NOCIL Ltd shares were locked at 20 per cent upper circuit limit in Monday's trade following a media report that suggested the Directorate General of Trade Remedies (DGTR) has imposed an anti-dumping duty on imports of Sulphenamides Accelerators from China, the US and the European Union for a period of five years.

The stock hit its upper circuit limit at Rs 190.70 apiece on BSE. It was later trading at Rs 190.60, still up 19.91 per cent. NOCIL manufactures rubber chemicals in India and has been operating in the segment for more than four decades. The company is among the few players offering a comprehensive range of rubber chemicals.

According to a CNBC TV18 report, the commerce ministry had earlier notified the anti-dumping duty in March. The report noted that NOCIL manufactures a full range of Sulphenamides Accelerators under the Pilcure brand. The additives are used in the rubber and tyre industry to increase the speed of vulcanisation and to permit vulcanisation to proceed at lower temperature with greater efficiency. 

Data showed NOCIL’s Q4 revenue came in at Rs 330 crore, down 3 per cent YoY but up 5 per cent sequentially, broadly in line with analyst estimates. Ebitda for the quarter stood at Rs 21 crore, falling 38 per cent YoY and 22 per cent QoQ, below expectation of Rs 27 crore, impacted by elevated employee expenses and higher other operating costs. 

Ebitda margin contracted to 6.4 per cent against 10.1 per cent in Q4FY25. Q4 for NOCIL came in at Rs 17 crore, down 18 per cent YoY but up 16 per cent QoQ, surpassing Axis Securities' estimate of Rs 15 crore. The company management remained optimistic about medium-term demand trends across key end-user industries. 

"The company is targeting an EBITDA margin expansion of nearly 150 bps over the FY26 base through operating leverage, cost optimisation initiatives, and an improved product mix. New product launches and higher utilisation levels are expected to support growth momentum, while management continues to guide for double-digit volume growth during FY27 and FY28," Axis Securities said in its Q4 review.