Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Rossari Biotech Ltd (NSE: ROSSARI) Q3 2026 Earnings Call dated Jan. 19, 2026
Corporate Participants:
Mitesh Jain — Investor Relations
Edward Menezes — Executive Chairman
Sunil Chari — Managing Director and Co-Founder
Ketan Sablok — Chief Financial Officer
Analysts:
Unidentified Participant
Sanjesh Jain — Analyst
Ranveer Singh — Analyst
Unidentified Participant
Unidentified Participant
Atishre Mahlan — Analyst
Tanvi Valekar — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and hello and welcome to the Rosari Biotech Limited Earnings Conference call. As a reminder, all participant lines will remain 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 the operator by pressing Star then zero on your touchstone telephone. Please note that this conference is being recorded. I will now hand the conference over to Mr.
Mitesh Jain from CDR India for opening remarks. Thank you. And over to you Mitesh.
Mitesh Jain — Investor Relations
Thank you, Ryan. Good evening everyone and thank you for joining us on Rosari Biotech Limited Q3FY26 earnings conference call. We have with us Mr. Edward Menezes, promoter and executive chairman, Mr. Sunil Chari, promoter and managing director and Mr. Ketan Savlook, group Chief Financial Officer of the company. We will begin the call with opening remarks from the management, following which we will have the forum open for a question and answer session. Before we start, I would like to point out that some statements made in today’s call may be forward looking in nature and a disclaimer to this effect has been included in the earnings presentation shared with you all earlier.
I would now like to invite Mr. Edward Menezes to make his opening remarks.
Edward Menezes — Executive Chairman
Thank you Mitesh Good evening everyone and thank you for joining us on our earnings conference call. It is a pleasure to have you with us today as we discuss our Q3FY 2026 operational and financial performance. We delivered a healthy 13% year on year growth in Q3FY 26 despite a softer domestic demand environment, the opening backdrop remained challenging. However, our diversified business model and strong customer relationships enabled us to sustain our growth momentum. All business segments registered year on year growth supported by healthy volumes and sustained customer engagement.
While profitability in the near term was impacted by ongoing investments in capacity expansion, product development and market feeding initiatives as well as higher employee related costs following the implementation of the new labor codes. We remain confident that operating leverage, scale benefits and an improving product mix will support margin improvement over time. On the manufacturing front, we are pleased to report that the newly commissioned 15,000 metric ton per annum ethosylation facility at Unitopolis is witnessing a steady ramp up utilization.
Availability of ethylene oxide continues to be a near term constraint. However, we are managing supplies prudently and are encouraged by indications that the situation should ease during the course of this calendar year. In the interim, we are leveraging the fungibility of our reactors to progressively scale up non ethylene oxide product lines, ensuring that the new capacity contributes meaningfully to production and throughput. This balanced approach enables us to optimize asset utilization while we prepare for a more favorable ethyne oxide supply environment ahead.
In parallel, our phased capacity expansion program across verticals continues to progress well, strengthening our manufacturing capabilities. In addition, the Board has granted in principle approval for setting up a greenfield specialty chemicals manufacturing facility in the Kingdom of Saudi Arabia under Rosari International Limited Company, our wholly owned subsidiary. The proposed project aims to enhance supply chain resilience, improve speed to market and support the company’s international growth strategy.
With this, I now invite Mr. Sunil Chari to share additional perspectives on our business performance and strategic priorities.
Sunil Chari — Managing Director and Co-Founder
Thank you Edward sir and a warm namaste to everyone. Q1 FY26 was a relatively softer quarter compared to Q2, yet we delivered healthy year on year growth supported by our diversified portfolio. While domestic demand remained muted in certain segments, exports continue to provide support to overall performance through deeper engagement with key customers and expansion. In a few geographies, HPPC segment delivered 11% year on year growth reflecting stable demand amidst muted business domestic environment.
The Textile specialty chemicals segment delivered a healthy growth of 18% year on year while the animal health and nutrition business reported a strong growth of 39% year on year driven by improved traction across key end user markets. This broad based segmental performance helped support overall growth during the quarter. On the institutional and B2C front, performance remains subdued in quarter three. However, we are making steady progress on cost and portfolio optimization and remain focused on selectively scaling this vertical with a long term perspective on profitability.
