OCCL Ltd is the only Indian manufacturer of insoluble sulphur - a specialty chemical that stops rubber from weakening during tyre production - and it supplies roughly one in every ten tonnes used by tyre makers worldwide. The business began in 1978 as Dharuhera Chemicals Limited, commissioned its first insoluble sulphur plant in 1994, and was demerged from Oriental Carbon & Chemicals Limited in mid-2024 to become a focused, independently listed entity under the AG Ventures Group. Everything the company does flows from a single recurring approach: own the technology, make it at a cost competitors struggle to match, and protect market share through deep customer relationships even when global prices collapse. # Business segments Two businesses that feed each other - a specialty chemical that dominates the portfolio and a smaller acid operation that supplies steam to the flagship plant. ## 1. Diamond Sulf insoluble sulphur: the molecule that holds a tyre together **A rubber-strengthening agent sold to over 40 tyre and rubber customers across 21 countries, made with proprietary in-house technology behind barriers that take rivals at least two years to cross.** - **The product stops rubber from blooming** - when sulphur is mixed into rubber compounds beyond a certain point, it migrates to the surface and weakens the bond; insoluble sulphur stays dispersed, ensuring the rubber grips steel cords and fabric reinforcement properly, which is why it is indispensable in every high-performance tyre. - **Proprietary technology, not bought off the shelf** - the manufacturing process runs on in-house know-how developed over three decades, approved by every global customer the company serves, and supported by a dedicated R&D facility and a pilot plant that continuously develop new grades. - **Two plants, 39,500 tonnes of capacity** - the Dharuhera site in Haryana houses three production lines with 17,500 MTPA, while the Mundra SEZ facility in Gujarat runs four lines with 22,000 MTPA, giving the company enough headroom to grow sales without fresh capital expenditure. - **A 24-month moat around every customer** - tyre manufacturers require a minimum of two years to validate a new insoluble sulphur supplier, and the industry is both capital-intensive and technology-heavy, so once a producer is qualified, switching is slow and expensive. - **Cheaper to build and run than a greenfield rival** - the company can add capacity at a cost below the prevailing greenfield benchmark, and its Mundra plant benefits from lower power costs, SEZ tax exemptions, and a port-side location that cuts logistics expenses, while the Dharuhera plant generates its own steam and rooftop solar power. - **Pricing is a battlefield, so share is the strategy** - Chinese and Japanese producers expanded aggressively and dumped product in India at prices as low as USD 850 per tonne, forcing the company to match those prices to retain its roughly 55-60% domestic share; anti-dumping duties of USD 307 per tonne on Chinese imports and USD 259-358 on Japanese imports, imposed in March 2025, have since improved domestic realisations. ## 2. Sulphuric acid and oleums: the plant that powers the plant **A smaller business making battery-grade and commercial-grade acid that doubles as the steam engine for the flagship insoluble sulphur facility next door.** - **Two grades, many industries** - battery-grade sulphuric acid goes into storage batteries, rayon, dyes, detergents and pharmaceuticals; commercial-grade serves steel plants, heavy chemical makers and superphosphate fertiliser producers, with oleums acting as dehydrating agents and catalysts in other chemical processes. - **88,000 tonnes of capacity across two lines** - the entire operation sits at Dharuhera and contributed about 19% of the company's revenue in FY25, making it a meaningful but secondary stream alongside the dominant insoluble sulphur business. - **Steam self-sufficiency is the hidden synergy** - the sulphuric acid plant generates excess steam that feeds directly into the adjacent insoluble sulphur lines, eliminating the need for a separate boiler and cutting the fixed-cost burden of the flagship product. # Group structure and partners **A freshly independent listed entity within a family-backed group, carrying a clean balance sheet from its 2024 demerger and a newly expanded mandate that hints at future energy ambitions.** - **Part of the AG Ventures Group** - the group provides the parentage, but OCCL operates as an independent public company with its registered office at the Mundra SEZ in Gujarat and a corporate identity that dates to its 2022 incorporation in that state. - **Open to alliances, but performance comes first** - management has stated it is willing to explore global alliances and mergers, though it believes the core business needs to deliver better results before any such move makes sense. - **A quiet entry into power generation** - in July 2025, the company amended its constitutional documents to permit engagement in generating, transmitting, trading and supplying power from conventional and renewable sources, including setting up wind turbines and power stations, though no projects have been announced.