Specialty Chemicals industry

129 companies · ₹5.3 L cr · 62 with AI deep dives · Q2FY27 report

West Asia supply shock lifts Q1 spreads, but managements guide margins back down as inventory gains reverse

Turning upmargin troughed at 14.9% and has risen for 2 quarters to 18.7%, on positive revenue growth

Revenue YoY: +27.7%
EBITDA margin: 18.7%; +310bps YoY
Price, 1 year: -1.1%; 45% of names up
P/E vs own 5y: -21.7%; 27.7x now

Exhibit 1The quarter in numbers

constant panel of 52 companies above ₹500 cr

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

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	38,373 cr	32,343 cr	+18.6%	30,039 cr	+27.7%	38,373 cr	0.0%
EBITDA margin	18.7%	16.0%	+270bps	15.6%	+310bps	18.7%	0bps

Revenue

Jun 26: 38,373 cr

Exhibit 4Screen

P/E below the sub-industry median of 27.68x, 5y ROCE above its median of 12.43%, 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.

Diwali open house: sign in free and Premium is open to you until 8 Nov.See plans →

Exhibit 5Coverage (25 of 129)

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
Pidilite Industries Ltd	₹1.5 L cr	56.7x	39.9x	31.2%	24.1%	+21.3%	Unlock
Gujarat Fluorochemicals Ltd	₹45,903 cr

Exhibit 6What managements said

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

mixedWest Asia conflict drove a raw-material and freight cost spike, mostly passed through to customers13 managements

Prices spiked for crude-linked inputs: VAM, acetic acid/methanol (up about 200% at Laxmi), ammonia (doubled at Alkyl Amines), solvents (up 60-100% at Tatva), acetone and…

LXCHEM (Q1FY27): “We saw sort of methanol - acetic acid spiking about almost 200%.”

headwind4 managements tailwind5 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.

Create a free account →

AppendixThe other 104 companies

1-30

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Epigral Ltd	₹3,862 cr	14.2x	7.6x	15.6%	22.4%	+16.3%	Unlock