NSE: AMAL · BSE: 506597
AMAL LTD.
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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
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. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,42,095 | 53.6 | 12.86 | 37.6 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 69,659 | 32.2 | 4.96 | 21.6 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 47,075 | 76.8 | 5.95 | 37.4 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 43,610 | 55.1 | 10.97 | 39.3 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 20,905 | 88.6 | 8.51 | 56.8 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 20,257 | 25.9 | 3.45 | 21.0 | 9.4 | 10.2 | 12.6 | 21.5 |
| AARTI INDUSTRIES LTD | 15,871 | 29.9 | 2.67 | 17.1 | 7.0 | 4.4 | 13.0 | 16.2 |
| FINE ORGANIC IND. LTD. | 15,604 | 35.6 | 5.86 | 25.5 | 15.7 | 20.0 | 15.9 | 28.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 31.9 | 23.1 | 64 of 99 | 36% |
| P/B | 5.9 | 2.8 | 80 of 99 | 19% |
| ROCE | 22.3 | 10.1 | 13 of 106 | 89% |
| ROE | 18.6 | 8.1 | 15 of 99 | 86% |
| Debt / Equity | 0.0 | 0.2 | 1 of 99 | 86% |
| 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 | 715 | 699 | 54 of 108 | 51% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · Q2 FY26 standalone net profit jumps nearly 4 times YoY to ₹401 lakh | results | high | — | — |
| 16 Oct 2026 · Amal Ltd Q2 FY26 results revenue up 146 percent YoY profit triples | results | high | — | — |
| 8 Oct 2026 · Routine demat confirmation under SEBI Reg 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 25 Sept 2026 · Board meeting on Oct 16 for Q2 results; trading window closed Oct 1 to 18 | results | low | — | — |
| 25 Sept 2026 · Board meeting on Oct 16 to consider Q2 FY26 results | results | low | — | — |
| 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 | — | — |
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.