KEMISTAR CORPORATION LIMITED

Sells specialty chemicals and operates a recycling business, with chemicals contributing 93% of revenue and recycling 7% in the latest half-yearly mix. Consolidated revenue from operations was Rs 26.96 crore in FY26, up 48.6% year-on-year, driven largely by the wholly-owned subsidiary K.P. International Private Limited (KPIPL), which houses the recycling vertical. KPIPL reported turnover of Rs 15.09 crore in FY25 and runs a 27,000 metric-tonne-per-annum recycling plant in its first phase, with consent to operate from the Gujarat Pollution Control Board covering e-waste, lithium-ion battery, solar panel and metal recycling; the FY25 AGM flagged expansion plans into critical and rare earth minerals. The chemicals business is the legacy operation, and the FY25 AGM referenced partnerships with Reliance Industries, Solex Energy and an Electricity Board. Materials account for just 0.1% of revenue, employee costs 4.5%, other operating expenses 4.8% and depreciation 1.3%, with capex at 5.0% of revenue as property, plant and equipment expanded sharply. Profitability stayed thin at an EBITDA margin of 4.7% and net margin of 2.07%, and trade receivables surged to Rs 853.79 lakhs in FY26 from Rs 174.27 lakhs a year earlier.