BSE: 537326
CHEMTECH INDUSTRIAL VALVES LTD
Manufactures industrial valves for process industries such as steel, cement, power, fertilizers, water, and chemicals, operating from facilities in India. Revenue splits between a Manufacturing segment and a Project Sales segment, with FY26 total income of ₹30.17 crore and an EBITDA margin of 30.07%. Key products include patented Line Blind Valves, which customers report deliver 40-60% OPEX savings during shutdowns, and large Double Offset Butterfly Valves (DN 3000 MM) for blast furnace gas service. The customer base includes Larsen & Toubro, AMNS India, Tata Steel, and JSW Steel Salem, with 1,400 valves dispatched to the latter in a record 10 weeks. The largest cost is raw materials at 59.2% of revenue, followed by other operating expenses at 27.3% and employee costs at 10.0%. Management targets ₹250 crore in revenue by FY29-30, framing its opportunity around India's industrial capex cycle where valves typically account for 1-1.5% of total project cost. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Manufacturing, Project Sales. Cyclical, project-driven industrial valve manufacturer serving process industries
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 11 | 20 | 31 | 40 | 30 |
| EBITDA (ex other income) | 2 | 4 | 11 | 8 | 4 |
| margin % | 13.8 | 19.1 | 35.6 | 19.8 | 12.2 |
| Owners' profit | (1) | 3 | 4 | 7 | 5 |
| EPS, as reported (₹) | (0.49) | 2.43 | 3.51 | 4.42 | 2.80 |
| ROE % · ROCE % | (6.1) · 3.8 | 23.2 · 18.0 | 11.9 · 26.6 | 7.3 · 10.0 | 4.7 · 7.2 |
| Debt / equity (x) | 1.29 | 0.88 | 0.14 | 0.00 | 0.00 |
| Cash from operations | 2 | 2 | 4 | (1) | (10) |
| Capex | (1) | (1) | (1) | (3) | (6) |
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 | 8 | 8 | 12 | 10 | 5 | 5 | 10 | 11 |
| Profit before tax | 2 | 2 | 2 | 4 | 2 | 1 | 1 | 1 |
| Net profit | 2 | 2 | 2 | 3 | 1 | 0 | 1 | 1 |
| EPS (₹) | 1.07 | 0.89 | 1.12 | 1.68 | 0.68 | 0.10 | 0.33 | 0.37 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Manufacturing | 25 | 70.1 |
| Project Sales | 5 | 14.8 |
| Unallocated | 5 | 15.1 |
| Total, before eliminations | 36 | 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. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,904 | 97.4 | 24.99 | 80.9 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 30,105 | 81.2 | 9.82 | 52.4 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 26,932 | 49.1 | 6.04 | — | 11.8 | 15.5 | — | 18.2 |
| JYOTI CNC AUTOMATION LTD | 21,121 | 65.7 | 10.55 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| KAYNES TECHNOLOGY IND LTD | 20,995 | 60.6 | 4.41 | 29.9 | 7.6 | 9.8 | — | 17.1 |
| LMW LIMITED | 17,483 | 100.1 | 6.10 | 56.6 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,085 | 459.6 | 3.84 | 39.1 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,360 | 48.5 | 7.34 | 50.4 | 11.7 | 11.5 | — | 15.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 34.5 | 26.7 | 80 of 130 | 39% |
| P/B | 0.9 | 3.1 | 13 of 112 | 89% |
| ROCE | 7.0 | 11.3 | 100 of 142 | 30% |
| ROE | 4.7 | 9.8 | 82 of 113 | 28% |
| Debt / Equity | 0.0 | 0.2 | 1 of 113 | 80% |
| EBITDA margin | 11.2 | 12.4 | 61 of 110 | 45% |
| Revenue growth | 18.8 | 20.6 | 61 of 114 | 47% |
| Profit growth | (77.0) | 17.1 | 92 of 109 | 16% |
| Market cap | 94 | 273 | 99 of 141 | 30% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · Reg 74(5) certificate for quarter ended Sept 30, 2026 | compliance | minimal | — | — |
| 2 Oct 2026 · Re-appointment of Whole-time Director approved at AGM | management changes | medium | — | — |
| 1 Oct 2026 · Chemtech Industrial Valves shareholders approve MOA amendment to expand business scope | general | medium | — | — |
| 1 Oct 2026 · 30th AGM voting results: all 4 resolutions passed | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 30th AGM held via video conferencing, key resolutions passed | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 30th AGM held via video conferencing, four resolutions passed | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 4 Sept 2026 · Newspaper ad regarding 30th AGM and e-voting details | compliance | minimal | — | — |
| 3 Sept 2026 · Web link to FY26 Annual Report sent to shareholders without registered email | compliance | minimal | — | — |
| 3 Sept 2026 · Annual Report FY26: Revenue down 24.6%, PAT down 28.5%, no dividend | 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.