BSE: 506854
TANFAC INDUSTRIES LTD.
Manufactures fluorochemicals at an integrated 60-acre facility in Cuddalore with 135,000 MTPA of installed capacity, producing hydrofluoric acid (HF), solar-grade DHF (dihydrogen fluoride), sulphuric acid, and specialty fluorides. The company is the first and only solar-grade DHF manufacturer in India and is building a 20,000 MTPA HFC-32 refrigerant gas plant targeted for Q3 FY27 commissioning. Revenue grew roughly 5x from ₹148 cr (FY21) to ₹711 cr (FY26), with FY26 revenue up 28% year-on-year; the solar-grade DHF plant commissioned in FY26 alone has an order book of ₹1,068 cr to be executed over 3.5 years. HFC-32 is the next growth engine — the 20,000 MTPA plant has 65% of capacity pre-contracted, with three long-term supply arrangements aggregating ~₹3,612 cr over 5-7 years plus an indefinite BlueStar agreement. Raw materials (fluorine, chlorine, sulphur-based inputs) make up 63.8% of revenue and are the dominant cost line, while planned capex of ₹495 cr for HFC-32 plus an additional ₹500-700 cr over 3-5 years is being funded via a ₹250 cr QIP, a ₹100 cr promoter preferential, and term debt. FY26 EBITDA margin was 16%, guided at 15-18% for the existing business with a 3-4% uplift expected post HFC-32 commissioning. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hydrofluoric acid (HF), Solar-grade DHF, Sulphuric acid, Specialty fluorides, HFC-32 refrigerant. Cyclical, asset-heavy specialty fluorochemicals with multi-year contracts and large expansion capex.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 320 | 375 | 378 | 557 | 711 |
| EBITDA (ex other income) | 75 | 75 | 71 | 129 | 112 |
| margin % | 23.5 | 19.9 | 18.7 | 23.1 | 15.8 |
| Owners' profit | 53 | 56 | 52 | 88 | 70 |
| EPS, as reported (₹) | 53.42 | 56.27 | 52.61 | 88.37 | 35.16 |
| ROE % · ROCE % | 39.9 · 53.1 | 30.5 · 40.5 | 22.8 · 30.1 | 28.3 · 38.1 | 18.8 · 25.4 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.13 | 0.25 |
| Cash from operations | 45 | 43 | 34 | 33 | 43 |
| Capex | (15) | (15) | (36) | (97) | (82) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 95 | 112 | 178 | 172 | 176 | 169 | 173 | 193 |
| Profit before tax | 15 | 26 | 46 | 31 | 25 | 23 | 20 | 25 |
| Net profit | 11 | 19 | 35 | 23 | 19 | 17 | 16 | 18 |
| EPS (₹) | 11.32 | 19.36 | 34.89 | 22.79 | 19.40 | 17.22 | 15.61 | 9.04 |
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) | 56.6 | 17.4 | 44 of 50 | 12% |
| P/B | 18.6 | 1.4 | 57 of 60 | 5% |
| ROCE | 24.3 | 6.0 | 6 of 62 | 92% |
| ROE | 18.8 | 5.0 | 8 of 60 | 88% |
| Debt / Equity | 0.3 | 0.2 | 31 of 60 | 49% |
| EBITDA margin | 16.0 | 13.3 | 20 of 58 | 67% |
| Revenue growth | 12.3 | 6.7 | 21 of 54 | 62% |
| Profit growth | (20.7) | 21.0 | 43 of 64 | 33% |
| Market cap | 6923 | 98 | 4 of 66 | 95% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board to review Q2 and half-year results on November 2, 2026 | board shareholder meetings | low | — | — |
| 17 Oct 2026 · ICRA reaffirms Tanfac ratings; total rated amount enhanced to Rs 225 cr | credit debt | medium | — | — |
| 10 Oct 2026 · BSE trading approval for 4.24 lakh preferential equity shares | capital market events | medium | — | — |
| 5 Oct 2026 · TANFAC Industries to attend Dhandho Valley 3.0 investor meet on Oct 9 | board shareholder meetings | low | — | — |
| 4 Oct 2026 · RTA certificate on dematerialisation of shares for Q2 FY26 | compliance | minimal | — | — |
| 30 Sept 2026 · Tanfac Industries closes trading window ahead of Q2 results | compliance | minimal | — | — |
| 9 Sept 2026 · Tanfac allots 4,24,647 preferential shares at Rs 2,341 each, raises Rs 99.41 cr | fund raising | medium | — | — |
| 3 Sept 2026 · Newspaper notice published for 52nd AGM and e-voting details | compliance | minimal | — | — |
| 1 Sept 2026 · Book Closure and Record Date for 52nd AGM, Final Dividend FY26 | board shareholder meetings | low | — | — |
| 1 Sept 2026 · TANFAC Industries submits BRSR for FY 2025-26 with TUV SUD limited assurance | compliance | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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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.