On the export front, our international business continued to contribute meaningfully supported growing by 26% in nine months. FY26 driven by Focus efforts to deepen relationship in key geographies, expand our customer base and increase wallet share with strategic partners. Our growing global footprint and ability to offer customized solution led chemistries continue to strengthen our positioning across international markets. Further to what Edward G. Outlined earlier, we view the Board’s in principle approval to set up a greenfield specialty chemicals manufacturing facilities in KSA as an important strategic step for the company.
The initiative is aligned with our focus on strengthening supply chain resilience, improving speed to market, expand global footprint, enabling flexible and scalable production. KSA also offers strategic proximity to key export markets for example Europe and mena, including Africa, and deepening presence in segments like oil and gas, enabling faster delivery and improved customer responsiveness across the region. Subject to customary evaluation of and receipt of necessary regulatory and statutory approvals.
We will move towards implementation of the project, which is intended to be funded through a prudent mix of equity, debt and internal accruals, while also exploring available regional incentives. Once commissioned, the facilities are expected to cater to strong regional demand for value added specialty products and support export opportunities. We believe this platform will play a pivotal role in accelerating our international growth and strengthening Rosari’s positioning as a leading global player in specialty chemicals.
To summarize, Q3FY26 reflects our ability to deliver steady growth in a challenging environment while continuing to invest for the future. With our expanding capacities, strengthening product portfolios and strategic steps to build a more resilient and globally competitive manufacturing platform, we believe we are well positioned to drive sustainable, profitable growth going forward. With that, I now request Ketanji to take you through the financial highlights for the quarter. Thank you once again for your continued support.
I now invite Ketanji to share the financial highlights for the quarter.
Ketan Sablok — Chief Financial Officer
Thank you Mr. Chari and good evening everyone. Let me take you through the financial highlights for the quarter ended December 31, 2025. In Q3 FY26, consolidated revenues grew by 13% to 581.7 crores, supported by steady performance across our core businesses and continued contribution from international markets. Consolidated EBITDA for the quarter stood at 68.9 crores with an EBITDA margin of 11.8%. Profitability during the quarter was impacted by ongoing investment in capacity expansion, new product development, market seeding initiatives, as well as the impact of implementation of new labor codes.
Excluding the Institutional and B2C business, our core B2B operations delivered an EBITDA of 72 crores with a margin of approximately 14% which is marginally lower than our normalized margin band of 15 to 16%. Our institutional and B2C businesses continued to operate in a challenging environment during the quarter with growth of these verticals remaining muted. Losses have continued to moderate, driven by our focus on improved product mix, enhancing operational efficiency and maintaining cost discipline.
We are also closely evaluating our plans to for non profitable products in this portfolio and assessing their contribution to the growth relative to their impact on profitability. On the CAPEX front, our phased expansion. Program across Rosari and Unitop continues to progress. These investments are being funded through a mix of internal accruals and debt and are aimed to strengthen manufacturing capabilities and improving supply reliability and supporting the future growth. With respect to the proposed greenfield specialty chemical manufacturing facilities in ksa, for almost a year we have been exploring few geographies for setting up potential specialty chemical manufacturing facilities.
We now see the possibility to be able to do this in KSA and hence board has granted us an in principle approval for this and now we will be evaluating this further towards setting up of a manufacturing facility. The project progress will be subject to all customer evaluations and the necessary statutory and regulatory approvals. We will keep updating the progress to the investors going forward. Our balance sheet remains strong with healthy liquidity and conservative leverage providing us sufficient flexibility to pursue our growth initiatives.
On working capital. The position improved sequentially in Q3 with better collections during this quarter. While we continue to hold selective strategic inventory for key raw materials. Overall, the working capital is moving back towards the normalized levels. As we look ahead, our priorities remain focused on improving capacity utilization, strengthening our product portfolio and remaining financially disciplined to drive sustainable and profitable growth. With a clear investment roadmap. We are well placed to execute our growth initiatives in a calibrated manner.
With this I conclude my remarks. Thank you everyone. And I would now request the moderator to open the floor for questions. Thank you so much.
Questions and Answers:
Operator
Thank you. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use their handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We take the first question from the line of Rehan Sayyat from Trinetra Asset Managers. Please go ahead.
