Meghmani Organics Limited (NSE: MOL) Q3 2026 Earnings Call dated Feb. 02, 2026
Corporate Participants:
Ankit Patel — Chairman and Managing Director
Analysts:
Unidentified Participant
Ayush Chaturvedi — Analyst
Ankit Gupta — Analyst
Nipun Sharma — Analyst
Sunil Jain — Analyst
Rohit Sinha — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to Make Money Organic Limited Q3FY26 Earnings Conference Call hosted by Aryan Capital. As a reminder, all participants will win the listen only mode. And there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on a cached in phone. Please note that this conference is then recorded. I would now hand the conference over to Mr. Ayush Chaturvedi from Earnings Capital. Thank you. And over to you.
Ayush Chaturvedi — Analyst
Thank you. Good afternoon everyone. We thank Made Money Organics Management for providing us the opportunity to host the company’s Q3 earnings call. From the management we have today. Mr. Ankit Patel, Chairman and Managing Director. Mr. G.S. chahel, Chief Financial Officer and Mr. Nishant Vyas, Investor Relations. Without taking further time, I would like to invite Mr. Patel for his opening remarks and following that he came proceed to the Q and A. Over to you sir.
Ankit Patel — Chairman and Managing Director
Thank you, Ayushji. Good afternoon everyone and thank you for joining us on our quarter three FY26 earnings call. I believe you have got a chance to go through the financial results and investor presentation uploaded on the stock exchanges and the website. Broadly, our export volume in the quarter three are generally softer as overseas customers follow calendar year. In quarter three FY26 export volume witnessed additional pressure due to ongoing uncertainty around US Trade policy. This uncertainty has not only impacted demand from the US market but also led to softer demand across other export geographies. Raw material prices remain broadly stable and the price realization remains largely stagnant on standalone basis.
In quarter three FY26 revenue stood at 485 crore and our EBITDA stood at 51 crore. Profit after tax for the quarter stood at 22 crore. EBITDA margin on stand loan basis stood at 10.6%. If we talk about the revenue mix in quarter three FY26, crop protection constitutes about 79% of the total revenue. While the balanced 21% comes from the pigment segment. Now let us look at our segment wise performance in Quarter 3 FY26. In Crop Protection segment the production stood at approximately 9,283 metric ton and the capacity utilization for the segment stood at 66%. Revenue and EBITDA for the segment stood at 382 crore and 58 crore respectively.
EBITDA margin for the segment stood at about 15.3%. For pigment segment production stood at about 3,144 metric tonnes and the capacity utilization for the segment stood at about 38%. The segment reported the revenue and EBITDA of 103 crore and 0.7 crore respectively for the nine months ended 31st December. Revenue stood at 1,635 crore compared to 1502 crore in the corresponding previous year. EBITDA grew by 75% on year on year basis to 203 crore compared to the EBITDA of 116 crore in the corresponding previous year. In our crop nutrition segment. Alongside ongoing field trials across few countries, we are actively developing new international markets for Makemini Nanourea.
Sample consignment are currently being dispatched for further field evaluation. Parallelly, we are also expanding our product portfolio which will further strengthen our market position in titanium dioxide. Profitability remained under pressure due to elevated raw material cost and the weaker price realization. The price realization was further impacted following the withdrawal of anti dumping duty by the Finance Ministry. The DGTR has taken up the matter again and the new notification reimposing the anti dumping duty is expected shortly. We anticipate raw material prices to normalize in coming quarters which along with the reimposition of anti dumping duty should improve the market dynamics going forward.
On Consolidated basis in Quarter 3, FY26 Revenue stood at about 509 crore and our EBITDA stood at about 38 crore. EBITDA margin on consolidated basis stood at 7.4%. On nine months basis our consolidated revenue and EBITDA stood at 1700 crore and 157 crore respectively and the profit after tax stood at 21 crore against the loss of 30 crore in the corresponding previous year. As of 31st December 2025 on standalone basis our total debt stands at five hundred and seventy three crore comprising of four hundred and fifty five crore in short term debt and 118 crore in long term debt.
Debt to equity ratio on standalone basis stood at 0.33. On consolidated basis our total debt stands at 783 crore which includes 464 crore in short term debt and 319 crore in long term debt. Debt to equity ratio on consolidated basis stood at 0.51 year. To date we have made a debt repayment of approximately 128 crore. So to conclude, while macroeconomic uncertainties posed near term headwinds and impacted our quarterly performance, we remain confident in our long term growth trajectory given our state of the art infrastructure, plant compatibility, diversified product portfolio and strong geographic presence. With this I hand over the call to the moderator to open the floor for the question and answers.
Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask question may press star N1 on the touchdown telephone. If you wish to remove yourself from question queue, you may press star. And two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Ankit Gupta from Bamboo Capital. Please go ahead.
Ankit Gupta
In this quarter we have seen on the crop protection side we’ve seen a decline in volumes of almost. So if you can talk about that and you know what is, what has been the reason for it and is it primarily because of the US tariffs? But you know, the main competitor here again is, you know, China and they also have similar tariff as us.
Ankit Patel
Thank you Ankitji. So particularly in the crop protection segment. Yes, there has been drop in the volume in this quarter. Normally we have seen this trend in the third quarter. Globally everyone follows the calendar year and but still because of the tariff uncertainty there has been reduction in the volume. And also there is an indirect effect of the tariff on the other markets as well. So you see that is one of the major reason. And there is a demand in the market at the same time the inventory at the customer level is also not very high.
It is at moderate level. So going forward we see the demand should improve.
Ankit Gupta
Despite the tariffs continuing. We see, you know, improvement in demand.
Ankit Patel
So particularly from the US market point of view now the customer has become very pragmatic and they are buying the material as and when it comes need and again in a small, small quantity, not in a big volume to avoid any kind of tariff related uncertainty. So let’s hope that there is a good trade deal between India and US which will help Indian exporters. But if at all it doesn’t happen then also based on the demand there will be in improvement.
Ankit Gupta
Okay. And on the, on the TiO2 side you have said that you know the EDD has been withdrawn on the imports and then there has been appeal. So can you elaborate on that? You know there has hardly been any time since this EDD was imposed and now it has been withdrawn.
Ankit Patel
Yes. So the anti dumping was imposed in the last year, in the year of 2025, somewhere in the month of May, middle of May. Following that the order was challenged by the Paint association of India, Indian Paint Association IPA in Kolkata High Court. And in that court case it was not represented properly somewhere and the court order came in the Favor of paint association. There was a lapse in the following the process of anti dumping duty and the anti dumping got withdrawn and DGTR accepted the order rather than challenging it. Because if you challenge it then it will be a very long process.
There will be a lot of rounds. Rather than doing that, DGTR accepted the order and worked on the lapses of the process. Anti dumping imposition process. And that has already been done. And now we are awaiting for the new order for the anti dumping duty from DGTR site. The work has been already done by DGTR now. So very soon we should get the order. Following the DGTR order there will be order from the finance ministry. So again this is a matter of few months now.
Ankit Gupta
Okay. Okay. Okay. Thank you.
Ankit Patel
Thank you.
operator
Thank you. The next question is from the line of Madhurati from Countercyclical Investments. Please go ahead.
Unidentified Participant
So thank you for the opportunity. Sir, if I look at our standalone. Standalone and the consolidated revenue from our pigment segments are we made incremental revenue of the 20 crores and we booked the EBIT loss of 20 crores. So from a capital allocation perspective, sir, this TiO2 business doesn’t seem to be operating at any kind of profitability for us. So if you could just help us understand regarding this segment.
Ankit Patel
So Madhuji, as a titanium dioxide, as a segment it is one of the very good product. Indian market is close to 5 lakh tonnes. And going forward this segment is growing significantly. Because in India our domestic market is also growing significantly. So we believe that this is a good product. But it’s only the time which has created the problem because of the anti damping duty reversal. At the same time the key raw material prices have shot up drastically, unrealistically and in near terms again there will be reimposition of anti dumping duty. And we believe that the raw material prices should come back to the normal in next few quarters.
And that will bring the project back on track. So yes, there has been a loss coming on titanium dioxide as a business. And we have been working and we have been applying all different strategy to come out of it.
Unidentified Participant
Sir, but if I. So is it prudent to like operate such a business where incremental loss is equal to the incremental revenue. So for this quarter we made an incremental revenue of 21 crores. We made a loss of 21 crores on this business. So till the time the dynamics or the business either from the antidumping duty or from the raw material side. So can’t we Just shut down this business for the timing and avoid losses.
Ankit Patel
Yes Madhurji, for the timing we have taken shutdown of the plant looking at the market condition to reduce the loss.
