Apcotex Industries Reports Strong Q4 and Full-Year FY26 Results; Net Profit Nearly Doubles, Final Dividend of Rs 5.50 Per Share Recommended

Apcotex Industries Limited delivered a strong financial performance for the quarter and year ended March 31, 2026, with its Board of Directors approving audited financial results at a meeting held on May 6, 2026. The company, engaged in the business of Synthetic Emulsion Polymers, reported a significant improvement in profitability both on a quarterly and annual basis, underpinned by higher revenue from operations and controlled expenses.

Quarterly Financial Performance

For the quarter ended March 31, 2026, Apcotex Industries reported revenue from operations of ₹39,758.38 lakhs, compared to ₹34,939.62 lakhs in Q4 FY25 and ₹33,145.78 lakhs in Q3 FY26. Total income for Q4 FY26 stood at ₹40,430.50 lakhs against ₹35,032.53 lakhs in Q4 FY25. Net profit after tax for the quarter rose sharply to ₹3,474.06 lakhs from ₹1,675.50 lakhs in the same period last year. The following table summarises the key quarterly financial metrics:

Metric: Q4 FY26 (Mar 31, 2026) Q3 FY26 (Dec 31, 2025) Q4 FY25 (Mar 31, 2025) Revenue from Operations (₹ Lakhs): 39,758.38 33,145.78 34,939.62 Other Income (₹ Lakhs): 672.12 327.35 92.91 Total Income (₹ Lakhs): 40,430.50 33,473.13 35,032.53 Total Expenses (₹ Lakhs): 35,931.79 30,239.74 32,585.01 Profit Before Tax (₹ Lakhs): 4,498.71 2,754.93 2,447.52 Net Profit After Tax (₹ Lakhs): 3,474.06 2,221.53 1,675.50 Basic & Diluted EPS (₹, not annualised): 6.70 4.28 3.23

Full-Year Financial Performance

For the full year ended March 31, 2026, Apcotex Industries reported revenue from operations of ₹1,44,149.88 lakhs, compared to ₹1,39,235.60 lakhs in FY25. Total income for FY26 was ₹1,45,874.18 lakhs against ₹1,40,273.85 lakhs in FY25. Profit before tax for the year rose to ₹13,484.93 lakhs from ₹7,624.58 lakhs in FY25, while net profit after tax nearly doubled to ₹10,141.13 lakhs from ₹5,406.46 lakhs. Total comprehensive income for FY26 stood at ₹10,411.11 lakhs compared to ₹5,996.14 lakhs in FY25. Basic and diluted earnings per equity share of Rs 2.00 each for FY26 stood at Rs 19.56 against Rs 10.43 in FY25.

Metric: FY26 (Mar 31, 2026) FY25 (Mar 31, 2025) Revenue from Operations (₹ Lakhs): 1,44,149.88 1,39,235.60 Total Income (₹ Lakhs): 1,45,874.18 1,40,273.85 Total Expenses (₹ Lakhs): 1,32,485.79 1,32,649.27 Profit Before Tax (₹ Lakhs): 13,484.93 7,624.58 Net Profit After Tax (₹ Lakhs): 10,141.13 5,406.46 Total Comprehensive Income (₹ Lakhs): 10,411.11 5,996.14 Basic & Diluted EPS (₹): 19.56 10.43

Key Notes and Exceptional Items

The financial results include several notable disclosures. Employee benefit expenses for FY26 incorporate provisions of Rs 260.93 lakhs towards a long-term incentive plan for Key Managerial Personnel and senior management employees, to be accrued over five years from FY2025-26 to FY2029-30; Rs 800.00 lakhs towards pending litigations based on legal advice; and Rs 323.00 lakhs towards an increase in gratuity and leave encashment due to policy changes. During Q4 FY26, the company revised the estimated useful life of certain plant and machinery, resulting in additional depreciation of ₹197 lakhs for the quarter ended March 31, 2026, with the change applied from January 1, 2026. An impairment loss of ₹373 lakhs was also recognised on turbine and related accessories at Valia during Q4 FY26.

