Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Meghmani Organics Limited (NSE: MOL) Q4 2026 Earnings Call dated May. 16, 2026
Corporate Participants:
Ankit Patel — Chairman and Managing Director
Analysts:
Rashmi Gohel — Analyst
Nipun Sharma — Analyst
Ankit Gupta — Analyst
Presentation:
Operator
Ladies and gentlemen, Good day and welcome to make Money Organics Limited Q4FY26 earnings conference call hosted by Arihant Capital Markets Limited. As a reminder, all participant lines will be in 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 your Touchton phone. I now hand the conference over to Ms. Rashmi Gohel from Arihant Capital Markets Limited.
Thank you. And over to you ma’. Am.
Rashmi Gohel — Analyst
Thank you for introducing me. Hello and good morning to everyone. On behalf of Arihant Capital Markets Limited, I, Rashmi Govind. Thank you all for joining into the Q4 and full year FY26 earnings conference call of Make Money Organics Limited today. From the management we have Mr. Ankit Patel, Chairman and Managing Director of the company. Mr. Gujarat Singh Chahal, the Chief Financial Officer of the company and Mr. Nishant Vyas, the investor relations. So without any further delay I will hand over the call to the management for their opening remarks.
Over to you, sir.
Ankit Patel — Chairman and Managing Director
Thank you, Rashmiji. Good morning everyone and thank you for joining us on our auto 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. So to begin with I would like to share few important milestones and corporate development achieved during the year. Firstly, I would like to share that we have established our 100% wholly owned subsidiary in Brazil. Marking an important step in further strengthening our excess to one of the world’s largest agrochemical market.
Close to $15 billion in market size. I would like to add that it is highly entry barrier oriented market. In terms of the timeline and the cost of the registration. We have been putting a lot of efforts and time in strengthening our presence in Brazil. And we see this as a major growth driver going forward. On sustainability front, a significant milestone this year was being elevated from Ecowadi’s committed batch to Ecowadi Silver medal. Which further strengthens our sustainability credentials.
This recognition reflects our continued commitment to responsible operations, ethical conduct and sustainable business practices across our manufacturing site and value chain. Another key focus area for the company has been working towards increasing the share of renewable energy consumption. To further strengthen, we have signed an agreement to procure 3.3 megawatt of wind and solar hybrid power through a strategic partnership increasing our renewable energy adoption. This will help the company to reach to more than 50% of its energy utilization towards renewable energy.
Now moving to our business performance in FY26 this was yet another challenging year with evolving macroeconomic uncertainties. The year began on a positive with overall demand improving gradually. However in quarter two saw headwinds arising from the US tariff which created a pressure on export volume. There was an indirect effect of the US tariff on the other markets as well which led to the softer demand across other export geographies. In second half of FY26 we saw additional tariffs getting imposed by the US on India and towards the end of the financial year the geopolitical tension arising from the US Iran war further softening the overall demand.
While we were navigating this phase due to the rising geopolitical tension, raw material costs started rising while realization remained broadly stable placing pressure on the margin and profitability. In FY26 on stand alone basis the revenue stood at 2,091 crore up by 4% YoYo and our EBITDA grew by 27% YoY to 228.7 crore. If we talk about the revenue mix in FY26 crop protection segment constitutes about 78% of the total revenue while the balanced 22% was from the pigment segment. Now let us look at our segment wise performance in FY26.
In Crop Protection segment production stood at nearly 40,371 metric ton and the capacity utilization for the segment stood at about 72%. Revenue and EBITDA for the segment stood at 1631 crore and 244 crore respectively. EBITDA margin for the segment stood at 15%. For pigment segment production stood at about 13,191 metric ton and the capacity utilization for the Segments stood at 40%. The segment reported revenue and EBITDA of 461 crore and 15 crore respectively. EBITDA margin for the segment stood at 3.3%.
If you look at our quarter 4 FY26 on stand alone basis, revenue and EBITDA stood at 456 crore and 26.2 crore respectively. On crop protection segment, the reported revenue and EBITDA of 348 crore and 31.3 crore respectively and the EBITDA margin for the segment stood at about 9%. For the pigment segment reported revenue and EBITDA of 108 crore and 3.2 crore respectively. EBITDA margin for the segment stood at about 3%. In our crop nutrition segment recently we have received approval from the Ministry of Agriculture and Farmers Welfare for the manufacturing of nano fertilizer products like Nano dap, Nano NPK and Nano Zinc.
