Yasho Industries Limited (NSE: YASHO | BSE: 541167)
Source: Yasho Industries Limited Annual Report FY 2025-26 (Fiscal Year Ended March 31, 2026)
📋 Quick Facts: Company Snapshot
| Attribute | Disclosed Detail |
|---|---|
| Official Company Name | Yasho Industries Limited |
| Corporate Identity Number (CIN) | L74110MH1985PLC037900 |
| ISIN | INE616Z01012 |
| NSE Symbol & BSE Scrip Code | NSE: YASHO | BSE: 541167 |
| Date of Incorporation / Founding Year | 1985 (Started as Vasu Preservatives Private Limited under the Companies Act, 1956) |
| Registered Office & Corporate Headquarters | Office No. 101/102, Peninsula Heights, C.D. Barfiwala Marg, Juhu Lane, Andheri (West), Mumbai – 400058, Maharashtra, INDIA |
| Telephone & Investor Relations Contact | Tel: 022-62510100 | Email: info@yashoindustries.com / investor@bigshareonline.com |
| Chairman / Managing Director & CEO | Mr. Vinod Harilal Jhaveri (Chairman & Executive Director) | Mr. Parag Vinod Jhaveri (Managing Director & CEO) |
| Chief Financial Officer (CFO) & Company Secretary (CS) | Mr. Chirag Shah (CFO) | Ms. Rupali Verma (Company Secretary & Compliance Officer) |
| Promoter & Holding Group | Vinod Jhaveri, Parag Jhaveri, Yayesh Jhaveri, and Promoter Group |
| Industry / Sector Classification | Specialty and Performance Chemicals Manufacturer |
| Total Employees / Permanent & Contractual Workforce (BRSR) | 829 Total Employees (389 Permanent Employees, 440 Permanent Workers, 259 Other than Permanent Workers) |
| Manufacturing Plants / Branches / Offices Count | 4 Manufacturing Units (3 in Vapi, Gujarat; 1 in Pakhajan, Dahej, Gujarat) and 2 Global Subsidiaries (Netherlands, USA) |
| Countries / States Served | Presence across 50+ countries and 21 Indian States |
| Statutory Auditors | Gokhale & Sathe, Chartered Accountants, Mumbai |
| Registrar and Share Transfer Agent (RTA) | Bigshare Services Private Limited |
🏢 The Corporate Identity: Who They Are & Where They Came From
The Big Picture
Yasho Industries Limited (Yasho) operates as a prominent specialty and performance chemicals manufacturer based in India. Established in 1985, the company has scaled its operations to serve a vast customer base across more than 50 countries, including the United States of America, Europe, Asia, and the Middle East. Exports constitute a vital growth engine, accounting for 62% of total revenue.
Operating across two main business divisions—Consumer and Industrial—Yasho offers an assorted portfolio of over 140 products entirely developed in-house. The company leverages modern manufacturing plants, dedicated R&D centers, and organic process technologies to supply vital chemical inputs to diverse end-use sectors including rubber and latex, lubricants, food and flavors, personal care, agrochemicals, and pharmaceuticals.
The Founders, Promoters & Their Legacy
The company was founded in 1985 by Mr. Vinod Jhaveri as Vasu Preservatives Private Limited. Mr. Vinod Jhaveri serves as the Chairman and Executive Director, steering the business strategy and corporate governance. The second generation, including Mr. Parag Jhaveri (Managing Director & CEO) and Mr. Yayesh Jhaveri (Whole-Time Director), has played a transformative role in driving international expansion, scaling manufacturing capacities, building advanced R&D infrastructure, and establishing global subsidiaries in the Netherlands and the USA.
The Journey: History & Evolution
Yasho’s operational journey commenced in 1993 with the production of aromatic and specialty chemicals alongside its initial R&D lab. Over the decades, the company systematically expanded its manufacturing footprint: initiating rubber chemical production in 2000, establishing Manufacturing Unit-2 in 2010, and setting up Manufacturing Unit-3 alongside migrating to the BSE Main Board in 2021.
A major strategic milestone was achieved with the acquisition of a 42-acre land parcel in Pakhajan Village, Dahej, Gujarat, in 2022 to establish a greenfield manufacturing platform. In subsequent years, Yasho established wholly-owned subsidiaries in the USA and the Netherlands, secured a Star Export House status, and commissioned a state-of-the-art R&D centre at Pakhajan in October 2025.
The Corporate Umbrella
The corporate group structure encompasses Yasho Industries Limited as the parent entity alongside two wholly-owned overseas subsidiaries: Yasho Industries Europe B.V. in the Netherlands and Yasho Inc. in the USA. These global subsidiaries function as distribution and customer engagement hubs, deepening market penetration across European and North American geographies.
