NSE: DAICHI · BSE: 526821
DAI-ICHI KARKARIA LTD.
Manufactures specialty chemicals at a Dahej, Gujarat facility — primarily alkoxylation and ethoxylation products — serving oilfield, textile and agrochemical customers. Dai-Ichi Karkaria also runs an Indian Oilfield joint venture with ChampionX that recorded strong offtake in FY26. The Dahej site runs its Alkoxylation plant at ~95% utilisation, with capacity of about 5,000 MT per annum being doubled to 10,000 MT for an outlay of Rs 10 crore funded from internal accruals. During FY26 it added an ethylene oxide reactor at Dahej and commissioned a dedicated agrochemical application laboratory. Revenue for FY26 was Rs 161.3 crore, down about 11% year-on-year, and raw materials accounted for 65.2% of that revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Oilfield chemicals, Textile chemicals, Agrochemicals, Alkoxylation / ethoxylation products. Small specialty chemicals manufacturer with cyclical exposure to oilfield, textile and agrochemical end markets
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 122 | 184 | 132 | 181 | 161 |
| EBITDA (ex other income) | (14) | 26 | 27 | 16 | 3 |
| margin % | (11.8) | 14.2 | 20.4 | 8.8 | 2.0 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | (24.20) | 26.94 | 18.65 | 12.11 | 0.99 |
| ROE % · ROCE % | (12.0) · (10.7) | 11.8 · 13.3 | 7.7 · 11.7 | 4.8 · 5.4 | (0.4) · (1.2) |
| Debt / equity (x) | 0.14 | 0.22 | 0.10 | 0.07 | 0.07 |
| Cash from operations | (3) | 23 | 10 | 16 | 5 |
| Capex | (11) | (36) | (6) | (3) | (9) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 34 | 37 | 41 | 70 | 39 | 43 | 38 | 41 |
| Profit before tax | (0) | (0) | 3 | 7 | (1) | 1 | (2) | (1) |
| Net profit | 0 | (0) | 3 | 6 | 0 | 0 | (1) | 0 |
| EPS (₹) | 0.57 | (0.30) | 3.52 | 8.32 | 0.03 | 0.01 | 1.15 | 0.11 |
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 | 1,42,095 | 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 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 227.7 | 23.1 | 95 of 99 | 4% |
| P/B | 1.2 | 2.8 | 15 of 99 | 84% |
| ROCE | (1.7) | 10.1 | 98 of 106 | 8% |
| ROE | (0.4) | 8.1 | 89 of 99 | 10% |
| Debt / Equity | 0.1 | 0.2 | 41 of 99 | 59% |
| EBITDA margin | 4.5 | 15.5 | 90 of 99 | 9% |
| Revenue growth | (41.1) | 24.4 | 93 of 94 | 1% |
| Profit growth | (98.5) | 55.1 | 88 of 92 | 4% |
| Market cap | 221 | 699 | 70 of 108 | 36% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Board Meeting on Oct 30 to consider Q2 and H1 FY26 results | results | low | — | — |
| 7 Oct 2026 · RTA compliance certificate for Q2 FY27 dematerialisation | compliance | minimal | — | — |
| 25 Sept 2026 · Trading Window Closes Oct 1, 2026 Ahead of Q2 FY26-27 Results | compliance | minimal | — | — |
| 21 Sept 2026 · Income Tax Penalty of Rs 15.18 Lakh for AY 2024-25 | regulatory legal | high | — | — |
| 18 Sept 2026 · Promoter Meher Taff receives 25,000 shares as gift, stake rises to 5.23% | ownership changes | low | — | — |
| 18 Sept 2026 · Promoter Firoze Vakil gifts 25000 shares (0.33%) to daughter off-market | ownership changes | low | — | — |
| 18 Sept 2026 · Promoter Meher Vakil Taff acquires 0.33% stake via family gift | ownership changes | low | — | — |
| 18 Sept 2026 · Promoter Vakil gifts 25000 shares to immediate relative in promoter family | ownership changes | low | — | — |
| 27 Aug 2026 · 66th AGM: All 6 resolutions passed, Rs 1.50 dividend declared | board shareholder meetings | medium | — | — |
| 27 Aug 2026 · Scrutinizer's report: 66th AGM resolutions passed with 100% approval | 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.