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

> Chemicals - Others: S H Kelkar & Company Ltd owns the largest revenue base; Shree Pushkar Chemicals & Fertilizers 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 - Others has underperformed NIFTY 500 by 13.8% over 52 weeks and 1.6% over 13 weeks. 2 of 4 covered companies beat NIFTY on Mansfield relative strength, while 2 of 4 beat the sector itself. S H Kelkar & Company Ltd leads with revenue of ₹2,368 crore, based on 3 of 4 comparable companies through Mar 2026.

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

Chemicals - Others has underperformed NIFTY 500 by 13.8% over 52 weeks and 1.6% over 13 weeks. 2 of 4 covered companies beat NIFTY on Mansfield relative strength, while 2 of 4 beat the sector itself.

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

S H Kelkar & Company Ltd leads with revenue of ₹2,368 crore, based on 3 of 4 comparable companies through Mar 2026.

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

Shree Pushkar Chemicals & Fertilizers Ltd has the fastest current revenue growth at 21.2%, across 3 of 4 comparable companies.

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

Petro Carbon & Chemicals Ltd ranks first at 59.7/100 with 52.8% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

Petro Carbon & Chemicals Ltd reports the largest latest CAPEX at ₹35 crore, with 1 of 4 companies comparable.

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

Shree Pushkar Chemicals & Fertilizers Ltd has the lowest comparable gross debt at ₹130 crore. S H Kelkar & Company Ltd has the highest at ₹1,029 crore.

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

Camlin Fine Sciences Ltd has the lowest comparable Guarded PEG at 1.97, among 1 of 4 companies that pass the metric’s comparability rules.

### How much history does this Chemicals - Others 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 - Others has underperformed NIFTY 500 by 13.8% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 1.6%. 2 of 4 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Petro Carbon & Chemicals Ltd is the strongest against the sector itself at +20.2%.

13-week sector return versus NIFTY 500: -1.6%
52-week sector return versus NIFTY 500: -14%
Stocks leading NIFTY: 2/4
Stocks leading sector: 2/4

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

Companies: 4
Combined market value: ₹6.3K 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. Petro Carbon & Chemicals Ltd (PCCL): 60/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 22.0/35 | Capital efficiency 13.7/25 | Valuation 10.0/20 | Relative strength 14.0/20
   - Exact sum: 22 + 13.7 + 10 + 14 = 59.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
2. Shree Pushkar Chemicals & Fertilizers Ltd (SHREEPUSHK): 58/100 — Mixed-positive evidence; evidence 84%
   - Growth & earnings 21.4/35 | Capital efficiency 14.8/25 | Valuation 8.1/20 | Relative strength 13.7/20
   - Exact sum: 21.4 + 14.8 + 8.1 + 13.7 = 58
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. S H Kelkar & Company Ltd (SHK): 29/100 — Adverse evidence; evidence 84%
   - Growth & earnings 7.2/35 | Capital efficiency 7.4/25 | Valuation 8.0/20 | Relative strength 6.0/20
   - Exact sum: 7.2 + 7.4 + 8 + 6 = 28.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Camlin Fine Sciences Ltd (CAMLINFINE): 23/100 — Adverse evidence; evidence 88%
   - Growth & earnings 6.4/35 | Capital efficiency 4.7/25 | Valuation 5.6/20 | Relative strength 6.0/20
   - Exact sum: 6.4 + 4.7 + 5.6 + 6 = 22.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: S H Kelkar & Company Ltd is the scale leader at ₹2,368 crore, 35.3% ahead of Camlin Fine Sciences Ltd. Shree Pushkar Chemicals & Fertilizers Ltd's growth is 21.2% from a ₹977 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: S H Kelkar & Company Ltd is the scale benchmark; Shree Pushkar Chemicals & Fertilizers Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: S H Kelkar & Company Ltd's growth falls below Shree Pushkar Chemicals & Fertilizers Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: S H Kelkar & Company Ltd · ₹2,368 crore | 35.3% versus #2 · Camlin Fine Sciences Ltd | 8/8 recent comparable periods | 3/4 companies · 55 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. S H Kelkar & Company Ltd (SHK): ₹2.4K Cr
2. Camlin Fine Sciences Ltd (CAMLINFINE): ₹1.8K Cr
3. Shree Pushkar Chemicals & Fertilizers Ltd (SHREEPUSHK): ₹977 Cr

