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

> Chemicals - Organic: BASF India Ltd owns the largest revenue base; OCCL 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 - Organic has outperformed NIFTY 500 by 4.9% over 52 weeks and 23.4% over 13 weeks. 10 of 18 covered companies beat NIFTY on Mansfield relative strength, while 5 of 16 beat the sector itself. BASF India Ltd leads with revenue of ₹15,078 crore, based on 18 of 20 comparable companies through Mar 2026.

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

Chemicals - Organic has outperformed NIFTY 500 by 4.9% over 52 weeks and 23.4% over 13 weeks. 10 of 18 covered companies beat NIFTY on Mansfield relative strength, while 5 of 16 beat the sector itself.

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

BASF India Ltd leads with revenue of ₹15,078 crore, based on 18 of 20 comparable companies through Mar 2026.

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

OCCL Ltd has the fastest current revenue growth at 65.4%, across 17 of 20 comparable companies.

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

Nitta Gelatin India Ltd ranks first at 84.9/100 with 83.2% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

Fairchem Organics Ltd reports the largest latest CAPEX at ₹7 crore, with 3 of 20 companies comparable.

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

Elantas Beck India Ltd has the lowest comparable gross debt at ₹0 crore. Laxmi Organic Industries Ltd has the highest at ₹543 crore.

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

Laxmi Organic Industries Ltd has the lowest comparable Guarded PEG at 1.14, among 4 of 20 companies that pass the metric’s comparability rules.

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

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 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 - Organic has outperformed NIFTY 500 by 4.9% over the last 52 weeks. Over 13 weeks the gap is a lead of 23.4%. 10 of 18 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Nitta Gelatin India Ltd is the strongest against the sector itself at +71.7%.

13-week sector return versus NIFTY 500: 23%
52-week sector return versus NIFTY 500: 4.9%
Stocks leading NIFTY: 10/18
Stocks leading sector: 5/16

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

Companies: 20
Combined market value: ₹67.8K 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. Nitta Gelatin India Ltd (KERALACHEM): 85/100 — Sector-leading setup; evidence 83%
   - Growth & earnings 30.4/35 | Capital efficiency 20.1/25 | Valuation 14.4/20 | Relative strength 20.0/20
   - Exact sum: 30.4 + 20.1 + 14.4 + 20 = 84.9
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Shri Ahimsa Naturals Ltd (SHRIAHIMSA): 61/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 18.9/35 | Capital efficiency 17.1/25 | Valuation 10.3/20 | Relative strength 14.5/20
   - Exact sum: 18.9 + 17.1 + 10.3 + 14.5 = 60.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
3. Balaji Amines Ltd (BALAMINES): 61/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 22.0/35 | Capital efficiency 14.2/25 | Valuation 5.9/20 | Relative strength 18.6/20
   - Exact sum: 22 + 14.2 + 5.9 + 18.6 = 60.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Foseco India Ltd (FOSECOIND): 61/100 — Mixed-positive evidence; evidence 87%
   - Growth & earnings 20.0/35 | Capital efficiency 16.6/25 | Valuation 11.5/20 | Relative strength 12.5/20
   - Exact sum: 20 + 16.6 + 11.5 + 12.5 = 60.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Indo Amines Ltd (INDOAMIN): 60/100 — Mixed-positive evidence; evidence 81%
   - Growth & earnings 24.4/35 | Capital efficiency 13.4/25 | Valuation 14.1/20 | Relative strength 8.2/20
   - Exact sum: 24.4 + 13.4 + 14.1 + 8.2 = 60.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. OCCL Ltd (OCCLLTD): 56/100 — Mixed-positive evidence; evidence 61%
   - Growth & earnings 22.2/35 | Capital efficiency 11.7/25 | Valuation 10.8/20 | Relative strength 11.7/20
   - Exact sum: 22.2 + 11.7 + 10.8 + 11.7 = 56.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Elantas Beck India Ltd (ELANTAS): 53/100 — Mixed-positive evidence; evidence 77%
   - Growth & earnings 18.9/35 | Capital efficiency 19.1/25 | Valuation 7.0/20 | Relative strength 8.0/20
   - Exact sum: 18.9 + 19.1 + 7 + 8 = 53
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Valiant Organics Ltd (VALIANTORG): 48/100 — Mixed-negative evidence; evidence 87%
   - Growth & earnings 24.8/35 | Capital efficiency 9.8/25 | Valuation 11.0/20 | Relative strength 2.7/20
   - Exact sum: 24.8 + 9.8 + 11 + 2.7 = 48.3
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -19.7% and the one-year return is -34.1%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
9. GFL Ltd (GFLLIMITED): 48/100 — Mixed-negative evidence; evidence 66%
   - Growth & earnings 21.5/35 | Capital efficiency 10.3/25 | Valuation 11.5/20 | Relative strength 4.8/20
   - Exact sum: 21.5 + 10.3 + 11.5 + 4.8 = 48.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Jyoti Resins and Adhesives Ltd (JYOTIRES): 47/100 — Mixed-negative evidence; evidence 66%
   - Growth & earnings 11.7/35 | Capital efficiency 21.2/25 | Valuation 11.0/20 | Relative strength 3.4/20
   - Exact sum: 11.7 + 21.2 + 11 + 3.4 = 47.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. Fine Organic Industries Ltd (FINEORG): 46/100 — Mixed-negative evidence; evidence 100%
   - Growth & earnings 15.3/35 | Capital efficiency 19.2/25 | Valuation 5.5/20 | Relative strength 6.2/20
   - Exact sum: 15.3 + 19.2 + 5.5 + 6.2 = 46.2
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
12. BASF India Ltd (BASF): 45/100 — Mixed-negative evidence; evidence 94%
   - Growth & earnings 12.4/35 | Capital efficiency 12.5/25 | Valuation 12.3/20 | Relative strength 7.6/20
   - Exact sum: 12.4 + 12.5 + 12.3 + 7.6 = 44.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Shree Ganesh Remedies Ltd (SGRL): 44/100 — Mixed-negative evidence; evidence 73%
   - Growth & earnings 8.2/35 | Capital efficiency 16.8/25 | Valuation 8.6/20 | Relative strength 10.0/20
   - Exact sum: 8.2 + 16.8 + 8.6 + 10 = 43.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. Laxmi Organic Industries Ltd (LXCHEM): 40/100 — Mixed-negative evidence; evidence 94%
   - Growth & earnings 10.0/35 | Capital efficiency 9.6/25 | Valuation 12.7/20 | Relative strength 7.4/20
   - Exact sum: 10 + 9.6 + 12.7 + 7.4 = 39.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. Oriental Aromatics Ltd (OAL): 37/100 — Mixed-negative evidence; evidence 74%
   - Growth & earnings 12.1/35 | Capital efficiency 7.0/25 | Valuation 8.7/20 | Relative strength 9.4/20
   - Exact sum: 12.1 + 7 + 8.7 + 9.4 = 37.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. Fairchem Organics Ltd (FAIRCHEMOR): 37/100 — Mixed-negative evidence; evidence 87%
   - Growth & earnings 11.4/35 | Capital efficiency 6.3/25 | Valuation 6.0/20 | Relative strength 13.3/20
   - Exact sum: 11.4 + 6.3 + 6 + 13.3 = 37
   - Decision use: Price leads the evidence: RS versus the benchmark is 14.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
17. Gem Aromatics Ltd (GEMAROMA): 30/100 — Adverse evidence; evidence 60%
   - Growth & earnings 2.7/35 | Capital efficiency 8.9/25 | Valuation 8.5/20 | Relative strength 10.0/20
   - Exact sum: 2.7 + 8.9 + 8.5 + 10 = 30.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
18. Sigachi Industries Ltd (SIGACHI): 27/100 — Adverse evidence; evidence 81%
   - Growth & earnings 5.3/35 | Capital efficiency 8.1/25 | Valuation 9.6/20 | Relative strength 3.6/20
   - Exact sum: 5.3 + 8.1 + 9.6 + 3.6 = 26.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
19. Sacheerome Ltd (SACHEEROME): 61/100 — Thin evidence · provisional; evidence 41%
   - Growth & earnings 17.6/35 | Capital efficiency 20.9/25 | Valuation 10.2/20 | Relative strength 11.9/20
   - Exact sum: 17.6 + 20.9 + 10.2 + 11.9 = 60.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
20. Citurgia Biochemicals Ltd (CITURGIA): 39/100 — Thin evidence · provisional; evidence 21%
   - Growth & earnings 12.5/35 | Capital efficiency 6.8/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 12.5 + 6.8 + 10 + 10 = 39.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: BASF India Ltd is the scale leader at ₹15,078 crore, 429.6% ahead of Laxmi Organic Industries Ltd. OCCL Ltd's growth is 65.4% from a ₹506 crore base, with 11 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: BASF India Ltd is the scale benchmark; OCCL Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: BASF India Ltd's growth falls below OCCL Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: BASF India Ltd · ₹15,078 crore | 429.6% versus #2 · Laxmi Organic Industries Ltd | 5/8 recent comparable periods | 18/20 companies · 273 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. BASF India Ltd (BASF): ₹15.1K Cr
2. Laxmi Organic Industries Ltd (LXCHEM): ₹2.8K Cr
3. Fine Organic Industries Ltd (FINEORG): ₹2.4K Cr
4. Balaji Amines Ltd (BALAMINES): ₹1.4K Cr
5. Indo Amines Ltd (INDOAMIN): ₹1.2K Cr

### Revenue growth — fastest growers
1. OCCL Ltd (OCCLLTD): 65%
2. Foseco India Ltd (FOSECOIND): 27%
3. Nitta Gelatin India Ltd (KERALACHEM): 12%
4. Elantas Beck India Ltd (ELANTAS): 11%
5. Oriental Aromatics Ltd (OAL): 11%

### 20-quarter Revenue history
- BASF: Jun 2021 ₹3.0K Cr | Sep 2021 ₹3.4K Cr | Dec 2021 ₹3.3K Cr | Mar 2022 ₹3.4K Cr | Jun 2022 ₹3.9K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹2.9K Cr | Mar 2023 ₹3.3K Cr | Jun 2023 ₹3.4K Cr | Sep 2023 ₹3.7K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 ₹3.4K Cr | Jun 2024 ₹4.0K Cr | Sep 2024 ₹4.2K Cr | Dec 2024 ₹3.6K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹3.9K Cr | Sep 2025 ₹3.9K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹3.4K Cr
- FINEORG: Jun 2021 ₹358 Cr | Sep 2021 ₹438 Cr | Dec 2021 ₹463 Cr | Mar 2022 ₹617 Cr | Jun 2022 ₹748 Cr | Sep 2022 ₹919 Cr | Dec 2022 ₹760 Cr | Mar 2023 ₹597 Cr | Jun 2023 ₹547 Cr | Sep 2023 ₹540 Cr | Dec 2023 ₹488 Cr | Mar 2024 ₹547 Cr | Jun 2024 ₹550 Cr | Sep 2024 ₹596 Cr | Dec 2024 ₹517 Cr | Mar 2025 ₹607 Cr | Jun 2025 ₹588 Cr | Sep 2025 ₹597 Cr | Dec 2025 ₹555 Cr | Mar 2026 ₹625 Cr
- ELANTAS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹165 Cr | Mar 2023 ₹169 Cr | Jun 2023 ₹173 Cr | Sep 2023 ₹163 Cr | Dec 2023 ₹174 Cr | Mar 2024 ₹177 Cr | Jun 2024 ₹191 Cr | Sep 2024 ₹184 Cr | Dec 2024 ₹197 Cr | Mar 2025 ₹206 Cr | Jun 2025 ₹210 Cr | Sep 2025 ₹217 Cr | Dec 2025 ₹215 Cr | Mar 2026 ₹222 Cr
- BALAMINES: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹586 Cr | Mar 2023 ₹471 Cr | Jun 2023 ₹464 Cr | Sep 2023 ₹381 Cr | Dec 2023 ₹383 Cr | Mar 2024 ₹414 Cr | Jun 2024 ₹385 Cr | Sep 2024 ₹347 Cr | Dec 2024 ₹313 Cr | Mar 2025 ₹353 Cr | Jun 2025 ₹358 Cr | Sep 2025 ₹341 Cr | Dec 2025 ₹331 Cr | Mar 2026 ₹395 Cr
- LXCHEM: Jun 2021 ₹736 Cr | Sep 2021 ₹608 Cr | Dec 2021 ₹860 Cr | Mar 2022 ₹880 Cr | Jun 2022 ₹757 Cr | Sep 2022 ₹652 Cr | Dec 2022 ₹655 Cr | Mar 2023 ₹730 Cr | Jun 2023 ₹729 Cr | Sep 2023 ₹652 Cr | Dec 2023 ₹694 Cr | Mar 2024 ₹792 Cr | Jun 2024 ₹718 Cr | Sep 2024 ₹771 Cr | Dec 2024 ₹786 Cr | Mar 2025 ₹710 Cr | Jun 2025 ₹693 Cr | Sep 2025 ₹700 Cr | Dec 2025 ₹719 Cr | Mar 2026 ₹735 Cr
- FOSECOIND: Jun 2021 ₹75 Cr | Sep 2021 ₹87 Cr | Dec 2021 ₹87 Cr | Mar 2022 ₹99 Cr | Jun 2022 ₹100 Cr | Sep 2022 ₹103 Cr | Dec 2022 ₹106 Cr | Mar 2023 ₹111 Cr | Jun 2023 ₹121 Cr | Sep 2023 ₹123 Cr | Dec 2023 ₹122 Cr | Mar 2024 ₹123 Cr | Jun 2024 ₹125 Cr | Sep 2024 ₹141 Cr | Dec 2024 ₹136 Cr | Mar 2025 ₹149 Cr | Jun 2025 ₹157 Cr | Sep 2025 ₹151 Cr | Dec 2025 ₹189 Cr | Mar 2026 ₹202 Cr
- CITURGIA: Jun 2021 — | 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 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 —
- KERALACHEM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹140 Cr | Mar 2023 ₹130 Cr | Jun 2023 ₹116 Cr | Sep 2023 ₹123 Cr | Dec 2023 ₹118 Cr | Mar 2024 ₹115 Cr | Jun 2024 ₹131 Cr | Sep 2024 ₹132 Cr | Dec 2024 ₹135 Cr | Mar 2025 ₹129 Cr | Jun 2025 ₹139 Cr | Sep 2025 ₹138 Cr | Dec 2025 ₹150 Cr | Mar 2026 ₹162 Cr
- OAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹199 Cr | Mar 2023 ₹195 Cr | Jun 2023 ₹196 Cr | Sep 2023 ₹227 Cr | Dec 2023 ₹197 Cr | Mar 2024 ₹216 Cr | Jun 2024 ₹216 Cr | Sep 2024 ₹237 Cr | Dec 2024 ₹223 Cr | Mar 2025 ₹253 Cr | Jun 2025 ₹226 Cr | Sep 2025 ₹271 Cr | Dec 2025 ₹252 Cr | Mar 2026 ₹282 Cr
- JYOTIRES: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹67 Cr | Mar 2023 ₹65 Cr | Jun 2023 ₹61 Cr | Sep 2023 ₹63 Cr | Dec 2023 ₹62 Cr | Mar 2024 ₹71 Cr | Jun 2024 ₹69 Cr | Sep 2024 ₹65 Cr | Dec 2024 ₹71 Cr | Mar 2025 ₹79 Cr | Jun 2025 ₹75 Cr | Sep 2025 ₹74 Cr | Dec 2025 ₹72 Cr | Mar 2026 —
- SIGACHI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹69 Cr | Mar 2023 ₹72 Cr | Jun 2023 ₹85 Cr | Sep 2023 ₹99 Cr | Dec 2023 ₹111 Cr | Mar 2024 ₹104 Cr | Jun 2024 ₹96 Cr | Sep 2024 ₹125 Cr | Dec 2024 ₹139 Cr | Mar 2025 ₹128 Cr | Jun 2025 ₹128 Cr | Sep 2025 ₹110 Cr | Dec 2025 ₹117 Cr | Mar 2026 ₹122 Cr
- FAIRCHEMOR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹102 Cr | Mar 2023 ₹152 Cr | Jun 2023 ₹161 Cr | Sep 2023 ₹152 Cr | Dec 2023 ₹148 Cr | Mar 2024 ₹161 Cr | Jun 2024 ₹165 Cr | Sep 2024 ₹139 Cr | Dec 2024 ₹114 Cr | Mar 2025 ₹121 Cr | Jun 2025 ₹131 Cr | Sep 2025 ₹112 Cr | Dec 2025 ₹100 Cr | Mar 2026 ₹117 Cr
- SACHEEROME: Jun 2021 — | 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 ₹50 Cr | Dec 2024 — | Mar 2025 ₹57 Cr | Jun 2025 — | Sep 2025 ₹77 Cr | Dec 2025 — | Mar 2026 ₹76 Cr
- INDOAMIN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹211 Cr | Mar 2023 ₹235 Cr | Jun 2023 ₹244 Cr | Sep 2023 ₹253 Cr | Dec 2023 ₹194 Cr | Mar 2024 ₹253 Cr | Jun 2024 ₹265 Cr | Sep 2024 ₹269 Cr | Dec 2024 ₹259 Cr | Mar 2025 ₹285 Cr | Jun 2025 ₹288 Cr | Sep 2025 ₹277 Cr | Dec 2025 ₹277 Cr | Mar 2026 ₹318 Cr
- GEMAROMA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹93 Cr | Sep 2024 ₹112 Cr | Dec 2024 ₹97 Cr | Mar 2025 ₹202 Cr | Jun 2025 ₹88 Cr | Sep 2025 ₹90 Cr | Dec 2025 ₹79 Cr | Mar 2026 ₹110 Cr
- SHRIAHIMSA: Jun 2021 — | 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 ₹41 Cr | Dec 2024 — | Mar 2025 ₹55 Cr | Jun 2025 — | Sep 2025 ₹61 Cr | Dec 2025 — | Mar 2026 ₹63 Cr
- VALIANTORG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹232 Cr | Dec 2022 ₹250 Cr | Mar 2023 ₹271 Cr | Jun 2023 ₹202 Cr | Sep 2023 ₹203 Cr | Dec 2023 ₹141 Cr | Mar 2024 ₹177 Cr | Jun 2024 ₹168 Cr | Sep 2024 ₹160 Cr | Dec 2024 ₹187 Cr | Mar 2025 ₹204 Cr | Jun 2025 ₹204 Cr | Sep 2025 ₹157 Cr | Dec 2025 ₹159 Cr | Mar 2026 ₹218 Cr
- OCCLLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹103 Cr | Dec 2024 ₹96 Cr | Mar 2025 ₹107 Cr | Jun 2025 ₹123 Cr | Sep 2025 ₹120 Cr | Dec 2025 ₹114 Cr | Mar 2026 ₹149 Cr
- SGRL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹22 Cr | Mar 2023 ₹30 Cr | Jun 2023 ₹27 Cr | Sep 2023 ₹33 Cr | Dec 2023 ₹28 Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹27 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹21 Cr | Mar 2026 —
- GFLLIMITED: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr

