NSE: PRIMO · BSE: 506852
PRIMO CHEMICALS LIMITED
Operates in the commodity chemicals industry, reporting consolidated FY26 revenue of Rs 561.6923 crore and net profit of Rs 15.3708 crore. On a standalone basis, FY26 total income was Rs 15,051.35 lakhs with a profit after tax of Rs 1,008.73 lakhs. A large part of the consolidated business sits in subsidiary Flow Tech Chemicals Private Limited, which recorded turnover of Rs 34,166 lakhs and PAT of Rs 980 lakhs in FY26; the company is acquiring the remaining 51% stake (about Rs 55.16 crore for 3.88 lakh shares at Rs 1,418.20 per share) to make Flow Tech a wholly owned subsidiary. To bring down power costs, it has executed transaction documents to invest Rs 21 crore for a 26% equity stake in TPCS Private Limited, a special purpose vehicle set up to own and operate a 49.998 MW AC solar power plant under captive mode on the OPEX model, with stated expected cost savings of up to Rs 24 crore per annum once commissioned. The cost structure is dominated by materials at 61.3% of revenue, with depreciation at 9.4%, other operating expenses at 15.8% and employee costs at 8.4%. Crisil has assigned a long-term rating of BBB/Stable and a short-term rating of A3+ to its bank loan facilities totalling Rs 180 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Commodity chemicals, Flow Tech Chemicals (subsidiary). Commodity chemicals group consolidating a subsidiary and adding captive renewable power
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 454 | 707 | 397 | 556 | 562 |
| EBITDA (ex other income) | 87 | 192 | 7 | 68 | 68 |
| margin % | 19.1 | 27.2 | 1.7 | 12.3 | 12.1 |
| Owners' profit | 59 | 137 | 0 | 0 | 0 |
| EPS, as reported (₹) | 13.07 | 5.67 | (1.05) | 0.15 | 0.63 |
| ROE % · ROCE % | 21.4 · 24.3 | 33.3 · 34.6 | (6.5) · (2.6) | 0.9 · 7.6 | 3.8 · 7.1 |
| Debt / equity (x) | 0.22 | 0.35 | 0.46 | 0.43 | 0.32 |
| Cash from operations | 70 | 150 | 14 | 64 | 65 |
| Capex | (4) | (189) | (68) | (40) | (26) |
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 | 134 | 144 | 155 | 142 | 135 | 140 | 145 | 140 |
| Profit before tax | (2) | 4 | 10 | 7 | 2 | 0 | 8 | 9 |
| Net profit | 13 | 2 | (0) | 4 | 4 | 1 | 6 | 5 |
| EPS (₹) | 0.53 | 0.09 | (0.01) | 0.17 | 0.17 | 0.04 | 0.25 | 0.19 |
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. % |
|---|---|---|---|---|---|---|---|---|
| TATA CHEMICALS LTD | 15,351 | — | 0.69 | 139.2 | (7.7) | (5.0) | 7.4 | 14.4 |
| DEEPAK FERTILIZERS & PETR | 14,679 | 14.9 | 1.97 | 11.1 | 9.9 | 8.4 | 14.6 | 26.1 |
| GUJ NAR VAL FER & CHEM L | 7,529 | 7.3 | 0.83 | 5.4 | 8.9 | 10.3 | 8.7 | 22.1 |
| TANFAC INDUSTRIES LTD. | 6,923 | 56.6 | 18.55 | — | 18.8 | 24.3 | — | 16.0 |
| GUJARAT ALKALIES & CHEM | 4,105 | 61.8 | 0.79 | 8.7 | (0.0) | 0.7 | 12.4 | 18.4 |
| GHCL LIMITED | 3,565 | 7.8 | 1.00 | 4.7 | 13.3 | 16.6 | 1.1 | 23.9 |
| GRAUER & WEIL IND LTD | 3,543 | 21.6 | 3.28 | 14.4 | 15.2 | 19.2 | 14.5 | 20.4 |
| J.G.CHEMICALS LIMITED | 2,179 | 29.0 | 4.03 | 22.2 | 12.7 | 16.9 | — | 11.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 35.4 | 17.4 | 39 of 50 | 22% |
| P/B | 1.4 | 1.4 | 31 of 60 | 49% |
| ROCE | 3.4 | 6.0 | 38 of 62 | 39% |
| ROE | 3.8 | 5.0 | 34 of 60 | 44% |
| Debt / Equity | 0.3 | 0.2 | 37 of 60 | 39% |
| EBITDA margin | 18.6 | 13.3 | 14 of 58 | 77% |
| Revenue growth | (1.2) | 6.7 | 39 of 54 | 28% |
| Profit growth | 14.9 | 21.0 | 34 of 64 | 48% |
| Market cap | 557 | 98 | 19 of 66 | 72% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 26 Oct 2026 · Special window opens for re-lodging physical share transfer requests | compliance | minimal | — | — |
| 12 Oct 2026 · Routine RTA compliance certificate for Q2 FY27 under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 1 Oct 2026 · Primo Chemicals 51st AGM voting results: All 3 resolutions approved | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Credit rating update from CRISIL | credit debt | medium | — | — |
| 30 Sept 2026 · Primo Chemicals 51st AGM outcome: three resolutions passed | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Board approves merger of wholly owned subsidiary Flow Tech into Primo Chemicals | board shareholder meetings | medium | — | — |
| 25 Sept 2026 · Primo Chemicals board approves merger of wholly owned subsidiary Flow Tech | strategic transactions | medium | — | — |
| 25 Sept 2026 · Primo Chemicals approves merger of wholly owned subsidiary Flow Tech | strategic transactions | medium | — | — |
| 24 Sept 2026 · Primo Chemicals signs 5-year hydrogen gas supply deal with NFL | business updates | high | — | — |
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.