Sector Alpha Week of 2026-07-24
Sector Alpha — machine-written from the numbers · Data as of 2026-07-24

Privi Speciality Chemicals Ltd

PRIVISCL
Speciality Chemicals

Privi Speciality Chemicals Ltd's earnings have outrun its stock. EPS grew +75.1% in a year against a +50.0% price move.

The sharpest disagreement: annual EPS moved +75.1% against a +50.0% price move — the market has not yet caught up with the delivery.

The price is in a confirmed uptrend (65 weeks in) while the P/E sits at the 53rd percentile of its own 9-year range. Underneath, the last four quarters read improving — profit +46.9% year on year, and 198% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.

Stage
Mixed
partial read
Price
₹3,677
+50.0% 1Y
P/E
42.9×
53rd pctile
of its own 9-year range
Revenue (Mar 26)
₹722 Cr
+17.6% YoY
Profit (Mar 26)
₹94.0 Cr
+46.9% YoY
Operating margin
25.0%
+3.0 pp YoY
ROCE
22%
FY26
Cash conversion
198%
of profit, last 3 FY
Withheld from this page: Part of this page is deliberately not drawn: its two data sources disagree by up to 5.9% on reported income across 14 comparable periods, so nothing from the second source is placed here — the PEG ratio and its quarterly curve, the quarterly return curves, the annual return-on-invested-capital overlay, the total-debt and debt-to-equity series and the F-score, the Z-score and the return-on-invested-capital reading are absent for that reason. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data. The quarterly history also begins where the primary source begins: 6 earlier quarters the second source carries are not spliced in front of it. Extending a reported profit series is stricter than showing a ratio chart — it needs a source that has been checked.
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Privi Speciality Chemicals Ltd trades at ₹3,677, in a confirmed uptrend and 65 weeks into that stage. That is +21.0% against its own 200-day average. It sits at 99% of a 52-week range of ₹2,283 to ₹3,695. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 9 straight weeks.

Today the stock is in a confirmed uptrend — week 65 of stage 2, confirmed. At ₹3,677 it trades +21.0% versus its 200-day average and sits at 99% of its 52-week range (₹2,283–₹3,695).

Jul 26: ₹3,677 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
+21.0% versus the 200-day line, week 65 of stage 2
Price50-day avg200-day avg
S4S2S4S2S2₹3,911₹3,127₹2,343₹1,559₹775₹3,677₹3,037Jul 23Apr 24Feb 25Nov 25Jul 26
S4S2S4S2S2₹3,911₹3,127₹2,343₹1,559₹775₹3,677₹3,037Jul 23Feb 25Jul 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (547 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Mar 16Jul 26

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +1,595% while the NIFTY 500 moved +274% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 9 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 53rd percentile of its own range.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Privi Speciality Chemicals Ltd trades at 42.9× P/E, mid-range by its own standards (53rd percentile). Its long-run median P/E is 41.0×, measured across 9.3 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 42.9× is mid-range by its own standards (53rd percentile), against a long-run median of 41.0× measured over 9.3 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 42.9× vs a 41.0× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 9.3-year window; loss-period spikes above 123× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
mid-range by its own standards (53rd percentile)
P/EMedianEPS (TTM) (quarterly)
132.1×₹90.499.1×₹67.866.1×₹45.233.0×₹22.60.0×₹0.0×43.00×₹84Mar 17Jul 19Nov 21May 24Jul 26
132.1×₹90.499.1×₹67.866.1×₹45.233.0×₹22.60.0×₹0.0×43.00×₹84Mar 17Nov 21Jul 26
P/E
42.9×
53rd percentile of 9y

Why the multiple sits where it does: over the past year annual EPS moved +75.1% against a +50.0% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +21.9%/yr price move, ~+26.8%/yr came from earnings growth and ~−4.9 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 5.9% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

03 · Stage: Mixed

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Privi Speciality Chemicals Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE lifting at 22.0% — the per-curve reads carry the story. The read is built from 10 quarters across 3 curves, on partial evidence.

Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. Where the trailing-twelve-month history is short, the curve falls back to single-quarter year-on-year growth — noisier, and the classifier smooths and caps base-effect spikes before reading. Base-effect spikes shown pinned (▲). A missing point means that reading is not held for the quarter.
the trajectory the stage is read from
RevenueProfitEPS
30%320%21%247%12%173%2.8%100%−6.3%27%%%17.6%46.9%75.2%Jun 23Sep 24Mar 26
30%320%21%247%12%173%2.8%100%−6.3%27%%%17.6%46.9%75.2%Jun 23Sep 24Mar 26
ROCE Annual readings — the quarterly balance-sheet pieces this curve needs are not held for this stock, so the returns read moves once a year and carries less weight in the call.
the return curve, annual readings
ROCE
23%19%14%9.4%4.7%%22%FY23FY24FY26
23%19%14%9.4%4.7%%22%FY23FY24FY26
Revenue growth
Steady high
latest +17.6% · span −3.8% to +27.4%
Profit growth
Rolling over
latest +46.9% · span +46.9% to +100.0%
ROCE
Rising
latest 22.0% · span 6.0%–22.0%

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

Growth, year by year: revenue +22.0% in FY26, profit +71.4% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn. Turnaround-year spikes shown pinned (▲).
Revenue YoYProfit YoYEPS YoY
79%330%52%221%25%111%−2.1%0.0%−29%−109%%%22%71.4%FY17FY21FY26
79%330%52%221%25%111%−2.1%0.0%−29%−109%%%22%71.4%FY17FY21FY26
TTM growth by quarter Trailing-twelve-month growth versus the year-ago TTM, per quarter, %: revenue (left axis); profit and EPS (right axis). The acceleration read compares the last 4 quarters (+22.0%) with the last 8 annualized (+21.0%). Spikes shown pinned (▲).
revenue stabilising, profit rolling over
Revenue TTM YoYProfit TTM YoYEPS TTM YoY
26%318%22%252%18%186%15%120%11%54%%%22%72.3%Jun 23Sep 24Mar 26
26%318%22%252%18%186%15%120%11%54%%%22%72.3%Jun 23Sep 24Mar 26
Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+22.0%+16.8%+15.0%
Profit+71.4%+147.1%+22.1%
EPS+75.1%+145.2%+22.9%
Share price+50.0%+50.1%+21.9%+28.5%
Revenue YoY (Mar 26)
+17.6%
latest quarter vs a year ago
Profit YoY (Mar 26)
+46.9%
latest quarter vs a year ago
Revenue 10y
17.6%
long-run compound pace

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

04 · 4-Factor Sector Score

4-Factor Sector Score

66.2/100 — rank 2 of 27 in Speciality Chemicals · 72% evidence confidence

Privi Speciality Chemicals Ltd scores 66.2 out of 100 against the 27 companies it is compared with in Speciality Chemicals, ranking 2. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 27.2 + 15.5 + 9.3 + 14.2 = 66.2. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Privi Speciality Chemicals Ltd reported ₹722 Cr of revenue in the Mar 26 quarter, +17.6% year on year. That is the 9th straight quarter of year-on-year growth. Over 9 years it has compounded at 17.6% a year. The last full year, FY26, came in at ₹2,564 Cr. The last four reported quarters add to ₹2,565 Cr.

Privi Speciality Chemicals Ltd reported ₹722 Cr of revenue in the Mar 26 quarter, +17.6% year on year. That is the 9th straight quarter of year-on-year growth. Over 9 years it has compounded at 17.6% a year. The last full year, FY26, came in at ₹2,564 Cr. The last four reported quarters add to ₹2,565 Cr.

FY26 revenue came in at ₹2,564 Cr (+22.0% on the year), capping 9 years at 17.6% compound. The latest quarter (Mar 26) printed ₹722 Cr, +17.6% year on year — the 9th consecutive quarter of year-over-year growth.

