Epigral Ltd announced its financial results for the quarter ended March 31, 2026, delivering its highest-ever quarterly revenue. The company reported revenue of ₹736 crore in Q4FY26, marking a strong 17% year-on-year growth compared to ₹631 crore in Q4FY25. Profit After Tax (PAT) stood at ₹82 crore, slightly lower than ₹87 crore recorded in the same quarter last year. Meanwhile, the Board has proposed a final dividend of ₹5 per equity share (50% of face value) for FY2026.

Strong Sequential Growth Driven by Volume and Realizations

On a sequential basis, Epigral demonstrated robust recovery and growth momentum. Revenue surged 22% from ₹603 crore in Q3FY26 to ₹736 crore in Q4FY26. The growth was primarily driven by improved sales volumes, better realizations, and higher plant utilization levels. Additionally, normalized inventory costs further supported the company’s financial performance.

Improved Margins Reflect Operational Efficiency

Epigral also reported a significant improvement in profitability metrics during the quarter.

*EBITDA margin increased to 23%, up from 17% in Q3FY26

*PAT rose sharply by 109%, from ₹39 crore in Q3FY26 to ₹82 crore in Q4FY26

These gains highlight enhanced operational efficiencies and better cost management across the business.

Management Commentary: Demand Recovery and Stability

Maulik Patel highlighted that the company’s strong Q4 performance was driven by both sequential and year-on-year volume growth, supported by favorable demand conditions. He noted that the company achieved a full recovery following scheduled maintenance in Q3FY26. Furthermore, improved capacity utilization and stabilization in raw material costs contributed to the expansion in EBITDA margins.

FY26 Challenges and Recovery Outlook

Despite the strong fourth quarter, Epigral faced some headwinds during FY26. Extended monsoon conditions and planned maintenance activities impacted performance in the first half of the year. However, demand began recovering from November onward and gained momentum through Q4FY26. The company now expects this positive trend to continue into FY27, although it remains cautious about global macroeconomic conditions.

Capex Expansion to Drive Future Growth

Looking ahead, Epigral continues to strengthen its growth pipeline through ongoing capital expenditure projects. Key expansions include:

*Epichlorohydrin capacity development

*CPVC (Chlorinated Polyvinyl Chloride) expansion

These projects are progressing on schedule and within budget. Once commissioned, they are expected to meet rising domestic demand while enhancing the company’s overall financial performance.

Diversified Portfolio Supports Long-Term Resilience

Epigral’s diversified product portfolio continues to provide stability amid geopolitical uncertainties, including developments in West Asia. At the same time, the company is focusing on further backward and forward integration to improve efficiency and margins. As per the press release, with major projects nearing completion and a strong pipeline of new initiatives, Epigral is well-positioned to deliver consistent growth and long-term value for its stakeholders.

Waaree Energies is set to invest around ₹30,000 crore over the next 18–24 months as it accelerates its transformation into a fully integrated clean energy platform. The company announced the expansion alongside strong March quarter financial results. According to Chief Financial Officer Abhishek Pareek, the massive capital expenditure signals a strategic shift beyond solar modules into a broader energy transition ecosystem. “The important message is that we are building the organisation to integrate across the entire energy transition value chain. Waaree is no longer just a solar company,” Pareek said.

Majority Outlay Ahead

Waaree has already deployed ₹2,000–3,000 crore of the planned capex, with ongoing construction in cell and battery manufacturing facilities. The company expects to incur nearly 80–85% of the total investment over the next 18–24 months, reflecting an aggressive expansion roadmap. To support this growth, the board has also approved raising up to ₹10,000 crore through a qualified institutional placement (QIP).

Deep Backward Integration Across Solar Value Chain

Waaree is strengthening its position through deep backward integration across the solar manufacturing ecosystem. Cell manufacturing capacity will expand from 5.4 GW to 15 GW by December. Ingot and wafer capacity of 10 GW is expected to become operational within 12–15 months. Module manufacturing capacity will rise to 28 GW within six months, including an additional 2.5 GW in the United States. The expansion builds on the company’s existing base of around 25 GW of modules and 5 GW of cell capacity.

Strategic Global Integration and Polysilicon Access

In a key upstream move, Waaree has acquired a strategic equity stake in an Oman-based polysilicon facility. This positions the company among a select group of non-Chinese players with near end-to-end integration across the solar value chain—from polysilicon to modules—while also expanding into power electronics, EPC, and energy storage solutions.