Unidentified Participant
Okay, got it sir. Again on this titanium dive side sir, we did a capex of 600 crores. Working capital is additional and we have incurred a total loss of around 225 crores on this titanium dioxide and more is to come. So now if we add this 600 plus 225 so 825 crore we have already put here. Now this plant will even in the best case scenario make a 70 crore EBITDA. So what kind of return on capital can be expected? I mean the downside, every quarter we see the downside. It is like 30 crore quarterly loss and upside anyway is a single digit return on capital.
So what’s the wisdom of just carrying on with this dud project?
Ankit Patel
Madhuji, as I mentioned this is one of the very good project as far as the market condition is there. But only the current scenario is not the right. And yes we invested more money into it looking at the future capacity expansion keeping in mind so you know, by doing for this very small capex we can increase the capacity looking at the future market condition. But currently the things what we planned from the anti dumping point of view, from the raw material point of view that is not coming in our favor and that is creating a problem.
It has been a tough time for the company as well. And no promoter or no company would like to shut down any manufacturing plan. But it is very tough to do it. And this is kind of a very long process manufacturing plant where we have taken the shutdown looking at the current market condition point of view and will restart only once the market conditions are reasonably okay or in our favor. So this will help to reduce the loss, right?
Unidentified Participant
So what kind of losses can be expected if the plant remains shut for the full quarter then what is the expected loss?
Ankit Patel
Definitely there will be some amount of loss because there is some fixed overheads, manpower costs, certain things are already there. Basic infrastructure point of view. But it will reduce drastically.
Unidentified Participant
Sir. Also if we operate at full capacity utilization across all our segments. So what kind of revenues can we generate.
Ankit Patel
Across all the segments?
Unidentified Participant
Yes, for example in agrochem what is the peak revenue that we can generate in pigments and in titanium dioxide separately?
Ankit Patel
So the kind of the infrastructure what we have created in the agrochemical segment that can create revenue of close to 2500 crore in total in the pigment we already have the capacity which can go up to 700 to 750 crore. Okay. And in titanium dioxide again if we run at the current capacity which is 16,800 ton. So with that and by doing some small bottleneck changes, we can take the capacity to nearly almost double capacity. We can take it. And by doing that, that can generate revenue optimally based on the market price, the revenue will be there.
But the current market price due to no anti dumping duty, the prices have gone down drastically. If we consider on an average 200 rupees price. And also it can generate revenue of close to 650 crore. Oh sorry, sorry. About 3, 400 crore.
Unidentified Participant
So basically 400 crore in titanium dioxide from doubling capacity. So otherwise current capacity would be 200 crore. And that too on some hypothetical realization when anti dumping comes. And I mean Chinese can still lower the prices. I mean the other titanium dioxide players are saying that until Chinese economy revives and paint demand revives. So basically construction has to revive in China for titanium dioxide prices to go up.
Ankit Patel
So I mean Madhuji, the 350 to 400 crore revenue which I mentioned was based on the first phase only second phase based on the expansion, it can increase further revenue.
Unidentified Participant
Right? And sir, in agrochem, how far if in percentage terms from our steady state average realization, how far are we below from every realizations? Are we 5%, 10% like any ballpark number.
Ankit Patel
I’m sorry, can you repeat your question.
Unidentified Participant
That the agrochem realizations today, how much below the average realizations are there today in terms of percentage?
Ankit Patel
Here there are various products in agrochemical segment, we normally don’t calculate on product to product. It is product mix so it is difficult to calculate the average realization.
Unidentified Participant
Okay, so. So if we talk about margins, what kind of steady state operating margin in each of these three divisions in a once the situation improves, shareholders can expect.
Ankit Patel
In the agrochemical segment on an average industry generates ebitda margin of 15 to 17%. And we will maintain that kind of profitability in this range. In the pigment segment, currently it is under a lot of pressure going forward we have been improving on operations. We believe to take our EBITDA margin close to 8 to 9% in titanium dioxide. It can on titanium dioxide on an average in the reasonable market condition point of view, it should generate about 17 to 20% EBITDA margin.
Unidentified Participant
Answer in your best judgment by when can we reach these kind of margins in agrochem we are not too far away from the steady state margins in pigment as well as in titanium dioxide. In your best judgment when do you foresee everything considered us reaching steady state margins.
