# Chemicals - Inorganic — company-by-company sector analysis

> Chemicals - Inorganic: Deepak Nitrite Ltd owns the largest revenue base; Fischer Medical Ventures Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Chemicals - Inorganic has underperformed NIFTY 500 by 5.9% over 52 weeks and 10.4% over 13 weeks. 4 of 9 covered companies beat NIFTY on Mansfield relative strength, while 2 of 9 beat the sector itself. Deepak Nitrite Ltd leads with revenue of ₹7,887 crore, based on 9 of 9 comparable companies through Mar 2026.

### Is the Chemicals - Inorganic sector outperforming NIFTY 500?

Chemicals - Inorganic has underperformed NIFTY 500 by 5.9% over 52 weeks and 10.4% over 13 weeks. 4 of 9 covered companies beat NIFTY on Mansfield relative strength, while 2 of 9 beat the sector itself.

### Which Chemicals - Inorganic company is largest by revenue?

Deepak Nitrite Ltd leads with revenue of ₹7,887 crore, based on 9 of 9 comparable companies through Mar 2026.

### Which Chemicals - Inorganic company is growing fastest?

Fischer Medical Ventures Ltd has the fastest current revenue growth at 100%, across 8 of 9 comparable companies.

### Which Chemicals - Inorganic company has the strongest 4-Factor Sector Score?

Indo Borax & Chemicals Ltd ranks first at 69.4/100 with 82.8% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Chemicals - Inorganic company reports the most CAPEX?

Archean Chemical Industries Ltd reports the largest latest CAPEX at ₹21 crore, with 2 of 9 companies comparable.

### Which Chemicals - Inorganic company has the least gross debt?

Indo Borax & Chemicals Ltd has the lowest comparable gross debt at ₹1 crore. Deepak Nitrite Ltd has the highest at ₹1,638 crore.

### Which Chemicals - Inorganic company has the lowest comparable PEG?

Deepak Nitrite Ltd has the lowest comparable Guarded PEG at 0.61, among 2 of 9 companies that pass the metric’s comparability rules.

### How much history does this Chemicals - Inorganic comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Chemicals - Inorganic has underperformed NIFTY 500 by 5.9% over the last 52 weeks. Over 13 weeks the gap is a lead of 10.4%. 4 of 9 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Indo Borax & Chemicals Ltd is the strongest against the sector itself at +38.7%.

13-week sector return versus NIFTY 500: 10%
52-week sector return versus NIFTY 500: -5.9%
Stocks leading NIFTY: 4/9
Stocks leading sector: 2/9

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 9
Combined market value: ₹43.0K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Indo Borax & Chemicals Ltd (INDOBORAX): 69/100 — Favorable setup; evidence 83%
   - Growth & earnings 23.4/35 | Capital efficiency 19.4/25 | Valuation 6.6/20 | Relative strength 20.0/20
   - Exact sum: 23.4 + 19.4 + 6.6 + 20 = 69.4
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. J.G.Chemicals Ltd (JGCHEM): 55/100 — Mixed-positive evidence; evidence 70%
   - Growth & earnings 17.4/35 | Capital efficiency 15.6/25 | Valuation 10.4/20 | Relative strength 11.7/20
   - Exact sum: 17.4 + 15.6 + 10.4 + 11.7 = 55.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Ganesh Benzoplast Ltd (GANESHBE): 50/100 — Mixed-positive evidence; evidence 62%
   - Growth & earnings 11.7/35 | Capital efficiency 15.6/25 | Valuation 11.1/20 | Relative strength 12.0/20
   - Exact sum: 11.7 + 15.6 + 11.1 + 12 = 50.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Sree Rayalaseema Hi-Strength Hypo Ltd (SRHHYPOLTD): 49/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 15.3/35 | Capital efficiency 13.7/25 | Valuation 14.3/20 | Relative strength 6.0/20
   - Exact sum: 15.3 + 13.7 + 14.3 + 6 = 49.3
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
5. Tanfac Industries Ltd (TANFACIND): 48/100 — Mixed-negative evidence; evidence 83%
   - Growth & earnings 10.8/35 | Capital efficiency 17.4/25 | Valuation 6.2/20 | Relative strength 13.4/20
   - Exact sum: 10.8 + 17.4 + 6.2 + 13.4 = 47.8
   - Decision use: Price leads the evidence: RS versus the benchmark is 25.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
6. Deepak Nitrite Ltd (DEEPAKNTR): 48/100 — Mixed-negative evidence; evidence 96%
   - Growth & earnings 14.6/35 | Capital efficiency 9.2/25 | Valuation 15.4/20 | Relative strength 8.3/20
   - Exact sum: 14.6 + 9.2 + 15.4 + 8.3 = 47.5
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
7. Fischer Medical Ventures Ltd (FISCHER): 43/100 — Mixed-negative evidence; evidence 73%
   - Growth & earnings 25.1/35 | Capital efficiency 6.3/25 | Valuation 8.9/20 | Relative strength 3.0/20
   - Exact sum: 25.1 + 6.3 + 8.9 + 3 = 43.3
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -35.6% and the one-year return is -58%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
8. Archean Chemical Industries Ltd (ACI): 32/100 — Adverse evidence; evidence 96%
   - Growth & earnings 6.4/35 | Capital efficiency 9.7/25 | Valuation 12.7/20 | Relative strength 2.7/20
   - Exact sum: 6.4 + 9.7 + 12.7 + 2.7 = 31.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. POCL Enterprises Ltd (539195): 47/100 — Thin evidence · provisional; evidence 49%
   - Growth & earnings 18.7/35 | Capital efficiency 14.8/25 | Valuation 10.8/20 | Relative strength 3.1/20
   - Exact sum: 18.7 + 14.8 + 10.8 + 3.1 = 47.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Deepak Nitrite Ltd is the scale leader at ₹7,887 crore, 451.2% ahead of POCL Enterprises Ltd. Fischer Medical Ventures Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 178.8% from a ₹309 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Deepak Nitrite Ltd is the scale benchmark; Fischer Medical Ventures Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Deepak Nitrite Ltd's growth falls below Fischer Medical Ventures Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Deepak Nitrite Ltd · ₹7,887 crore | 451.2% versus #2 · POCL Enterprises Ltd | 4/8 recent comparable periods | 9/9 companies · 128 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Deepak Nitrite Ltd (DEEPAKNTR): ₹7.9K Cr
2. POCL Enterprises Ltd (539195): ₹1.4K Cr
3. Archean Chemical Industries Ltd (ACI): ₹1.1K Cr
4. J.G.Chemicals Ltd (JGCHEM): ₹972 Cr
5. Tanfac Industries Ltd (TANFACIND): ₹722 Cr

### Revenue growth — fastest growers
1. Fischer Medical Ventures Ltd (FISCHER): 100%
2. Indo Borax & Chemicals Ltd (INDOBORAX): 23%
3. J.G.Chemicals Ltd (JGCHEM): 15%
4. Tanfac Industries Ltd (TANFACIND): 13%
5. Ganesh Benzoplast Ltd (GANESHBE): 9.6%