### 20-quarter Revenue growth history
- BASF: Jun 2021 69% | Sep 2021 38% | Dec 2021 31% | Mar 2022 — | Jun 2022 29% | Sep 2022 5.2% | Dec 2022 -12% | Mar 2023 -3.3% | Jun 2023 -13% | Sep 2023 3.5% | Dec 2023 15% | Mar 2024 2.5% | Jun 2024 18% | Sep 2024 15% | Dec 2024 9.3% | Mar 2025 -2.2% | Jun 2025 -2.3% | Sep 2025 -8.3% | Dec 2025 6.3% | Mar 2026 4.8%
- FINEORG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 109% | Sep 2022 110% | Dec 2022 64% | Mar 2023 -3.2% | Jun 2023 -27% | Sep 2023 -41% | Dec 2023 -36% | Mar 2024 -8.4% | Jun 2024 0.6% | Sep 2024 10% | Dec 2024 5.9% | Mar 2025 11% | Jun 2025 6.9% | Sep 2025 0.2% | Dec 2025 7.4% | Mar 2026 3.0%
- ELANTAS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 5.5% | Mar 2024 4.7% | Jun 2024 10% | Sep 2024 13% | Dec 2024 13% | Mar 2025 16% | Jun 2025 10.0% | Sep 2025 18% | Dec 2025 9.1% | Mar 2026 7.8%
- BALAMINES: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -35% | Mar 2024 -12% | Jun 2024 -17% | Sep 2024 -8.9% | Dec 2024 -18% | Mar 2025 -15% | Jun 2025 -7.0% | Sep 2025 -1.7% | Dec 2025 5.8% | Mar 2026 12%
- LXCHEM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.9% | Sep 2022 7.2% | Dec 2022 -24% | Mar 2023 -17% | Jun 2023 -3.7% | Sep 2023 0.0% | Dec 2023 6.0% | Mar 2024 8.5% | Jun 2024 -1.5% | Sep 2024 18% | Dec 2024 13% | Mar 2025 -10% | Jun 2025 -3.5% | Sep 2025 -9.2% | Dec 2025 -8.5% | Mar 2026 3.5%
- FOSECOIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 33% | Sep 2022 18% | Dec 2022 22% | Mar 2023 12% | Jun 2023 21% | Sep 2023 19% | Dec 2023 15% | Mar 2024 11% | Jun 2024 3.3% | Sep 2024 15% | Dec 2024 11% | Mar 2025 21% | Jun 2025 26% | Sep 2025 7.1% | Dec 2025 39% | Mar 2026 36%
- KERALACHEM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -16% | Mar 2024 -12% | Jun 2024 13% | Sep 2024 7.3% | Dec 2024 14% | Mar 2025 12% | Jun 2025 6.1% | Sep 2025 4.6% | Dec 2025 11% | Mar 2026 26%
- OAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -1.0% | Mar 2024 11% | Jun 2024 10% | Sep 2024 4.4% | Dec 2024 13% | Mar 2025 17% | Jun 2025 4.5% | Sep 2025 15% | Dec 2025 13% | Mar 2026 12%
- JYOTIRES: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -7.5% | Mar 2024 9.2% | Jun 2024 13% | Sep 2024 3.2% | Dec 2024 15% | Mar 2025 11% | Jun 2025 8.7% | Sep 2025 14% | Dec 2025 1.4% | Mar 2026 —
- SIGACHI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 61% | Mar 2024 44% | Jun 2024 13% | Sep 2024 26% | Dec 2024 26% | Mar 2025 23% | Jun 2025 34% | Sep 2025 -12% | Dec 2025 -16% | Mar 2026 -4.9%
- FAIRCHEMOR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 45% | Mar 2024 5.7% | Jun 2024 2.7% | Sep 2024 -8.9% | Dec 2024 -23% | Mar 2025 -25% | Jun 2025 -21% | Sep 2025 -20% | Dec 2025 -12% | Mar 2026 -3.2%
- SACHEEROME: Jun 2021 — | 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 54% | Dec 2025 — | Mar 2026 33%
- INDOAMIN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -8.1% | Mar 2024 7.7% | Jun 2024 8.6% | Sep 2024 6.3% | Dec 2024 34% | Mar 2025 13% | Jun 2025 8.7% | Sep 2025 3.0% | Dec 2025 7.0% | Mar 2026 12%
- GEMAROMA: Jun 2021 — | 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 -5.4% | Sep 2025 -20% | Dec 2025 -19% | Mar 2026 -45%
- SHRIAHIMSA: Jun 2021 — | 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 49% | Dec 2025 — | Mar 2026 15%
- VALIANTORG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -13% | Dec 2023 -44% | Mar 2024 -35% | Jun 2024 -17% | Sep 2024 -21% | Dec 2024 33% | Mar 2025 15% | Jun 2025 21% | Sep 2025 -1.9% | Dec 2025 -15% | Mar 2026 6.9%
- OCCLLTD: Jun 2021 — | 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 17% | Dec 2025 19% | Mar 2026 39%
- SGRL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 27% | Mar 2024 26% | Jun 2024 -7.3% | Sep 2024 -3.3% | Dec 2024 -3.3% | Mar 2025 -35% | Jun 2025 -0.4% | Sep 2025 -6.2% | Dec 2025 -22% | Mar 2026 —
- GFLLIMITED: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 0.0%

## Operating Economics & Margin Trend

What the numbers say: Shree Ganesh Remedies Ltd leads opm at 31.9%; GFL Ltd leads margin change at +2562 percentage points.

Investor read: Shree Ganesh Remedies 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: Shree Ganesh Remedies Ltd · 31.9% | 13.9% versus #2 · Nitta Gelatin India Ltd | 4/8 recent comparable periods | 19/20 companies · 315 observations

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

### OPM — highest
1. Shree Ganesh Remedies Ltd (SGRL): 32%
2. Nitta Gelatin India Ltd (KERALACHEM): 28%
3. Shri Ahimsa Naturals Ltd (SHRIAHIMSA): 28%
4. Jyoti Resins and Adhesives Ltd (JYOTIRES): 26%
5. Balaji Amines Ltd (BALAMINES): 24%

### Margin change — fastest expanders
1. GFL Ltd (GFLLIMITED): +2,562.0 pp
2. Nitta Gelatin India Ltd (KERALACHEM): +10.0 pp
3. Balaji Amines Ltd (BALAMINES): +7.0 pp
4. Fairchem Organics Ltd (FAIRCHEMOR): +3.2 pp
5. Foseco India Ltd (FOSECOIND): +2.0 pp

### 20-quarter OPM history
- BASF: Jun 2021 8.2% | Sep 2021 5.5% | Dec 2021 4.1% | Mar 2022 6.6% | Jun 2022 6.8% | Sep 2022 4.0% | Dec 2022 0.3% | Mar 2023 4.9% | Jun 2023 4.5% | Sep 2023 5.0% | Dec 2023 6.0% | Mar 2024 7.0% | Jun 2024 8.0% | Sep 2024 5.0% | Dec 2024 5.0% | Mar 2025 2.0% | Jun 2025 6.0% | Sep 2025 4.0% | Dec 2025 4.0% | Mar 2026 3.0%
- FINEORG: Jun 2021 14% | Sep 2021 17% | Dec 2021 17% | Mar 2022 26% | Jun 2022 29% | Sep 2022 28% | Dec 2022 21% | Mar 2023 34% | Jun 2023 26% | Sep 2023 24% | Dec 2023 24% | Mar 2024 26% | Jun 2024 25% | Sep 2024 25% | Dec 2024 20% | Mar 2025 20% | Jun 2025 21% | Sep 2025 22% | Dec 2025 17% | Mar 2026 21%
- ELANTAS: Jun 2021 13% | Sep 2021 12% | Dec 2021 15% | Mar 2022 19% | Jun 2022 17% | Sep 2022 16% | Dec 2022 17% | Mar 2023 21% | Jun 2023 20% | Sep 2023 23% | Dec 2023 20% | Mar 2024 21% | Jun 2024 20% | Sep 2024 18% | Dec 2024 18% | Mar 2025 20% | Jun 2025 19% | Sep 2025 22% | Dec 2025 21% | Mar 2026 20%
- BALAMINES: Jun 2021 31% | Sep 2021 25% | Dec 2021 27% | Mar 2022 25% | Jun 2022 32% | Sep 2022 27% | Dec 2022 22% | Mar 2023 20% | Jun 2023 21% | Sep 2023 14% | Dec 2023 19% | Mar 2024 24% | Jun 2024 17% | Sep 2024 17% | Dec 2024 15% | Mar 2025 17% | Jun 2025 15% | Sep 2025 18% | Dec 2025 17% | Mar 2026 24%
- LXCHEM: Jun 2021 20% | Sep 2021 5.1% | Dec 2021 14% | Mar 2022 9.7% | Jun 2022 13% | Sep 2022 4.4% | Dec 2022 8.0% | Mar 2023 8.0% | Jun 2023 11% | Sep 2023 6.0% | Dec 2023 8.0% | Mar 2024 11% | Jun 2024 10% | Sep 2024 10% | Dec 2024 10% | Mar 2025 8.0% | Jun 2025 4.0% | Sep 2025 5.0% | Dec 2025 7.0% | Mar 2026 7.0%
- FOSECOIND: Jun 2021 9.2% | Sep 2021 14% | Dec 2021 13% | Mar 2022 15% | Jun 2022 14% | Sep 2022 15% | Dec 2022 17% | Mar 2023 14% | Jun 2023 15% | Sep 2023 13% | Dec 2023 16% | Mar 2024 16% | Jun 2024 19% | Sep 2024 17% | Dec 2024 17% | Mar 2025 18% | Jun 2025 16% | Sep 2025 18% | Dec 2025 22% | Mar 2026 20%
- KERALACHEM: Jun 2021 8.3% | Sep 2021 9.3% | Dec 2021 14% | Mar 2022 14% | Jun 2022 14% | Sep 2022 17% | Dec 2022 27% | Mar 2023 17% | Jun 2023 29% | Sep 2023 22% | Dec 2023 23% | Mar 2024 19% | Jun 2024 21% | Sep 2024 19% | Dec 2024 20% | Mar 2025 18% | Jun 2025 20% | Sep 2025 19% | Dec 2025 25% | Mar 2026 28%
- OAL: Jun 2021 15% | Sep 2021 8.6% | Dec 2021 7.8% | Mar 2022 11% | Jun 2022 7.0% | Sep 2022 6.6% | Dec 2022 7.0% | Mar 2023 4.7% | Jun 2023 0.5% | Sep 2023 4.9% | Dec 2023 7.2% | Mar 2024 9.7% | Jun 2024 10% | Sep 2024 12% | Dec 2024 10% | Mar 2025 7.6% | Jun 2025 8.0% | Sep 2025 6.4% | Dec 2025 5.3% | Mar 2026 6.9%
- JYOTIRES: Jun 2021 15% | Sep 2021 12% | Dec 2021 14% | Mar 2022 13% | Jun 2022 17% | Sep 2022 20% | Dec 2022 25% | Mar 2023 31% | Jun 2023 34% | Sep 2023 34% | Dec 2023 33% | Mar 2024 30% | Jun 2024 34% | Sep 2024 30% | Dec 2024 32% | Mar 2025 31% | Jun 2025 27% | Sep 2025 28% | Dec 2025 26% | Mar 2026 —
- SIGACHI: Jun 2021 22% | Sep 2021 24% | Dec 2021 19% | Mar 2022 20% | Jun 2022 21% | Sep 2022 20% | Dec 2022 20% | Mar 2023 17% | Jun 2023 19% | Sep 2023 22% | Dec 2023 20% | Mar 2024 16% | Jun 2024 22% | Sep 2024 14% | Dec 2024 24% | Mar 2025 22% | Jun 2025 19% | Sep 2025 6.8% | Dec 2025 4.9% | Mar 2026 13%
- FAIRCHEMOR: Jun 2021 24% | Sep 2021 19% | Dec 2021 13% | Mar 2022 11% | Jun 2022 18% | Sep 2022 5.5% | Dec 2022 3.6% | Mar 2023 13% | Jun 2023 7.2% | Sep 2023 11% | Dec 2023 13% | Mar 2024 12% | Jun 2024 13% | Sep 2024 6.3% | Dec 2024 6.9% | Mar 2025 3.7% | Jun 2025 4.0% | Sep 2025 3.8% | Dec 2025 4.2% | Mar 2026 6.9%
- SACHEEROME: Jun 2021 — | 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 19% | Dec 2024 — | Mar 2025 22% | Jun 2025 — | Sep 2025 25% | Dec 2025 — | Mar 2026 23%
- INDOAMIN: Jun 2021 7.6% | Sep 2021 5.5% | Dec 2021 7.7% | Mar 2022 5.7% | Jun 2022 7.6% | Sep 2022 6.5% | Dec 2022 10% | Mar 2023 13% | Jun 2023 9.0% | Sep 2023 8.0% | Dec 2023 11% | Mar 2024 7.0% | Jun 2024 10% | Sep 2024 9.0% | Dec 2024 9.0% | Mar 2025 9.0% | Jun 2025 11% | Sep 2025 12% | Dec 2025 9.0% | Mar 2026 11%
- GEMAROMA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 15% | Sep 2024 14% | Dec 2024 13% | Mar 2025 23% | Jun 2025 17% | Sep 2025 3.4% | Dec 2025 8.9% | Mar 2026 14%
- SHRIAHIMSA: Jun 2021 — | 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 34% | Dec 2024 — | Mar 2025 30% | Jun 2025 — | Sep 2025 30% | Dec 2025 — | Mar 2026 28%
- VALIANTORG: Jun 2021 21% | Sep 2021 17% | Dec 2021 17% | Mar 2022 16% | Jun 2022 12% | Sep 2022 14% | Dec 2022 15% | Mar 2023 19% | Jun 2023 12% | Sep 2023 8.0% | Dec 2023 2.0% | Mar 2024 -1.0% | Jun 2024 9.0% | Sep 2024 0.0% | Dec 2024 8.0% | Mar 2025 10% | Jun 2025 12% | Sep 2025 13% | Dec 2025 8.0% | Mar 2026 12%
- OCCLLTD: Jun 2021 — | 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 18% | Dec 2024 16% | Mar 2025 17% | Jun 2025 21% | Sep 2025 16% | Dec 2025 17% | Mar 2026 16%
- SGRL: Jun 2021 24% | Sep 2021 26% | Dec 2021 27% | Mar 2022 23% | Jun 2022 24% | Sep 2022 25% | Dec 2022 24% | Mar 2023 29% | Jun 2023 25% | Sep 2023 28% | Dec 2023 29% | Mar 2024 45% | Jun 2024 33% | Sep 2024 35% | Dec 2024 37% | Mar 2025 40% | Jun 2025 30% | Sep 2025 32% | Dec 2025 32% | Mar 2026 —
- GFLLIMITED: Jun 2021 -132% | Sep 2021 18% | Dec 2021 44% | Mar 2022 44% | Jun 2022 32% | Sep 2022 44% | Dec 2022 5.0% | Mar 2023 — | Jun 2023 — | Sep 2023 60% | Dec 2023 53% | Mar 2024 — | Jun 2024 — | Sep 2024 -325% | Dec 2024 52% | Mar 2025 — | Jun 2025 — | Sep 2025 58% | Dec 2025 57% | Mar 2026 19%