This is an important approval for the make money as we continue to strengthen our presence in the crop nutrition segment. We believe manufacturing this product at our we will be manufacturing this product at our Sanan manufacturing facility in Gujarat leveraging our existing infrastructure and with no additional capital expenditure. Commercial production of this product are expected to commence during the Kharib season this year in Titanium dioxide. We have temporarily suspended our operation due to commercial unviability, elevated raw material cost and the weaker price realization following the withdrawal of the anti dumping duty has made this project unviable in the prevailing market condition.
The anti dumping matter is under review with the DGTR and we await for the official communication from the government in order to restore a level playing field for domestic TiO2 manufacturers. If we look at our financial performance on consolidated basis in FY26 the revenue stood at 2,174 crore and our EBITDA stood at 176 crore up by 5% and 24% respectively. EBITDA margin on consolidated basis stood at 8.1% compared to 6.9% corresponding previous year as of 31st March 2026. On a standalone basis our total debt stands at 528 crore comprising of 430 crore in short term debt and 98 crore in long term debt.
Debt to equity on standalone basis stood at 0.3x. On consolidated basis our total debt stands at about 722 crore which includes 436 crore in short term debt and 286 crore in long term debt. Debt to equity ratio on consolidated basis stood at 0.47 in FY26, we have made a debt repayment of approximately 160 crore. Lastly, as you all might be aware that we have also filed a scheme of amalgamations last month. Under this scheme, our wholly owned subsidiaries Kilman Chemicals Limited and Makemoney Crop Nutrition Limited will be amalgamated with Makemoney Organics Limited.
The main rationale here is to achieve optimal utilization of existing resources through consolidation of operation into a single level entity and derive operational and financial synergy through prudent financial management and cost reduction. So, to conclude, we begin the year on a positive note. However, evolving macroeconomic uncertainties impacted our business performance during the year. We have navigated challenges during the cycle in the past and we believe the current headwinds are temporary.
We remain confident in our long term growth prospects 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 questions and answers. Thank you. Thank
Questions and Answers:
Operator
You very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the test on telephone. If you wish to remove yourself from the 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 Naveen Ghadia as an individual investor. Please go ahead.
Nipun Sharma
Hello.
Ankit Patel
Yes. Hello.
Nipun Sharma
Yes.
Ankit Patel
Yes, I can hear you.
Nipun Sharma
Yeah, yeah, yeah. Good morning. Congratulations for this Brazil subsidiary. So this. I have been a long time investor in the company. So from the past three years I noticed that the company is not paying any dividend. So may I just note that the management. How does the management plan to create a long term shareholder value? And is there any dividend plans in the current year?
Ankit Patel
Thank you. Navinji. In the current financial. The last financial year which ended FY26 company has not declared any dividend in the FY27 we believe that we will have better revenue and better profitability. And based on that, in this financial year FY27 with the board approval we will try to provide reasonably good dividend to the investors.
Nipun Sharma
Okay. Okay. Thank you very much. That’s it.
Operator
Thank you. The next question is from Nippon Sharma from VLS Finance. Please go ahead.
Nipun Sharma
Good morning. Could you please confirm if I’m audible?
Ankit Patel
Yes, we can hear you.
Nipun Sharma
Okay. So my first question is regarding TiO2 titanium dioxide. So as you said in your opening remarks that this project has become temporarily unviable at the moment because of the ongoing macroeconomic factors. So I would like to know from you, could you please elaborate that what do you expect from this project further on? I mean, what are your estimations? When will the government extend back the anti dumping duty? When will the sulfuric acid prices which is one of its raw material will stabilize in the future?
I mean, could you please elaborate that what exactly are your expectations from this revenue segment?
