Chemicals · Founded 2003 · www.rossari.com · BSE 543213 · NSE ROSSARI · ISIN INE02A801020
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Business
Rossari Biotech Ltd. is an India-based specialty chemicals manufacturer providing a diverse range of products across various industrial applications. Its core business model involves developing, manufacturing, and supplying innovative and sustainable chemical solutions to a wide array of B2B customers. The company emphasizes in-house research and development to create customized products that meet specific client requirements. Rossari makes money by selling these value-added specialty chemicals to industries such as textiles, animal health & nutrition, home & personal care, construction, paints, and agrochemicals.
Revenue Mix
Rossari Biotech operates primarily across three key segments:
Textile Specialty Chemicals: This segment includes a comprehensive range of products for the entire textile processing value chain, from pre-treatment to finishing. This has historically been a significant revenue contributor.
Animal Health & Nutrition: Focused on poultry, aqua, and dairy sectors, offering products like feed supplements, probiotics, and disinfectants.
Home, Personal Care & Performance Chemicals (HPPC): This segment caters to various industries, providing ingredients for detergents, soaps, cosmetics, industrial cleaners, water treatment, and also expanding into construction chemicals, paints, and agrochemicals.
The company's strategy has been to diversify its revenue mix away from a heavy reliance on the textile sector towards faster-growing areas like HPPC and Animal Health. While specific current percentages can fluctuate, the trend is towards a more balanced contribution from these diversified segments.
Industry
The Indian specialty chemicals industry is characterized by its diversity, fragmented nature, and strong link to end-user industry growth. It is largely driven by R&D, application-specific solutions, and import substitution opportunities. Rossari Biotech is positioned as a mid-tier player within this competitive landscape, known for its strong R&D capabilities, diversified product portfolio, and focus on sustainable solutions. It competes with both large domestic chemical manufacturers and smaller, specialized players, as well as global chemical majors operating in India. The company leverages its technical expertise and customer-centric approach to differentiate itself.
MOAT
Strong R&D and Customization Capabilities: Rossari's in-house R&D enables it to develop tailor-made, application-specific chemical solutions, fostering stickiness with customers who rely on these specialized products.
Diversified Product Portfolio & End-User Industries: Its presence across multiple segments (Textiles, Animal Health, HPPC, Construction, etc.) reduces dependence on any single industry's cycles, offering resilience and broader growth avenues.
Customer Relationships: Long-standing relationships with key clients, built on product quality, technical support, and consistent supply, contribute to recurring business.
Operational Efficiency: Continuous focus on process improvement and capacity utilization helps in cost management and competitive pricing.
Growth Drivers
Diversification into New End-User Industries: Continued penetration and expansion in high-growth areas like construction chemicals, agrochemicals, paints, and advanced HPPC applications.
Capacity Expansion: Commissioning of new manufacturing facilities or expanding existing ones to meet growing demand and scale operations.
Increased Demand for Specialty Chemicals: Driven by industrial growth, urbanization, rising disposable incomes in India, and the trend of import substitution.
Focus on Sustainable Solutions: Growing preference for eco-friendly and green chemistry products offers a differentiation and growth avenue.
Acquisitions & Strategic Alliances: Inorganically expanding product lines, technologies, or market reach through strategic mergers and acquisitions.
Risks
Raw Material Price Volatility: Many specialty chemicals rely on crude oil derivatives and other commodities, making margins susceptible to fluctuations in raw material prices.
Intense Competition: The specialty chemicals sector is highly competitive, facing challenges from both domestic players and larger global manufacturers.
Regulatory & Environmental Compliance: Strict and evolving environmental regulations, chemical safety norms, and manufacturing permits can impact operations and costs.
Economic Slowdown: A downturn in key end-user industries (e.g., textiles, construction) could lead to reduced demand for the company's products.
R&D Success: Failure to continuously innovate and develop new, relevant products could lead to loss of competitive edge.
Foreign Exchange Fluctuations: For imported raw materials or export revenues.
Management & Ownership
Rossari Biotech was founded by Mr. Edward Menezes and Mr. Sunil Chari, who continue to serve as the Executive Directors and key promoters of the company. They bring significant experience and technical expertise in the chemical industry. The management is generally perceived as committed to R&D-driven growth and strategic diversification. The ownership structure typically includes a significant promoter holding, alongside institutional investors, high net-worth individuals, and public shareholders.
Outlook
Rossari Biotech is positioned to benefit from the growing demand for specialty chemicals in India, driven by industrial expansion and increasing consumption. Its strong R&D focus, diversified product portfolio, and strategic capacity expansions provide a solid foundation for growth. The company's efforts to de-risk its revenue mix by expanding beyond textiles into high-growth segments like Animal Health and HPPC are positive. However, the business faces inherent risks such as volatility in raw material prices, intense competition, and potential regulatory changes. The ability to successfully integrate acquisitions, maintain innovation, and navigate cost pressures will be crucial for sustained profitability and market share gains in the long term.
