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SUDARSCHEM - Sudarshan Chem.

📊 NSE: SUDARSCHEM 🏢 Dyes And Pigments 📅 Last Updated: 12/14/2025 13:46

📢 Recent Corporate Announcements

Sudarshan Chemical Schedules Meetings with Nippon, Axis, and Tata Mutual Funds

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Mar 2026, 08:24 PM

Sudarshan Chemical Industries Limited has announced a series of one-on-one meetings with prominent institutional investors scheduled for March 12 and 13, 2026. The company will interact with Nippon India Mutual Fund and Axis Mutual Fund on March 12, followed by Tata Mutual Fund on March 13. These interactions include both video conferences and in-person meetings. The company has explicitly stated that no Unpublished Price Sensitive Information (UPSI) will be discussed during these sessions.

One-on-one video conference with Nippon India Mutual Fund on March 12, 2026, at 3:30 PM IST
In-person meeting with Axis Mutual Fund scheduled for March 12, 2026, at 4:15 PM IST
Video conference interaction with Tata Mutual Fund on March 13, 2026, at 4:00 PM IST
Disclosure made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

💡 Investors should monitor for any subsequent investor presentations or transcripts filed by the company which may offer insights into management's outlook. No immediate trading action is required based on this routine scheduling update.

Sudarshan Chemical Schedules Investor Meetings with Nippon, Axis, and Tata Mutual Funds

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Mar 2026, 08:22 PM

Sudarshan Chemical Industries Limited has announced a series of one-on-one meetings with prominent institutional investors scheduled for March 12 and March 13, 2026. The company will engage with Nippon India Mutual Fund and Tata Mutual Fund via video conference, while a meeting with Axis Mutual Fund is set to take place in person. These interactions are part of the company's regular investor relations program to discuss business updates. The company has clarified that no Unpublished Price Sensitive Information (UPSI) will be disclosed during these sessions.

One-on-one video conference with Nippon India Mutual Fund on March 12, 2026, at 3:30 PM IST
In-person meeting with Axis Mutual Fund scheduled for March 12, 2026, at 4:15 PM IST
One-on-one video conference with Tata Mutual Fund on March 13, 2026, at 4:00 PM IST
Company confirms no Unpublished Price Sensitive Information (UPSI) will be shared during these meetings

💡 Investors should monitor for any subsequent investor presentations or transcripts filed with the exchanges for insights into the company's outlook. No immediate trading action is required based on this routine disclosure.

Sudarshan Chemical to Meet Theleme India Master Fund on March 2, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Feb 2026, 03:25 PM

Sudarshan Chemical Industries Limited has scheduled a one-on-one video conference with Theleme India Master Fund Limited. The meeting is slated for March 2, 2026, at 4:00 PM IST to discuss general business updates. This interaction is part of the company's routine engagement with institutional investors under SEBI Listing Regulations. The company explicitly stated that no unpublished price-sensitive information will be disclosed during the session.

One-on-one video conference scheduled for March 2, 2026, at 04:00 P.M. IST.
Interaction specifically with institutional investor Theleme India Master Fund Limited.
Meeting conducted under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Company confirmed that no Unpublished Price Sensitive Information (UPSI) will be discussed.

💡 Investors should monitor the company's website or exchange filings for any post-meeting presentations or transcripts that might provide insights into the management's outlook.

Sudarshan Chemical Q3 FY26: Integration Progresses Amidst Global Demand Headwinds

🔵 WATCH ⭐ 8/10

EARNINGS 📅 19 Feb 2026, 05:09 PM

Sudarshan Chemical reported a challenging Q3 FY26, impacted by weak demand in Europe and North America and significant destocking by customers of the acquired Heubach business. The acquired group saw an EBITDA loss of INR 38 crores, though this was mitigated by INR 40 crores in value capture savings realized during the quarter. Management has initiated a strategic inventory reduction of EUR 30-40 million over the next three quarters to improve cash flow and reduce debt, despite a projected temporary EBITDA hit of EUR 9-12 million. The company maintains a stable net debt-to-equity ratio of 0.5, with a 9-month EPS standing at negative INR 1.4.