### 20-quarter Revenue history
- 539195: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹364 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹372 Cr | Jun 2025 ₹372 Cr | Sep 2025 ₹363 Cr | Dec 2025 ₹364 Cr | Mar 2026 ₹332 Cr | Jun 2026 —
- DEEPAKNTR: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 —
- ACI: Sep 2021 — | Dec 2021 ₹307 Cr | Mar 2022 ₹373 Cr | Jun 2022 ₹400 Cr | Sep 2022 ₹293 Cr | Dec 2022 ₹365 Cr | Mar 2023 ₹382 Cr | Jun 2023 ₹343 Cr | Sep 2023 ₹290 Cr | Dec 2023 ₹413 Cr | Mar 2024 ₹284 Cr | Jun 2024 ₹213 Cr | Sep 2024 ₹240 Cr | Dec 2024 ₹242 Cr | Mar 2025 ₹346 Cr | Jun 2025 ₹292 Cr | Sep 2025 ₹233 Cr | Dec 2025 ₹255 Cr | Mar 2026 ₹301 Cr | Jun 2026 —
- TANFACIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹99 Cr | Mar 2023 ₹116 Cr | Jun 2023 ₹106 Cr | Sep 2023 ₹81 Cr | Dec 2023 ₹88 Cr | Mar 2024 ₹103 Cr | Jun 2024 ₹95 Cr | Sep 2024 ₹112 Cr | Dec 2024 ₹178 Cr | Mar 2025 ₹172 Cr | Jun 2025 ₹176 Cr | Sep 2025 ₹169 Cr | Dec 2025 ₹173 Cr | Mar 2026 ₹193 Cr | Jun 2026 ₹187 Cr
- FISCHER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹49 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹86 Cr | Dec 2025 ₹101 Cr | Mar 2026 ₹98 Cr | Jun 2026 —
- JGCHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹194 Cr | Jun 2023 ₹172 Cr | Sep 2023 ₹153 Cr | Dec 2023 ₹161 Cr | Mar 2024 ₹181 Cr | Jun 2024 ₹203 Cr | Sep 2024 ₹212 Cr | Dec 2024 ₹209 Cr | Mar 2025 ₹224 Cr | Jun 2025 ₹218 Cr | Sep 2025 ₹220 Cr | Dec 2025 ₹248 Cr | Mar 2026 ₹286 Cr | Jun 2026 —
- INDOBORAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹55 Cr | Mar 2023 ₹56 Cr | Jun 2023 ₹55 Cr | Sep 2023 ₹47 Cr | Dec 2023 ₹44 Cr | Mar 2024 ₹45 Cr | Jun 2024 ₹50 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹50 Cr | Jun 2025 ₹54 Cr | Sep 2025 ₹58 Cr | Dec 2025 ₹41 Cr | Mar 2026 ₹63 Cr | Jun 2026 —
- SRHHYPOLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹301 Cr | Mar 2023 ₹435 Cr | Jun 2023 ₹261 Cr | Sep 2023 ₹226 Cr | Dec 2023 ₹215 Cr | Mar 2024 ₹165 Cr | Jun 2024 ₹169 Cr | Sep 2024 ₹170 Cr | Dec 2024 ₹138 Cr | Mar 2025 ₹160 Cr | Jun 2025 ₹180 Cr | Sep 2025 ₹182 Cr | Dec 2025 ₹141 Cr | Mar 2026 ₹163 Cr | Jun 2026 —
- GANESHBE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹96 Cr | Dec 2022 ₹99 Cr | Mar 2023 ₹134 Cr | Jun 2023 ₹122 Cr | Sep 2023 ₹103 Cr | Dec 2023 ₹106 Cr | Mar 2024 ₹146 Cr | Jun 2024 ₹88 Cr | Sep 2024 ₹98 Cr | Dec 2024 ₹89 Cr | Mar 2025 ₹100 Cr | Jun 2025 ₹96 Cr | Sep 2025 ₹99 Cr | Dec 2025 ₹105 Cr | Mar 2026 ₹111 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- 539195: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 2.2% | Sep 2025 — | Dec 2025 — | Mar 2026 -11% | Jun 2026 —
- DEEPAKNTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 35% | Sep 2022 17% | Dec 2022 16% | Mar 2023 4.8% | Jun 2023 -14% | Sep 2023 -9.4% | Dec 2023 0.9% | Mar 2024 8.4% | Jun 2024 23% | Sep 2024 14% | Dec 2024 -5.3% | Mar 2025 2.5% | Jun 2025 -13% | Sep 2025 -6.4% | Dec 2025 3.8% | Mar 2026 -2.8% | Jun 2026 —
- ACI: Sep 2021 — | Dec 2021 — | Mar 2022 111% | Jun 2022 99% | Sep 2022 — | Dec 2022 19% | Mar 2023 2.4% | Jun 2023 -14% | Sep 2023 -1.0% | Dec 2023 13% | Mar 2024 -26% | Jun 2024 -38% | Sep 2024 -17% | Dec 2024 -41% | Mar 2025 22% | Jun 2025 37% | Sep 2025 -2.9% | Dec 2025 5.4% | Mar 2026 -13% | Jun 2026 —
- TANFACIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -11% | Mar 2024 -11% | Jun 2024 -10% | Sep 2024 38% | Dec 2024 102% | Mar 2025 67% | Jun 2025 85% | Sep 2025 51% | Dec 2025 -2.8% | Mar 2026 12% | Jun 2026 6.3%
- FISCHER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 11,450% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 137% | Jun 2025 132% | Sep 2025 118% | Dec 2025 760% | Mar 2026 99% | Jun 2026 —
- JGCHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -6.7% | Jun 2024 18% | Sep 2024 39% | Dec 2024 30% | Mar 2025 24% | Jun 2025 7.4% | Sep 2025 3.8% | Dec 2025 19% | Mar 2026 28% | Jun 2026 —
- INDOBORAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -21% | Mar 2024 -20% | Jun 2024 -9.1% | Sep 2024 -19% | Dec 2024 -14% | Mar 2025 11% | Jun 2025 8.0% | Sep 2025 53% | Dec 2025 7.9% | Mar 2026 26% | Jun 2026 —
- SRHHYPOLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -29% | Mar 2024 -62% | Jun 2024 -35% | Sep 2024 -25% | Dec 2024 -36% | Mar 2025 -3.0% | Jun 2025 6.5% | Sep 2025 7.1% | Dec 2025 2.2% | Mar 2026 1.9% | Jun 2026 —
- GANESHBE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 7.3% | Dec 2023 7.1% | Mar 2024 9.0% | Jun 2024 -28% | Sep 2024 -4.9% | Dec 2024 -16% | Mar 2025 -32% | Jun 2025 9.1% | Sep 2025 1.0% | Dec 2025 18% | Mar 2026 11% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Indo Borax & Chemicals Ltd leads opm at 20%; Deepak Nitrite Ltd leads margin change at +3 percentage points.

Investor read: Indo Borax & Chemicals Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Indo Borax & Chemicals Ltd · 20% | 11.1% versus #2 · Deepak Nitrite Ltd | 3/8 recent comparable periods | 9/9 companies · 159 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Indo Borax & Chemicals Ltd (INDOBORAX): 20%
2. Deepak Nitrite Ltd (DEEPAKNTR): 18%
3. Ganesh Benzoplast Ltd (GANESHBE): 18%
4. Archean Chemical Industries Ltd (ACI): 15%
5. Tanfac Industries Ltd (TANFACIND): 15%

### Margin change — fastest expanders
1. Deepak Nitrite Ltd (DEEPAKNTR): +3.0 pp
2. POCL Enterprises Ltd (539195): 0.0 pp
3. Indo Borax & Chemicals Ltd (INDOBORAX): 0.0 pp
4. J.G.Chemicals Ltd (JGCHEM): −1.0 pp
5. Tanfac Industries Ltd (TANFACIND): −1.0 pp

### 20-quarter OPM history
- 539195: Sep 2021 2.9% | Dec 2021 1.2% | Mar 2022 3.0% | Jun 2022 3.4% | Sep 2022 5.7% | Dec 2022 2.2% | Mar 2023 2.4% | Jun 2023 3.2% | Sep 2023 2.6% | Dec 2023 3.9% | Mar 2024 4.3% | Jun 2024 4.0% | Sep 2024 — | Dec 2024 — | Mar 2025 5.0% | Jun 2025 6.0% | Sep 2025 5.0% | Dec 2025 4.0% | Mar 2026 5.0% | Jun 2026 —
- DEEPAKNTR: Sep 2021 23% | Dec 2021 20% | Mar 2022 22% | Jun 2022 17% | Sep 2022 14% | Dec 2022 16% | Mar 2023 18% | Jun 2023 12% | Sep 2023 17% | Dec 2023 15% | Mar 2024 14% | Jun 2024 14% | Sep 2024 15% | Dec 2024 9.0% | Mar 2025 15% | Jun 2025 10% | Sep 2025 11% | Dec 2025 11% | Mar 2026 18% | Jun 2026 —
- ACI: Sep 2021 42% | Dec 2021 38% | Mar 2022 43% | Jun 2022 40% | Sep 2022 40% | Dec 2022 44% | Mar 2023 51% | Jun 2023 39% | Sep 2023 33% | Dec 2023 35% | Mar 2024 31% | Jun 2024 33% | Sep 2024 31% | Dec 2024 33% | Mar 2025 26% | Jun 2025 27% | Sep 2025 27% | Dec 2025 21% | Mar 2026 15% | Jun 2026 —
- TANFACIND: Sep 2021 21% | Dec 2021 24% | Mar 2022 15% | Jun 2022 16% | Sep 2022 17% | Dec 2022 23% | Mar 2023 22% | Jun 2023 23% | Sep 2023 19% | Dec 2023 17% | Mar 2024 16% | Jun 2024 16% | Sep 2024 24% | Dec 2024 28% | Mar 2025 21% | Jun 2025 16% | Sep 2025 16% | Dec 2025 15% | Mar 2026 16% | Jun 2026 15%
- FISCHER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 78% | Jun 2023 78% | Sep 2023 79% | Dec 2023 79% | Mar 2024 12% | Jun 2024 -2.1% | Sep 2024 1.3% | Dec 2024 3.2% | Mar 2025 5.1% | Jun 2025 18% | Sep 2025 19% | Dec 2025 21% | Mar 2026 1.0% | Jun 2026 —
- JGCHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 11% | Dec 2022 — | Mar 2023 8.0% | Jun 2023 3.0% | Sep 2023 5.0% | Dec 2023 9.0% | Mar 2024 9.0% | Jun 2024 11% | Sep 2024 10% | Dec 2024 11% | Mar 2025 9.0% | Jun 2025 9.0% | Sep 2025 8.0% | Dec 2025 9.0% | Mar 2026 8.0% | Jun 2026 —
- INDOBORAX: Sep 2021 27% | Dec 2021 25% | Mar 2022 27% | Jun 2022 28% | Sep 2022 22% | Dec 2022 32% | Mar 2023 28% | Jun 2023 22% | Sep 2023 22% | Dec 2023 21% | Mar 2024 25% | Jun 2024 33% | Sep 2024 24% | Dec 2024 27% | Mar 2025 20% | Jun 2025 23% | Sep 2025 18% | Dec 2025 21% | Mar 2026 20% | Jun 2026 —
- SRHHYPOLTD: Sep 2021 12% | Dec 2021 16% | Mar 2022 10% | Jun 2022 9.3% | Sep 2022 9.9% | Dec 2022 9.0% | Mar 2023 15% | Jun 2023 13% | Sep 2023 12% | Dec 2023 10% | Mar 2024 16% | Jun 2024 15% | Sep 2024 17% | Dec 2024 14% | Mar 2025 11% | Jun 2025 15% | Sep 2025 15% | Dec 2025 12% | Mar 2026 8.0% | Jun 2026 —
- GANESHBE: Sep 2021 13% | Dec 2021 17% | Mar 2022 17% | Jun 2022 22% | Sep 2022 21% | Dec 2022 24% | Mar 2023 17% | Jun 2023 21% | Sep 2023 25% | Dec 2023 23% | Mar 2024 14% | Jun 2024 29% | Sep 2024 25% | Dec 2024 30% | Mar 2025 32% | Jun 2025 30% | Sep 2025 22% | Dec 2025 21% | Mar 2026 18% | Jun 2026 —