FY26 revenue ₹2,564 Cr (+22.0% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 10-year window. A bar is red when it is lower than the year before.
17.6% a year over 9 years
RevenueYoY growth
2.8k79%2.1k52%1.4k25%692−2.1%0−29%₹ Cr%₹2,56422%FY17FY21FY26
2.8k79%2.1k52%1.4k25%692−2.1%0−29%₹ Cr%₹2,56422%FY17FY21FY26
Mar 26: ₹722 Cr (+17.6% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
9th straight quarter of growth
Revenue (quarterly)YoY growth
78030%58521%39012%1952.8%0−6.3%₹ Cr%₹72217.6%Jun 23Sep 24Mar 26
78030%58521%39012%1952.8%0−6.3%₹ Cr%₹72217.6%Jun 23Sep 24Mar 26

Pace check: the last four quarters averaged +22.2% growth against the decade's 17.6% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +22.0% over the last 4 quarters against +21.0%/yr over the last 8 — stabilising; TTM profit +72.3% vs +81.7%/yr — rolling over.

→ Revenue grew — did margins hold as it scaled? Next: 25.0% this quarter (+3.0 pp YoY).

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Privi Speciality Chemicals Ltd's operating margin is 25.0% in the Mar 26 quarter, +3.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 10 fiscal years the operating margin has ranged 12.0% to 25.0%. The current quarter sits inside that band.

Privi Speciality Chemicals Ltd's operating margin is 25.0% in the Mar 26 quarter, +3.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 10 fiscal years the operating margin has ranged 12.0% to 25.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 25.0%, +3.0 pp against the same quarter a year ago. Across 10 fiscal years the operating margin has ranged 12.0%–25.0%, and FY26's 25.0% is the top of that band — a record year.

Why the margin moved: operating margin went +3.4 pp year on year while gross margin went −0.6 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

FY26: 25.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 10-year window.
the widest a 12.0–25.0% band over 10 years
operating marginYoY change (pp)
26%7.7%22%5.1%19%2.5%15%−0.1%11%−2.7%%%25%3%FY17FY21FY26
26%7.7%22%5.1%19%2.5%15%−0.1%11%−2.7%%%25%3%FY17FY21FY26
Mar 26: 25.0% operating margin (+3.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
28%12%24%8.9%20%6.0%16%3.1%12%0.2%%%25%3%Jun 23Sep 24Mar 26
28%12%24%8.9%20%6.0%16%3.1%12%0.2%%%25%3%Jun 23Sep 24Mar 26

→ Margins held — did that reach the bottom line? Next: profit +46.9% in the latest quarter.

07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Privi Speciality Chemicals Ltd earned ₹94.0 Cr of net profit in the Mar 26 quarter, +46.9% year on year. It is the 8th consecutive quarter of growth. Full-year FY26 profit was ₹317 Cr. The 9-year compound rate is 31.5%. That is 13.0% of the quarter's revenue. The same quarter a year earlier earned ₹64.0 Cr.

Privi Speciality Chemicals Ltd earned ₹94.0 Cr of net profit in the Mar 26 quarter, +46.9% year on year. It is the 8th consecutive quarter of growth. Full-year FY26 profit was ₹317 Cr. The 9-year compound rate is 31.5%. That is 13.0% of the quarter's revenue. The same quarter a year earlier earned ₹64.0 Cr.

Mar 26 profit was ₹94.0 Cr, +46.9% year on year — the 8th consecutive quarter of growth. On the full year, FY26 printed ₹317 Cr (+71.4%), and the 9-year compound rate is 31.5%.