Realized INR 40 crores in value capture savings in Q3 FY26 compared to Q1.
Acquired Heubach business reported an EBITDA loss of INR 38 crores for the quarter.
Strategic plan to reduce inventory by EUR 30-40 million to boost operating cash flow.
Anticipated temporary reduction in reported EBITDA by EUR 9-12 million due to inventory rationalization.
Net debt-to-equity ratio remains healthy at 0.5 despite global macro challenges.

💡 Investors should focus on the company's ability to execute the Heubach integration and monitor the transition from reported EBITDA losses to improved cash flow through inventory reduction. The 'WATCH' status is advised until the temporary margin compression from inventory rationalization stabilizes.

Sudarshan Chemical Q3 PAT at ₹22.5 Cr; Revenue Dips 4.3% YoY to ₹550.3 Cr

🟡 NEUTRAL ⭐ 8/10

EARNINGS 📅 12 Feb 2026, 09:29 PM

Sudarshan Chemical reported a mixed performance for Q3 FY26, with revenue declining 4.3% YoY to ₹550.3 crore. Net profit stood at ₹22.5 crore, which was significantly impacted by a one-time exceptional charge of ₹26.5 crore due to the statutory impact of new Labour Codes on gratuity. On a positive note, the nine-month PAT for FY26 showed strong growth at ₹169.9 crore compared to ₹118.6 crore in the previous year. The company also renewed a €6 million corporate guarantee for its European subsidiary to support working capital needs.

Revenue from operations fell to ₹550.3 crore in Q3 FY26 from ₹574.8 crore in Q3 FY25.
Net Profit for the quarter was ₹22.5 crore, including a ₹26.5 crore exceptional hit from new Labour Code provisions.
Nine-month PAT increased by 43% YoY to ₹169.9 crore despite a drop in total nine-month revenue to ₹1,664 crore.
Board approved renewal of a €6 million corporate guarantee for wholly-owned subsidiary Sudarshan Europe B.V.
Finance costs decreased to ₹5.7 crore in Q3 FY26 from ₹9.1 crore in the same quarter last year.

💡 Investors should look past the one-time exceptional labor cost hit and focus on the improving nine-month profitability margins. Monitor the successful integration of the Heubach Group acquisition and global pigment demand recovery for long-term growth.

Sudarshan Chemical Q3 FY26: Revenue at ₹2,103 Cr; Heubach Integration Impacts Margins

🔵 WATCH ⭐ 9/10

EARNINGS 📅 12 Feb 2026, 09:00 PM

Sudarshan Chemical reported a consolidated revenue of ₹2,103 Cr for Q3 FY26, largely driven by the acquisition of the Heubach group. While the legacy business contributed ₹712 Cr, the acquired group faced a ₹38 Cr adjusted EBITDA loss due to global demand softness and destocking. Management has revised the FY26 Business EBITDA guidance for the acquired group downward to €16 Mn from €25 Mn. However, the company achieved ₹40 Cr in fixed cost savings during the quarter as part of its integration value capture plan.

Consolidated Q3 FY26 Revenue reached ₹2,103 Cr, with the Acquired Group contributing ₹1,479 Cr.
One Sudarshan Consolidated Adjusted EBITDA margin stood at 1.9% for Q3, impacted by losses in the acquired entity.
Achieved ₹40 Cr in fixed cost savings in Q3 FY26 through organizational optimization and the new Global Capability Center.
Revised FY26 Business EBITDA outlook for the Acquired Group to ~€16 Mn, down from the previous €25 Mn guidance.
Net Debt stood at ₹1,123 Cr as of December 2025, with a Net Debt to Equity ratio of 0.5.

💡 Investors should closely monitor the integration progress and the realization of the €90-100 Mn EBITDA target by FY29. Short-term volatility is expected as the company rationalizes inventory and navigates low global demand in the coatings and plastics segments.

