BSE: 526169
MULTIBASE INDIA LTD.
Manufactures thermoplastic compounds in India, operating as a specialty chemicals business classified under Chemicals & Petrochemicals and listed on BSE. The company is connected to DuPont: a director being appointed in May 2026 currently leads DuPont's MOLYKOTE, Vespel, and MULTIBASE businesses in South Asia, and a related-party arrangement with the parent resulted in a retrospective price adjustment credit of Rs. 176.41 lakhs booked in Q3 FY26 on import purchases. FY26 revenue from operations was Rs. 66.57 cr (down 5.9% year-on-year) with net profit of Rs. 10.43 cr (down 28.8%). The cost base is dominated by materials at Rs. 30.86 cr or 46.4% of revenue, followed by other operating expenses at 10.6% and employee costs at 8.0%. The company runs debt-free with cash and cash equivalents of Rs. 6,212.25 lakhs, and FY26 operating cash flow was Rs. 1,258.32 lakhs versus Rs. 579.37 lakhs the prior year. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Thermoplastic compounds. Small, debt-free specialty chemicals manufacturer with a single-line thermoplastic compounds product and a DuPont parent linkage.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 62 | 72 | 65 | 71 | 67 |
| EBITDA (ex other income) | 7 | 10 | 8 | 15 | 11 |
| margin % | 10.8 | 13.3 | 12.9 | 20.9 | 17.2 |
| Owners' profit | 6 | 10 | 11 | 15 | 10 |
| EPS, as reported (₹) | 5.02 | 7.76 | 8.84 | 11.61 | 8.26 |
| ROE % · ROCE % | 5.4 · 7.3 | 7.8 · 10.3 | 8.3 · 11.0 | 18.7 · 24.5 | 11.7 · 15.3 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 5 | 9 | 5 | 6 | 13 |
| Capex | (2) | (1) | (2) | (2) | (2) |
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 | 18 | 17 | 16 | 17 | 19 | 14 | 18 | 21 |
| Profit before tax | 6 | 3 | 5 | 3 | 4 | 4 | 3 | 4 |
| Net profit | 4 | 2 | 4 | 2 | 3 | 3 | 2 | 3 |
| EPS (₹) | 3.40 | 1.88 | 3.22 | 1.82 | 2.27 | 2.60 | 1.57 | 2.66 |
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) | 17.8 | 23.1 | 32 of 99 | 68% |
| P/B | 2.3 | 2.8 | 41 of 99 | 58% |
| ROCE | 15.3 | 10.1 | 33 of 106 | 70% |
| ROE | 11.7 | 8.1 | 36 of 99 | 64% |
| Debt / Equity | 0.0 | 0.2 | 1 of 99 | 86% |
| EBITDA margin | 22.2 | 15.5 | 32 of 99 | 68% |
| Revenue growth | 25.1 | 24.4 | 44 of 94 | 54% |
| Profit growth | 46.2 | 55.1 | 49 of 92 | 47% |
| Market cap | 205 | 699 | 74 of 108 | 32% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Compliance certificate for securities dematerialisation filed for Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · Trading window closed from Oct 1 for Q2 and half year FY26 results | compliance | minimal | — | — |
| 26 Sept 2026 · Multibase India 35th AGM: All 4 Resolutions Passed | compliance | minimal | — | — |
| 3 Sept 2026 · Multibase India: 35th AGM Notice Published in Newspapers | compliance | minimal | — | — |
| 2 Sept 2026 · 35th AGM notice and FY2025-26 Annual Report submitted; meeting on September 24, 2026 | board shareholder meetings | medium | — | — |
| 2 Sept 2026 · 35th AGM on Sept 24, 2026 via video conferencing, related party deal up to Rs 30 Cr sought | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Multibase India 35th AGM on Sep 24 via video conferencing | compliance | minimal | — | — |
| 11 Aug 2026 · Multibase India Q1 FY27 net profit jumps 46 percent YoY to Rs 3.36 crore | results | high | — | — |
| 11 Aug 2026 · Multibase India Q1 FY27 results: Revenue up 25%, PAT up 46% YoY | results | high | — | — |
| 10 Aug 2026 · Postal Ballot Results: Vimal Mishra appointed as Non-Executive Director | management changes | 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.