Platinum Industries Ltd(PLATIND)

NSE: PLATINDBSE: 544134

₹ 228.15+1.83%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 1,253 crWebsite: www.platinumindustriesltd.comUpdated: 24 Oct 2026

About

Platinum Industries makes PVC stabilisers, CPVC compounds and related additives, and is adding oleo chemicals and Egypt-based manufacturing. It reported revenue of 450.44 (Rs Cr) in FY26. It holds a 13% share of the domestic PVC stabiliser market and is the third-largest player, according to a CRISIL report cited in its FY25 annual report.^[1][2]

Business segments

PVC stabilisers and additives made up about 70% of FY26 consolidated revenue. CPVC compounds made up about 30%, having grown to about ₹110 cr in FY26.^[3]
In FY25 the company reported one segment, PVC & CPVC additives and related products. Standalone revenue was ₹282.13 cr from within India and ₹42.76 cr from outside India.^[2]
Oleo chemicals started as a new segment in April 2026 through a CDMO / seed-marketing route. It generated ₹5.3 cr in Q1 FY27, including exports to Malaysia and Turkey.^[4]

Products and portfolio

The PVC range covers lead-free, calcium-zinc and lead-based stabilisers for rigid and flexible PVC, mainly serving pipes and fittings (as of Q1 FY27).^[4]
CPVC compounds are used in hot-water plumbing pipes. CPVC gross margin was about 18% in Q1 FY27, compared with 6-7% at launch two years earlier.^[4]
The oleo chemicals business targets oleamides, erucamide and ester waxes for the polyolefins sector.^[5]
A stearates (metallic soap) line with 6,000 TPA of new capacity is expected to start commercial production in September/October 2026.^[4]

Manufacturing capacity and operations

Palghar Unit 1 has about 25,000 TPA of installed capacity and Palghar Unit 2 about 60,000 TPA. Unit 2 commissioning was completed on 21 May 2026.^[3]
Unit 2 adds 24,000 TPA of lead-free PVC, 24,000 TPA of CPVC and 12,000 TPA of lubricants and other products. Its 12,000 TPA CPVC portion started in August 2025.^[4]
Egypt power costs ₹2.9-3/unit, against ₹14.5-15/unit in Maharashtra. As a result, the contribution margin on lead products is 23-24% in Egypt versus 18-19% in India (Q3 FY26).^[5]
Egypt subsidiary PSEL is setting up a plant for PVC stabilisers, stearate and CPVC. It had nil turnover in FY26, a loss after tax of 8.13 million and net worth of 751.15 million.^[6]
Oleo chemicals subsidiary POCPL recently started operations. It had nil turnover in FY26 and net worth of 0.84 million.^[6]

Key operating numbers

The Palghar CPVC line ran at 60-65% utilisation as of February 2026. Overall Palghar Unit 2 utilisation was expected at about 30-35% in Q2-Q3 FY27 during ramp-up.^[5]
Indian PVC industry volumes fell 10-12% in April-December 2025. Demand began recovering from mid-January 2026 after China withdrew its 13% export rebate.^[5]

Customers and distribution

Exports were about 15% of revenue as of Q1 FY27, shipped from India to 30+ countries, including Eastern Europe and Southeast Asia.^[4]
PVC stabiliser customers are concentrated in pipes and fittings. Weak pipe demand pulled Q1 FY27 revenue down to ₹108.9 cr from ₹115.4 cr in Q1 FY26.^[4]
The Egypt plant is planned to sell 50% to the Egyptian domestic market and export 50% to MENA, Europe and the USA.^[3]
The FY25 annual report lists planned new markets: Russia, Eastern Europe, Southeast Asia, South America, Western Europe, the USA and Japan.^[2]

Expansion and capex

Egypt 60,000 TPA greenfield plant: about ₹68 cr capex, with commercial production committed by 31 December 2026. Its expected FY27 revenue was revised to ₹30-35 cr, from ₹50-60 cr.^[4]
FY27 planned capital investment in PSEL is 500 million, funded partly from the IPO monitoring account (73.65 million) and partly from internal accruals.^[6]
Own oleo chemicals plant: land has been acquired and design has started, with commissioning targeted about 1.5 years from August 2026. It was earlier sized at 40,000 TPA at ₹150-200 cr capex.^[4]
Guided peak revenue potential is ₹700-800 cr for Palghar Unit 2 over three years and about ₹300 cr for Egypt over three years after launch.^[4]
The company targets 35% revenue CAGR from FY26 to FY29.^[4]

Recent developments

The remaining 48,000 TPA of Palghar Unit 2 capacity started commercial production on 21 May 2026.^[4]
Platinum Oleo Chemicals made its first sales in April 2026 through CDMO manufacturing. FY27 revenue guidance was raised to ₹65-70 cr from ₹55-60 cr.^[4]
Rivadu LifeSciences (70% Platinum) was set up to enter nutraceuticals, APIs and excipients on an asset-light, hired-manufacturing model.^[5]
Special resolutions in the FY26 annual report seek approval for unsecured loans of up to ₹25 Cr each, at 9%, to POCPL and Rivadu Lifesciences.^[6]
The stearates plant was delayed from August 2026 to September/October 2026 because of equipment delivery issues.^[4]
The CEO resigned with effect from 1 February 2025 and the CFO with effect from 16 July 2025.^[2]

Market Cap

₹1,253 Cr

High / Low

₹298 / 184

Stock P/E

24.4

Price / Book

2.8

Book Value

₹81

EPS

₹9.5

No. of Shares

5.49 Cr

ROCE

15.8%

ROE

12.6%

OPM

14.9%

Debt / Equity

0.01

Sales

₹450 Cr

Net Profit

₹51 Cr

Promoter holding

70.0%

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