NSE: AKSHARCHEM · BSE: 524598
AKSHARCHEM INDIA LIMITED
Manufactures dyes and pigments, classified under the chemicals & petrochemicals industry. The company operates a manufacturing facility at Dahej, Gujarat, including a 'VS Plant' that suffered a fire in May 2024, and runs a second plant referenced in connection with that incident. FY26 revenue from operations stood at Rs. 372.43 crore, up 7.56% from Rs. 34,627 lakh in FY25, but the year ended with a small net loss of Rs. 43.86 lakh against a profit of Rs. 477.04 lakh in FY25, hurt by the fire-related impact and recognised exceptional items (insurance claim settlement of Rs. 169.61 lakh). Q4 FY26 alone swung to a profit after tax of Rs. 483.50 lakh on total income of Rs. 10,578.66 lakh. The cost base is dominated by raw materials at 55.2% of revenue, followed by other operating expenses at 31.8%, depreciation at 4.4% and employee cost at 3.7%. To power its factories with captive renewable energy, the company commissioned a 5.19 MWp solar plant at Makdala in November 2025 and an additional 2.4 MWp DC / 1.75 MWp AC ground-mounted solar plant at Sardarpura, Bharuch (solar generation started April 24, 2026). The Board recommended a final dividend of Rs. 0.50 per equity share for FY26, subject to shareholder approval. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Dyes and pigments manufacturing. Asset-heavy specialty chemicals manufacturer (dyes and pigments) with captive solar power; FY26 was marginally loss-making after fire-related exceptional items
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 380 | 335 | 302 | 346 | 372 |
| EBITDA (ex other income) | 32 | 15 | 1 | 25 | 19 |
| margin % | 8.3 | 4.6 | 0.5 | 7.2 | 5.0 |
| Owners' profit | 16 | (1) | (19) | 5 | (0) |
| EPS, as reported (₹) | 19.50 | (1.17) | (23.25) | 5.94 | (0.55) |
| ROE % · ROCE % | 5.7 · 6.3 | (0.3) · 0.9 | (7.2) · (4.0) | 1.8 · 3.7 | (0.2) · 0.8 |
| Debt / equity (x) | 0.18 | 0.09 | 0.20 | 0.25 | 0.41 |
| Cash from operations | 4 | 38 | (7) | 35 | 2 |
| Capex | (25) | (9) | (17) | (44) | (36) |
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 | 79 | 91 | 91 | 97 | 89 | 80 | 106 | 141 |
| Profit before tax | 1 | 2 | 1 | 1 | (1) | (3) | (1) | 16 |
| Net profit | 1 | 1 | 1 | 1 | (1) | (5) | 5 | 15 |
| EPS (₹) | 1.30 | 1.48 | 1.73 | 0.89 | (1.70) | (5.75) | 6.02 | 18.94 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUDARSHAN CHEMICAL INDS L | 8,481 | 117.2 | 2.20 | 15.1 | 1.1 | 1.9 | 39.3 | 10.5 |
| KIRI INDUSTRIES LIMITED | 3,200 | 0.5 | 0.50 | 0.5 | 86.4 | 86.1 | (2.6) | 96.6 |
| SHRE PUSH CHEM & FERT LTD | 1,769 | 24.5 | 2.90 | 16.8 | 11.5 | 12.5 | 22.4 | 13.1 |
| BHAGERIA INDUSTRIES LTD | 1,462 | 21.2 | 2.46 | 15.9 | 7.5 | 8.6 | 16.8 | 20.1 |
| ULTRAMARINE & PIGMENTS L | 1,050 | 13.0 | 1.21 | 8.1 | 9.3 | 11.1 | 20.2 | 13.8 |
| SUDARSHAN COLORNT IND LTD | 1,003 | 21.0 | 1.76 | — | 7.8 | 9.6 | — | 14.8 |
| ASAHI SONGWON COLOR LTD | 434 | 12.5 | 1.46 | 10.1 | 6.0 | 7.0 | 13.6 | 17.3 |
| AKSHARCHEM INDIA LIMITED ◆ | 308 | 21.9 | 1.18 | — | (0.2) | (1.5) | — | 16.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.9 | 21.1 | 7 of 10 | 33% |
| P/B | 1.2 | 1.6 | 3 of 10 | 78% |
| ROCE | (1.5) | 7.8 | 10 of 10 | 0% |
| ROE | (0.2) | 6.7 | 10 of 10 | 0% |
| Debt / Equity | 0.4 | 0.2 | 7 of 10 | 33% |
| EBITDA margin | 16.1 | 14.3 | 4 of 10 | 67% |
| Revenue growth | 45.3 | 7.8 | 3 of 10 | 78% |
| Profit growth | 2039.6 | 53.6 | 2 of 10 | 89% |
| Market cap | 308 | 1026 | 8 of 10 | 22% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Postal ballot on CEO reappointment and director pay revision | compliance | minimal | — | — |
| 20 Oct 2026 · Postal ballot notice published for shareholder approval | compliance | minimal | — | — |
| 20 Oct 2026 · Newspaper publication of Q2 FY27 unaudited financial results | compliance | minimal | — | — |
| 19 Oct 2026 · MD & CEO and Executive Director re-appointed for 3 years; strong Q2 results | management changes | high | — | — |
| 19 Oct 2026 · Aksharchem Q2 FY26-27 revenue up 80% YoY; PAT swings to Rs 13.3 cr profit | results | high | — | — |
| 19 Oct 2026 · Q2 FY27: Revenue jumps 80 percent YoY; swings to Rs 28.53 cr H1 profit vs loss last year | results | high | — | — |
| 9 Oct 2026 · Board meeting on Oct 19 to consider Q2 and H1 FY26-27 results | results | low | — | — |
| 7 Oct 2026 · RTA compliance certificate for Q2 FY27 dematerialisation | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed ahead of Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · 37th AGM: all 5 resolutions approved with 99.83% majority | compliance | minimal | — | — |
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.