Clean Science & Technology Ltd(CLEAN)

NSE: CLEANBSE: 543318

₹ 711.55-4.96%refreshed 23 Oct, 03:51 pm ISTMarket cap: ₹ 7,563 crNext results: 31 Oct 2026Website: www.cleanscience.co.inUpdated: 24 Oct 2026

About

Clean Science & Technology Ltd manufactures specialty chemicals - performance chemicals (antioxidants, UV stabilizers, HALS), pharma & agro intermediates, and FMCG ingredients - from plants in India. FY26 consolidated revenue was INR 956.55 crore, with all new product lines ring-fenced in wholly-owned subsidiary Clean Fino-Chem Ltd (CFCL), which houses India's largest HALS manufacturing facility. HALS (hindered amine light stabilizers) contributed 22% of consolidated sales in Q1 FY27, when consolidated revenue reached a highest-ever INR 264 crore.^[1][2]

Business segments

Performance Chemicals: 81% of consolidated revenue in Q1 FY27, up from 72% standalone in FY26; includes antioxidants, UV stabilizers, HALS, MEHQ and Veratrole.^[3]
Pharma & Agro: 10% of consolidated revenue in Q1 FY27 vs 19% standalone in FY26; includes intermediates such as 4-MAP.^[3]
FMCG: 7% of consolidated revenue in Q1 FY27 vs 9% standalone in FY26; includes food-grade antioxidants BHA, BHT and TBHQ.^[3]

Products

HALS portfolio spans grades 770, 944, 119 and 2020; HALS 770 share fell from ~50% to ~35% of HALS volumes in Q1 FY27 as higher-grade products grew.^[3]
Legacy range includes MEHQ, TBHQ, BHA, BHT, anisole (AP) and Veratrole; top-4 legacy products' share of consolidated revenue fell to ~60% in Q1 FY27 from ~85% in Q4 FY23.^[3]
Hydroquinone and Catechol added as products after a dedicated plant was commissioned in December 2025; also used captively for TBHQ and Veratrole.^[4]
Barbituric acid commercialised in Q2 FY26 by repurposing an existing facility at ~1,000 tons per annum capacity.^[5]
NOR (alkoxy) HALS, a segment currently dominated only by BASF, to be added via technology transfer from Swiss firm Geneus Chem, with production at CFCL targeted for Q3 FY27.^[3]
A new application lab was set up to evaluate HALS products, per the FY25 annual report.^[2]

Operations and capacity

CFCL, the wholly-owned subsidiary housing HALS and new product lines, began operations on 1 Mar 2024; total investment in CFCL reached ~INR 850 crore as of Q1 FY27 after an INR 100 crore infusion that quarter.^[3][2]
HALS capacity utilisation was ~40% at exit of Q4 FY26, with quarterly volume exceeding 1,000 tonnes at that rate.^[6]
Performance Chemical 1 (HQ/Catechol) installed capacity is ~10,000 tons; commissioned December 2025, restarted April 2026 after raw-material disruptions.^[5]
A previously dedicated DHDT plant was repurposed during FY26 to make HALS intermediates previously sourced from China.^[6]

Key operating numbers

HALS sales volume: ~1,000 tons in Q1 FY27; >1,000 tons in Q4 FY26; ~810 tons in Q3 FY26; ~260 tons/month run-rate in Q2 FY26.^[3]
HALS blended realisation: ~INR 550/kg in Q1 FY27, up from ~INR 440/kg in Q4 FY26 and INR 425/kg in Q3 FY26, on a shift to higher grades.^[3]
HALS export share rose to ~50% in Q1 FY27 from ~30% in Q3 FY26 and effectively nil in the first year of HALS sales.^[3]
Standalone domestic-to-export split was 65:35 in Q1 FY27; standalone raw material cost was 34.6% of revenue in Q1 FY27 vs 32.5% in Q1 FY26.^[3]
Standalone revenue was INR 796 crore in FY26, down 12% from INR 900 crore in FY25, attributed to loss of a key 4-MAP customer and pricing pressure.^[6]

Customers and markets

Kemin signed a 5-year exclusive supply agreement in Q1 FY27 covering BHA, BHT, TBHQ and AP across all its global locations.^[3]
China was 25 - 30% of standalone revenues as of Q2 FY26; a key 4-MAP customer in China backward-integrated, and avobenzone demand was hit by a 55% US tariff.^[5]
HALS export markets include Europe, the US, Vietnam, Middle East and South Africa; a European subsidiary was targeted to be operational by mid-September 2026.^[5]
HALS domestic market share in India was estimated at ~50% as of Q2 FY26.^[5]

Expansion and capex

Performance Chemical 2: commercialisation moved from September 2026 to Q3 FY27 (November 2026); meaningful revenues expected only from Q1 FY28.^[3]
NOR HALS: ~INR 25 crore capex at CFCL, production targeted Q3 FY27; Geneus partnership projected at INR 300 - 350 crore cumulative revenue over 3 - 4 years.^[3]
Additional capacity for BHA, BHT, TBHQ and AP being added to serve the Kemin agreement, underway as of Q1 FY27.^[3]
FY27 CFCL capex guided at INR 80 - 100 crore, with a possible greenfield plant in later FY27 under an INR 200 crore enabling resolution.^[6]
Total capex in FY26 was ~INR 220 crore.^[6]

Recent developments

FY26 annual report: a new Whole-Time Director, head of operations and project execution, appointed from 1 Aug 2026.^[7]
Q1 FY27: technology-transfer and co-marketing collaboration signed with Geneus Chem (Switzerland) to make patented NOR HALS at CFCL.^[3]
Q1 FY27: 5-year Kemin supply agreement signed; volumes expected to rise 20 - 40% near-term.^[3]
Q1 FY27: HQ/Catechol plant largely stabilised with customer approvals; commercial revenues expected from August - September 2026.^[3]
Q4 FY26: Clean Fino-Chem reported its first EBITDA-positive quarter at INR 7 crore, after breakeven in Q3 FY26.^[6]
Q3 FY26: captive HQ/Catechol needs for TBHQ and Veratrole switched to in-house production, eliminating those imports.^[4]

Market Cap

₹7,563 Cr

High / Low

₹1,066 / 653

Stock P/E

32.5

Price / Book

4.8

Book Value

₹149

EPS

₹21.6

No. of Shares

10.63 Cr

ROCE

20.6%

ROE

15.3%

OPM

31.3%

Debt / Equity

0.00

Sales

₹957 Cr

Net Profit

₹230 Cr

Promoter holding

51.3%

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