### 20-quarter Margin change history
- 539195: Sep 2021 −0.3 pp | Dec 2021 −2.4 pp | Mar 2022 +1.3 pp | Jun 2022 +1.4 pp | Sep 2022 +2.8 pp | Dec 2022 +1.0 pp | Mar 2023 −0.6 pp | Jun 2023 −0.1 pp | Sep 2023 −3.2 pp | Dec 2023 +1.7 pp | Mar 2024 +1.9 pp | Jun 2024 +0.8 pp | Sep 2024 — | Dec 2024 — | Mar 2025 +0.7 pp | Jun 2025 +2.0 pp | Sep 2025 — | Dec 2025 — | Mar 2026 0.0 pp | Jun 2026 —
- DEEPAKNTR: Sep 2021 −4.9 pp | Dec 2021 −6.7 pp | Mar 2022 −9.2 pp | Jun 2022 −12.3 pp | Sep 2022 −9.2 pp | Dec 2022 −4.4 pp | Mar 2023 −3.9 pp | Jun 2023 −5.3 pp | Sep 2023 +3.2 pp | Dec 2023 −1.0 pp | Mar 2024 −4.0 pp | Jun 2024 +2.0 pp | Sep 2024 −2.0 pp | Dec 2024 −6.0 pp | Mar 2025 +1.0 pp | Jun 2025 −4.0 pp | Sep 2025 −4.0 pp | Dec 2025 +2.0 pp | Mar 2026 +3.0 pp | Jun 2026 —
- ACI: Sep 2021 — | Dec 2021 — | Mar 2022 +19.6 pp | Jun 2022 +8.2 pp | Sep 2022 −1.3 pp | Dec 2022 +5.9 pp | Mar 2023 +8.0 pp | Jun 2023 −1.2 pp | Sep 2023 −7.4 pp | Dec 2023 −9.0 pp | Mar 2024 −20.0 pp | Jun 2024 −6.0 pp | Sep 2024 −2.0 pp | Dec 2024 −2.0 pp | Mar 2025 −5.0 pp | Jun 2025 −6.0 pp | Sep 2025 −4.0 pp | Dec 2025 −12.0 pp | Mar 2026 −11.0 pp | Jun 2026 —
- TANFACIND: Sep 2021 −4.6 pp | Dec 2021 −14.9 pp | Mar 2022 +12.3 pp | Jun 2022 −16.0 pp | Sep 2022 −4.1 pp | Dec 2022 −0.6 pp | Mar 2023 +7.5 pp | Jun 2023 +6.6 pp | Sep 2023 +2.5 pp | Dec 2023 −6.0 pp | Mar 2024 −6.0 pp | Jun 2024 −7.0 pp | Sep 2024 +5.0 pp | Dec 2024 +11.0 pp | Mar 2025 +5.0 pp | Jun 2025 0.0 pp | Sep 2025 −8.0 pp | Dec 2025 −13.0 pp | Mar 2026 −5.0 pp | Jun 2026 −1.0 pp
- FISCHER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −65.7 pp | Jun 2024 −79.9 pp | Sep 2024 −77.7 pp | Dec 2024 −75.8 pp | Mar 2025 −7.0 pp | Jun 2025 +20.3 pp | Sep 2025 +17.5 pp | Dec 2025 +18.2 pp | Mar 2026 −4.1 pp | Jun 2026 —
- JGCHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −5.6 pp | Dec 2023 — | Mar 2024 +1.0 pp | Jun 2024 +8.0 pp | Sep 2024 +5.0 pp | Dec 2024 +2.0 pp | Mar 2025 0.0 pp | Jun 2025 −2.0 pp | Sep 2025 −2.0 pp | Dec 2025 −2.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- INDOBORAX: Sep 2021 +0.4 pp | Dec 2021 −3.5 pp | Mar 2022 −7.7 pp | Jun 2022 −1.2 pp | Sep 2022 −4.8 pp | Dec 2022 +7.8 pp | Mar 2023 +0.6 pp | Jun 2023 −6.5 pp | Sep 2023 −0.4 pp | Dec 2023 −11.3 pp | Mar 2024 −3.0 pp | Jun 2024 +11.0 pp | Sep 2024 +2.0 pp | Dec 2024 +6.0 pp | Mar 2025 −5.0 pp | Jun 2025 −10.0 pp | Sep 2025 −6.0 pp | Dec 2025 −6.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- SRHHYPOLTD: Sep 2021 −5.6 pp | Dec 2021 −1.7 pp | Mar 2022 +1.7 pp | Jun 2022 −0.2 pp | Sep 2022 −2.0 pp | Dec 2022 −6.8 pp | Mar 2023 +4.7 pp | Jun 2023 +3.7 pp | Sep 2023 +2.1 pp | Dec 2023 +1.0 pp | Mar 2024 +1.0 pp | Jun 2024 +2.0 pp | Sep 2024 +5.0 pp | Dec 2024 +4.0 pp | Mar 2025 −5.0 pp | Jun 2025 0.0 pp | Sep 2025 −2.0 pp | Dec 2025 −2.0 pp | Mar 2026 −3.0 pp | Jun 2026 —
- GANESHBE: Sep 2021 −25.5 pp | Dec 2021 −13.7 pp | Mar 2022 −0.9 pp | Jun 2022 −0.2 pp | Sep 2022 +8.3 pp | Dec 2022 +7.1 pp | Mar 2023 −0.2 pp | Jun 2023 −0.7 pp | Sep 2023 +4.0 pp | Dec 2023 −1.0 pp | Mar 2024 −3.0 pp | Jun 2024 +8.0 pp | Sep 2024 0.0 pp | Dec 2024 +7.0 pp | Mar 2025 +18.0 pp | Jun 2025 +1.0 pp | Sep 2025 −3.0 pp | Dec 2025 −9.0 pp | Mar 2026 −14.0 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Deepak Nitrite Ltd leads with ₹551 crore of TTM profit, 424.8% above Archean Chemical Industries Ltd. Fischer Medical Ventures Ltd shows ≥100% on the scoring scale (2508.4% uncapped) growth from a ₹31 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Deepak Nitrite Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Deepak Nitrite Ltd · ₹551 crore | 424.8% versus #2 · Archean Chemical Industries Ltd | 3/8 recent comparable periods | 9/9 companies · 133 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Deepak Nitrite Ltd (DEEPAKNTR): ₹551 Cr
2. Archean Chemical Industries Ltd (ACI): ₹105 Cr
3. Sree Rayalaseema Hi-Strength Hypo Ltd (SRHHYPOLTD): ₹89 Cr
4. Ganesh Benzoplast Ltd (GANESHBE): ₹73 Cr
5. J.G.Chemicals Ltd (JGCHEM): ₹68 Cr