### Revenue growth — fastest growers
1. Shree Pushkar Chemicals & Fertilizers Ltd (SHREEPUSHK): 21%
2. S H Kelkar & Company Ltd (SHK): 12%
3. Camlin Fine Sciences Ltd (CAMLINFINE): 5.4%

### 20-quarter Revenue history
- CAMLINFINE: Jun 2021 ₹331 Cr | Sep 2021 ₹311 Cr | Dec 2021 ₹381 Cr | Mar 2022 ₹389 Cr | Jun 2022 ₹384 Cr | Sep 2022 ₹483 Cr | Dec 2022 ₹388 Cr | Mar 2023 ₹427 Cr | Jun 2023 ₹420 Cr | Sep 2023 ₹406 Cr | Dec 2023 ₹386 Cr | Mar 2024 ₹377 Cr | Jun 2024 ₹381 Cr | Sep 2024 ₹417 Cr | Dec 2024 ₹431 Cr | Mar 2025 ₹432 Cr | Jun 2025 ₹424 Cr | Sep 2025 ₹460 Cr | Dec 2025 ₹441 Cr | Mar 2026 ₹425 Cr
- SHK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹385 Cr | Mar 2023 ₹472 Cr | Jun 2023 ₹423 Cr | Sep 2023 ₹455 Cr | Dec 2023 ₹472 Cr | Mar 2024 ₹513 Cr | Jun 2024 ₹470 Cr | Sep 2024 ₹543 Cr | Dec 2024 ₹543 Cr | Mar 2025 ₹567 Cr | Jun 2025 ₹581 Cr | Sep 2025 ₹554 Cr | Dec 2025 ₹584 Cr | Mar 2026 ₹650 Cr
- SHREEPUSHK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹154 Cr | Mar 2023 ₹180 Cr | Jun 2023 ₹176 Cr | Sep 2023 ₹185 Cr | Dec 2023 ₹175 Cr | Mar 2024 ₹191 Cr | Jun 2024 ₹194 Cr | Sep 2024 ₹176 Cr | Dec 2024 ₹217 Cr | Mar 2025 ₹219 Cr | Jun 2025 ₹255 Cr | Sep 2025 ₹255 Cr | Dec 2025 ₹249 Cr | Mar 2026 ₹218 Cr
- PCCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹305 Cr | Jun 2023 — | Sep 2023 ₹349 Cr | Dec 2023 — | Mar 2024 ₹190 Cr | Jun 2024 — | Sep 2024 ₹176 Cr | Dec 2024 — | Mar 2025 ₹120 Cr | Jun 2025 — | Sep 2025 ₹260 Cr | Dec 2025 — | Mar 2026 ₹316 Cr

### 20-quarter Revenue growth history
- CAMLINFINE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 55% | Dec 2022 1.8% | Mar 2023 9.8% | Jun 2023 9.4% | Sep 2023 -16% | Dec 2023 -0.5% | Mar 2024 -12% | Jun 2024 -9.3% | Sep 2024 2.7% | Dec 2024 12% | Mar 2025 15% | Jun 2025 11% | Sep 2025 10% | Dec 2025 2.3% | Mar 2026 -1.6%
- SHK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 23% | Mar 2024 8.7% | Jun 2024 11% | Sep 2024 19% | Dec 2024 15% | Mar 2025 11% | Jun 2025 23% | Sep 2025 2.1% | Dec 2025 7.5% | Mar 2026 15%
- SHREEPUSHK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 14% | Mar 2024 6.1% | Jun 2024 10% | Sep 2024 -4.9% | Dec 2024 24% | Mar 2025 15% | Jun 2025 31% | Sep 2025 45% | Dec 2025 15% | Mar 2026 -0.5%
- PCCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -38% | Jun 2024 — | Sep 2024 -50% | Dec 2024 — | Mar 2025 -37% | Jun 2025 — | Sep 2025 48% | Dec 2025 — | Mar 2026 163%

## Operating Economics & Margin Trend

What the numbers say: Petro Carbon & Chemicals Ltd leads both opm at 12% and margin change at +9 percentage points.