### 20-quarter Margin change history
- BASF: Jun 2021 +7.2 pp | Sep 2021 −1.5 pp | Dec 2021 −5.9 pp | Mar 2022 — | Jun 2022 −1.4 pp | Sep 2022 −1.5 pp | Dec 2022 −3.8 pp | Mar 2023 −1.7 pp | Jun 2023 −2.3 pp | Sep 2023 +1.0 pp | Dec 2023 +5.7 pp | Mar 2024 +2.1 pp | Jun 2024 +3.5 pp | Sep 2024 0.0 pp | Dec 2024 −1.0 pp | Mar 2025 −5.0 pp | Jun 2025 −2.0 pp | Sep 2025 −1.0 pp | Dec 2025 −1.0 pp | Mar 2026 +1.0 pp
- FINEORG: Jun 2021 −7.3 pp | Sep 2021 −2.1 pp | Dec 2021 +1.5 pp | Mar 2022 +10.9 pp | Jun 2022 +14.3 pp | Sep 2022 +11.0 pp | Dec 2022 +3.8 pp | Mar 2023 +8.2 pp | Jun 2023 −2.7 pp | Sep 2023 −3.6 pp | Dec 2023 +3.0 pp | Mar 2024 −8.0 pp | Jun 2024 −1.0 pp | Sep 2024 +1.0 pp | Dec 2024 −4.0 pp | Mar 2025 −6.0 pp | Jun 2025 −4.0 pp | Sep 2025 −3.0 pp | Dec 2025 −3.0 pp | Mar 2026 +1.0 pp
- ELANTAS: Jun 2021 +10.9 pp | Sep 2021 −11.5 pp | Dec 2021 −8.0 pp | Mar 2022 −0.4 pp | Jun 2022 +3.9 pp | Sep 2022 +4.1 pp | Dec 2022 +2.1 pp | Mar 2023 +1.7 pp | Jun 2023 +2.7 pp | Sep 2023 +7.1 pp | Dec 2023 +3.0 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 −5.0 pp | Dec 2024 −2.0 pp | Mar 2025 −1.0 pp | Jun 2025 −1.0 pp | Sep 2025 +4.0 pp | Dec 2025 +3.0 pp | Mar 2026 0.0 pp
- BALAMINES: Jun 2021 +7.6 pp | Sep 2021 −1.1 pp | Dec 2021 −2.5 pp | Mar 2022 −6.0 pp | Jun 2022 +0.6 pp | Sep 2022 +2.5 pp | Dec 2022 −5.5 pp | Mar 2023 −5.1 pp | Jun 2023 −11.1 pp | Sep 2023 −13.5 pp | Dec 2023 −3.0 pp | Mar 2024 +4.0 pp | Jun 2024 −4.0 pp | Sep 2024 +3.0 pp | Dec 2024 −4.0 pp | Mar 2025 −7.0 pp | Jun 2025 −2.0 pp | Sep 2025 +1.0 pp | Dec 2025 +2.0 pp | Mar 2026 +7.0 pp
- LXCHEM: Jun 2021 +9.3 pp | Sep 2021 −5.5 pp | Dec 2021 −1.7 pp | Mar 2022 −2.6 pp | Jun 2022 −6.5 pp | Sep 2022 −0.7 pp | Dec 2022 −5.8 pp | Mar 2023 −1.7 pp | Jun 2023 −2.3 pp | Sep 2023 +1.6 pp | Dec 2023 0.0 pp | Mar 2024 +3.0 pp | Jun 2024 −1.0 pp | Sep 2024 +4.0 pp | Dec 2024 +2.0 pp | Mar 2025 −3.0 pp | Jun 2025 −6.0 pp | Sep 2025 −5.0 pp | Dec 2025 −3.0 pp | Mar 2026 −1.0 pp
- FOSECOIND: Jun 2021 +26.0 pp | Sep 2021 +3.3 pp | Dec 2021 +1.9 pp | Mar 2022 +1.3 pp | Jun 2022 +5.3 pp | Sep 2022 +0.3 pp | Dec 2022 +3.7 pp | Mar 2023 −1.5 pp | Jun 2023 +0.6 pp | Sep 2023 −1.5 pp | Dec 2023 −1.1 pp | Mar 2024 +2.3 pp | Jun 2024 +3.7 pp | Sep 2024 +3.9 pp | Dec 2024 +1.0 pp | Mar 2025 +1.8 pp | Jun 2025 −3.1 pp | Sep 2025 +1.0 pp | Dec 2025 +5.0 pp | Mar 2026 +2.0 pp
- KERALACHEM: Jun 2021 −1.5 pp | Sep 2021 −4.9 pp | Dec 2021 +0.2 pp | Mar 2022 +7.1 pp | Jun 2022 +5.3 pp | Sep 2022 +7.4 pp | Dec 2022 +12.8 pp | Mar 2023 +3.1 pp | Jun 2023 +15.4 pp | Sep 2023 +5.3 pp | Dec 2023 −4.0 pp | Mar 2024 +2.0 pp | Jun 2024 −8.0 pp | Sep 2024 −3.0 pp | Dec 2024 −3.0 pp | Mar 2025 −1.0 pp | Jun 2025 −1.0 pp | Sep 2025 0.0 pp | Dec 2025 +5.0 pp | Mar 2026 +10.0 pp
- OAL: Jun 2021 −1.2 pp | Sep 2021 −18.1 pp | Dec 2021 −20.2 pp | Mar 2022 −4.1 pp | Jun 2022 −8.0 pp | Sep 2022 −2.0 pp | Dec 2022 −0.8 pp | Mar 2023 −6.2 pp | Jun 2023 −6.6 pp | Sep 2023 −1.8 pp | Dec 2023 +0.1 pp | Mar 2024 +5.0 pp | Jun 2024 +9.8 pp | Sep 2024 +7.2 pp | Dec 2024 +3.0 pp | Mar 2025 −2.0 pp | Jun 2025 −2.2 pp | Sep 2025 −5.7 pp | Dec 2025 −4.9 pp | Mar 2026 −0.7 pp
- JYOTIRES: Jun 2021 +4.0 pp | Sep 2021 −6.7 pp | Dec 2021 +6.1 pp | Mar 2022 +5.8 pp | Jun 2022 +2.3 pp | Sep 2022 +8.8 pp | Dec 2022 +11.5 pp | Mar 2023 +17.8 pp | Jun 2023 +17.0 pp | Sep 2023 +13.7 pp | Dec 2023 +8.0 pp | Mar 2024 −1.0 pp | Jun 2024 0.0 pp | Sep 2024 −4.0 pp | Dec 2024 −1.0 pp | Mar 2025 +1.0 pp | Jun 2025 −7.0 pp | Sep 2025 −2.0 pp | Dec 2025 −6.0 pp | Mar 2026 —
- SIGACHI: Jun 2021 +2.0 pp | Sep 2021 — | Dec 2021 +1.2 pp | Mar 2022 −1.9 pp | Jun 2022 −1.5 pp | Sep 2022 −3.9 pp | Dec 2022 +1.1 pp | Mar 2023 −3.4 pp | Jun 2023 −1.5 pp | Sep 2023 +1.9 pp | Dec 2023 +0.0 pp | Mar 2024 −1.1 pp | Jun 2024 +2.7 pp | Sep 2024 −7.8 pp | Dec 2024 +3.4 pp | Mar 2025 +6.6 pp | Jun 2025 −3.2 pp | Sep 2025 −7.0 pp | Dec 2025 −18.9 pp | Mar 2026 −8.8 pp
- FAIRCHEMOR: Jun 2021 +11.0 pp | Sep 2021 +2.7 pp | Dec 2021 −6.4 pp | Mar 2022 −6.7 pp | Jun 2022 −5.8 pp | Sep 2022 −13.4 pp | Dec 2022 −9.9 pp | Mar 2023 +2.1 pp | Jun 2023 −10.6 pp | Sep 2023 +5.5 pp | Dec 2023 +9.8 pp | Mar 2024 −1.0 pp | Jun 2024 +6.0 pp | Sep 2024 −4.7 pp | Dec 2024 −6.4 pp | Mar 2025 −8.0 pp | Jun 2025 −9.2 pp | Sep 2025 −2.6 pp | Dec 2025 −2.7 pp | Mar 2026 +3.2 pp
- SACHEEROME: Jun 2021 — | 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 +6.0 pp | Dec 2025 — | Mar 2026 +1.0 pp
- INDOAMIN: Jun 2021 −3.3 pp | Sep 2021 −6.9 pp | Dec 2021 −6.0 pp | Mar 2022 −2.8 pp | Jun 2022 −0.0 pp | Sep 2022 +1.0 pp | Dec 2022 +2.3 pp | Mar 2023 +7.3 pp | Jun 2023 +1.4 pp | Sep 2023 +1.5 pp | Dec 2023 +1.0 pp | Mar 2024 −6.0 pp | Jun 2024 +1.0 pp | Sep 2024 +1.0 pp | Dec 2024 −2.0 pp | Mar 2025 +2.0 pp | Jun 2025 +1.0 pp | Sep 2025 +3.0 pp | Dec 2025 0.0 pp | Mar 2026 +2.0 pp
- GEMAROMA: Jun 2021 — | 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 +1.6 pp | Sep 2025 −10.3 pp | Dec 2025 −4.6 pp | Mar 2026 −8.5 pp
- SHRIAHIMSA: Jun 2021 — | 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 −4.0 pp | Dec 2025 — | Mar 2026 −2.0 pp
- VALIANTORG: Jun 2021 −11.1 pp | Sep 2021 −8.8 pp | Dec 2021 −7.6 pp | Mar 2022 −8.6 pp | Jun 2022 −8.6 pp | Sep 2022 −3.8 pp | Dec 2022 −2.2 pp | Mar 2023 +2.6 pp | Jun 2023 +0.0 pp | Sep 2023 −5.5 pp | Dec 2023 −13.3 pp | Mar 2024 −20.0 pp | Jun 2024 −3.0 pp | Sep 2024 −8.0 pp | Dec 2024 +6.0 pp | Mar 2025 +11.0 pp | Jun 2025 +3.0 pp | Sep 2025 +13.0 pp | Dec 2025 0.0 pp | Mar 2026 +2.0 pp
- OCCLLTD: Jun 2021 — | 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 −2.0 pp | Dec 2025 +1.0 pp | Mar 2026 −1.0 pp
- SGRL: Jun 2021 +5.4 pp | Sep 2021 −10.3 pp | Dec 2021 +3.3 pp | Mar 2022 −10.5 pp | Jun 2022 −0.1 pp | Sep 2022 −1.2 pp | Dec 2022 −2.9 pp | Mar 2023 +6.6 pp | Jun 2023 +0.5 pp | Sep 2023 +2.6 pp | Dec 2023 +4.9 pp | Mar 2024 +16.2 pp | Jun 2024 +8.3 pp | Sep 2024 +7.4 pp | Dec 2024 +7.3 pp | Mar 2025 −4.9 pp | Jun 2025 −3.2 pp | Sep 2025 −3.3 pp | Dec 2025 −4.8 pp | Mar 2026 —
- GFLLIMITED: Jun 2021 +21,954.0 pp | Sep 2021 −5,745.4 pp | Dec 2021 +117.3 pp | Mar 2022 +58.6 pp | Jun 2022 +164.1 pp | Sep 2022 +25.4 pp | Dec 2022 −39.4 pp | Mar 2023 −6,927.8 pp | Jun 2023 −1,671.4 pp | Sep 2023 +16.3 pp | Dec 2023 +48.0 pp | Mar 2024 +3,963.0 pp | Jun 2024 −2,055.0 pp | Sep 2024 −385.0 pp | Dec 2024 −1.0 pp | Mar 2025 +378.0 pp | Jun 2025 +2,658.0 pp | Sep 2025 +383.0 pp | Dec 2025 +5.0 pp | Mar 2026 +2,562.0 pp

