Commodity Chemicals industry

76 companies · ₹1.5 L cr · 21 with AI deep dives · Q2FY27 report

War-driven price spikes lift margins; managements call it transient as input costs catch up

Turning upmargin troughed at 11.9% and has risen for 2 quarters to 17.8%, on positive revenue growth

Revenue YoY: +20.1%
EBITDA margin: 17.8%; +300bps YoY
Price, 1 year: -9.2%; 26% of names up
P/E vs own 5y: +11.1%; 19.2x now

Exhibit 1The quarter in numbers

constant panel of 22 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	21,931 cr	20,180 cr	+8.7%	18,260 cr	+20.1%	21,931 cr	0.0%
EBITDA margin	17.8%	15.0%	+280bps	14.8%	+300bps	17.8%	0bps

Revenue

Jun 26: 21,931 cr

Exhibit 4Screen

P/E below the sub-industry median of 19.22x, 5y ROCE above its median of 9.52%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (25 of 76)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
SRF Ltd	₹69,350 cr	30.4x	21.7x	14.6%	21.6%	+34.7%	Unlock
Tata Chemicals Ltd	₹15,164 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-09-30

headwindMiddle East conflict inflating energy, feedstock, sulphur and freight costs11 managements

This is the most widely voiced theme in the bucket. Companies named crude/feedstock (GNFC: oil at ~₹73k/MT vs ₹43-44k), ammonia (~USD 600/MT FOB, Deepak), sulphur (OCCL ₹52 vs…

GNFC (Q1FY27): “there are plants which we could not run for cost economics reason, like acetic acid…”

tailwind7 managements mixed5 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 51 companies

1-30

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Sree Rayalaseema Hi-Strength Hypo Ltd	₹814 cr	8.8x	6.3x	14.0%	13.3%	+17.0%	Unlock