BSE: 542012
A-1 LIMITED
A-1 Limited (formerly A-1 Acid Limited), listed on BSE, operates across two reportable segments: Acids and Chemicals, and Sports Equipment and Others. The Acids and Chemicals segment is the core business, focused on trading sulphur-based chemicals such as Sulphuric Acid and Oleum variants. In June 2026 the company was appointed primary authorised dealer by Ishan Dyes and Chemicals for these products in Gujarat and expansion markets, serving fertilizer, pharmaceutical, dyes and petrochemical customers; the two firms had already done about Rs 40 crore of business in roughly four months from February 2026. The Sports Equipment and Others segment includes electric mobility through 51%-owned subsidiary A-1 Sureja Industries, which markets low-speed electric two-wheelers under the 'Yellow EV' brand and received confirmed purchase orders for approximately 1,400 units in January 2026. Logistics is in-house: the company runs a fleet of 71 tankers/vehicles (with 10 more added) and over 90% of the fleet is debt-free, supporting chemical distribution. FY26 revenue from operations was Rs 342.91 crore with a 3.67% EBITDA margin, and the cost shape shows negligible direct materials, employee cost at 1.1% of revenue, other operating expenses at 6.2%, and depreciation at 0.8%, consistent with a trading and dealership model. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Acids and Chemicals, Sports Equipment and Others (including EVs). Trading-and-dealership chemicals business with a logistics fleet and a small EV mobility subsidiary.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 310 | 331 | 206 | 331 | 343 |
| EBITDA (ex other income) | 9 | 4 | 0 | 10 | 12 |
| margin % | 3.0 | 1.3 | 0.0 | 2.9 | 3.5 |
| Owners' profit | 6 | 0 | 1 | 0 | 0 |
| EPS, as reported (₹) | 0.55 | 3.14 | 0.95 | 3.17 | 0.13 |
| ROE % · ROCE % | 13.6 · 18.8 | 7.5 · 12.5 | 2.3 · 5.6 | 7.3 · 13.1 | 11.1 · 17.8 |
| Debt / equity (x) | 0.56 | 0.29 | 0.22 | 0.43 | 0.77 |
| Cash from operations | (0) | 19 | 11 | (11) | (16) |
| Capex | (7) | (3) | (1) | (2) | (3) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 76 | 76 | 110 | 65 | 63 | 70 | 145 | 175 |
| Profit before tax | 1 | 1 | 1 | 1 | 0 | 1 | 6 | 4 |
| Net profit | 1 | 1 | 1 | 1 | 0 | 1 | 4 | 3 |
| EPS (₹) | 0.84 | 0.87 | 0.73 | 0.52 | 0.06 | 0.02 | 0.09 | 0.07 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Acids and chemicals | 139 | 95.4 |
| Sports equipments and others | 7 | 4.6 |
| Total, before eliminations | 145 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| UNIPHOS ENTERPRISES LTD | 605 | 29.9 | 0.25 | — | 0.8 | 0.8 | — | — |
| VINYL CHEMICALS (I) LTD. | 384 | 16.6 | 2.95 | — | 12.7 | 16.8 | — | 9.0 |
| EVEXIA LIFECARE LIMITED | 379 | 67.3 | 0.87 | 132.4 | 0.4 | 0.3 | 0.7 | 3.3 |
| BHAVIK ENTERPRISES LIMITED | 311 | 21.1 | — | — | — | 11.1 | — | — |
| A-1 LIMITED ◆ | 250 | 22.7 | 4.63 | 23.2 | 11.1 | 14.8 | — | 3.5 |
| SHANKAR LAL RAMPAL LTD | 240 | 13.0 | 1.96 | — | 11.0 | 14.7 | — | 9.4 |
| MYSORE PETRO CHEMICALS L | 74 | 46.4 | 0.33 | 79.6 | 0.4 | 0.2 | 18.0 | (0.4) |
| Yash Chemex Limited | 54 | 27.0 | 0.89 | 14.6 | 4.0 | 5.2 | 20.6 | (0.0) |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 22.7 | 18.8 | 8 of 12 | 36% |
| P/B | 4.6 | 0.9 | 10 of 10 | 0% |
| ROCE | 14.8 | 3.0 | 3 of 14 | 85% |
| ROE | 11.1 | 0.8 | 2 of 10 | 89% |
| Debt / Equity | 0.8 | 0.0 | 10 of 10 | 0% |
| EBITDA margin | 3.5 | 3.3 | 4 of 9 | 63% |
| Revenue growth | 170.5 | 10.9 | 3 of 11 | 80% |
| Profit growth | 429.3 | 5.7 | 1 of 10 | 100% |
| Market cap | 250 | 74 | 5 of 13 | 67% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 30 Sept 2026 · Trading window closed ahead of Q2 and H1 FY26 results | compliance | minimal | — | — |
| 28 Sept 2026 · Corrigendum to FY2025-26 Annual Report for cash flow errors | investor communications | low | — | — |
| 26 Sept 2026 · 22nd AGM Scrutinizer Report - All 5 Resolutions Passed | board shareholder meetings | low | — | — |
| 25 Sept 2026 · 22nd AGM results: All 5 resolutions passed with over 99% approval | compliance | minimal | — | — |
| 25 Sept 2026 · 22nd AGM held: 6 resolutions passed including final dividend | board shareholder meetings | medium | — | — |
| 25 Sept 2026 · A-1 Limited 22nd AGM held on September 25, 2026 | board shareholder meetings | low | — | — |
| 8 Sept 2026 · A-1 Limited provides weblink for 22nd AGM notice and FY26 annual report | board shareholder meetings | low | — | — |
| 3 Sept 2026 · A-1 Limited: TDS details on final dividend of Rs 0.05 per share | corporate actions | medium | — | — |
| 3 Sept 2026 · 22nd AGM newspaper advertisement published | compliance | minimal | — | — |
| 1 Sept 2026 · A-1 Limited 22nd AGM notice on Sept 25, 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.