NSE: LXCHEM · BSE: 543277
LAXMI ORGANIC INDUS LTD
Manufactures specialty and essential chemicals, with FY26 revenue of Rs 2,846.67 crore split between Essential Chemicals (71% of turnover) and Specialty Chemicals (29%), as disclosed in the FY26 BRSR. The Essentials business is built around ethyl acetate and acetic acid, with a world-scale ethyl acetate line at Lote (Maharashtra) commissioned in May 2026 and customer dispatches already underway. The Specialties business covers ketene/diketene, fluorinated products, and India's first commercial-scale Electrochemical Fluorination facility at Lote; Dahej Phase 2 ketene/diketene capacity is in chemical charging in Q1 FY27 with first revenues flagged from H2 FY27. End-uses cited across calls include pharma, printing & packaging, industrial solutions, and pigments, and a multi-year contract with Hitachi Energy covers SF6-free gas for grid equipment, with the project scheduled to commence in Q2 FY27. Materials are the dominant cost at 65.2% of revenue, with acetic acid and methanol as the key volatile inputs — acetic acid spiked above $700/tonne in March before moderating to $450-470. Exports contributed 32.11% of revenue across 56 countries in FY26, and the workforce totals 1,913 people (1,098 employees plus 815 workers). AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Essential Chemicals (71%), Specialty Chemicals (29%). Cyclical, commodity-tied specialty chemicals with volatile input spreads
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,084 | 2,797 | 2,865 | 2,985 | 2,847 |
| EBITDA (ex other income) | 368 | 245 | 256 | 280 | 171 |
| margin % | 11.9 | 8.7 | 8.9 | 9.4 | 6.0 |
| Owners' profit | 256 | 125 | 121 | 114 | 0 |
| EPS, as reported (₹) | 9.72 | 4.70 | 4.46 | 4.10 | 2.87 |
| ROE % · ROCE % | 19.7 · 25.0 | 8.8 · 11.6 | 6.7 · 9.2 | 6.0 · 9.1 | 4.0 · 4.4 |
| Debt / equity (x) | 0.10 | 0.28 | 0.08 | 0.13 | 0.27 |
| Cash from operations | 46 | 199 | 562 | 108 | 180 |
| Capex | (289) | (476) | (248) | (394) | (602) |
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 | 771 | 786 | 710 | 693 | 700 | 719 | 735 | 968 |
| Profit before tax | 46 | 47 | 13 | 14 | 15 | 26 | 32 | 92 |
| Net profit | 28 | 29 | 22 | 21 | 11 | 25 | 22 | 68 |
| EPS (₹) | 1.01 | 1.06 | 0.79 | 0.77 | 0.41 | 0.92 | 0.77 | 2.44 |
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 | 1,47,581 | 55.7 | 13.36 | 39.1 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 69,214 | 32.0 | 4.93 | 21.4 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 46,552 | 76.0 | 5.88 | 37.0 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 42,476 | 53.7 | 10.69 | 38.3 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 20,367 | 86.4 | 8.29 | 55.4 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 19,572 | 25.0 | 3.33 | 20.3 | 9.4 | 10.2 | 12.6 | 21.5 |
| ATUL LTD | 15,853 | 19.9 | 2.52 | 12.9 | 10.9 | 13.3 | 10.9 | 23.1 |
| AARTI INDUSTRIES LTD | 15,833 | 29.8 | 2.66 | 17.1 | 7.0 | 4.4 | 13.0 | 16.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 34.5 | 23.0 | 70 of 99 | 30% |
| P/B | 2.2 | 2.8 | 39 of 99 | 61% |
| ROCE | 3.5 | 10.1 | 85 of 106 | 20% |
| ROE | 4.0 | 8.1 | 75 of 99 | 25% |
| Debt / Equity | 0.3 | 0.2 | 60 of 99 | 40% |
| EBITDA margin | 12.2 | 15.5 | 64 of 99 | 36% |
| Revenue growth | 39.8 | 24.4 | 23 of 94 | 76% |
| Profit growth | 216.6 | 55.1 | 14 of 92 | 86% |
| Market cap | 4336 | 697 | 26 of 108 | 77% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Laxmi Organic schedules Q2 and H1 FY27 earnings call | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 15 Oct 2026 · Quarterly share capital reconciliation report filed for Q2 FY26-27 | compliance | minimal | — | — |
| 14 Oct 2026 · Compliance certificate for share dematerialisation for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window Closure for Q2 and H1 FY26 Results | compliance | minimal | — | — |
| 8 Sept 2026 · Laxmi Organic MD and CEO transition: Goenka replaces Dr. Venkatesh | management changes | high | — | — |
| 18 Aug 2026 · Two Senior Management Personnel resign from Laxmi Organic | management changes | medium | — | — |
| 18 Aug 2026 · Two senior leaders resign; no direct replacements planned | management changes | medium | — | — |
| 18 Aug 2026 · Two senior leaders resign from Laxmi Organic; CPO and CTO to exit by Oct 31, 2026 | management changes | high | — | — |
| 13 Aug 2026 · Laxmi Organic allots 7.03 lakh shares under ESOP-2020 to employees | capital market events | 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.