Ankit Patel
Nipunji. First of all regarding the anti dumping duty, we have been in continuous touch through our consultant with digitiar and there has been certain development happening at DGTR level. We believe that in probably in one or two months time there should be some announcement from the DGTR team for the anti dumping duty for TiO2. Now regarding the raw material and the utility particularly two area one is the sulfuric acid. The sulphur price has increased tremendously because of the Geopolitical risk factor.
And because of the sulfur price going up, the sulfuric acid price has gone up completely haywire, out of the control, which is completely unviable for the project, not only for the TiO2 but for many other projects. So it will be very difficult to assume that when the prices will come down for sulphuric acid. So we won’t be able to predict that in the current situation. We believe that let’s hope the war ends very soon. Straight of hormones opens up very fast and that will bring down the sulfur and sulfuric acid price to the reasonable level.
And that will also help for not only for that but other commodity products as well.
Nipun Sharma
Okay, because I got to know I might be wrong because the sulfuric acid prices, the increase in it, I believe it is the one of the major reasons was there was this largest factory which shut down temporarily. So any comments on that?
Ankit Patel
So what has happened? Because sulphur is one of the main commodity coming out of the Middle east and because of the war condition, it is pretty tight. And that has led to the increase in the sulphur price. And from the Indian manufacturer, from the sulfuric acid point of view, there are few plants, few metal plants, copper plants, zinc plant, which has got a byproduct, sulfuric acid. But it is being exported. Because of current position, they have been getting better price in the export market. So it is mainly it is getting exported.
And in the domestic market the prices are very, very high. So for the timing it’s going to be a little difficult.
Nipun Sharma
Okay. Okay. My next question is on crop nutrition. So could you please elaborate that how many products of crop nutrition have you sold as of now? Or if how many, you know, the products you will be selling in the future in the near term or even in the middle term. What are your estimates regarding that?
Ankit Patel
So Nipunji, as far as the crop nutrition segment is concerned, we are very optimistic and we are very bullish as well. So the key product in nutrition segment is nanourea. Apart from that we have about seven or eight products which we need to sell as a basket product that we are selling. And recently we have got three FCO from government which is for the nano dap, nano NPK and nano zinc. So which will further strengthen our product basket. And we see good amount of growth happening in the current financial year and going forward for the next three two to five years period, we see significant growth happening in the nutrition segment with better profitability.
Nipun Sharma
Okay. Okay, my last question is you said that in FY27 the financials may improve are expected to improve. So could you please elaborate and bifurcate that which sector or which segment is going to perform better in the upcoming financial years?
Ankit Patel
So as we know, the major growth driver is a crop protection segment. So we believe that there will be double digit growth in top line in crop protection segment which will have a better profitability going forward than quarter four. So that will be one of the areas. Apart from that, the crop nutrition segment, though it is very small, but it will have a reasonable amount of growth in top line and bottom line at the same time. The pigment segment. We have been working on pigment segments since last few quarters to improve the profitability by improving the manufacturing cost at the plant level and increasing some few different application grades which will have a better price realization.
And we believe that in this financial year, profitability in pigment segment will be better than FY26.
Nipun Sharma
Okay, thank you very much for answering my questions and best of luck for future endeavors.
Ankit Patel
Thank you very much.
Operator
Thank you. A reminder to all participants, anyone who wishes to ask a question may press Star and one on the Touchstone telephone. The next question is from Ankit Merchant from Kotak Securities. Please go ahead.
Nipun Sharma
Yes, good morning and thank you for the opportunity. My question is one related to the TiO2 plant. So if you could help us understand so one globally also I think the prices would have increased. So is it not feasible right now to manufacture Ti2 TiO2 currently in India
Ankit Patel
Ankiti. I’m sorry, your voice was not clear in between. Can you repeat your question?
Nipun Sharma
Yes, sir. So my question is on the TiO2 segment. Okay. So globally also there would be. There would have been a price increases. Okay. And given that our currency has also depreciated. Okay. Is it not viable currently to manufacture TiO2? That’s the first question.
Ankit Patel
Yes. So thank you. Definitely there has been increase in the TiO2 price globally. At the same time the currency, Indian currency has depreciated. So that increases the realization. But at the same time the component which is the key component, sulfuric acid, that price has gone up drastically. Currently the sulfuric acid price is more than 30 rupees per kg which used to be below 10. In fact, in the normal time it used to be below 5. So it has increased significantly. And the consumption of sulfuric acid is quite significant in TiO2.