### Profit growth — fastest growers
1. Fischer Medical Ventures Ltd (FISCHER): 100%
2. Indo Borax & Chemicals Ltd (INDOBORAX): 19%
3. J.G.Chemicals Ltd (JGCHEM): 1.5%
4. Sree Rayalaseema Hi-Strength Hypo Ltd (SRHHYPOLTD): 1.1%
5. Deepak Nitrite Ltd (DEEPAKNTR): -21%

### 20-quarter Net profit history
- 539195: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹6 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹11 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹13 Cr | Jun 2026 —
- DEEPAKNTR: Sep 2021 ₹254 Cr | Dec 2021 ₹242 Cr | Mar 2022 ₹267 Cr | Jun 2022 ₹235 Cr | Sep 2022 ₹174 Cr | Dec 2022 ₹209 Cr | Mar 2023 ₹234 Cr | Jun 2023 ₹150 Cr | Sep 2023 ₹205 Cr | Dec 2023 ₹202 Cr | Mar 2024 ₹254 Cr | Jun 2024 ₹203 Cr | Sep 2024 ₹194 Cr | Dec 2024 ₹98 Cr | Mar 2025 ₹202 Cr | Jun 2025 ₹112 Cr | Sep 2025 ₹119 Cr | Dec 2025 ₹100 Cr | Mar 2026 ₹220 Cr | Jun 2026 —
- ACI: Sep 2021 — | Dec 2021 ₹49 Cr | Mar 2022 ₹82 Cr | Jun 2022 ₹84 Cr | Sep 2022 ₹64 Cr | Dec 2022 ₹98 Cr | Mar 2023 ₹137 Cr | Jun 2023 ₹94 Cr | Sep 2023 ₹66 Cr | Dec 2023 ₹102 Cr | Mar 2024 ₹58 Cr | Jun 2024 ₹45 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹48 Cr | Mar 2025 ₹54 Cr | Jun 2025 ₹40 Cr | Sep 2025 ₹29 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹12 Cr | Jun 2026 —
- TANFACIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹16 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹18 Cr | Jun 2026 ₹17 Cr
- FISCHER: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹-0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹-0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹-0 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹-0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹-0 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹-7 Cr | Jun 2026 —
- JGCHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹12 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹19 Cr | Jun 2026 —
- INDOBORAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹14 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹15 Cr | Jun 2026 —
- SRHHYPOLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹24 Cr | Mar 2023 ₹71 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹20 Cr | Jun 2026 —
- GANESHBE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹14 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹-13 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹15 Cr | Jun 2026 —

### 20-quarter Profit growth history
- 539195: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 83% | Sep 2025 — | Dec 2025 — | Mar 2026 18% | Jun 2026 —
- DEEPAKNTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -22% | Sep 2022 -32% | Dec 2022 -14% | Mar 2023 -12% | Jun 2023 -36% | Sep 2023 18% | Dec 2023 -3.4% | Mar 2024 8.6% | Jun 2024 35% | Sep 2024 -5.4% | Dec 2024 -51% | Mar 2025 -20% | Jun 2025 -45% | Sep 2025 -39% | Dec 2025 2.0% | Mar 2026 8.9% | Jun 2026 —
- ACI: Sep 2021 — | Dec 2021 — | Mar 2022 925% | Jun 2022 342% | Sep 2022 — | Dec 2022 100% | Mar 2023 67% | Jun 2023 12% | Sep 2023 3.1% | Dec 2023 4.1% | Mar 2024 -58% | Jun 2024 -52% | Sep 2024 -76% | Dec 2024 -53% | Mar 2025 -6.9% | Jun 2025 -11% | Sep 2025 81% | Dec 2025 -50% | Mar 2026 -78% | Jun 2026 —
- TANFACIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -38% | Mar 2024 -41% | Jun 2024 -39% | Sep 2024 73% | Dec 2024 250% | Mar 2025 77% | Jun 2025 73% | Sep 2025 -11% | Dec 2025 -54% | Mar 2026 -22% | Jun 2026 -11%
- FISCHER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 2,058% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -49% | Jun 2025 — | Sep 2025 4,693% | Dec 2025 — | Mar 2026 -642% | Jun 2026 —
- JGCHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 17% | Jun 2024 300% | Sep 2024 325% | Dec 2024 64% | Mar 2025 14% | Jun 2025 0.0% | Sep 2025 -12% | Dec 2025 0.0% | Mar 2026 19% | Jun 2026 —
- INDOBORAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -42% | Mar 2024 -15% | Jun 2024 40% | Sep 2024 0.0% | Dec 2024 13% | Mar 2025 -9.1% | Jun 2025 -29% | Sep 2025 78% | Dec 2025 0.0% | Mar 2026 50% | Jun 2026 —
- SRHHYPOLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -29% | Mar 2024 -72% | Jun 2024 -21% | Sep 2024 39% | Dec 2024 29% | Mar 2025 10% | Jun 2025 16% | Sep 2025 -8.0% | Dec 2025 9.1% | Mar 2026 -9.1% | Jun 2026 —
- GANESHBE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 14% | Dec 2023 6.7% | Mar 2024 -6.7% | Jun 2024 6.7% | Sep 2024 0.0% | Dec 2024 13% | Mar 2025 -193% | Jun 2025 13% | Sep 2025 50% | Dec 2025 -11% | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Archean Chemical Industries Ltd reports ₹21 crore of CAPEX; Archean Chemical Industries Ltd has the highest covered intensity at 7.2%. Coverage is only 2 of 9 companies and 8 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Archean Chemical Industries Ltd · ₹21 crore | 21× versus #2 · J.G.Chemicals Ltd | 2/2 recent comparable periods | 2/9 companies · 8 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Archean Chemical Industries Ltd (ACI): ₹21 Cr
2. J.G.Chemicals Ltd (JGCHEM): ₹1 Cr

### CAPEX intensity — highest reinvestment intensity
1. Archean Chemical Industries Ltd (ACI): 7.2%
2. J.G.Chemicals Ltd (JGCHEM): 0.6%

### 20-quarter CAPEX history
- ACI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹25 Cr | Sep 2022 ₹21 Cr | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- JGCHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹3 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹2 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 ₹3 Cr | Mar 2024 ₹1 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- ACI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.3% | Sep 2022 7.2% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- JGCHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.0% | Jun 2023 — | Sep 2023 — | Dec 2023 1.9% | Mar 2024 0.6% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Sree Rayalaseema Hi-Strength Hypo Ltd has the clearest covered balance-sheet capacity with ₹427 crore net cash and gross debt of ₹12 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Indo Borax & Chemicals Ltd · ₹1 crore | 83.3% versus #2 · J.G.Chemicals Ltd | 8/8 recent comparable periods | 9/9 companies · 128 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Indo Borax & Chemicals Ltd (INDOBORAX): ₹1 Cr
2. J.G.Chemicals Ltd (JGCHEM): ₹6 Cr
3. Sree Rayalaseema Hi-Strength Hypo Ltd (SRHHYPOLTD): ₹12 Cr
4. Ganesh Benzoplast Ltd (GANESHBE): ₹76 Cr
5. Tanfac Industries Ltd (TANFACIND): ₹93 Cr

### Net debt — lowest net debt
1. Sree Rayalaseema Hi-Strength Hypo Ltd (SRHHYPOLTD): ₹-427 Cr
2. Indo Borax & Chemicals Ltd (INDOBORAX): ₹-210 Cr
3. J.G.Chemicals Ltd (JGCHEM): ₹-154 Cr
4. Ganesh Benzoplast Ltd (GANESHBE): ₹-11 Cr
5. Fischer Medical Ventures Ltd (FISCHER): ₹82 Cr