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| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 464 | 473 | 490 | 498 | 513 | 580 | 544 | 586 | 582 | 685 |
| Other Income | 4 | 0 | 1 | 1 | 1 | 2 | 1 | 2 | 1 | 19 |
| Total Income | 467 | 473 | 491 | 499 | 513 | 581 | 545 | 588 | 582 | 704 |
| Total Expenditure | 400 | 409 | 425 | 432 | 448 | 510 | 476 | 514 | 513 | 608 |
| Operating Profit | 67 | 64 | 66 | 67 | 65 | 71 | 69 | 74 | 69 | 96 |
| Interest | 4 | 3 | 4 | 4 | 5 | 6 | 6 | 6 | 8 | 9 |
| Depreciation | 15 | 16 | 15 | 15 | 18 | 18 | 18 | 18 | 20 | 24 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 48 | 45 | 47 | 48 | 42 | 48 | 46 | 49 | 42 | 64 |
| Provision for Tax | 13 | 11 | 12 | 13 | 11 | 13 | 13 | 13 | 10 | 18 |
| Profit After Tax | 34 | 34 | 35 | 35 | 31 | 34 | 33 | 36 | 32 | 45 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 1 |
| Profit After Adjustments | 34 | 34 | 35 | 35 | 32 | 34 | 34 | 37 | 33 | 46 |
| Adjusted Earnings Per Share | 6.2 | 6.2 | 6.3 | 6.4 | 5.7 | 6.2 | 6.1 | 6.7 | 5.9 | 8.3 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 171 | 179 | 233 | 292 | 516 | 600 | 709 | 1483 | 1656 | 1831 | 2080 | 2397 |
| Other Income | 0 | 0 | 1 | 1 | 1 | 4 | 9 | 19 | 14 | 14 | 15 | 23 |
| Total Income | 171 | 179 | 234 | 293 | 517 | 604 | 719 | 1502 | 1670 | 1845 | 2095 | 2419 |
| Total Expenditure | 156 | 166 | 209 | 247 | 439 | 495 | 586 | 1307 | 1441 | 1587 | 1826 | 2111 |
| Operating Profit | 15 | 13 | 25 | 46 | 78 | 108 | 132 | 195 | 229 | 257 | 269 | 308 |
| Interest | 5 | 4 | 2 | 1 | 3 | 4 | 3 | 13 | 22 | 19 | 18 | 29 |
| Depreciation | 5 | 5 | 4 | 5 | 12 | 17 | 23 | 48 | 63 | 60 | 67 | 80 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 5 | 5 | 19 | 40 | 63 | 88 | 107 | 136 | 144 | 178 | 185 | 201 |
| Provision for Tax | 1 | 1 | 3 | 11 | 18 | 23 | 27 | 39 | 37 | 47 | 49 | 54 |
| Profit After Tax | 4 | 3 | 16 | 29 | 46 | 65 | 80 | 98 | 107 | 131 | 136 | 146 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 2 |
| Profit After Adjustments | 4 | 3 | 16 | 29 | 46 | 65 | 80 | 98 | 107 | 131 | 136 | 150 |
| Adjusted Earnings Per Share | 0.8 | 0.7 | 3.3 | 6 | 9.4 | 12.9 | 15.4 | 17.7 | 19.4 | 23.7 | 24.6 | 27 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 14% | 12% | 28% | 28% |
| Operating Profit CAGR | 5% | 11% | 20% | 33% |
| PAT CAGR | 4% | 12% | 16% | 42% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -29% | -17% | -17% | NA% |
| ROE Average | 12% | 13% | 15% | 21% |
| ROCE Average | 16% | 18% | 21% | 26% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 47 | 50 | 65 | 94 | 124 | 287 | 409 | 805 | 915 | 1048 | 1185 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 9 | 7 | 2 | 1 | 1 | 34 | 0 | 0 | 35 | 33 | 100 |
| Other Non-Current Liabilities | 0 | -0 | -0 | 2 | 36 | 35 | 59 | 251 | 146 | 160 | 161 |
| Total Current Liabilities | 58 | 52 | 57 | 68 | 122 | 169 | 177 | 360 | 476 | 584 | 740 |
| Total Liabilities | 114 | 109 | 124 | 166 | 283 | 525 | 645 | 1417 | 1572 | 1825 | 2187 |
