Manufactures industrial and specialty chemicals from sulfur and boron at two plants located at Roha (Maharashtra) and Dahej (Gujarat). Revenue is currently weighted toward bulk sulfur chemicals, with management noting that the business mix 'remains weighted to bulk sulfur chemicals' and that the company is not yet a true specialty chemicals business until specialty revenue crosses 50% of the total. Specialty offerings include boric acid, newer boron-based specialties, and a polymer for enhanced oil recovery, both of which entered commercial stage in FY26. Raw materials — sulfur (imported, with ~50% of global trade routed through the Strait of Hormuz) and boron ore (sourced from Turkey) — accounted for 70.6% of FY26 revenue under materials cost. The Roha plant ran at roughly 60% capacity for about 15 days in March FY26 due to sulfur import disruption, while Dahej operated normally. Sales geography has shifted, with Latin America, Japan, Korea and China replacing lost European specialty business. FY26 revenue was ₹581.58 crore, EBITDA margin was 11.06% and net profit was ₹27.33 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Bulk sulfur chemicals (mainly sulphuric acid), Boron-based products (boric acid and boron specialties), Specialty polymer for enhanced oil recovery. Cyclical, commodity-linked specialty chemicals with heavy dependence on imported sulfur and boron
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 326 | 385 | 328 | 431 | 582 |
| EBITDA (ex other income) | 40 | 34 | 36 | 57 | 63 |
| margin % | 12.3 | 8.8 | 11.1 | 13.2 | 10.9 |
| Owners' profit | 21 | 0 | 0 | 22 | 0 |
| EPS, as reported (₹) | 8.56 | 8.57 | 4.65 | 8.63 | 10.96 |
| ROE % · ROCE % | 11.0 · 15.1 | 3.5 · 7.9 | 5.5 · 11.5 | 9.5 · 15.4 | 11.0 · 16.9 |
| Debt / equity (x) | 0.40 | 0.41 | 0.31 | 0.21 | 0.35 |
| Cash from operations | 51 | 30 | 38 | 38 | (18) |
| Capex | (99) | (22) | (19) | 0 | 0 |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 103 | 118 | 125 | 127 | 126 | 151 | 178 | 253 |
| Profit before tax | 9 | 11 | 9 | 11 | 8 | 9 | 11 | 27 |
| Net profit | 6 | 8 | 6 | 8 | 6 | 6 | 8 | 20 |
| EPS (₹) | 2.33 | 3.16 | 2.59 | 3.11 | 2.31 | 2.47 | 3.07 | 8.18 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,59,479 | 60.2 | 14.43 | 42.3 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 73,583 | 34.0 | 5.24 | 22.7 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 52,514 | 85.7 | 6.64 | 41.5 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 43,836 | 55.4 | 11.03 | 39.5 | 16.7 | 16.4 | 23.0 | 37.5 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · 105th AGM: All 8 resolutions passed including dividend and borrowing limit hike | board shareholder meetings | low | — | — |
| 11 Sept 2026 · 105th AGM: 8 resolutions tabled including dividend and borrowing limit hike | board shareholder meetings | low | — | — |
| 10 Sept 2026 · Corrigendum to 105th Annual Report - R&D Investment unit correction | results | medium | — | — |
| 19 Aug 2026 · Notice of 105th AGM, e-voting and book closure - Sept 11, 2026 | compliance | minimal | — | — |
| 18 Aug 2026 · DMCC 105th AGM notice and FY26 annual report submitted | board shareholder meetings | medium | — | — |
| 18 Aug 2026 · 105th AGM Notice and Annual Report Submission for FY 2025-26 | board shareholder meetings | low | — | — |
| 13 Aug 2026 · DMCC Q1FY27 PAT jumps 167% YoY to Rs 20.4 cr on sulphur price surge | compliance | low | — | — |
| 11 Aug 2026 · DMCC 105th AGM scheduled for September 11, 2026 via video conference | compliance | minimal | — | — |
| 11 Aug 2026 · DMCC Q1 FY27 results: revenue nearly doubles, net profit up 163 percent YoY | compliance | minimal | — | — |
| 10 Aug 2026 · DMCC Speciality Chemicals fixes August 21, 2026 record date for Rs 2.5 dividend | corporate actions | high | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| AETHER INDUSTRIES LIMITED |
| 22,229 |
| 94.3 |
| 9.05 |
| 60.4 |
| 8.9 |
| 11.4 |
| — |
| 33.8 |
| DEEPAK NITRITE LTD | 21,769 | 27.8 | 3.71 | 22.4 | 9.4 | 10.2 | 12.6 | 21.5 |
| ATUL LTD | 18,401 | 23.1 | 2.92 | 14.9 | 10.9 | 13.3 | 10.9 | 23.1 |
| AARTI INDUSTRIES LTD | 17,846 | 33.6 | 3.00 | 18.8 | 7.0 | 4.4 | 13.0 | 16.2 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 18.0 | 23.4 | 35 of 103 | 67% |
| P/B | 2.9 | 2.9 | 50 of 99 | 50% |
| ROCE | 13.5 | 10.3 | 39 of 108 | 65% |
| ROE | 11.0 | 8.1 | 41 of 101 | 60% |
| Debt / Equity | 0.3 | 0.2 | 72 of 101 | 29% |
| EBITDA margin | 13.6 | 15.5 | 58 of 99 | 42% |
| Revenue growth | 99.2 | 24.4 | 7 of 94 | 94% |
| Profit growth | 163.1 | 55.1 | 19 of 92 | 80% |
| Market cap | 718 | 732 | 55 of 107 | 49% |
| 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 |
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.
