NSE: PUNJABCHEM · BSE: 506618
PUNJAB CHEM & CROP PROT L
Manufactures agrochemicals, specialty chemicals, pharmaceutical intermediates and industrial chemicals from three plants in India, with the bulk of activity falling under performance chemicals. Revenue is earned by selling these products to global agrochemical formulators, CDMO customers in Japan and Europe, and food-grade phosphoric acid to global beverage companies. Exports made up 43% of FY26 revenue of Rs 1,029.8 crore, with Europe accounting for around 70% of those exports. The portfolio is being widened with 4-5 new products commercialised each year — new products were 14% of Q1 FY27 revenue and are guided to reach 15-18% in FY27 — and 25-plus products sit in the R&D pipeline. Manufacturing expansion is underway: the Laulu block is targeted to complete in FY27, and a new greenfield site is under evaluation alongside Rs 100 crore of planned capex for two multipurpose plants. Raw materials form the biggest cost line at 60.4% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Agrochemicals, Specialty and performance chemicals, Pharmaceutical intermediates, Industrial chemicals. Specialty chemicals and agrochemicals manufacturer, mid-scale and export-oriented, with diversified end-uses across crop protection, pharma, food and industrial.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 933 | 1,006 | 934 | 901 | 1,030 |
| EBITDA (ex other income) | 140 | 123 | 113 | 95 | 116 |
| margin % | 15.0 | 12.2 | 12.1 | 10.6 | 11.3 |
| Owners' profit | 0 | 61 | 0 | 0 | 64 |
| EPS, as reported (₹) | 68.07 | 49.84 | 43.70 | 31.75 | 52.17 |
| ROE % · ROCE % | 37.0 · 40.3 | 21.8 · 28.8 | 16.2 · 23.3 | 10.7 · 15.7 | 15.1 · 20.7 |
| Debt / equity (x) | 0.41 | 0.33 | 0.37 | 0.46 | 0.36 |
| Cash from operations | 34 | 58 | 30 | 25 | 86 |
| Capex | (33) | (37) | (33) | (34) | (46) |
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 | 242 | 214 | 202 | 320 | 255 | 247 | 209 | 347 |
| Profit before tax | 17 | 8 | 10 | 28 | 22 | 19 | 16 | 30 |
| Net profit | 12 | 6 | 7 | 21 | 19 | 14 | 11 | 22 |
| EPS (₹) | 10.09 | 4.95 | 5.75 | 16.83 | 15.12 | 11.26 | 8.96 | 18.00 |
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. % |
|---|---|---|---|---|---|---|---|---|
| UPL LIMITED | 45,250 | 22.2 | 1.10 | 6.1 | 5.4 | 5.5 | 6.0 | 16.3 |
| PI INDUSTRIES LTD | 31,315 | 26.8 | 2.79 | 14.8 | 11.8 | 14.5 | 8.0 | 25.3 |
| SUMITOMO CHEM INDIA LTD | 16,716 | 28.9 | 4.93 | 20.8 | 16.0 | 20.8 | 4.1 | 28.9 |
| BAYER CROPSCIENCE LTD | 14,737 | 21.4 | 4.97 | — | 23.2 | 27.3 | — | 22.7 |
| SHARDA CROPCHEM LTD. | 6,172 | 9.9 | 1.97 | 5.0 | 21.7 | 25.2 | 17.1 | 20.5 |
| DHANUKA AGRITECH LTD | 4,008 | 13.7 | 2.86 | 8.9 | 21.2 | 27.0 | 12.7 | 27.4 |
| RALLIS INDIA LTD | 3,557 | 22.2 | 2.10 | 12.0 | 9.7 | 12.5 | — | 0.9 |
| BHAGIRADHA CHEM & INDS L | 2,668 | 97.0 | 3.82 | 48.4 | 2.6 | 2.4 | 11.0 | 16.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 18.0 | 19.0 | 12 of 24 | 52% |
| P/B | 2.8 | 2.2 | 19 of 28 | 30% |
| ROCE | 17.3 | 12.5 | 7 of 29 | 79% |
| ROE | 15.1 | 9.2 | 6 of 28 | 82% |
| Debt / Equity | 0.4 | 0.3 | 17 of 29 | 43% |
| EBITDA margin | 11.9 | 14.8 | 17 of 28 | 41% |
| Revenue growth | 8.7 | (0.8) | 8 of 28 | 74% |
| Profit growth | 7.0 | 18.1 | 18 of 28 | 37% |
| Market cap | 1178 | 1334 | 16 of 29 | 46% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Punjab Chemicals to hold Q2 FY27 post-results conference call | board shareholder meetings | low | — | — |
| 19 Oct 2026 · Board meeting on Nov 3, 2026 to consider Q2/H1 FY27 results | results | low | — | — |
| 6 Oct 2026 · Routine RTA Compliance Certificate Filed for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · CARE upgrades PCCPL rating to A- Stable, boosts bank facility limits | credit debt | high | — | — |
| 29 Sept 2026 · Trading Window Closure From Oct 1 Ahead Of Q2 Results | compliance | minimal | — | — |
| 17 Sept 2026 · Investor meet with MetLife Investment Management on Sep 22, 2026 | board shareholder meetings | low | — | — |
| 26 Aug 2026 · Court relief in IGST demand case worth about Rs 44.96 crore | regulatory legal | high | — | — |
| 26 Aug 2026 · Punjab Chemicals to meet Fortitude Fund on Sept 1, 2026 | board shareholder meetings | low | — | — |
| 20 Aug 2026 · Analyst meet with Swan Investments on 25 Aug 2026 at 3 PM | board shareholder meetings | low | — | — |
| 5 Aug 2026 · Q1 FY27 earnings call transcript filed with exchanges | investor communications | medium | — | — |
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.