| Fixed Assets | 38 | 38 | 38 | 45 | 74 | 94 | 181 | 607 | 585 | 578 | 598 |
| Other Non-Current Assets | 8 | 8 | 9 | 15 | 49 | 85 | 82 | 135 | 138 | 243 | 342 |
| Total Current Assets | 69 | 63 | 77 | 106 | 160 | 346 | 381 | 675 | 847 | 1003 | 1246 |
| Total Assets | 114 | 109 | 124 | 166 | 283 | 525 | 645 | 1417 | 1572 | 1825 | 2187 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 1 | 1 | 3 | 2 | 1 | 6 | 29 | 15 | 37 | 69 | 25 |
| Cash Flow from Operating Activities | 8 | 26 | 7 | 24 | 71 | 57 | 48 | 29 | 152 | 43 | 137 |
| Cash Flow from Investing Activities | -2 | -5 | -6 | -20 | -36 | -190 | -37 | -299 | -181 | -103 | -184 |
| Cash Flow from Financing Activities | -6 | -19 | -2 | -5 | -29 | 157 | -25 | 292 | 61 | 16 | 65 |
| Net Cash Inflow / Outflow | 0 | 2 | -0 | -2 | 6 | 23 | -14 | 22 | 32 | -44 | 19 |
| Closing Cash & Cash Equivalent | 1 | 3 | 2 | 1 | 6 | 29 | 15 | 37 | 69 | 25 | 44 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.77 | 0.7 | 3.25 | 5.99 | 9.44 | 12.86 | 15.45 | 17.74 | 19.45 | 23.66 | 24.63 |
| CEPS(Rs) | 1.82 | 1.63 | 4.13 | 7.06 | 11.96 | 16.18 | 19.81 | 26.47 | 30.86 | 34.59 | 36.75 |
| DPS(Rs) | 0.1 | 0 | 0 | 4 | 1 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 |
| Book NAV/Share(Rs) | 9.69 | 10.33 | 13.5 | 19.5 | 25.58 | 56.39 | 78.31 | 145.65 | 165.29 | 189.01 | 213.72 |
| Core EBITDA Margin(%) | 8.52 | 7.01 | 10.43 | 14.95 | 15.01 | 17.37 | 17.21 | 11.84 | 12.91 | 13.22 | 12.19 |
| EBIT Margin(%) | 5.72 | 4.69 | 9.03 | 13.69 | 12.83 | 15.15 | 15.36 | 10 | 10.02 | 10.71 | 9.74 |
| Pre Tax Margin(%) | 2.77 | 2.72 | 8.11 | 13.24 | 12.27 | 14.56 | 14.94 | 9.15 | 8.68 | 9.66 | 8.88 |
| PAT Margin (%) | 2.18 | 1.89 | 6.74 | 9.71 | 8.84 | 10.82 | 11.19 | 6.56 | 6.45 | 7.11 | 6.54 |
| Cash Profit Margin (%) | 5.15 | 4.42 | 8.57 | 11.44 | 11.2 | 13.61 | 14.38 | 9.78 | 10.24 | 10.39 | 9.76 |
| ROA(%) | 3.11 | 3.04 | 13.49 | 20 | 20.38 | 16.17 | 13.69 | 9.48 | 7.18 | 7.7 | 6.8 |
| ROE(%) | 8.18 | 6.99 | 27.27 | 36.33 | 41.88 | 31.83 | 23.11 | 16.17 | 12.52 | 13.36 | 12.25 |
| ROCE(%) | 10.7 | 10.3 | 26.4 | 40.37 | 54.4 | 37.93 | 28.81 | 24.37 | 18.48 | 18.39 | 16.07 |
| Receivable days | 61.77 | 61.97 | 61.34 | 65.53 | 51.48 | 54.48 | 60.78 | 55 | 72.29 | 77.31 | 78.74 |
| Inventory Days | 78.22 | 57.73 | 38.07 | 35.88 | 31.8 | 34.21 | 39.17 | 34.95 | 41.54 | 46.74 | 55.79 |
| Payable days | 68.05 | 65.27 | 66.35 | 67.16 | 78.74 | 99.66 | 90.07 | 52.27 | 57.21 | 56.45 | 64.36 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 67.17 | 51.49 | 30.61 | 28.51 | 24.52 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 0 | 0 | 13.25 | 6.27 | 3.6 | 3.57 | 2.83 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0.05 | 0.05 | 0.08 | 0.07 | 0.08 |
| EV/Net Sales(x) | 0.27 | 0.13 | 0.1 | 0.08 | 0.01 | -0.08 | 7.47 | 3.36 | 1.95 | 2.08 | 1.67 |
| EV/Core EBITDA(x) | 3.15 | 1.86 | 0.95 | 0.53 | 0.04 | -0.46 | 40.08 | 25.51 | 14.15 | 14.78 | 12.91 |
