Company Overview
Kesar Petroproducts Ltd (BSE: KESARPE) operates in the specialty chemicals and pigments sector, manufacturing phthalocyanine pigments including phthalocyanine blue crude and downstream value-added products. Its pigments are used across inks, coatings, plastics and textiles, with exports spanning more than 50 countries and an estimated ~15% share in India’s copper phthalocyanine market.
Q3 FY26 Financial Performance
Revenue from operations for the quarter ended Dec. 31, 2025 stands at ₹41.02 crore, declining 17.40% year-on-year from ₹49.66 crore, reflecting export headwinds and elevated trade-related costs linked to U.S. tariff developments.
EBITDA rises 30.50% YoY to ₹6.59 crore from ₹5.05 crore. EBITDA margin expands 590 basis points to 16.07% from 10.17%, supported by cost optimisation initiatives and improved operating leverage. Profit after tax comes in at ₹2.92 crore compared with ₹2.94 crore a year earlier, marking a marginal 0.68% YoY decline. PAT margin improves to 7.07% from 5.85%.
Nine-Month FY26 Performance
For the nine-month period, revenue totals ₹140.74 crore, down 2.39% from ₹144.18 crore in the corresponding period last year.
Profitability strengthens significantly:
- EBITDA rises 74.01% YoY to ₹23.30 crore
- EBITDA margin improves to 16.56% from 9.29%
- PAT jumps 84.71% YoY to ₹14.74 crore
- PAT margin expands to 10.38% from 5.44%
The improvement reflects operating efficiencies, better product mix and higher contribution from value-added by-products.
Operational Highlights
Demand remains steady across core pigment segments including Alpha Blue, Beta Blue and Green pigments. Capacity utilisation improves during the period, while by-product verticals such as complex fertilisers and zinc phosphate gain early commercial traction. Exports continue to contribute a significant share of revenue.
Stock Performance and Trading Context
Shares of Kesar Petroproducts close at ₹23.30 on Feb. 16, 2026, falling ₹2.43 or 9.44% intraday following the earnings announcement. The stock trades within a 52-week range of ₹19.50 to ₹35.00. Recent price action indicates a weakening trend over the past several months amid export-linked pressures and margin volatility, though the counter remains above its yearly lows.
Analyst Actions
No analyst upgrades, downgrades, or price-target revisions are reported in connection with the Q3 FY26 results release.
Outlook
Management maintains a constructive demand outlook across pigments, supported by growth in paints, plastics and inks end-markets. Ongoing cost optimisation, product innovation and geographic diversification initiatives are expected to support margins and medium-term growth.