Unidentified Participant
I just have two questions. First one, I just don’t want to be Rehan. I do apologize
Operator
To interrupt you, but your audio is not coming in clear. Could you please use your handset?
Unidentified Participant
Okay, sure. Now it’s clear.
Operator
Yes, please go ahead.
Unidentified Participant
Yeah, yeah. My first question is on the the head and unit of the capacity addition side. So with the successful commissioning of 20,000 ahead and 15,000 million. When do you know management? When do you expect operating leverage to fully in into the consolidated EBITDA margins to the 13 level? Since in only 25. This is my first question.
Ketan Sablok
Yes. So Rehan, I was not very clear, but I think I’ve got the gist of what you were asking. So the part of the ethoxylation capacities came up in the last quarter and the balance second phase is expected to come on stream in this quarter, which is Q4. The ramp ups will then happen. The first phase is now slowly getting ramped up. We would have done about utilization slowly of about 10 to 15% during this quarter and optimal utilization of both These facilities will take at least two years plus for us to reach the optimal capacity utilization.
So that’s what the plan is. And most of as the capacity utilization go up we will see some of the operating leverage playing out.
Unidentified Participant
Okay, So just want to wrap up that you are saying that till the end of 27 we see operating leverage, right?
Ketan Sablok
Yeah. So yeah, so the ramp up the utilization will take as I said two years. So yeah, around 27 then by, by 27 we should see these capacities getting fully utilized.
Unidentified Participant
Okay, fair enough. And my second question is on your MNC customer side. So you have mentioned targeting MNC customers for cross sellings. So does the move toward an overseas manufacturing setup imply that your current export model from India is facing
Ketan Sablok
Rihan? We are not very clear. Is not clear at all.
Unidentified Participant
Okay. Yeah. I’ll repeat my question again sir.
Ketan Sablok
Yeah,
Unidentified Participant
Yeah. Am I clear? Right.
Ketan Sablok
Yeah.
Unidentified Participant
Yeah. So you have mentioned targeting MNC customers for cross selling. So does the move toward an overseas manufacturing setup imply that your current export model from India is facing logistical or cost advantage that your lean manufacturing principles at Tahiti can no longer mitigate risk?
Ketan Sablok
I think for what I. What I understood see the. Our plans of exploring overseas expansion is not really got to do much with the tariffs because the tariff thing came out now while we have been you know, working on this almost a year now on our future strategy and plans. So it’s not really linked to the tariff and we’ve been able to grow our exports pretty well in the last one and a half, two years. And I think that is one of the reasons what drives us to set up a facility outside because now our export market is pretty strong.
We have a good customer network and I think we can based on that we will be able to really service these customers pretty well from a facility which is outside India. So that was the overall thinking.
Unidentified Participant
Oh, okay. Okay. Fair enough. Thank you. I’ll join you.
Operator
Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and one we take the next question from the line of Sanjay Jain from ICICI Securities. Please go ahead.
Sanjesh Jain
Yeah. Good afternoon sir. Thanks for the opportunity. I got few questions first on the expansion into the KSA can help you can help us understand what kind of investment are we looking there from setup perspective because it’s a green field we have to buy the land and then put the capex probably an admin office there. What kind of investment are we looking there?
Operator
Ladies and gentlemen, we have lost the line of the management. Please stay connected while I reconnect the management thank you. Ladies and gentlemen, we have the management line reconnected. Sir, you could please proceed.
Sanjesh Jain
Yeah, hi. Hi sir. Sanjay. Shares.
Ketan Sablok
Yes. No, I got your question Sanjay, but I think post that we got this. So yeah, so as I was saying, you know, after looking at a few geographies over the past few months we zeroed down on KSA and now the board has given us an in principle go ahead to you know, start evaluating this further and that’s what we are going to do now. So we’ve already formed a company in KSA as we had disclosed a few quarters back. And this project as and when it comes up, it will come up under this entity. You know the.
So now we’ll all start working on the evaluation process, the project cost, the land availability. We already speaking currently to a few authorities in KSA in terms of availability of land, raw materials and other things. So as these things get more fructified and we have a more clear understanding of the project, I think that would be the right time for us to come back and give a little more details about the project. But to go ahead, we talked to the board and the board told us that in principally we can go ahead and start exploring this opportunity.