Ankit Patel
So Madhurji, already as you already mentioned in agrochemical segment which is almost 80% revenue generating we are almost near to the what we have been talking right now in the pigment is the next target. We have been taking lot of corrective actions in the operation level to improve the profitability. We believe somewhere from the first quarter onwards we will see the numbers improvement in the pigment segment in titanium dioxide. We need to wait for the anti dumping duty as well as for the raw material prices to get normalized. We believe it will take nearly two more quarters for both the things to happen.
Unidentified Participant
In titanium dioxide. The raw materials are already. I mean they are down. I mean if you see Kochi mineral rutile, the synthetic rutile prices are at multi year lows. So I’m not able to understand how raw material prices are high.
Ankit Patel
One of the key raw material is the sulfuric acid. Sulfuric acid price used to be in the range of 4 to 5 rupees. Now it is in the range of more than 15 to 18 rupees. So that is. And that is getting used substantially in a huge volume. So that is impacting a lot.
Unidentified Participant
And sir, what would be our total capex requirement for the next two, three years?
Ankit Patel
For the next. At least for the next two years there is not going to be any significant capex. Only routine mining. Minor capex is going to be there for some debottlenecks or some maintenance capex answer.
Unidentified Participant
Any thoughts on demergers? You told us sometime back that there is no correlation or no synergy between pigments and agrochem. And both are totally independent salesforce infrastructure manufacturing. So any thoughts on demerger?
Ankit Patel
As of now no. But we have been taking advice from few people. But as of now no.
Unidentified Participant
Okay sir, thank you very much.
operator
Thank you. The next question is from the line of Nippon Sharma from VLS Finance. Please go ahead.
Nipun Sharma
Good afternoon everyone. So I want to ask about the crop protection segment. So first of all can you provide me the bifurcation for technicals and formulation for crop protection? Sir?
Ankit Patel
Yes Nipunji. So we have been focusing more and more on the formulation now to improve our profitability and the growth point of view. So year on all there has been improvement and increase in the formulation business. And so as of now if we consider about 60% is the technical and about 40% is the formulation.
Nipun Sharma
Okay. So are there any plans for increasing the contributions from formulations considering they are of high margins relatively yes.
Ankit Patel
So even going Forward, we would like to increase more volume from the formulation side. And definitely formulation has got little better profitability. So that will help in improving the profitability for that.
Nipun Sharma
Okay. And one more question from the segment is that as I’ve seen from the investor presentation, the EBITDA as well as the profitability margins for nine months for standalone results have, you know, they have reduced. So is there any reason behind this apart from US tariff for crop protection segment or is there any other reason for that?
Ankit Patel
One of the main reason is the U.S. tariff. So that is impacting a lot. And the sales is under pressure because of that. And Europe, particularly from the pigment market point of view, European economy is also not doing good. So that is impacting the pigment business also.
Nipun Sharma
Okay, okay, understood. So I wanted to ask you that you said that from 1Q27, pigment segment would be, you know, having a recovery and you will start to see improvement from them. So can you elaborate more on that? I mean, what. I mean how the improvement would happen for pigment. Because as far as I can see, pigment has been stagnant for, you know, for quite some time.
Ankit Patel
Yes. So Nipunji, there are. So the market condition is not in our hand. The operation which is in our hand, we have been working on it. So to reduce the energy cost, particularly the power, electricity and the steam cost, we have been taking lot of corrective actions. We have been modifying the plant and improving our process that will improve the consumption of the electricity and the steam which will reduce the manufacturing cost. At the same time we have been rationalizing and doing some small, small automation which by which we want to reduce the manpower overall manpower also.
So that is also going to work. At the same time we have gone for the group captive power policy which is the renewable power which will come that power will start somewhere from the second or third quarter onwards in the next financial year which will further help to reduce the electricity cost. And it will also help to work towards our aim to reduce overall our burden on the fossil fuel and focus more on the renewable energy. So by doing that, I think by next year end we will be reaching close to 60% of our requirement will be renewable energy.
Nipun Sharma
Okay. Okay, Understood sir. Understood. And one last question from Titanium Dioxide Park. So as I have heard, I may be wrong because after the DCTR when Indian paid association, they challenged the add on titanium dioxide and then it was temporarily removed. I believe so because of that, I believe that a lot of companies did stack a lot of TiO2 from China at low prices. So when do you Think that it can liquidate.
Ankit Patel
That is the problem, Nipunji. Somehow you know, people in India challenge the government here the paint association challenged the dgtr. Now we believe that they worked very hard for more than one year. And after doing all detailed investigation, the court order came against them. So they reworked on the process. And again the reimposition of the anti damping duty is expected very very soon. But in this period in between period again the importation has taken place and the volume is also reasonably good. So even after the anti damping imposition it will take another two to three months at least to liquidate the inventory.
