Chembond Chemicals Ltd(CHEMBONDCH)

NSE: CHEMBONDCHBSE: 544450

₹ 223.05-3.13%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 600 crWebsite: www.chembondindia.comUpdated: 25 Oct 2026

About

Chembond Chemicals Ltd is a specialty chemicals company. Its business units cover Water Technologies, Construction Chemicals, Distribution, and Cleaning & Hygiene through a joint venture with Calvatis. Consolidated revenue was Rs 326.15 crore in FY26, and the Water Technologies unit contributed the largest share.^[1][2]

Business segments

Water Technologies: Rs.162 crores revenue in H2 FY26 vs Rs.120 crores in H1 FY26, up ~35% on new customers and volume growth.^[2]
Construction Chemicals: Rs.13.28 crores revenue in H2 FY26 vs Rs.11.05 crores in H1 FY26; management cited a PBT margin of about 20%.^[2]
Distribution: Rs.12.5 crores revenue in H2 FY26 vs Rs.9 crores in H1 FY26, for about Rs.21 crores in FY26.^[2]
Cleaning & Hygiene: the Chembond-Calvatis JV reported 15% revenue growth in H2 FY26 vs H1 FY26, helped by its links to the water business channel, including dairy wins in southern India.^[2]

Water business model

About 90% of the water treatment business is chemical supply under annual or multi-year contracts (as of Q2 FY26).^[3]
About 35% of the water business comes from tenders, with margins in the 8 to 10% range (as of Q2 FY26).^[3]
Over roughly 18 months to Q2 FY26, the company added at least six sites where it provides comprehensive O&M services.^[3]
Water BU had a new order book of Rs.100+ crores in Q2 FY26, on top of its regular business.^[3]

Key operating numbers

Water BU volume was 14,813 MT in H2 FY26, up 49.55% vs H1 FY26.^[2]
Construction Chemicals volume was 2,590 MT in H2 FY26, up 30% vs H1 FY26.^[2]
Distribution volume was 1,049 MT in H2 FY26 vs 594 MT in H1 FY26.^[2]
Days sales outstanding in Q4 FY26: 88 days for Construction Chemicals and 80 days for Distribution.^[2]
Water BU recorded its highest-ever single-month revenue in March 2026, at about Rs.32 crores.^[2]

Customers and markets

About 30% of the water business comes from public sector units (as of Q4 FY26).^[2]
The Thailand team had grown to six or seven employees and was adding customers (as of Q4 FY26).^[2]
The company exited its Nigeria water treatment export business after the customer would not trade on LC terms.^[2]

Raw materials

From late February to March 2026, metal-linked raw materials such as zinc and molybdenum rose sharply; key A-group items were above 120% of normal costs, and force majeure was invoked.^[2]
In H1 FY26, operating EBITDA margin was 13.8%, up 286 bps YoY; the company attributed this to lower raw material costs and newer product technologies.^[3]

Growth plans

In Water BU, three new application solutions completed proof-of-concept and won customer approval; full commercialisation is expected in FY27.^[2]
The Rs.1000 crore consolidated revenue aspiration over about 4 years was restated in Q4 FY26; management named inorganic growth as a prerequisite.^[2][3]
For Q1 FY27, the targets are about 15-20% volume growth in Construction Chemicals and about 10% in Water chemicals.^[2]
The company plans to use cash reserves for network and geographic expansion, and may form partnerships in new geographies.^[2]

Recent developments

The demerger/merger of the construction chemicals and water treatment businesses was completed in FY25; post-demerger compliance was on track as of Q2 FY26.^[3]
In FY26, Distribution moved to a new basket of specialty products after its earlier products became commoditised, and restructured its team.^[3][2]

Market Cap

₹600 Cr

High / Low

₹292 / 104

Stock P/E

15.8

Price / Book

2.9

Book Value

₹77

EPS

₹12.9

No. of Shares

2.69 Cr

ROCE

24.0%

ROE

18.3%

OPM

13.9%

Debt / Equity

0.00

Sales

₹326 Cr

Net Profit

₹35 Cr

Promoter holding

68.2%

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