⚙️ The Business Engine: What They Do & Where They Operate
The Core Divisions
Yasho operates across two primary business verticals: the Industrial Division and the Consumer Division. The Industrial Division serves as the primary revenue generator, accounting for 87% of total revenues in FY 2025-26, while the Consumer Division accounts for 13%.
| Business Division | Key Applications |
|---|---|
| Industrial Division (87% of FY 2026 Revenue) | Tyres, automobile components, conveyor belts, surgical gloves, latex gloves, condoms, balloons; hydraulic, turbine, engine & gear oils, metal working fluids & greases; stabilisers for acrylics, printing inks/coatings, UPR resins, and fibre composite resins. |
| Consumer Division (13% of FY 2026 Revenue) | Flavours and fragrances, personal care products, cosmetics and toiletries; agrochemicals and pharmaceuticals; oral care preparations; edible oil, confectioneries & food stuff, animal feed, vitamin premix, and nutraceuticals. |
The Product & Service Catalog
Yasho manufactures an extensive portfolio of over 140 products, all developed in-house through dedicated research and process optimization. The product range includes food antioxidants, aroma chemicals, rubber chemicals, lubricant additives, and specialty fine chemicals. All production lines adhere to stringent international quality and environmental management standards.
The Names You Know
Operating primarily as a business-to-business (B2B) specialty chemical manufacturer, Yasho supplies critical chemical ingredients and additives to more than 2,000 global customers. The company’s technical rigor is reinforced by advanced R&D facilities, a 15-year long-term supply agreement with a global MNC for lubricant additives, and globally recognized product certifications including FAMI-QS, Kosher, Halal, FSSC 22000, RSPO, and REACH registrations.
Mapping the Domestic & Global Reach
Yasho maintains a widespread international footprint spanning 6 continents and over 50 countries. Exports constitute 62% of total revenue, while domestic sales account for 38%.
| Geographic Region | Revenue Breakup (%) |
|---|---|
| Domestic (India) | 38.00% |
| International Exports (USA, Europe, Rest of World) | 62.00% |
| USA Region | 38.80% |
| Europe Region | 19.60% |
| Rest of World (ROW) | 16.90% |
The Brick & Mortar Footprint
The company operates four modern manufacturing facilities: three situated in Vapi, Gujarat (Units 1, 2, and 3), and a large greenfield facility situated on a 42-acre plot in Pakhajan Village, Dahej, Gujarat. Additionally, Yasho maintains corporate and registered offices in Mumbai, supported by overseas corporate subsidiaries in the USA and the Netherlands.
📊 The Financial Health: The Numbers Simplified
Earnings, Expenses, & Take-Home Profits
Consolidated financial performance demonstrated robust growth during the fiscal year ended March 31, 2026, driven by higher capacity utilization, volume expansion, and product mix optimization.
| Consolidated Statement of Profit and Loss Particulars | Year ended March 31, 2026 (₹ in Crores) | Year ended March 31, 2025 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| Revenue From Operations | 830.03 | 675.64 | +22.85% |
| Other Income | 1.29 | 1.87 | -31.02% |
| Total Revenue (I + II) | 831.31 | 677.51 | +22.70% |
| Cost of Material Consumed | 496.93 | 460.43 | +7.93% |
| Changes in Inventories of Finished Goods, Work in Progress and Stock in Trade | 4.60 | (70.37) | N/M |
| Employee Benefits Expenses | 73.53 | 64.48 | +14.04% |
| Finance Cost | 55.72 | 60.32 | -7.63% |
| Depreciation and Amortisation Expenses | 54.77 | 50.06 | +9.41% |
| Other Expenses | 111.79 | 103.57 | +7.94% |
| Total Expenses (IV) | 797.35 | 668.50 | +19.27% |
| Profit Before Exceptional Items and Tax (III-IV) | 33.97 | 9.02 | +276.61% |
| Exceptional Items | – | – | – |
| Profit Before Tax (V-VI) | 33.97 | 9.02 | +276.61% |
| Current Tax | 0.61 | (0.24) | N/M |
| Deferred Tax | 8.10 | 3.15 | +157.14% |
| Total Tax Expenses (VIII) | 8.71 | 2.91 | +199.31% |
| Profit for the period from continuing operations (VII-VIII) | 25.26 | 6.11 | +313.42% |
| Total Other Comprehensive Income (Net of Tax) | (0.42) | (3.63) | -88.43% |
| Total Comprehensive Income for the period | 24.83 | 2.48 | +901.21% |
| Basic & Diluted Earnings Per Share (₹) (Face Value ₹ 10 each) | 20.95 | 5.32 | +293.80% |
Assets, Borrowings, & Net Worth
The consolidated balance sheet reflects disciplined capital allocation, asset expansion, and strengthened equity reserves.