Entry into Battery Manufacturing and Energy Storage

Beyond solar, Waaree is making a strong push into the energy storage segment. The company plans to establish 3.5 GW of lithium iron phosphate (LFP) battery cell manufacturing capacity in the initial phase. This will scale up significantly to 16.5 GW by FY28. Overall, Waaree expects its total storage capacity to reach around 20 GW, strengthening its position in the fast-growing clean energy and battery ecosystem.

Building a Full Clean Energy Transition Platform

With this expansion strategy, Waaree Energies is positioning itself as a fully integrated clean energy company spanning solar, storage, and downstream energy solutions. As reported by thehindubusinessline.com, the company’s aggressive capex plan reflects rising global demand for renewable energy infrastructure and India’s push toward energy independence and clean power leadership.

INEOS Enterprises agreed to sell its ultra-pure sulphur dioxide and derivatives business, INEOS Calabrian, to Ecovyst in a transaction valued at $190 million. The move reflects INEOS Enterprises’ ongoing strategy to actively manage and optimize its business portfolio while unlocking value from matured assets.

Key Manufacturing Locations and Operations

INEOS Calabrian operates key production facilities in:

Port Neches, Texas

Timmins, Ontario

These sites specialize in producing ultra-pure sulphur dioxide and related derivatives, serving a range of industrial applications.

Deal Timeline and Business Continuity

The transaction is expected to close by the end of June 2026, subject to customary approvals. In the meantime, INEOS Enterprises will continue to operate the business as usual. Importantly, the company has confirmed that there will be no disruption to existing customer or supplier arrangements during the transition period.

Strategic Portfolio Optimization

Ashley Reed, Chairman of INEOS Enterprises, emphasized the company’s disciplined investment approach. According to Reed, INEOS Calabrian has been part of the portfolio for over a decade, during which it achieved significant improvements in safety, operational efficiency, and financial performance. He noted that the divestment aligns with the company’s strategy of acquiring businesses, enhancing their performance, and ultimately realizing value through timely exits.

Strengthening Focus Through Divestment

With this sale, INEOS Enterprises continues to streamline its portfolio while enabling Ecovyst to expand its footprint in specialty chemicals. As per the press release, the transaction highlights a broader industry trend where companies are sharpening strategic focus, improving capital efficiency, and repositioning for long-term growth.

BASF and Nutrien Ltd. announced a strategic collaboration aimed at helping farmers derive greater value from sustainable agricultural practices. By combining agronomic expertise with advanced digital tools, the partnership seeks to simplify farmer participation in emerging low-carbon biofuel markets.

Bridging Sustainability and Market Access

Nutrien agronomists will work directly with growers to optimize yields while implementing practical, on-farm sustainability practices. At the same time, BASF will deploy its digital platforms—xarvio FIELD MANAGER and xarvio BIOENERGY—to connect farmers with biorefineries and accurately document the carbon intensity (CI) of their crops. As a result, farmers can more easily access
low-carbon biofuel programs, including those supported under the Clean Fuel Production Credit (Section 45Z), while also preparing for future market opportunities.

Digital Tools Enable Traceability and Compliance

The xarvio BIOENERGY platform plays a central role by tracking and documenting the carbon intensity of corn used for ethanol production in the United States. It enables growers, agronomists, and biorefineries to verify low-CI grain, thereby supporting regulatory compliance and market participation.

When integrated with xarvio FIELD MANAGER, which provides field-level agronomic insights, users can view verified CI scores in a unified dashboard. Consequently, the system simplifies record-keeping, enhances traceability, and streamlines reporting for low-carbon fuel requirements. The initiative is part of BASF’s broader Circalo: Low Carbon Intensity Crops program, which focuses on advancing sustainable agriculture through innovation.

Combining Agronomic Expertise with Digital Innovation

According to Kyle King, the collaboration reflects BASF’s commitment to driving innovation in agriculture. “By working with companies like Nutrien, we can combine advanced digital technologies with deep agronomic expertise to support a more efficient and transparent biofuel supply chain,” he said. Nutrien’s agronomists will adopt a tailored, farm-specific approach. They will work closely with growers to align sustainability practices with local conditions and operational goals. This ensures that sustainability efforts remain practical while also enhancing productivity.