Sudarshan Chemical Q3 PAT at ₹22.5 Cr; Renews €6 Million Guarantee for European Subsidiary

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 12 Feb 2026, 08:01 PM

Sudarshan Chemical reported a standalone Net Profit of ₹22.5 crore for Q3 FY26, a significant drop from ₹74.1 crore in the previous quarter, largely due to a ₹26.5 crore exceptional charge related to new Labour Codes. Revenue from operations for the quarter stood at ₹550.3 crore, compared to ₹582.5 crore in Q2 FY26. The Board also approved the renewal of a €6 million corporate guarantee for its wholly-owned subsidiary, Sudarshan Europe B.V., to secure working capital facilities. This follows the company's major global expansion via the Heubach Group acquisition completed in March 2025.

Standalone Revenue from operations reached ₹550.3 crore in Q3 FY26, down 5.5% QoQ.
Net Profit impacted by a ₹26.5 crore exceptional item due to statutory changes in Labour Codes (gratuity impact).
Board approved renewal of a €6 million Corporate Guarantee for Sudarshan Europe B.V. for working capital needs.
Nine-month standalone PAT stands at ₹169.9 crore, showing growth over ₹118.6 crore in the previous year's corresponding period.
Company confirmed full utilization of ₹800 crore QIP proceeds for the Heubach Group acquisition and debt repayment.

💡 Investors should monitor the margin recovery in upcoming quarters as the one-time impact of the Labour Code adjustments subsides. The successful integration and performance of the newly acquired Heubach Group assets remain the primary long-term value driver.

Sudarshan Chemical Q3 FY26 PAT at ₹22.5 Cr; Revenue Declines 4% YoY to ₹550.3 Cr

🔵 WATCH ⭐ 8/10

EARNINGS 📅 12 Feb 2026, 07:58 PM

Sudarshan Chemical reported a decline in revenue to ₹550.3 crore for Q3 FY26, down from ₹574.8 crore in the same quarter last year. Net profit for the quarter stood at ₹22.5 crore, which was significantly impacted by a one-time exceptional expense of ₹26.5 crore related to the new Labour Codes. However, the 9-month performance remains strong with PAT at ₹169.9 crore compared to ₹118.6 crore YoY. The company also approved a €6 million corporate guarantee for its European subsidiary to support working capital requirements.

Revenue from operations decreased 4.3% YoY to ₹550.3 crore in Q3 FY26.
Exceptional item of ₹26.5 crore recognized due to statutory impact of new Labour Codes on gratuity.
9M FY26 PAT grew by 43% YoY to reach ₹169.9 crore.
Finance costs reduced to ₹5.7 crore in Q3 FY26 from ₹9.1 crore in Q3 FY25.
Board approved renewal of €6 million corporate guarantee for wholly owned subsidiary Sudarshan Europe B.V.

💡 Investors should monitor the stabilization of margins following the exceptional labor code impact and the progress of the Heubach Group acquisition integration. The reduction in finance costs suggests improving balance sheet health despite the revenue dip.

Sudarshan Chemical to Host Q3 FY26 Earnings Conference Call on February 13, 2026

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 10 Feb 2026, 07:23 PM

Sudarshan Chemical Industries Limited has scheduled an analysts and institutional investors conference call for February 13, 2026, at 10:00 AM IST. The call is intended to discuss the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. The session will be hosted by Anand Rathi Research and will feature key management personnel including the Chairman and Managing Director. This is a standard regulatory disclosure following the conclusion of the third quarter of the 2025-26 fiscal year.

Conference call scheduled for February 13, 2026, at 10:00 AM IST via video conference.
Discussion will focus on Q3 FY26 and 9M FY26 unaudited financial performance.
Management representation includes Mr. Rajesh Rathi (CMD) and Mr. Nilkanth Natu (CFO).
The event is organized in coordination with Anand Rathi Research.
The meeting follows Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 Investors should track the upcoming financial results and listen to the management commentary for updates on pigment industry demand and raw material pricing. No immediate action is required as this is a routine scheduling announcement.

Sudarshan Chemical Clarifies EPS Discrepancy for FY25; Q4 EPS After Exceptional Items at Rs 2.90

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 03 Feb 2026, 04:45 PM

Sudarshan Chemical Industries has clarified a reporting discrepancy in its XBRL filings for the quarter and year ended March 31, 2025. The company explained that the initial XBRL filing reflected EPS after exceptional items, while the quick results showed EPS before exceptional items. For Q4 FY25, the EPS after exceptional items was Rs. 2.90, compared to Rs. 4.20 before exceptional items. For the full year FY25, the EPS after exceptional items stood at Rs. 19.90 versus Rs. 22.50 before exceptional items. The company has submitted a revised XBRL file to the exchange to ensure consistency.

