BSE: 524434
ASIAN PETROPRODUCTS & EXPORTS
Trades in commodity chemicals and petrochemicals with an export orientation reflected in its registered name. FY26 revenue totalled Rs 67.50 crore, up 62% from Rs 41.67 crore in FY25, with filings noting that quarterly turnover was nil in the comparable prior-year quarters and operations effectively restarted during the year. Revenue is highly uneven — Rs 4,370.54 lakhs in Q2 FY26 against Rs 908.07 lakhs in Q3 FY26 — which filings describe as a "lumpy order book." The FY26 swing to a Rs 1.21 crore net profit (from a Rs 1.18 crore loss in FY25) ran on a 2.31% EBITDA margin; however, other equity remained negative at Rs (1,159.12) lakhs, reflecting accumulated losses, and operating cash flow stayed negative at Rs (142.55) lakhs. The reported cost shape lists employee cost at 1% of revenue and other operating expenses at 0.7%, with materials and depreciation each at 0%. Statutory auditors issued a qualified opinion citing non-compliance with TDS provisions, unreconciled TDS differences, and non-compliance with Ind AS 19 Employee Benefits. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Commodity chemicals and petrochemicals trading and exports. Small, order-book driven commodity chemicals and petrochemicals trader with negative reserves and recurring audit qualifications
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 17 | 0 | 42 | 68 |
| EBITDA (ex other income) | (0) | (0) | (1) | (2) | (0) |
| margin % | (134.9) | (0.6) | — | (3.9) | (0.1) |
| Owners' profit | (0) | 0 | (1) | (1) | 1 |
| EPS, as reported (₹) | (0.43) | 14.00 | (1.20) | (0.48) | 0.49 |
| ROE % · ROCE % | 14.6 · (26.4) | (5.7) · 30.8 | 35.2 · (136.0) | (10.0) · (9.5) | 9.3 · 12.0 |
| Debt / equity (x) | (1.55) | (1.25) | (1.26) | 0.08 | 0.11 |
| Cash from operations | 0 | 1 | 0 | (4) | (1) |
| Capex | 0 | (0) | (2) | 0 | (0) |
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 | 0 | 0 | 10 | 32 | 5 | 44 | 9 | 10 |
| Profit before tax | (0) | (0) | (0) | (0) | 0 | (0) | 0 | 1 |
| Net profit | (0) | (0) | (0) | (0) | 0 | (0) | 0 | 1 |
| EPS (₹) | (0.30) | (0.51) | (0.18) | (0.01) | 0.06 | (0.02) | 0.04 | 0.42 |
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. % |
|---|---|---|---|---|---|---|---|---|
| TATA CHEMICALS LTD | 15,351 | — | 0.69 | 139.2 | (7.7) | (5.0) | 7.4 | 14.4 |
| DEEPAK FERTILIZERS & PETR | 14,679 | 14.9 | 1.97 | 11.1 | 9.9 | 8.4 | 14.6 | 26.1 |
| GUJ NAR VAL FER & CHEM L | 7,529 | 7.3 | 0.83 | 5.4 | 8.9 | 10.3 | 8.7 | 22.1 |
| TANFAC INDUSTRIES LTD. | 6,923 | 56.6 | 18.55 | — | 18.8 | 24.3 | — | 16.0 |
| GUJARAT ALKALIES & CHEM | 4,105 | 61.8 | 0.79 | 8.7 | (0.0) | 0.7 | 12.4 | 18.4 |
| GHCL LIMITED | 3,565 | 7.8 | 1.00 | 4.7 | 13.3 | 16.6 | 1.1 | 23.9 |
| GRAUER & WEIL IND LTD | 3,543 | 21.6 | 3.28 | 14.4 | 15.2 | 19.2 | 14.5 | 20.4 |
| J.G.CHEMICALS LIMITED | 2,179 | 29.0 | 4.03 | 22.2 | 12.7 | 16.9 | — | 11.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 18.6 | 17.4 | 27 of 50 | 47% |
| P/B | 1.8 | 1.4 | 35 of 60 | 42% |
| ROCE | 9.4 | 6.0 | 24 of 62 | 62% |
| ROE | 9.3 | 5.0 | 21 of 60 | 66% |
| Debt / Equity | 0.1 | 0.2 | 25 of 60 | 59% |
| EBITDA margin | 11.7 | 13.3 | 32 of 58 | 46% |
| Revenue growth | (68.3) | 6.7 | 52 of 54 | 4% |
| Profit growth | 5452.1 | 21.0 | 3 of 64 | 97% |
| Market cap | 23 | 98 | 48 of 66 | 28% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 17 Oct 2026 · RTA compliance certificate under SEBI Reg 74(5) for Sep 2026 quarter | compliance | minimal | — | — |
| 17 Oct 2026 · Newspaper clippings of EGM notice published | compliance | minimal | — | — |
| 16 Oct 2026 · Revised EGM Notice for Preferential Share and Warrant Issue | fund raising | low | — | — |
| 16 Oct 2026 · EGM on Nov 6 to approve preferential share issue and warrants | board shareholder meetings | low | — | — |
| 15 Oct 2026 · Board approves preferential share allotments and warrants issue | fund raising | high | — | — |
| 12 Oct 2026 · Board to consider preferential equity and warrants issue on 15 Oct | fund raising | low | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 28 Sept 2026 · AGM proceedings filed late; 6 resolutions including capital hike and RPT approved | compliance | minimal | — | — |
| 23 Sept 2026 · AGM proceedings filed: six resolutions voted including share capital hike | board shareholder meetings | medium | — | — |
| 11 Sept 2026 · Board defers decision on proposed preferential equity issue | fund raising | 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.