• US goodwill impairment: The company recorded a one-off, non-cash goodwill impairment on its US business driven by Chinese export pricing pressure in Southeast Asian markets, which absorb 20% of US output.
• Non-soda ash growth: Non-soda ash revenue rose from 42% to 49% of sales following 14% growth, with another 23% increase planned next year to lower reliance on cyclical soda ash.
• Capacity expansion plans: The Mithapur expansion is fully operational—boosting bicarbonate capacity to 200 KT and salt to 1.6 million tons—while the board approved an 80,000-ton salt capacity addition costing approximately 100 crore rupees.
• Kenya energy transition: Amid Middle East shipping disruptions affecting its 45-day heavy furnace oil inventory, the Kenya unit is accelerating its transition to electric calcining and solar power toward 100% renewable operations.
• Soda ash outlook: Management believes soda ash pricing has bottomed, noting that a full structural recovery requires roughly 4 million tons of capacity rationalization in China, with near-term prices already up $10–$15 due to higher bunker fuel costs.