NSE: BASF · BSE: 500042
BASF INDIA LTD
Manufactures and sells specialty chemicals and chemical intermediates across multiple segments in India, with FY26 consolidated revenue of Rs 14,944 crore. Materials is the largest segment at Rs 4,631 crore (30.9% of segment revenue), followed by Nutrition & Care (Rs 3,501 crore), Industrial Solutions (Rs 2,966 crore), Agricultural Solutions (Rs 1,944 crore) and Chemicals (Rs 1,848 crore). It operates 4 manufacturing sites and 14 offices, employs 2,989 people plus 1,104 workers, and serves over 5,000 customers across 19 Indian states and 35 countries. Two structural changes are underway: the Agricultural Solutions business has been approved for demerger into a separately listed entity (BASIL) with shareholders receiving one BASIL share per share held, and the Coatings subsidiary was sold to Carlyle group entities for Rs 230.16 crore, closing June 30, 2026. Capacity additions in progress include the Celasto expansion (commissioning end FY27) and a 5th dispersion line at Mangalore (commissioning end FY28, adding ~15% to national dispersion capacity). AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Materials (31%), Nutrition & Care (23%), Industrial Solutions (20%), Agricultural Solutions (13%), Chemicals (12%), Others (1%). Multi-segment specialty chemicals manufacturer with manufacturing footprint in India; subsidiary of BASF SE (52.75% holding), undergoing portfolio restructuring via the Ag demerger and Coatings divestment
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 13,767 | 15,260 | 14,944 |
| EBITDA (ex other income) | 890 | 763 | 660 |
| margin % | 6.5 | 5.0 | 4.4 |
| Owners' profit | 563 | 479 | 0 |
| EPS, as reported (₹) | 130.10 | 110.70 | 97.10 |
| ROE % · ROCE % | 17.5 · 22.7 | 13.2 · 17.3 | 10.6 · 13.1 |
| Debt / equity (x) | 0.00 | 0.01 | 0.00 |
| Cash from operations | 807 | 373 | (110) |
| Capex | (101) | (202) | (206) |
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 | 4,248 | 3,759 | 3,287 | 3,875 | 4,045 | 3,863 | 3,444 | 4,824 |
| Profit before tax | 171 | 138 | 41 | 188 | 144 | 142 | 83 | 480 |
| Net profit | 128 | 104 | 27 | 137 | 107 | 107 | 69 | 360 |
| EPS (₹) | 29.60 | 23.90 | 6.20 | 31.70 | 24.80 | 24.60 | 16.00 | 83.30 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Agricultural Solutions | 1,944 | 12.5 |
| Materials | 4,625 | 29.8 |
| Industrial Solutions | 2,946 | 19.0 |
| Nutrition & Care | 3,501 | 22.5 |
| Chemicals | 1,847 | 11.9 |
| Others | 82 | 0.5 |
| Surface Technologies - Discontinued Operations | 312 | 2.0 |
| Surface Technologies | 283 | 1.8 |
| Total, before eliminations | 15,539 | 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. % |
|---|---|---|---|---|---|---|---|---|
| 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 20.8 | 23.1 | 42 of 99 | 58% |
| P/B | 3.4 | 2.8 | 63 of 99 | 37% |
| ROCE | 12.7 | 10.1 | 42 of 106 | 61% |
| ROE | 10.6 | 8.1 | 43 of 99 | 57% |
| Debt / Equity | 0.0 | 0.2 | 1 of 99 | 86% |
| EBITDA margin | 10.9 | 15.5 | 70 of 99 | 30% |
| Revenue growth | 24.5 | 24.4 | 47 of 94 | 51% |
| Profit growth | 162.2 | 55.1 | 20 of 92 | 79% |
| Market cap | 13400 | 699 | 11 of 108 | 91% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · BASF India gets ESG Rating of 74, upgraded to Leader category by NSE | business updates | low | — | — |
| 5 Oct 2026 · Routine SEBI compliance certificate on share dematerialization for Q2 FY26 | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closure from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 21 Sept 2026 · BASF evaluates MDI plant investment in Dahej, Gujarat | capex operations | medium | — | — |
| 26 Aug 2026 · BASF India gets 'Strong' ESG rating of 61 from Crisil | credit debt | medium | — | — |
| 26 Aug 2026 · Newspaper notice of NCLT hearing for BASF India agri solutions demerger | compliance | minimal | — | — |
| 18 Aug 2026 · BASF India 82nd AGM transcript: demerger update, INR25 dividend declared | investor communications | medium | — | — |
| 13 Aug 2026 · BASF India 82nd AGM: All 6 resolutions passed; Rs 25 final dividend declared | compliance | minimal | — | — |
| 12 Aug 2026 · BASF India 82nd agm presentation shows fy26 results and key portfolio updates | investor communications | medium | — | — |
| 6 Aug 2026 · BASF India publishes Q1 FY27 results in newspapers under SEBI rule | 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.