BSE: 531163
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. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Specialty chemicals (93%), Recycling (e-waste, Li-ion battery, solar panel, metal) (7%). Small-cap, asset-expanding specialty chemicals group with a recently added recycling vertical
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 21 | 18 | 11 | 18 | 27 |
| EBITDA (ex other income) | 2 | 1 | 1 | 1 | 1 |
| margin % | 7.9 | 8.1 | 12.1 | 3.0 | 4.5 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 0.78 | 0.78 | 0.49 | 0.56 | 0.52 |
| ROE % · ROCE % | 5.0 · 6.4 | 4.8 · 6.0 | 3.0 · 4.3 | 3.3 · 3.7 | 3.0 · 3.6 |
| Debt / equity (x) | 0.19 | 0.16 | 0.39 | 0.44 | 0.49 |
| Cash from operations | 0 | 3 | 1 | 0 | 1 |
| Capex | (0) | (2) | (4) | (2) | (1) |
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 | 4 | 4 | 7 | 3 | 9 | 5 | 10 | 10 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Net profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (₹) | 0.12 | 0.05 | 0.27 | 0.10 | 0.01 | 0.01 | 0.39 | 0.23 |
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) | 71.4 | 23.1 | 87 of 99 | 12% |
| P/B | 2.6 | 2.8 | 46 of 99 | 54% |
| ROCE | 2.9 | 10.1 | 86 of 106 | 19% |
| ROE | 3.0 | 8.1 | 81 of 99 | 18% |
| Debt / Equity | 0.5 | 0.2 | 80 of 99 | 19% |
| EBITDA margin | 8.8 | 15.5 | 77 of 99 | 22% |
| Revenue growth | 251.1 | 24.4 | 2 of 94 | 99% |
| Profit growth | 125.3 | 55.1 | 24 of 92 | 75% |
| Market cap | 49 | 699 | 91 of 108 | 16% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board to review September quarter and half-year results | results | low | — | — |
| 12 Oct 2026 · Company Secretary resigns; successor appointed effective Oct 15 | management changes | medium | — | — |
| 12 Oct 2026 · Company Secretary resigns, successor appointed | management changes | medium | — | — |
| 8 Oct 2026 · Routine Reg 74(5) filing: NIL shares dematerialized in Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · 32nd AGM: All 3 resolutions passed, INR 0.20 dividend declared | compliance | minimal | — | — |
| 30 Sept 2026 · Kemistar 32nd AGM: 2030 recycling vision, Rs 0.20 dividend declared | investor communications | medium | — | — |
| 30 Sept 2026 · 32nd AGM held; final dividend of Rs 0.20 per share declared | board shareholder meetings | low | — | — |
| 27 Sept 2026 · Kemistar trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 8 Sept 2026 · Record date fixed for final dividend of Rs 0.20 per share for FY 2025-26 | corporate actions | medium | — | — |
| 7 Sept 2026 · Newspaper publication of 32nd AGM notice with e-voting and dividend details | 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.