BSE: 524174
KESAR PETROPRODUCTS LTD.
Manufactures CPC Crude pigments and downstream pigment intermediates — Alpha Blue, Beta Blue and CPC Green — at a plant operating at 65-70% capacity utilization. Pigments accounted for the bulk of Kesar Petroproducts' FY26 revenue of Rs 187.22 crore, with management guiding a strategic shift from lower-margin CPC Crude toward higher-margin Alpha and Beta Blue grades. The company has begun commercialising complex fertilisers (plant capacity of 12,000 MT p.a., with FY27 utilisation guided at 3,600 MT and revenue potential cited at Rs 30-40 crore) and is also pursuing zinc phosphate as a new by-product vertical. A co-generation plant under phased commissioning targets Rs 3-4 crore in annual cost savings from Q1 FY27. Raw materials dominate the cost base at 84.9% of revenue (Rs 158.86 crore), and capex was 20.1% of revenue (Rs 37.61 crore) in FY26 as the new lines and co-gen plant come up. Exports faced US tariff pressure in Q3 FY26, weighing on quarterly revenue. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Pigments (CPC Crude, Alpha Blue, Beta Blue, CPC Green), Complex fertilisers, Zinc phosphate, Co-generation (cost savings). Cyclical, asset-heavy commodity chemicals with capacity expansion into fertilisers
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 153 | 120 | 149 | 185 | 187 |
| EBITDA (ex other income) | 8 | 7 | 2 | 16 | 21 |
| margin % | 5.2 | 5.5 | 1.5 | 8.6 | 11.2 |
| Owners' profit | 3 | 0 | 5 | 10 | 10 |
| EPS, as reported (₹) | 0.28 | 0.05 | 0.51 | 1.03 | 1.00 |
| ROE % · ROCE % | 2.2 · 2.6 | 0.4 · 1.5 | 4.0 · 3.9 | 6.9 · 7.9 | 6.5 · 8.7 |
| Debt / equity (x) | 0.02 | 0.42 | 0.50 | 0.51 | 0.48 |
| Cash from operations | (10) | 33 | (20) | 13 | 30 |
| Capex | (9) | (36) | (18) | (16) | (38) |
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 | 46 | 49 | 50 | 41 | 50 | 50 | 41 | 46 |
| Profit before tax | 3 | 3 | 4 | 4 | 8 | 6 | 3 | (4) |
| Net profit | 2 | 3 | 3 | 2 | 6 | 6 | 3 | (5) |
| EPS (₹) | 0.22 | 0.30 | 0.30 | 0.20 | 0.61 | 0.61 | 0.30 | (0.52) |
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) | 13.9 | 17.4 | 18 of 50 | 65% |
| P/B | 0.9 | 1.4 | 21 of 60 | 63% |
| ROCE | 6.6 | 6.0 | 29 of 62 | 54% |
| ROE | 6.5 | 5.0 | 26 of 60 | 58% |
| Debt / Equity | 0.5 | 0.2 | 40 of 60 | 34% |
| EBITDA margin | (1.9) | 13.3 | 54 of 58 | 7% |
| Revenue growth | 13.4 | 6.7 | 19 of 54 | 66% |
| Profit growth | (355.6) | 21.0 | 62 of 64 | 3% |
| Market cap | 135 | 98 | 30 of 66 | 55% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Profit and cash flow weaken sharply in September quarter | results | high | — | — |
| 23 Oct 2026 · Q2 profit falls 80% as operating cash flow turns negative | results | medium | — | — |
| 16 Oct 2026 · Clarification on share price movement, no undisclosed info | regulatory legal | medium | — | — |
| 15 Oct 2026 · Board Meeting on 23 Oct 2026 to consider Q2 FY27 results | results | low | — | — |
| 15 Oct 2026 · BSE seeks clarification on significant price movement | regulatory legal | high | — | — |
| 10 Oct 2026 · Quarterly RTA certificate filed under SEBI Regulation 74(5) for dematerialization | compliance | minimal | — | — |
| 29 Sept 2026 · 36th AGM voting results - all 3 resolutions passed with over 99.9% majority | compliance | low | — | — |
| 29 Sept 2026 · 36th AGM: All three resolutions cleared with near-unanimous votes | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed for Q2 FY27 results | compliance | minimal | — | — |
| 28 Sept 2026 · 36th AGM proceedings and outcome - three ordinary resolutions tabled | board shareholder meetings | 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.