Manufactures specialty chemicals — primarily pigments and dyes — at four production facilities located in Palghar, Tarapur, Ambernath, and Sayakha (Gujarat). The Sayakha plant commenced operations in 2026, becoming the company's fourth manufacturing site alongside the three existing ones. Beyond its core pigment and dye lines, the company booked its first commercial order in a newly developed organic intermediate for the automotive sector after 18 months of approvals, and has launched a new membrane and water-treatment vertical under the "Adimem" brand. FY26 total revenue stood at ₹175.40 crore, with raw materials the largest input cost at 39.4% of revenue, followed by other operating expenses at 18.3% and employee costs at 6.8%. Capital work-in-progress rose to ₹3,894 lakhs by year-end, largely tied to the Sayakha expansion and funded in part by a ₹27.54 crore preferential allotment in December 2025. The customer base spans industrial buyers across textile, automotive, and water-treatment sectors. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Pigments and Dyes, Organic Intermediates, Membranes and Water Treatment. Asset-light specialty chemicals manufacturer diversifying from core pigments and dyes into automotive intermediates and water-treatment membranes.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 133 | 134 | 150 | 163 | 175 |
| EBITDA (ex other income) | 15 | 12 | 12 | 15 | 17 |
| margin % | 11.0 | 8.7 | 7.8 | 8.9 | 9.8 |
| Owners' profit | 0 | 0 | 3 | 4 | 7 |
| EPS, as reported (₹) | 5.70 | 1.47 | 2.57 | 2.70 | 3.84 |
| ROE % · ROCE % | 13.4 · 19.0 | 3.5 · 8.7 | 5.8 · 11.4 | 6.9 · 12.3 | 5.9 · 8.8 |
| Debt / equity (x) | 0.58 | 0.59 | 0.53 | 0.72 | 0.45 |
| Cash from operations | 2 | 10 | 5 | 1 | 11 |
| Capex | (13) | (3) | (7) | (16) | 0 |
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 38 | 39 | 41 | 44 | 38 | 39 | 46 | 52 |
| Profit before tax | 2 | 2 | 2 | 1 | 2 | 2 | 3 | 3 |
| Net profit | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 |
| EPS (₹) | 0.87 | 0.81 | 1.11 | 0.47 | 0.86 | 1.15 | 1.10 | 1.10 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,59,479 | 60.2 | 14.43 | 42.3 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 73,583 | 34.0 | 5.24 | 22.7 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 52,514 | 85.7 | 6.64 | 41.5 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 43,836 | 55.4 | 11.03 | 39.5 | 16.7 | 16.4 | 23.0 | 37.5 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Sept 2026 · 54th AGM notice and Annual Report FY 2025-26 dispatched to shareholders | compliance | low | — | — |
| 8 Sept 2026 · 54th AGM Set for September 30; E-voting Opens September 23 | compliance | minimal | — | — |
| 7 Sept 2026 · Analyst Meet Held With 9 Brokerages, No UPSI Shared | investor communications | low | — | — |
| 7 Sept 2026 · AGM on 30 Sep 2026; record date 23 Sep 2026 for FY26 dividend | corporate actions | medium | — | — |
| 7 Sept 2026 · Vipul Organics fixes 23 Sept 2026 as record date for FY26 dividend | corporate actions | medium | — | — |
| 7 Sept 2026 · Annual Report FY26 filed with 54th AGM notice | results | medium | — | — |
| 7 Sept 2026 · Vipul Organics 54th AGM on Sep 30, 2026; 8% dividend, director pay hikes, expansion | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Investor Presentation Q1 FY27: Sayakha Live, Membrane Expansion | investor communications | medium | — | — |
| 3 Sept 2026 · Crisil rates bank loan facilities at BB+/Stable, total Rs 72 Cr | credit debt | medium | — | — |
| 3 Sept 2026 · Newspaper ad published for 54th AGM on 30 Sep 2026 via video conferencing | compliance | minimal | — | — |
| 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 |
| AETHER INDUSTRIES LIMITED |
| 22,229 |
| 94.3 |
| 9.05 |
| 60.4 |
| 8.9 |
| 11.4 |
| — |
| 33.8 |
| DEEPAK NITRITE LTD | 21,769 | 27.8 | 3.71 | 22.4 | 9.4 | 10.2 | 12.6 | 21.5 |
| ATUL LTD | 18,401 | 23.1 | 2.92 | 14.9 | 10.9 | 13.3 | 10.9 | 23.1 |
| AARTI INDUSTRIES LTD | 17,846 | 33.6 | 3.00 | 18.8 | 7.0 | 4.4 | 13.0 | 16.2 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 64.1 | 23.4 | 87 of 103 | 16% |
| P/B | 4.4 | 2.9 | 72 of 99 | 28% |
| ROCE | 7.2 | 10.3 | 66 of 108 | 39% |
| ROE | 5.9 | 8.1 | 64 of 101 | 37% |
| Debt / Equity | 0.5 | 0.2 | 79 of 101 | 22% |
| EBITDA margin | 9.9 | 15.5 | 74 of 99 | 26% |
| Revenue growth | 18.4 | 24.4 | 57 of 94 | 40% |
| Profit growth | 152.3 | 55.1 | 22 of 92 | 77% |
| Market cap | 514 | 732 | 59 of 107 | 45% |
| 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 |
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