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

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

Evidence: Petro Carbon & Chemicals Ltd · 12% | 20% versus #2 · Shree Pushkar Chemicals & Fertilizers Ltd | 3/5 recent comparable periods | 4/4 companies · 67 observations

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

### OPM — highest
1. Petro Carbon & Chemicals Ltd (PCCL): 12%
2. Shree Pushkar Chemicals & Fertilizers Ltd (SHREEPUSHK): 10%
3. S H Kelkar & Company Ltd (SHK): 9.2%
4. Camlin Fine Sciences Ltd (CAMLINFINE): 5.0%

### Margin change — fastest expanders
1. Petro Carbon & Chemicals Ltd (PCCL): +9.0 pp
2. Shree Pushkar Chemicals & Fertilizers Ltd (SHREEPUSHK): −1.0 pp
3. S H Kelkar & Company Ltd (SHK): −3.7 pp
4. Camlin Fine Sciences Ltd (CAMLINFINE): −9.0 pp

### 20-quarter OPM history
- CAMLINFINE: Jun 2021 14% | Sep 2021 7.3% | Dec 2021 14% | Mar 2022 6.3% | Jun 2022 12% | Sep 2022 11% | Dec 2022 13% | Mar 2023 10% | Jun 2023 9.0% | Sep 2023 6.0% | Dec 2023 6.0% | Mar 2024 8.0% | Jun 2024 8.0% | Sep 2024 12% | Dec 2024 13% | Mar 2025 14% | Jun 2025 4.0% | Sep 2025 7.0% | Dec 2025 5.0% | Mar 2026 5.0%
- SHK: Jun 2021 12% | Sep 2021 15% | Dec 2021 15% | Mar 2022 13% | Jun 2022 13% | Sep 2022 12% | Dec 2022 11% | Mar 2023 14% | Jun 2023 16% | Sep 2023 16% | Dec 2023 16% | Mar 2024 17% | Jun 2024 17% | Sep 2024 15% | Dec 2024 12% | Mar 2025 13% | Jun 2025 13% | Sep 2025 9.5% | Dec 2025 9.5% | Mar 2026 9.2%
- SHREEPUSHK: Jun 2021 16% | Sep 2021 16% | Dec 2021 14% | Mar 2022 10% | Jun 2022 13% | Sep 2022 7.6% | Dec 2022 9.0% | Mar 2023 11% | Jun 2023 8.0% | Sep 2023 8.0% | Dec 2023 8.0% | Mar 2024 10% | Jun 2024 9.0% | Sep 2024 11% | Dec 2024 10% | Mar 2025 11% | Jun 2025 11% | Sep 2025 10% | Dec 2025 9.0% | Mar 2026 10%
- PCCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 5.0% | Jun 2023 — | Sep 2023 22% | Dec 2023 — | Mar 2024 26% | Jun 2024 — | Sep 2024 5.0% | Dec 2024 — | Mar 2025 3.0% | Jun 2025 — | Sep 2025 6.0% | Dec 2025 — | Mar 2026 12%

### 20-quarter Margin change history
- CAMLINFINE: Jun 2021 −2.9 pp | Sep 2021 −5.9 pp | Dec 2021 −1.2 pp | Mar 2022 −9.2 pp | Jun 2022 −1.6 pp | Sep 2022 +4.2 pp | Dec 2022 −1.5 pp | Mar 2023 +3.8 pp | Jun 2023 −3.2 pp | Sep 2023 −5.4 pp | Dec 2023 −7.0 pp | Mar 2024 −2.0 pp | Jun 2024 −1.0 pp | Sep 2024 +6.0 pp | Dec 2024 +7.0 pp | Mar 2025 +6.0 pp | Jun 2025 −4.0 pp | Sep 2025 −5.0 pp | Dec 2025 −8.0 pp | Mar 2026 −9.0 pp
- SHK: Jun 2021 −4.4 pp | Sep 2021 −5.0 pp | Dec 2021 −2.8 pp | Mar 2022 −3.6 pp | Jun 2022 +1.6 pp | Sep 2022 −2.5 pp | Dec 2022 −3.9 pp | Mar 2023 +1.0 pp | Jun 2023 +2.9 pp | Sep 2023 +3.3 pp | Dec 2023 +5.1 pp | Mar 2024 +3.2 pp | Jun 2024 +0.6 pp | Sep 2024 −1.0 pp | Dec 2024 −4.4 pp | Mar 2025 −4.5 pp | Jun 2025 −4.1 pp | Sep 2025 −5.3 pp | Dec 2025 −2.2 pp | Mar 2026 −3.7 pp
- SHREEPUSHK: Jun 2021 +10.6 pp | Sep 2021 +1.5 pp | Dec 2021 +0.2 pp | Mar 2022 −2.4 pp | Jun 2022 −3.0 pp | Sep 2022 −8.9 pp | Dec 2022 −5.3 pp | Mar 2023 +1.0 pp | Jun 2023 −4.5 pp | Sep 2023 +0.5 pp | Dec 2023 −1.0 pp | Mar 2024 −1.0 pp | Jun 2024 +1.0 pp | Sep 2024 +3.0 pp | Dec 2024 +2.0 pp | Mar 2025 +1.0 pp | Jun 2025 +2.0 pp | Sep 2025 −1.0 pp | Dec 2025 −1.0 pp | Mar 2026 −1.0 pp
- PCCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +21.0 pp | Jun 2024 — | Sep 2024 −17.0 pp | Dec 2024 — | Mar 2025 −23.0 pp | Jun 2025 — | Sep 2025 +1.0 pp | Dec 2025 — | Mar 2026 +9.0 pp

