NSE: KOTHARIPET
KOTHARI PETROCHEM LTD
Manufactures polyisobutylene (PIB), a petrochemical product used as an additive and intermediate, with FY26 PIB sales volume of 39,930 MT. The main raw material is LPG-based feedstock supplied by refineries, which accounted for 60.5% of revenue in FY26 and is its biggest input cost. In March 2026, supply of this feedstock was disrupted because the Ministry of Petroleum directed refineries to prioritise domestic LPG supply amid Middle East geopolitical issues, forcing the company to declare a force majeure event and restrict contracted quantities to industrial customers. FY26 revenue from operations was Rs 591.39 crore, up from Rs 577.34 crore in FY25, with EBITDA margin of 17.93% and net profit of Rs 72.49 crore. Other operating expenses made up 15.6% of revenue, employee costs 6.0%, depreciation 1.4%, and capex 3.2%. The company holds Rs 22.50 crore in long-term cash credit and Rs 25 crore in short-term bank guarantee facilities, rated [ICRA]A+ and [ICRA]A1+ respectively. Its Board approved an amalgamation scheme to merge Kothari Sugars and Chemicals Limited (KSCL) into the company at a 1-for-5 share-swap ratio. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Petrochemicals (Polyisobutylene / PIB). Cyclical, feedstock-dependent single-product petrochemicals manufacturer.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 382 | 482 | 603 | 577 | 591 |
| EBITDA (ex other income) | 48 | 58 | 96 | 80 | 97 |
| margin % | 12.5 | 12.0 | 15.9 | 13.9 | 16.4 |
| Owners' profit | 23 | 39 | 64 | 66 | 72 |
| EPS, as reported (₹) | 5.59 | 6.66 | 10.84 | 11.18 | 12.32 |
| ROE % · ROCE % | — · — | 20.4 · 26.2 | 25.9 · 36.4 | 21.5 · 25.9 | 19.5 · 25.1 |
| Debt / equity (x) | — | 0.12 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 18 | 26 | 72 | 59 | 81 |
| Capex | (20) | (20) | (16) | (86) | (19) |
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 | 181 | 131 | 153 | 161 | 143 | 135 | 153 | 147 |
| Profit before tax | 22 | 18 | 22 | 23 | 24 | 25 | 24 | 22 |
| Net profit | 16 | 13 | 17 | 18 | 18 | 19 | 18 | 17 |
| EPS (₹) | 2.77 | 2.18 | 2.94 | 2.99 | 3.13 | 3.18 | 3.03 | 2.89 |
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. % |
|---|---|---|---|---|---|---|---|---|
| SUPREME PETROCHEM LIMITED | 13,605 | 28.1 | 5.72 | 24.0 | 13.9 | 17.6 | — | 20.4 |
| SWAN CORP LIMITED | 7,539 | 36.2 | 0.82 | 15.8 | 3.0 | 3.3 | 68.6 | 3.0 |
| RAIN INDUSTRIES LIMITED | 7,052 | 13.1 | 0.85 | — | 6.0 | 4.3 | — | 19.3 |
| BHANSALI ENG. POLYMERS LT | 2,719 | 13.6 | 2.51 | 9.1 | 16.6 | 22.4 | (0.2) | 19.6 |
| DCW LTD | 1,283 | 18.0 | 1.19 | — | 4.5 | 5.4 | — | 7.6 |
| MANALI PETROCHEMICALS LT | 1,254 | 7.0 | 0.98 | 4.8 | 10.1 | 10.9 | 0.1 | 35.2 |
| TAMILNADU PETROPRODUCTS L | 1,009 | 7.1 | 0.99 | 7.3 | 9.6 | 10.2 | 5.1 | 16.3 |
| KOTHARI PETROCHEM LTD ◆ | 642 | 8.9 | 1.73 | — | 19.5 | 24.9 | — | 16.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 8.9 | 13.4 | 4 of 12 | 73% |
| P/B | 1.7 | 1.0 | 9 of 11 | 20% |
| ROCE | 24.9 | 6.1 | 1 of 14 | 100% |
| ROE | 19.5 | 6.3 | 1 of 11 | 100% |
| Debt / Equity | 0.0 | 0.2 | 1 of 11 | 80% |
| EBITDA margin | 16.9 | 12.0 | 5 of 12 | 64% |
| Revenue growth | (8.8) | 14.6 | 8 of 12 | 36% |
| Profit growth | (3.1) | 42.9 | 8 of 13 | 42% |
| Market cap | 642 | 826 | 8 of 14 | 46% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Routine RTA certificate filing under SEBI Depositories Regulations | compliance | minimal | — | — |
| 12 Oct 2026 · Newspaper notice published for NCLT-ordered shareholder and creditor meetings | compliance | minimal | — | — |
| 12 Oct 2026 · NCLT-convened meeting on Nov 13 for Kothari Sugars-Petrochem amalgamation | strategic transactions | medium | — | — |
| 12 Oct 2026 · KPL unsecured creditors meeting on Nov 13 for KSCL merger scheme | strategic transactions | medium | — | — |
| 12 Oct 2026 · NCLT meeting on Nov 13 for KSCL-KPL amalgamation scheme | strategic transactions | high | — | — |
| 5 Oct 2026 · Notice on special window for physical share dematerialisation | compliance | minimal | — | — |
| 5 Oct 2026 · NCLT orders meetings to approve KSCL merger into Kothari Petrochemicals | strategic transactions | high | — | — |
| 24 Sept 2026 · Trading window closed ahead of Q2 results | compliance | minimal | — | — |
| 19 Aug 2026 · NSE no objection for Kothari Sugars merger into Kothari Petrochemicals | strategic transactions | high | — | — |
| 14 Aug 2026 · 37th AGM held via video conferencing on August 14, 2026 | board shareholder meetings | low | — | — |
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.