That’s great. I have a few questions. Please tell me if anybody knows.
Does anybody know what the TiO2 price is good for Meghmani? Like imposition of an anti-dumping duty of between $460 and $681 per tonne but how much cost meghmani to produce 1 ton of TiO2.
What is the margin percentage of TiO2 for meghmani?
Does anyone have any Idea on how US tarrif affects this company?
2-4-D- So demand for the 2,4-D is quite well. As we all know, in the US market, there has been anti-dumping imposition on 2,4-D on India as well as on China on all the companies. And among all the companies, Meghmani has got the least anti-dumping duty. I would say China is nowhere, nowhere near to India, the anti-dumping imposition on China is close to more than 100%, approximately 130% plus. So whether we consider tariff or whether we don’t consider tariff, China will have a tough time particularly for the US market for 2,4-D. So India has upper edge. And we have been seeing good demand. Our plant is running at reasonably good capacity, I would say, 85% plus capacity, 2,4-D plant is running.
Tariff - We don’t know what will be the penalty. But still when we analyse, so we are still better off than the China. But yes, there will be some impact. The tariff will create some issues. So our team has started reaching out to various customers. Our customers have also started evaluating. So we are yet to confirm what will be the exact impact. But on the long-term basis, if the China will have 55% and India will have somewhere in the 25% - 30% range, then we will still have an upper edge over China.
Are you still tracking this company it will be a big help in understanding this company with the help of other who are tracking it.
As per the last concall M.D has mentioned that the cost of raw materials for Tio2 has increased but they have not provided any specifications of raw material and how much price has gone up.
In the earlier concall M.D has mentioned that they will be focusing on the other countries when China is facing anti dumping duty for selling Tio2 but there was no further info about the order book or what so ever from the management.
Looking for more info from people tracking this
Rev Bifurcation - Broadly, our export volumes in Q3 are generally softer as overseas customers follow calendar years. In Quarter 3 FY '26, export volume witnessed additional pressure due to ongoing uncertainty around US trade policy. This uncertainty has not only impacted demand from the US market, but also led to softer demand across other export geographies. Raw material prices remain broadly stable and the price realization remains largely stagnant. So, in the third quarter, the Crop Protection segment did the revenue of Rs. 382 crores with the EBITDA of Rs. 58 crores. The Pigment segment did the revenue of Rs. 103 crores with the EBITDA of Rs. 0.7 crores. And for the Kilburn, we did the revenue of close to Rs. 19 crores with the negative EBITDA of Rs. 13 crores. And in the MCNL, which is the Crop Nutrition segment, we did the revenue of Rs. 5 crores with the EBITDA of negative Rs. 0.4 crores.
Crop Nutrition - In our Crop Nutrition segment, alongside ongoing field trials across few countries, we are actively developing new international markets for Meghmani Nano Urea. Sample consignments are currently being dispatched for further field evaluation. Parallelly, we are also expanding our product portfolio, which will further strengthen our market position. So, in the case of Nano Urea, the margins are in the range of about 20%-22%.
Crop Protection - So, we have been focusing more and more on the formulation now to improve our profitability and the growth point of view. So, year-on-year, there has been improvement and increase in the formulation business. And as of now, if we consider about 60% is the technical and about 40% is the formulation. US Export is close to 24%-25%.
Pigment - We have been taking a **lot of corrective actions in the operation level to improve the profitability particularly by implementing various corrective actions to reduce energy costs—**modifying plant processes and improving efficiency to lower both electricity and steam consumption, which directly helps bring down our overall manufacturing expenses. Simultaneously, we are rationalizing manpower through small-scale automation initiatives and have secured access to group captive renewable power, which is expected to commence from the second or third quarter of the next financial year, further significantly reducing our electricity costs.. We believe somewhere from the first quarter onwards, we will see the numbers of improvement in the Pigment segment.
On TiO2 - The price realization was further impacted following the withdrawal of anti-dumping duty by the Finance Ministry. The DGTR has taken up the matter again and the new notification re-imposing the anti-dumping duty is expected shortly. We anticipate raw material prices to normalize in coming quarters, which along with the re-imposition of antidumping duty should improve the market dynamics going forward.
On Debit - As of 31st December 2025, on standalone basis, our total debt stands at Rs. 573 crores comprising of Rs. 455 crores in short-term debt and Rs. 118 crores in long-term debt. Debt-toequity ratio on standalone basis stood at Rs. 0.33. On consolidated basis, our total debt stands at Rs. 783 crores which includes Rs. 464 crores in short-term debt and Rs. 319 crores in long-term debt. Debt-to-equity ratio on consolidated basis stood at Rs. 0.51. Year-to-date, we have made a debt repayment of approximately Rs. 128 crores.
Q on Update on DGTR ADD on TiO2- So, the anti-dumping was imposed in the last year, in the year 2025, the order was challenged by the Indian Paint Association, IPA, in Kolkata High Court. And in that court case the court order came in the favor of the Paint Association. And there was a lapse following the process of anti-dumping duty. And the anti-dumping got withdrawn and DGTR accepted the order rather than challenging it. Because if you challenge it, then it will be a very long process, there will be lot of rounds. And that has already been done. And now we are awaiting for the new order for the anti-dumping duty from DGTR side. The work has been already done by DGTR now. So, very soon, we should get the order. Following the DGTR order, there will be order from the Finance Ministry. So, again, this is a matter of few months now
Q on Y not to close down TiO2 - Yes, Madhurji, for the timing, we have taken shutdown of the plant, looking at the market condition to reduce the loss. (Sir, again on this Titanium Dioxide, we did a CAPEX of Rs. 600 crores. Working capital is additional. And we have incurred a total loss of around Rs. 225 crores on this Titanium Dioxide and more is to come. So, now if we add this Rs. 600 plus Rs. 225, so Rs. 825 crores we have already put here.)
Q on Max Rev Potential Existing Capacities - The kind of the infrastructure what we have created in the Agrochemical segment that can create revenue of close to Rs. 2,500 crores in total. In the Pigment, we already have the capacity which can go up to Rs. 700-Rs. 750 crores. And in Titanium Dioxide, again, if we run at the current capacity, which is 16,500 tons. So, with that and by doing some small bottleneck changes, we can take the capacity to nearly almost double capacity. And by doing that, that can generate revenue optimally based on the market price, the revenue will be there. But the current market price, due to no anti-dumping duty, the prices have gone down drastically. If we consider on an average Rs. 200 price, then also it can generate revenue of close to about Rs. 400 crores.
Q on Normal Margin - In the Agrochemical segment, on an average, industry generates EBITDA margin of 15%-17%. And we will maintain that kind of profitability in this range. In the Pigment segment, currently it is under a lot of pressure. We believe to take our EBITDA margin close to 8%-9%. In Titanium Dioxide, on an average, in the reasonable market condition point of view, it should generate about 17%-20% EBITDA margin.
Q on Elaboration on RM Price Hike of TiO2 - One of the key raw materials is the Sulfuric Acid. Sulfuric Acid price used to be in the range of Rs. 4 - Rs. 5. Now, it is in the range of more than Rs. 15 - Rs. 18. So, that is getting used substantially in a huge volume.
