Shares of NOCIL Ltd. hit the 20% upper circuit on Monday after the Directorate General of Trade Remedies (DGTR) imposed anti-dumping duties on imports of Sulphenamides Accelerators from China, the United States and the European Union.
The duty will remain in force for five years and is aimed at protecting domestic manufacturers from low-priced imports.
NOCIL is India’s largest producer of rubber chemicals and manufactures Sulphenamides Accelerators under its Pilcure brand.
Stock hits upper circuit
NOCIL shares rose to ₹190.70 during the session and were locked at the upper circuit level of ₹190.35, compared with the previous close of ₹158.95.
The company had a market capitalisation of ₹3,179 crore.
The stock has delivered:
- 5% return over the past year
- 25% gain so far in 2026
- 23% rise over the last six months
- 13% increase during the past month
Duty covers imports from three regions
The anti-dumping duty applies to imports of Sulphenamides Accelerators from:
- China
- United States
- European Union
The Commerce Ministry had earlier notified the measure in March to address the impact of dumped imports in the domestic market.
Key product for tyre industry
Sulphenamides Accelerators are used in the vulcanisation process and are an important input for:
- Tyre manufacturers
- Rubber processing companies
The products form part of NOCIL’s portfolio of rubber chemicals marketed under the Pilcure brand.
About the company
Part of the Arvind Mafatlal Group, NOCIL manufactures a range of rubber chemicals for the:
- Tyre industry
- Automotive sector
- Industrial rubber segment
Its products are sold under brands including:
- Pilflex
- Pilnox
- Pilcure
Q4 FY26 earnings remained weak
The company reported lower earnings for the March quarter.
Q4 FY26 performance
- Revenue: ₹330 crore, down 3% year-on-year
- EBITDA: ₹21 crore, down 38%
- Net profit: ₹17 crore, down 18%
- EPS: ₹1.02, compared with ₹1.24 a year earlier
In Q4 FY25, the company had reported:
- Revenue of ₹340 crore
- EBITDA of ₹34.2 crore
- Net profit of ₹20.8 crore
Volume growth improves
For FY26, NOCIL recorded volume growth of 3%.
The second half of the year saw stronger momentum.
- H1 FY26 volumes declined 5%.
- H2 FY26 volumes increased 12%.
Management expects the improvement in volumes to continue.
Sequentially:
- Domestic volumes registered single-digit growth, supported by stronger demand after GST 2.0 implementation.
- International volumes also rose in single digits, aided by conversion of ongoing customer engagements into business.
TL;DR:
NOCIL shares hit the 20% upper circuit after the DGTR imposed a five-year anti-dumping duty on Sulphenamides Accelerator imports from China, the US and the EU. The move is expected to benefit domestic manufacturers, including NOCIL, India’s largest producer of rubber chemicals.
AI Summary:
- NOCIL shares surged 20% and hit the upper circuit.
- DGTR imposed anti-dumping duties for five years.
- The duty covers imports from China, the US and the EU.
- Q4 FY26 revenue and profit declined year-on-year.
- Management expects volume growth to continue.