### 20-quarter Gross debt history
- 539195: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹107 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹134 Cr | Jun 2026 —
- DEEPAKNTR: Sep 2021 ₹409 Cr | Dec 2021 ₹409 Cr | Mar 2022 ₹315 Cr | Jun 2022 ₹315 Cr | Sep 2022 ₹270 Cr | Dec 2022 ₹270 Cr | Mar 2023 ₹73 Cr | Jun 2023 ₹73 Cr | Sep 2023 ₹67 Cr | Dec 2023 ₹67 Cr | Mar 2024 ₹286 Cr | Jun 2024 ₹286 Cr | Sep 2024 ₹857 Cr | Dec 2024 ₹857 Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- ACI: Sep 2021 — | Dec 2021 — | Mar 2022 ₹897 Cr | Jun 2022 ₹966 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹69 Cr | Jun 2023 ₹69 Cr | Sep 2023 ₹64 Cr | Dec 2023 ₹64 Cr | Mar 2024 ₹98 Cr | Jun 2024 ₹98 Cr | Sep 2024 ₹152 Cr | Dec 2024 ₹152 Cr | Mar 2025 ₹235 Cr | Jun 2025 ₹235 Cr | Sep 2025 ₹281 Cr | Dec 2025 ₹281 Cr | Mar 2026 ₹466 Cr | Jun 2026 —
- TANFACIND: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹41 Cr | Jun 2025 — | Sep 2025 ₹31 Cr | Dec 2025 — | Mar 2026 ₹93 Cr | Jun 2026 —
- FISCHER: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹85 Cr | Jun 2025 ₹85 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹37 Cr | Mar 2026 ₹107 Cr | Jun 2026 —
- JGCHEM: Sep 2021 — | Dec 2021 — | Mar 2022 ₹94 Cr | Jun 2022 ₹54 Cr | Sep 2022 ₹54 Cr | Dec 2022 ₹70 Cr | Mar 2023 ₹70 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 ₹25 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- INDOBORAX: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- SRHHYPOLTD: Sep 2021 ₹56 Cr | Dec 2021 ₹56 Cr | Mar 2022 ₹28 Cr | Jun 2022 — | Sep 2022 ₹24 Cr | Dec 2022 ₹24 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹12 Cr | Jun 2026 —
- GANESHBE: Sep 2021 ₹50 Cr | Dec 2021 ₹50 Cr | Mar 2022 ₹26 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹64 Cr | Dec 2022 ₹64 Cr | Mar 2023 ₹62 Cr | Jun 2023 ₹62 Cr | Sep 2023 ₹58 Cr | Dec 2023 ₹58 Cr | Mar 2024 ₹57 Cr | Jun 2024 ₹57 Cr | Sep 2024 ₹61 Cr | Dec 2024 ₹61 Cr | Mar 2025 ₹64 Cr | Jun 2025 ₹64 Cr | Sep 2025 ₹52 Cr | Dec 2025 ₹52 Cr | Mar 2026 ₹76 Cr | Jun 2026 —

### 20-quarter Net debt history
- DEEPAKNTR: Sep 2021 ₹112 Cr | Dec 2021 ₹112 Cr | Mar 2022 ₹-162 Cr | Jun 2022 ₹-164 Cr | Sep 2022 ₹-217 Cr | Dec 2022 ₹-217 Cr | Mar 2023 ₹-342 Cr | Jun 2023 ₹-342 Cr | Sep 2023 ₹-472 Cr | Dec 2023 ₹-472 Cr | Mar 2024 ₹-297 Cr | Jun 2024 ₹-297 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹354 Cr | Jun 2025 ₹354 Cr | Sep 2025 ₹922 Cr | Dec 2025 ₹922 Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- ACI: Sep 2021 — | Dec 2021 — | Mar 2022 ₹842 Cr | Jun 2022 ₹862 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-162 Cr | Jun 2023 ₹48 Cr | Sep 2023 ₹-322 Cr | Dec 2023 ₹-322 Cr | Mar 2024 ₹-297 Cr | Jun 2024 ₹-297 Cr | Sep 2024 ₹-312 Cr | Dec 2024 ₹-312 Cr | Mar 2025 ₹-20 Cr | Jun 2025 ₹-8 Cr | Sep 2025 ₹103 Cr | Dec 2025 ₹103 Cr | Mar 2026 ₹417 Cr | Jun 2026 —
- FISCHER: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹-36 Cr | Jun 2024 ₹-36 Cr | Sep 2024 ₹-4 Cr | Dec 2024 ₹-4 Cr | Mar 2025 ₹-166 Cr | Jun 2025 ₹-166 Cr | Sep 2025 ₹-6 Cr | Dec 2025 ₹-6 Cr | Mar 2026 ₹82 Cr | Jun 2026 —
- JGCHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹52 Cr | Sep 2022 ₹52 Cr | Dec 2022 ₹66 Cr | Mar 2023 ₹66 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 ₹11 Cr | Mar 2024 ₹-165 Cr | Jun 2024 ₹-165 Cr | Sep 2024 ₹-151 Cr | Dec 2024 ₹-151 Cr | Mar 2025 ₹-144 Cr | Jun 2025 ₹-144 Cr | Sep 2025 ₹-147 Cr | Dec 2025 ₹-147 Cr | Mar 2026 ₹-154 Cr | Jun 2026 —
- INDOBORAX: Sep 2021 — | Dec 2021 — | Mar 2022 ₹-39 Cr | Jun 2022 ₹-40 Cr | Sep 2022 ₹-73 Cr | Dec 2022 ₹-73 Cr | Mar 2023 ₹-91 Cr | Jun 2023 ₹-91 Cr | Sep 2023 ₹-121 Cr | Dec 2023 ₹-121 Cr | Mar 2024 ₹-160 Cr | Jun 2024 ₹-159 Cr | Sep 2024 ₹-128 Cr | Dec 2024 ₹-128 Cr | Mar 2025 ₹-52 Cr | Jun 2025 ₹-85 Cr | Sep 2025 ₹-147 Cr | Dec 2025 ₹-147 Cr | Mar 2026 ₹-210 Cr | Jun 2026 —
- SRHHYPOLTD: Sep 2021 ₹-129 Cr | Dec 2021 ₹-129 Cr | Mar 2022 ₹14 Cr | Jun 2022 — | Sep 2022 ₹-134 Cr | Dec 2022 ₹-134 Cr | Mar 2023 ₹-207 Cr | Jun 2023 ₹-210 Cr | Sep 2023 ₹-316 Cr | Dec 2023 ₹-316 Cr | Mar 2024 ₹-316 Cr | Jun 2024 ₹-321 Cr | Sep 2024 ₹-357 Cr | Dec 2024 ₹-357 Cr | Mar 2025 ₹-353 Cr | Jun 2025 ₹-360 Cr | Sep 2025 ₹-400 Cr | Dec 2025 ₹-400 Cr | Mar 2026 ₹-427 Cr | Jun 2026 —
- GANESHBE: Sep 2021 ₹6 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹-22 Cr | Jun 2022 ₹-22 Cr | Sep 2022 ₹-5 Cr | Dec 2022 ₹-5 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹-42 Cr | Jun 2024 ₹-42 Cr | Sep 2024 ₹-25 Cr | Dec 2024 ₹-25 Cr | Mar 2025 ₹-38 Cr | Jun 2025 ₹-38 Cr | Sep 2025 ₹-53 Cr | Dec 2025 ₹-53 Cr | Mar 2026 ₹-11 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: POCL Enterprises Ltd leads ROCE at 26.4%, 2.7 percentage points above Tanfac Industries Ltd. Fischer Medical Ventures Ltd has the strongest latest improvement at +9.2 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: POCL Enterprises Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: POCL Enterprises Ltd · 26.4% | 11.4% versus #2 · Tanfac Industries Ltd | Not enough history | 9/9 companies · 104 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. POCL Enterprises Ltd (539195): 26%
2. Tanfac Industries Ltd (TANFACIND): 24%
3. J.G.Chemicals Ltd (JGCHEM): 18%
4. Indo Borax & Chemicals Ltd (INDOBORAX): 15%
5. Ganesh Benzoplast Ltd (GANESHBE): 15%

### ROCE change — fastest improvers
1. Fischer Medical Ventures Ltd (FISCHER): +9.2 pp
2. Sree Rayalaseema Hi-Strength Hypo Ltd (SRHHYPOLTD): −0.9 pp
3. Indo Borax & Chemicals Ltd (INDOBORAX): −2.3 pp
4. Deepak Nitrite Ltd (DEEPAKNTR): −2.9 pp
5. J.G.Chemicals Ltd (JGCHEM): −2.9 pp