So which we which is creating a pressure on the cost. At the same time, the utility cost because of the war, the coal, gas, everything has gone up. So that is also increasing the utility Cost which is impacting the overall manufacturing cost of the product. So when we make the balance, the realization has increased but at the same time the cost has also increased significantly. So that is the reason it is unviable for the timing.
Nipun Sharma
Got it. And on the crop protection business, okay, so we had given a long term EBITDA margin guidance of around 15 to 70 odd percent. Okay. The current quarter run rate is not very positive. So can you help us understand that what can it lead to in FY27?
Ankit Patel
So on the long term perspective we stick to a guideline of 15 to 17%. So we believe that in FY27 we will be somewhere in this range only quarter four was one of the odd quarters where the geopolitical situation arise where we were not able to pass on the price increase immediately to the customer, which was the situation. Now slowly, gradually these things are improving. So there is a pressure. But still overall we believe we will be able to maintain the profitability in the range of 15 to 17% for the crop protection segment.
Nipun Sharma
Sure. Another question is on the Kilburn amalgamation. So what are the quantified synergies and cost savings which you see from this merger?
Ankit Gupta
Okay, this scheme of amalgamation which we have filed now and court has already directed to have the voting on the 6th of June. So synergies you might have gone through the scheme. So one one is on the compliance part. So because this is a independent entity, so legal entities. While if you see this part of the pigments we acquired Kilburn Chemicals and it is TiO2 which is a white pigment and we are already using thalosanine pigment in AMOL standalone. So this is the segment which we want to merge because end customer is same.
Similar way in case of crop nutrition again it is end customer is same. So we want to combine front before the customer. So that is going to improve the synergies at the ground level where as a single entity will be presented. And second will be on the resources optimization. A lot of you can say cash sitting into these entities which we will be able to utilize when we consolidate in mol.
Nipun Sharma
Okay, just one last question from my side on the FY27 guidance. So on the crop protection business we continue to see a good traction and margins also are likely to bounce back. TIO2 facility as you highlighted will take some time and on the crop nutrition segment that continues to be a growing area for us and we’ll see better margin growth also coming in from that segment. Additionally on the capex and also on the cash flow Front. So how do you see the capex for FY27? What are you, what is your guidance?
And similarly on the cash flow front, are you working on any working capital improvement?
Ankit Patel
So as far as the capex is concerned there won’t be any significant capex in the current financial year. Only the routine capex to the tune of about 35, 40 crore will be there. And as far as the cash flow is concerned we have been working on rationalizing the inventory level and reducing the debt overall debt overall receivable date. So with this we would write we would like to improve the working capital overall.
Nipun Sharma
Got it. Got it. Thank you. Thank you. At
Ankit Patel
The same time one. One more thing I would like to add. Apart from the crop protection and crop nutrition even in the pigment segment we see better profitability in the current financial year compared to previous years.
Nipun Sharma
Sure, sure. That’s very helpful. Thank you.
Ankit Patel
Thank you.
Operator
Thank you. Ladies and gentlemen. Anyone who wishes to ask a question may press star and one on the test on telephone. Ladies and gentlemen, we have next question from Mr. N. Sharma. Please go ahead.
Nipun Sharma
Hello.
Ankit Patel
Yes, good morning.
Nipun Sharma
Good morning sir. I just want to know the impact of nano urea. The recently got, we got the approval from which financial quarter, in which financial quarter we can see the impact and what will be the profitability.
Ankit Patel
So Sharmaji, let me give you a little background about it. In current geopolitical situation where we see the overall cost has gone up, one of the biggest impact is on the fertilizer segment. Because fertilizer is linked to the ammonia and ammonia is linked to the natural gas. So globally there has been significant increase in the cost of fertilizers. I think our prime minister Modi sir is also mentioning everyone to reduce the consumption of fertilizer, optimize it and utilize different source of nutrition products rather than using urea and dap.
