Mumbai, March 2026:
Ducol Organics & Colours Limited has signed a share purchase agreement to acquire 100% stake in XCHEM Polymers India Private Limited for an aggregate consideration of ₹75 crore, marking a strategic expansion into the construction chemicals segment.
Phased acquisition structure
The deal will be completed in phases, with an initial cash payment of ₹38 crore to acquire a majority stake. The remaining ₹37 crore will be settled through a combination of cash, share swap, or another mutually agreed structure.
Strengthening presence in construction chemicals
Incorporated in 2012 and based in Vapi, Gujarat, XCHEM Polymers is engaged in manufacturing construction chemicals and industrial adhesives. Its product portfolio includes waterproofing systems, concrete admixtures, repair solutions, bonding agents, and polymer-based adhesives.
The company caters to infrastructure, real estate, and industrial segments, with applications spanning roofing, basements, and concrete repair. It also has a growing export presence in Southeast Asia.
Financial performance
XCHEM reported revenue of ₹60.29 crore in FY25, compared to ₹53.26 crore in FY24. For the first nine months of FY26, revenue stood at ₹53.78 crore. The company has also shown improving profitability, with profit after tax rising to ₹5.86 crore in 9M FY26 from ₹3.37 crore in FY25 and ₹2.35 crore in FY24.
Strategic rationale and synergies
The acquisition aligns with Ducol’s strategy of expanding into high-growth, margin-accretive segments adjacent to its core business of pigment dispersions.
Key benefits include entry into the construction chemicals space, strengthening of its waterproofing platform following the Bitumag acquisition, and cross-selling opportunities across its existing customer base in paints, infrastructure, and industrial sectors.
The deal also provides Ducol access to polymer formulation capabilities and application-driven product development expertise, which is expected to support long-term growth.
Business outlook
Ducol said integration of its earlier Bitumag acquisition is progressing as planned, with production ramp-up underway. The company is also witnessing gradual recovery in demand across key end-user industries and continues to evaluate further expansion opportunities in the specialty chemicals space.
Management said the acquisition of XCHEM will help build a diversified specialty chemicals portfolio while driving synergies and strengthening its position in high-growth end markets.