Enhancing Farmer Profitability Through Low-CI Practices

The collaboration enables farmers to optimize yields while targeting lower carbon intensity scores. This dual benefit not only supports environmental goals but also creates new revenue opportunities in evolving biofuel markets. “This is about meeting farmers where they are and helping them turn the practices they’re already using into real value,” said Dr. Sally Flis. She added that combining trusted agronomic advice with digital tools allows farmers to participate in low-carbon markets without increasing operational complexity.

BASF Expands Portfolio to Support Sustainable Farming

In addition to digital solutions, BASF continues to offer a broad range of agronomic products. These include performance-driven fungicides such as Veltyma fungicide, which helps maximize yield potential, and herbicides like Verdict herbicide, which support conservation practices such as no-till farming and cover cropping. Furthermore, BASF aims to expand low-carbon crop feedstocks beyond Section 45Z into additional biofuel markets, ensuring farmers benefit from long-term sustainability efforts.

Building a Scalable Low-Carbon Biofuel Ecosystem

Together, BASF and Nutrien are creating a scalable, end-to-end approach that delivers value across the biofuel supply chain—from farm to fuel production. By integrating agronomy, digital technology, and market access, the partnership strengthens domestic biofuel production while positioning U.S. farmers to compete in global low-carbon markets. As per the press release, the collaboration represents a significant step toward a more transparent, efficient, and sustainable agricultural and energy ecosystem.

Himadri Speciality Chemicals has outlined a strategic roadmap built on three core pillars, aiming to more than double its profitability by FY28. The company plans to leverage investments made over the past few years to accelerate revenue growth and improve margins. According to Chairman and CEO Anurag Choudhary, innovation remains central to this strategy, with R&D deeply embedded in the company’s business model and culture.

Capacity Expansion to Drive Near-Term Growth

Looking ahead to FY27, Himadri will focus on maximizing output from its expanded speciality carbon black capacity. This move is expected to strengthen its core business and support consistent revenue growth. At the same time, the company plans to scale operations at Birla Tyres, targeting entry into high-margin segments such as off-highway tyres (OHT) and commercial vehicle tyres.

Forward Integration in Specialty Chemicals

In its core chemicals segment, Himadri is advancing forward integration initiatives to manufacture anthraquinone and carbazole. The company expects these projects to be completed by the second quarter of the current financial year. Importantly, these new facilities will help reduce India’s dependence on imports for key inputs used in dyes and pigments, while also improving value realization. The company continues to emphasize disciplined capital allocation, ensuring sustainable returns and maintaining a strong return on capital employed (ROCE) profile.

Entry into Advanced Battery Materials

Himadri is also making a strategic push into the energy storage value chain. The first phase of its LFP (Lithium Iron Phosphate) cathode active material plant is expected to become operational by the third quarter of FY27. The initiative positions the company to benefit from growing demand in electric vehicles (EVs) and energy storage systems, thereby diversifying its revenue streams.

Strengthening Consumer and Specialty Product Portfolio

The company plans to aggressively scale its Durofresh brand of naphthalene balls. This expansion will further strengthen its consumer product portfolio and contribute to steady cash flows. By FY28, Himadri expects to achieve a full year of operations across several growth drivers, including expanded carbon black capacity, new anthraquinone and carbazole plants, increased output from the LFP cathode material facility and full-scale operations of the naphthalene balls business. Additionally, through Birla Tyres, the company plans to enter the passenger car radial segment, including tyres for the rapidly growing EV and SUV markets.

Positioned for Sustainable, Multi-Segment Growth

As reported by thehindubusinessline.com, Himadri’s two-year roadmap reflects a balanced growth strategy, combining capacity expansion, forward integration, and diversification into high-growth segments. As a result, the company is well-positioned to enhance profitability, reduce import dependency, and capitalize on emerging opportunities across chemicals, mobility, and energy storage sectors.

Mineral Exploration and Consultancy Limited (MECL) signed a strategic Memorandum of Understanding (MoU) with Geovale Services Pvt. Ltd. to enhance collaboration in India’s mineral exploration sector. Through the partnership, both organisations aim to strengthen critical mineral supply chains while advancing resource assessment capabilities. Moreover, the agreement reflects a strong public–private partnership model, designed to drive efficiency, innovation, and faster execution in exploration activities.

Focus on Critical and Strategic Minerals

The collaboration will primarily focus on the exploration and development of critical and strategic minerals, which are essential for industrial growth, clean energy transition and advanced technologies. The partnership directly supports India’s ambition to build a secure and resilient mineral ecosystem.