## Profit Scale & Acceleration

What the numbers say: Shree Pushkar Chemicals & Fertilizers Ltd leads with ₹70 crore of TTM profit, 1.2% above S H Kelkar & Company Ltd. Shree Pushkar Chemicals & Fertilizers Ltd shows 18.6% growth from a ₹70 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Shree Pushkar Chemicals & Fertilizers 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: Shree Pushkar Chemicals & Fertilizers Ltd · ₹70 crore | 1.2% versus #2 · S H Kelkar & Company Ltd | 7/8 recent comparable periods | 3/4 companies · 55 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. Shree Pushkar Chemicals & Fertilizers Ltd (SHREEPUSHK): ₹70 Cr
2. S H Kelkar & Company Ltd (SHK): ₹69 Cr
3. Camlin Fine Sciences Ltd (CAMLINFINE): ₹23 Cr

### Profit growth — fastest growers
1. Shree Pushkar Chemicals & Fertilizers Ltd (SHREEPUSHK): 19%
2. S H Kelkar & Company Ltd (SHK): -5.3%

### 20-quarter Net profit history
- CAMLINFINE: Jun 2021 ₹24 Cr | Sep 2021 ₹-4 Cr | Dec 2021 ₹27 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹-21 Cr | Dec 2023 ₹-14 Cr | Mar 2024 ₹-82 Cr | Jun 2024 ₹-35 Cr | Sep 2024 ₹-116 Cr | Dec 2024 ₹-7 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹-11 Cr | Sep 2025 ₹-15 Cr | Dec 2025 ₹-37 Cr | Mar 2026 ₹86 Cr
- SHK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹13 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹30 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹-87 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹103 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹33 Cr | Mar 2026 ₹2 Cr
- SHREEPUSHK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹5 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹13 Cr
- PCCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹5 Cr | Jun 2023 — | Sep 2023 ₹50 Cr | Dec 2023 — | Mar 2024 ₹32 Cr | Jun 2024 — | Sep 2024 ₹8 Cr | Dec 2024 — | Mar 2025 ₹1 Cr | Jun 2025 — | Sep 2025 ₹3 Cr | Dec 2025 — | Mar 2026 ₹23 Cr

### 20-quarter Profit growth history
- CAMLINFINE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -83% | Sep 2022 — | Dec 2022 -15% | Mar 2023 -77% | Jun 2023 200% | Sep 2023 -310% | Dec 2023 -161% | Mar 2024 -2,833% | Jun 2024 -392% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- SHK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 147% | Mar 2024 2,858% | Jun 2024 -412% | Sep 2024 32% | Dec 2024 -46% | Mar 2025 207% | Jun 2025 — | Sep 2025 -77% | Dec 2025 86% | Mar 2026 -98%
- SHREEPUSHK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 60% | Mar 2024 0.0% | Jun 2024 63% | Sep 2024 63% | Dec 2024 100% | Mar 2025 31% | Jun 2025 62% | Sep 2025 38% | Dec 2025 13% | Mar 2026 -24%
- PCCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 540% | Jun 2024 — | Sep 2024 -84% | Dec 2024 — | Mar 2025 -97% | Jun 2025 — | Sep 2025 -63% | Dec 2025 — | Mar 2026 2,200%

## Capacity Spending & Returns On It

What the numbers say: Petro Carbon & Chemicals Ltd reports ₹35 crore of CAPEX; Petro Carbon & Chemicals Ltd has the highest covered intensity at 11.1%. Coverage is only 1 of 4 companies and 6 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: Petro Carbon & Chemicals Ltd · ₹35 crore | Not enough peers | 6/6 recent comparable periods | 1/4 companies · 6 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. Petro Carbon & Chemicals Ltd (PCCL): ₹35 Cr