Nipun Sharma
Okay, so the titanium dioxide segment will, you know, we will start to show improvement from the first quarter of financial 27 or quarter. I mean maximum by second quarter.
Ankit Patel
From second quarter onwards only, not before that.
Nipun Sharma
Okay sir, thank you very much for answering my question and best of luck for the future.
Ankit Patel
Thank you very much.
operator
Thank you. The next question is from the line of Sunil Jean from Nirmal Bank Securities Private limited. Please go ahead.
Sunil Jain
Yeah, again on Titan titanium dioxide. So you said that you had taken the plant shut down. So when it was taken sir, it.
Ankit Patel
Was taken somewhere in the November end.
Sunil Jain
Okay. So the one month has gone in that.
Ankit Patel
Yes. So basically what happened? These are the long process plant. We need to remove all the in process material step by step. By doing the maintenance and cleaning activity we can shut down. If we don’t do that, then it creates a major problem while restarting the plant. And it creates a problem in shelf life of the plant as well. So shut down and restart is always a painful.
Sunil Jain
We can assume like you had done around 20 crore a bit loss in this plant. So it can come down to single digit, maybe less than 10 crore.
Ankit Patel
Yes.
Sunil Jain
Okay. And so second thing about the agrochemical. Agrochemical we had shown weakness. So how much is in agrochemical export to the US market?
Ankit Patel
It is close to 24, 25%.
Sunil Jain
Okay. We had seen other agrochemical companies reporting comparatively better number and are indicating that there is an improvement in even some cases prices also. So are we experiencing anything in that or still the product are different.
Ankit Patel
So company to company the product range may vary and the geographies may vary. But as a overall as a agrochemical segment, as I mentioned, the year 25 started with a good, good hope and even quarters you have seen the numbers. It was very much aligned somewhere after September because of the tariff related. Once the Trump administration imposed 50% tariff on India, it got impacted drastically and it affected not Only the trend between India and us, particularly in our case. But in some other markets also there were indirect effect. We believe that these things will be recovered from somewhere.
From the February March onward we see the good things should start happening and going forward we see very good growth potential. Particularly as a make money agrochemical division is concerned. We see very good growth potential.
Sunil Jain
So nothing seasonally down in the margin means you reach to almost around 88% and then down to 14%. So that was because of the weakness, otherwise you don’t maintain the month.
Ankit Patel
Yeah. So overall on an average we believe that we should be in the range of about 15 to 17%. Quarter on quarter there may be some variation. But on an average yearly year as a whole there will be 15 to 17% EBITDA margin.
Sunil Jain
So we were having some advantage on account of 240. So is that advantage is still there or no?
Ankit Patel
So that was related to the anti dumping imposition in the US on manufacturer from China and India. So among all the manufacturer make money got the least anti dumping duty. So we were having the advantage. But after that the the tariff came which is significantly high. So. So ultimately to whom we sell, the end customer is farmer. And if the farmer has to buy any commodity, any agrochemical having 50% extra cost, their agro commodity like corn, soybean, those prices are not going up to that extent. So you know, it is difficult for them to absorb such kind of price increase.
So either they reduce the consumption or they go for some other product where there is a less cost. So there is a lot of volatility.
Sunil Jain
Okay, great. It’s a last question regarding nano urea. So we are trying for with the sampling and all in the international market. So any breakthrough, any farm order we had supplied or it’s all up till now sampling only is going on.
Ankit Patel
Positively. There has been some commercial order has already started taking place in few markets and a lot of positive trials result has already come. So we expect in the year of 2627 there will be furthermore improvement in the export orders in several other markets. So there is a lot of positivity in different markets about this product.
Sunil Jain
Any target you can give on the. Nano urea exports basically which you may achieve in the next year, it is.
Ankit Patel
Little early because for us also it’s a new product and there are certainly new products. So sometimes we get the challenges in different market, which is never. We have never seen the first mover. So but as far as the product is concerned, the results are good. The customer sentiments are positive and we need to just click the product with the regulatory approval.
Sunil Jain
Okay sir, all the best. Thank you very much.
Ankit Patel
Thank you.
operator
Thank you. A reminder to all the participants, you may press star and one to ask question. The next question is from the line of Rohit Sina from Sunidi Securities. Please go ahead.
