Manufactures bulk and specialty chemicals, with most operations housed in subsidiary Amal Speciality Chemicals Limited. Materials account for 73% of revenue, and sulphur is a key raw material whose prices spiked 164% in FY26, compressing EBITDA margin from 32% to 16%. The standalone entity operates a sulphur dioxide (SO2) plant, and the subsidiary received a Rs 5.61 cr GST incentive in Q1 FY27. Operations remain debt-free with Rs 38 cr cash surplus, and the dividend was raised to 15% from 10% for FY26. Customers are industrial buyers of bulk and specialty chemicals; specific end-markets are not disclosed in the filings. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Bulk chemicals (standalone), Specialty chemicals (via subsidiary). Cyclical, commodity-linked specialty chemicals manufacturer
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 43 | 61 | 86 | 135 | 240 |
| EBITDA (ex other income) | 4 | (6) | 15 | 43 | 36 |
| margin % | 9.1 | (9.1) | 17.8 | 32.0 | 14.9 |
| Owners' profit | 1 | (16) | 2 | 29 | 22 |
| EPS, as reported (₹) | 1.18 | (17.05) | 1.23 | 23.69 | 18.11 |
| ROE % · ROCE % | 3.1 · 3.3 | (23.6) · (12.3) | 2.4 · 7.3 | 29.5 · 34.4 | 18.6 · 22.9 |
| Debt / equity (x) | 1.44 | 0.51 | 0.34 | 0.00 | 0.00 |
| Cash from operations | (1) | (10) | 21 | 50 | 22 |
| Capex | (63) | (16) | (8) | (4) | (7) |
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 21 | 30 | 46 | 39 | 47 | 54 | 63 | 76 |
| Profit before tax | 0 | 6 | 18 | 8 | 10 | 7 | 6 | 6 |
| Net profit | 0 | 6 | 17 | 7 | 9 | 6 | 5 | 2 |
| EPS (₹) | 0.36 | 4.47 | 13.38 | 5.48 | 7.61 | 4.90 | 4.06 | 1.54 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,59,479 | 60.2 | 14.43 | 42.3 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 73,583 | 34.0 | 5.24 | 22.7 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 52,514 | 85.7 | 6.64 | 41.5 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 43,836 | 55.4 | 11.03 | 39.5 | 16.7 | 16.4 | 23.0 | 37.5 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 20 Aug 2026 · 52nd AGM speech, video and presentation uploaded | investor communications | medium | — | — |
| 3 Aug 2026 · Newspaper ad for 52nd AGM notice and book closure | compliance | minimal | — | — |
| 22 Jul 2026 · Amal FY26 annual report: revenue up 77%, but PBT down 14% | results | high | — | — |
| 17 Jul 2026 · Q1 FY27: standalone PAT jumps to ₹2.43 cr from ₹0.19 cr YoY | results | high | — | — |
| 17 Jul 2026 · Q1 FY27: Revenue up 87%, PAT jumps 12x; Rs 12cr SO2 capex approved | results | high | — | — |
| 16 Jul 2026 · AMAL LTD 52nd AGM notice and book closure from July 31 to Aug 7 | compliance | minimal | — | — |
| 5 Jul 2026 · Compliance filing for share dematerialization Q1 FY27 | compliance | minimal | — | — |
| 25 Jun 2026 · Board meeting on July 17, 2026 for Q1 results; trading window closed from July 01, 2026 | compliance | minimal | — | — |
| 25 Jun 2026 · Amal Ltd board meeting on July 17 to consider Q1 FY27 results | results | low | — | — |
| 19 May 2026 · Annual Secretarial Compliance for the year ended March 2026 | compliance | minimal | — | — |
| 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 |
| AETHER INDUSTRIES LIMITED |
| 22,229 |
| 94.3 |
| 9.05 |
| 60.4 |
| 8.9 |
| 11.4 |
| — |
| 33.8 |
| DEEPAK NITRITE LTD | 21,769 | 27.8 | 3.71 | 22.4 | 9.4 | 10.2 | 12.6 | 21.5 |
| ATUL LTD | 18,401 | 23.1 | 2.92 | 14.9 | 10.9 | 13.3 | 10.9 | 23.1 |
| AARTI INDUSTRIES LTD | 17,846 | 33.6 | 3.00 | 18.8 | 7.0 | 4.4 | 13.0 | 16.2 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 40.9 | 23.4 | 78 of 103 | 25% |
| P/B | 7.6 | 2.9 | 86 of 99 | 13% |
| ROCE | 22.3 | 10.3 | 14 of 108 | 88% |
| ROE | 18.6 | 8.1 | 15 of 101 | 86% |
| Debt / Equity | 0.0 | 0.2 | 3 of 101 | 84% |
| EBITDA margin | 10.7 | 15.5 | 71 of 99 | 29% |
| Revenue growth | 94.4 | 24.4 | 8 of 94 | 93% |
| Profit growth | (71.9) | 55.1 | 86 of 92 | 7% |
| Market cap | 916 | 732 | 51 of 107 | 53% |
| 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 |
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.
