Kanoria Chemicals & Industries Ltd(KANORICHEM)

NSE: KANORICHEMBSE: 506525

₹ 174.3+5.00%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 762 crWebsite: www.kanoriachem.comUpdated: 24 Oct 2026

About

Kanoria Chemicals & Industries makes formaldehyde-based chemicals at plants in Gujarat and Andhra Pradesh. Its products include formaldehyde, pentaerythritol, hexamine and phenolic resins. Through a wholly owned subsidiary, it also runs an integrated denim unit in Ethiopia. Reported revenue was Rs 981.43 Cr in FY26, and the company says it leads the market in most of its products.^[1][2]

Business segments

Alco Chemicals made up 89.2% of segment revenue in FY26, at Rs 875.35 Cr.^[3]
Textile, the Ethiopian denim business, made up 10.8% of segment revenue in FY26, at Rs 106.08 Cr.^[3]
In FY25 the segments were Electronic Automotive at Rs 782.4 Cr, Alco Chemicals at Rs 678.3 Cr and Textile at Rs 76.01 Cr.^[1]
APAG Holding AG, the automotive and industrial electronics business, stopped being a subsidiary during FY26. Its results are now shown as discontinued operations.^[4]

Products and market position

The Alco Chemicals Division makes formaldehyde, pentaerythritol, hexamine, sodium formate, phenolic resins and acetaldehyde (FY25).^[1]
Product mix by share of operating revenue: formaldehyde (37%) 47%, pentaerythritol 13%, methanol trading 12%, hexamine 11% and phenol FDH resin 10%.^[4]
The company says it leads the market in most of its products and has a significant presence in the rest (FY25).^[1]
The company developed its manufacturing technologies for pentaerythritol, hexamine and phenolic resins in-house.^[1]

Operations

The chemical plants are at Ankleshwar (Gujarat), Vizag (Andhra Pradesh) and Naidupet (Andhra Pradesh).^[1]
Kanoria Africa Textiles plc, a wholly owned subsidiary, runs an integrated denim manufacturing unit in Ethiopia.^[1]
Alco Chemicals production volumes rose in FY25 compared with FY24, driven by capacity expansion and steady demand.^[1]
Methanol is one of the company's major raw materials, and its price volatility is a key risk (FY25).^[1]
The company had 389 permanent employees at the end of FY25.^[1]

Key operating trends

In FY26 the Ethiopian textile unit (KAT) used more of its capacity and sold more, and its revenue grew 40%. Its EBITDA margin was 18.1% in FY26, up from 1.7% in FY25.^[4]
KAT still made a net loss of INR 1,267 lakhs in FY26.^[4]

Customers

The chemicals division mainly serves the construction, infrastructure, paint, pharma and agrochemicals sectors (FY25).^[1]
APAG makes electronics for automotive and industrial customers in Europe and North America (FY25).^[1]

Expansion and capex

On 07.10.2026 the company launched a new Triacetin plant with 12 TPD capacity at its existing site in GIDC, Ankleshwar, Gujarat.^[5]
A speciality chemicals project for penta derivatives was expected to be commissioned shortly, as of the Q1 FY27 call.^[4]
The company is pursuing capacity additions in formaldehyde and resin (Q1 FY27 call).^[4]
The company is evaluating more weaving capacity at KAT in Ethiopia. It expects the extra capex to be moderate because other departments have surplus capacity.^[4]
Promoters are to contribute INR 49.5 crore through 7% NCRPS (Q1 FY27 call).^[4]

Recent developments

In FY26 the company recorded a INR 9,765 lakh gain when it lost control of APAG Holding AG.^[4]
Under the agreed APAG deal, a strategic investor acquires 63% of the business and the company keeps 14.3% of the diluted shareholding (FY25).^[1]
The company sold its 5.0 MW solar power plant at Village Bap, Jodhpur, Rajasthan on a slump sale basis (FY25).^[1]
CARE downgraded the company's long-term bank facilities from CARE BBB to CARE BB+ Stable, and rated short-term facilities A4+ (FY25).^[1]
The GPCB closure order on the Ankleshwar plant was revoked, and operations resumed on 10 October 2024.^[1]

Market Cap

₹762 Cr

High / Low

₹209 / 56

Stock P/E

4.7

Price / Book

1.3

Book Value

₹131

EPS

₹27.6

No. of Shares

4.37 Cr

ROCE

5.9%

ROE

22.1%

OPM

5.8%

Debt / Equity

0.51

Sales

₹981 Cr

Net Profit

₹113 Cr

Promoter holding

74.4%

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Kanoria Chemicals & Industries Ltd(KANORICHEM)

About

Business segments

Products and market position

Operations

Key operating trends

Customers

Expansion and capex

Recent developments

Signal history

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