So here our product range fits perfectly very well. Where we have a nano urea at the same time we have got nano dap, nano npk, nano zinc. Now these are the product which can not replace 100% conventional fertilizers. But it can to the tune of about 30 to 50% it can replace it. So that’s what is government emphasizing. So at on the ground level there has been lot of work going on by the government where they are calling the senior distributors and dealers and informing them that there is going to be the fertilizer shortage.
So rationalize it and pass on the method to the farmer level and try to promote other products than urea and dap. So that Will help companies like us where we have a different product range which can partly replace conventional urea. Apart from Indian market, we have a strong global presence in more than 70 countries and in other markets also there has been significant pressure on the fertilizer. Where there is no subsidy on fertilizer in India there is a subsidy on fertilizer. So over there also there has been significant increase in the price and those markets also see the replacement by some other product which can be cost competitive and better in result.
So there has been lot of development happening on this nano based fertilizer in our basket and going forward in this year, year after, in the next year, year after that, we are going to see significant growth in top line and bottom line in this segment.
Nipun Sharma
But currently you’re not unable to give me any projection for the in which quarter we can see any visible things which is happening on the revenue part.
Ankit Patel
So on quarter quarter basis it is difficult. But here as a whole there will be very significant amount of growth in top line as well as bottom line.
Nipun Sharma
Are you getting orders from the government or from other parties for this nano video for which you got the approval in the pipeline currently?
Ankit Patel
Can you repeat your question? I’m sorry I did not hear you properly.
Nipun Sharma
Do you have any order in the pipeline for this current nano urea Looking at this uncertainty of fertilizer in India and other countries?
Ankit Patel
Yes, we do have some orders and we expect going forward more orders
Nipun Sharma
And this particular orders which are there currently with the management. So when it can reflect in the revenues.
Ankit Patel
So as I mentioned it will be on quarter, on quarter few orders will be there in first quarter, second quarter. So depending on the market to market because every market will have a different season timeline. So we will see the growth in all the quarters. So overall as a year there will be good amount of growth.
Nipun Sharma
And what is the impact of closing the TiO2 plan? Is there still any expenses which is making us bleed further?
Ankit Patel
So we are not doing any capex. It is in the plant is a the operations are suspended for the timing. So there will be minimum amount of operational cost which will be there. So otherwise there won’t be any significant cost.
Nipun Sharma
Even this quarter result we are not operationally profitable. So looking forward this nano urea and the shutdown of this TiO2 plant, can we expect any kind of operational profit?
Ankit Patel
Yes.
Nipun Sharma
Any timeline or any particular quarter, next quarter or Q1, Q2 anything you want to mention in this regard?
Ankit Patel
So overall Sharmaji, it would be difficult to mention on quarter on quarter, but year as a whole we will be overall better compared to the previous year.
Nipun Sharma
All right, thank you so much for all the replies and I hope management comes in a profit operational wise.
Ankit Patel
Sure, sir. Thank you.
Nipun Sharma
Thank you.
Operator
Thank you. Participants. Anyone who wishes to ask a question with a star and one on the test on telephone, we have a follow up question from Mr. Ankit Merchant from Kotak Securities. Please go ahead, sir.
Nipun Sharma
Yes, thank you again for the opportunity. So my question is on the end markets, specifically US and the South American markets. So you know, how is the, how are those markets reacting to the price increases? If you could help us understand the macro scenario over there.
Ankit Patel
So first of all, you know, in this market, which are very big overall us, Latin America and all, they were having significantly high amount of inventory in the year of FY23, 24, 25, which has completely gone now. There is a, there is not significant inventory in the market and the demand from those markets is very good. So that is one positive thing. But at the same time, you know, when there is a sudden war kind of situation where we try to increase the sudden cost price increase, so over there there is some resistance because even at their end they need to pass on the price increase down line to their customer.
So it will happen slowly, gradually. So you know when in the month of March when there was sudden increase of various raw materials because of war condition. So when we immediately try to pass on that kind of price increase, there was resistance. But now slowly, gradually things are becoming smooth and the demand is improving and we see the rationalization is coming between cost and the price both.
Nipun Sharma
Okay, okay. I was also trying to understand it from the rupee depreciation element. So is it making our exports more compatible, competitive in the global markets?