### 20-quarter ROCE history
- DEEPAKNTR: Sep 2021 44% | Dec 2021 — | Mar 2022 39% | Jun 2022 — | Sep 2022 32% | Dec 2022 — | Mar 2023 26% | Jun 2023 — | Sep 2023 23% | Dec 2023 25% | Mar 2024 19% | Jun 2024 25% | Sep 2024 17% | Dec 2024 19% | Mar 2025 13% | Jun 2025 14% | Sep 2025 9.8% | Dec 2025 12% | Mar 2026 10% | Jun 2026 —
- ACI: Sep 2021 — | Dec 2021 — | Mar 2022 26% | Jun 2022 34% | Sep 2022 — | Dec 2022 — | Mar 2023 36% | Jun 2023 — | Sep 2023 30% | Dec 2023 35% | Mar 2024 21% | Jun 2024 21% | Sep 2024 15% | Dec 2024 13% | Mar 2025 11% | Jun 2025 11% | Sep 2025 9.9% | Dec 2025 10% | Mar 2026 6.6% | Jun 2026 —
- FISCHER: Sep 2021 -138% | Dec 2021 — | Mar 2022 83% | Jun 2022 — | Sep 2022 54% | Dec 2022 — | Mar 2023 5.0% | Jun 2023 — | Sep 2023 8.4% | Dec 2023 -4.5% | Mar 2024 2.0% | Jun 2024 3.5% | Sep 2024 1.7% | Dec 2024 8.1% | Mar 2025 0.5% | Jun 2025 6.2% | Sep 2025 5.4% | Dec 2025 22% | Mar 2026 9.7% | Jun 2026 —
- JGCHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 22% | Dec 2022 26% | Mar 2023 33% | Jun 2023 — | Sep 2023 — | Dec 2023 16% | Mar 2024 10% | Jun 2024 20% | Sep 2024 16% | Dec 2024 25% | Mar 2025 17% | Jun 2025 21% | Sep 2025 15% | Dec 2025 19% | Mar 2026 14% | Jun 2026 —
- INDOBORAX: Sep 2021 28% | Dec 2021 — | Mar 2022 23% | Jun 2022 — | Sep 2022 23% | Dec 2022 — | Mar 2023 25% | Jun 2023 — | Sep 2023 20% | Dec 2023 21% | Mar 2024 15% | Jun 2024 20% | Sep 2024 15% | Dec 2024 20% | Mar 2025 14% | Jun 2025 17% | Sep 2025 12% | Dec 2025 18% | Mar 2026 12% | Jun 2026 —
- SRHHYPOLTD: Sep 2021 18% | Dec 2021 — | Mar 2022 22% | Jun 2022 — | Sep 2022 20% | Dec 2022 — | Mar 2023 20% | Jun 2023 — | Sep 2023 17% | Dec 2023 20% | Mar 2024 12% | Jun 2024 13% | Sep 2024 10% | Dec 2024 14% | Mar 2025 8.6% | Jun 2025 13% | Sep 2025 7.9% | Dec 2025 12% | Mar 2026 7.7% | Jun 2026 —
- GANESHBE: Sep 2021 17% | Dec 2021 — | Mar 2022 14% | Jun 2022 — | Sep 2022 15% | Dec 2022 — | Mar 2023 16% | Jun 2023 22% | Sep 2023 16% | Dec 2023 20% | Mar 2024 13% | Jun 2024 17% | Sep 2024 12% | Dec 2024 17% | Mar 2025 14% | Jun 2025 10% | Sep 2025 13% | Dec 2025 11% | Mar 2026 9.9% | Jun 2026 —

### 20-quarter ROCE change history
- DEEPAKNTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −12.7 pp | Dec 2022 — | Mar 2023 −12.8 pp | Jun 2023 — | Sep 2023 −9.0 pp | Dec 2023 — | Mar 2024 −7.9 pp | Jun 2024 — | Sep 2024 −5.4 pp | Dec 2024 −6.0 pp | Mar 2025 −5.2 pp | Jun 2025 −10.5 pp | Sep 2025 −7.4 pp | Dec 2025 −7.7 pp | Mar 2026 −2.9 pp | Jun 2026 —
- ACI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +9.4 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −15.3 pp | Jun 2024 — | Sep 2024 −14.9 pp | Dec 2024 −22.2 pp | Mar 2025 −9.8 pp | Jun 2025 −9.9 pp | Sep 2025 −5.1 pp | Dec 2025 −2.5 pp | Mar 2026 −4.1 pp | Jun 2026 —
- FISCHER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +191.6 pp | Dec 2022 — | Mar 2023 −77.7 pp | Jun 2023 — | Sep 2023 −45.4 pp | Dec 2023 — | Mar 2024 −3.0 pp | Jun 2024 — | Sep 2024 −6.7 pp | Dec 2024 +12.6 pp | Mar 2025 −1.5 pp | Jun 2025 +2.7 pp | Sep 2025 +3.7 pp | Dec 2025 +14.3 pp | Mar 2026 +9.2 pp | Jun 2026 —
- JGCHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −9.8 pp | Mar 2024 −22.6 pp | Jun 2024 — | Sep 2024 — | Dec 2024 +9.0 pp | Mar 2025 +7.0 pp | Jun 2025 +0.8 pp | Sep 2025 −1.0 pp | Dec 2025 −6.7 pp | Mar 2026 −2.9 pp | Jun 2026 —
- INDOBORAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.1 pp | Dec 2022 — | Mar 2023 +1.5 pp | Jun 2023 — | Sep 2023 −2.7 pp | Dec 2023 — | Mar 2024 −9.8 pp | Jun 2024 — | Sep 2024 −5.5 pp | Dec 2024 −1.1 pp | Mar 2025 −0.8 pp | Jun 2025 −3.3 pp | Sep 2025 −2.9 pp | Dec 2025 −2.0 pp | Mar 2026 −2.3 pp | Jun 2026 —
- SRHHYPOLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.2 pp | Dec 2022 — | Mar 2023 −2.4 pp | Jun 2023 — | Sep 2023 −3.5 pp | Dec 2023 — | Mar 2024 −8.1 pp | Jun 2024 — | Sep 2024 −6.6 pp | Dec 2024 −6.8 pp | Mar 2025 −3.2 pp | Jun 2025 +0.8 pp | Sep 2025 −2.2 pp | Dec 2025 −1.4 pp | Mar 2026 −0.9 pp | Jun 2026 —
- GANESHBE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.7 pp | Dec 2022 — | Mar 2023 +1.7 pp | Jun 2023 — | Sep 2023 +1.2 pp | Dec 2023 — | Mar 2024 −3.0 pp | Jun 2024 −4.9 pp | Sep 2024 −4.4 pp | Dec 2024 −2.8 pp | Mar 2025 +0.7 pp | Jun 2025 −7.0 pp | Sep 2025 +1.0 pp | Dec 2025 −6.4 pp | Mar 2026 −3.9 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Deepak Nitrite Ltd has the lowest comparable Guarded PEG at 0.61×, 26.5% below Archean Chemical Industries Ltd. Only 2 of 9 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Deepak Nitrite Ltd · 0.61× | 26.5% versus #2 · Archean Chemical Industries Ltd | 0/8 recent comparable periods | 2/9 companies · 3 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Deepak Nitrite Ltd (DEEPAKNTR): 0.6
2. Archean Chemical Industries Ltd (ACI): 0.8

### P/E — lowest P/E
1. Sree Rayalaseema Hi-Strength Hypo Ltd (SRHHYPOLTD): 8.2
2. Ganesh Benzoplast Ltd (GANESHBE): 12.0
3. POCL Enterprises Ltd (539195): 12.7
4. J.G.Chemicals Ltd (JGCHEM): 30.1
5. Indo Borax & Chemicals Ltd (INDOBORAX): 36.8