And KSA kind of suited us well in terms of supply chain, expanded global footprint, more flexibility, scalable production opportunities. And it also had the close proximity to lot of our export markets, Europe, Africa, MENA region and also the fact that we are also now exploring to get in a little deeper on the oil and gas side of the business. So, so yeah, so that is basically what this KSA initiative is as of now.
Sanjesh Jain
But just to understand what advantage are we looking at that’s not offering which India doesn’t offer because I haven’t seen many of the Indian chemical company not going outside of India. If somebody has explored purely either for the technology now how or there are some kind of a restriction from India to export, but really from a chemical manufacturing perspective at least the larger setup in India has always been in India. Now why there’s a change of thought as far as Rosari goes and we don’t have a real established export business.
We are a new baby in the export market and we are trying to invest so much ahead of the time without any anchor customer or a very large contract. No what is giving that confidence or what is driving this all expansion through a ksa.
Ketan Sablok
So the primary advantage that flowing in KSA is the availability of raw material. So we are already speaking to a few suppliers with whom we plan to get into a Long term contract at a specific pricing formula which will give us a substantial advantage in terms of both availability and price. Secondly, in terms of the technology and the product profile, the just set up a project here in India and the current plan is that the facility will be on similar lines as what we’ve done here in India. We already aware of the technology, the product dynamics.
Thirdly on the customer front we have done a complete mapping of the requirements of customers both in the GCC region and in Europe. So Europe and Latin America, any which way we are already working from here but within the GCC region and specifically locally in KSA we have also talked to a lot of customers and as this project moves ahead we have. Understanding. With at least two customers currently for supply of products. So much of these actual agreements and documentation will happen as the envisage the project going forward.
So we are currently also not signing up too much because we want to first evaluate the project, the cost, the returns, etc. And then go ahead. But both on the raw material side as well as on the end customer side, we have pretty much a very good level of discussions with both suppliers and potential customers.
Sanjesh Jain
Got it, got it. My next question is on the profitability. I was just looking at the numbers. Starting 4Q23 we are at 3Q26. Our numbers at the PAT level has been broadly at around 300 million per quarter. It has barely changed and our ROC now stands at sub 15% close to 13% now. How are we looking at scaling the profitability now? It’s been three years. Roces are at a level post tax close to back. How do we, how do we are looking this financial metrics changing in next two years and what will drive this?
Ketan Sablok
Yeah, so I think profitability has been you know around the same level now for last many quarters. So we are you know strategically now looking at bringing out a little more higher margin segments. One is that the B2C segment of US is really pulling us down. We had certain plans and strategy to grow that business but it seems that the things in the B2C vertical are not really playing out the way we had we were expecting it to do. So we are relooking at that business all over again to reduce losses and.
Hello, yeah,
Unidentified Participant
Yeah, yeah,
Ketan Sablok
Yeah. And on a longer term basis also we are assessing this piece of business of ours and maybe in the next few quarters we may take some decisions on how we really plan to or what we plan to do with this B2C vertical. But apart from that I think some of these Capacity additions which we’ve done, which partly have come up in the last quarter, some of them will come up in this quarter. We are quite hopeful that the margin profile going forward should start seeing some upside. The EO challenge currently because of the overall subdued market we are not facing any issues in terms of EO availability.
But as the ramp ups start happening in the next year there could be a few months where you know, EO could be an issue. We really don’t know how it’s going to pan out but the expansion on the side of the supplier is going on stream and we’ve been told that the additional volumes could come up, should come up by quarter three of FY26 so hopefully post that then there should not be any issues on. So that’s how at least for the next year or two we are looking at the India part of the business to grow.
Sanjesh Jain
Ketan, is there one question here? I thought we had a lot of opportunity locally with Edward sir has talked about extensively the new product development. We have done new category development, we have done new vertical development seeding that we have done in last three years. I thought there was a heavy lifting done in India and I thought that would be more, more focused on encashing the efforts that have gone in last three, four years. We are stretching the management bandwidth by expanding into KSA and all.
So just wanted to understand for next two years what remains the priority both on the revenue category, growth, investment and on the profitability?
