BSE: 544584
SK Minerals & Additives Limite
Manufactures and trades specialty chemicals built on a nitrogen-phosphorus chemistry platform, spanning three product lines: feed additives, food additives, and polymer additives. FY26 revenue of Rs 317.89 crore grew 50% year-on-year, with manufacturing volumes rising from 2,800 MT to 4,600 MT against total sales volumes of 46,000 MT — meaning most sales still flow through trading rather than in-house production. In-house manufacturing currently accounts for 23% of revenue, with a stated target to lift this to 50% over two-to-three years. A 400 MT/month halogen-free flame retardant plant ('HOFNIL') — claimed to be India's first — is in customer trials with five buyers and is expected to deliver ~40% gross margins at peak Rs 100 crore revenue. Materials are the largest cost line at 17.2% of revenue, a low share for a chemical company that reflects the trading-heavy mix. Working capital cycle stands at 110 days and is described as under optimisation. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Feed additives, Food additives, Polymer additives (HOFNIL), In-house manufacturing (23%). Trading-heavy specialty chemicals platform scaling up domestic manufacturing, with nitrogen-phosphorus chemistry spanning feed, food and polymer additives.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY26 |
|---|---|
| Revenue | 318 |
| EBITDA (ex other income) | 32 |
| margin % | 10.1 |
| Owners' profit | 18 |
| EPS, as reported (₹) | 17.29 |
| ROE % · ROCE % | 22.5 · 33.3 |
| Debt / equity (x) | 1.25 |
| Cash from operations | (75) |
| Capex | (19) |
Exhibit 2: Quarterly performance, last 3 quarters
| ₹ crore | Q2 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|
| Revenue | 110 | 208 | 64 |
| Profit before tax | 10 | 18 | 5 |
| Net profit | 7 | 11 | 4 |
| EPS (₹) | 7.79 | 9.50 | 3.03 |
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) | 19.7 | 23.0 | 38 of 99 | 62% |
| P/B | 6.1 | 2.8 | 84 of 99 | 15% |
| ROCE | 27.8 | 10.1 | 8 of 106 | 93% |
| ROE | 22.5 | 8.1 | 7 of 99 | 94% |
| Debt / Equity | 1.3 | 0.2 | 91 of 99 | 8% |
| EBITDA margin | 11.2 | 15.5 | 68 of 99 | 32% |
| Market cap | 490 | 697 | 57 of 108 | 48% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Compliance certificate under SEBI regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 5 Oct 2026 · SK Minerals 4th AGM: all 16 resolutions passed with 100% approval | board shareholder meetings | low | — | — |
| 1 Oct 2026 · AGM approvals: promoter family directors redesignated, secretarial auditor appointed | management changes | medium | — | — |
| 30 Sept 2026 · 4th AGM held on Sept 30, 2026 - 14 resolutions passed including RPTs and director pay | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closed ahead of Q2 FY26-27 results | compliance | minimal | — | — |
| 9 Sept 2026 · Newspaper notice published for 4th AGM on 30 September 2026 | compliance | minimal | — | — |
| 8 Sept 2026 · Notice of 4th AGM and Annual Report for FY 2025-26 | board shareholder meetings | medium | — | — |
| 8 Sept 2026 · SK Minerals 4th AGM on Sep 30, 2026; e-voting from Sep 27 to 29 | board shareholder meetings | low | — | — |
| 8 Sept 2026 · SK Minerals appoints Finportal as Investor Relations Agency | business updates | low | — | — |
| 7 Sept 2026 · Board approves AGM, director re-designations and auditor changes | 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.