PLATINUM INDUSTRIES LTD

Makes specialty chemical additives used in PVC and CPVC pipe production, along with related polymer stabilizers. The business sells primarily to pipe manufacturers in India, with exports to 30+ countries contributing ~15% of revenue. PVC additives remain the core, accounting for ~70% of FY26 revenue, while CPVC additives contributed ₹110 crore (~30% of FY26 revenue) and emerged as the key growth driver, with gross margins in CPVC reportedly improving from 6-7% to 18-20% through formulation tweaks. A new oleo chemicals product line for polymer additives (LDPE, HDPE, LLDPE, PET) commenced sales in April 2026, targeting ₹55-60 crore in FY27. Materials are the dominant input cost at 63.8% of revenue, with employee costs at 5.3% and other opex at 11.3%. The company is expanding capacity via a new Palghar facility (fully operational from May 2026) and an Egypt greenfield plant of 60,000 mtpa scheduled to start commercial operations in Q3 FY27, expected to contribute ~10% of FY27 revenue. Capex ran at 8.4% of revenue in FY26.