Ankit Patel
Definitely it helps. So when we compare in the global market, we have a competition from China. China currency, currency is appreciating and Indian currency is depreciating. So from the export point of view, it definitely helps. For the country point of view it is not good for us, but, but for the export point of view, it is better condition.
Nipun Sharma
Sure. And on the pigment segment, so you were saying that the pigment segment also continues to be a key growth driver to us. If you could help us understand that particular segment and also on the margin guidelines or guidance on this segment.
Ankit Patel
So in the pigment segment there won’t be significant growth in top line. You know, we have been working on optimizing this segment to improve the profitability. So this segment would be in the range of, in the top line point of view, it will be in the range of somewhere 500 to 600 crore. But from the profitability which was in the last financial year, we were in the range of 3.3%. From EBITDA point of view, we see this year it will be much better than the last financial year because we have been working at the plant level to improve our manufacturing cost and optimize certain parameters.
So we have seen some positivity over there and which will help to improve the profitability for the pigment segment as well.
Nipun Sharma
Sure. And on the margin front of the pigment. Right. So how much of this is going to be from the operational capabilities and how much is. How much of this is also going to get added by the raw materials? So how are the raw material price movements in the pigment segment?
Ankit Patel
So even in the pigment segment there has been increase in the raw material and because it was running at the bottom, by all means, even at the competition level. So everyone has tried to increase the price or reduce the production. So that is helping in better realization in the tune of the increasing the manufacturing cost, which is the raw material cost. And we have been working at optimization level from the manufacturing point of view where we have been reducing our overall utility cost, manpower cost and those things are helping in improving the profitability.
Though it won’t be very significant, but it will be much better than 3%.
Nipun Sharma
Got it, got it. And you were saying on the competitive part, right. So how is the competitive competition currently in India on the pigment segment, on the pricing, are we seeing more actions or more price increases undertaken by the competition?
Ankit Patel
So as we know in the pigment segment we face the competition from the unorganized players, very small players now because since last two, three years, pigment segments prices were at the bottom level. So there is no chance that people reduce the price for that. It was already at the bottom level. And because of the current situation where the cost has gone up drastically through the raw materials, people have to pass on the price increase. There is no chance. And that’s what we have been seeing.
Even the small players, unorganized player, they are facing this problem. They have to increase the price no matter what it is. And that is helping us as well.
Nipun Sharma
And it is also expanding the spread.
Ankit Patel
Expanding what?
Nipun Sharma
The spread of the. I mean the spread of the chemical, the margins. Is. Is it, is it also increasing this trade?
Ankit Patel
Yes. Yes, it is increasing. Yes.
Nipun Sharma
Okay. Okay, okay. Got it. Got it. Thank you. Thank you. That’s all from my side.
Ankit Patel
Thank you.
Operator
Thank you. The next question is from Cheyenne. As an individual investor. Please go ahead.
Ankit Patel
Hello sir. Am I audible?
Ankit Gupta
Yes, we can hear you.
Ankit Patel
Good afternoon sir and thank you for giving me the opportunity. So I have been invested in your stock for the last two years and there was a very good amount of recovery in the first and second quarter. Now I understand that there were tariff related uncertainty which if I am not mistaken would have gone out on February 7th. Right. And there was also significant amount of inventory destocking which had happened because people were not willing to take on the additional inventory. Now the war started on February 28, I think.
So didn’t we see any kind of. My first question is didn’t we see any kind of inventory restocking and doubling down during the first like during the February season? And the second question is now that the prices have started moving up, like if you see the urea prices, it is almost at $600 if I’m not wrong, like almost 2x3x right now. So isn’t that not helping our agrochemical margins? And third is if you look at some of the peer players, right we are seeing significant amount of volume growth in Europe and Latin America.
NAFTA has been more or less like
Nipun Sharma
Low single digit. So what’s your opinion on this? Thank you.
Ankit Patel
So Shayan, you rightly mentioned that you know there was uncertainty in the last financial year because of the tariff, but things improved by the month of February and we see that now it should be stable. But unfortunately there was a war condition which started in the end of February, beginning March which led to significant cost increase. So people become cautious. So one good thing is there is no inventory at the customer level and there is a very good demand. So that is positive thing and there is no uncertainty from the tariff point of view.