Clarified discrepancy between XBRL utility data and published Quick Results for FY25
Reported Q4 EPS after exceptional items at Rs. 2.90 vs Rs. 4.20 before exceptional items
Full-year FY25 EPS after exceptional items confirmed at Rs. 19.90
Full-year FY25 EPS before exceptional items confirmed at Rs. 22.50
Revised XBRL file submitted to the National Stock Exchange to rectify the reporting mismatch

💡 This is a technical regulatory clarification and does not reflect any change in the company's actual financial performance or business fundamentals. Investors should use the 'after exceptional items' figures for calculating valuation multiples.

Sudarshan Chemical Files Q3 FY26 SEBI Dematerialization Compliance Certificate

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jan 2026, 03:11 PM

Sudarshan Chemical Industries has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Registrar MUFG Intime India Private Limited, covers the period from October 1, 2025, to December 31, 2025. It confirms that all share certificates received for dematerialization were processed, cancelled, and the records updated within the prescribed timelines. This is a standard procedural filing that ensures the company's shareholding records are accurately maintained in electronic form.

Compliance certificate submitted for the quarter ended December 31, 2025.
Confirms that securities received for dematerialization are listed on BSE and NSE.
Physical share certificates were mutilated and cancelled after due verification by the Registrar.
Registrar MUFG Intime India confirmed all processes were completed within prescribed timelines.

💡 No action is required as this is a routine regulatory filing. Investors should continue to monitor the company's quarterly financial performance for material impact.

Sudarshan Chemical Receives GST Demand Order of Rs 50.58 Crore for FY 2021-22

🔵 WATCH ⭐ 6/10

REGULATORY 📅 31 Dec 2025, 04:10 PM

Sudarshan Chemical Industries Limited has received a GST demand order (DRC-07) from the Deputy Commissioner of State Tax, Maharashtra, for the financial year 2021-22. The total demand amounts to Rs. 50.58 Crores, comprising tax, interest, and penalties. The company has stated that it intends to file an appeal against this order and believes it has a strong case on all points raised. Management currently anticipates no immediate impact on the company's financial or operational activities.

Total GST demand of Rs. 50,58,05,808 issued for the period April 2021 to March 2022.
The demand includes Tax of Rs. 26.91 Crores, Interest of Rs. 20.98 Crores, and a Penalty of Rs. 2.69 Crores.
Order passed by the Office of Deputy Commissioner of State Tax, Bhosari-513, Maharashtra.
Company is in the process of filing an appeal before the appropriate authority to contest the order.

💡 Investors should monitor the outcome of the appeal process as the demand amount is significant, though the company is confident in its legal position. No immediate change in investment thesis is required pending further legal developments.

Sudarshan Chemical Receives GST Demand Order of ₹50.58 Crores for FY 2021-22

🔴 NEGATIVE ⭐ 6/10

LEGAL 📅 31 Dec 2025, 11:56 AM

Sudarshan Chemical Industries Limited has received a GST demand order totaling ₹50.58 Crores from the Maharashtra State Tax authorities for the financial year 2021-22. The demand includes a tax component of ₹26.91 Crores, interest of ₹20.98 Crores, and a penalty of ₹2.69 Crores. The company has stated its intention to file an appeal against this order, maintaining that it has a strong case. While management currently expects no immediate impact on operations, the final resolution of this tax dispute remains a key monitorable.

Total GST demand of ₹50,58,05,808 issued for the period April 2021 to March 2022.
Demand breakdown: ₹26.91 Crores tax, ₹20.98 Crores interest, and ₹2.69 Crores penalty.
Order issued by the Office of Deputy Commissioner of State Tax, Bhosari-513, Maharashtra.
Company is in the process of filing an appeal and believes there is no immediate financial impact.

💡 Investors should monitor the progress of the appeal as the demand amount is significant relative to annual profits. No immediate action is required, but this represents a contingent liability that could impact future cash flows if the appeal is unsuccessful.