### CAPEX intensity — highest reinvestment intensity
1. Petro Carbon & Chemicals Ltd (PCCL): 11%

### 20-quarter CAPEX history
- PCCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹5 Cr | Dec 2023 — | Mar 2024 ₹23 Cr | Jun 2024 — | Sep 2024 ₹35 Cr | Dec 2024 — | Mar 2025 ₹17 Cr | Jun 2025 — | Sep 2025 ₹27 Cr | Dec 2025 — | Mar 2026 ₹35 Cr

### 20-quarter CAPEX intensity history
- PCCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.4% | Dec 2023 — | Mar 2024 12% | Jun 2024 — | Sep 2024 20% | Dec 2024 — | Mar 2025 14% | Jun 2025 — | Sep 2025 10% | Dec 2025 — | Mar 2026 11%

## Debt Load & Balance-Sheet Headroom

What the numbers say: Shree Pushkar Chemicals & Fertilizers Ltd has the clearest covered balance-sheet capacity with ₹0 crore and gross debt of ₹130 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: Shree Pushkar Chemicals & Fertilizers Ltd · ₹130 crore | 34.7% versus #2 · Petro Carbon & Chemicals Ltd | 8/8 recent comparable periods | 4/4 companies · 68 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. Shree Pushkar Chemicals & Fertilizers Ltd (SHREEPUSHK): ₹130 Cr
2. Petro Carbon & Chemicals Ltd (PCCL): ₹199 Cr
3. Camlin Fine Sciences Ltd (CAMLINFINE): ₹720 Cr
4. S H Kelkar & Company Ltd (SHK): ₹1.0K Cr

### Net debt — lowest net debt
1. Shree Pushkar Chemicals & Fertilizers Ltd (SHREEPUSHK): ₹0 Cr
2. Petro Carbon & Chemicals Ltd (PCCL): ₹191 Cr
3. Camlin Fine Sciences Ltd (CAMLINFINE): ₹567 Cr
4. S H Kelkar & Company Ltd (SHK): ₹964 Cr

### 20-quarter Gross debt history
- CAMLINFINE: Jun 2021 ₹550 Cr | Sep 2021 ₹530 Cr | Dec 2021 ₹530 Cr | Mar 2022 ₹646 Cr | Jun 2022 ₹646 Cr | Sep 2022 ₹758 Cr | Dec 2022 ₹758 Cr | Mar 2023 ₹801 Cr | Jun 2023 ₹801 Cr | Sep 2023 ₹693 Cr | Dec 2023 ₹693 Cr | Mar 2024 ₹683 Cr | Jun 2024 ₹683 Cr | Sep 2024 ₹767 Cr | Dec 2024 ₹767 Cr | Mar 2025 ₹652 Cr | Jun 2025 ₹681 Cr | Sep 2025 ₹672 Cr | Dec 2025 ₹672 Cr | Mar 2026 ₹720 Cr
- SHK: Jun 2021 ₹518 Cr | Sep 2021 ₹518 Cr | Dec 2021 ₹518 Cr | Mar 2022 ₹698 Cr | Jun 2022 ₹698 Cr | Sep 2022 ₹661 Cr | Dec 2022 ₹661 Cr | Mar 2023 ₹620 Cr | Jun 2023 ₹620 Cr | Sep 2023 ₹657 Cr | Dec 2023 ₹657 Cr | Mar 2024 ₹666 Cr | Jun 2024 ₹666 Cr | Sep 2024 ₹774 Cr | Dec 2024 ₹774 Cr | Mar 2025 ₹832 Cr | Jun 2025 ₹832 Cr | Sep 2025 ₹889 Cr | Dec 2025 ₹889 Cr | Mar 2026 ₹1.0K Cr
- SHREEPUSHK: Jun 2021 ₹58 Cr | Sep 2021 ₹97 Cr | Dec 2021 ₹97 Cr | Mar 2022 ₹94 Cr | Jun 2022 ₹95 Cr | Sep 2022 ₹104 Cr | Dec 2022 ₹104 Cr | Mar 2023 ₹70 Cr | Jun 2023 ₹70 Cr | Sep 2023 ₹126 Cr | Dec 2023 ₹126 Cr | Mar 2024 ₹108 Cr | Jun 2024 ₹108 Cr | Sep 2024 ₹113 Cr | Dec 2024 ₹113 Cr | Mar 2025 ₹103 Cr | Jun 2025 ₹103 Cr | Sep 2025 ₹153 Cr | Dec 2025 ₹155 Cr | Mar 2026 ₹130 Cr
- PCCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹194 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹175 Cr | Jun 2023 — | Sep 2023 ₹124 Cr | Dec 2023 — | Mar 2024 ₹75 Cr | Jun 2024 — | Sep 2024 ₹138 Cr | Dec 2024 — | Mar 2025 ₹144 Cr | Jun 2025 — | Sep 2025 ₹258 Cr | Dec 2025 — | Mar 2026 ₹199 Cr