The cumulative effect of exceptional items for FY26 amounted to ₹96.54 lakhs (income), comprising:

Employee benefit expenses of ₹478.46 lakhs during the quarter ended December 31, 2025, based on the company's assessment of the material impact of implementing four labour codes.

Profit of ₹575.00 lakhs on the sale of an office premise during the quarter ended September 30, 2025.

Dividend and Corporate Developments

The Board of Directors recommended a final dividend of Rs 5.50 per equity share of face value Rs 2.00 each for the financial year 2025-26, subject to shareholder approval at the ensuing 40th Annual General Meeting. On the corporate governance front, the Board approved the continuation of directorship of Mr. Atul Choksey (DIN: 00002102) as a Non-Executive Non-Independent Director after attaining the age of 75 years, subject to shareholder approval, pursuant to Regulation 17(1A) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Solar Power Acquisition Update

In a related development, the Board approved a change in the project entity for captive solar power from Amplus Ceres Solar Private Limited to Amplus Ampere Private Limited, a Special Purpose Vehicle and subsidiary of Amplus Energy Solutions PTE Limited, due to unavailability of power in the former entity. The acquisition pertains to 1.275% of the total issued and paid-up share capital of Amplus Ampere Private Limited of face value Rs 10.00 each, for a total consideration of Rs 72,00,000 (Rupees Seventy Two Lakhs Only), to be paid through subscription of equity shares in cash. The objective of the acquisition is captive consumption of solar power generated by Amplus Ampere Private Limited. Company officials have been authorised to negotiate, execute, and sign revised transaction documents including a Non-Binding Term Sheet, Binding Term Sheet, Power Purchase Agreement, Share Acquisition and Shareholders Agreement, and any other related agreements.

The audited financial results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on May 6, 2026. Statutory Auditors M/s. Manubhai & Shah LLP issued an audit report with an unmodified opinion on the annual audited financial results for the year ended March 31, 2026.

Apcotex Industries has successfully completed its strategic acquisition in the power sector, purchasing a 5.12% equity stake in Opera Vayu (Narmada) Private Limited for INR 3,37,50,000 on April 23, 2026. This transaction represents a significant step in the company's energy diversification strategy, aimed at securing captive power consumption for its operations.

Transaction Details

The acquisition involved the purchase of 33,75,000 equity shares at INR 10.00 each through cash consideration. This investment follows the board approval granted on March 27, 2025, for entering into a Power Purchase Agreement (PPA) and Share Subscription Cum Shareholders Agreement (SSSHA) with the power producer. The company issued a revised intimation under Regulation 30 of the SEBI Listing Regulations on April 24, 2026, correcting the completion date.

Parameter Details Acquisition Value INR 3,37,50,000 Equity Stake 5.12% Number of Shares 33,75,000 Share Price INR 10.00 each Completion Date April 23, 2026 Consideration Type Cash

Target Company Profile

Opera Vayu (Narmada) Private Limited was incorporated on August 1, 2022, under the Companies Act, 2013. The company operates as a Special Purpose Vehicle (SPV) in the power sector and is a wholly owned subsidiary of Shivman Wind Energy Private Limited. The entity has recorded nil turnover over the last three years, indicating its early-stage operational status.

Strategic Objectives

The primary objective of this acquisition is to enable captive consumption of hybrid power generated by Opera Vayu (Narmada) Private Limited. This strategic move allows Apcotex Industries to secure a reliable power source for its manufacturing operations, potentially reducing energy costs and ensuring supply stability.

Regulatory Compliance

The transaction does not fall under related party transactions, and no promoter or promoter group companies have any interest in the acquired entity. The acquisition required no governmental or regulatory approvals, streamlining the completion process. Apcotex Industries has fulfilled all disclosure requirements under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Business Impact

This acquisition marks Apcotex Industries' entry into the power sector through strategic investment, diversifying beyond its main line of business. The investment in hybrid power generation capabilities aligns with the company's operational requirements and supports its long-term energy security objectives. The completed transaction demonstrates the company's commitment to sustainable energy solutions and operational efficiency enhancement.

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