NSE: CLEAN · BSE: 543318
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. HALS (Hindered Amine Light Stabilizers), Legacy specialty chemicals, HQ and Catechol, Performance Chemical 2, Clean Fino-Chem subsidiary. Specialty chemicals manufacturer with growing HALS franchise and newly stabilising HQ/Catechol plant; debt-free
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 685 | 936 | 791 | 967 | 957 |
| EBITDA (ex other income) | 300 | 402 | 332 | 388 | 355 |
| margin % | 43.8 | 43.0 | 42.0 | 40.1 | 37.1 |
| Owners' profit | 0 | 295 | 244 | 264 | 230 |
| EPS, as reported (₹) | 21.51 | 27.79 | 22.97 | 24.88 | 21.61 |
| ROE % · ROCE % | 29.7 · 38.6 | 29.2 · 38.2 | 20.3 · 26.5 | 18.7 · 24.6 | 14.5 · 19.2 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 127 | 279 | 237 | 214 | 275 |
| Capex | (140) | (183) | (232) | (142) | (201) |
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 | 238 | 241 | 264 | 243 | 245 | 220 | 249 | 268 |
| Profit before tax | 83 | 85 | 100 | 95 | 75 | 63 | 78 | 98 |
| Net profit | 59 | 66 | 74 | 70 | 55 | 46 | 58 | 73 |
| EPS (₹) | 5.53 | 6.18 | 6.97 | 6.59 | 5.22 | 4.32 | 5.48 | 6.90 |
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. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,47,581 | 55.7 | 13.36 | 39.1 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 69,214 | 32.0 | 4.93 | 21.4 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 46,552 | 76.0 | 5.88 | 37.0 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 42,476 | 53.7 | 10.69 | 38.3 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 20,367 | 86.4 | 8.29 | 55.4 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 19,572 | 25.0 | 3.33 | 20.3 | 9.4 | 10.2 | 12.6 | 21.5 |
| ATUL LTD | 15,853 | 19.9 | 2.52 | 12.9 | 10.9 | 13.3 | 10.9 | 23.1 |
| AARTI INDUSTRIES LTD | 15,833 | 29.8 | 2.66 | 17.1 | 7.0 | 4.4 | 13.0 | 16.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 33.6 | 23.0 | 68 of 99 | 32% |
| P/B | 4.9 | 2.8 | 77 of 99 | 22% |
| ROCE | 19.1 | 10.1 | 19 of 106 | 83% |
| ROE | 14.5 | 8.1 | 23 of 99 | 78% |
| Debt / Equity | 0.0 | 0.2 | 1 of 99 | 86% |
| EBITDA margin | 44.2 | 15.5 | 2 of 99 | 99% |
| Revenue growth | 10.5 | 24.4 | 75 of 94 | 20% |
| Profit growth | 4.7 | 55.1 | 68 of 92 | 26% |
| Market cap | 7822 | 697 | 18 of 108 | 84% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Conference call on Q2 FY26 results scheduled for 31 Oct 2026 | board shareholder meetings | low | — | — |
| 17 Oct 2026 · Board meeting on 31 Oct 2026 to consider Q2 FY27 results | results | low | — | — |
| 8 Oct 2026 · Routine filing: RTA confirms no securities received for demat in Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · GST search proceedings concluded; net impact Rs 2 crore | regulatory legal | high | — | — |
| 24 Sept 2026 · CRISIL reaffirms Clean Science credit ratings at AA-/Stable and A1+ | credit debt | medium | — | — |
| 24 Sept 2026 · Trading window closed from Oct 1, 2026 till 48 hours after Q2 FY26 results | compliance | minimal | — | — |
| 23 Sept 2026 · CSTL invests about Rs 50 crore in wholly owned subsidiary Clean Fino-Chem | strategic transactions | medium | — | — |
| 12 Sept 2026 · AGM approves Rs.4 final dividend for FY26, total Rs.6 with interim | corporate actions | high | — | — |
| 12 Sept 2026 · AGM 2026: all 7 resolutions passed; Rs.6 dividend declared, new WTD appointed | management changes | high | — | — |
| 12 Sept 2026 · Clean Science 23rd AGM: all 7 resolutions passed, final dividend Rs 4 declared | board shareholder meetings | medium | — | — |
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.