Overview

Detailed Summary

Clean Science and Technology Limited manufactures and exports fine and specialty chemicals using proprietary catalytic processes, operating multiple zero liquid discharge plants at Kurkumbh with a large in‑house R&D capability and a recent wholly owned subsidiary, Clean Fino Chem Ltd, focused on HALS series and related performance chemicals.
The company has commercialised a full HALS product series and a largest‑in‑India HALS facility, converting recent capex into production capacity; this opened an estimated US$1 billion total addressable market, and the company reported targeted commercial launches of Hydroquinone, Catechol, BHT and DHDT during FY2025 and Q3 FY2026.
Financials show resilience: consolidated 9M FY2026 revenue was largely stable at Rs.707 crore (+1% YoY) while standalone revenue declined 9%; EBITDA margins remain robust near 38–44% across standalone and consolidated bases, reflecting strong process economics and continued focus on higher‑margin performance chemicals despite near‑term volume headwinds.
Clean Science and Technology Limited runs an aggressive R&D program with 90+ scientists, four R&D labs and multiple proprietary catalytic chemistries; this technological moat underpins global leadership positions (several rank‑1 products worldwide) and enables rapid scale‑up of newly commercialised intermediates and stabilizers for global polymers, pharma and agro segments.
The business is financially conservative and asset‑light on leverage with a zero‑debt balance sheet, strong return metrics historically, and sustainability commitments including ~20 MW solar, 65% renewable power share, ZLD operations and quantified GHG, water and energy reduction targets over a five‑year horizon.

Sector: Chemicals
Industry: Chemicals - Speciality - Large
Market Cap: 7,887 Cr
Volatility: Low Risk
P/E Ratio: 32.1
Industry P/E: 42.6
PEG Ratio: 1.7
P/B Ratio: 5.3
52W High: 1,599.00
52W Low: 700.05

Sales CAGR

1Y: 22.13%
3Y: 10.43%
5Y: 17.08%
10Y: —

Profit CAGR

1Y: 8.35%
3Y: 8.54%
5Y: 15.92%
10Y: —

ROE

TTM: 17.68%
3Y: 22.85%
5Y: 25.41%
10Y: —

ROCE

TTM: 23.61%
3Y: 29.80%
5Y: 33.12%
10Y: —

Technicals

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Forecasts

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Analyst Target, Price, EPS and Revenue Projections

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
PRIVISCL	2840.35	11,130 Cr	36.94	8.98	0.18	21.52	19.32	9.69
JUBLINGREA	554.95	8,853 Cr	33.11	2.91	0.90	9.47	11.15	5.05
CLEAN	740.00	7,887 Cr	32.05	5.26	0.81	17.68	23.61	14.57
ALKYLAMINE	1400.00	7,179 Cr	35.68	4.97	0.71	12.62	16.58	10.22
GALAXYSURF	1940.00	6,882 Cr	24.50	2.71	0.21	11.30	13.56	7.43
DRBECK	8420.00	6,665 Cr	45.17	6.61	0.09	14.66	19.67	12.67
ACI	516.80	6,513 Cr	43.58	3.42	0.57	8.97	11.55	6.01

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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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	181	195	228	224	238	241	264	243	245	220
Expenses	106	108	133	129	148	142	159	143	158	147
Operating Profit	75	87	95	95	90	99	105	100	87	72
OPM %	41.32	44.48	41.54	42.26	37.66	40.90	39.74	41.11	35.61	32.86
Other Income	6.01	7.79	14	9.93	11	5.22	12	13	6.67	9.82
Interest	0.25	0.05	0.57	0.11	0.05	0.13	0.14	0.07	0.07	0.17
Depreciation	11	11	13	16	18	18	17	19	19	19
Profit Before Tax	69	83	95	89	83	85	100	95	75	63
Tax %	24.86	24.58	26.26	25.67	29.39	23.00	25.60	25.90	25.96	26.67
Net Profit	52	63	70	66	59	66	74	70	55	46
EPS in Rs	4.91	5.89	6.61	6.20	5.53	6.18	6.97	6.59	5.21	4.32

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	243	393	419	512	685	936	791	967	986
Expenses	168	257	234	253	385	534	459	579	593
Operating Profit	75	136	185	259	300	402	332	388	393
OPM %	30.91	34.66	44.19	50.53	43.79	42.97	41.95	40.10	39.86
Other Income	4.54	11	11	26	30	30	41	39	42
Interest	0.11	0.03	0.12	0.09	0.15	0.20	0.93	0.42	0.39
Depreciation	7.60	11	14	17	25	36	46	69	72
Profit Before Tax	70	137	182	267	305	396	327	357	363
Tax %	30.40	28.47	23.41	25.78	25.03	25.39	25.26	25.88	25.94
Net Profit	49	98	140	198	228	295	244	264	269
EPS in Rs	—	—	—	18.68	21.50	27.76	22.95	24.88	23.09
Dividend Payout %	869.57	1,088.14	190.11	133.83	15.11	18.00	21.78	24.12	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	1.42	1.42	1.33	11	11	11	11	11
Reserves	186	271	341	529	758	999	1,193	1,406
Borrowings	0.08	2.60	2.69	0.33	0.33	2.06	2.03	2.13
Other Liabilities	48	53	85	120	156	140	191	189
Total Liabilities	236	327	430	660	925	1,152	1,396	1,608
Fixed Assets	102	127	166	186	296	460	636	715
CWIP	1.50	3.93	3.42	55	44	20	57	30
Investments	18	75	133	232	191	353	339	381
Other Assets	114	121	128	187	394	318	363	482
Total Assets	236	327	430	660	925	1,152	1,396	1,608

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	45	85	160	193	127	279	237	214
Cash from Investing Activity	-18	-95	-106	-187	-79	-270	-186	-152
Cash from Financing Activity	-5.07	-11	-55	-5.89	-0.15	-55	-53	-53
Net Cash Flow	22	-21	-1.61	0.18	49	-45	-1.97	9.58

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	78.50%	74.99%	74.98%	74.98%	74.98%	74.98%	74.97%	74.97%	74.97%	74.97%	50.97%	50.96%
FIIs	3.99%	5.84%	6.00%	5.92%	5.88%	6.06%	5.83%	5.98%	6.07%	6.21%	11.14%	10.00%
DIIs	4.76%	6.41%	5.23%	5.14%	5.04%	4.55%	4.77%	5.46%	5.76%	5.92%	18.98%	19.77%
Public	12.75%	12.77%	13.79%	13.97%	14.10%	14.42%	14.43%	13.60%	13.20%	12.90%	18.92%	19.26%
Total Shareholders	2,70,823	2,66,971	2,85,259	2,78,653	2,79,395	2,73,841	2,54,629	2,46,798	2,37,016	2,25,484	2,39,974	2,43,606

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Documents

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Reports

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Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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