Tatva Chintan Pharma Chem Ltd(TATVA)

NSE: TATVABSE: 543321

₹ 1,577.6+0.35%refreshed 26 Oct, 11:45 am ISTMarket cap: ₹ 3,690 crWebsite: www.tatvachintan.comUpdated: 24 Oct 2026

About

Tatva Chintan Pharma Chem Ltd is an Indian specialty chemicals manufacturer producing Structure Directing Agents (SDAs), Phase Transfer Catalysts (PTCs), pharma and agro intermediates, and electrolyte salts, operating from plants in Dahej and Ankleshwar, Gujarat. FY26 revenue reached ₹505.86 crore. The company reports a single specialty chemicals segment and sells predominantly to export markets, with two wholly-owned subsidiaries in the USA and Netherlands supporting global distribution.^[1][2]

Business segments

SDA (Structure Directing Agents) share rose to 45% of revenue in Q2 FY27 vs 41% in FY26, as EURO 7 implementation contributed meaningfully to sales.^[3]
SDAs are used as templates in zeolite synthesis for catalytic applications including emission-control converters; ₹578 mn in Q1 FY27 (+47% YoY).^[4]
PASC (Pharma, Agro & Specialty Chemicals): ₹584 mn in Q1 FY27 (+25% YoY, +63% QoQ). Covers agro intermediates, pharma intermediates and other specialty chemicals.^[4]
PTC (Phase Transfer Catalysts): ₹428 mn in Q1 FY27 (+47% YoY). PTCs facilitate reactions between immiscible phases across chemical synthesis applications.^[4]
ESS (Electrolyte Salts): ₹63 mn in Q1 FY27 (+76% YoY, -52% QoQ); sequential decline due to short supply of key raw materials from the Middle East crisis.^[4]

Operations and capacity

Installed reactor capacity of 791 KL across 39 assembly lines as of FY26 at Dahej and Ankleshwar, Gujarat.^[1]
Conventional plant utilisation ~80% in Q2 FY26; SDA plant utilisation ~50-55% in Q2-Q3 FY26.^[5]
Existing facilities assessed capable of ₹850-900 cr annual revenue at full utilisation, with debottlenecking capex of ₹10-12 cr per year (as of Q4 FY26).^[1]
R&D team of 56 people in Q2 FY27.^[3]
Two wholly-owned subsidiaries: Tatva Chintan USA Inc. and Tatva Chintan Europe B.V. (Amsterdam), serving as distribution arms.^[6]

Key operating numbers

Revenue from operations a record ₹2,173 mn in Q2 FY27, +76% YoY and +30% QoQ; H1 FY27 ₹3,844 mn vs ₹2,404 mn in H1 FY26.^[3]
Solvent input costs rose 60-100% in Q2 FY27; with freight inflation this held EBITDA margin near 19% despite employee and other costs each falling ~2% of revenue.^[3]

Customers and distribution

FY25: largest customer at 22% of revenue (down from 37% prior year); Tatva Chintan Europe B.V. 14% and Tatva Chintan USA Inc. 13%.^[7]
Exports in FY25: ₹2,191.76 mn vs domestic revenue of ₹1,444.26 mn.^[7]
Two new SDA customers onboarded for Euro 7 catalyst demand, the first expected to invoice from ~August 2026 (as of Q3 FY26).^[8]
ESS serves one energy-storage customer with weekly dispatches; hybrid battery electrolyte application progressing towards commercialisation (Q2 FY27).^[5][3]

Pipeline: semiconductor, pharma and agro

All five semiconductor products advancing through development, validation and customer qualification in Q2 FY27.^[3]
First plant-scale semiconductor chemical batch delivered and qualified in Q1 FY27, impurity below 1 ppb; full chip-use commercialisation not expected before Q4 2028.^[4]
First pharma intermediate began contributing by Q2 FY27; two more pharma molecules expected to commercialise in H2 FY27.^[3][4]
Management guided ₹70-80 cr pharma intermediate revenue in FY27 from three molecules, scaling to ₹200 cr at full utilisation.^[4]
Recently commercialised agro products performing well in Q2 FY27; pipeline piloting being accelerated.^[3]
8-9 pipeline products (excluding semiconductor chemicals) expected to commercialise before 2028.^[4]

Expansion and capex

Greenfield multipurpose facility, ₹200 cr investment, groundbreaking July 20, 2026; 18-21 month execution targeted, ~₹300 cr peak revenue.^[4]
Greenfield project on schedule in Q2 FY27; capital work in progress rose to ₹428 mn from ₹233 mn at March 2026.^[3]
Jolva (Dahej) Phase 1 capex ₹250-275 cr (₹100 cr FY27, ₹175 cr FY28), Phase 1 revenue potential ₹400-500 cr.^[1]
Glymes expansion shelved after Chinese monoglyme prices fell from ~$4.7 to $2.1 in 30 days; continuous-flow equipment repurposed.^[4]

Recent developments

Board approved raising maximum borrowing limit up to ₹1,000 crore (FY26 annual report).^[6]
Dividend of ₹2 per share proposed for FY26, up from ₹1 in FY25.^[6]
Euro 7 rollout across Europe driving SDA demand; extension to the US, Japan, China and India expected over 3-5 years.^[4]

Market Cap

₹3,690 Cr

High / Low

₹2,110 / 1,046

Stock P/E

58.4

Price / Book

4.5

Book Value

₹334

EPS

₹18.0

No. of Shares

2.34 Cr

ROCE

7.1%

ROE

5.5%

OPM

11.8%

Debt / Equity

0.15

Sales

₹506 Cr

Net Profit

₹42 Cr

Promoter holding

72.0%

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