Yasho Industries Ltd(YASHO)

NSE: YASHOBSE: 541167

₹ 3,334-5.97%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 4,020 crNext results: 28 Oct 2026Website: www.yashoindustries.comUpdated: 24 Oct 2026

About

Yasho Industries Ltd is an Indian specialty chemicals manufacturer producing more than 150 products across rubber chemicals, lubricant additives, aroma chemicals, food antioxidants, and specialty chemicals, all developed in-house. The company operates two manufacturing sites - Pakhajan and Vapi - and reported FY26 revenue of ₹830 crores, with exports accounting for 62% of sales. Yasho serves 2,000+ customers across India, the USA, Europe, Asia, and the Middle East.^[1][2][3]

Business segments

Industrial Chemicals contributed 89% of revenue in Q1 FY27, up from 87% in Q1 FY26 and 83% in FY25, spanning rubber chemicals, lubricant additives, and specialty chemicals.^[4][3]

Products and certifications

Yasho offers more than 150 products across food antioxidants, aroma chemicals, rubber chemicals, lubricant additives, and specialty chemicals, all developed in-house.^[1]
The company holds certifications including ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, FAMI-QS, REACH, HALAL, STAR-K Kosher, NSF, FSSC 2200, AGQM, RSPO, EcoVadis, and Three Star Export House status.^[1]
REACH-registered products expanded from over 40 to approximately 50 by Q2 FY26, broadening access to Europe's specialty chemical market.^[5]

Operations and R&D

The company operates two manufacturing facilities: Pakhajan (primary industrial chemicals site) and Vapi; at peak utilisation Pakhajan is capable of ₹800 - 850 crores revenue and Vapi ₹650 - 700 crores.^[4]
A new R&D laboratory was commissioned at Pakhajan on 29 October 2025 with an investment of ₹25.30 crore, supported by a team of 50+ scientists and research analysts across 2 dedicated R&D centres.^[1]
R&D opex spend in FY26 was ₹5.73 crore, with several molecules under development; each new molecule is targeted to generate a minimum of ₹50 - 100 crores annual revenue before scaling.^[1][4]

Key operating numbers

Capacity utilisation rose to above 65% in Q1 FY27, up from approximately 60 - 62% in FY26 and below 50% at Pakhajan through Q2 - Q3 FY26; company targets 75% for FY27.^[4][3][6]
EBITDA margin expanded to 24.18% in Q1 FY27 from 16.46% in Q1 FY26 and 17.40% for full-year FY26, driven by higher-margin new products, improved utilisation, and shift to long-term contracts.^[4][3]
Working capital cycle compressed from 190 days in Q4 FY26 to 143 days in Q1 FY27; long-term contracts now exceed 50% of sales as of Q1 FY27.^[4]
Gross profit margin was 42.38% in Q1 FY27, up from 40.62% in Q1 FY26 and 39.73% for FY26.^[4][3]

Customers and distribution

Yasho serves 2,000+ customers across India, the USA, Europe, Asia, and the Middle East; no single customer concentration is disclosed.^[1]
Exports were 69% of revenue in Q1 FY27, up from 67% in Q1 FY26 and 62% in FY26; management targets 70 - 75% export share going forward.^[4][3]
The company expanded into Asian and African markets previously dominated by Asian majors in FY27; a European subsidiary now operates with two dedicated sales employees stationed locally.^[4][6]
Americas business recovered sizably in Q1 FY27 after tariff concerns resolved; the US had comprised approximately 25% of total revenue during FY26.^[4][5]

Expansion and capex

FY27 capex guidance was doubled from ₹125 crores to ₹250 crores to construct two new production buildings at Pakhajan for industrial chemicals; ₹100 crores to be borrowed, balance from internal accruals.^[4]
Phase 1 of the new Pakhajan buildings (~₹100 crores) is targeted for commissioning in Q1 FY28; approximately 60 - 65% of Phase 1 capacity already has customer commitments.^[4]
Phase 2 of the new Pakhajan buildings (~₹150 crores) is targeted for commissioning by Q4 FY28; management expects a revenue/capex ratio of 2.5x on the combined ₹250 crore investment.^[4]
MNC strategic supply project (15-year agreement for lubricant additives): ₹98.12 crores received from customer, ₹70.89 crores paid in vendor advances; equipment deliveries expected Q3 FY27, trial production Q4 FY27, commercialisation Q1 FY28.^[4][1]

Recent developments

CRISIL and ICRA both upgraded Yasho's bank loan ratings from BBB+ to A- in Q1 FY27, reflecting improved leverage; net debt-to-EBITDA fell from 3.75x at end-FY26 to 1.86x at end-Q1 FY27.^[4]
FY28 revenue target was revised upward from ₹1,500 crores to more than ₹1,600 crores in Q1 FY27; this target excludes revenue from the two new Pakhajan buildings being commissioned during FY28.^[4]
Two new manufacturing lines deployed at Pakhajan at a cost of ₹25.9 crores entered commercial production in Q1 FY27, having completed trial runs in March 2026.^[6][4]
The new R&D laboratory at Pakhajan was inaugurated on 29 October 2025 with an investment of ₹25.30 crore; a 15-year MNC supply agreement for lubricant additives was secured during FY26.^[1][5]

Market Cap

₹4,020 Cr

High / Low

₹4,980 / 1,151

Stock P/E

76.0

Price / Book

9.9

Book Value

₹368

EPS

₹20.9

No. of Shares

1.21 Cr

ROCE

9.0%

ROE

5.9%

OPM

10.8%

Debt / Equity

1.22

Sales

₹830 Cr

Net Profit

₹25 Cr

Promoter holding

67.9%

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