| Net Sales Growth(%) | 10.37 | 4.44 | 30.64 | 25.02 | 76.91 | 16.25 | 18.21 | 109.06 | 11.66 | 10.55 | 13.64 |
| EBIT Growth(%) | -1.01 | -14.44 | 151.42 | 94.16 | 62.02 | 37.92 | 20.17 | 35.6 | 11.82 | 18.29 | 3.05 |
| PAT Growth(%) | -2.03 | -9.17 | 364.63 | 84.44 | 57.46 | 42.84 | 22.67 | 22.05 | 9.79 | 21.85 | 4.35 |
| EPS Growth(%) | -2.03 | -9.17 | 364.63 | 84.44 | 57.46 | 36.21 | 20.15 | 14.85 | 9.61 | 21.65 | 4.13 |
| Debt/Equity(x) | 0.93 | 0.45 | 0.34 | 0.22 | 0.04 | 0.23 | 0 | 0.01 | 0.08 | 0.1 | 0.16 |
| Current Ratio(x) | 1.17 | 1.21 | 1.35 | 1.56 | 1.31 | 2.05 | 2.16 | 1.87 | 1.78 | 1.72 | 1.68 |
| Quick Ratio(x) | 0.63 | 0.73 | 0.94 | 1.04 | 0.86 | 1.71 | 1.62 | 1.35 | 1.39 | 1.23 | 1.2 |
| Interest Cover(x) | 1.94 | 2.38 | 9.85 | 30.15 | 23.03 | 25.7 | 36.71 | 11.77 | 7.46 | 10.17 | 11.4 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.02 | 0.03 | 0.06 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 68.33 | 68.32 | 68.32 | 68.27 | 68.19 | 68.18 | 68.17 | 68.17 | 68.16 | 68.15 |
| FII | 4.14 | 4.03 | 3.83 | 3.74 | 3.74 | 3.98 | 3.48 | 2.69 | 2.33 | 2.18 |
| DII | 18.06 | 17.75 | 16.87 | 17.34 | 17.47 | 17.59 | 17.84 | 18.18 | 18.26 | 18.2 |
| Public | 9.46 | 9.9 | 10.98 | 10.65 | 10.6 | 10.25 | 10.51 | 10.95 | 11.26 | 11.46 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 3.77 | 3.77 | 3.77 | 3.77 | 3.77 | 3.77 | 3.77 | 3.77 | 3.77 | 3.77 |
| FII | 0.23 | 0.22 | 0.21 | 0.21 | 0.21 | 0.22 | 0.19 | 0.15 | 0.13 | 0.12 |
| DII | 1 | 0.98 | 0.93 | 0.96 | 0.97 | 0.97 | 0.99 | 1.01 | 1.01 | 1.01 |
| Public | 0.52 | 0.55 | 0.61 | 0.59 | 0.59 | 0.57 | 0.58 | 0.61 | 0.62 | 0.63 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 5.52 | 5.52 | 5.52 | 5.53 | 5.54 | 5.54 | 5.54 | 5.54 | 5.54 | 5.54 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +14% | +12% | +28% | +28% |
| Operating Profit CAGR | +5% | +11% | +20% | +33% |
| PAT CAGR | +4% | +12% | +16% | +42% |
| Share Price CAGR | -29% | -17% | -17% | — |
| ROE Average | +12% | +13% | +15% | +21% |
| ROCE Average | +16% | +18% | +21% | +26% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 68.33 | 68.32 | 68.32 | 68.27 | 68.19 | 68.18 | 68.17 | 68.17 | 68.16 | 68.15 |
| FII | 4.14 | 4.03 | 3.83 | 3.74 | 3.74 | 3.98 | 3.48 | 2.69 | 2.33 | 2.18 |
| DII | 18.06 | 17.75 | 16.87 | 17.34 | 17.47 | 17.59 | 17.84 | 18.18 | 18.26 | 18.2 |
| Public | 31.67 | 31.68 | 31.68 | 31.73 | 31.81 | 31.82 | 31.83 | 31.83 | 31.84 | 31.85 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 3.77 | 3.77 | 3.77 | 3.77 | 3.77 | 3.77 | 3.77 | 3.77 | 3.77 | 3.77 |
| FII | 0.23 | 0.22 | 0.21 | 0.21 | 0.21 | 0.22 | 0.19 | 0.15 | 0.13 | 0.12 |
| DII | 1 | 0.98 | 0.93 | 0.96 | 0.97 | 0.97 | 0.99 | 1.01 | 1.01 | 1.01 |
| Public | 1.75 | 1.75 | 1.75 | 1.75 | 1.76 | 1.76 | 1.76 | 1.76 | 1.76 | 1.76 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 5.52 | 5.52 | 5.52 | 5.53 | 5.54 | 5.54 | 5.54 | 5.54 | 5.54 | 5.54 |
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