Rohit Sinha
Yeah, thank you for taking my question. So most of my questions are already answered. Just couple from my side. One is obviously now if we look at the business, I think crop protection and nano urea are the two segments which are basically driving the growth for us. So in nano urea, what kind of margin right now we are making and in the best case what kind of EBITDA margin we can expect.
Ankit Patel
So in the case of nano urea the margins are in the range of about 20 to 22%. Okay.
Rohit Sinha
It can go up once the volume increase or it will remain more or less. Similarly
Ankit Patel
yes. If the volume will increase then there will be certain percentage improvement in the profitability.
Rohit Sinha
Got it. And in crop protection, as you said, that 15 to 17% kind of margin is what we are expecting in the best case. So with our MPP plant, first of all, what kind of utilization we have reached in the MPP side And I mean I believe that MPP volume growth or utilization growth will be the key to expand our margins further. So how we are shaped in that segment.
Ankit Patel
So in agrochemical segment, the multi purpose plant which we did, the Capex is improving the utilization year on year basis. So this year there has been reasonably good amount of utilization and next year we believe it will even further increase. And those are relatively new products. And those for those new products also we have been doing now formulation development activity in certain markets we have already got formulation approval so that will add to sell more formulation product and that will help to utilize the MPP plant in a better way by and that will help to improve the profitability as a segment overall.
Rohit Sinha
So can that lead to margin in excess of 18, 19% or it will remain that 15, 17%. We have conservative number for us.
Ankit Patel
So Rohit ji, our expectation would be always higher than the average market price and average market profitability. But in the current market dynamics it is very difficult to give, you know, very high hope. So we would like to say that we will be in the range of 15 to 17% and will we would definitely try to have a better profitability.
Rohit Sinha
Sure. And so in PIO2 as again, I mean reinitiation has been if at all done, I think it will take almost six months. So next six months we would be shut down for our TIO2 side obviously that would have some fixed cost till that time. And once we will be if at all recommissioning that will also add some cost. As I mean the initial phase it will take some time to get get it to that optimum level. So or. Or would it be in a quicker note that once we restart we can again touch up to the optimum level at quick times. Or it will take few months to reach to that. And I think is that all. If that would be the case in more than six months we will take to get some profitability in that side. If. If at all that LED comes into that.
Ankit Patel
So Rohit ji, let me divide it into two parts. First of all regarding the anti dumping duty. Now DGTR has already did their work. The meeting which has to be called for the industry representation that has already been over. Every company has made their representation and submitted their reply in physical format. So that is already been done. So I think very soon we should get the final order from the dgtr. After DGTR comes up with a final order then it will go to the finance ministry. And in few days again the finance ministry should come up with the final order.
So that is the case. As far as the anti dumping duty is concerned. As far as the restarting the plant is concerned. Again the key raw material which is the sulfuric acid, that price is significantly increased. We hope that that price should come down somewhere in the middle of this year. By June it should start coming down reasonably. And by that time we also will start to. We’ll plan to restart the plant. Okay.
Rohit Sinha
That’S it from my side. Thank you.
operator
Thank you. The next question is from the line of Nipun Sharma from VLS Finance. Please go ahead.
Nipun Sharma
Thank you for taking my questions again. So my one question is. Sir, can you provide the revenue and margin bifurcation for your four segments.
Ankit Patel
Revenue and the margin se for the all the four segments. So you. Not for the presentation. So. So in the third quarter here the crop protection segment did the revenue of 382 crore with the EBITDA of 58 crore. The pigment segment did the revenue of 103 crore with the EBITDA of 0.7 crore. And for the Kilburn we did the revenue of close to 19 crore with the negative EBITDA of 13 crore. And in the NCNL which is the crop nutrition segment we did the revenue of 5 crore with the EBITDA of negative 0.4 crore.
Nipun Sharma
Okay. Okay. Thank you very much. And you said that Your current margin is around 20 to 22%. So why has we did the margin for nano urea negative?
Ankit Patel
So currently the utilization is at very very low level. So there are a lot of fixed overheads for the plant. So we believe that once we utilize the plant at reasonably good level, once we reach at about 1012 crore revenue level then it will have about 20% EBITDA margin.
Nipun Sharma
Okay. Okay. And one last question sir. Sir, can you comment upon the pad for this quarter because you know it’s. It’s negative. So I mean is it expected for the fourth quarter as well? I mean what exactly was the reason for the negative pa? Are these, are these taxes or any other reason?