## Profit Scale & Acceleration

What the numbers say: BASF India Ltd leads with ₹420 crore of TTM profit, 0.7% above Fine Organic Industries Ltd. OCCL Ltd shows ≥100% on the scoring scale (118.2% uncapped) growth from a ₹48 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: BASF India 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: BASF India Ltd · ₹420 crore | 0.7% versus #2 · Fine Organic Industries Ltd | 3/8 recent comparable periods | 18/20 companies · 273 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. BASF India Ltd (BASF): ₹420 Cr
2. Fine Organic Industries Ltd (FINEORG): ₹417 Cr
3. Balaji Amines Ltd (BALAMINES): ₹170 Cr
4. Elantas Beck India Ltd (ELANTAS): ₹145 Cr
5. Nitta Gelatin India Ltd (KERALACHEM): ₹110 Cr

### Profit growth — fastest growers
1. OCCL Ltd (OCCLLTD): 100%
2. Valiant Organics Ltd (VALIANTORG): 100%
3. Indo Amines Ltd (INDOAMIN): 43%
4. Nitta Gelatin India Ltd (KERALACHEM): 34%
5. Balaji Amines Ltd (BALAMINES): 7.6%

### 20-quarter Net profit history
- BASF: Jun 2021 ₹197 Cr | Sep 2021 ₹137 Cr | Dec 2021 ₹110 Cr | Mar 2022 ₹150 Cr | Jun 2022 ₹197 Cr | Sep 2022 ₹113 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹82 Cr | Jun 2023 ₹113 Cr | Sep 2023 ₹149 Cr | Dec 2023 ₹140 Cr | Mar 2024 ₹161 Cr | Jun 2024 ₹221 Cr | Sep 2024 ₹128 Cr | Dec 2024 ₹104 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹137 Cr | Sep 2025 ₹107 Cr | Dec 2025 ₹107 Cr | Mar 2026 ₹69 Cr
- FINEORG: Jun 2021 ₹36 Cr | Sep 2021 ₹50 Cr | Dec 2021 ₹52 Cr | Mar 2022 ₹122 Cr | Jun 2022 ₹160 Cr | Sep 2022 ₹203 Cr | Dec 2022 ₹106 Cr | Mar 2023 ₹149 Cr | Jun 2023 ₹100 Cr | Sep 2023 ₹103 Cr | Dec 2023 ₹94 Cr | Mar 2024 ₹115 Cr | Jun 2024 ₹113 Cr | Sep 2024 ₹117 Cr | Dec 2024 ₹83 Cr | Mar 2025 ₹97 Cr | Jun 2025 ₹117 Cr | Sep 2025 ₹109 Cr | Dec 2025 ₹74 Cr | Mar 2026 ₹117 Cr
- ELANTAS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹26 Cr | Mar 2023 ₹30 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹37 Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹42 Cr | Sep 2024 ₹31 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹36 Cr | Dec 2025 ₹39 Cr | Mar 2026 ₹31 Cr
- BALAMINES: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹84 Cr | Mar 2023 ₹55 Cr | Jun 2023 ₹68 Cr | Sep 2023 ₹36 Cr | Dec 2023 ₹56 Cr | Mar 2024 ₹72 Cr | Jun 2024 ₹46 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹40 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹65 Cr
- LXCHEM: Jun 2021 ₹102 Cr | Sep 2021 ₹15 Cr | Dec 2021 ₹82 Cr | Mar 2022 ₹58 Cr | Jun 2022 ₹65 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹27 Cr | Mar 2023 ₹24 Cr | Jun 2023 ₹38 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹44 Cr | Jun 2024 ₹34 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹22 Cr
- FOSECOIND: Jun 2021 ₹6 Cr | Sep 2021 ₹9 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹33 Cr
- CITURGIA: Jun 2021 — | 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 ₹-0 Cr | Jun 2024 ₹-0 Cr | Sep 2024 ₹-0 Cr | Dec 2024 ₹-0 Cr | Mar 2025 ₹-0 Cr | Jun 2025 ₹-0 Cr | Sep 2025 ₹-0 Cr | Dec 2025 ₹-0 Cr | Mar 2026 —
- KERALACHEM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹29 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹26 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹34 Cr
- OAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹-6 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹-2 Cr | Mar 2026 ₹4 Cr
- JYOTIRES: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹12 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹15 Cr | Mar 2026 —
- SIGACHI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹10 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹-101 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹-0 Cr | Mar 2026 ₹8 Cr
- FAIRCHEMOR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹-0 Cr | Mar 2026 ₹4 Cr
- SACHEEROME: Jun 2021 — | 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 ₹7 Cr | Dec 2024 — | Mar 2025 ₹9 Cr | Jun 2025 — | Sep 2025 ₹15 Cr | Dec 2025 — | Mar 2026 ₹14 Cr
- INDOAMIN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹10 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹21 Cr
- GEMAROMA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹9 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹28 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹-3 Cr | Dec 2025 ₹-5 Cr | Mar 2026 ₹1 Cr
- SHRIAHIMSA: Jun 2021 — | 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 ₹10 Cr | Dec 2024 — | Mar 2025 ₹12 Cr | Jun 2025 — | Sep 2025 ₹15 Cr | Dec 2025 — | Mar 2026 ₹15 Cr
- VALIANTORG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹17 Cr | Dec 2022 ₹26 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹-8 Cr | Mar 2024 ₹-20 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹-12 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹16 Cr
- OCCLLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹19 Cr
- SGRL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹3 Cr | Mar 2026 —
- GFLLIMITED: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-40 Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹-12 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹-20 Cr | Jun 2024 ₹-27 Cr | Sep 2024 ₹-35 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹-18 Cr | Jun 2025 ₹-8 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹26 Cr

### 20-quarter Profit growth history
- BASF: Jun 2021 — | Sep 2021 -67% | Dec 2021 -4.4% | Mar 2022 — | Jun 2022 0.0% | Sep 2022 -18% | Dec 2022 -90% | Mar 2023 -45% | Jun 2023 -43% | Sep 2023 32% | Dec 2023 1,173% | Mar 2024 96% | Jun 2024 96% | Sep 2024 -14% | Dec 2024 -26% | Mar 2025 -83% | Jun 2025 -38% | Sep 2025 -16% | Dec 2025 2.9% | Mar 2026 156%
- FINEORG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 344% | Sep 2022 306% | Dec 2022 104% | Mar 2023 22% | Jun 2023 -38% | Sep 2023 -49% | Dec 2023 -11% | Mar 2024 -23% | Jun 2024 13% | Sep 2024 14% | Dec 2024 -12% | Mar 2025 -16% | Jun 2025 3.5% | Sep 2025 -6.8% | Dec 2025 -11% | Mar 2026 21%
- ELANTAS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 42% | Mar 2024 23% | Jun 2024 20% | Sep 2024 -11% | Dec 2024 -19% | Mar 2025 -11% | Jun 2025 -7.1% | Sep 2025 16% | Dec 2025 30% | Mar 2026 -6.1%
- BALAMINES: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -33% | Mar 2024 31% | Jun 2024 -32% | Sep 2024 14% | Dec 2024 -45% | Mar 2025 -44% | Jun 2025 -20% | Sep 2025 -9.8% | Dec 2025 0.0% | Mar 2026 63%
- LXCHEM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -36% | Sep 2022 -40% | Dec 2022 -67% | Mar 2023 -59% | Jun 2023 -42% | Sep 2023 22% | Dec 2023 0.0% | Mar 2024 83% | Jun 2024 -11% | Sep 2024 155% | Dec 2024 7.4% | Mar 2025 -50% | Jun 2025 -38% | Sep 2025 -61% | Dec 2025 -14% | Mar 2026 0.0%
- FOSECOIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 83% | Sep 2022 22% | Dec 2022 50% | Mar 2023 17% | Jun 2023 155% | Sep 2023 36% | Dec 2023 33% | Mar 2024 14% | Jun 2024 -32% | Sep 2024 27% | Dec 2024 25% | Mar 2025 38% | Jun 2025 16% | Sep 2025 -16% | Dec 2025 -25% | Mar 2026 50%
- KERALACHEM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -41% | Mar 2024 14% | Jun 2024 -21% | Sep 2024 -20% | Dec 2024 41% | Mar 2025 19% | Jun 2025 0.0% | Sep 2025 30% | Dec 2025 29% | Mar 2026 79%
- OAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -31% | Mar 2024 750% | Jun 2024 — | Sep 2024 511% | Dec 2024 174% | Mar 2025 -86% | Jun 2025 -95% | Sep 2025 -95% | Dec 2025 -127% | Mar 2026 181%
- JYOTIRES: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 33% | Mar 2024 19% | Jun 2024 19% | Sep 2024 0.0% | Dec 2024 19% | Mar 2025 5.3% | Jun 2025 -11% | Sep 2025 6.3% | Dec 2025 -21% | Mar 2026 —
- SIGACHI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 64% | Mar 2024 107% | Jun 2024 17% | Sep 2024 39% | Dec 2024 27% | Mar 2025 6.7% | Jun 2025 -891% | Sep 2025 -50% | Dec 2025 -100% | Mar 2026 -53%
- FAIRCHEMOR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1,921% | Mar 2024 -0.8% | Jun 2024 126% | Sep 2024 -61% | Dec 2024 -71% | Mar 2025 -95% | Jun 2025 -92% | Sep 2025 -81% | Dec 2025 -103% | Mar 2026 525%
- SACHEEROME: Jun 2021 — | 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 114% | Dec 2025 — | Mar 2026 56%
- INDOAMIN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.0% | Mar 2024 -47% | Jun 2024 58% | Sep 2024 17% | Dec 2024 10% | Mar 2025 33% | Jun 2025 53% | Sep 2025 29% | Dec 2025 9.1% | Mar 2026 75%
- GEMAROMA: Jun 2021 — | 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 -7.1% | Sep 2025 -126% | Dec 2025 -167% | Mar 2026 -96%
- SHRIAHIMSA: Jun 2021 — | 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 50% | Dec 2025 — | Mar 2026 25%
- VALIANTORG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -71% | Dec 2023 -131% | Mar 2024 -159% | Jun 2024 -107% | Sep 2024 -340% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -20% | Mar 2026 300%
- OCCLLTD: Jun 2021 — | 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 13% | Dec 2025 40% | Mar 2026 111%
- SGRL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 10% | Mar 2024 88% | Jun 2024 2.4% | Sep 2024 -2.0% | Dec 2024 13% | Mar 2025 -48% | Jun 2025 -26% | Sep 2025 -23% | Dec 2025 -43% | Mar 2026 —
- GFLLIMITED: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -101% | Jun 2024 — | Sep 2024 -246% | Dec 2024 400% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 160% | Mar 2026 —

## Capacity Spending & Returns On It

What the numbers say: Fairchem Organics Ltd reports ₹7 crore of CAPEX; Sacheerome Ltd has the highest covered intensity at 10.5%. Coverage is only 3 of 20 companies and 9 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: Fairchem Organics Ltd · ₹7 crore | 16.7% versus #2 · Sacheerome Ltd | 1/2 recent comparable periods | 3/20 companies · 9 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. Fairchem Organics Ltd (FAIRCHEMOR): ₹7 Cr
2. Sacheerome Ltd (SACHEEROME): ₹6 Cr
3. Shri Ahimsa Naturals Ltd (SHRIAHIMSA): ₹4 Cr

### CAPEX intensity — highest reinvestment intensity
1. Sacheerome Ltd (SACHEEROME): 11%
2. Shri Ahimsa Naturals Ltd (SHRIAHIMSA): 6.6%
3. Fairchem Organics Ltd (FAIRCHEMOR): 4.6%

### 20-quarter CAPEX history
- FAIRCHEMOR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹7 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- SACHEEROME: Jun 2021 — | 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 ₹6 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹6 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- SHRIAHIMSA: Jun 2021 — | 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 ₹4 Cr | Dec 2024 — | Mar 2025 ₹3 Cr | Jun 2025 — | Sep 2025 ₹4 Cr | Dec 2025 — | Mar 2026 —

### 20-quarter CAPEX intensity history
- FAIRCHEMOR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.0% | Mar 2023 4.6% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- SACHEEROME: Jun 2021 — | 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 12% | Dec 2024 — | Mar 2025 11% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- SHRIAHIMSA: Jun 2021 — | 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 9.8% | Dec 2024 — | Mar 2025 5.5% | Jun 2025 — | Sep 2025 6.6% | Dec 2025 — | Mar 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Fine Organic Industries Ltd has the clearest covered balance-sheet capacity with ₹1,381 crore net cash and gross debt of ₹68 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: Elantas Beck India Ltd · ₹0 crore | null versus #2 · GFL Ltd | Not enough history | 20/20 companies · 232 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. Elantas Beck India Ltd (ELANTAS): ₹0 Cr
2. GFL Ltd (GFLLIMITED): ₹0 Cr
3. Jyoti Resins and Adhesives Ltd (JYOTIRES): ₹0 Cr
4. Sacheerome Ltd (SACHEEROME): ₹0 Cr
5. Foseco India Ltd (FOSECOIND): ₹3 Cr

### Net debt — lowest net debt
1. Fine Organic Industries Ltd (FINEORG): ₹-1.4K Cr
2. BASF India Ltd (BASF): ₹-737 Cr
3. Foseco India Ltd (FOSECOIND): ₹-324 Cr
4. Shri Ahimsa Naturals Ltd (SHRIAHIMSA): ₹-81 Cr
5. Sacheerome Ltd (SACHEEROME): ₹1 Cr