FY26 profit ₹317 Cr (+71.4% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 10-year window. A bar is red when it is lower than the year before.
31.5% a year over 9 years
Net profitYoY growth
342387%257262%171137%8612%0−113%₹ Cr%₹31771.4%FY17FY21FY26
342387%257262%171137%8612%0−113%₹ Cr%₹31771.4%FY17FY21FY26
Mar 26: ₹94.0 Cr (+46.9% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
8th straight quarter of growth
Net profit (quarterly)YoY growth
102558%76421%51283%25146%09.1%₹ Cr%₹9446.9%Jun 23Sep 24Mar 26
102558%76421%51283%25146%09.1%₹ Cr%₹9446.9%Jun 23Sep 24Mar 26

Why profit moved: revenue contributed +17.6% and the margin +3.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +76.1% vs revenue +22.2%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 198% of the last 3 years' profit arrived as cash.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 198% of Privi Speciality Chemicals Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹550 Cr of operating cash against ₹317 Cr of profit. After ₹330 Cr of capital spending, ₹220 Cr was left as free cash.

FY26: operating cash of ₹550 Cr against reported profit of ₹317 Cr, leaving free cash of ₹220 Cr after ₹330 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 198% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹550 Cr vs profit ₹317 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 10-year window, annual resolution. FY22 reflects an acquisition year — point shown clipped.
198% of 3-year profit arrived as cash
Operating cashNet profitFree cash
60540720910−188₹ Cr₹550₹317₹220FY17FY21FY26
60540720910−188₹ Cr₹550₹317₹220FY17FY21FY26
FY26: CFO = 174% of profit (three-year rate 198%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash; outlier years shown pinned.
Conversion100%
324%238%153%67%−19%%174%FY17FY21FY26
324%238%153%67%−19%%174%FY17FY21FY26

Why conversion sits at 198%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle.

Router verdict: the bigger cash user is investment — capital spending ran 1.9× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹765 Cr of building over 3 years.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Privi Speciality Chemicals Ltd's cash conversion cycle runs 160 days in FY26, up from 155 days in FY21. Capital spending ran ₹765 Cr over the last 3 years. At FY26 sales of ₹2,564 Cr each day of that cycle holds about ₹7.0 Cr, so roughly ₹1,124 Cr sits inside the business at any moment.

FY26: debtors at 75 days, inventory at 235 days — roughly 7.7 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 160 days, looser than FY21's 155.

The full loop: cash goes out to suppliers and production on day 0; stock waits 235 days to sell; customers pay about 75 days after that; and suppliers themselves are paid at 150 days — netting out to the 160-day cycle.

In money terms: at FY26 sales of ₹2,564 Cr, each day of the cycle holds about ₹7.0 Cr — so the 160-day loop keeps roughly ₹1,124 Cr sitting inside the business at any moment.

FY26: a 160-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 10-year window.
+5 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
33125718310935days160d235d75d150dFY17FY19FY21FY23FY26
33125718310935days160d235d75d150dFY17FY21FY26

On the investment side: capital spending of ₹765 Cr over the last 3 fiscal years against ₹399 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹314 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹330 Cr, work-in-progress ₹314 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
4093072051020₹ Cr₹330₹314FY18FY20FY22FY24FY26
4093072051020₹ Cr₹330₹314FY18FY22FY26

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 22%.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Privi Speciality Chemicals Ltd earns a ROCE of 22% in FY26. That is up from a trough of 6% in FY23. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 12.4% net margin on 0.81× asset turns.

FY26 ROCE is 22%, recovered from a FY23 trough of 6% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 12.4% net margin × 0.81× asset turns × 2.25× balance-sheet leverage ≈ 22.6% on equity. Margin does its share; leverage is a meaningful part of the equation.

FY26: ROCE 22% Return on capital employed by fiscal year, % (line). 9-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY23's 6%
ROCEWACC
23%19%14%9.4%4.7%%22%FY18FY20FY22FY24FY26
23%19%14%9.4%4.7%%22%FY18FY22FY26

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 5.9% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.72.

11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Privi Speciality Chemicals Ltd carries ₹1,021 Cr of borrowings against ₹1,412 Cr of equity in FY26, a debt-to-equity of 0.72. Operating profit covers the interest bill 8×. Over 5 years borrowings went from ₹537 Cr to ₹1,021 Cr. Capital spending ran ₹765 Cr across the last 3 of those years.

