Primo Chemicals Ltd

PRIMO

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Market Cap

₹ 545 Cr

P/E

53.50

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Investment Checklist

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Performance

UNDER PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

LOW MARGIN

Technicals

Bearish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Primo Chemicals Limited is the largest producer of Caustic Soda in Northern India, with notable capabilities in manufacturing related chemical products.

The company recently increased its Caustic Soda production capacity from 300 TPA to 500 TPA, culminating in a combined manufacturing capacity of 165,000 TPA.

They have expanded their portfolio by commissioning new plants for Caustic Soda Flakes and Aluminum Chloride, marking significant capacity enhancement.

The setup of a 35 MW Coal and Biomass-based Power Plant represents Primo's commitment to self-sufficient energy and cost-effective operations.

Primo Chemicals was recognized as a Sick Company in the past, indicating prior financial distress, but it continues to expand and optimize its operations.

Sector

Chemicals

Industry

Chlor-Alkali

Market Cap

545 Cr

Volatility

Moderate Risk

P/E Ratio

53.5

Industry P/E

14.0

PEG Ratio

0.5

P/B Ratio

1.5

52W High

40.64

52W Low

20.40

Sales CAGR

39.95%

6.96%

13.85%

10Y

8.23%

Profit CAGR

109.09%

-65.39%

-23.20%

10Y

—

ROE

TTM

2.54%

9.44%

11.39%

10Y

10.89%

ROCE

TTM

8.08%

14.06%

16.29%

10Y

16.36%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SHRIAHIMSA	239.90	573 Cr	25.99	3.71	0.00	15.82	21.89	14.90
GANESHBE	79.91	569 Cr	6.79	0.98	0.00	14.46	17.11	6.13
PRIMO	22.10	545 Cr	53.50	1.49	0.00	2.54	8.08	0.90
KRONOX	144.00	536 Cr	20.78	5.28	0.35	25.44	33.46	22.91
VIKRAMTH	162.90	516 Cr	15.55	3.76	0.61	24.15	33.03	20.08
BLACKROSE	96.85	495 Cr	24.34	3.18	3.24	12.94	17.51	9.43
OCCLLTD	94.00	480 Cr	13.41	1.17	1.56	8.71	10.92	6.27

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	110	93	91	102	122	134	144	155	142	135
Expenses	103	98	89	101	107	124	125	131	122	119
Operating Profit	7.06	-4.35	2.79	1.44	15	11	19	24	20	15
OPM %	6.43	-4.67	3.05	1.41	12.39	7.89	12.97	15.42	14.37	11.35
Other Income	5.46	4.84	3.70	5.42	5.87	5.86	4.74	4.41	5.27	4.46
Interest	3.03	4.38	5.01	5.78	5.60	5.67	5.95	5.78	5.46	4.82
Depreciation	8.71	9.01	10	12	12	13	13	13	13	13
Profit Before Tax	0.78	-13	-8.80	-11	3.04	-2.43	4.42	10	7.09	1.70
Tax %	576.92	-5.19	-74.43	164.57	485.20	645.68	56.56	111.10	56.84	-61.76
Net Profit	-3.72	-14	-15	6.78	-12	13	1.92	-1.12	3.06	2.75
EPS in Rs	-0.18	-0.53	-0.63	0.29	-0.46	0.53	0.09	-0.01	0.17	0.17

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	226	454	707	397	556	576
Expenses	239	367	515	390	487	502
Operating Profit	-12	87	192	6.92	68	74
OPM %	-5.46	19.09	27.19	1.74	12.30	12.79
Other Income	55	15	26	19	21	20
Interest	5.34	8.82	8.07	18	23	23
Depreciation	17	17	24	40	51	52
Profit Before Tax	20	76	186	-31	15	19
Tax %	58.96	24.91	28.16	17.71	84.44	10.69
Net Profit	8.24	57	134	-26	2.35	17
EPS in Rs	—	2.48	5.67	-1.05	0.15	0.42
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	31	48	48	48	48
Reserves	66	228	364	339	342
Borrowings	0.63	61	145	178	169
Other Liabilities	148	141	174	149	181
Total Liabilities	246	478	731	714	741
Fixed Assets	156	155	278	468	497
CWIP	35	177	213	49	10
Investments	0.00	33	59	59	61
Other Assets	55	114	181	138	173
Total Assets	246	478	731	714	741

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	53	70	150	14	64
Cash from Investing Activity	-24	-191	-233	-56	-43
Cash from Financing Activity	-34	137	81	21	-22
Net Cash Flow	-4.66	16	-2.53	-21	-0.30

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Apr 2025	Jun 2025	Sep 2025
Promoters	31.35%	31.35%	31.35%	31.35%	31.35%	31.35%	31.35%	31.35%	31.35%	31.35%	31.35%	31.35%
FIIs	0.00%	0.00%	2.10%	1.77%	0.72%	0.22%	0.11%	0.12%	0.11%	0.11%	0.10%	0.07%
DIIs	1.93%	1.93%	1.93%	1.93%	1.93%	1.93%	1.93%	1.93%	1.93%	1.92%	1.93%	1.93%
Public	66.72%	66.72%	64.62%	64.95%	65.99%	66.49%	66.61%	66.60%	66.61%	66.61%	66.62%	66.65%
Total Shareholders	33,421	33,556	40,947	42,403	45,398	45,324	52,609	51,481	50,404	50,306	50,065	49,930

