Excerpts from a Conversation

Considering both the macroeconomic environment and AM International’s trajectory, what stands out to you as you reflect on FY25?

AM: FY25 has been a year of measured recalibration. Some industries benefited from strong domestic demand, while others naturally corrected after the extraordinary highs during the pandemic years. Those peaks were unlike typical market behaviour. The moderation we see today reflects a healthy return to sustainable equilibrium.

What reassures me is that our institutional resilience remains strong, while our net worth continues on its upward trajectory. This speaks to the fundamental robustness of the group.

“Our operational discipline spanning CAPEX-led project execution, cost efficiency and ESG-oriented processes has helped us navigate a complex environment with confidence. It has reinforced the trust that stakeholders, partners and communities place in us.”

From the biomass boilers at Tuticorin Alkali Chemicals and Fertilizers Limited (TFL), which create a circular process by generating CO₂ for soda ash production to the use of wild crop biomass that helps reduce water strain in nearby communities, our initiatives stem from a deeper belief. A belief that trust is built when businesses operate responsibly and create value beyond themselves. Increasingly, this is what our partners including Unilever look for. And it is what precisely we stand for.

How would you summarise the major developments at AM International’s operative companies this year?

AM: Both the fertiliser and petrochemical verticals have performed well. The soda ash brownfield expansion remains on schedule, and operational efficiency has been consistently high. Linear Alkyl Benzene (LAB) is in a favourable phase, with stable demand and competitive input costs.

Manali Petrochemicals’ M&A strategy continues to gain positive traction, especially with our recent Notedome divestment. Its expansion projects in West India and the propylene glycol facility in Chennai reinforce our commitment to delivering high-value high-margin speciality chemical solutions.

Across our businesses maintaining quality is non-negotiable; internal systems grounded in transparency and traceability are indispensable. At AM International, trust is embedded in our quality control systems, our investments in R&D and our unwavering commitment to product integrity.

Even in sectors like polyols, where global overcapacity exists, our focus on niche specialty grades enables us to create differentiated, sustainable margins. This year’s market conditions were supportive, enabling us to deliver results. Combined with ongoing expansions, this augurs well for the future.

How is AM International strengthening leadership and talent across the group?

AM: Talent is the engine driving our long-term growth. This year, experienced senior professionals from diverse industries have joined us, further strengthening the current leadership team. While lateral hires bring fresh perspective and capability, our long-serving colleagues remain equally vital. Maintaining a unique blend of the two creates depth of knowledge, learning and experience that continues to nurture our culture.

“When people feel trusted, they take ownership. When they take ownership, performance naturally follows.”

What we are building is a nimble, professionally led group that retains its values, its purpose, and its cultural DNA. All this while continuously evolving through new expertise and capabilities.

What are your priorities and expectations for FY26, especially with several expansions underway?

AM: FY26 will be an important milestone as multiple expansions move into completion and commercialisation across our fertiliser and petrochemicals verticals.

For instance, TFL’s soda ash and ammonium chloride capacity upgrade is a particularly significant milestone. Production will increase from 75,000 MT to 200,000 MT by November 2026 and then scale further to 275,000 MT.

In parallel, we are expanding propylene glycol production, increasing LAB capacity at Tamilnadu Petroproducts and accelerating the growth of PennWhite’s speciality chemicals in India. Collectively, these initiatives strengthen our supply chains, enhance product availability for long-term partners, and position us competitively in the market.

Our priorities across SPIC, Greenstar, TFL, and MPL and TPL remain consistent and tightly aligned with our long-term strategy:

We are also focusing on specialty fertilisers, particularly Greenstar’s water-soluble range, which continues to gain traction. These products deliver higher margins, greater value to farmers, and clear differentiation in the market. Expanding and strengthening this portfolio will be crucial to our growth as we move forward in 2026.

You have long championed community-focused programs across the group, so what is AM Foundation’s vision for expanding its CSR work in the year ahead?

AM: Our community work is rooted in the same philosophy that guides the group. We aim to serve in ways that earn trust and create lasting impact. This year, our key focus areas continue to be primary healthcare, sanitation and wellness & well-being, especially in communities surrounding our plant locations.

Improving women’s hygiene and preventing open defecation are two areas that need renewed attention. Especially the former. With girls reaching puberty earlier due to health and growth factors, education and awareness must begin sooner. We plan to scale our programs accordingly.

Our CSR goal is to support children, expectant mothers, the elderly and families at stages where timely intervention can improve life outcomes. Ultimately, AM Foundation is aiming to deepen engagement, deliver tangible impact, and make sure every intervention contributes to healthier, more empowered communities.