Meghmani Organics Limited (NSE: MOL) shares slid in early trade on Monday after the diversified chemicals maker reported weaker-than-expected third quarter results for fiscal 2026, with revenue and earnings both declining. The stock was trading around ₹53, down more than 5% in intraday trade, near its 52-week low of about ₹52.17 and well below its 52-week high near ₹106.30.
Quarterly Results
Meghmani’s Q3 FY2026 revenue from operations stood at ₹484.9 crore, down 13% from ₹558.0 crore in the year-ago quarter. EBITDA was ₹51.5 crore, down about 15% year-on-year, with the EBITDA margin slightly compressing to 10.6% from 10.8% a year earlier. Net profit for the quarter was ₹22.3 crore, down about 26% from ₹30.2 crore in Q3 FY25.
In segmental performance, the crop protection business, which accounts for the bulk of sales, reported revenue of ₹382.1 crore and an EBITDA of ₹58.3 crore, while the pigments division delivered ₹102.8 crore in revenue with minimal EBITDA contribution. Capacity utilisation in both key segments was lower year-on-year.
Nine-Month Performance
On a year-to-date basis for the nine months ended December 31, 2025, revenue improved 9% to ₹1,635.2 crore, and EBITDA jumped 75% to ₹202.5 crore. Net profit for 9M FY26 was ₹105.7 crore, more than triple the ₹32.5 crore reported in the same period last year.
Market and Trend Context
Meghmani Organics’ stock has underperformed this fiscal year, declining over 30% in the past 12 months amidst margin pressures and weaker export demand. The current share price near the lower end of its 52-week range reflects investor concerns over earnings volatility.
Analyst Activity
There were no confirmed reports of analyst upgrades, downgrades or price-target revisions linked to today’s announcement as of writing.
Outlook and Comments
Management noted that softer export volumes and broader trade policy uncertainty in the U.S. weighed on performance, particularly in crop protection and pigment capacities. Cost pressures and subdued realisations in key geographies were cited as near-term headwinds.