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Dec 02, 2025	Flowtech industrial projects ...	Insider - Promoter	Acquisition	25.60	6.46 Cr	25,25,000	1.04
Dec 02, 2025	Naveen chopra	Insider - KMP	Disposal	25.60	6.40 Cr	25,00,000	1.03
Nov 28, 2025	Flowtech industrial projects ...	Bulk	Buy	25.60	6.46 Cr	25,25,000	1.04
Nov 28, 2025	Naveen chopra	Bulk	Sell	25.60	6.40 Cr	25,00,000	1.03
Nov 22, 2024	Neelam	Insider - Directors Immediate Relative	Disposal	38.55	0.09 Cr	24,593	0.00
Nov 22, 2024	Kuldip singh suhag	Insider - Director	Disposal	38.86	0.04 Cr	9,847	0.00
Jan 25, 2024	Flowtech industrial projects ...	Insider - Promoter	Acquisition	49.40	3.79 Cr	7,66,550	0.31
Jan 25, 2024	Parerna ahlawat	Insider - Promoter	Acquisition	50.40	6.02 Cr	11,93,610	0.49
Jan 25, 2024	Advance chemicals	Insider - Promoter Group	Disposal	50.40	9.88 Cr	19,60,160	0.81
Jul 12, 2023	Societe generale	Bulk	Buy	60.10	28.83 Cr	47,97,345	1.97

Projection

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Reports

Presentations

Investor Presentation

Q4 FY23

Investor Presentation

Q3 FY23

Investor Presentation

Q2 FY23

Investor Presentation

Q1 FY23

Investor Presentation

Q1 FY23

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Financial Statements

AI Powered Summary

Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

AI Mode

Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	110	93	91	102	122	134	144	155	142	135
Expenses	103	98	89	101	107	124	125	131	122	119
Operating Profit	7.06	-4.35	2.79	1.44	15	11	19	24	20	15
OPM %	6.43	-4.67	3.05	1.41	12.39	7.89	12.97	15.42	14.37	11.35
Other Income	5.46	4.84	3.70	5.42	5.87	5.86	4.74	4.41	5.27	4.46
Interest	3.03	4.38	5.01	5.78	5.60	5.67	5.95	5.78	5.46	4.82
Depreciation	8.71	9.01	10	12	12	13	13	13	13	13
Profit Before Tax	0.78	-13	-8.80	-11	3.04	-2.43	4.42	10	7.09	1.70
Tax %	576.92	-5.19	-74.43	164.57	485.20	645.68	56.56	111.10	56.84	-61.76
Net Profit	-3.72	-14	-15	6.78	-12	13	1.92	-1.12	3.06	2.75
EPS in Rs	-0.18	-0.53	-0.63	0.29	-0.46	0.53	0.09	-0.01	0.17	0.17

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	226	454	707	397	556	576
Expenses	239	367	515	390	487	502
Operating Profit	-12	87	192	6.92	68	74
OPM %	-5.46	19.09	27.19	1.74	12.30	12.79
Other Income	55	15	26	19	21	20
Interest	5.34	8.82	8.07	18	23	23
Depreciation	17	17	24	40	51	52
Profit Before Tax	20	76	186	-31	15	19
Tax %	58.96	24.91	28.16	17.71	84.44	10.69
Net Profit	8.24	57	134	-26	2.35	17
EPS in Rs	—	2.48	5.67	-1.05	0.15	0.42
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	31	48	48	48	48
Reserves	66	228	364	339	342
Borrowings	0.63	61	145	178	169
Other Liabilities	148	141	174	149	181
Total Liabilities	246	478	731	714	741
Fixed Assets	156	155	278	468	497
CWIP	35	177	213	49	10
Investments	0.00	33	59	59	61
Other Assets	55	114	181	138	173
Total Assets	246	478	731	714	741

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	53	70	150	14	64
Cash from Investing Activity	-24	-191	-233	-56	-43
Cash from Financing Activity	-34	137	81	21	-22
Net Cash Flow	-4.66	16	-2.53	-21	-0.30

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Overview

Detailed Summary

Primo Chemicals Limited is the largest producer of Caustic Soda in Northern India, with notable capabilities in manufacturing related chemical products.

The company recently increased its Caustic Soda production capacity from 300 TPA to 500 TPA, culminating in a combined manufacturing capacity of 165,000 TPA.

They have expanded their portfolio by commissioning new plants for Caustic Soda Flakes and Aluminum Chloride, marking significant capacity enhancement.

The setup of a 35 MW Coal and Biomass-based Power Plant represents Primo's commitment to self-sufficient energy and cost-effective operations.

Primo Chemicals was recognized as a Sick Company in the past, indicating prior financial distress, but it continues to expand and optimize its operations.

Sector

Chemicals

Industry

Chlor-Alkali

Market Cap

545 Cr

Volatility

Moderate Risk

P/E Ratio

53.5

Industry P/E

14.0

PEG Ratio

0.5

P/B Ratio

1.5

52W High

40.64

52W Low

20.40

Sales CAGR

39.95%

6.96%

13.85%

10Y

8.23%

Profit CAGR

109.09%

-65.39%

-23.20%

10Y

—

ROE

TTM

2.54%

9.44%

11.39%

10Y

10.89%

ROCE

TTM

8.08%

14.06%

16.29%

10Y

16.36%

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SHRIAHIMSA	239.90	573 Cr	25.99	3.71	0.00	15.82	21.89	14.90
GANESHBE	79.91	569 Cr	6.79	0.98	0.00	14.46	17.11	6.13
PRIMO	22.10	545 Cr	53.50	1.49	0.00	2.54	8.08	0.90
KRONOX	144.00	536 Cr	20.78	5.28	0.35	25.44	33.46	22.91
VIKRAMTH	162.90	516 Cr	15.55	3.76	0.61	24.15	33.03	20.08
BLACKROSE	96.85	495 Cr	24.34	3.18	3.24	12.94	17.51	9.43
OCCLLTD	94.00	480 Cr	13.41	1.17	1.56	8.71	10.92	6.27