Prasol Chemicals IPO
Prasol Chemicals IPO is a mainboard IPO raising ₹500 Cr at ₹643 – ₹676 a share. It listed on 16 Sept 2026 at ₹610, −9.8% against its issue price of ₹676, and trades at ₹739 today (+9.4% since issue). It was subscribed 3.30× in total.
3.3 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Prasol Chemicals Limited, incorporated in 1992, is an Indian manufacturer of specialty chemicals built around two core chemistries — acetone-based and phosphorous-based — plus other customised specialty chemicals (surfactants, esters, ethers, polymers, acids). It makes over 150 products used as raw materials/intermediates across five end-industries: performance chemicals (lubricant additives, mining chemicals), PICA (paints, inks, construction, adhesives), pharmaceuticals, agrochemicals, and home & personal care. It sells to over 1,600 customers and exports to 69 countries from two plants in Maharashtra.
How it earns
Revenue comes from B2B sales of manufactured specialty chemicals, with a small addition (under 1%) from job work, commissions, scrap sales and other operating income.
Who buys
Over 1,600 customers across 56 countries in FY26 (served during the year; distribution network spans 69 countries as of June 30, 2026). Named marquee customers include Alembic Pharmaceuticals, Bharat Rasayan, Carl Bechem Lubricants (India), CentiChem b.v., Clean Science and Technology, Croda India, Coromandel International, DutCH2 B.V., Everest Organics, Gharda Chemicals, GreenChem Industries LLC, GSP Crop Science, Hari Orgochem, Indian Additives, Lubrizol India, MSN Laboratories, NGL Fine-Chem, Rossari Biotech, Supriya Lifescience, Yasho Industries and others. Customer concentration is moderate: top 3 = 11.57% of FY26 revenue, top 5 = 15.41%, top 10 = 23.68% (FY26). Repeat customers drove 93.28% of FY26 revenue.
Scale
2 manufacturing facilities at Khopoli and Mahad, Maharashtra, with aggregate installed capacity of 98,644 metric tonnes per annum; sales team of 36; 150+ commercial products and 40 in the R&D pipeline as of June 30, 2026. FY26 revenue from operations: ₹12,325.93 million ≈ ₹1,232.59 crore (1 crore = 10 million).
What it says sets it apart
- Largest importer of acetone in India (CY 2022–2025) and only manufacturer of isophorone in India; among the top 5 users of yellow phosphorous in India (CY 2022–2025).
- Diversified across 5 application industries and 150+ products, reducing exposure to any single end-market cycle.
- In-house R&D team of 37 (including 4 PhDs and 25 chemists) with a pipeline of 40 products under development (9 past pilot stage); 13 new products commercialised between April 2023 and June 30, 2026.
- Long-standing customer relationships — e.g., 15–16 years with customers in Performance Chemicals, Pharmaceuticals and Home & Personal Care, with product per customer expanding from 1 to 4–9 over the relationship.
- Government of India-certified 3 Star Export House with global distribution in 69 countries, REACH (EU and Korea) registrations, and 'Authorised Economic Operator' certification; consignment stockists in Houston and Rotterdam and sales presence in Shanghai and London.
Revenue mix
The prospectus gives overlapping breakdowns here, so the shares are not shown.
The numbers at a glance
The price they’re asking →derived: cut-off price Rs676 / stated EPS Rs14.33 (FY2026 (year ended March 31, 2026) diluted EPS, as stated in Basis for Issue Price table; also reflected as standalone in the peer comparison table). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (FY2026 is Restated Standalone; FY2025 and FY2024 are Restated Consolidated (subsidiary struck off in July 2025, so FY2026 reported on standalone basis only)). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹1,233 Cr+22% | ₹83 Cr+91% | 6.7% | ₹449 Cr | ₹110 Cr |
| FY2025 | ₹1,012 Cr+16% | ₹44 Cr+140% | 4.3% | ₹367 Cr | ₹101 Cr |
| FY2024 | ₹877 Cr | ₹18 Cr | 2.1% | ₹326 Cr | ₹82 Cr |
Where the money goes
The offer →84% of this issue is existing shareholders cashing out — only the fresh issue reaches the business.
How its cohort has done
101 mainboard issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
QIB: 7.22× their allocation. Retail: 1.70×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 14 risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
Led by DAM Capital Advisors Limited — median +3.3% across the 37 of its issues we can price. All lead managers →
What happens when
What to watch
- 84% of the issue is offer for sale — only ₹80 Cr of new money reaches the company.
- Priced at 47.2× earnings — 11% above the median of the peers the issuer itself names.
- The register's top risk: Mahad gas leak triggered a prolonged MPCB shutdown (prospectus page 43).
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track PRASOL CHEMICALS LIMITED
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.