CLEAN SCIENCE & TECH LTD

Manufactures specialty chemicals, including Hindered Amine Light Stabilizers (HALS), and operates a portfolio of legacy specialty chemicals such as 4-MAP. HALS volumes crossed 1,000 tonnes in Q4 FY26 versus roughly 350-360 tonnes eight quarters earlier, with export mix at 50% (versus 20% historically) and a March blended realisation of INR460/kg. A new HQ/Catechol plant is under stabilisation at 10-15% utilisation, expected to reach optimal operations in 1-2 quarters and to fully replace imports for TBHQ and Veratrole. Performance Chemical 2 is on track for September 2026 commercialisation, with revenue ramp expected in FY28. The company has a 5-year long-term supply arrangement with Kemin Industries for key ingredients used in Kemin's food and feed business, and a manufacturing collaboration with Swiss start-up Geneus Chem AG on advanced HALS products. FY26 revenue was INR956.547 crore with an EBITDA margin of 40.5211%; standalone FY26 revenue declined 12% to INR796 crore due to the loss of a 4-MAP FMCG customer and pricing pressure. Raw materials account for 37.6% of revenue, and the company carries no debt.