Laxmi Organic Industries Ltd(LXCHEM)

NSE: LXCHEMBSE: 543277

₹ 150.6-3.46%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 4,185 crNext results: 5 Nov 2026Website: www.laxmi.comUpdated: 24 Oct 2026

About

Laxmi Organic Industries is an Indian specialty chemicals manufacturer operating two businesses: Essentials (acetyl intermediates, primarily ethyl acetate) and Specialties (ketene and diketene derivatives, fluoro intermediates). In Q1 FY27 consolidated revenue reached INR 9,683 mn, growing 40% year-on-year. The company is expanding its Dahej site for diketene derivatives and targets a position among the world's top-three producers of diketene-based products.^[1][2]

Business segments

Specialties segment: ketene/diketene derivatives and fluoro intermediates. Revenue was INR 2,418 mn in Q1 FY27 (+17% YoY), representing ~25% of consolidated Q1 FY27 revenue.^[1]
Full-year FY26 Specialties revenue was INR 7,791 mn (-18% YoY), weighed by an agro-intermediate phase-out (~10% of topline), price moderation, and deferred customer shipments.^[3]

Operations and capacity

Essentials plants run at 90 - 95% utilisation as of Q2 FY26; management confirmed existing Mahad assets are fully utilised, with future Essentials volume growth dependent on new capacity at Dahej and Lote.^[4][2]
World-scale ethyl acetate plant at Lote was commissioned in Q1 FY27; dispatches to customers have commenced, adding Essentials volume capacity.^[1][3]
Dahej Phase 1 synthetic organic chemicals facility is online and supplying an anchor customer under a multiyear take-or-pay contract.^[2][4]
Lote electrochemical fluorination plant delivered 40 - 45% of peak revenues (approximately INR 70 - 80 cr) in FY26, with a good order book entering FY27.^[3][2]
Laxmi operates tank terminals in Antwerp and Genova supporting European export logistics.^[4]

Key operating metrics

Enterprise-level volume growth was ~10% YoY in Q1 FY27; the remainder of the 40% revenue growth came from price and product mix.^[1]
Essentials EBITDA margin was 11 - 12% in Q1 FY27 (upcycle); management guides mid-single-digit EBITDA margin over the full cycle.^[1]
Gross margin was 37.5% in Q1 FY27 (+660 bps YoY), recovering from 30.0% in Q3 FY26 and 33.6% in Q4 FY26.^[1][2][3]
Ethyl acetate spread over acetic acid and ethanol recovered from ~$90 - 100/MT in Q2 FY26 to ~$130/MT in Q3 FY26; acetic acid prices spiked ~200% from the March 2026 base by Q1 FY27.^[2][1]
Specialty EBITDA margin ambition is 20 - 25% over the medium term; not achievable in the near term given ongoing capacity ramp-up.^[1]

Customers and distribution

Top-10 customers accounted for 23% of revenue in Q1 FY27, indicating a broadly diversified customer base.^[1]
Europe's share of export revenue rose from 23% in H1 FY25 to 39% in H1 FY26, driven partly by structural shutdowns of non-competitive European chemical capacity.^[4]
Dahej Phase 1 anchor customer is on a long-term multiyear contract with a majority of Phase 1 capacity tied up.^[4]

Expansion and capex

Dahej Phase 2 (diketene derivatives, ~65% of INR 710 cr total Dahej capex): chemical charging targeted Q2 FY27, customer qualification in Q3 FY27, initial ramp-up in Q4 FY27, full ramp into FY28 - FY29.^[1][2]
Total capex envelope for all sites including Dahej is estimated at INR 125 - 150 cr for full-year FY27.^[1]
Project Vaayu (SF6-replacement gas for Hitachi Energy EconiQ switchgear): 60 MT capacity, INR 75 cr capex, mechanical completion targeted early Q3 FY27; revenue expected from FY28.^[4][1]
Lote fluorination peak revenue target is ~INR 200 cr; Hitachi Vaayu revenue (~INR 90 cr at ~1.2x asset turn) is incremental to this peak.^[4]
Post-Dahej ramp, Laxmi targets a position as globally #3 producer of diketene-based products.^[2]

Debt and capital structure

Term debt peaked at approximately INR 6,100 mn as of Q1 FY27 with the Dahej capex cycle nearing completion; net debt-equity ratio is ~0.3x.^[1]
Term debt repayment is scheduled to begin in FY28 and continue over five years from the peak of ~INR 610 cr.^[1]

Recent developments

Amit Jain, formerly CFO at Gharda Chemicals with 30 years of chemicals and pharma experience, joined Laxmi Organic as CFO on 16 June 2026.^[3]
Since March 2026, logistic costs doubled and multiple surcharges were triggered by the Middle East conflict, acting as a negative drag on margins.^[3]
Electrochemical fluorination is being positioned as a technology platform for new specialty product development; partnerships to be announced in due course.^[1]
Supply chain digitisation project was targeted to go live in Q2 FY27.^[3]

Market Cap

₹4,185 Cr

High / Low

₹208 / 107

Stock P/E

33.3

Price / Book

2.1

Book Value

₹72

EPS

₹2.9

No. of Shares

27.71 Cr

ROCE

4.7%

ROE

4.1%

OPM

3.9%

Debt / Equity

0.27

Sales

₹2,847 Cr

Net Profit

₹79 Cr

Promoter holding

69.2%

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