### 20-quarter Gross debt history
- BASF: Jun 2021 ₹285 Cr | Sep 2021 ₹219 Cr | Dec 2021 ₹219 Cr | Mar 2022 ₹122 Cr | Jun 2022 ₹122 Cr | Sep 2022 ₹105 Cr | Dec 2022 ₹105 Cr | Mar 2023 ₹106 Cr | Jun 2023 ₹106 Cr | Sep 2023 ₹123 Cr | Dec 2023 ₹123 Cr | Mar 2024 ₹156 Cr | Jun 2024 ₹156 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹190 Cr | Jun 2025 ₹190 Cr | Sep 2025 ₹146 Cr | Dec 2025 ₹146 Cr | Mar 2026 ₹133 Cr
- FINEORG: Jun 2021 ₹94 Cr | Sep 2021 ₹79 Cr | Dec 2021 ₹79 Cr | Mar 2022 ₹59 Cr | Jun 2022 ₹59 Cr | Sep 2022 ₹45 Cr | Dec 2022 ₹45 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹68 Cr
- ELANTAS: Jun 2021 — | Sep 2021 — | Dec 2021 ₹0 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹0 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹0 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 ₹0 Cr | Mar 2026 —
- BALAMINES: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹101 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹58 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹20 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹11 Cr | Jun 2025 — | Sep 2025 ₹31 Cr | Dec 2025 — | Mar 2026 ₹133 Cr
- LXCHEM: Jun 2021 ₹235 Cr | Sep 2021 ₹89 Cr | Dec 2021 ₹89 Cr | Mar 2022 ₹139 Cr | Jun 2022 ₹139 Cr | Sep 2022 ₹254 Cr | Dec 2022 ₹254 Cr | Mar 2023 ₹406 Cr | Jun 2023 ₹406 Cr | Sep 2023 ₹168 Cr | Dec 2023 ₹168 Cr | Mar 2024 ₹143 Cr | Jun 2024 ₹143 Cr | Sep 2024 ₹200 Cr | Dec 2024 ₹200 Cr | Mar 2025 ₹258 Cr | Jun 2025 ₹258 Cr | Sep 2025 ₹334 Cr | Dec 2025 ₹334 Cr | Mar 2026 ₹543 Cr
- FOSECOIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹3 Cr
- CITURGIA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹6 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹7 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹7 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹7 Cr | Jun 2025 — | Sep 2025 ₹7 Cr | Dec 2025 — | Mar 2026 —
- KERALACHEM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹80 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹33 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹27 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹45 Cr | Jun 2025 — | Sep 2025 ₹21 Cr | Dec 2025 — | Mar 2026 ₹9 Cr
- OAL: Jun 2021 ₹79 Cr | Sep 2021 ₹70 Cr | Dec 2021 ₹70 Cr | Mar 2022 ₹140 Cr | Jun 2022 ₹140 Cr | Sep 2022 ₹172 Cr | Dec 2022 ₹172 Cr | Mar 2023 ₹231 Cr | Jun 2023 ₹231 Cr | Sep 2023 ₹218 Cr | Dec 2023 ₹218 Cr | Mar 2024 ₹206 Cr | Jun 2024 ₹206 Cr | Sep 2024 ₹250 Cr | Dec 2024 ₹250 Cr | Mar 2025 ₹353 Cr | Jun 2025 ₹353 Cr | Sep 2025 ₹398 Cr | Dec 2025 ₹398 Cr | Mar 2026 ₹403 Cr
- JYOTIRES: Jun 2021 — | 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 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 —
- SIGACHI: Jun 2021 — | Sep 2021 ₹32 Cr | Dec 2021 ₹32 Cr | Mar 2022 ₹35 Cr | Jun 2022 ₹35 Cr | Sep 2022 ₹67 Cr | Dec 2022 ₹67 Cr | Mar 2023 ₹68 Cr | Jun 2023 ₹68 Cr | Sep 2023 ₹97 Cr | Dec 2023 ₹97 Cr | Mar 2024 ₹151 Cr | Jun 2024 ₹151 Cr | Sep 2024 ₹167 Cr | Dec 2024 ₹167 Cr | Mar 2025 ₹142 Cr | Jun 2025 ₹142 Cr | Sep 2025 ₹145 Cr | Dec 2025 ₹167 Cr | Mar 2026 ₹139 Cr
- FAIRCHEMOR: Jun 2021 ₹48 Cr | Sep 2021 ₹29 Cr | Dec 2021 ₹29 Cr | Mar 2022 ₹62 Cr | Jun 2022 ₹62 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹50 Cr | Jun 2023 ₹50 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹34 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹44 Cr | Dec 2024 ₹44 Cr | Mar 2025 ₹63 Cr | Jun 2025 ₹63 Cr | Sep 2025 ₹54 Cr | Dec 2025 ₹54 Cr | Mar 2026 ₹84 Cr
- SACHEEROME: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹8 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹3 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr
- INDOAMIN: Jun 2021 ₹159 Cr | Sep 2021 ₹191 Cr | Dec 2021 ₹191 Cr | Mar 2022 ₹207 Cr | Jun 2022 ₹207 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹232 Cr | Jun 2023 ₹232 Cr | Sep 2023 ₹255 Cr | Dec 2023 ₹255 Cr | Mar 2024 ₹217 Cr | Jun 2024 ₹217 Cr | Sep 2024 ₹267 Cr | Dec 2024 ₹267 Cr | Mar 2025 ₹284 Cr | Jun 2025 ₹284 Cr | Sep 2025 ₹307 Cr | Dec 2025 ₹307 Cr | Mar 2026 ₹311 Cr
- GEMAROMA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹78 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹90 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹112 Cr | Jun 2024 ₹112 Cr | Sep 2024 ₹126 Cr | Dec 2024 — | Mar 2025 ₹225 Cr | Jun 2025 ₹225 Cr | Sep 2025 ₹144 Cr | Dec 2025 ₹144 Cr | Mar 2026 ₹152 Cr
- SHRIAHIMSA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹3 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹14 Cr | Jun 2024 — | Sep 2024 ₹5 Cr | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹20 Cr
- VALIANTORG: Jun 2021 ₹186 Cr | Sep 2021 ₹257 Cr | Dec 2021 ₹257 Cr | Mar 2022 ₹364 Cr | Jun 2022 ₹363 Cr | Sep 2022 ₹299 Cr | Dec 2022 ₹299 Cr | Mar 2023 ₹274 Cr | Jun 2023 ₹274 Cr | Sep 2023 ₹246 Cr | Dec 2023 ₹246 Cr | Mar 2024 ₹257 Cr | Jun 2024 ₹257 Cr | Sep 2024 ₹202 Cr | Dec 2024 ₹202 Cr | Mar 2025 ₹249 Cr | Jun 2025 ₹249 Cr | Sep 2025 ₹236 Cr | Dec 2025 ₹236 Cr | Mar 2026 ₹256 Cr
- OCCLLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | 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 ₹62 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹84 Cr
- SGRL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹33 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹36 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹38 Cr | Jun 2025 — | Sep 2025 ₹38 Cr | Dec 2025 — | Mar 2026 —
- GFLLIMITED: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹2.9K 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 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr

### 20-quarter Net debt history
- BASF: Jun 2021 ₹112 Cr | Sep 2021 ₹170 Cr | Dec 2021 ₹170 Cr | Mar 2022 ₹-4 Cr | Jun 2022 ₹-4 Cr | Sep 2022 ₹29 Cr | Dec 2022 ₹29 Cr | Mar 2023 ₹-261 Cr | Jun 2023 ₹-261 Cr | Sep 2023 ₹-412 Cr | Dec 2023 ₹-412 Cr | Mar 2024 ₹-467 Cr | Jun 2024 ₹-467 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹-627 Cr | Jun 2025 ₹-587 Cr | Sep 2025 ₹-44 Cr | Dec 2025 ₹-44 Cr | Mar 2026 ₹-737 Cr
- FINEORG: Jun 2021 ₹-170 Cr | Sep 2021 ₹-111 Cr | Dec 2021 ₹-111 Cr | Mar 2022 ₹-174 Cr | Jun 2022 ₹-174 Cr | Sep 2022 ₹-155 Cr | Dec 2022 ₹-155 Cr | Mar 2023 ₹-494 Cr | Jun 2023 ₹-494 Cr | Sep 2023 ₹-746 Cr | Dec 2023 ₹-746 Cr | Mar 2024 ₹-1.0K Cr | Jun 2024 ₹-1.0K Cr | Sep 2024 ₹-1.1K Cr | Dec 2024 ₹-1.1K Cr | Mar 2025 ₹-947 Cr | Jun 2025 ₹-947 Cr | Sep 2025 ₹-1.1K Cr | Dec 2025 ₹-1.1K Cr | Mar 2026 ₹-1.4K Cr
- LXCHEM: Jun 2021 ₹202 Cr | Sep 2021 ₹-156 Cr | Dec 2021 ₹-156 Cr | Mar 2022 ₹101 Cr | Jun 2022 ₹102 Cr | Sep 2022 ₹109 Cr | Dec 2022 ₹109 Cr | Mar 2023 ₹297 Cr | Jun 2023 ₹297 Cr | Sep 2023 ₹70 Cr | Dec 2023 ₹70 Cr | Mar 2024 ₹-91 Cr | Jun 2024 ₹-91 Cr | Sep 2024 ₹-118 Cr | Dec 2024 ₹-118 Cr | Mar 2025 ₹71 Cr | Jun 2025 ₹71 Cr | Sep 2025 ₹192 Cr | Dec 2025 ₹192 Cr | Mar 2026 ₹449 Cr
- FOSECOIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹-228 Cr | Mar 2024 ₹-229 Cr | Jun 2024 ₹-236 Cr | Sep 2024 ₹-236 Cr | Dec 2024 ₹-256 Cr | Mar 2025 ₹-256 Cr | Jun 2025 ₹-288 Cr | Sep 2025 ₹-288 Cr | Dec 2025 ₹-105 Cr | Mar 2026 ₹-324 Cr
- OAL: Jun 2021 ₹61 Cr | Sep 2021 ₹59 Cr | Dec 2021 ₹59 Cr | Mar 2022 ₹132 Cr | Jun 2022 ₹132 Cr | Sep 2022 ₹162 Cr | Dec 2022 ₹162 Cr | Mar 2023 ₹215 Cr | Jun 2023 ₹215 Cr | Sep 2023 ₹208 Cr | Dec 2023 ₹208 Cr | Mar 2024 ₹195 Cr | Jun 2024 ₹195 Cr | Sep 2024 ₹231 Cr | Dec 2024 ₹231 Cr | Mar 2025 ₹342 Cr | Jun 2025 ₹342 Cr | Sep 2025 ₹394 Cr | Dec 2025 ₹394 Cr | Mar 2026 ₹388 Cr
- SIGACHI: Jun 2021 — | Sep 2021 ₹19 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹-34 Cr | Jun 2022 ₹-34 Cr | Sep 2022 ₹43 Cr | Dec 2022 ₹43 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹-14 Cr | Dec 2023 ₹-14 Cr | Mar 2024 ₹94 Cr | Jun 2024 ₹94 Cr | Sep 2024 ₹119 Cr | Dec 2024 ₹119 Cr | Mar 2025 ₹70 Cr | Jun 2025 ₹70 Cr | Sep 2025 ₹85 Cr | Dec 2025 ₹85 Cr | Mar 2026 ₹136 Cr
- FAIRCHEMOR: Jun 2021 ₹48 Cr | Sep 2021 ₹24 Cr | Dec 2021 ₹24 Cr | Mar 2022 ₹62 Cr | Jun 2022 ₹62 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹50 Cr | Jun 2023 ₹50 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹34 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹44 Cr | Dec 2024 ₹44 Cr | Mar 2025 ₹63 Cr | Jun 2025 ₹63 Cr | Sep 2025 ₹54 Cr | Dec 2025 ₹54 Cr | Mar 2026 ₹84 Cr
- SACHEEROME: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- INDOAMIN: Jun 2021 ₹144 Cr | Sep 2021 ₹177 Cr | Dec 2021 ₹177 Cr | Mar 2022 ₹201 Cr | Jun 2022 ₹183 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹226 Cr | Jun 2023 ₹214 Cr | Sep 2023 ₹223 Cr | Dec 2023 ₹223 Cr | Mar 2024 ₹211 Cr | Jun 2024 ₹195 Cr | Sep 2024 ₹235 Cr | Dec 2024 ₹235 Cr | Mar 2025 ₹280 Cr | Jun 2025 ₹267 Cr | Sep 2025 ₹285 Cr | Dec 2025 ₹285 Cr | Mar 2026 ₹287 Cr
- GEMAROMA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹84 Cr | Sep 2024 ₹120 Cr | Dec 2024 — | Mar 2025 ₹224 Cr | Jun 2025 ₹224 Cr | Sep 2025 ₹109 Cr | Dec 2025 ₹109 Cr | Mar 2026 ₹144 Cr
- SHRIAHIMSA: Jun 2021 — | 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 ₹-2 Cr | Dec 2024 — | Mar 2025 ₹-81 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- VALIANTORG: Jun 2021 ₹151 Cr | Sep 2021 ₹219 Cr | Dec 2021 ₹219 Cr | Mar 2022 ₹313 Cr | Jun 2022 ₹313 Cr | Sep 2022 ₹230 Cr | Dec 2022 ₹230 Cr | Mar 2023 ₹228 Cr | Jun 2023 ₹228 Cr | Sep 2023 ₹220 Cr | Dec 2023 ₹220 Cr | Mar 2024 ₹250 Cr | Jun 2024 ₹250 Cr | Sep 2024 ₹193 Cr | Dec 2024 ₹193 Cr | Mar 2025 ₹241 Cr | Jun 2025 ₹241 Cr | Sep 2025 ₹230 Cr | Dec 2025 ₹230 Cr | Mar 2026 ₹254 Cr

## Return On Capital Employed

What the numbers say: Jyoti Resins and Adhesives Ltd leads ROCE at 50%, 14.3 percentage points above Sacheerome Ltd. Shri Ahimsa Naturals Ltd has the strongest latest improvement at +6.2 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: Jyoti Resins and Adhesives 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: Jyoti Resins and Adhesives Ltd · 50% | 40.1% versus #2 · Sacheerome Ltd | Not enough history | 20/20 companies · 141 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. Jyoti Resins and Adhesives Ltd (JYOTIRES): 50%
2. Sacheerome Ltd (SACHEEROME): 36%
3. Nitta Gelatin India Ltd (KERALACHEM): 31%
4. Shri Ahimsa Naturals Ltd (SHRIAHIMSA): 22%
5. Fine Organic Industries Ltd (FINEORG): 22%

### ROCE change — fastest improvers
1. Shri Ahimsa Naturals Ltd (SHRIAHIMSA): +6.2 pp
2. Nitta Gelatin India Ltd (KERALACHEM): +5.0 pp
3. GFL Ltd (GFLLIMITED): +4.0 pp
4. Valiant Organics Ltd (VALIANTORG): +3.3 pp
5. Balaji Amines Ltd (BALAMINES): 0.0 pp

