NSE: YASHO · BSE: 541167
YASHO INDUSTRIES LIMITED
Manufactures specialty chemicals at four plants in India, with industrial chemicals contributing 87% of FY26 revenue and exports at 62% of revenue. Sells to over 2,000 customers across 21 Indian states and more than 50 countries, with end-use applications cited in data centers, solar, wind power, and turbine lubricants. FY26 revenue of ₹830 crores came on 33% volume growth, while plant capacity utilization was around 60-62% and EBITDA margin was 17.4%. A new R&D facility became fully operational in October 2025 to work on new molecules, and a 15-year supply contract was secured with a ₹51.4 crores advance received (rising to ₹98.12 crores by Q1 FY27), with revenue from this contract expected to start in FY28. Raw materials are the dominant cost at 59.9% of FY26 revenue. Management targets plant utilization above 75% in FY27 to lift EBITDA margin to around 20%, with FY27 capex guided at ₹125 crores (later raised to ₹250 crores in Q1 FY27). AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Industrial Chemicals (87%), Other chemicals (residual) (13%). Asset-heavy specialty chemicals manufacturer with high export exposure and capacity-utilisation-driven margin leverage.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 613 | 672 | 594 | 668 | 830 |
| EBITDA (ex other income) | 93 | 115 | 100 | 110 | 143 |
| margin % | 15.2 | 17.1 | 16.8 | 16.4 | 17.2 |
| Owners' profit | 0 | 0 | 58 | 6 | 25 |
| EPS, as reported (₹) | 47.25 | 59.54 | 50.83 | 5.32 | 20.95 |
| ROE % · ROCE % | 30.2 · 34.2 | 28.5 · 25.8 | 19.7 · 12.9 | 1.5 · 8.8 | 5.7 · 11.3 |
| Debt / equity (x) | 1.03 | 1.36 | 1.86 | 1.33 | 1.22 |
| Cash from operations | 16 | 33 | 122 | (42) | 151 |
| Capex | (61) | (154) | (334) | (3) | (67) |
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 | 164 | 149 | 183 | 199 | 382 | 202 | 246 | 308 |
| Profit before tax | 5 | (2) | 8 | 6 | 12 | 6 | 17 | 49 |
| Net profit | 4 | (1) | 5 | 4 | 9 | 4 | 12 | 36 |
| EPS (₹) | 3.82 | (0.72) | 4.38 | 3.02 | 7.05 | 3.73 | 10.17 | 29.90 |
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 | 1,42,095 | 53.6 | 12.86 | 37.6 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 69,659 | 32.2 | 4.96 | 21.6 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 47,075 | 76.8 | 5.95 | 37.4 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 43,610 | 55.1 | 10.97 | 39.3 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 20,905 | 88.6 | 8.51 | 56.8 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 20,257 | 25.9 | 3.45 | 21.0 | 9.4 | 10.2 | 12.6 | 21.5 |
| AARTI INDUSTRIES LTD | 15,871 | 29.9 | 2.67 | 17.1 | 7.0 | 4.4 | 13.0 | 16.2 |
| FINE ORGANIC IND. LTD. | 15,604 | 35.6 | 5.86 | 25.5 | 15.7 | 20.0 | 15.9 | 28.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 64.3 | 23.1 | 84 of 99 | 15% |
| P/B | 8.9 | 2.8 | 91 of 99 | 8% |
| ROCE | 4.3 | 10.1 | 79 of 106 | 26% |
| ROE | 5.7 | 8.1 | 63 of 99 | 37% |
| Debt / Equity | 1.2 | 0.2 | 90 of 99 | 9% |
| EBITDA margin | 24.2 | 15.5 | 27 of 99 | 74% |
| Revenue growth | 54.9 | 24.4 | 14 of 94 | 86% |
| Profit growth | 889.2 | 55.1 | 5 of 92 | 96% |
| Market cap | 3940 | 699 | 26 of 108 | 77% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Q2 FY27 revenue and profit surge on strong volume growth | compliance | low | — | — |
| 28 Oct 2026 · Yasho Q2 FY27 revenue up 90%; FY28 target above Rs 1,600 crore | investor communications | medium | — | — |
| 28 Oct 2026 · Q2 FY27 revenue up 89.5% and profit after tax up 593.4% | investor communications | medium | — | — |
| 28 Oct 2026 · Q2 revenue rises 91%, profit jumps to Rs 30.65 crore | results | high | — | — |
| 28 Oct 2026 · Q2 revenue nearly doubles as profit jumps to Rs 30.65 crore | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Conference call set for October 29 to discuss Q2 and H1 FY27 results | board shareholder meetings | low | — | — |
| 21 Oct 2026 · Board meeting on Oct 28, 2026 to approve Q2 and H1 FY26-27 results | results | low | — | — |
| 13 Oct 2026 · Postal Ballot Results: All 3 Special Resolutions Approved by Shareholders | board shareholder meetings | medium | — | — |
| 13 Oct 2026 · Postal Ballot: 3 Special Resolutions Approved by Shareholders | board shareholder meetings | low | — | — |
| 9 Oct 2026 · Compliance certificate under SEBI Reg 74(5) for Sep 2026 quarter | compliance | 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.