Ketan Sablok
No. So Sanjay, Sean, I think we’ve been very focused on product development. We’ve now, you know, kind of enhanced our entire R D capabilities. Last six months we’ve bought in some certain senior people in the R and D function. So some of these product developments that are going on currently, we should see some of these playing out in the near future. And in terms of priority, I think both the India business remains the topmost priority for us and that is the reason why we’ve done so much of investments in the last one year and the priority will remain to ensure the capacities get utilized asap.
And these new product developments that currently are happening, they start showing up in the numbers and in terms of the ksa, the KSA team, you know, we are slowly setting up. As I said, it’s currently just work in progress. It’s, it’s now we will start now that the board has given us, we will start a little more deeper exercise on the project side. But that team is going to be completely different. We already identified two senior project professionals who are going to, you know, join us once we internally give a green light to this project.
And both of them will be based out of ksa. And I don’t think the current management will really have. The current teams will not get stressed. It will be a completely separate team with an overall view from the senior management here and the senior project team here. But these are some of the initial planning. So I don’t think there is priority one and priority two. Priority continues to be the India business and then the KSA business as and when it pans out, we will have separate people looking at that.
Sanjesh Jain
I thought we had developed a team in Vietnam, in Bangladesh to develop the export market. I think.
Ketan Sablok
Those the team in Vietnam, Bangladesh were primarily focused for the textile business to start with. So the fact that you are seeing the textile numbers showing and improvement has got a lot to do with the textile export seeing a significant growth in this quarter. We are very much aligned on both these geographies. And also to add to that, we had also we are also in the process of doing that small formulation facility in Thailand. So that should also come upstream maybe by end of Q4 or early Q1.
And there also to start with, we will see textile formulations and textile products manufacturing. And then probably once that gets set up, we can add other products of EHN and maybe some products of hvpc. So if you see textile, all these Vietnam and Southeast Asia initiatives were primarily for textile. And if you see in nine months, the entire growth of textile that has happened has all come out of exports. Exports have grown almost 30% year on year. So yeah, so that’s what the export was for.
Sunil Chari
Sanjay, Ji and Kitanji, the Bangladesh team also has been able to ramp up the animals and nutrition exports. We have now good exports of EHN to the Bangladesh market and our new trace mineral and vitamin C mix. The plant which is there is already now the enzyme premix plant which is now ready to start. Hopefully in this quarter this will add, you know, good volumes to this. Sanjeev, you also want to add here that, you know, it was a trump status which, you know, saw this muted, but we are seeing, you know, December has been very, very strong for us.
And in fact we are very bullish now, you know, in this, these times now that in spite of all the problems, you know, global, especially chemical industries, particularly from China, we have continued to grow quarter to quarter. Third quarter is normally a little weaker quarter because first and second quarter were agro. So we hope to do much better in this quarter in terms of export and to Add for the Saudi Arabian the plans. What we realized in the last couple of years after ramping up our exports is that there are a range of products which have a good potential in surfactants and also non yield products.
And where we saw that there is a possibility for us to get raw materials in Saudi Arabia at close to 35% lesser cost in India. And this is something where you know, different raw materials because Saudi Arabia is, you know, a hub for the petrochemical industry and the products which are, you know, competitive compared to China in Saudi Arabia are the products we are focusing. So we’re still fine tuning and we expect a very healthy irr and you know, roce for the projects and the board was convinced, you know, on this possibility.
Sorry, Sanjeeji, I interrupted. Please continue.
Sanjesh Jain
No, no, no, no, no. That was very helpful charity. Just one, one last question on the profitability. We were at 18% odd. When we did the IPO it came down to 14. Now we are at sub 12. How should we see this profitability? And, and this is on the back that raw material prices have significantly dropped from I think per kg basis. It would have deteriorated further. How do we see profitability from here? I think that is very critical from the return ratio perspective.
Ketan Sablok
Yeah. So Sanjay, at least for the balanced part of this year and the next year till the EOS supply situation comes through by Q3, we would hazard that our margins would be in the, in the, in this similar range about between 12 to 13%. Unless we get, unless we take, you know, what I talked about on the B2C business. If something happens on that side then maybe there could be some improvement. Otherwise at a overall company level it should be between this 12, 13% at least for the next year. While we are working on, you know, improving the product mix.
As I said, some of these products which we are developing now should see the production coming up in next year. But Shawn, of the B2C I think we should be in that 15% order range.