### 20-quarter Guarded PEG history
- DEEPAKNTR: Sep 2021 — | Dec 2021 2.7 | Mar 2022 — | Jun 2022 0.6 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ACI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.8 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- 539195: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 21.0 | Dec 2025 18.1 | Mar 2026 11.2 | Jun 2026 —
- DEEPAKNTR: Sep 2021 34.6 | Dec 2021 31.9 | Mar 2022 27.9 | Jun 2022 23.0 | Sep 2022 27.8 | Dec 2022 29.5 | Mar 2023 28.4 | Jun 2023 34.8 | Sep 2023 37.7 | Dec 2023 42.4 | Mar 2024 36.6 | Jun 2024 45.3 | Sep 2024 49.0 | Dec 2024 44.3 | Mar 2025 39.2 | Jun 2025 38.8 | Sep 2025 41.5 | Dec 2025 45.3 | Mar 2026 33.9 | Jun 2026 —
- ACI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 27.1 | Mar 2023 33.5 | Jun 2023 27.6 | Sep 2023 17.7 | Dec 2023 20.3 | Mar 2024 20.7 | Jun 2024 27.4 | Sep 2024 31.8 | Dec 2024 32.3 | Mar 2025 32.1 | Jun 2025 44.4 | Sep 2025 44.9 | Dec 2025 38.2 | Mar 2026 51.3 | Jun 2026 —
- TANFACIND: Sep 2021 17.3 | Dec 2021 13.5 | Mar 2022 12.4 | Jun 2022 9.2 | Sep 2022 20.5 | Dec 2022 23.4 | Mar 2023 24.5 | Jun 2023 34.4 | Sep 2023 29.4 | Dec 2023 36.0 | Mar 2024 31.6 | Jun 2024 41.0 | Sep 2024 43.9 | Dec 2024 56.2 | Mar 2025 37.1 | Jun 2025 41.7 | Sep 2025 47.9 | Dec 2025 44.1 | Mar 2026 51.3 | Jun 2026 68.5
- FISCHER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -39.8 | Jun 2023 — | Sep 2023 3,711.1 | Dec 2023 — | Mar 2024 1,830.9 | Jun 2024 2,123.3 | Sep 2024 2,115.7 | Dec 2024 2,333.0 | Mar 2025 1,795.4 | Jun 2025 4,328.0 | Sep 2025 1,135.5 | Dec 2025 137.8 | Mar 2026 63.9 | Jun 2026 —
- JGCHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 10.1 | Jun 2024 13.8 | Sep 2024 50.2 | Dec 2024 28.0 | Mar 2025 19.1 | Jun 2025 24.5 | Sep 2025 24.8 | Dec 2025 22.3 | Mar 2026 19.8 | Jun 2026 —
- INDOBORAX: Sep 2021 15.5 | Dec 2021 11.4 | Mar 2022 10.7 | Jun 2022 9.2 | Sep 2022 10.8 | Dec 2022 10.4 | Mar 2023 6.9 | Jun 2023 8.6 | Sep 2023 10.7 | Dec 2023 16.0 | Mar 2024 12.9 | Jun 2024 14.5 | Sep 2024 16.3 | Dec 2024 13.8 | Mar 2025 12.5 | Jun 2025 15.9 | Sep 2025 19.2 | Dec 2025 21.8 | Mar 2026 19.9 | Jun 2026 —
- SRHHYPOLTD: Sep 2021 8.8 | Dec 2021 8.2 | Mar 2022 10.3 | Jun 2022 6.9 | Sep 2022 11.4 | Dec 2022 7.1 | Mar 2023 5.8 | Jun 2023 8.0 | Sep 2023 7.3 | Dec 2023 7.0 | Mar 2024 6.3 | Jun 2024 10.9 | Sep 2024 15.8 | Dec 2024 15.8 | Mar 2025 9.5 | Jun 2025 12.5 | Sep 2025 10.2 | Dec 2025 9.4 | Mar 2026 7.2 | Jun 2026 —
- GANESHBE: Sep 2021 26.4 | Dec 2021 52.3 | Mar 2022 62.4 | Jun 2022 21.5 | Sep 2022 21.9 | Dec 2022 19.9 | Mar 2023 20.9 | Jun 2023 17.5 | Sep 2023 16.6 | Dec 2023 17.5 | Mar 2024 19.7 | Jun 2024 16.5 | Sep 2024 16.4 | Dec 2024 15.1 | Mar 2025 11.5 | Jun 2025 8.7 | Sep 2025 7.6 | Dec 2025 7.0 | Mar 2026 6.8 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Sree Rayalaseema Hi-Strength Hypo Ltd leads both ev/ebitda at 2.1× and p/bv at 0.84×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Sree Rayalaseema Hi-Strength Hypo Ltd · 2.1× | 46.2% versus #2 · Ganesh Benzoplast Ltd | 0/8 recent comparable periods | 9/9 companies · 131 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Sree Rayalaseema Hi-Strength Hypo Ltd (SRHHYPOLTD): 2.1
2. Ganesh Benzoplast Ltd (GANESHBE): 3.9
3. POCL Enterprises Ltd (539195): 8.1
4. Indo Borax & Chemicals Ltd (INDOBORAX): 12.2
5. J.G.Chemicals Ltd (JGCHEM): 12.8

### P/BV — lowest P/BV
1. Sree Rayalaseema Hi-Strength Hypo Ltd (SRHHYPOLTD): 0.8
2. Ganesh Benzoplast Ltd (GANESHBE): 1.3
3. POCL Enterprises Ltd (539195): 2.7
4. Indo Borax & Chemicals Ltd (INDOBORAX): 3.5
5. Archean Chemical Industries Ltd (ACI): 3.5

### 20-quarter EV/EBITDA history
- 539195: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 12.9 | Dec 2025 12.3 | Mar 2026 8.1 | Jun 2026 —
- DEEPAKNTR: Sep 2021 22.4 | Dec 2021 20.7 | Mar 2022 18.2 | Jun 2022 15.3 | Sep 2022 18.0 | Dec 2022 18.9 | Mar 2023 18.3 | Jun 2023 22.4 | Sep 2023 23.9 | Dec 2023 27.1 | Mar 2024 23.4 | Jun 2024 28.5 | Sep 2024 30.6 | Dec 2024 27.7 | Mar 2025 23.7 | Jun 2025 22.9 | Sep 2025 24.6 | Dec 2025 26.1 | Mar 2026 19.6 | Jun 2026 —
- ACI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 15.3 | Mar 2023 18.6 | Jun 2023 15.6 | Sep 2023 11.2 | Dec 2023 12.9 | Mar 2024 13.6 | Jun 2024 17.2 | Sep 2024 19.6 | Dec 2024 19.7 | Mar 2025 18.3 | Jun 2025 24.1 | Sep 2025 24.5 | Dec 2025 19.9 | Mar 2026 24.8 | Jun 2026 —
- TANFACIND: Sep 2021 10.4 | Dec 2021 8.3 | Mar 2022 8.1 | Jun 2022 6.1 | Sep 2022 13.4 | Dec 2022 15.2 | Mar 2023 16.0 | Jun 2023 23.2 | Sep 2023 20.0 | Dec 2023 24.6 | Mar 2024 21.3 | Jun 2024 27.5 | Sep 2024 29.1 | Dec 2024 38.3 | Mar 2025 25.6 | Jun 2025 27.8 | Sep 2025 31.8 | Dec 2025 28.8 | Mar 2026 32.1 | Jun 2026 45.2
- FISCHER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 2,036.5 | Jun 2024 1,428.7 | Sep 2024 1,423.5 | Dec 2024 1,584.9 | Mar 2025 1,149.3 | Jun 2025 1,196.8 | Sep 2025 462.0 | Dec 2025 81.5 | Mar 2026 45.1 | Jun 2026 —
- JGCHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 8.8 | Jun 2024 11.5 | Sep 2024 27.6 | Dec 2024 17.8 | Mar 2025 11.4 | Jun 2025 14.9 | Sep 2025 15.6 | Dec 2025 14.4 | Mar 2026 12.8 | Jun 2026 —
- INDOBORAX: Sep 2021 11.2 | Dec 2021 8.2 | Mar 2022 7.6 | Jun 2022 6.5 | Sep 2022 6.7 | Dec 2022 6.6 | Mar 2023 4.4 | Jun 2023 5.6 | Sep 2023 7.0 | Dec 2023 9.7 | Mar 2024 7.3 | Jun 2024 8.8 | Sep 2024 9.6 | Dec 2024 8.0 | Mar 2025 7.0 | Jun 2025 9.0 | Sep 2025 10.9 | Dec 2025 13.1 | Mar 2026 12.2 | Jun 2026 —
- SRHHYPOLTD: Sep 2021 4.1 | Dec 2021 3.4 | Mar 2022 4.9 | Jun 2022 4.0 | Sep 2022 6.8 | Dec 2022 4.0 | Mar 2023 3.5 | Jun 2023 5.4 | Sep 2023 4.3 | Dec 2023 3.5 | Mar 2024 2.9 | Jun 2024 5.6 | Sep 2024 7.8 | Dec 2024 7.7 | Mar 2025 3.6 | Jun 2025 6.1 | Sep 2025 4.5 | Dec 2025 3.6 | Mar 2026 2.1 | Jun 2026 —
- GANESHBE: Sep 2021 7.2 | Dec 2021 9.2 | Mar 2022 9.8 | Jun 2022 11.4 | Sep 2022 11.6 | Dec 2022 11.7 | Mar 2023 11.8 | Jun 2023 10.1 | Sep 2023 10.3 | Dec 2023 10.5 | Mar 2024 12.7 | Jun 2024 10.0 | Sep 2024 9.2 | Dec 2024 8.4 | Mar 2025 6.2 | Jun 2025 5.3 | Sep 2025 4.6 | Dec 2025 4.1 | Mar 2026 3.9 | Jun 2026 —