### 20-quarter ROCE history
- BASF: Jun 2021 — | Sep 2021 40% | Dec 2021 — | Mar 2022 32% | Jun 2022 — | Sep 2022 28% | Dec 2022 — | Mar 2023 20% | Jun 2023 — | Sep 2023 17% | Dec 2023 — | Mar 2024 22% | Jun 2024 — | Sep 2024 27% | Dec 2024 26% | Mar 2025 18% | Jun 2025 15% | Sep 2025 11% | Dec 2025 15% | Mar 2026 13%
- FINEORG: Jun 2021 — | Sep 2021 21% | Dec 2021 — | Mar 2022 33% | Jun 2022 — | Sep 2022 51% | Dec 2022 — | Mar 2023 51% | Jun 2023 — | Sep 2023 34% | Dec 2023 40% | Mar 2024 25% | Jun 2024 32% | Sep 2024 24% | Dec 2024 30% | Mar 2025 20% | Jun 2025 27% | Sep 2025 17% | Dec 2025 23% | Mar 2026 16%
- LXCHEM: Jun 2021 — | Sep 2021 23% | Dec 2021 — | Mar 2022 24% | Jun 2022 — | Sep 2022 19% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 9.4% | Dec 2023 10% | Mar 2024 8.3% | Jun 2024 9.9% | Sep 2024 9.4% | Dec 2024 13% | Mar 2025 8.7% | Jun 2025 7.2% | Sep 2025 5.3% | Dec 2025 4.6% | Mar 2026 4.5%
- FOSECOIND: Jun 2021 18% | Sep 2021 — | Dec 2021 18% | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 23% | Mar 2023 — | Jun 2023 23% | Sep 2023 — | Dec 2023 22% | Mar 2024 — | Jun 2024 23% | Sep 2024 — | Dec 2024 23% | Mar 2025 — | Jun 2025 25% | Sep 2025 — | Dec 2025 9.5% | Mar 2026 —
- OAL: Jun 2021 — | Sep 2021 19% | Dec 2021 — | Mar 2022 11% | Jun 2022 — | Sep 2022 7.4% | Dec 2022 — | Mar 2023 5.1% | Jun 2023 — | Sep 2023 2.3% | Dec 2023 3.2% | Mar 2024 3.8% | Jun 2024 8.1% | Sep 2024 9.0% | Dec 2024 11% | Mar 2025 9.1% | Jun 2025 8.7% | Sep 2025 6.5% | Dec 2025 5.7% | Mar 2026 4.9%
- SIGACHI: Jun 2021 — | Sep 2021 40% | Dec 2021 — | Mar 2022 21% | Jun 2022 — | Sep 2022 20% | Dec 2022 — | Mar 2023 17% | Jun 2023 — | Sep 2023 12% | Dec 2023 19% | Mar 2024 14% | Jun 2024 20% | Sep 2024 13% | Dec 2024 20% | Mar 2025 12% | Jun 2025 -2.1% | Sep 2025 13% | Dec 2025 -11% | Mar 2026 7.1%
- FAIRCHEMOR: Jun 2021 — | Sep 2021 46% | Dec 2021 — | Mar 2022 38% | Jun 2022 — | Sep 2022 31% | Dec 2022 24% | Mar 2023 23% | Jun 2023 — | Sep 2023 15% | Dec 2023 22% | Mar 2024 19% | Jun 2024 24% | Sep 2024 19% | Dec 2024 16% | Mar 2025 10% | Jun 2025 5.3% | Sep 2025 3.4% | Dec 2025 2.3% | Mar 2026 3.7%
- SACHEEROME: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 8.5% | Sep 2024 17% | Dec 2024 24% | Mar 2025 33% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- INDOAMIN: Jun 2021 — | Sep 2021 22% | Dec 2021 — | Mar 2022 18% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 26% | Jun 2023 — | Sep 2023 26% | Dec 2023 33% | Mar 2024 20% | Jun 2024 29% | Sep 2024 21% | Dec 2024 29% | Mar 2025 22% | Jun 2025 30% | Sep 2025 22% | Dec 2025 29% | Mar 2026 21%
- GEMAROMA: Jun 2021 — | 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 9.2% | Dec 2024 — | Mar 2025 23% | Jun 2025 24% | Sep 2025 14% | Dec 2025 15% | Mar 2026 3.8%
- SHRIAHIMSA: Jun 2021 — | 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 13% | Dec 2024 — | Mar 2025 18% | Jun 2025 — | Sep 2025 19% | Dec 2025 — | Mar 2026 —
- VALIANTORG: Jun 2021 — | Sep 2021 28% | Dec 2021 — | Mar 2022 22% | Jun 2022 — | Sep 2022 19% | Dec 2022 — | Mar 2023 16% | Jun 2023 16% | Sep 2023 12% | Dec 2023 9.0% | Mar 2024 0.3% | Jun 2024 -0.8% | Sep 2024 -2.3% | Dec 2024 -0.6% | Mar 2025 2.2% | Jun 2025 4.2% | Sep 2025 5.3% | Dec 2025 6.2% | Mar 2026 5.5%

### 20-quarter ROCE change history
- BASF: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −11.6 pp | Dec 2022 — | Mar 2023 −11.7 pp | Jun 2023 — | Sep 2023 −11.6 pp | Dec 2023 — | Mar 2024 +1.6 pp | Jun 2024 — | Sep 2024 +10.9 pp | Dec 2024 — | Mar 2025 −3.6 pp | Jun 2025 — | Sep 2025 −16.8 pp | Dec 2025 −11.4 pp | Mar 2026 −4.9 pp
- FINEORG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +30.0 pp | Dec 2022 — | Mar 2023 +17.7 pp | Jun 2023 — | Sep 2023 −17.4 pp | Dec 2023 — | Mar 2024 −26.0 pp | Jun 2024 — | Sep 2024 −10.5 pp | Dec 2024 −9.7 pp | Mar 2025 −4.7 pp | Jun 2025 −5.4 pp | Sep 2025 −6.3 pp | Dec 2025 −7.0 pp | Mar 2026 −4.4 pp
- LXCHEM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.7 pp | Dec 2022 — | Mar 2023 −12.9 pp | Jun 2023 — | Sep 2023 −9.5 pp | Dec 2023 — | Mar 2024 −3.2 pp | Jun 2024 — | Sep 2024 0.0 pp | Dec 2024 +2.5 pp | Mar 2025 +0.4 pp | Jun 2025 −2.7 pp | Sep 2025 −4.1 pp | Dec 2025 −8.1 pp | Mar 2026 −4.2 pp
- FOSECOIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +5.0 pp | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −1.7 pp | Mar 2024 — | Jun 2024 −0.2 pp | Sep 2024 — | Dec 2024 +1.7 pp | Mar 2025 — | Jun 2025 +1.7 pp | Sep 2025 — | Dec 2025 −13.9 pp | Mar 2026 —
- OAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −12.0 pp | Dec 2022 — | Mar 2023 −6.0 pp | Jun 2023 — | Sep 2023 −5.1 pp | Dec 2023 — | Mar 2024 −1.3 pp | Jun 2024 — | Sep 2024 +6.7 pp | Dec 2024 +7.9 pp | Mar 2025 +5.3 pp | Jun 2025 +0.6 pp | Sep 2025 −2.5 pp | Dec 2025 −5.4 pp | Mar 2026 −4.2 pp
- SIGACHI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −19.7 pp | Dec 2022 — | Mar 2023 −3.9 pp | Jun 2023 — | Sep 2023 −7.4 pp | Dec 2023 — | Mar 2024 −3.4 pp | Jun 2024 — | Sep 2024 +0.1 pp | Dec 2024 +0.6 pp | Mar 2025 −1.9 pp | Jun 2025 −22.3 pp | Sep 2025 +0.5 pp | Dec 2025 −30.3 pp | Mar 2026 −5.0 pp
- FAIRCHEMOR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −14.5 pp | Dec 2022 — | Mar 2023 −14.7 pp | Jun 2023 — | Sep 2023 −16.2 pp | Dec 2023 −2.5 pp | Mar 2024 −4.6 pp | Jun 2024 — | Sep 2024 +3.4 pp | Dec 2024 −5.9 pp | Mar 2025 −8.7 pp | Jun 2025 −18.2 pp | Sep 2025 −15.1 pp | Dec 2025 −13.7 pp | Mar 2026 −6.3 pp
- INDOAMIN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +7.7 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −5.2 pp | Jun 2024 — | Sep 2024 −5.3 pp | Dec 2024 −4.6 pp | Mar 2025 +1.7 pp | Jun 2025 +1.0 pp | Sep 2025 +1.2 pp | Dec 2025 0.0 pp | Mar 2026 −1.4 pp
- GEMAROMA: Jun 2021 — | 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 +4.9 pp | Dec 2025 — | Mar 2026 −19.1 pp
- SHRIAHIMSA: Jun 2021 — | 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 +6.2 pp | Dec 2025 — | Mar 2026 —
- VALIANTORG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −9.1 pp | Dec 2022 — | Mar 2023 −6.4 pp | Jun 2023 — | Sep 2023 −7.2 pp | Dec 2023 — | Mar 2024 −15.7 pp | Jun 2024 −17.2 pp | Sep 2024 −13.8 pp | Dec 2024 −9.6 pp | Mar 2025 +1.9 pp | Jun 2025 +5.0 pp | Sep 2025 +7.6 pp | Dec 2025 +6.8 pp | Mar 2026 +3.3 pp

## Valuation Against Growth & Quality

What the numbers say: Laxmi Organic Industries Ltd has the lowest comparable Guarded PEG at 1.14×, 13% below Foseco India Ltd. Only 4 of 20 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: Laxmi Organic Industries Ltd · 1.14× | 13% versus #2 · Foseco India Ltd | 0/8 recent comparable periods | 4/20 companies · 22 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. Laxmi Organic Industries Ltd (LXCHEM): 1.1
2. Foseco India Ltd (FOSECOIND): 1.3
3. BASF India Ltd (BASF): 1.6
4. Fine Organic Industries Ltd (FINEORG): 2.7

### P/E — lowest P/E
1. GFL Ltd (GFLLIMITED): 11.0
2. Indo Amines Ltd (INDOAMIN): 11.8
3. Nitta Gelatin India Ltd (KERALACHEM): 13.5
4. Jyoti Resins and Adhesives Ltd (JYOTIRES): 14.3
5. OCCL Ltd (OCCLLTD): 14.6

### 20-quarter Guarded PEG history
- BASF: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.6 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- FINEORG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.0 | Jun 2023 — | Sep 2023 0.6 | Dec 2023 — | Mar 2024 — | Jun 2024 2.7 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- LXCHEM: Jun 2021 — | Sep 2021 — | Dec 2021 1.1 | Mar 2022 0.9 | Jun 2022 — | Sep 2022 — | Dec 2022 3.9 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.8 | Mar 2025 1.1 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- FOSECOIND: Jun 2021 — | Sep 2021 — | Dec 2021 2.2 | Mar 2022 0.8 | Jun 2022 — | Sep 2022 1.4 | Dec 2022 0.5 | Mar 2023 1.8 | Jun 2023 — | Sep 2023 0.9 | Dec 2023 1.0 | Mar 2024 2.2 | Jun 2024 — | Sep 2024 1.5 | Dec 2024 1.8 | Mar 2025 0.8 | Jun 2025 2.4 | Sep 2025 — | Dec 2025 — | Mar 2026 1.3

### 20-quarter P/E history
- BASF: Jun 2021 52.3 | Sep 2021 68.4 | Dec 2021 61.0 | Mar 2022 58.8 | Jun 2022 49.7 | Sep 2022 60.0 | Dec 2022 56.8 | Mar 2023 45.8 | Jun 2023 52.8 | Sep 2023 51.4 | Dec 2023 61.8 | Mar 2024 64.7 | Jun 2024 39.1 | Sep 2024 56.0 | Dec 2024 38.1 | Mar 2025 31.7 | Jun 2025 47.6 | Sep 2025 49.9 | Dec 2025 46.3 | Mar 2026 39.1
- FINEORG: Jun 2021 73.9 | Sep 2021 75.3 | Dec 2021 77.9 | Mar 2022 72.8 | Jun 2022 56.3 | Sep 2022 55.8 | Dec 2022 32.8 | Mar 2023 22.4 | Jun 2023 24.2 | Sep 2023 26.3 | Dec 2023 33.3 | Mar 2024 27.7 | Jun 2024 36.4 | Sep 2024 38.0 | Dec 2024 32.0 | Mar 2025 28.7 | Jun 2025 35.9 | Sep 2025 34.7 | Dec 2025 32.2 | Mar 2026 31.1
- ELANTAS: Jun 2021 44.4 | Sep 2021 39.0 | Dec 2021 44.1 | Mar 2022 44.5 | Jun 2022 44.4 | Sep 2022 44.3 | Dec 2022 42.2 | Mar 2023 44.6 | Jun 2023 53.2 | Sep 2023 55.1 | Dec 2023 53.8 | Mar 2024 51.3 | Jun 2024 63.6 | Sep 2024 64.2 | Dec 2024 70.1 | Mar 2025 55.3 | Jun 2025 73.8 | Sep 2025 57.5 | Dec 2025 56.5 | Mar 2026 43.4
- BALAMINES: Jun 2021 36.6 | Sep 2021 50.6 | Dec 2021 33.5 | Mar 2022 28.2 | Jun 2022 25.1 | Sep 2022 25.6 | Dec 2022 21.2 | Mar 2023 16.3 | Jun 2023 23.2 | Sep 2023 27.6 | Dec 2023 43.8 | Mar 2024 36.0 | Jun 2024 36.3 | Sep 2024 37.9 | Dec 2024 31.2 | Mar 2025 21.1 | Jun 2025 36.8 | Sep 2025 30.0 | Dec 2025 25.0 | Mar 2026 23.2
- LXCHEM: Jun 2021 20.2 | Sep 2021 113.1 | Dec 2021 55.3 | Mar 2022 45.8 | Jun 2022 29.0 | Sep 2022 38.8 | Dec 2022 34.9 | Mar 2023 34.6 | Jun 2023 55.3 | Sep 2023 75.2 | Dec 2023 76.6 | Mar 2024 62.7 | Jun 2024 56.5 | Sep 2024 68.1 | Dec 2024 50.3 | Mar 2025 35.6 | Jun 2025 48.6 | Sep 2025 57.4 | Dec 2025 55.6 | Mar 2026 39.1
- FOSECOIND: Jun 2021 36.1 | Sep 2021 29.8 | Dec 2021 27.8 | Mar 2022 24.8 | Jun 2022 25.1 | Sep 2022 30.1 | Dec 2022 26.7 | Mar 2023 29.2 | Jun 2023 25.0 | Sep 2023 31.6 | Dec 2023 33.4 | Mar 2024 24.9 | Jun 2024 41.0 | Sep 2024 43.2 | Dec 2024 35.2 | Mar 2025 27.8 | Jun 2025 38.8 | Sep 2025 43.3 | Dec 2025 51.0 | Mar 2026 42.2
- KERALACHEM: Jun 2021 9.5 | Sep 2021 10.8 | Dec 2021 13.8 | Mar 2022 13.2 | Jun 2022 11.3 | Sep 2022 14.6 | Dec 2022 13.2 | Mar 2023 15.1 | Jun 2023 12.5 | Sep 2023 9.8 | Dec 2023 9.4 | Mar 2024 9.5 | Jun 2024 9.2 | Sep 2024 9.4 | Dec 2024 9.7 | Mar 2025 8.0 | Jun 2025 10.1 | Sep 2025 10.8 | Dec 2025 9.1 | Mar 2026 7.6
- OAL: Jun 2021 25.4 | Sep 2021 28.1 | Dec 2021 27.6 | Mar 2022 37.8 | Jun 2022 35.7 | Sep 2022 43.5 | Dec 2022 42.4 | Mar 2023 40.8 | Jun 2023 58.5 | Sep 2023 230.2 | Dec 2023 215.9 | Mar 2024 110.5 | Jun 2024 142.2 | Sep 2024 66.3 | Dec 2024 36.2 | Mar 2025 21.6 | Jun 2025 37.2 | Sep 2025 47.5 | Dec 2025 103.4 | Mar 2026 99.0
- JYOTIRES: Jun 2021 27.4 | Sep 2021 22.5 | Dec 2021 31.1 | Mar 2022 58.9 | Jun 2022 46.8 | Sep 2022 64.2 | Dec 2022 50.5 | Mar 2023 41.3 | Jun 2023 36.5 | Sep 2023 36.8 | Dec 2023 30.9 | Mar 2024 26.3 | Jun 2024 25.4 | Sep 2024 26.4 | Dec 2024 22.7 | Mar 2025 20.2 | Jun 2025 22.1 | Sep 2025 20.6 | Dec 2025 18.2 | Mar 2026 —
- SIGACHI: Jun 2021 — | Sep 2021 — | Dec 2021 10.1 | Mar 2022 9.5 | Jun 2022 10.8 | Sep 2022 17.6 | Dec 2022 17.5 | Mar 2023 14.3 | Jun 2023 21.8 | Sep 2023 29.6 | Dec 2023 36.7 | Mar 2024 35.2 | Jun 2024 33.6 | Sep 2024 30.6 | Dec 2024 24.4 | Mar 2025 16.4 | Jun 2025 27.0 | Sep 2025 17.6 | Dec 2025 20.3 | Mar 2026 17.3
- FAIRCHEMOR: Jun 2021 29.8 | Sep 2021 37.0 | Dec 2021 29.0 | Mar 2022 27.5 | Jun 2022 26.5 | Sep 2022 35.2 | Dec 2022 31.2 | Mar 2023 27.7 | Jun 2023 36.9 | Sep 2023 68.0 | Dec 2023 57.0 | Mar 2024 38.2 | Jun 2024 44.3 | Sep 2024 33.0 | Dec 2024 38.1 | Mar 2025 34.3 | Jun 2025 55.4 | Sep 2025 109.0 | Dec 2025 150.2 | Mar 2026 188.2
- SACHEEROME: Jun 2021 — | 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 21.5 | Dec 2025 — | Mar 2026 21.7
- INDOAMIN: Jun 2021 24.1 | Sep 2021 21.5 | Dec 2021 22.0 | Mar 2022 18.9 | Jun 2022 23.9 | Sep 2022 34.0 | Dec 2022 25.3 | Mar 2023 21.1 | Jun 2023 20.6 | Sep 2023 18.9 | Dec 2023 17.1 | Mar 2024 15.4 | Jun 2024 23.0 | Sep 2024 39.2 | Dec 2024 23.3 | Mar 2025 15.3 | Jun 2025 20.5 | Sep 2025 15.0 | Dec 2025 13.4 | Mar 2026 9.3
- GEMAROMA: Jun 2021 — | 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 20.6 | Dec 2025 19.3 | Mar 2026 22.5
- SHRIAHIMSA: Jun 2021 — | 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 24.1 | Dec 2025 — | Mar 2026 20.6
- VALIANTORG: Jun 2021 34.5 | Sep 2021 32.4 | Dec 2021 25.4 | Mar 2022 23.7 | Jun 2022 12.5 | Sep 2022 19.7 | Dec 2022 16.6 | Mar 2023 13.1 | Jun 2023 17.9 | Sep 2023 16.4 | Dec 2023 22.1 | Mar 2024 29.4 | Jun 2024 31.7 | Sep 2024 — | Dec 2024 -33.7 | Mar 2025 -195.1 | Jun 2025 228.3 | Sep 2025 38.8 | Dec 2025 35.4 | Mar 2026 33.1
- OCCLLTD: Jun 2021 — | 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 18.6 | Dec 2025 14.0 | Mar 2026 10.8
- SGRL: Jun 2021 39.0 | Sep 2021 38.6 | Dec 2021 35.9 | Mar 2022 30.8 | Jun 2022 22.0 | Sep 2022 21.3 | Dec 2022 21.1 | Mar 2023 21.3 | Jun 2023 29.3 | Sep 2023 31.9 | Dec 2023 39.5 | Mar 2024 37.8 | Jun 2024 36.4 | Sep 2024 36.8 | Dec 2024 29.4 | Mar 2025 31.9 | Jun 2025 27.5 | Sep 2025 29.4 | Dec 2025 24.7 | Mar 2026 —