Ankit Patel
So the negative path on consolidated basis is mainly on the account of the Kilburn capital.
Nipun Sharma
Okay, so it was a titanium dioxide.
Ankit Patel
Yes.
Nipun Sharma
Okay. Okay sir. And can you explain the tax effect as well? The tax has increased a little bit.
Ankit Patel
So there is no increase as far as tax is concerned. So because in the standalone it is a profit. So we have to provide our rate of tax is 25% and certain provisions which are allowed based on the payment basis. So those are based on the whole filing of the return. So you can claim so like new provisions and all that. So due to that it shows as a 28% because absolute number is low. Otherwise it is the rate of tax is 25%.
Nipun Sharma
Okay, thank you very much sir.
Ankit Patel
Thank you.
operator
Thank you. A reminder to all the participants, you may press star and one to ask question. The next question is from the line of Parvind Sharma, an individual investor. Please go ahead.
Unidentified Participant
Hello.
Ankit Patel
Yes.
Unidentified Participant
Yeah, hi Ankit. You know it has been a very long painful period. As an investor in Mademoney Organic. My question is, you know on this titanium dioxide when the anti dumping was introduced it was around 43, 45 rupees a kg if I am correct. And it was there for quite substantial period of time and it was noticed and you pointed out in one of the con call that despite the add, Chinese actually reduced their sizes further and we continued to bleed. Now my question is, you know on our hope actually hinges on this anti dumping duty coming back now will this duty be much more or is just a procedural lapse which the BBTR is correcting and the prices, you know dumping duty will remain same.
And if and you know assuming it will remain same or increase, you know what prevents Chinese from further reducing the prices then it has been a drag for quite a considerable time of time. And in a very painful period it’s an investment which has gone Wrong. And I think we should all accept it. I would like you to throw light on that. Thank you.
Ankit Patel
So Praveenji, as far as anti dumping is concerned, so it was in the range of 460 to 610 depending on the different companies from China. So this was the procedural lapse and that has been getting corrected. So as the industry we have made the representation that even after the anti dumping duty there has been further reduction in the prices by the Chinese companies. But if we, if we need to work on it then it has to be completely different new process. So as an industry we have decided to do it only after first we get this basic whatever was the earlier 460 to 610$.
And then again if the Chinese companies reduce the price we need to collect the data for certain period of time. Let’s say few months, few quarters or month, year. And then we need to resubmit that they have further reduced the price. And again based on the data analysis there can be further increase in the antidote duty.
Unidentified Participant
But, but we had not, we had noticed in the past period when the ad was there before 60 to 600 which corresponds to around 4550 rupees a kg that they reduced the price much lower. And you know even then we were not profitable. Correct.
Ankit Patel
So yes, at that time because there was two reason. Because there was lot of channel inventory which was not getting liquidated. So which took all the of three months time to get liquidated which happened by somewhere in the August September. And by that time the the order came against us again the court. So that was the case.
Unidentified Participant
What are the prevailing sizes of TiO2 in the market and what is our cost of production? Ballpark.
Ankit Patel
So currently we have stopped the production as we mentioned and currently the price is ranging somewhere in the range of 170 to 180 rupees.
Unidentified Participant
Okay. And on this agrochemical, if the tariff from the US continues what will impact will it have on our revenues and margin? Because as you said that farmer will not buy the end customer so it impacts our margins.
Ankit Patel
So first of all if the tariff continues in the US typically customer buying will go down drastically. So we have already started focusing on the other geographies and other markets. And in the coming months and coming years we expect good amount of revenue growth from the other markets other than the U.S. so if this tariff goes then it will add extra benefit. If it remains, then also we have worked on the strategy to overcome it.
Unidentified Participant
But apart from US and Chinese, you know there are no other Suppliers. So the end cost to farmer is, you know, there is no other cheaper supplier to these. You know, a farmer cannot buy a cheap from a cheaper source. Ultimately that is my understanding.
Ankit Patel
Correct. Absolutely correct. So the customers, you know, they are not ready to take risk because who will have the extra 50% burden on their equipment. So people are afraid that you never know that someday this person will remove the extra time. And if you have paid the duty and whether there be reversal of the duty, whether they will get back the duty portion or they will not get back the duty portion. So even at the customer and there is lot of uncertainty. So they buy only as and when they need the material or they are confident of passing out, passing on to the customer, to the farmer.
So it is going step by step.
