Chemfab Alkalis Ltd(CHEMFAB)

NSE: CHEMFABBSE: 541269

₹ 297-6.91%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 427 crNext results: 28 Oct 2026Website: www.chemfabalkalis.comUpdated: 24 Oct 2026

About

Chemfab Alkalis Ltd makes chlor-alkali chemicals such as caustic soda and chlorine, and also makes OPVC (PVC-O) pipes. The company reported revenue of Rs 311.02 Cr for FY26. Chemicals and related products made up 70.0% of FY26 segment revenue and PVC-O pipes made up 30.0%.^[1][2][3]

Business segments

Chemicals and related products: Rs 218.15 Cr of revenue in FY26, 70.0% of the total, with an EBIT of Rs -17.1 Cr.^[2]
PVC-O pipes: Rs 93.47 Cr of revenue in FY26, 30.0% of the total, with an EBIT of Rs 15.9 Cr. Its share of revenue rose 6.1 percentage points over FY2020-FY2026.^[2]
In Q1 FY27, chemical segment revenue was Rs67.41 cr (+27.6% YoY) and OPVC revenue was Rs5.75 cr, down from Rs38.70 cr a year earlier.^[3]

Operations and capacity

OPVC capacity rose from 14,000 TPA to 20,000 TPA in FY26 after Lines 5 and 6 were commissioned.^[4]
Caustic capacity utilisation is stated as above 80% (Q1 FY27 call).^[3]
A 10 MW captive hybrid power supply started on 25 May 2026. The FY25 report described it as a hybrid renewable project run through an SPV, expected to save ₹15 crore a year.^[3][5]
A modernisation programme replaced the 1994-vintage electrolyser at a cost of about ₹56 cr. The Q4 FY26 call gives the commissioning date as 27 Nov 2025; the Q3 FY26 call gives 30 Dec 2025.^[4][6][5]

Key operating numbers

ECU realisation was ₹39,600/MT in Q1 FY27, up from ₹39,100/MT in Q4 FY26.^[3]
ECU realisation by quarter in FY26: ₹40,955/MT in Q1, ₹36,700/MT in Q2, ₹38,500/MT in Q3 and ₹39,100/MT in Q4 (Q4 FY25: ₹42,386).^[7][6][4]
Chemical segment EBITDA margin was 11.48% in Q1 FY27, against 1.17% in Q1 FY26 and 10.41% in Q4 FY26.^[3]
OPVC EBITDA margin was 41.57% in Q1 FY27, against 23.57% in Q4 FY26. Despite that margin, the OPVC segment made a pre-tax loss of Rs1.60 cr in the quarter.^[3][4]

Customers and markets

OPVC demand depends heavily on Jal Jeevan Mission (JJM) funding. No JJM funds were released between Oct 2024 and Mar 2026, and fund flows were still absent in Q1 FY27.^[4][3]
The company has been included in several state-level OPVC projects outside JJM and has taken OPVC pipes into new geographies (FY26).^[4][7]
BIS approved OPVC pipes for sewage use, which opens a new application segment (Q1 FY27 call).^[3]
Management projects the OPVC market will grow from ₹225 cr in FY26 to ₹1,000 cr by FY29.^[3]

Expansion and capex

OPVC Line 7 is due to start in Q2 FY27, taking capacity to 23,000 TPA. The target was earlier Q4 FY26.^[3][6]
The company is evaluating an additional OPVC facility in Central India (FY25 report).^[5]
A subsidiary decided to sell parts of the caustic soda plant assets held as capital work in progress (FY25 report).^[5]

Recent developments

On 08 Oct 2026, India Ratings affirmed the company's bank loan facilities at IND BBB+ with a Negative outlook, citing underused OPVC capacity and a slower recovery in operating performance.^[8]
For FY26, the board proposed a dividend of ₹125 per equity share (1250%).^[9]
Director Suresh Krishnamurthi Rao holds 9.91% of the company directly and 24% as beneficial owner (FY26 report).^[9]

Market Cap

₹427 Cr

High / Low

₹649 / 270

Stock P/E

-1876.5

Price / Book

1.2

Book Value

₹261

EPS

₹-2.4

No. of Shares

1.44 Cr

ROCE

1.6%

ROE

-0.9%

OPM

2.3%

Debt / Equity

0.33

Sales

₹311 Cr

Net Profit

₹-3 Cr

Promoter holding

72.1%

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Chemfab Alkalis Ltd(CHEMFAB)

About

Business segments

Operations and capacity

Key operating numbers

Customers and markets

Expansion and capex

Recent developments

Signal history

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Company data

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