Sudarshan Chemical Announces Trading Window Closure from Jan 1, 2026 for Q3 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 31 Dec 2025, 11:48 AM

Sudarshan Chemical Industries Limited has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the announcement of the unaudited financial results for the quarter and nine-month period ending December 31, 2025. The window will remain closed for all designated persons and their relatives until 48 hours after the results are declared. The specific date for the board meeting to approve these results will be communicated separately.

Trading window closure effective from Thursday, January 1, 2026.
Closure pertains to the unaudited financial results for the quarter and nine months ended December 31, 2025.
Window to reopen 48 hours after the results are officially announced to the stock exchanges.
Applies to all designated persons and their immediate relatives under the Company's Code of Conduct.

💡 No action is required as this is a standard regulatory filing. Investors should await the announcement of the board meeting date to track the company's Q3 performance.

Sudarshan Chemical Liquidates Swedish Step-Down Subsidiary Heubach Colorants Scandinavia AB

🟡 NEUTRAL ⭐ 4/10

OTHER 📅 30 Dec 2025, 05:17 PM

Sudarshan Chemical Industries has announced the formal liquidation of its Swedish step-down subsidiary, Heubach Colorants Scandinavia AB, effective December 29, 2025. This entity was already in a voluntary liquidation process when Sudarshan acquired the Heubach Group's global pigment business in March 2025. The subsidiary had zero turnover in FY 2024-25 and a minimal net worth contribution of ₹1,309.7 Lakhs, representing just 0.3% of the company's total net worth. This move is a routine administrative step to streamline the global corporate structure following the major Heubach acquisition.

Liquidation of Heubach Colorants Scandinavia AB effective December 29, 2025
Subsidiary contributed 0% to the consolidated turnover in FY 2024-25
Net worth contribution of the liquidated entity was ₹1,309.7 Lakhs (0.3% of total)
The entity was already under voluntary liquidation prior to its acquisition by Sudarshan Europe B.V.

💡 No action is required as this is a routine administrative cleanup of a non-operational entity with negligible financial impact. Investors should continue to monitor the overall integration progress of the Heubach Group acquisition.

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💰 Financial Performance

Revenue Growth by Segment

Pigment segment revenue grew 7% YoY to INR 2,223 Cr in FY24 and accelerated to 17% YoY growth in 9M FY25. The Engineering division (RIECO) grew 42% YoY to INR 316 Cr in FY24 but faced a sharp 25.5% decline to INR 146 Cr in 9M FY25 due to macroeconomic headwinds impacting capital expenditure cycles.

Geographic Revenue Split

Domestic operations grew 10% YoY in FY24, while overseas operations recorded a modest 4% increase due to European challenges. However, the overseas revenue mix improved to 53% of total revenue in H1 FY25 compared to 49% in H1 FY24, driven by strong performance in North America, Northern Latin America, and the Middle East.

Profitability Margins

Operating margins improved by 290 bps to 12.9% in FY24. Gross margins reached 52.8% in 9M FY25, up from 48.5% in 9M FY24, driven by a favorable product mix favoring specialty pigments and stable raw material costs. Net operating profitability increased 42% YoY to INR 329 Cr in FY24.

EBITDA Margin

EBITDA margin stood at 14% for H1 FY26 with an absolute EBITDA of INR 172 Cr. Core profitability is expected to temporarily contract to mid-single digits post-consolidation of the Heubach Group due to its current weak profitability and initial turnaround expenses.

Capital Expenditure

The company committed INR 1,180 Cr (EUR 127.5 million) for the debt-free acquisition of Heubach Group's global pigment operations, plus an additional infusion of INR 925 Cr (EUR 100 million) for working capital and restructuring, totaling a planned spend of over INR 2,105 Cr.

Credit Rating & Borrowing

CRISIL A1+/Watch Developing. Interest coverage ratio improved to 11.53 times as of September 30, 2024, from 8.60 times in FY24. However, interest cover is expected to moderate to approximately 3 times over the medium term due to increased debt for the Heubach acquisition.