### 20-quarter Net debt history
- CAMLINFINE: Jun 2021 ₹429 Cr | Sep 2021 ₹442 Cr | Dec 2021 ₹442 Cr | Mar 2022 ₹518 Cr | Jun 2022 ₹518 Cr | Sep 2022 ₹657 Cr | Dec 2022 ₹657 Cr | Mar 2023 ₹707 Cr | Jun 2023 ₹707 Cr | Sep 2023 ₹592 Cr | Dec 2023 ₹592 Cr | Mar 2024 ₹603 Cr | Jun 2024 ₹603 Cr | Sep 2024 ₹676 Cr | Dec 2024 ₹676 Cr | Mar 2025 ₹539 Cr | Jun 2025 ₹539 Cr | Sep 2025 ₹512 Cr | Dec 2025 ₹512 Cr | Mar 2026 ₹567 Cr
- SHK: Jun 2021 ₹381 Cr | Sep 2021 ₹388 Cr | Dec 2021 ₹388 Cr | Mar 2022 ₹579 Cr | Jun 2022 ₹579 Cr | Sep 2022 ₹563 Cr | Dec 2022 ₹563 Cr | Mar 2023 ₹533 Cr | Jun 2023 ₹533 Cr | Sep 2023 ₹499 Cr | Dec 2023 ₹499 Cr | Mar 2024 ₹555 Cr | Jun 2024 ₹555 Cr | Sep 2024 ₹640 Cr | Dec 2024 ₹640 Cr | Mar 2025 ₹746 Cr | Jun 2025 ₹746 Cr | Sep 2025 ₹799 Cr | Dec 2025 ₹799 Cr | Mar 2026 ₹964 Cr
- SHREEPUSHK: Jun 2021 ₹55 Cr | Sep 2021 ₹81 Cr | Dec 2021 ₹81 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹-24 Cr | Jun 2023 ₹-24 Cr | Sep 2023 ₹-2 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-20 Cr | Dec 2024 ₹-20 Cr | Mar 2025 ₹-7 Cr | Jun 2025 ₹-7 Cr | Sep 2025 ₹-5 Cr | Dec 2025 ₹-5 Cr | Mar 2026 ₹0 Cr
- PCCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹101 Cr | Dec 2023 — | Mar 2024 ₹71 Cr | Jun 2024 — | Sep 2024 ₹98 Cr | Dec 2024 — | Mar 2025 ₹109 Cr | Jun 2025 — | Sep 2025 ₹240 Cr | Dec 2025 — | Mar 2026 ₹191 Cr

## Return On Capital Employed

What the numbers say: Petro Carbon & Chemicals Ltd leads ROCE at 14.2%, 1.2 percentage points above Shree Pushkar Chemicals & Fertilizers Ltd. Petro Carbon & Chemicals Ltd has the strongest latest improvement at +11.9 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: Petro Carbon & Chemicals Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

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

Evidence: Petro Carbon & Chemicals Ltd · 14.2% | 9.2% versus #2 · Shree Pushkar Chemicals & Fertilizers Ltd | 1/4 recent comparable periods | 4/4 companies · 51 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. Petro Carbon & Chemicals Ltd (PCCL): 14%
2. Shree Pushkar Chemicals & Fertilizers Ltd (SHREEPUSHK): 13%
3. S H Kelkar & Company Ltd (SHK): 5.9%
4. Camlin Fine Sciences Ltd (CAMLINFINE): 4.8%

### ROCE change — fastest improvers
1. Petro Carbon & Chemicals Ltd (PCCL): +11.9 pp
2. Shree Pushkar Chemicals & Fertilizers Ltd (SHREEPUSHK): +0.6 pp
3. S H Kelkar & Company Ltd (SHK): −5.4 pp
4. Camlin Fine Sciences Ltd (CAMLINFINE): −8.2 pp

