NSE: PLATIND · BSE: 544134
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. PVC additives (70%), CPVC additives (30%), Oleo chemicals. Specialty chemicals manufacturer, capacity-driven expansion phase
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 264 | 392 | 450 |
| EBITDA (ex other income) | 61 | 58 | 59 |
| margin % | 23.1 | 14.7 | 13.2 |
| Owners' profit | 44 | 50 | 52 |
| EPS, as reported (₹) | 10.55 | 9.07 | 9.46 |
| ROE % · ROCE % | 12.8 · 17.6 | 12.6 · 17.4 | 11.3 · 14.9 |
| Debt / equity (x) | 0.02 | 0.02 | 0.01 |
| Cash from operations | 33 | (8) | (1) |
| Capex | (16) | (56) | (38) |
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 | 100 | 93 | 97 | 115 | 98 | 105 | 132 | 109 |
| Profit before tax | 19 | 16 | 9 | 18 | 15 | 17 | 16 | 15 |
| Net profit | 15 | 12 | 6 | 13 | 11 | 12 | 15 | 11 |
| EPS (₹) | 2.60 | 2.10 | 1.16 | 2.32 | 2.11 | 2.29 | 2.75 | 2.03 |
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) | 24.4 | 23.0 | 52 of 99 | 48% |
| P/B | 2.7 | 2.8 | 49 of 99 | 51% |
| ROCE | 14.3 | 10.1 | 35 of 106 | 68% |
| ROE | 11.3 | 8.1 | 38 of 99 | 62% |
| Debt / Equity | 0.0 | 0.2 | 18 of 99 | 83% |
| EBITDA margin | 15.8 | 15.5 | 49 of 99 | 51% |
| Revenue growth | (5.6) | 24.4 | 89 of 94 | 5% |
| Profit growth | (14.9) | 55.1 | 77 of 92 | 17% |
| Market cap | 1228 | 697 | 44 of 108 | 60% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · RTA certifies no demat requests received in Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · Subsidiary signs exclusive India deal with Korea CAREGEN for Korglutide brand | strategic transactions | medium | — | — |
| 25 Sept 2026 · Trading Window Closure for Q2 FY26 Results Period | compliance | minimal | — | — |
| 25 Sept 2026 · AGM 2026: 7 of 8 resolutions passed; loan to Rivadu Lifesciences subsidiary rejected | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Plant visit by investors and analysts on 29 September 2026 at Palghar | board shareholder meetings | low | — | — |
| 24 Sept 2026 · AGM held Sept 24; 8 resolutions passed; statutory audit carries modified opinion | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Annual Report FY2025-26 and 06th AGM Notice dispatched to shareholders | compliance | minimal | — | — |
| 3 Sept 2026 · AGM Notice Published in Newspapers, AGM on September 24, 2026 | compliance | minimal | — | — |
| 2 Sept 2026 · Annual Report FY26 and 06th AGM Notice submitted to exchanges | board shareholder meetings | medium | — | — |
| 2 Sept 2026 · Platinum Industries 6th AGM notice on Sept 24, 2026 via VC | 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.