The Margin Note · Tuesday, 6 October 2026

the synthetic rubber maker that sold less & earned 4x more

Note No. 86 min readResultsMembers

revenue up 39.9% yoy to a record, ebitda margin 22.3% vs 10.3% & profit after tax up 311% yoy, on 10-12% fewer tonnes. management says part of it was a windfall. here is how much, & what has to go right next.

HV InvestingIndependent analysis of Indian companies, in plain language

In the April to June quarter, with the Strait of Hormuz shut by the war in West Asia, the supply of many petrochemicals into India was badly disrupted. Synthetic rubber & synthetic latex are made from crude-linked chemicals like butadiene, styrene & acrylonitrile, & they end up in things we touch every day: the coating on paper & cartons, carpet backing, gloves, tyre cords, hoses & shoe soles. When shipments stalled, the buyers of these materials went looking for any supplier that could still deliver.

Hold that backdrop against a synthetic rubber & latex maker I've been studying this quarter. In those 3 months, its revenue grew 39.9% YoY to a record Rs 526 crore, & its profit after tax grew 311% YoY to Rs 79 crore, about 78% of what it earned in the whole of FY26. That said, it's not without its problems: it sold 10 to 12% fewer tonnes than a year ago, & management itself says it wouldn't annualise this level of benefit, so how much of this quarter can repeat is the first thing I went looking at.
The company I'm referring to is . . .

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About the author HV Investing

Independent analysis of Indian companies, results, industries & macro, built from primary filings & official data, explained without shorthand. The daily Corporate Intelligence Brief covers what changed before the open; The Margin Note is where one story gets the room it needs.

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