### 20-quarter ROCE history
- CAMLINFINE: Jun 2021 — | Sep 2021 11% | Dec 2021 — | Mar 2022 7.6% | Jun 2022 — | Sep 2022 11% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 8.6% | Dec 2023 4.5% | Mar 2024 -3.2% | Jun 2024 -5.3% | Sep 2024 4.1% | Dec 2024 -14% | Mar 2025 9.4% | Jun 2025 -4.5% | Sep 2025 7.6% | Dec 2025 1.6% | Mar 2026 1.2%
- SHK: Jun 2021 — | Sep 2021 13% | Dec 2021 — | Mar 2022 10% | Jun 2022 — | Sep 2022 11% | Dec 2022 — | Mar 2023 8.8% | Jun 2023 — | Sep 2023 11% | Dec 2023 12% | Mar 2024 15% | Jun 2024 7.4% | Sep 2024 12% | Dec 2024 8.3% | Mar 2025 13% | Jun 2025 18% | Sep 2025 10% | Dec 2025 16% | Mar 2026 7.9%
- SHREEPUSHK: Jun 2021 — | Sep 2021 14% | Dec 2021 — | Mar 2022 15% | Jun 2022 — | Sep 2022 13% | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 8.4% | Dec 2023 11% | Mar 2024 7.6% | Jun 2024 11% | Sep 2024 8.6% | Dec 2024 13% | Mar 2025 11% | Jun 2025 15% | Sep 2025 13% | Dec 2025 16% | Mar 2026 11%
- PCCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 48% | Dec 2023 — | Mar 2024 68% | Jun 2024 — | Sep 2024 26% | Dec 2024 — | Mar 2025 4.7% | Jun 2025 — | Sep 2025 6.0% | Dec 2025 — | Mar 2026 17%

### 20-quarter ROCE change history
- CAMLINFINE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 — | Mar 2023 +4.4 pp | Jun 2023 — | Sep 2023 −2.1 pp | Dec 2023 — | Mar 2024 −15.2 pp | Jun 2024 — | Sep 2024 −4.5 pp | Dec 2024 −18.0 pp | Mar 2025 +12.6 pp | Jun 2025 +0.8 pp | Sep 2025 +3.5 pp | Dec 2025 +15.1 pp | Mar 2026 −8.2 pp
- SHK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.3 pp | Dec 2022 — | Mar 2023 −1.3 pp | Jun 2023 — | Sep 2023 0.0 pp | Dec 2023 — | Mar 2024 +6.2 pp | Jun 2024 — | Sep 2024 +0.4 pp | Dec 2024 −4.1 pp | Mar 2025 −1.7 pp | Jun 2025 +11.0 pp | Sep 2025 −1.5 pp | Dec 2025 +7.8 pp | Mar 2026 −5.4 pp
- SHREEPUSHK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.9 pp | Dec 2022 — | Mar 2023 −4.6 pp | Jun 2023 — | Sep 2023 −4.3 pp | Dec 2023 — | Mar 2024 −3.0 pp | Jun 2024 — | Sep 2024 +0.2 pp | Dec 2024 +2.0 pp | Mar 2025 +2.9 pp | Jun 2025 +4.2 pp | Sep 2025 +4.0 pp | Dec 2025 +3.1 pp | Mar 2026 +0.6 pp
- PCCL: 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 −22.4 pp | Dec 2024 — | Mar 2025 −62.8 pp | Jun 2025 — | Sep 2025 −19.6 pp | Dec 2025 — | Mar 2026 +11.9 pp

## Valuation Against Growth & Quality

What the numbers say: Camlin Fine Sciences Ltd has the lowest comparable Guarded PEG at 1.97×. Only 1 of 4 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: Camlin Fine Sciences Ltd · 1.97× | Not enough peers | 0/8 recent comparable periods | 1/4 companies · 3 observations

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

### Guarded PEG — lowest PEG
1. Camlin Fine Sciences Ltd (CAMLINFINE): 2.0

### P/E — lowest P/E
1. Shree Pushkar Chemicals & Fertilizers Ltd (SHREEPUSHK): 17.8
2. Petro Carbon & Chemicals Ltd (PCCL): 25.9
3. S H Kelkar & Company Ltd (SHK): 39.8
4. Camlin Fine Sciences Ltd (CAMLINFINE): 65.6

### 20-quarter Guarded PEG history
- CAMLINFINE: Jun 2021 2.8 | Sep 2021 — | Dec 2021 — | Mar 2022 0.7 | Jun 2022 2.0 | 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 —

