NSE: TGVSL · BSE: 507753
T G V SRAAC LTD.
Manufactures chlor-alkali and chlorinated chemicals at a single site, with the Chemicals segment generating almost all of the Rs 1,950.24 crore FY26 revenue. The product slate covers potassium hydroxide, liquid chlorine, methylene chloride, chloroform, carbon tetrachloride, and hydrochloric acid (from chloromethane by-products), with capacity for each raised effective April 2026. A small Oils & Fats line has run losses across recent quarters. The Power Plant has been classified as discontinuing operations. The company operates captive solar generation, capacity built up to 62.90 MWp through recent additions, partly offsetting its power and fuel bill. The cost stack is led by other operating expenses at 46.0% of revenue and raw materials at 31.9%, while capex ran at 16.9% of revenue in FY26, consistent with ongoing capacity expansions. Net profit for FY26 was Rs 131.89 crore, on an EBITDA margin of 18.78%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Chemicals, Oils & Fats, Power Plant. Asset-heavy, capex-intensive commodity chlor-alkali producer with captive power
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,525 | 2,326 | 1,546 | 1,749 | 1,950 |
| EBITDA (ex other income) | 317 | 537 | 173 | 225 | 350 |
| margin % | 20.8 | 23.1 | 11.2 | 12.9 | 17.9 |
| Owners' profit | 134 | 362 | 61 | 92 | 132 |
| EPS, as reported (₹) | 12.53 | 33.77 | 5.67 | 8.60 | 12.31 |
| ROE % · ROCE % | 18.0 · 22.5 | 34.6 · 36.1 | 5.5 · 7.9 | 7.8 · 10.4 | 10.2 · 12.6 |
| Debt / equity (x) | 0.57 | 0.22 | 0.29 | 0.28 | 0.25 |
| Cash from operations | 213 | 429 | 164 | 195 | 338 |
| Capex | (138) | (171) | (246) | (142) | (330) |
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 | 379 | 428 | 455 | 487 | 491 | 500 | 448 | 511 |
| Profit before tax | 19 | 45 | 32 | 30 | 52 | 50 | 38 | 38 |
| Net profit | 14 | 33 | 24 | 22 | 39 | 37 | 28 | 28 |
| EPS (₹) | 1.27 | 3.07 | 2.22 | 2.02 | 3.61 | 3.46 | 2.61 | 2.61 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Chemicals | 1,928 | 97.9 |
| Oils & Fats | 40 | 2.1 |
| Total, before eliminations | 1,969 | 100.0 |
Exhibit 4: 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.4 | 17.4 | 14 of 50 | 74% |
| P/B | 0.9 | 1.4 | 25 of 60 | 59% |
| ROCE | 11.1 | 6.0 | 19 of 62 | 71% |
| ROE | 10.2 | 5.0 | 17 of 60 | 73% |
| Debt / Equity | 0.3 | 0.2 | 32 of 60 | 48% |
| EBITDA margin | 17.0 | 13.3 | 19 of 58 | 68% |
| Revenue growth | 5.0 | 6.7 | 30 of 54 | 45% |
| Profit growth | 29.0 | 21.0 | 29 of 64 | 56% |
| Market cap | 1237 | 98 | 12 of 66 | 83% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 10 Oct 2026 · Submission of newspaper publication for physical share transfer window | compliance | minimal | — | — |
| 7 Oct 2026 · Monthly update on physical share transfer re-lodgement for September 2026 | compliance | minimal | — | — |
| 6 Oct 2026 · Compliance certificate for dematerialization of securities for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · Solar power capacity raised from 70.40 to 75.40 MWp | capex operations | medium | — | — |
| 28 Sept 2026 · Kindly note that the Solar Power generating Capacity of the Company will be increased from the existing 65.40 MWp to 70.40 MWp (i.e., addition of 5.0 MWp). Kindly take on record. | capex operations | medium | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1, 2026 for Q2/H1 FY27 results | compliance | minimal | — | — |
| 26 Sept 2026 · Shareholders approve expansion of business objects to include real estate | corporate actions | medium | — | — |
| 26 Sept 2026 · TGV SRAAC 44th AGM: All 11 resolutions passed, Rs 1 dividend approved | compliance | minimal | — | — |
| 26 Sept 2026 · 44th AGM approves 10% dividend, director reappointments and higher borrowing powers | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Solar power capacity addition of 2.5 MWp at T G V SRAAC Limited | capex operations | 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.