Sanjesh Jain
Got it, Got it. Thanks. Thanks.
Sunil Chari
I want to, Sanjay, I want to add here the new R and D products which you develop. If you see our, you know, sales of new products now is 20% plus. Especially because of the part where we are, you know, planning to sell part of our consumer businesses and this part of the consumer businesses we are expecting, you know, even about 150 crores coming into the company for sale of this. We are expecting a good valuation for the same. So. Consumer businesses require, you know, money investment, you know, some amount of cash burn Investment in, you know, marketing, promotions, you know, free sampling which we are not doing now.
So we think the board feels better. So this, you know, selling the consumer business would automatically bring our profits back, you know, to 15%. And the new, you know, plants which are there, all the new, you know, for the fermentation, you know, the biosurfactants, we have, you know, the best. In fact today we have news that, you know, the best personal care company in the world has approved our biosurfactants. Two big multinationals of the world have approved this globally now. So we are hoping that we will do whatever.
300 tons of bias of action next month, next year in the production would all get sold up. So we are expecting a much better percentage of EBITDA in the coming financial year besides growth in terms of amount. So this year we, whatever we do, we’ll see a healthy growth both in percentage and also in amount. Definitely.
Sanjesh Jain
Got it sir. And congratulations for your successful approval of biosurfactant. I hope that turns out to be a big churner for us at least from the margin perspective. Wait to see it. Yes
Sunil Chari
Sir, definitely. Thank you sir. Thank you. Thank
Sanjesh Jain
You sir. Thanks. Thanks for all those updates and best of luck for the coming quarters.
Sunil Chari
Thank you.
Operator
Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and one. We take the next question from the line of Ranveer Singh from Nuama Wealth Management. Please go ahead.
Ranveer Singh
Ranveer, if
Operator
You can please proceed with your question.
Unidentified Participant
Yeah, so basically I wanted to understand the capacity expansion what we are talking about. Can you quantify the kind of capacity utilization currently at the new facility at the Haze under Unitop as well as in Rosario also.
Ketan Sablok
So the new facility at Unitop, you know, I just got capitalized in the last quarter. So the runs are happening. It will take, you know, some time for the plant to stabilize. So currently, if you ask me, in this quarter the utilizations would be at a low of between 10 to 15%. But as the plant gets stabilized and as the product continuous process starts going through, I think the capacities will, will slowly see a ramp up. So we expect an optimal utilization happening over the next two years.
Unidentified Participant
So
Unidentified Participant
10 to 15% capacity utilization. We are talking about 75,000 metric ton capacity installed capacity. We are talking about that, right?
Ketan Sablok
We are talking about 15,000 tons.
Unidentified Participant
Okay, okay. Okay. And, and so by by end of FY27, what kind of ramp of D, it may not be very clearly visible but if you can just you know, some ballpark number that what kind of Capacity utilization this facility may see by. End of FY27
Ketan Sablok
So it can go up to 90% capacity utilization.
Unidentified Participant
And we see in this quarter like you know, that textile business, what you asset has seen very strong performance going forward. Is it like, you know, because the last few quarters has been muted and so we see the sudden spurt in demand or you see this is going to sustain over, you know, few quarters now.
Ketan Sablok
So textile much of the growth this quarter it has happened across both the domestic and the export. Export market, the export is driven by customers. You know, we’ve added lot of new geographies like Turkey, Uzbekistan, Morocco, Philippines, Indonesia. These are all the new countries where we have started adding customers. We also increased the number of stock
Unidentified Participant
Points. In India
Ketan Sablok
Of course the demand is little soft because some of the end customers like the large ones like Westburn into count have you know, got a little impacted because of the tariff situation. But otherwise we’ve seen a good offtake in other markets like Surat and Ludhiana and all. So this quarter we saw some of the that playing out because last couple of quarters the domestic was very slow but maybe some demand came in. So we were able to
Ranveer Singh
See
Ketan Sablok
A good ramp up in the domestic also. But going forward, I think in Q4 I think it will be an average growth for us because domestic I think unless and until something some clarity comes on the tariff side and the end market demand goes up, we do not expect any major increase in sales. Export should continue to do well and we are already working in some more markets and some newer products. So that should keep doing well. Next year I think lot of the textile will happen. Textile growth will happen through, through the export side as our Thailand unit will also become functional.