## Enterprise Value & Book Value

What the numbers say: Nitta Gelatin India Ltd leads ev/ebitda at 4.4×; GFL Ltd leads p/bv at 0.19×.

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: Nitta Gelatin India Ltd · 4.4× | 22.8% versus #2 · OCCL Ltd | 0/8 recent comparable periods | 19/20 companies · 295 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. Nitta Gelatin India Ltd (KERALACHEM): 4.4
2. OCCL Ltd (OCCLLTD): 5.7
3. Indo Amines Ltd (INDOAMIN): 7.0
4. Valiant Organics Ltd (VALIANTORG): 9.8
5. Sigachi Industries Ltd (SIGACHI): 10.1

### P/BV — lowest P/BV
1. GFL Ltd (GFLLIMITED): 0.2
2. Valiant Organics Ltd (VALIANTORG): 1.0
3. OCCL Ltd (OCCLLTD): 1.7
4. Sigachi Industries Ltd (SIGACHI): 1.9
5. Oriental Aromatics Ltd (OAL): 1.9

### 20-quarter EV/EBITDA history
- BASF: Jun 2021 22.0 | Sep 2021 28.7 | Dec 2021 25.6 | Mar 2022 24.7 | Jun 2022 20.9 | Sep 2022 25.2 | Dec 2022 23.9 | Mar 2023 19.3 | Jun 2023 22.2 | Sep 2023 21.7 | Dec 2023 25.9 | Mar 2024 47.8 | Jun 2024 22.3 | Sep 2024 32.1 | Dec 2024 22.6 | Mar 2025 18.6 | Jun 2025 26.7 | Sep 2025 26.6 | Dec 2025 25.1 | Mar 2026 21.4
- FINEORG: Jun 2021 40.9 | Sep 2021 43.1 | Dec 2021 46.2 | Mar 2022 44.0 | Jun 2022 36.5 | Sep 2022 37.3 | Dec 2022 22.9 | Mar 2023 15.3 | Jun 2023 16.6 | Sep 2023 17.4 | Dec 2023 21.0 | Mar 2024 17.9 | Jun 2024 24.1 | Sep 2024 24.8 | Dec 2024 20.5 | Mar 2025 17.8 | Jun 2025 22.5 | Sep 2025 21.8 | Dec 2025 19.9 | Mar 2026 19.1
- ELANTAS: Jun 2021 29.3 | Sep 2021 26.0 | Dec 2021 28.3 | Mar 2022 28.0 | Jun 2022 28.6 | Sep 2022 28.9 | Dec 2022 28.3 | Mar 2023 30.1 | Jun 2023 35.8 | Sep 2023 37.6 | Dec 2023 36.9 | Mar 2024 35.6 | Jun 2024 44.2 | Sep 2024 44.0 | Dec 2024 48.0 | Mar 2025 38.3 | Jun 2025 50.2 | Sep 2025 38.1 | Dec 2025 37.3 | Mar 2026 28.3
- BALAMINES: Jun 2021 23.6 | Sep 2021 32.1 | Dec 2021 21.2 | Mar 2022 17.3 | Jun 2022 14.6 | Sep 2022 14.4 | Dec 2022 11.7 | Mar 2023 8.7 | Jun 2023 11.8 | Sep 2023 13.5 | Dec 2023 21.2 | Mar 2024 18.3 | Jun 2024 20.1 | Sep 2024 21.9 | Dec 2024 18.0 | Mar 2025 11.9 | Jun 2025 20.6 | Sep 2025 16.6 | Dec 2025 13.8 | Mar 2026 12.3
- LXCHEM: Jun 2021 40.8 | Sep 2021 62.4 | Dec 2021 34.9 | Mar 2022 28.5 | Jun 2022 18.9 | Sep 2022 26.2 | Dec 2022 23.4 | Mar 2023 21.0 | Jun 2023 26.7 | Sep 2023 32.6 | Dec 2023 32.1 | Mar 2024 26.2 | Jun 2024 25.4 | Sep 2024 27.3 | Dec 2024 21.4 | Mar 2025 14.4 | Jun 2025 17.5 | Sep 2025 22.9 | Dec 2025 22.4 | Mar 2026 17.6
- FOSECOIND: Jun 2021 22.3 | Sep 2021 18.0 | Dec 2021 17.1 | Mar 2022 15.7 | Jun 2022 15.8 | Sep 2022 19.7 | Dec 2022 17.2 | Mar 2023 19.1 | Jun 2023 21.4 | Sep 2023 28.3 | Dec 2023 31.7 | Mar 2024 22.0 | Jun 2024 31.0 | Sep 2024 32.2 | Dec 2024 26.1 | Mar 2025 19.9 | Jun 2025 29.0 | Sep 2025 30.0 | Dec 2025 27.8 | Mar 2026 23.6
- KERALACHEM: Jun 2021 5.8 | Sep 2021 6.4 | Dec 2021 7.2 | Mar 2022 7.3 | Jun 2022 6.8 | Sep 2022 8.2 | Dec 2022 8.0 | Mar 2023 9.9 | Jun 2023 8.6 | Sep 2023 6.6 | Dec 2023 6.3 | Mar 2024 6.2 | Jun 2024 6.2 | Sep 2024 5.7 | Dec 2024 5.7 | Mar 2025 4.7 | Jun 2025 6.2 | Sep 2025 6.3 | Dec 2025 5.2 | Mar 2026 4.4
- OAL: Jun 2021 16.8 | Sep 2021 19.0 | Dec 2021 18.2 | Mar 2022 23.5 | Jun 2022 20.1 | Sep 2022 23.0 | Dec 2022 20.7 | Mar 2023 17.7 | Jun 2023 21.5 | Sep 2023 33.3 | Dec 2023 39.1 | Mar 2024 29.3 | Jun 2024 27.8 | Sep 2024 25.2 | Dec 2024 17.4 | Mar 2025 11.6 | Jun 2025 15.2 | Sep 2025 16.1 | Dec 2025 17.5 | Mar 2026 16.2
- JYOTIRES: Jun 2021 18.8 | Sep 2021 15.2 | Dec 2021 20.9 | Mar 2022 39.8 | Jun 2022 33.1 | Sep 2022 47.6 | Dec 2022 36.0 | Mar 2023 29.8 | Jun 2023 26.5 | Sep 2023 26.3 | Dec 2023 22.0 | Mar 2024 18.8 | Jun 2024 18.5 | Sep 2024 18.4 | Dec 2024 15.4 | Mar 2025 13.6 | Jun 2025 15.2 | Sep 2025 13.5 | Dec 2025 11.6 | Mar 2026 —
- SIGACHI: Jun 2021 — | Sep 2021 — | Dec 2021 29.2 | Mar 2022 17.7 | Jun 2022 13.7 | Sep 2022 14.2 | Dec 2022 13.3 | Mar 2023 9.6 | Jun 2023 14.0 | Sep 2023 19.3 | Dec 2023 23.4 | Mar 2024 22.8 | Jun 2024 22.9 | Sep 2024 21.3 | Dec 2024 16.8 | Mar 2025 12.7 | Jun 2025 18.3 | Sep 2025 12.1 | Dec 2025 13.1 | Mar 2026 10.1
- FAIRCHEMOR: Jun 2021 29.2 | Sep 2021 24.6 | Dec 2021 19.4 | Mar 2022 18.4 | Jun 2022 17.6 | Sep 2022 22.9 | Dec 2022 19.5 | Mar 2023 17.3 | Jun 2023 22.8 | Sep 2023 35.6 | Dec 2023 32.0 | Mar 2024 23.1 | Jun 2024 27.0 | Sep 2024 20.4 | Dec 2024 23.4 | Mar 2025 20.2 | Jun 2025 27.7 | Sep 2025 39.0 | Dec 2025 42.0 | Mar 2026 33.1
- SACHEEROME: Jun 2021 — | 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 17.6 | Dec 2025 — | Mar 2026 15.6
- INDOAMIN: Jun 2021 10.9 | Sep 2021 14.0 | Dec 2021 15.2 | Mar 2022 13.4 | Jun 2022 11.1 | Sep 2022 16.0 | Dec 2022 12.4 | Mar 2023 10.2 | Jun 2023 11.2 | Sep 2023 10.9 | Dec 2023 10.4 | Mar 2024 9.4 | Jun 2024 12.5 | Sep 2024 19.3 | Dec 2024 13.6 | Mar 2025 9.5 | Jun 2025 11.7 | Sep 2025 9.8 | Dec 2025 9.0 | Mar 2026 7.0
- GEMAROMA: Jun 2021 — | 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 14.8 | Dec 2025 12.4 | Mar 2026 11.7
- SHRIAHIMSA: Jun 2021 — | 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 13.9 | Dec 2025 — | Mar 2026 13.0
- VALIANTORG: Jun 2021 20.4 | Sep 2021 19.0 | Dec 2021 14.3 | Mar 2022 13.3 | Jun 2022 7.5 | Sep 2022 11.8 | Dec 2022 10.1 | Mar 2023 8.2 | Jun 2023 10.7 | Sep 2023 9.4 | Dec 2023 11.6 | Mar 2024 12.4 | Jun 2024 28.1 | Sep 2024 36.3 | Dec 2024 47.8 | Mar 2025 41.8 | Jun 2025 33.9 | Sep 2025 19.1 | Dec 2025 16.2 | Mar 2026 9.8
- OCCLLTD: Jun 2021 — | 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 10.9 | Sep 2025 8.6 | Dec 2025 6.9 | Mar 2026 5.7
- SGRL: Jun 2021 26.9 | Sep 2021 24.2 | Dec 2021 22.2 | Mar 2022 18.5 | Jun 2022 13.6 | Sep 2022 14.3 | Dec 2022 14.3 | Mar 2023 13.4 | Jun 2023 19.4 | Sep 2023 22.1 | Dec 2023 27.4 | Mar 2024 24.9 | Jun 2024 23.6 | Sep 2024 23.2 | Dec 2024 18.5 | Mar 2025 20.1 | Jun 2025 17.8 | Sep 2025 16.4 | Dec 2025 13.7 | Mar 2026 —
- GFLLIMITED: Jun 2021 — | Sep 2021 102.3 | Dec 2021 103.5 | Mar 2022 25.1 | Jun 2022 27.2 | Sep 2022 24.5 | Dec 2022 26.9 | Mar 2023 26.6 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 262.8