⚙️ Operational Drivers

Raw Materials

Pigment intermediates and commodity chemicals (specific names not listed, but identified as 'commodity prices') represent a significant portion of the 47.2% raw material cost base. Stable pricing in these materials was a primary driver for the 290 bps margin expansion in FY24.

Import Sources

Not specifically disclosed, though the company operates in 11 countries including Germany, USA, China, Mexico, and Japan, suggesting a global sourcing network.

Capacity Expansion

Current capacity includes Sudarshan's legacy plants plus Heubach's 17 manufacturing facilities across 11 countries. Planned expansion focuses on volume ramp-up from recently concluded growth capex to capture industry consolidation tailwinds.

Raw Material Costs

Raw material costs were approximately 47.2% of revenue in 9M FY25 (inverse of 52.8% gross margin). Procurement strategies focus on 'Cleansheet based negotiations' and 'Recipe harmonization' to reduce input costs across the unified entity.

Manufacturing Efficiency

Capacity utilization was impacted in Q2 FY26 by 'underutilised capacities' as the company intentionally lowered production to reduce inventory levels by INR 100 Cr in the standalone business.

📈 Strategic Growth

Expected Growth Rate

12-15%

Growth Strategy

Growth will be achieved through the acquisition of Heubach Group (making Sudarshan the 2nd largest global player), realizing cost synergies through 'One Sudarshan' integration, and a 'Value Capture Funnel' targeting EUR 90-100 million EBITDA from the acquired group by FY28/29. The strategy includes recipe harmonization and renegotiating volume rebates.

Products & Services

Organic and inorganic pigments sold to the coatings, plastics, inks, and automotive industries; engineering equipment and solutions through RIECO Industries.

Brand Portfolio

Sudarshan, Heubach, RIECO.

New Products/Services

Focus on 'Specialty Pigments' which are expected to improve margins to 13-14% for the legacy business over the medium term.

Market Expansion

Targeting global market leadership by integrating Heubach's 17 facilities; specifically seeing strong growth in North America and Middle Eastern regions.

Market Share & Ranking

Post-acquisition, the group is the 2nd largest player in the global pigment sector.

Strategic Alliances

Acquisition of Heubach Group (share deal and asset deal) via Sudarshan Europe B.V.

🌍 External Factors

Industry Trends

The industry is undergoing global consolidation. Sudarshan is positioning itself as a cost-efficient global leader by acquiring distressed but high-scale assets (Heubach) to gain immediate market share and a global manufacturing footprint.

Competitive Landscape

The landscape is consolidating; major competitors include global pigment manufacturers. Sudarshan noted that during Heubach's insolvency, customers shifted to competitors, creating a challenge to win back market share.

Competitive Moat

The moat is built on extensive promoter experience, a global distribution network, and a diversified product range. Post-acquisition, the scale (2nd largest globally) creates a cost leadership moat through 'One Sudarshan' synergies.

Macro Economic Sensitivity

Highly sensitive to global interest rates and inflation; high rates have led to lower demand in the automotive and paint industries, which are primary end-markets for pigments.

Consumer Behavior

Shift toward specialty and high-performance pigments in coatings and plastics is driving the company's product mix strategy.

Geopolitical Risks

The Ukraine-Russia conflict significantly impacted the Heubach Group by raising energy prices in Europe, leading to its eventual bankruptcy filing before the Sudarshan acquisition.

⚖️ Regulatory & Governance

Industry Regulations

The Heubach transaction is subject to various regulatory approvals and mandatory open offer requirements under SEBI SAST Regulations, 2011 for a 26% stake in certain entities.

Environmental Compliance

Specific water intensity was reduced by 40% to 32.54 KL per crore of revenue. The company views ESG commitment as vital for maintaining access to overseas borrowings.

Taxation Policy Impact

Not specifically disclosed, but land monetization proceeds of INR 287 Cr were reported 'net of tax'.

Legal Contingencies

Heubach Group filed for bankruptcy/insolvency prior to the acquisition; Sudarshan is acquiring assets and shares to restructure these operations.

⚠️ Risk Analysis

Key Uncertainties

The primary risk is the 'turnaround phase' of the Heubach Group, which is three times larger than Sudarshan's current operations. Failure to realize cost synergies could keep net debt-to-EBITDA above 3.0x beyond FY27.