BSE: 524080
HARYANA LEATHER CHEMICALS LTD.
Makes leather finishing chemicals from a plant in Jind, Haryana, under a joint venture with ICAP Sira of Italy. The business is a small, single-segment commodity-chemicals producer that sells to leather goods manufacturers and tanneries in India. FY26 revenue from operations was ₹5,136.51 lakh (up 4.8% YoY) and net profit was ₹237.70 lakh, giving an EBITDA margin of around 8.95%. The cost stack is dominated by raw materials at 64.7% of revenue, with employees at 10.9% and other operating expenses at 17.7%; depreciation was 1.8% and capex was just 0.9% of revenue, indicating a light-asset, formulation-style business rather than heavy manufacturing. The Board declared a final dividend of ₹1 per share (10% on the ₹10 face value) for FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Leather finishing chemicals. Small, light-asset, single-segment commodity-chemicals business
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 39 | 42 | 44 | 49 | 51 |
| EBITDA (ex other income) | 1 | 2 | 3 | 3 | 3 |
| margin % | 3.2 | 5.1 | 6.8 | 5.3 | 5.6 |
| Owners' profit | 1 | 2 | 5 | 2 | 2 |
| EPS, as reported (₹) | 2.68 | 3.79 | 9.41 | 4.69 | 0.79 |
| ROE % · ROCE % | 3.7 · 5.2 | 5.0 · 6.7 | 11.2 · 13.4 | 5.4 · 7.7 | 5.3 · 7.9 |
| Debt / equity (x) | 0.00 | 0.02 | 0.01 | 0.02 | 0.00 |
| Cash from operations | 10 | (2) | 8 | 0 | 5 |
| Capex | (0) | 0 | (1) | (1) | (0) |
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 | 12 | 11 | 13 | 13 | 12 | 13 | 12 | 15 |
| Profit before tax | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 1 |
| Net profit | 1 | 0 | 1 | 0 | 1 | 0 | 1 | 0 |
| EPS (₹) | 1.32 | 0.31 | 1.25 | 0.81 | 1.51 | 0.36 | 1.17 | 0.79 |
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. % |
|---|---|---|---|---|---|---|---|---|
| TATA CHEMICALS LTD | 15,351 | — | 0.69 | 139.2 | (7.7) | (5.0) | 7.4 | 14.4 |
| DEEPAK FERTILIZERS & PETR | 14,679 | 14.9 | 1.97 | 11.1 | 9.9 | 8.4 | 14.6 | 26.1 |
| GUJ NAR VAL FER & CHEM L | 7,529 | 7.3 | 0.83 | 5.4 | 8.9 | 10.3 | 8.7 | 22.1 |
| TANFAC INDUSTRIES LTD. | 6,923 | 56.6 | 18.55 | — | 18.8 | 24.3 | — | 16.0 |
| GUJARAT ALKALIES & CHEM | 4,105 | 61.8 | 0.79 | 8.7 | (0.0) | 0.7 | 12.4 | 18.4 |
| GHCL LIMITED | 3,565 | 7.8 | 1.00 | 4.7 | 13.3 | 16.6 | 1.1 | 23.9 |
| GRAUER & WEIL IND LTD | 3,543 | 21.6 | 3.28 | 14.4 | 15.2 | 19.2 | 14.5 | 20.4 |
| J.G.CHEMICALS LIMITED | 2,179 | 29.0 | 4.03 | 22.2 | 12.7 | 16.9 | — | 11.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 15.1 | 17.4 | 22 of 50 | 57% |
| P/B | 0.6 | 1.4 | 10 of 60 | 85% |
| ROCE | 7.7 | 6.0 | 26 of 62 | 59% |
| ROE | 5.3 | 5.0 | 29 of 60 | 53% |
| Debt / Equity | 0.0 | 0.2 | 2 of 60 | 85% |
| EBITDA margin | 6.6 | 13.3 | 40 of 58 | 32% |
| Revenue growth | 9.7 | 6.7 | 24 of 54 | 57% |
| Profit growth | (2.5) | 21.0 | 39 of 64 | 40% |
| Market cap | 28 | 98 | 43 of 66 | 35% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Routine compliance certificate for Q2 FY27 dematerialization | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window Closure for Q2 FY26-27 Results | compliance | minimal | — | — |
| 26 Sept 2026 · AGM 2026 results: All 5 resolutions passed; Rs. 1 dividend declared | board shareholder meetings | low | — | — |
| 26 Sept 2026 · 41st AGM held; dividend declared, MD continuation approved | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Newspaper publication of 41st AGM notice and e-voting details | compliance | minimal | — | — |
| 3 Sept 2026 · Newspaper notice published for transfer of shares to IEPF | compliance | minimal | — | — |
| 2 Sept 2026 · 41st AGM on Sept 26 2026 via video conference; Rs 1 dividend declared | compliance | minimal | — | — |
| 2 Sept 2026 · Book Closure from Sep 20 to Sep 26 for 41st AGM | corporate actions | low | — | — |
| 2 Sept 2026 · Haryana Leather Chemicals 41st AGM on Sept 26 2026 via video conferencing | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Annual Report and AGM Notice for FY 2025-26 | results | 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.