- **lead** - Mangalam Organics is a pine-chemistry specialist that has spent decades turning turpentine - the sap of pine trees - into camphor and a widening family of natural chemicals, growing from a modest beginning in 1981 into the world’s largest camphor manufacturer. The company’s recurring approach is to take a single natural raw material, master its chemistry in-house, and then push downstream into higher-value derivatives and consumer brands - each stage built on the manufacturing muscle of the one before it. # Business segments Three engines fed by the same pine-derived raw material - a B2B camphor operation that is the world’s largest, a niche resin business that turns by-products into industrial inputs, and a consumer-brand platform that sells camphor-based homecare products directly to households. ## 1. B2B terpene operations: the world’s largest camphor factory **Camphor made from imported turpentine is the company’s economic backbone, supplying everything from temple rituals to pharmaceutical creams from a single 44-acre plant.** - **One plant, global reach** - the entire manufacturing operation runs from a 44-acre site at Khopoli, Maharashtra, just 60 km from Jawaharlal Nehru Port, which lets it import turpentine from Brazil, the US, China, Indonesia, Vietnam and elsewhere and export finished products to Europe, the US, Africa, the Middle East and Southeast Asia. - **In-house technology creates the moat** - the manufacturing process is based on proprietary know-how, and the R&D team works on green chemistry, shorter batch times, and higher yield and purity, which together protect margins in a commodity-adjacent product. - **Camphor serves three unrelated demand pools** - in India it is burned in religious ceremonies because it leaves no ash; globally it is an active ingredient in orthopaedic, skin and congestion pharmaceuticals; and in Western homecare it is replacing naphthalene and PDCB (paradichlorobenzene) as a hygiene agent. - **By-products are businesses in their own right** - dipentene is sold as a paint solvent and degreaser, sodium acetate goes to European textile and leather customers, and isobornyl acetate and isoborneol feed the fragrance and flavour industries, so almost nothing from the camphor process is wasted. ## 2. B2B synthetic resin operations: industrial tackifiers from the same pine chemistry **A small but sticky business that turns terpene and rosin derivatives into specialty resins for adhesives, tyres and printing inks.** - **Three resin types, one job** - terpene phenolic resin, alkyl phenolic resin and rosin ester all act as tackifiers (the ingredient that makes adhesives sticky) and find their way into tyres, rubber, chewing gum and printing ink. - **Tailor-made for industrial giants** - the company supplies closely formulated, niche solutions to customers including Pidilite, Henkel, Bostik and H.B. Fuller, which creates regular repeat business and healthier margins than a commodity product would. - **The export playbook is still being written** - the strategy is to pursue product approvals with global tyre and adhesive exporters, improve quality to international standards, and introduce import-substitution grades for the domestic printing-ink and adhesive markets. ## 3. B2C retail operations: camphor as a consumer brand **A fast-growing consumer platform that takes the same camphor molecule and sells it in branded tablets, cones, soaps and vaporisers through modern trade, e-commerce and general trade.** - **Two brands, one molecule** - the ‘Mangalam’ brand sells camphor tablets for religious use and Bhimseni camphor for aromatherapy, while ‘CamPure’ stretches camphor into homecare products such as cones, air purifiers, hand wash, soap bars and liquid vaporisers. - **A dedicated subsidiary runs the show** - Mangalam Brands Private Limited, a wholly owned subsidiary, handles all B2C operations, which lets the consumer business move at FMCG speed without being held back by the industrial parent’s rhythms. - **Distribution built on three channels** - modern trade gives access to over 4,700 organised retail stores including D-Mart, Reliance Retail and Spencer’s; e-commerce covers 21,000 pin codes through Amazon, Flipkart, Bigbasket and its own website; and a general-trade network of 190 salespeople reaches 18 states. - **Market leadership came quickly** - within three to four years the company achieved the number-one position in modern trade, e-retail and CSD (military canteen) channels for its category. - **Capacity is scaling ahead of demand** - in May 2025 the company completed a Rs. 45 crore expansion of Bhimseni/Isoborneol flake capacity from 60 to 170 tonnes per month, financed through internal accruals and bank debt, and is currently marketing about 685 tonnes per annum of the product. # Group structure and partners **A family-led listed parent with three wholly owned subsidiaries, each carved out for a distinct job - consumer brands, pooja retailing and a yet-to-launch pharma venture.** - Mangalam Organics Limited is the listed parent, traded on both BSE and NSE, with its factory and registered office at Khopoli, Maharashtra, and an administrative office in Nariman Point, Mumbai. - Mangalam Brands Private Limited is the material unlisted subsidiary that runs all B2C and FMCG operations under the ‘Mangalam’ and ‘CamPure’ brands; the retail business was transferred into it from the parent in FY 2022-23. - Mangalam Pooja Stores Private Limited was incorporated in February 2022 to open retail pooja stores selling camphor tablets alongside ghee, incense, puja utensils and other ritual materials; it became wholly owned again in July 2024 after a brief period with a 10% outside investor. - Mangalam Speciality Chemicals Private Limited was incorporated in March 2022 to manufacture and trade pharma-related products but has not yet commenced business. - The board is chaired by Kamalkumar Dujodwala, with his brother Pannkaj Dujodwala as Managing Director; the next generation is represented by Akshay Dujodwala as Chief Strategy Officer.