### 20-quarter P/BV history
- BASF: Jun 2021 7.0 | Sep 2021 9.1 | Dec 2021 8.1 | Mar 2022 7.8 | Jun 2022 6.6 | Sep 2022 8.0 | Dec 2022 7.6 | Mar 2023 6.1 | Jun 2023 7.0 | Sep 2023 6.9 | Dec 2023 8.2 | Mar 2024 9.0 | Jun 2024 6.8 | Sep 2024 9.8 | Dec 2024 6.9 | Mar 2025 5.5 | Jun 2025 6.9 | Sep 2025 5.4 | Dec 2025 4.5 | Mar 2026 3.8
- FINEORG: Jun 2021 14.4 | Sep 2021 13.1 | Dec 2021 14.5 | Mar 2022 15.7 | Jun 2022 20.0 | Sep 2022 16.6 | Dec 2022 13.7 | Mar 2023 13.8 | Jun 2023 15.6 | Sep 2023 9.5 | Dec 2023 8.9 | Mar 2024 7.2 | Jun 2024 9.7 | Sep 2024 8.4 | Dec 2024 6.6 | Mar 2025 5.8 | Jun 2025 7.7 | Sep 2025 6.2 | Dec 2025 5.2 | Mar 2026 4.9
- ELANTAS: Jun 2021 6.7 | Sep 2021 6.2 | Dec 2021 6.6 | Mar 2022 6.1 | Jun 2022 5.8 | Sep 2022 6.0 | Dec 2022 6.3 | Mar 2023 7.9 | Jun 2023 7.7 | Sep 2023 9.2 | Dec 2023 10.2 | Mar 2024 11.8 | Jun 2024 12.5 | Sep 2024 12.0 | Dec 2024 12.8 | Mar 2025 10.5 | Jun 2025 11.5 | Sep 2025 8.2 | Dec 2025 8.4 | Mar 2026 7.4
- BALAMINES: Jun 2021 13.2 | Sep 2021 16.7 | Dec 2021 10.5 | Mar 2022 9.2 | Jun 2022 7.4 | Sep 2022 7.1 | Dec 2022 6.1 | Mar 2023 5.0 | Jun 2023 4.8 | Sep 2023 4.5 | Dec 2023 5.4 | Mar 2024 4.1 | Jun 2024 4.3 | Sep 2024 4.3 | Dec 2024 3.6 | Mar 2025 2.2 | Jun 2025 3.4 | Sep 2025 2.5 | Dec 2025 1.9 | Mar 2026 1.8
- LXCHEM: Jun 2021 5.7 | Sep 2021 13.9 | Dec 2021 9.9 | Mar 2022 9.4 | Jun 2022 7.5 | Sep 2022 6.7 | Dec 2022 5.8 | Mar 2023 4.5 | Jun 2023 5.3 | Sep 2023 5.2 | Dec 2023 5.3 | Mar 2024 4.4 | Jun 2024 4.7 | Sep 2024 4.4 | Dec 2024 3.6 | Mar 2025 2.6 | Jun 2025 3.1 | Sep 2025 3.0 | Dec 2025 2.4 | Mar 2026 1.6
- FOSECOIND: Jun 2021 5.3 | Sep 2021 4.9 | Dec 2021 4.4 | Mar 2022 4.2 | Jun 2022 — | Sep 2022 — | Dec 2022 5.1 | Mar 2023 5.9 | Jun 2023 6.4 | Sep 2023 8.5 | Dec 2023 8.5 | Mar 2024 6.5 | Jun 2024 8.8 | Sep 2024 9.9 | Dec 2024 7.5 | Mar 2025 6.4 | Jun 2025 8.6 | Sep 2025 9.3 | Dec 2025 3.3 | Mar 2026 3.5
- KERALACHEM: Jun 2021 1.2 | Sep 2021 1.3 | Dec 2021 1.3 | Mar 2022 1.5 | Jun 2022 1.8 | Sep 2022 2.3 | Dec 2022 2.7 | Mar 2023 4.4 | Jun 2023 4.0 | Sep 2023 3.1 | Dec 2023 2.8 | Mar 2024 2.7 | Jun 2024 3.2 | Sep 2024 2.3 | Dec 2024 2.0 | Mar 2025 1.7 | Jun 2025 2.4 | Sep 2025 2.0 | Dec 2025 1.7 | Mar 2026 1.6
- OAL: Jun 2021 5.6 | Sep 2021 5.8 | Dec 2021 4.4 | Mar 2022 4.2 | Jun 2022 3.4 | Sep 2022 2.7 | Dec 2022 2.3 | Mar 2023 2.0 | Jun 2023 1.9 | Sep 2023 1.9 | Dec 2023 2.2 | Mar 2024 1.6 | Jun 2024 2.1 | Sep 2024 2.7 | Dec 2024 2.1 | Mar 2025 1.4 | Jun 2025 2.0 | Sep 2025 1.7 | Dec 2025 1.5 | Mar 2026 1.2
- JYOTIRES: Jun 2021 11.7 | Sep 2021 7.5 | Dec 2021 8.9 | Mar 2022 18.0 | Jun 2022 21.1 | Sep 2022 20.9 | Dec 2022 19.4 | Mar 2023 21.6 | Jun 2023 24.0 | Sep 2023 18.4 | Dec 2023 14.2 | Mar 2024 13.0 | Jun 2024 16.1 | Sep 2024 11.1 | Dec 2024 8.4 | Mar 2025 7.7 | Jun 2025 9.8 | Sep 2025 6.5 | Dec 2025 5.3 | Mar 2026 —
- SIGACHI: Jun 2021 — | Sep 2021 — | Dec 2021 11.1 | Mar 2022 3.9 | Jun 2022 3.3 | Sep 2022 3.3 | Dec 2022 3.3 | Mar 2023 3.0 | Jun 2023 4.2 | Sep 2023 4.6 | Dec 2023 4.1 | Mar 2024 4.7 | Jun 2024 6.9 | Sep 2024 4.3 | Dec 2024 3.5 | Mar 2025 2.5 | Jun 2025 4.2 | Sep 2025 2.4 | Dec 2025 2.5 | Mar 2026 1.4
- FAIRCHEMOR: Jun 2021 11.6 | Sep 2021 13.9 | Dec 2021 10.6 | Mar 2022 10.0 | Jun 2022 10.7 | Sep 2022 10.4 | Dec 2022 7.1 | Mar 2023 5.1 | Jun 2023 6.9 | Sep 2023 5.9 | Dec 2023 6.2 | Mar 2024 5.8 | Jun 2024 6.9 | Sep 2024 5.5 | Dec 2024 5.4 | Mar 2025 3.8 | Jun 2025 4.2 | Sep 2025 3.4 | Dec 2025 3.1 | Mar 2026 2.0
- SACHEEROME: Jun 2021 — | 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 — | Dec 2025 — | Mar 2026 4.4
- INDOAMIN: Jun 2021 3.9 | Sep 2021 5.5 | Dec 2021 5.0 | Mar 2022 4.0 | Jun 2022 3.4 | Sep 2022 4.2 | Dec 2022 3.2 | Mar 2023 2.9 | Jun 2023 4.5 | Sep 2023 3.7 | Dec 2023 3.6 | Mar 2024 3.2 | Jun 2024 4.4 | Sep 2024 6.1 | Dec 2024 4.1 | Mar 2025 2.9 | Jun 2025 4.3 | Sep 2025 3.1 | Dec 2025 2.6 | Mar 2026 1.8
- GEMAROMA: Jun 2021 — | 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 2.7 | Dec 2025 1.9 | Mar 2026 1.6
- SHRIAHIMSA: Jun 2021 — | 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 3.1 | Dec 2025 — | Mar 2026 3.3
- VALIANTORG: Jun 2021 9.2 | Sep 2021 7.6 | Dec 2021 5.1 | Mar 2022 4.7 | Jun 2022 2.8 | Sep 2022 3.1 | Dec 2022 2.5 | Mar 2023 1.9 | Jun 2023 2.5 | Sep 2023 1.9 | Dec 2023 1.9 | Mar 2024 1.5 | Jun 2024 1.6 | Sep 2024 1.5 | Dec 2024 1.2 | Mar 2025 1.0 | Jun 2025 1.6 | Sep 2025 1.3 | Dec 2025 1.0 | Mar 2026 0.8
- OCCLLTD: Jun 2021 — | 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 1.0 | Jun 2025 1.5 | Sep 2025 1.6 | Dec 2025 1.2 | Mar 2026 1.0
- SGRL: Jun 2021 9.4 | Sep 2021 8.7 | Dec 2021 7.5 | Mar 2022 7.2 | Jun 2022 5.7 | Sep 2022 4.3 | Dec 2022 4.5 | Mar 2023 5.2 | Jun 2023 8.4 | Sep 2023 7.1 | Dec 2023 8.8 | Mar 2024 8.6 | Jun 2024 11.8 | Sep 2024 8.6 | Dec 2024 6.3 | Mar 2025 6.9 | Jun 2025 6.3 | Sep 2025 4.6 | Dec 2025 3.7 | Mar 2026 —
- GFLLIMITED: Jun 2021 0.3 | Sep 2021 0.3 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.5 | Jun 2023 1.7 | Sep 2023 0.4 | Dec 2023 0.4 | Mar 2024 0.3 | Jun 2024 0.3 | Sep 2024 0.4 | Dec 2024 0.4 | Mar 2025 0.2 | Jun 2025 0.3 | Sep 2025 0.3 | Dec 2025 0.3 | Mar 2026 0.2

## Market action

Sacheerome Ltd has the strongest one-year price move in Chemicals - Organic at +128.9%. Nitta Gelatin India Ltd leads on Mansfield relative strength against NIFTY at +85.7%. 10 of 18 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Sacheerome Ltd (SACHEEROME): 129%
2. Shri Ahimsa Naturals Ltd (SHRIAHIMSA): 128%
3. Nitta Gelatin India Ltd (KERALACHEM): 71%
4. Balaji Amines Ltd (BALAMINES): 23%
5. Foseco India Ltd (FOSECOIND): 0.6%

### Strongest relative strength versus NIFTY 500
1. Nitta Gelatin India Ltd (KERALACHEM): 86%
2. Balaji Amines Ltd (BALAMINES): 53%
3. Shri Ahimsa Naturals Ltd (SHRIAHIMSA): 46%
4. Sacheerome Ltd (SACHEEROME): 36%
5. OCCL Ltd (OCCLLTD): 31%

## 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.
- 8 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.
- 2 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.

## Every company
- BASF India Ltd (BASF) — market value ₹15.9K Cr; latest fundamentals Mar 2026
- Fine Organic Industries Ltd (FINEORG) — market value ₹14.8K Cr; latest fundamentals Mar 2026
- Elantas Beck India Ltd (ELANTAS) — market value ₹7.3K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Balaji Amines Ltd (BALAMINES) — market value ₹7.0K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Laxmi Organic Industries Ltd (LXCHEM) — market value ₹5.1K Cr; latest fundamentals Mar 2026
- Foseco India Ltd (FOSECOIND) — market value ₹3.8K Cr; latest fundamentals Mar 2026
- Citurgia Biochemicals Ltd (CITURGIA) — market value ₹1.9K Cr; latest fundamentals Dec 2025
- Nitta Gelatin India Ltd (KERALACHEM) — market value ₹1.5K Cr; latest fundamentals Mar 2026
- Oriental Aromatics Ltd (OAL) — market value ₹1.3K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Jyoti Resins and Adhesives Ltd (JYOTIRES) — market value ₹997 Cr; latest fundamentals Dec 2025
- Sigachi Industries Ltd (SIGACHI) — market value ₹974 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Fairchem Organics Ltd (FAIRCHEMOR) — market value ₹967 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Sacheerome Ltd (SACHEEROME) — market value ₹946 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Indo Amines Ltd (INDOAMIN) — market value ₹940 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Gem Aromatics Ltd (GEMAROMA) — market value ₹930 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Shri Ahimsa Naturals Ltd (SHRIAHIMSA) — market value ₹904 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Valiant Organics Ltd (VALIANTORG) — market value ₹737 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- OCCL Ltd (OCCLLTD) — market value ₹724 Cr; latest fundamentals Mar 2026
- Shree Ganesh Remedies Ltd (SGRL) — market value ₹636 Cr; latest fundamentals Dec 2025
- GFL Ltd (GFLLIMITED) — market value ₹494 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 4. Unverified: 14. Withheld: 2. Graded companies: 20.

8 of 20 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.

2 of 20 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Elantas Beck India Ltd (ELANTAS) — its two data sources disagree by up to 3.2% on reported income across 14 comparable periods, so its derived ratios are withheld; Balaji Amines Ltd (BALAMINES) — its two data sources disagree by up to 25% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | ELANTAS | Elantas Beck India Ltd | diff_gt_2pct | disagreement up to 3.15% over 14 comparable periods
- WITHHELD | BALAMINES | Balaji Amines Ltd | diff_gt_2pct | disagreement up to 24.91% over 14 comparable periods

- UNVERIFIED | OAL | Oriental Aromatics Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SIGACHI | Sigachi Industries Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | FAIRCHEMOR | Fairchem Organics Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SACHEEROME | Sacheerome Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | INDOAMIN | Indo Amines Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | GEMAROMA | Gem Aromatics Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SHRIAHIMSA | Shri Ahimsa Naturals Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | VALIANTORG | Valiant Organics Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Mar 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 - Organic index?

The Nifty Chemicals - Organic index tracks India's listed Chemicals - Organic companies as a single basket. This page follows the same 20 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Chemicals - Organic sector rather than to its largest constituent. Figures are as of Mar 2026.

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

Ranked by this page's four-factor score, Nitta Gelatin India Ltd places first among 20 listed Chemicals - Organic companies, followed by Shri Ahimsa Naturals Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

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

This comparison covers 20 listed Chemicals - Organic 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 Mar 2026.

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

BASF India Ltd is the largest, with trailing-twelve-month revenue of ₹15,078 crore, ahead of Laxmi Organic Industries Ltd at ₹2,847 crore. That covers 18 of 20 companies with comparable reporting through Mar 2026.

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

OCCL Ltd has the fastest revenue growth at 65.4% year on year, across 17 of 20 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 - Organic company has the best profit margins?

Shree Ganesh Remedies Ltd has the highest operating margin at 31.9%, from 19 of 20 comparable companies. GFL Ltd shows the biggest recent improvement, at +2562 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

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

BASF India Ltd earns the most, at ₹420 crore of trailing-twelve-month net profit, from 18 of 20 comparable companies. OCCL 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 - Organic company earns the highest return on capital?

Jyoti Resins and Adhesives Ltd leads on return on capital employed at 50%, across 20 of 20 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 - Organic stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Laxmi Organic Industries Ltd screens cheapest at 1.14×. Only 4 of 20 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 - Organic company has the strongest balance sheet?

Elantas Beck India Ltd carries the lowest comparable gross debt at ₹0 crore, from 20 of 20 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 - Organic sector beating the market?

Chemicals - Organic has outperformed NIFTY 500 by 4.9% over the last 52 weeks and 23.4% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 10 of 18 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

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

Nitta Gelatin India 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 - Organic company scores highest for research priority?

Nitta Gelatin India Ltd scores 84.9 out of 100 with 83.2% evidence confidence, from 30.4 points on growth and earnings, 20.1 on capital efficiency, 14.4 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 - Organic companies does this comparison cover, and over what period?

It compares 20 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 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 - Organic sector?

The 20 Chemicals - Organic companies on this page carry ₹67,818 crore of combined market value. BASF India Ltd is the largest at ₹15,887 crore, about 23% 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 - Organic sector's P/E ratio?

The median price-to-earnings ratio across the 20 Chemicals - Organic companies on this page is 35.1×, measured on the 19 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 - Organic sector performing?

10 of the 18 covered Chemicals - Organic companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 4.9% ahead of 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-organic