And then we’ll be able to supply a lot of our newer customers in southeast Asia, Bangladesh, etc. From the Thailand entity.
Unidentified Participant
Okay, okay. And one last question on on capex side although that greenfield facility at KSA is under evaluation, but apart from this major capex we believe have already been done or for FY27 if you could guide something about the capex.
Ketan Sablok
Most of the capacity enhancement capexes have been done not for the next two, three years. We may have some capexes towards new product development, piloting R D et cetera. But capex enhancement, CAPEX capacity enhancement capexes are done and the aim would be now for the next two, three years to optimally utilize these capacities, bring in newer products and fill up the plants in India.
Unidentified Participant
Okay, so how much capex we have capitalized in FY26.
Ketan Sablok
So by the end of FY26 we would have capitalized total close to I think about 200 crores. I don’t have the exact number, but it’ll be around that number across
Unidentified Participant
The
Ketan Sablok
Group.
Unidentified Participant
Okay. Okay, that’s it. Thank you. And all the listings.
Ketan Sablok
Thank. Thank you.
Operator
Thank you. We take the next question from the line of Atishre Mahlan from Abacus Mutual Fund. Please go ahead.
Atishre Mahlan
Yeah, hi. Am I audible?
Unidentified Participant
Yes.
Atishre Mahlan
Yeah. Hi, good evening to the team. Can you help me bifurcate the revenue growth in Q3 and 9 month FY26 between volume and price growth on a consolidated level and if possible in the three business segments as well?
Unidentified Participant
Hello.
Operator
Ladies and gentlemen, we have lost the line of the management. Please stay connected while I reconnect the management. Thank you, Ladies and gentlemen. We have the management line reconnected, sir. You may proceed.
Ketan Sablok
Yeah, so as I was saying, most of the growth that you have seen on a yoy basis has all come out of the volume growth. Some price increase would have taken, but I think that the increase in one gets knocked off by a decrease in pricing in the other. But on an overall basis, we’ve seen our volume growth happening close to almost 10 to 12%. So. So we can assume that the entire growth is out of volume itself.
Atishre Mahlan
Okay. And this would be true for nine months, FY26 as well?
Ketan Sablok
Yes,
Ranveer Singh
Yes.
Atishre Mahlan
Okay. Okay. And I think in your earlier comments you have alluded to the fact that there is some demand softness in the domestic market. Can you just probably go into a bit more detail as to which end user segments are seeing this weakness and some of the reasons as to why?
Ketan Sablok
So in the domestic, I think particularly we have been impacted is in the textile division. That’s where the end use segments or the end use customers have seen a drop in volumes. Also in HPPC business in Europe the sentiments have been very low. So there also we have seen on the export side some softness. But overall we’ve been able to make up for Europe with other geographies like MENA and the Middle east and Turkey, etc. So if you see our months of October and part of November were really very, very soft.
For us the demand was very low, especially in the hppc. But then again in the month of December we saw the demand picking back. A lot of the subdued demand actually came up in December. So we are hopeful that going forward, at least in Q4, we should see a better demand outlook compared to what was there in Q3. And apart from that, I think textile as I said domestically, yes, there was softness. We are seeing that for the past almost many quarters. But in this quarter, if you ask me specifically, as I said earlier, we saw a little bit of demand coming back in textile, but we would not assume that that is going to be the story going forward.
It was just probably a quarter specific phenomenon. But we’ll just have to wait and see how that plays out. But we are going to make it. Up more through our exports.
Atishre Mahlan
Okay. Okay. And this quarter you’ve seen quite good growth in the animal health business. So if you could just elaborate as to where this growth is coming from and how sustainable is it going forward.
Ketan Sablok
Yeah, so in AHN I think we saw good demand this quarter. The second half generally is a better half for AHN when you compare with the earlier half. And also now in AHM we are focusing to drive sales through key accounts. So some of that is playing out now. So hopefully we should see that coming up. Also going forward again, our export initiative in EHL will also now play out. We’ve seen some of it happening in this quarter. So there are a lot of countries we are adding, some of them being Nepal, Bangladesh.