### 20-quarter P/BV history
- 539195: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 6.7 | Dec 2025 3.6 | Mar 2026 2.6 | Jun 2026 —
- DEEPAKNTR: Sep 2021 14.4 | Dec 2021 12.0 | Mar 2022 10.8 | Jun 2022 10.5 | Sep 2022 7.6 | Dec 2022 7.4 | Mar 2023 7.5 | Jun 2023 8.9 | Sep 2023 7.1 | Dec 2023 7.8 | Mar 2024 6.7 | Jun 2024 8.3 | Sep 2024 8.2 | Dec 2024 6.9 | Mar 2025 5.3 | Jun 2025 5.6 | Sep 2025 4.7 | Dec 2025 4.4 | Mar 2026 3.3 | Jun 2026 —
- ACI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 5.6 | Jun 2023 4.6 | Sep 2023 5.1 | Dec 2023 5.1 | Mar 2024 5.3 | Jun 2024 4.8 | Sep 2024 5.0 | Dec 2024 4.6 | Mar 2025 3.6 | Jun 2025 4.2 | Sep 2025 4.6 | Dec 2025 3.4 | Mar 2026 4.0 | Jun 2026 —
- TANFACIND: Sep 2021 7.5 | Dec 2021 5.0 | Mar 2022 5.2 | Jun 2022 5.9 | Sep 2022 5.8 | Dec 2022 6.3 | Mar 2023 7.5 | Jun 2023 14.4 | Sep 2023 10.5 | Dec 2023 11.8 | Mar 2024 9.5 | Jun 2024 11.7 | Sep 2024 8.7 | Dec 2024 11.5 | Mar 2025 11.1 | Jun 2025 16.0 | Sep 2025 14.8 | Dec 2025 12.2 | Mar 2026 11.3 | Jun 2026 12.9
- FISCHER: Sep 2021 -19.6 | Dec 2021 -14.3 | Mar 2022 -5.9 | Jun 2022 -5.0 | Sep 2022 -5.7 | Dec 2022 -5.0 | Mar 2023 -5.4 | Jun 2023 -112.8 | Sep 2023 8.4 | Dec 2023 28.8 | Mar 2024 41.2 | Jun 2024 41.9 | Sep 2024 41.8 | Dec 2024 46.0 | Mar 2025 59.1 | Jun 2025 50.6 | Sep 2025 66.4 | Dec 2025 7.7 | Mar 2026 7.0 | Jun 2026 —
- JGCHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.7 | Jun 2024 2.3 | Sep 2024 4.0 | Dec 2024 3.7 | Mar 2025 2.7 | Jun 2025 3.9 | Sep 2025 3.5 | Dec 2025 2.8 | Mar 2026 2.5 | Jun 2026 —
- INDOBORAX: Sep 2021 3.5 | Dec 2021 2.5 | Mar 2022 2.2 | Jun 2022 1.9 | Sep 2022 1.8 | Dec 2022 1.9 | Mar 2023 1.6 | Jun 2023 2.0 | Sep 2023 2.5 | Dec 2023 2.7 | Mar 2024 1.9 | Jun 2024 2.2 | Sep 2024 2.4 | Dec 2024 1.9 | Mar 2025 1.7 | Jun 2025 2.3 | Sep 2025 2.5 | Dec 2025 2.4 | Mar 2026 2.2 | Jun 2026 —
- SRHHYPOLTD: Sep 2021 1.9 | Dec 2021 1.2 | Mar 2022 1.7 | Jun 2022 1.8 | Sep 2022 1.8 | Dec 2022 1.1 | Mar 2023 1.2 | Jun 2023 2.1 | Sep 2023 1.4 | Dec 2023 1.2 | Mar 2024 1.0 | Jun 2024 1.3 | Sep 2024 1.6 | Dec 2024 1.6 | Mar 2025 1.0 | Jun 2025 1.4 | Sep 2025 1.1 | Dec 2025 0.9 | Mar 2026 0.7 | Jun 2026 —
- GANESHBE: Sep 2021 2.3 | Dec 2021 2.5 | Mar 2022 2.6 | Jun 2022 3.1 | Sep 2022 2.6 | Dec 2022 2.9 | Mar 2023 3.6 | Jun 2023 3.4 | Sep 2023 2.8 | Dec 2023 2.7 | Mar 2024 3.0 | Jun 2024 2.7 | Sep 2024 2.1 | Dec 2024 1.8 | Mar 2025 1.4 | Jun 2025 1.4 | Sep 2025 1.2 | Dec 2025 1.0 | Mar 2026 0.9 | Jun 2026 —

## Market action

Indo Borax & Chemicals Ltd has the strongest one-year price move in Chemicals - Inorganic at +70.9%. It also leads on Mansfield relative strength against NIFTY at +52.1%. 4 of 9 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Indo Borax & Chemicals Ltd (INDOBORAX): 71%
2. Ganesh Benzoplast Ltd (GANESHBE): 15%
3. Tanfac Industries Ltd (TANFACIND): 13%
4. J.G.Chemicals Ltd (JGCHEM): -0.7%
5. Deepak Nitrite Ltd (DEEPAKNTR): -15%

### Strongest relative strength versus NIFTY 500
1. Indo Borax & Chemicals Ltd (INDOBORAX): 52%
2. J.G.Chemicals Ltd (JGCHEM): 26%
3. Tanfac Industries Ltd (TANFACIND): 26%
4. Ganesh Benzoplast Ltd (GANESHBE): 26%
5. Deepak Nitrite Ltd (DEEPAKNTR): -0.2%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 4 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Deepak Nitrite Ltd (DEEPAKNTR) — market value ₹22.5K Cr; latest fundamentals Mar 2026
- Archean Chemical Industries Ltd (ACI) — market value ₹6.9K Cr; latest fundamentals Mar 2026
- Tanfac Industries Ltd (TANFACIND) — market value ₹5.7K Cr; latest fundamentals Jun 2026
- Fischer Medical Ventures Ltd (FISCHER) — market value ₹2.5K Cr; latest fundamentals Mar 2026
- J.G.Chemicals Ltd (JGCHEM) — market value ₹2.0K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Indo Borax & Chemicals Ltd (INDOBORAX) — market value ₹1.3K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Sree Rayalaseema Hi-Strength Hypo Ltd (SRHHYPOLTD) — market value ₹820 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Ganesh Benzoplast Ltd (GANESHBE) — market value ₹802 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- POCL Enterprises Ltd (539195) — market value ₹530 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 3. Unverified: 6. Withheld: 0. Graded companies: 9.

4 of 9 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

- UNVERIFIED | JGCHEM | J.G.Chemicals Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | INDOBORAX | Indo Borax & Chemicals Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SRHHYPOLTD | Sree Rayalaseema Hi-Strength Hypo Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | GANESHBE | Ganesh Benzoplast Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Chemicals - Inorganic index?

The Nifty Chemicals - Inorganic index tracks India's listed Chemicals - Inorganic companies as a single basket. This page follows the same 9 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Chemicals - Inorganic sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Chemicals - Inorganic stocks in India?

Ranked by this page's four-factor score, Indo Borax & Chemicals Ltd places first among 9 listed Chemicals - Inorganic companies, followed by J.G.Chemicals Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Chemicals - Inorganic stocks are listed in India?

This comparison covers 9 listed Chemicals - Inorganic companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Chemicals - Inorganic company is the biggest?

Deepak Nitrite Ltd is the largest, with trailing-twelve-month revenue of ₹7,887 crore, ahead of POCL Enterprises Ltd at ₹1,431 crore. That covers 9 of 9 companies with comparable reporting through Mar 2026.

### Which Chemicals - Inorganic company is growing fastest?

Fischer Medical Ventures Ltd has the fastest revenue growth at 100% year on year, across 8 of 9 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Chemicals - Inorganic company has the best profit margins?

Indo Borax & Chemicals Ltd has the highest operating margin at 20%, from 9 of 9 comparable companies. Deepak Nitrite Ltd shows the biggest recent improvement, at +3 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Chemicals - Inorganic company makes the most profit?

Deepak Nitrite Ltd earns the most, at ₹551 crore of trailing-twelve-month net profit, from 9 of 9 comparable companies. Fischer Medical Ventures Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Chemicals - Inorganic company earns the highest return on capital?

POCL Enterprises Ltd leads on return on capital employed at 26.4%, across 9 of 9 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Chemicals - Inorganic stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Deepak Nitrite Ltd screens cheapest at 0.61×. Only 2 of 9 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Chemicals - Inorganic company has the strongest balance sheet?

Indo Borax & Chemicals Ltd carries the lowest comparable gross debt at ₹1 crore, from 9 of 9 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Chemicals - Inorganic sector beating the market?

Chemicals - Inorganic has underperformed NIFTY 500 by 5.9% over the last 52 weeks and 10.4% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 4 of 9 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Chemicals - Inorganic stock has the strongest price momentum?

Indo Borax & Chemicals Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Chemicals - Inorganic company scores highest for research priority?

Indo Borax & Chemicals Ltd scores 69.4 out of 100 with 82.8% evidence confidence, from 23.4 points on growth and earnings, 19.4 on capital efficiency, 6.6 on valuation and 20 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Chemicals - Inorganic companies does this comparison cover, and over what period?

It compares 9 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Chemicals - Inorganic sector?

The 9 Chemicals - Inorganic companies on this page carry ₹43,031 crore of combined market value. Deepak Nitrite Ltd is the largest at ₹22,499 crore, about 52% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Chemicals - Inorganic sector's P/E ratio?

The median price-to-earnings ratio across the 9 Chemicals - Inorganic companies on this page is 36.8×, measured on the 9 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Chemicals - Inorganic sector performing?

4 of the 9 covered Chemicals - Inorganic companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 5.9% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/chemicals-inorganic