BSE: 544460
PATEL CHEM SPECIALITIES LIMITE
Manufactures specialty cellulose- and starch-based excipients including CCS, SSG and Calcium CMC, which it sells to repeat customers and exports to more than 15 countries. In FY26, revenue from operations grew 30.6% to ₹137.26 crore, with profit after tax of ₹1,255.22 lakhs, up 18.8% from the prior year. The company operates an existing manufacturing unit at Vatva and is building a new 6,012 MTPA greenfield plant at Indrad, Mahesana under a ₹45 crore turnkey contract with J&H Pharma Consultants, with commercial production originally targeted for March 2026. Raw materials account for 74.1% of revenue, with employees at 4.8% and other operating expenses at 7.9%, leaving ROCE of 16.48% on total assets of ₹142.28 crore. The company listed on BSE in July 2025, raising ₹58.80 crore to part-fund the new plant, of which ₹22.55 crore had been deployed by March 2026 and ₹36.24 crore remained parked in Axis Bank fixed deposits. Related party dealings include purchases from Av Celllose Products and Patel Industries, and sales to Patelchem North America Inc. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Cellulose- and starch-based specialty excipients. Small-cap, capacity-constrained specialty chemicals manufacturer expanding via a greenfield plant funded by a recent IPO
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY26 |
|---|---|
| Revenue | 137 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 6.63 |
| ROE % · ROCE % | — · 16.5 |
| Debt / equity (x) | — |
| Cash from operations | 11 |
| Capex | (19) |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q2 FY26 | Q4 FY26 |
|---|---|---|
| Revenue | 61 | 76 |
| Profit before tax | 8 | 9 |
| Net profit | — | — |
| EPS (₹) | 3.03 | 3.39 |
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) | 22.2 | 23.0 | 48 of 99 | 52% |
| ROCE | 15.6 | 10.1 | 32 of 106 | 71% |
| Market cap | 355 | 697 | 62 of 108 | 43% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Patel Chem cancels investor and analyst meetings on 26 Oct | business updates | low | — | — |
| 22 Oct 2026 · Board to review half-year results on November 5, 2026 | results | low | — | — |
| 22 Oct 2026 · Investor meet with Phillip Capital on 26 October 2026 | board shareholder meetings | low | — | — |
| 8 Oct 2026 · RTA Compliance Certificate for Sept 2026 Quarter | compliance | minimal | — | — |
| 7 Oct 2026 · Talod plant capacity expanded about 6x to 4,500 MT, trial batches begin | capex operations | high | — | — |
| 6 Oct 2026 · Patel Chem Talod plant expansion complete, capacity rises 6x to 4500 MT | capex operations | high | — | — |
| 30 Sept 2026 · Outcome of Arihant Bharat Connect Investor Conference | investor communications | low | — | — |
| 28 Sept 2026 · Promoter group member purchases 1,200 shares via off-market transfer | ownership changes | low | — | — |
| 26 Sept 2026 · AGM 2026: All 4 resolutions passed with 100% approval | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading window closed for half year ended September 2026 results | 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.