Overview

Detailed Summary

Chemcon Speciality Chemicals Limited manufactures specialty organic and inorganic chemicals from its Manjusar, Vadodara facilities, supplying pharmaceutical intermediates (HMDS, CMIC), bromobenzene and oilwell completion bromides to domestic and export markets; the company operates nine plants, six owned warehouses, and claims unique and leading global positions on key products such as HMDS and CMIC.
Operational resilience shows through steady revenues despite margin pressure: 9M FY26 revenue of Rs.164.6 crore versus Rs.152.5 crore last year, but EBITDA and PAT contracted to Rs.21.3 crore and Rs.17.2 crore respectively, reflecting pricing headwinds, lower realizations and temporary volume impacts across segments while sustaining cash and equity cushions on the balance sheet.
Chemcon holds differentiated product positions that drive pricing power and customer stickiness: it is the only HMDS manufacturer in India, third-largest globally in HMDS, and the largest CMIC manufacturer worldwide; these structural strengths underpin export reach to major markets such as the USA, Europe and Korea, supporting strategic import substitution ambitions.
Near-term growth levers are concrete and actionable: two proposed P10/P11 organic-chemical units due Q4 FY26, the recent Shivam Petrochem slump sale to broaden intermediates capability, and an explicit focus on new product development and process re-engineering to improve raw material consumption and cost efficiencies, collectively widening the product pipeline and client base.
Key near-term risks are visible and industry-specific: inorganic bromides are sensitive to oil-drilling activity and crude volatility, organic intermediates faced pricing pressure from Chinese dumping, and export realizations remain subdued; these macro and competitive pressures could delay margin recovery despite capacity additions and strategic M&A.

Sector: Chemicals
Industry: Chemicals - Speciality - Medium / Small
Market Cap: 583 Cr
Volatility: Low Risk
P/E Ratio: 27.6
Industry P/E: 25.5
PEG Ratio: 1.0
P/B Ratio: 1.1
52W High: 295.10
52W Low: 158.00

Sales CAGR

1Y: -22.35%
3Y: -6.91%
5Y: -4.57%
10Y: —

Profit CAGR

1Y: 27.41%
3Y: -26.96%
5Y: -12.93%
10Y: —

ROE

TTM: 4.85%
3Y: 6.88%
5Y: 9.88%
10Y: —

ROCE

TTM: 6.95%
3Y: 9.80%
5Y: 13.71%
10Y: —

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SUNSHIEL	815.30	717 Cr	28.77	6.56	0.26	19.87	19.34	8.84
AMAL	485.50	600 Cr	22.02	5.29	0.21	34.20	38.05	19.66
AHCL	110.55	593 Cr	17.35	2.77	0.00	18.61	20.31	11.20
CHEMCON	159.50	583 Cr	27.60	1.14	0.00	4.85	6.95	3.87
GANESHBE	78.91	568 Cr	12.67	0.98	0.00	14.46	17.11	5.84
DMCC	225.00	552 Cr	21.47	2.36	1.13	11.89	17.73	6.98
KRONOX	118.80	432 Cr	16.90	4.26	0.43	25.44	33.46	22.96

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	75	53	60	46	53	54	55	54	54	57
Expenses	67	47	55	38	44	43	49	46	47	51
Operating Profit	8.32	6.34	4.38	7.12	8.52	11	5.78	7.78	6.85	6.65
OPM %	11.07	11.97	7.35	15.64	16.20	20.76	10.53	14.54	12.75	11.60
Other Income	3.03	3.34	3.34	3.76	3.50	4.01	3.18	3.72	3.95	3.63
Interest	0.73	1.04	1.05	0.99	0.93	0.74	0.84	0.34	0.09	0.67
Depreciation	2.59	2.58	2.51	2.53	2.55	2.71	2.73	2.72	2.77	2.82
Profit Before Tax	8.04	6.06	4.16	7.37	8.53	12	5.40	8.43	7.94	6.79
Tax %	26.12	26.73	30.05	27.14	25.79	25.65	26.85	24.20	27.71	25.04
Net Profit	5.94	4.44	2.90	5.37	6.33	8.81	3.95	6.39	5.75	5.09
EPS in Rs	1.62	1.21	0.79	1.47	1.73	2.40	1.08	1.74	1.57	1.39

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	90	158	304	262	243	257	303	267	207	215
Expenses	79	112	236	192	162	176	232	240	175	182
Operating Profit	11	46	68	70	81	82	71	27	33	33
OPM %	12.09	29.16	22.33	26.81	33.32	31.74	23.34	10.06	15.84	15.49
Other Income	0.42	0.17	0.15	3.97	4.64	9.22	13	13	14	14
Interest	1.95	3.04	4.00	4.68	3.63	0.57	1.49	3.50	3.49	2.85
Depreciation	2.34	2.26	2.86	4.62	6.08	6.27	8.37	10	11	11
Profit Before Tax	4.76	41	61	65	76	84	74	26	33	34
Tax %	36.91	34.94	29.68	24.75	25.85	25.29	25.68	26.90	26.23	25.52
Net Profit	3.00	26	43	49	56	63	55	19	24	25
EPS in Rs	—	—	—	—	16.40	17.13	15.05	5.23	6.68	5.78
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	26.60	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	7.94	7.94	32	32	37	37	37	37	37
Reserves	19	46	65	115	317	381	421	440	464
Borrowings	19	16	32	45	6.23	36	64	43	25
Other Liabilities	16	27	44	35	44	45	32	26	29
Total Liabilities	63	97	173	226	404	498	553	545	554
Fixed Assets	24	30	40	49	67	82	141	146	149
CWIP	0.00	0.00	0.67	3.74	8.54	34	14	42	40
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	10
Other Assets	38	67	133	173	328	382	398	356	355
Total Assets	63	97	173	226	404	498	553	545	554

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	9.62	14	11	12	65	74	13	12	41
Cash from Investing Activity	-8.58	-7.24	-24	-16	-152	-93	-16	-25	-19
Cash from Financing Activity	-1.73	-6.13	12	4.10	111	30	12	-25	-22
Net Cash Flow	-0.69	0.63	-0.24	0.39	23	11	8.44	-37	0.06

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	74.47%	74.47%	74.47%	74.47%	74.47%	74.47%	74.47%	74.47%	74.47%	74.47%	74.47%	74.47%
FIIs	0.10%	0.01%	0.01%	0.05%	0.25%	0.25%	0.25%	0.25%	0.32%	0.30%	0.27%	0.32%
DIIs	0.27%	0.27%	0.27%	0.28%	0.27%	0.27%	0.27%	0.27%	0.27%	0.00%	0.00%	0.00%
Public	25.16%	25.25%	25.25%	25.20%	25.01%	25.01%	25.01%	25.01%	24.94%	25.24%	25.27%	25.21%
Total Shareholders	86,161	84,711	83,509	81,367	79,108	76,389	73,827	72,426	70,723	69,527	69,211	66,850

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