NSE: TATVA · BSE: 543321
TATVA CHIN PHARM CHEM LTD
Makes specialty chemicals across four operating segments — Phase Transfer Catalysts (PTC), Structure Directing Agents (SDA), Pharma & Specialty Chemical intermediates (PASC) and Electrolyte Salts. In Q1 FY27 the four segments generated segment revenue of ₹428M (PTC), ₹578M (SDA), ₹584M (PASC) and ₹63M (Electrolyte Salts); PTC is positioned as a process-enabling chemistry technology and SDA serves emissions-control applications where Euro 7 implementation is translating into revenue. PASC covers pharma intermediates, with the first molecule entering commercial production in Q1 FY27 and three new molecules expected to add ₹70-80 crore in FY27. The Dahej manufacturing site is essentially saturated and a Dahej-III greenfield unit has been approved with groundbreaking on 20 July 2026, targeting about ₹300 crore peak revenue. The largest input cost is raw materials at 51.9% of revenue, with amines among those whose prices have risen 30-40% on geopolitical factors; most increases are being passed to customers. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. PTC (Phase Transfer Catalysts), SDA (Structure Directing Agents), PASC (Pharma & Specialty Chemical Intermediates), Electrolyte Salts. Multi-vertical specialty chemicals manufacturer, asset-heavy with capacity expansions underway
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 434 | 424 | 394 | 383 | 506 |
| EBITDA (ex other income) | 108 | 57 | 68 | 34 | 93 |
| margin % | 25.0 | 13.5 | 17.3 | 8.9 | 18.4 |
| Owners' profit | 96 | 45 | 30 | 6 | 42 |
| EPS, as reported (₹) | 44.59 | 20.52 | 13.26 | 2.44 | 17.98 |
| ROE % · ROCE % | 20.3 · 22.4 | 8.8 · 10.2 | 4.1 · 6.8 | 0.8 · 1.2 | 5.4 · 7.6 |
| Debt / equity (x) | 0.25 | 0.33 | 0.02 | 0.05 | 0.15 |
| Cash from operations | 20 | 28 | 98 | 25 | 31 |
| Capex | (89) | (203) | (129) | (76) | (114) |
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 | 83 | 86 | 108 | 117 | 124 | 131 | 134 | 167 |
| Profit before tax | (1) | (0) | 2 | 9 | 14 | 18 | 17 | 21 |
| Net profit | (1) | 0 | 1 | 7 | 10 | 15 | 10 | 16 |
| EPS (₹) | (0.29) | 0.06 | 0.44 | 2.84 | 4.24 | 6.49 | 4.41 | 6.83 |
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) | 72.8 | 23.0 | 87 of 99 | 12% |
| P/B | 4.8 | 2.8 | 75 of 99 | 25% |
| ROCE | 7.2 | 10.1 | 63 of 106 | 41% |
| ROE | 5.4 | 8.1 | 65 of 99 | 35% |
| Debt / Equity | 0.1 | 0.2 | 46 of 99 | 54% |
| EBITDA margin | 20.2 | 15.5 | 37 of 99 | 63% |
| Revenue growth | 43.0 | 24.4 | 20 of 94 | 80% |
| Profit growth | 140.3 | 55.1 | 23 of 92 | 76% |
| Market cap | 3743 | 697 | 29 of 108 | 74% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 20 Oct 2026 · Newspaper publication of Q2 and H1 FY26-27 financial results | compliance | minimal | — | — |
| 19 Oct 2026 · Revised Q2 FY27 investor presentation fixes page 12 typo errors | investor communications | medium | — | — |
| 19 Oct 2026 · Investor presentation: Record quarterly revenue, margin pressure flagged as temporary | investor communications | medium | — | — |
| 19 Oct 2026 · Earnings call for Q2 and H1 FY27 cancelled due to unforeseen circumstances | board shareholder meetings | low | — | — |
| 19 Oct 2026 · Tatva Chintan Q2 FY27 results: revenue up 76%, PAT up 116% YoY | results | high | — | — |
| 16 Oct 2026 · Tatva Chintan to meet Motilal Oswal on 26 Oct 2026 | board shareholder meetings | low | — | — |
| 13 Oct 2026 · Tatva Chintan schedules Q2FY27 earnings call on October 19 | board shareholder meetings | low | — | — |
| 12 Oct 2026 · Board meeting on 19 Oct 2026 to approve Q2 and H1 FY27 results | results | low | — | — |
| 6 Oct 2026 · Compliance certificate for share dematerialization, Q2 FY27 | compliance | minimal | — | — |
| 26 Sept 2026 · 30th AGM voting results: all 10 resolutions passed | board shareholder meetings | minimal | — | — |
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.