NSE: BODALCHEM · BSE: 524370
BODAL CHEMICALS LTD
Manufactures dye intermediates, dyestuffs, basic chemicals and chlor-alkali products from Indian plants, with a Q1 FY26 revenue split of Dye Intermediates at INR 150 cr, Dyestuff at INR 122 cr, Chlor-alkali at INR 84 cr and Basic Chemicals at INR 45 cr. Q1 FY26 consolidated production volumes were 6,892 MT of Dye Intermediates, 3,741 MT of Dyestuff, 56,731 MT of Basic Chemicals and 20,557 MT of Chlor-alkali. The Basic Chemicals segment posted 80% revenue growth in FY26 driven by sulphur price pass-through, while Chlor-alkali revenue was flat at Rs 3,387 mn for the year. The business has been diversifying away from textiles, which management says now accounts for only 35-40% of sales. A benzene derivatives plant at Saykha is being ramped up from 30% utilization toward 70-80% by Q3-Q4 FY26, with benzene revenue guided at about INR 100 cr for FY26. Management targets INR 150-175 cr of debt reduction in FY26 and a debt-to-EBITDA ratio of about 2.5x. Raw materials are the largest cost at 52.4% of FY26 revenue, against employee costs of 6.4% and other opex of 30.4%. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Dye Intermediates, Dyestuff, Basic Chemicals, Chlor-alkali. Diversified Indian chemical manufacturer spanning the dye value chain and basic chemicals, with a stated focus on debt reduction and de-leveraging
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,051 | 1,574 | 1,395 | 1,745 | 2,012 |
| EBITDA (ex other income) | 201 | 133 | 95 | 158 | 161 |
| margin % | 9.8 | 8.5 | 6.8 | 9.0 | 8.0 |
| Owners' profit | 108 | 38 | 6 | 19 | 48 |
| EPS, as reported (₹) | 8.79 | 3.03 | 0.51 | 1.47 | 3.80 |
| ROE % · ROCE % | 9.4 · 13.0 | 3.5 · 6.1 | 0.6 · 3.7 | 1.7 · 6.4 | 4.1 · 8.3 |
| Debt / equity (x) | 0.55 | 0.65 | 0.78 | 0.82 | 0.69 |
| Cash from operations | (14) | 285 | 204 | 114 | 176 |
| Capex | (159) | (338) | (245) | (46) | (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 | 429 | 443 | 451 | 454 | 480 | 490 | 588 | 709 |
| Profit before tax | 1 | 8 | 12 | 13 | 6 | 0 | 36 | 39 |
| Net profit | (0) | 5 | 15 | 10 | 6 | 0 | 32 | 30 |
| EPS (₹) | (0.02) | 0.43 | 1.15 | 0.76 | 0.47 | 0.02 | 2.55 | 2.41 |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · Quarterly Confirmation Certificate under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 3 Oct 2026 · Bodal Chemicals files minutes of 40th AGM held on 25 September 2026 | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Promoter Ramesh D Patel sells 1,70,000 shares (0.13%) of Bodal Chemicals via open market | ownership changes | medium | — | — |
| 30 Sept 2026 · Promoter Ankit S Patel buys 1.7 lakh shares of Bodal Chemicals | ownership changes | medium | — | — |
| 30 Sept 2026 · Promoter R D Patel sells 1.7 lakh shares (0.13%) of Bodal Chemicals | ownership changes | high | — | — |
| 29 Sept 2026 · Trading Window Closure from October 1, 2026 | compliance | minimal | — | — |
| 25 Sept 2026 · Bodal Chemicals AGM 2026: All 3 resolutions pass with over 99% approval | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Bodal Chemicals submits AGM voting results; all three resolutions passed | board shareholder meetings | low | — | — |
| 25 Sept 2026 · 40th AGM of Bodal Chemicals held on 25 Sept 2026 | board shareholder meetings | medium | — | — |
| 14 Sept 2026 · Bodal Chemicals denies fake news about merger with private entity | regulatory legal | 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.