| Consolidated Balance Sheet Particulars | As at March 31, 2026 (₹ in Crores) | As at March 31, 2025 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| Property, Plant and Equipment | 605.12 | 589.61 | +2.63% |
| Capital Work in Progress | 10.04 | 1.45 | +592.41% |
| Right-of-use Assets | 15.34 | 22.30 | -31.21% |
| Other Intangible Assets | 13.72 | 11.86 | +15.68% |
| Other Non-Current Financial & Non-Financial Assets | 12.28 | 19.97 | -38.51% |
| Total Non-Current Assets (1) | 656.50 | 645.19 | +1.75% |
| Inventories | 256.06 | 264.05 | -3.03% |
| Trade Receivables | 181.16 | 133.99 | +35.20% |
| Cash & Cash Equivalents | 3.52 | 6.25 | -43.68% |
| Bank Balances Other than Cash & Cash Equivalents | 14.51 | 22.18 | -34.58% |
| Other Current Financial & Non-Financial Assets | 43.32 | 22.50 | +92.53% |
| Total Current Assets (2) | 498.57 | 448.96 | +11.05% |
| TOTAL ASSETS (1+2) | 1,155.06 | 1,094.15 | +5.57% |
| Equity Share Capital | 12.06 | 12.06 | 0.00% |
| Other Equity | 431.86 | 407.64 | +5.94% |
| Total Equity | 443.92 | 419.70 | +5.77% |
| Non-Current Borrowings | 289.13 | 324.45 | -10.89% |
| Non-Current Lease Liabilities | 6.74 | 12.48 | -45.99% |
| Other Non-Current Liabilities & Provisions | 51.31 | 15.36 | +234.05% |
| Total Non-Current Liabilities | 347.18 | 352.28 | -1.45% |
| Current Borrowings | 251.81 | 234.07 | +7.58% |
| Current Lease Liabilities | 10.25 | 11.56 | -11.33% |
| Trade Payables (MSME & Others) | 89.46 | 64.94 | +37.76% |
| Other Current Financial & Non-Financial Liabilities & Provisions | 12.45 | 11.61 | +7.24% |
| Total Current Liabilities | 363.97 | 322.17 | +12.97% |
| Total Liabilities (2) | 711.15 | 674.46 | +5.44% |
| TOTAL EQUITY AND LIABILITIES (1+2) | 1,155.06 | 1,094.15 | +5.57% |
Cash Flow: Tracking the Money Movement
Cash flow management reflected ongoing capital investments in manufacturing assets alongside operating cash generation.
| Consolidated Statement of Cash Flows Particulars | Year ended March 31, 2026 (₹ in Crores) | Year ended March 31, 2025 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| Net Cash Generated from Operating Activities (A) | 151.29 | (40.85) | N/M |
| Purchase of Property, Plant and Equipment (CapEx / CWIP) | (66.79) | (3.44) | +1841.57% |
| Net Cash Flows Used in Investing Activities (B) | (72.56) | (8.75) | +729.26% |
| Net Cash Flows Generated from / (Used in) Financing Activities (C) | (81.20) | 58.10 | N/M |
| Net Increase / Decrease in Cash and Cash Equivalents | (2.73) | 6.15 | N/M |
| Cash and Cash Equivalents at Beginning of Year | 6.25 | 0.10 | +6150.00% |
| Cash and Cash Equivalents at End of Period | 3.52 | 6.25 | -43.68% |
Funding the Future: CapEx, CWIP & R&D Spending
During FY 2025-26, Yasho invested ₹ 65.90 Crore in total capital expenditures, which included ₹ 25.30 Crore dedicated to establishing a new state-of-the-art R&D laboratory at the Pakhajan facility (inaugurated in October 2025). The company also added two new manufacturing lines at Pakhajan. Total R&D operational expenditure for the year stood at ₹ 5.73 Crore, backed by a specialized team of over 50 R&D scientists.
🗺️ The Corporate Family Tree: Structure & Investments
Subsidiaries, Associates, & Joint Ventures (Form AOC-1)
Yasho operates two wholly-owned overseas subsidiaries.
| Name of Subsidiary | Country of Incorporation | Principal Activities | % Shareholding | Turnover (₹ in Crores) | Profit Before Tax (₹ in Crores) | Profit After Tax (₹ in Crores) |
|---|---|---|---|---|---|---|
| Yasho Industries Europe B.V. | Netherlands | Distribution of Chemicals | 100.00% | 32.70 | 4.78 | 4.14 |
| Yasho Inc. | USA | Distribution of Chemicals | 100.00% | 21.27 | 1.75 | 1.19 |
Strategic Investments & Treasury Holdings
Non-current unquoted equity investments comprise holdings in co-operative banks, including ₹ 0.25 Lakhs in The Saraswat Co-operative Bank Ltd (2,500 shares) and ₹ 0.03 Lakhs in SVC Co-operative Bank Ltd (250 shares), carried at amortised cost.