Unidentified Participant
Okay. And my last request is, you know, we should seriously consider demerger of agrochemicals with pigment. That is what I wanted to.
Ankit Patel
Sure. Thank you very much for your suggestion. We’ll definitely consider it.
operator
Thank you. The next question is from the line of Anand Sharma, an individual investor. Please go ahead.
Unidentified Participant
Yeah. Thank you for the opportunity. And I think most of the questions have been answered. But still I would like Mr. Ankit Patel to let us know when this port has passed this order for TIO2 anti dumping duty. So that will help us to understand since how long we have been suffering. And there was no proper disclosure from the company. And I believe.
Ankit Patel
So the order was passed on somewhere 22 September by the court. And then the. The ministry, Finance ministry took action somewhere in December 5th December.
Unidentified Participant
And there was no further discussion from the company. And informing the investors about the same, I believe, isn’t it?
Ankit Patel
I think it was there in the public forum. Everyone knew it.
Unidentified Participant
Okay. Anyway, thank you for the opportunity. I hope the company does well in the future. And we. I further hope that the new prices which come for the anti dumping duty and the supply line should be cleared enough so that the company could do better in the IO too.
Ankit Patel
Sure. Thank you.
operator
Thank you. The next question is from the line of Madhuradi from Countercyclic Investments. Please go ahead.
Unidentified Participant
Thank you for the opportunity. Once again. Sir, I wanted to understand. Has there been any concern capacity closure in the blue or the green pigment in India?
Ankit Patel
There has been few small, small player who has stopped manufacturing it.
Unidentified Participant
Okay, so no major player has gone. Out of the market. So. So what? What will drive? Okay, you mentioned that cost. What is the renewable cost reduction from the solar that we expect from next year?
Ankit Patel
I’m sorry, can you repeat your question?
Unidentified Participant
The Renewable power that we are expecting to commercialize in Q2 or Q3 of FY27. What is the cost reduction expected from that?
Ankit Patel
So the thing typically the power which we get it from the grid government it is in the range of about 9 to 9.5 rupees. And the power which will be getting from the renewable source will be in the range of operating all the expenditure close to five rupees. So there will be per unit that we saving of about 4 to 4.5.
Unidentified Participant
What is the total amount of capacity of these renewable are we adding?
Ankit Patel
So it is close to 3.5 megawatt and the unit generation because there is a renewable energy. So there is no constant unit. It varies.
Unidentified Participant
Right? Got it. Sir, can we manufacture ISO pigments from our current pigment capacity or that requires. A. Additional or altogether different kind of a setup.
Ankit Patel
We need to create these because you know, these the setup what we have it is for the green and blue pigments. And these are kind of a dedicated setup. If we want to convert into Esso then some modification new equipment has to be done. So it’s better to do a new capex and a new plant. And even we have evaluated the EZO project, it is not making sense in the current market condition as well.
Unidentified Participant
Got it. And sir, regarding sulfuric Asics, there was a. It was mentioned by some of our competitors BMG that with Kutch Copper commissioning its plant, the sulfuric acid prices would reduce by a lot. And that was expected by this year end. So why are we expecting it to be higher till the June of this year?
Ankit Patel
Madhubai, we are also waiting for the same thing. That they should start increasing the copper production and the sulphuric acid price would come down. That is impacting every company, not just in TiO2 but sulfuric acid is one of the basic raw material which is getting consumed in all the industry. So everyone is getting impacted of it and everyone is waiting that it should start coming down very soon. But it has not been happening. So from the industry expert when we speak then people say that somewhere from the middle of this year it should start coming now.
That’s what the feedback we have been getting. But you rightly mentioned once the Adani’s copper plant which is Kutch Copper, once it gets stabilized when the they will have a good production, then there will be huge amount of sulfuric acid coming into the market and which will help to reduce the price.
Unidentified Participant
Got it. So that was from my intel. Thank you so much. Thank you.
operator
Thank you. Is there are no further questions from the Parisians. I now hand the conference over to the management for the closing comments. Over to you, sir.
Ankit Patel
On behalf of the management, we thank you for joining us today. We appreciate your trust and support on us. With this, we hope that we have been able to address most of your queries. In case of further queries, you may reach out to Mr. G.S. chahan or Mr. Nishant Vyas and they will connect with you offline. Thank you.
operator
Thank you. On behalf of Aryan Capital, that concludes this conference. Thank you for joining us. And you may now disconnect your lines. Thank you.