Sudarshan Chemical Industries Limited · NSE:SUDARSCHEM
Sudarshan Chemical Industries — Q3 FY26 Earnings Presentation
28 slides from Sudarshan Chemical Industries's earnings presentation, Feb 12, 2026
Slide 1: Exchange filing cover letter for Q3 FY26 investor presentation
12th February, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Mumbai – 400 001 Bandra Kurla Complex, Scrip Code – 506655 Bandra (East), Mumbai – 400 051 Scrip Symbol - SUDARSCHEM Dear Sir / Madam, Sub : Results Earning
Slide 2: ONE Sudarshan Investor Presentation Q3 FY26
ONE Sudarshan Investor Presentation Q3 FY26 February 13, 2026
Slide 3: Safe harbour statement
Safe harbour statement • This presentation may contain statements which reflect Management’s current views and estimates and could be construed as forward-looking statements • These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results
Slide 4: One Sudarshan introduction
One Sudarshan introduction 3
Slide 5: Sudarshan and Heubach unite forces
Sudarshan and Heubach unite forces Legacy Legacy Top-2 player globally with a legacy of Fastest growing and most over 200 years and about a billion profitable pigment company with Euros in revenue 1,270+ employees A global, value-creating pigment 75+ years of experience in pigment Global manufacturi
Slide 6: Reminder on our value proposition
Reminder on our value proposition Expanded Truly global Unrivalled Pigment Financially manufacturing reach Portfolio and robust footprint Technology 19 All ~1,600 € ~1 bn Manufacturing facilities Major industry segments Pigment products Annual turnover 11 4,000+ ~60 EBITDA Countries with sites Globa
Slide 7: Integration update
Integration update 6
Slide 8: Integration update – where we stand against year 1 priorities
Integration update – where we stand against year 1 priorities NOT EXHAUSTIVE Key year 1 priorities Latest achievements Customer centricity Improved customer service e.g., with regional CSD teams Value capture plan Progress on the value capture work: 40 INR Cr fixed cost savings Q3 execution vs Q1 FY
Slide 9: Q3 performance update
Q3 performance update 8
Slide 10: Q3 market reflections: Continued low demand for both our customers and us
Q3 market reflections: Continued low demand for both our customers and us Our observations Low demand across most pigment end-use industries, esp. for coatings and plastics, driven among others by high interest rates and overall low economic growth Most of our global customers degrowing vs. last yea
Slide 11: One Sudarshan Q3 FY26 performance
One Sudarshan Q3 FY 26 performance Consolidated results across legacy Sudarshan and acquired group In ₹ Cr Acquired Legacy Sudarshan Group One Sudarshan Commentary Q3 25 Q2 26 Q3 26 Q2 26 Q3 26 Q3 25 Q2 26 Q3 26 1. 1 ₹ 64 Cr lower revenue in legacy Sudarshan and ₹ Revenue from 666 712 1 648 1,683 1
Slide 12: One Sudarshan 9M FY26 performance
One Sudarshan 9M FY 26 performance Consolidated results across legacy Sudarshan and acquired group In ₹ Cr Acquired Legacy Sudarshan One Sudarshan Group Commentary 9M 25 9M 26 9M 26 9M 25 9M 26 1. 1 Legacy Sudarshan pigment sales marginally Revenue from 1,996 1 1,988 5,045 1,996 6,997 lower by 1.3%
Slide 13: Deep-dive pigment performance – Q3 2026
Deep-dive pigment performance – Q3 2026 Pigment-only results across legacy Sudarshan and acquired group In ₹ Cr Acquired Legacy Sudarshan Pigment Group Pigment Global Commentary Q3 25 Q2 26 Q3 26 Q2 26 Q3 26 Q3 25 Q2 26 Q3 26 1. 1 Legacy Sudarshan YoY 1 sales marginally lower Revenue from 601 651 59
Slide 14: Acquired Group EBITDA: ~116 Cr drop, primary drivers are lower margins and price reduction
Acquired Group EBITDA: ~116 Cr drop, primary drivers are lower margins and price reduction EBITDA, ₹ Cr -116 40 78 116 38 15 -38 25 Q1 FY26 Selling price Volume and Lower employee cost Lower fixed cost Q3 EBITDA variance1 mix drop1 Expected EBDITA of (78) without Value capture impact of ~40 Value ca