👥 Power & Control: Who Pulls the Strings?
The Brain Trust: Board of Directors & Key Managerial Personnel (KMP)
The board comprises experienced executives and independent directors providing balanced governance and strategic oversight.
| Name of Director / KMP | Designation | Category | DIN / Membership |
|---|---|---|---|
| Mr. Vinod Jhaveri | Chairman & Executive Director | Executive Promoter | 01655692 |
| Mr. Parag Jhaveri | Managing Director & CEO | Executive Promoter | 01257685 |
| Mr. Yayesh Jhaveri | Whole-Time Director | Executive Promoter | 01257668 |
| Mr. Ullal Ravindra Bhat | Non-Executive Independent Director | Independent Director | 00008425 |
| Mr. Anurag Surana | Non-Executive Independent Director | Independent Director | 00006665 |
| Dr. Prakash Bhate | Non-Executive Independent Director | Independent Director | 08739162 |
| Mrs. Sudha Navandar | Non-Executive Independent Director | Independent Director | 02804964 |
| Mr. Chirag Shah | Chief Financial Officer (CFO) | Key Managerial Personnel | – |
| Ms. Rupali Verma | Company Secretary & Compliance Officer | Key Managerial Personnel | – |
Who Owns the Stock? Shareholding Pattern
The shareholding structure as of March 31, 2026, reflects strong promoter backing alongside institutional and retail participation.
| Category | Number of Shares Held | % of Shares Held |
|---|---|---|
| Indian Promoters (Promoter Group) | 8,188,115 | 67.91% |
| Mutual Funds / DIIs | 59,877 | 0.50% |
| Alternate Investment Funds (AIF) | 1,77,523 | 1.47% |
| Foreign Portfolio Investors (FPI) | 6,88,240 | 5.71% |
| Retail Individuals (Public) | 21,67,480 | 17.98% |
| Bodies Corporate | 6,22,775 | 5.17% |
| Clearing Members | 9,747 | 0.08% |
| Non-Resident Indians (NRI) | 69,676 | 0.58% |
| Hindu Undivided Family (HUF) | 73,623 | 0.61% |
| Proprietary Firm | 39 | 0.00% |
| Total | 12,057,095 | 100.00% |
🎯 The Strategic Outlook: Future Plans & Potential Pitfalls
Competitive Advantages & Economic Moats
Yasho possesses a resilient business model anchored by over 40 years of operational expertise in organic process technology and over 140 in-house developed specialty chemical products. Key economic moats include longstanding global customer relationships across 50+ countries, strategic export orientation (62% of revenues), modern manufacturing infrastructure with scalable greenfield expansion capacity at Pakhajan, and a long-term customer-funded supply agreement with a global MNC for lubricant additives.
What Could Go Wrong? Key Challenges & Business Risks
The company remains exposed to global macroeconomic uncertainties, trade restrictions, tariff-related disruptions (especially in export markets like the US), and volatile raw material and energy prices. Foreign currency fluctuations and supply chain disruptions in international shipping routes also present operational risks. Furthermore, intensive global competition, particularly from low-cost imports and excess capacity in select regions, exerts downward pricing pressure.
The Next Chapter: Growth & CapEx Initiatives
Yasho is aggressively pursuing scalability through ongoing capacity enhancements, the ramp-up of two new manufacturing lines at Pakhajan, and the execution of a 15-year long-term supply agreement with a global MNC for lubricant additives (expected to contribute approximately ₹ 150 Crore in annual revenue upon commencement of commercial supplies in Q1 FY 2027-28). The newly operational R&D center at Pakhajan will further accelerate the commercialization of high-value specialty chemical formulations.
The Verdict: Strategic Outlook & Conclusion
Backed by strong revenue growth (22.85% YoY) and a dramatic surge in net profitability (312.74% YoY) in FY 2025-26, Yasho Industries Limited has demonstrated robust operational execution and financial discipline. With enhanced balance sheet strength, reduced debt ratios, expanding export markets, and robust order visibility from greenfield capacities, Yasho is well-positioned to capitalize on the structural tailwinds of the global specialty chemicals industry.
Official Site: https://www.yashoindustries.com