Key Objectives of the Collaboration

Under the MoU, MECL and Geovale will work together to strengthen mineral supply chains across the value chain, conduct systematic exploration of identified mineral blocks and enhance data-driven resource evaluation for better decision-making. These efforts will improve the efficiency and accuracy of mineral discovery and assessment.

Integrated Technical and Operational Approach

In addition, the agreement enables collaboration across multiple technical domains, including exploration of critical mineral blocks, technical due diligence for mining projects, pre-feasibility and feasibility studies, advanced geophysical surveys and hydrogeological assessments. The integrated approach will ensure high-quality, reliable exploration outcomes, while also reducing uncertainties in project development.

Supporting India’s Resource Security Goals

The partnership aligns with India’s broader vision of reducing dependence on imported critical minerals and strengthening domestic capabilities. By combining MECL’s expertise as a government enterprise with Geovale’s role as a Notified Private Exploration Agency (NPEA), the collaboration is expected to accelerate mineral discovery and development in a structured and scalable manner.

Driving Innovation Through Public–Private Collaboration

As reported by indianmasterminds.com, the MECL–Geovale partnership highlights the growing importance of public–private collaboration in India’s mining sector. As exploration challenges become more complex, such alliances will play a crucial role in unlocking new resources, improving efficiency, and supporting long-term sustainability in the industry.

The government is likely to soon approve a ₹37,500 crore incentive scheme to promote coal gasification projects, according to sources. The initiative aims to boost cleaner energy production while simultaneously reducing the country’s dependence on imports of critical fuels and chemicals. The Ministry of Coal has already prepared a note outlining the scheme’s framework and financial outlay, indicating that approval could be imminent.

Focus on Domestic Resource Utilisation and Capacity Expansion

The proposed scheme is designed to accelerate surface coal and lignite gasification projects across the country. In doing so, it will promote self-reliance by reducing imports of key commodities such as LNG, urea, ammonium nitrate, ammonia, methanol, DME, and coking coal for DRI production. At the same time, the initiative will support the government’s ambitious target of achieving 100 million tons of coal gasification capacity by 2030. Unlike earlier frameworks, the new scheme will follow a unified structure without categories, with a maximum financial assistance of ₹3,000 crore per project.

Shift from Earlier Incentive Framework

Previously, the government offered incentives under three separate categories, with financial support capped at ₹1,000 crore per project for private players and ₹1,350 crore for public sector undertakings (PSUs). However, the revised scheme simplifies the structure while significantly increasing the incentive ceiling, thereby making large-scale projects more viable and attractive for investors.

Strategic Response to Global Energy Uncertainty

The renewed push for coal gasification comes amid geopolitical tensions in West Asia, which have highlighted India’s vulnerability to disruptions in LNG, LPG, and other hydrocarbon supplies. As a result, the government is positioning coal gasification as a strategic lever to convert domestic coal into fuels and chemicals, strengthen energy security, diversify feedstock sources and reduce exposure to global supply chain volatility.

Leveraging India’s Vast Coal Reserves

India holds one of the world’s largest coal reserves, estimated at over 401 billion tons, giving it a significant advantage in developing a self-reliant energy ecosystem. Currently, coal accounts for more than 55% of India’s energy mix, and as the second-largest producer and consumer globally, the country’s coal demand is expected to rise alongside growing energy needs.

Coal Gasification: Unlocking Value Through Cleaner Pathways

Coal gasification offers a cleaner and more efficient pathway to utilise domestic coal resources. The process converts coal into synthetic gas (syngas), which can then be used to produce chemicals and petrochemicals, fertilisers, power and Direct reduced iron (DRI). By enabling the domestic production of these critical inputs, coal gasification can enhance industrial competitiveness while supporting India’s broader energy transition goals.

Driving a Resilient and Sustainable Energy Future

As reported by fortuneindia.com, the proposed ₹37,500 crore scheme represents a significant policy intervention aimed at strengthening India’s energy security, industrial growth, and sustainability agenda. As the country continues to navigate global energy uncertainties, coal gasification is set to play a pivotal role in building a resilient, diversified, and future-ready energy ecosystem.