FY26: borrowings of ₹1,021 Cr against equity of ₹1,412 Cr — a debt-to-equity of 0.72. Operating profit covers the interest bill 8×. Over 5 years borrowings went from ₹537 Cr to ₹1,021 Cr while capital spending ran ₹765 Cr in just the last 3 — part of the build-out is riding on borrowed money.

FY26: borrowings ₹1,021 Cr at 0.72× equity Borrowings by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 10-year window. Quarterly balance-sheet history is not held for India — annual is the honest resolution.
the debt trajectory
BorrowingsDebt-to-equity
1.2k1.4×9261.2×6171.0×3090.8×00.6×₹ Cr×₹1,0210.72×FY17FY19FY21FY23FY26
1.2k1.4×9261.2×6171.0×3090.8×00.6×₹ Cr×₹1,0210.72×FY17FY21FY26

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 5.9% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Who owns this, and are they adding or leaving? Next: Promoters cut 13.4 points over 8 quarters.

12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 13.4 points of Privi Speciality Chemicals Ltd over 8 quarters, the biggest move on the register. That takes promoters to 60.6% of the company. Domestic institutions moved +7.2 points over the same window, to 10.1%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −13.4 points over 8 quarters to 60.6%; Domestic institutions: +7.2 points over 8 quarters to 10.1%; Foreign institutions: +1.5 points over 8 quarters to 1.9%.

🚨 Why the register moved: promoters drove it (−13.4 points), absorbed on the other side by domestic institutions (+7.2 points) — distribution into the market’s bid.

Fiscal-year ends: promoters −13.4 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
80%59%37%16%−5.5%%60.6%1.4%10.7%27.4%Mar 24Mar 25Mar 26
80%59%37%16%−5.5%%60.6%1.4%10.7%27.4%Mar 24Mar 25Mar 26
Promoters cut 13.4 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
80%59%37%16%−5.5%%60.6%1.9%10.1%27.4%Jun 23Dec 24Jun 26
80%59%37%16%−5.5%%60.6%1.9%10.1%27.4%Jun 23Dec 24Jun 26

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Privi Speciality Chemicals Ltd: the Z-score is withheld — it comes from the second data source this page could not reconcile, and a solvency score is not worth printing on a number two sources dispute. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

The safety line in one sentence: the Z-score is withheld — it comes from the second data source this page could not reconcile, and a solvency score is not worth printing on a number two sources dispute.

