NSE: PRIVISCL · BSE: 530117
PRIVI SPECIALITY CHE LTD
Manufactures specialty aroma chemicals — fragrance and flavour ingredients — for global fragrance and flavour (F&F) customers. As of FY26, the company describes aroma chemicals as its sole product line, though historical segment reporting had also covered oleo chemicals and intermediate neutraceuticals (10.9% of segment revenue in the quarter ended June 2020, with aroma chemicals at 89.1%). FY26 revenue was Rs 2,582.92 cr with net profit of Rs 316.72 cr. Exports contributed roughly two-thirds of revenue, and named customers include Givaudan, IFF, Symrise and P&G. Capacity is being expanded in phases through FY28 alongside the addition of specialty products such as Maltol, Ethyl Maltol, Musk T and Cyclopentadecanone. A joint venture with Jubilant (PRIGIV) turned profitable in Q4 FY26, and a three-way merger of subsidiaries with the parent is targeted for completion within FY27. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Aroma Chemicals (89%), Oleo Chemicals and Intermediate Neutraceuticals (11%). Specialty, asset-heavy chemicals with capacity-led growth
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,404 | 1,608 | 1,752 | 2,101 | 2,564 |
| EBITDA (ex other income) | 199 | 186 | 325 | 454 | 646 |
| margin % | 14.2 | 11.6 | 18.5 | 21.6 | 25.2 |
| Owners' profit | 97 | 25 | 0 | 0 | 0 |
| EPS, as reported (₹) | 24.93 | 5.45 | 24.43 | 47.87 | 83.85 |
| ROE % · ROCE % | 11.9 · 12.6 | 2.5 · 7.7 | 10.1 · 15.8 | 16.5 · 20.3 | 22.0 · 25.1 |
| Debt / equity (x) | 1.11 | 1.27 | 1.04 | 1.00 | 0.70 |
| Cash from operations | 5 | 49 | 354 | 281 | 550 |
| Capex | (309) | (140) | (151) | (299) | (320) |
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 | 533 | 491 | 614 | 559 | 679 | 605 | 722 | 666 |
| Profit before tax | 61 | 61 | 90 | 81 | 125 | 104 | 130 | 113 |
| Net profit | 45 | 44 | 64 | 58 | 90 | 75 | 94 | 83 |
| EPS (₹) | 11.43 | 11.38 | 17.03 | 15.85 | 24.04 | 19.97 | 23.99 | 21.56 |
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) | 38.8 | 23.1 | 73 of 99 | 27% |
| P/B | 9.4 | 2.8 | 92 of 99 | 7% |
| ROCE | 21.2 | 10.1 | 15 of 106 | 87% |
| ROE | 22.0 | 8.1 | 9 of 99 | 92% |
| Debt / Equity | 0.7 | 0.2 | 86 of 99 | 13% |
| EBITDA margin | 25.1 | 15.5 | 25 of 99 | 76% |
| Revenue growth | 19.2 | 24.4 | 55 of 94 | 42% |
| Profit growth | 43.9 | 55.1 | 50 of 92 | 46% |
| Market cap | 13574 | 699 | 10 of 108 | 92% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Shareholders approve amalgamation of two Privi group companies | compliance | minimal | — | — |
| 27 Oct 2026 · Privi shareholders approve merger of two private companies | strategic transactions | medium | — | — |
| 23 Oct 2026 · Privi to discuss September quarter and half-year results on October 30 | board shareholder meetings | low | — | — |
| 19 Oct 2026 · Board meeting on Oct 29 to consider Q2 results and interim dividend | results | low | — | — |
| 7 Oct 2026 · Quarterly compliance certificate for dematerialisation of securities filed | compliance | minimal | — | — |
| 6 Oct 2026 · NCLT meeting on Oct 27 for amalgamation of two group companies | strategic transactions | high | — | — |
| 25 Sept 2026 · Privi announces NCLT-ordered shareholder meeting on Oct 27 for amalgamation scheme | compliance | minimal | — | — |
| 24 Sept 2026 · NCLT-ordered shareholder meet on Oct 27 for merger of two group units into PSCL | strategic transactions | medium | — | — |
| 24 Sept 2026 · Trading Window Closure for Q2 FY27 Results | compliance | minimal | — | — |
| 17 Sept 2026 · Privi Speciality Chemicals to attend Anand Rathi investor meet on Sept 22 | 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.