Sandvik inaugurated an Innovation Hub in Pune, reinforcing its commitment to digital manufacturing, accelerated innovation, and long-term growth in one of its most strategic markets. With this move, Sandvik further strengthens its global innovation ecosystem while advancing the development of next-generation intelligent manufacturing solutions.

Expanding Capabilities in AI, Software, and R&D

Building on its existing intelligent manufacturing development site, Sandvik is now expanding both its physical infrastructure and engineering footprint. The hub integrates expertise across research and development, software engineering, artificial intelligence, and customer support. The facility will play a central role in advancing digital thread technologies and AI-driven capabilities, enabling faster product development and delivering more customer-centric solutions for both regional and global markets.

Designed for Collaboration and Innovation

The upgraded site offers a modern, collaborative work environment that encourages creativity and cross-functional teamwork. With open workspaces, dedicated collaboration zones, and future expansion capacity, the hub brings together specialists from across Sandvik’s digital manufacturing portfolio.

Key focus areas include:

CAD/CAM software development

Artificial intelligence applications

End-to-end digital thread solutions

As a result, the hub is well-positioned to drive innovation across the manufacturing value chain.

India: A Strategic Growth Engine

Sandvik’s presence in India spans more than 60 years, and the country continues to play a pivotal role in its global strategy. With strong growth potential and a deep talent pool, India remains a critical market for digital transformation initiatives. The Innovation Hub will act as a catalyst for both regional and global growth by strengthening R&D capabilities and enhancing collaboration with customers, partners, and industry stakeholders.

Leadership Perspective on the Hub

According to Mattias Nilsson, the launch marks a significant milestone in expanding Sandvik’s innovation network. He emphasized that India’s scale, talent, and growing influence in digital transformation make it a vital hub for future growth. He further noted that this investment reinforces Sandvik’s long-term commitment to sustainable growth, while also enhancing its ability to deliver greater value to customers worldwide.

Building Future Talent and Industry Collaboration

In addition to innovation, the hub will actively foster collaboration with academic institutions and industry partners. The initiative aims to support skill development, bridge the gap between education and real-world manufacturing applications, and nurture future-ready talent. As per the press release, the Pune Innovation Hub aligns with Sandvik’s broader vision of building a robust innovation ecosystem, driving digital manufacturing excellence, and shaping the future of intelligent manufacturing globally.

TEXMiN IIT ISM Dhanbad actively participated in a high-level policy dialogue convened by NITI Aayog, focusing on the future of India’s mining and critical minerals sector. The initiative brought together policymakers, research institutions, and deep-tech startups to deliberate on advancing Mining 4.0 and strengthening the country’s mineral security. As a result, the discussions emphasized the urgent need to build a resilient, technology-driven mining ecosystem.

TEXMiN Highlights Shift to Data-Driven Mining

Invited alongside innovative startups such as DeepMatrix and Bidaal, TEXMiN showcased its role in enabling sector-wide innovation. During the session, the organization outlined the global transition from labour-intensive mining to automated and data-driven operations. At the same time, it highlighted India’s unique mining landscape, where large enterprises and MSMEs coexist, often with varying levels of technological adoption.

Emphasis on Advanced Technologies and Scalable Solutions

To accelerate this transition, TEXMiN stressed the integration of advanced technologies such as artificial intelligence, digital twins, automation, and geospatial intelligence. These tools, it noted, can significantly enhance productivity, operational efficiency, and worker safety. The organization underscored the need for scalable and adaptable solutions that can be deployed across different types of mining operations, ensuring inclusive technological progress across the sector.

Critical Minerals Take Center Stage

A major focus of the dialogue was the growing importance of critical minerals in enabling clean energy, electric mobility, and advanced manufacturing. Participants agreed that India must strengthen its domestic capabilities and reduce import dependence. To achieve this, discussions extended beyond extraction to include processing, refining, and circularity within the mining value chain. TEXMiN, in particular, highlighted the importance of data-driven exploration models and cohesive policy support to unlock complex mineral deposits.

Aligning Innovation with National Priorities

According to Dheeraj Kumar, the dialogue created an important platform to align technology development with national priorities, particularly in improving safety, boosting productivity, and enhancing global competitiveness.

Strengthening India’s Path to Sustainable Mining

As reported by manufacturingtodayindia.com, TEXMiN’s participation reinforces its growing role in supporting India’s push toward technological self-reliance and sustainable mining development. As the country accelerates its transition to a modern mining ecosystem, such collaborations will play a critical role in shaping the future of the sector.