Slide 15: Deep-dive pigment performance – 9M 2026
Deep-dive pigment performance – 9M 2026 Pigment-only results across legacy Sudarshan and acquired group In ₹ Cr Acquired Legacy Sudarshan Pigment Group Pigment Global Commentary 9M 25 9M 26 9M 26 9M 25 9M 26 1. 1 Marginal de-growth of 1.3% in overall revenue Revenue from 1 1,850 1,826 5,045 1,850 6,
Slide 16: Deep-dive RIECO performance
Deep-dive RIECO performance RIECO-only results In ₹ Cr Q3 and 9M 2026 Quarterly performance 9M Performance Commentary Q3 25 Q2 26 Q3 26 9M 25 9M 26 1 Shifting of revenue to Q4 due to site readiness 1 Revenue from Operations 65 60 51 147 161 2 Drop in revenue has led to EBITDA drop though EBITDA 0.1
Slide 17: Financial Ratios - One Sudarshan
Financial Ratios - One Sudarshan Key ratios FY 23 FY 24 FY 254 9M 264 Earnings Per Share (₹)1 6.5 16.0 22.5 -1.4 Adjusted Return on Capital Employed2,5 (%) 6.1% 11.7% 10.3% 6.0% Net debt to Equity Ratio 1.0 0.3 0.3 0.5 Net debt3 (₹ Cr) 797 394 652 1,123 Net working capital as % to sales 2 20.5% 20.1
Slide 18: Outlook
Outlook 17
Slide 19: Outlook commentary
We have left the worst behind – the last half year has been exceptional in the chemicals industry Customer trust is rebuilt and the destocking situation on legacy Heubach products is easing - we see especially global accounts buying again more in Jan and early Feb Forward looking statements Slight s
Slide 20: EBITDA projection for the Acquired Group
EBITDA projection for the Acquired Group Business EBITDA in € Mn Achieved EBITDA of € 6.5 Mn in 9M 26 for Acquired Group Q1-Q3 EBITDA Positive outlook on Q4 driven by positive sales momentum and 90-100 ongoing value capture acceleration Expected ~€ 9-10 Mn Q4 26 Business Reported EBITDA for Q4 & EBI
Slide 21: Business vs. accounting EBITDA
Business vs. accounting EBITDA Deep dive • Business EBITDA = Operating profit from actual sales without the impact of inventory change • Reported EBITDA = Operating profit from actual sales with the impact of inventory change (change in inventory for FG and WIP) • Our target is to reduce the finishe
Slide 22: Business vs. accounting EBITDA
Business vs. accounting EBITDA Reduction in working capital Balance Reduce the Inventory in the range of ~ € 30-40 Mn Generate higher cash flow Sheet Improved position of net debt Sales growth Profit & Absorption effect due to lower production Loss Business EBITDA: ~ € 9-10 Mn Statement Temporary do
Slide 23: Closing – We continue to look positively into the future!
Closing – We continue to look positively into the future! Sudarshan is one of the largest pigment players in the world We have the widest product portfolio We are structurally advantaged with our global footprint Our EBITDA performance is heading in right direction, as synergies will increasingly sh
Slide 24: About Sudarshan
About Sudarshan 23
Slide 25: Our Governance Structure - Board of Directors
Our Governance Structure - Board of Directors Mrs. Sudha Navandar Mr. Rajendra Mariwala Non-Executive, Non-Executive, Independent Director Independent Director Mrs. Anu Wakhlu Mr. Amitabha Mukhopadhyay Non-Executive, Non-Executive, Independent Director Non-Independent Director Ms. Bhumika Batra Mr.
Slide 26: Shareholder Information
Shareholder Information Share Information (as of 31st December 2025) Shareholding Pattern (as of 31st December 2025) NSE Ticker SUDARSCHEM Promoters 8.19% BSE Ticker 506655 FIIs and FPIs 8.21% Market Cap (₹ mn) 74,501 Mutual Funds 23.02% % free-float 91.81% Others 60.58% Free-float market cap 68,399
Slide 27: Investor Relations Connect
Investor Relations Connect Investor Relations at Sudarshan: Mr. Mandar M. Velankar +91 20 6828 1200 investorrelations@sudarshan.com CIN: L24119PN1951PLC008409 www.sudarshan.com Sudarshan Chemical Industries Limited 7th Floor, Eleven West Panchshil, Survey No. 25, Near PAN Card Club Road, Baner, Pune
Slide 28: Thank you
Thank you
Sudarshan Chemical Industries — Q3 FY26 Earnings Presentation on 6ix