We’ve also done some business in Egypt, Nigeria, Thailand and also a few countries in South America. And we are also working towards registration to few more countries in Southeast Asia and in the Central European region. So I think these will play out. Plus our premix plant will come on stream by the end of this quarter or early Q1. So next year premix plant should also add into the AHN volumes. So I think a lot of the back end work for the next growth trajectory for AHMA has been done in the last six months and we should see some good numbers at least going forward from next year.
Atishre Mahlan
Okay, just one last one from my end. So based on some of the comments you just made, the sense I’m getting is that this quarter and perhaps in the next coming quarters, exports is perhaps something that is going to perform better than domestics. But your long term focus or long term growth is still going to be driven primarily by the domestic market. Is that a correct understanding?
Ketan Sablok
So if you see most of, if you see the exports trajectory of us, it has consistently grown quarter on quarter. So some of the muted demand of the domestic market has been more than made up by the exports. If you see in these nine months, export has grown almost 26% last year while domestic has grown only 10%. And today in this nine months the export piece is close to 30% of our turnover maybe three, four years back. This number used to be less than 20. So going forward also we expect the export to keep growing.
Maybe not at this rate of 26%, but it will see a good rate of growth. Probably the rate of growth will be better than that of the domestic market. Unless you know, the domestic sentiment really changes, especially in textiles and the FMCG business. But otherwise export will continue to grow.
Atishre Mahlan
Okay, okay, thank you so much and good luck for the forthcoming quarters.
Unidentified Participant
Thank you.
Operator
Thank you. Ladies and gentlemen. If you wish to ask a question, please press star and 1. We take the next question from the line of Tanvi Valekar from Anandradhi Institutional Equities. Please go ahead.
Tanvi Valekar
Export contribution for this quarter.
Operator
Tanvi, I do apologize to interrupt you but if you could please repeat your question as your audio was not clear.
Tanvi Valekar
Hello, can you hear me better?
Operator
Yes, please go ahead.
Tanvi Valekar
Yes, sir. So just two quick questions. What’s the export contribution for this quarter? And you had also announced non EU based capexes in Rosarita. He. So is there any delay in the commissioning of those Q pixes?
Ketan Sablok
Yeah. So export contribution in this quarter is 33% of the total turnover and on nine month basis it is about 30%.
Tanvi Valekar
All right, sir.
Ketan Sablok
Yeah. And all capexes are going as the plan. They are on stream. The balance E oxidation capacity should come in on stream by, in this quarter itself.
Tanvi Valekar
No, I’m seeing the non EU based capacities that was announced for Unitop, Tristar and Rigari.
Ketan Sablok
So those will happen in the next year. They are more phased out capexes and more towards product development. Second half. Yes, some of them will come and some in Q4.
Tanvi Valekar
Okay, okay, sir, and just one last one. You had announced that for the Saudi Arabia there was an investment of roughly $8 billion. $8 million. Sorry. So. And apart from this, will there be any other capex to set up the facility?
Ketan Sablok
Sorry, I, I didn’t get your questions.
Tanvi Valekar
You had mentioned that there will be around $8 million investment.
Ketan Sablok
No, no, no, no, no. That’s not the capex amount. That $8 million was just an approval taken for doing any kind of equity infusion for us to do the evaluation process. And all the capex will be substantially higher than that. That was only an initial approval we had taken to. You know, we start as I said now in principle. Approval has come and we’ll need to start doing a lot of groundwork there. So once for that we’ll need some, some spend which will happen there. The reason we had taken an initial approval of equity infusion of 8 million.
That’s not for the capris the detailing of the Capex will happen once, you know, we’ve done our assessment and evaluation exercise, for which we’ll come back once we get a formal approval on the. On the Capex amount.
Tanvi Valekar
Okay? Okay. Thank you so much.
Operator
Thank you. Ladies and gentlemen, has there are no further questions from the participant? I now hand the conference over to the management for their closing comments.
Edward Menezes
Thank you, everyone. I hope we have been able to answer all your questions satisfactorily. Should you need any further clarifications or would like to know more about the company, please feel free to contact our team or CDR India. Thank you once again for taking the time to join us on this call. And good evening.
Operator
Thank you on behalf of Rosari Biotech limited. That concludes this conference call. Thank you for joining us. And you may now disconnect your lines.