Chemplast Sanmar Ltd(CHEMPLASTS)

NSE: CHEMPLASTSBSE: 543336

₹ 182.65-3.97%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,888 crWebsite: www.chemplastsanmar.comUpdated: 24 Oct 2026

About

Chemplast Sanmar is an Indian specialty and commodity chemicals manufacturer producing Suspension PVC, Paste PVC, custom synthesis chemicals, and value-added chemicals at plants in Mettur, Cuddalore and Karaikal. Its Custom Manufacturing and Chemical Division (CMCD) is expanding into global agrochemical and pharmaceutical intermediates supply, with 14 molecules commercialised as of Q1 FY27.^[1][2][3]

Products and portfolio

Suspension PVC is manufactured at the Karaikal plant (via CCVL subsidiary) and sold into construction, pipes and fittings; domestic S-PVC market was ~4.3 million MT in FY25.^[4]
Paste PVC is produced at Cuddalore and sold into footwear, automotive and upholstery end-uses; it commands ~$200/ton premium over Suspension PVC realisations as of Q1 FY27.^[3]
CMCD manufactures custom synthesis molecules for agrochemical and pharmaceutical customers; pipeline stood at ~50 molecules with 14 commercialised as of Q1 FY27.^[3]
R32 refrigerant gas (hydrofluorocarbon) is being commercialised from the Mettur site; commercial production from the 2 kt swing plant commenced May 2026.^[3]
Value-added chemicals include caustic soda and hydrogen peroxide produced at Mettur; caustic output constrains hydrogen peroxide volumes when curtailed.^[5]

Manufacturing operations

Cuddalore Paste PVC facility operated at 100% capacity utilisation throughout FY26.^[4]
CMCD capacity reached 5,410 mtpa at steady state after MPB3 Phase 3 was commissioned in May 2026; utilisation on previously commissioned blocks was 60 - 70% in Q1 FY27.^[3]
Karaikal EDC/PVC plant (CCVL) suffered a fire on 17 July 2026 caused by nitrogen supply disruption; operations were halted and an insurance claim was filed. Plant damage estimated at ₹5 Cr.^[3][6]
Operations at the Karaikal EDC plant recommenced after Puducherry authorities provisionally revoked prohibition orders following corrective measures, as of 26 September 2026.^[6]
EDC feedstock for the Mettur plant is being sourced through imports following the Karaikal shutdown.^[3]

Key operating numbers

Specialty Chemicals segment volumes: 35,363 mt in Q1 FY27, up 21% YoY from 26,404 mt in Q1 FY26.^[3]
Suspension PVC volumes: 30,682 mt in Q1 FY27; 92,849 mt in Q2 FY26 (+11% YoY).^[3][7]
VCM-PVC spread was negative in Q1 FY27 (VCM booked at ~$1,000+/ton vs PVC realised at ~$700 - 750/ton); replacement-basis spread ~$160/ton at Q1 exit.^[3]
Suspension PVC EBITDA breakeven spread is $120 - 130/ton as of Q1 FY27.^[3]
Specialty Chemicals segment revenue: ₹427 Cr in Q1 FY27; ₹475 Cr in Q4 FY26 (+13% YoY).^[3][4]

Customers and distribution

Paste PVC end-use segments include footwear, automotive and upholstery; domestic Paste PVC demand grew 8% YoY in 9M FY26.^[4][5]
CMCD serves primarily agrochemical customers globally; business development resources were deployed in Europe and Japan as of Q1 FY27 to expand beyond agrochemicals.^[3]
R32 go-to-market covers both domestic and export sales; international distribution partnerships are being finalised ahead of full capacity commissioning.^[3]

Expansion and capex

Paste PVC debottlenecking of 7,000 MTPA at Cuddalore is on track for commissioning in October 2026.^[3]
R32 total capacity of 14 kt (swing plant 2 kt + new plants 2 kt and 10 kt) is targeted to be fully online by end of FY27 (March 2027).^[3]
CMCD MPB4 block: civil and infrastructure work targeted for completion by Q2 FY27 (September 2026).^[3]
CMCD revenue target of ~₹1,000 Cr is management's stated aim for FY27.^[3]

Recent developments

A fire at the Karaikal plant on 17 July 2026 forced a production shutdown; no injuries; fire extinguished in 15 minutes. Operations recommenced 26 September 2026 after regulatory clearance.^[3][6]
Ministry of Finance allowed antidumping duty on Paste PVC imports from EU and Japan to lapse; Chemplast filed a writ in Madras High Court and obtained an interim order requiring importers to execute bonds for retrospective recovery.^[3]
Customs duty on PVC was waived April - 15 July 2026 and reinstated 16 July 2026; a minimum import price of $766/MT on Suspension PVC was introduced simultaneously.^[3]
Chemplast recorded a non-cash impairment loss of ₹898 Cr on its investment in CCVL (book value ₹1,556 Cr) in FY26 due to persistent import pressure and removal of quality control orders.^[4]
Board constituted a committee of three independent directors in Q4 FY26 to evaluate strategic reorganisation and M&A options with external advisers; outcome pending.^[3][4]
Mr Ganesh Kumar assumed the Managing Director role from 1 April 2026, succeeding Ramkumar Shankar who stepped down after 13 years.^[5]

Market Cap

₹2,888 Cr

High / Low

₹413 / 161

Stock P/E

-8.4

Price / Book

1.9

Book Value

₹111

EPS

₹-17.7

No. of Shares

15.81 Cr

ROCE

0.3%

ROE

-14.6%

OPM

0.3%

Debt / Equity

1.11

Sales

₹4,224 Cr

Net Profit

₹-280 Cr

Promoter holding

55.0%

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