Action for Investors
Investors should monitor the outcome of anti-dumping investigations and the recovery of US export volumes. The upcoming TDQ capacity at Dahej provides a medium-term growth trigger.
NOCIL Q3FY26: Revenue at ₹316 Cr, EBITDA Margins Improve 140 bps QoQ to 8.5%
NOCIL reported a mixed Q3FY26 with revenue declining 1% QoQ to ₹316 crore, while Operating EBITDA grew 20% QoQ to ₹27 crore. Despite a 5% volume de-growth in H1FY26, the company expects full-year volume growth of 3-4% driven by high single-digit domestic demand recovery. Profitability remains under significant pressure with 9M Net Profit down 53% YoY to ₹39 crore due to persistent Chinese dumping and pricing challenges. However, the ₹250 crore Dahej brownfield expansion is progressing ahead of schedule, signaling long-term capacity readiness.
Key Highlights
Revenue for Q3FY26 stood at ₹316 crore, down 1% QoQ and 7% YoY from ₹340 crore.
Operating EBITDA margin improved by 140 bps QoQ to 8.5%, though 9M EBITDA remains 23% lower YoY.
Management maintains a full-year volume growth guidance of 3-4% despite a weak H1 performance.
₹250 crore Dahej expansion project is on track and expected to be completed ahead of schedule.
Net Profit for 9MFY26 fell 53% YoY to ₹39 crore, impacted by a ₹5 crore exceptional item related to new labour codes.
💼 Action for Investors
Investors should monitor the sustainability of margin recovery and the impact of US tariffs on international volumes. The stock remains a long-term play on the 'China Plus One' strategy as the Dahej expansion nears completion.
NOCIL Board Approves Q3 FY26 Unaudited Standalone and Consolidated Financial Results
NOCIL Limited's Board of Directors met on February 11, 2026, to approve the unaudited financial results for the quarter and nine months ended December 31, 2025. The consolidated results include the performance of its wholly-owned subsidiary, PIL Chemicals Limited. The statutory auditors, Kalyaniwalla & Mistry LLP, have completed their limited review and reported no material misstatements. The board meeting lasted approximately four and a half hours, concluding at 4:30 p.m. IST.
Key Highlights
Board approved Un-Audited Standalone and Consolidated Financial Results for the period ended December 31, 2025.
Consolidated results include the financial data of wholly-owned subsidiary PIL Chemicals Limited.
Statutory auditors issued a Limited Review Report with no qualifications or adverse findings.
The board meeting commenced at 12:00 Noon and concluded at 4:30 p.m. on February 11, 2026.
💼 Action for Investors
Investors should review the detailed financial tables and management commentary once the full data is uploaded to the stock exchanges to assess margin performance and revenue growth.