Related companies · same sector · Speciality Chemicals Every company is compared on the shape of its own curves, not static ratios. The Revenue, EPS and ROCE columns each draw that company's last 12 quarters as a mini line of the ACTUAL level (trailing-twelve-month revenue and EPS, and the ROCE itself) — so a line that climbs is a business getting bigger, a line that sinks is one shrinking. The colour tracks the same line: green when it is rising or steadily healthy, amber when it is rolling over from a high (still elevated but turning down), red when it is falling, grey when flat or stuck. Colour and direction always agree — a green line never points down. The ROCE curve is the return on capital (annual readings for peers, so a slightly coarser line than the quarterly one at the top of this page). The Stage column then runs the same 12-quarter trajectory classifier used at the top of the page on each company and names where it sits. What lands a company in each bucket: CONSISTENT — growth stays positive across the window and returns are healthy (ROCE ≥ 15%, or ROE ≥ 12% for lenders); IMPROVING — profit or EPS fell into real decline, bottomed a few quarters back, and has climbed back to positive and held there; TURNING AROUND — the same kind of trough but more recent, with the latest quarters just lifting off it (an early, unconfirmed turn); TOPPING OUT — growth is still positive but decelerating hard from its own peak while returns have stopped rising; DETERIORATING — two or more growth curves are shrinking (latest below zero) and staying there, not one soft quarter; MIXED — the curves genuinely disagree, or no clean majority, so no single word fits; NO READ — fewer than eight usable quarters. It is a like-for-like read of every company against its own past, not a ranking against the group.
CompanyP/EMkt capRevenueEPSROCEStage
Privi Speciality Chemicals Ltd this page42.9×₹14,044 CrMixed
Pidilite Industries Ltd64.9×₹1.6L CrConsistent
Aether Industries Ltd83.7×₹18,945 CrMixed
Aarti Industries Ltd42.1×₹17,331 CrTurning around
Anupam Rasayan India Ltd83.6×₹14,226 CrImproving
Vinati Organics Ltd30.4×₹13,478 CrTopping out
Alkyl Amines Chemicals Ltd48.3×₹9,153 CrNo read
Clean Science & Technology Ltd33.4×₹7,663 CrDeteriorating
Galaxy Surfactants Ltd24.8×₹6,896 CrMixed
Neogen Chemicals Ltd159.0×₹5,648 CrMixed
Fineotex Chemical Ltd37.7×₹4,610 CrTurning around
Vishnu Chemicals Ltd29.9×₹4,257 CrMixed
Tatva Chintan Pharma Chem Ltd76.9×₹4,029 CrTurning around
Yasho Industries Ltd147.0×₹3,704 CrImproving
Grauer & Weil (India) Ltd20.4×₹3,354 CrTurning around
Panama Petrochem Ltd14.2×₹3,014 CrTurning around
Fineotex Chemical Ltd28.3×₹2,551 CrTurning around
Thirumalai Chemicals Ltd₹2,022 CrNo read
Paushak Ltd41.6×₹1,387 CrMixed
Platinum Industries Ltd23.9×₹1,251 CrImproving
Amines & Plasticizers Ltd29.3×₹1,069 CrTopping out
Sunshield Chemicals Ltd35.5×₹1,051 CrTurning around
Vikram Thermo (India) Ltd20.0×₹768 CrMixed
Sunshield Chemicals Ltd29.2×₹720 CrTurning around
DMCC Speciality Chemicals Ltd24.9×₹680 CrMixed
Chemcon Speciality Chemicals Ltd27.4×₹647 CrImproving
Amal Ltd23.0×₹628 CrNo read
Transpek Industry Ltd13.0×₹595 CrDeteriorating
Kronox Lab Sciences Ltd20.7×₹573 CrMixed
12 · Frequently asked questions

Frequently asked questions

What is Privi Speciality Chemicals Ltd's share price today?

Privi Speciality Chemicals Ltd trades at ₹3,677, +50.0% over the past year. The company is valued at ₹14,044 Cr. The stock sits at 99% of its 52-week range of ₹2,283–₹3,695, +21.0% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 65 weeks in. — as of 24 July 2026.

What were Privi Speciality Chemicals Ltd's latest quarterly results?

Privi Speciality Chemicals Ltd reported revenue of ₹722 Cr and net profit of ₹94.0 Cr for the Mar 26 quarter. Revenue rose 17.6% and profit rose 46.9% year on year. Earnings per share were ₹23.96. The operating margin was 25.0%, 3.0 pp higher than a year earlier. — as of 24 July 2026.

What is Privi Speciality Chemicals Ltd's revenue?

Privi Speciality Chemicals Ltd reported revenue of ₹722 Cr in the Mar 26 quarter, +17.6% year on year. For the full FY26 fiscal year, revenue was ₹2,564 Cr (+22.0%). Over the last 9 years revenue compounded at 17.6% a year. — as of 24 July 2026.

What is Privi Speciality Chemicals Ltd's profit?

Privi Speciality Chemicals Ltd earned ₹94.0 Cr of net profit in the Mar 26 quarter, +46.9% year on year — the 8th straight quarter of growth. Full-year FY26 profit was ₹317 Cr. The operating margin ran 25.0% in the latest quarter. — as of 24 July 2026.

What is Privi Speciality Chemicals Ltd's market cap?

Privi Speciality Chemicals Ltd's market capitalisation is ₹14,044 Cr at a share price of ₹3,677. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.

What is Privi Speciality Chemicals Ltd's P/E ratio?

Privi Speciality Chemicals Ltd trades at a P/E of 42.9×, at the 53rd percentile of its own 9-year range, against a long-run median of 41.0×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.

Does Privi Speciality Chemicals Ltd pay a dividend?