So two things are positive now because of the war situation there has been increase in the price which people are little cautious people don’t want to get caught like in the past with the high price of inventory, high cost of inventory. So they are going cautious. So if someone wants to buy let’s say 100 tons of material, they will divide in two parts or three parts or four parts depending on the individual. So there has been divided demand, but it is a continuous demand which is a good thing. So we believe that this demand will continue and slowly, gradually people will rationalize their overall cost.
And from the Latin American point of view also we see good demand coming in. So overall we are very optimistic from the crop protection point of view.
Nipun Sharma
Okay sir, my second question, if I may is like I was reading the nano urea prospect
Ankit Patel
In India and if I’m not wrong I think current capacity of Nano Urea is 24 crore bottles in a year. And if I think I’m also not wrong our Megami organics capacity is around 2 crore bottles in a year. I think so currently I want to understand that as per you what is the sellout rate of nano urea which is happening on an industry level like Cisco has most of the share in the market but also there are players like organics and who’s also producing nano urea. And what do you think right now is the sellout rate per month of nano urea that you’re seeing at an industry level and
Nipun Sharma
If you can put any kind of color on like let’s say the March sellout rate of nano urea for make money organics in terms of bottles.
Ankit Patel
So our capacity is not 2 crore bottles per year. Our capacity is 5 crore bottles per year. So that is one thing. Second thing is ifco has got significant market share because of their conventional urea and presence which is very significant they get, they have upper hand and because they have been tagging the product with the conventional urea which we don’t have. But at the same time what we are doing, we have now expanded our product basket with nanodap nano NPK nano. Now this product will be made in the same plant of Nanouria so we don’t need to do any new capex.
We’ll try to utilize the plant in a better way and try to make different products in the same plant and slowly, gradually there will be good amount of, you know, acceptance by the farmer level. And in the current situation where the fertilizer availability is a key problem we believe that this year farmer will be utilizing nano based fertilizer like nano urea, nano dap, nano NPTK in a better way. And once they will start utilizing, once they will see the result there will be continuous good demand happening.
So this will be the good year or in a way supporting year because of the global geopolitical situation.
Nipun Sharma
Okay. Okay, thank you sir. And one last question if I may is that what do you see FY27
Ankit Patel
As? Like you know we, we had a fantastic 21, FY21, FY22, FY23. This company, if I look at because I have been tracking this company for the last 10 years this company had done a significant amount of, you know, value creation for the investors over the last decade where like you know one company got spun off and it has been a significant value creator. So obviously the last two, three years have been really painful. Correct. And what do you see that in terms of FY27? What you know, what is like for example, what do you see the top line moving as versus this year?
And second is do you feel that you will be able to do 11, 12% margin, EBITDA margin for the next year? And what is, you know, very small shareholders like us like? I mean, what are the
Nipun Sharma
Things to look forward to if.
Ankit Patel
Thank you very much. You have been tracking the company for so long. I think the 21, 22, 23 was one of the periods everyone would like to have those kind of period. But that was, you know, one of its odd periods. We don’t see that happening again unless something significant happens globally and in China. But overall, from the growth point of view, last two, three years were not so good. We are sorry for that. But as a company, as a management, we have been taking corrective measures. And this year we see that going forward over a period of next up to five years or three years, we see significant amount of top line growth as well as bottom line growth having
Nipun Sharma
And
Ankit Patel
There will be improvement in overall profitability as well. So that’s what I can tell you.
Nipun Sharma
Thank you sir and wish you all the best. Thank
Ankit Patel
You very much.
Operator
Thank you. Participants, anyone who wishes to ask a question may press star and one on the test on telephone. Ladies and gentlemen, as there are no further questions, I now hand the conference over to management for closing comments.
Ankit Patel
On behalf of the management, we thank you for joining us today. We appreciate your trust and support on with 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. Jahal or Mr. Nishant Vyas. They will connect with you offline. Thank you very much.
Operator
Thank you. On behalf of Asian Capital Markets limited that concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.