Yes — Privi Speciality Chemicals Ltd's dividend payout was 12% of profit in FY26, and it recorded a payout in 9 of its last 10 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.

Is Privi Speciality Chemicals Ltd overvalued?

On its own history, Privi Speciality Chemicals Ltd looks mid-range against its own history: its P/E of 42.9× sits at the 53rd percentile of its 9-year range (long-run median 41.0×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 24 July 2026.

Is Privi Speciality Chemicals Ltd growing?

Yes — Privi Speciality Chemicals Ltd is growing: latest-quarter revenue +17.6% year on year, profit +46.9%, and the margin +3.0 pp at 25.0%. The 9-year compound rates are 17.6% (revenue) and 31.5% (profit). The earnings engine currently reads: improving — as of 24 July 2026.

How is Privi Speciality Chemicals Ltd performing?

Privi Speciality Chemicals Ltd is in a confirmed uptrend, 65 weeks in. Its latest quarter's revenue rose 17.6% and profit rose 46.9% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 9 weeks. This describes what the data did, not a rating. — as of 24 July 2026.

What stage is Privi Speciality Chemicals Ltd in?

Mixed — no clean majority across the growth curves, ROCE lifting at 22.0% — the per-curve reads carry the story. The read comes from the last 12 quarters of growth (revenue growth +17.6% latest, profit growth +46.9% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.

Is Privi Speciality Chemicals Ltd in an uptrend?

Yes — the price is in a confirmed uptrend (week 65 of stage 2), trading +21.0% versus its 200-day average and at 99% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.

Is Privi Speciality Chemicals Ltd beating the market?

On recent form, yes — Privi Speciality Chemicals Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 9 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.3 years the stock moved +1,595% against the NIFTY 500's +274% — ahead of the index over the full window. — as of 24 July 2026.

Will Privi Speciality Chemicals Ltd's share price go up?

This page publishes no price forecast for Privi Speciality Chemicals Ltd. What it measures instead: the share price is ₹3,677, the price is in a confirmed uptrend 65 weeks in. Its P/E of 42.9× sits at the 53rd percentile of its own 9-year range. — as of 24 July 2026.

Who owns Privi Speciality Chemicals Ltd?

Promoters hold 60.6% of Privi Speciality Chemicals Ltd, foreign institutions 1.9%, domestic institutions 10.1% and the public 27.4% (latest quarter). The biggest move on the register over the last two years: Promoters cut 13.4 points over 8 quarters. — as of 24 July 2026.

Does Privi Speciality Chemicals Ltd have too much debt?

It is moderate — Privi Speciality Chemicals Ltd's debt-to-equity is 0.72, and operating profit covers the interest bill 8×. FY26 borrowings were ₹1,021 Cr against equity of ₹1,412 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.

What is Privi Speciality Chemicals Ltd's capex?

Privi Speciality Chemicals Ltd spent ₹765 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹330 Cr, with ₹314 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.

What is Privi Speciality Chemicals Ltd's cash flow?

Privi Speciality Chemicals Ltd generated ₹550 Cr of operating cash flow in FY26 and ₹220 Cr of free cash flow after ₹330 Cr of capital spending. Reported profit that year was ₹317 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.

Is Privi Speciality Chemicals Ltd's profit real cash?

Yes — over the last 3 fiscal years, 198% of Privi Speciality Chemicals Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹550 Cr against reported profit of ₹317 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.

Where is Privi Speciality Chemicals Ltd in its business cycle?

Privi Speciality Chemicals Ltd's FY26 operating margin was 25.0%, against a 10-year band of 12.0%–25.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 25.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.

What could break the Privi Speciality Chemicals Ltd story?

The sharpest disagreement: annual EPS moved +75.1% against a +50.0% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.

Is Privi Speciality Chemicals Ltd a stock worth studying right now?

This is not investment advice. The machine read: Privi Speciality Chemicals Ltd's earnings have outrun its stock. EPS grew +75.1% in a year against a +50.0% price move. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.

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