### 20-quarter P/E history
- CAMLINFINE: Jun 2021 46.0 | Sep 2021 43.3 | Dec 2021 39.1 | Mar 2022 32.6 | Jun 2022 26.6 | Sep 2022 41.0 | Dec 2022 39.7 | Mar 2023 37.7 | Jun 2023 49.3 | Sep 2023 43.1 | Dec 2023 68.0 | Mar 2024 63.2 | Jun 2024 — | Sep 2024 — | Dec 2024 95.7 | Mar 2025 83.0 | Jun 2025 118.7 | Sep 2025 60.2 | Dec 2025 119.5 | Mar 2026 192.1
- SHK: Jun 2021 18.5 | Sep 2021 11.2 | Dec 2021 12.0 | Mar 2022 11.1 | Jun 2022 12.4 | Sep 2022 21.1 | Dec 2022 21.6 | Mar 2023 19.0 | Jun 2023 25.2 | Sep 2023 30.7 | Dec 2023 27.0 | Mar 2024 30.2 | Jun 2024 20.8 | Sep 2024 36.5 | Dec 2024 27.9 | Mar 2025 22.3 | Jun 2025 25.7 | Sep 2025 24.4 | Dec 2025 24.9 | Mar 2026 17.8
- SHREEPUSHK: Jun 2021 19.9 | Sep 2021 17.5 | Dec 2021 13.5 | Mar 2022 16.7 | Jun 2022 12.8 | Sep 2022 12.6 | Dec 2022 12.7 | Mar 2023 12.1 | Jun 2023 15.6 | Sep 2023 21.4 | Dec 2023 20.7 | Mar 2024 13.7 | Jun 2024 18.0 | Sep 2024 18.4 | Dec 2024 22.2 | Mar 2025 15.4 | Jun 2025 18.2 | Sep 2025 21.2 | Dec 2025 17.2 | Mar 2026 13.5
- PCCL: 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 15.7 | Dec 2024 — | Mar 2025 39.4 | Jun 2025 — | Sep 2025 47.8 | Dec 2025 — | Mar 2026 140.3

## Enterprise Value & Book Value

What the numbers say: S H Kelkar & Company Ltd leads both ev/ebitda at 9.5× and p/bv at 1.43×.

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: S H Kelkar & Company Ltd · 9.5× | 2.1% versus #2 · Shree Pushkar Chemicals & Fertilizers Ltd | 0/8 recent comparable periods | 4/4 companies · 64 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. S H Kelkar & Company Ltd (SHK): 9.5
2. Shree Pushkar Chemicals & Fertilizers Ltd (SHREEPUSHK): 9.7
3. Camlin Fine Sciences Ltd (CAMLINFINE): 15.7
4. Petro Carbon & Chemicals Ltd (PCCL): 36.4

### P/BV — lowest P/BV
1. S H Kelkar & Company Ltd (SHK): 1.4
2. Shree Pushkar Chemicals & Fertilizers Ltd (SHREEPUSHK): 2.1
3. Camlin Fine Sciences Ltd (CAMLINFINE): 2.3
4. Petro Carbon & Chemicals Ltd (PCCL): 3.4

### 20-quarter EV/EBITDA history
- CAMLINFINE: Jun 2021 15.4 | Sep 2021 15.3 | Dec 2021 12.6 | Mar 2022 14.8 | Jun 2022 12.4 | Sep 2022 15.2 | Dec 2022 16.1 | Mar 2023 12.8 | Jun 2023 16.6 | Sep 2023 17.8 | Dec 2023 17.4 | Mar 2024 15.6 | Jun 2024 19.4 | Sep 2024 20.6 | Dec 2024 19.9 | Mar 2025 20.3 | Jun 2025 29.8 | Sep 2025 19.9 | Dec 2025 17.2 | Mar 2026 15.7
- SHK: Jun 2021 10.8 | Sep 2021 9.8 | Dec 2021 10.4 | Mar 2022 9.8 | Jun 2022 9.7 | Sep 2022 10.4 | Dec 2022 10.3 | Mar 2023 8.5 | Jun 2023 9.6 | Sep 2023 11.1 | Dec 2023 10.1 | Mar 2024 11.8 | Jun 2024 10.0 | Sep 2024 14.7 | Dec 2024 11.8 | Mar 2025 9.2 | Jun 2025 11.6 | Sep 2025 12.5 | Dec 2025 12.3 | Mar 2026 9.5
- SHREEPUSHK: Jun 2021 12.4 | Sep 2021 11.7 | Dec 2021 9.4 | Mar 2022 11.4 | Jun 2022 9.0 | Sep 2022 9.3 | Dec 2022 8.5 | Mar 2023 7.4 | Jun 2023 8.7 | Sep 2023 10.3 | Dec 2023 11.5 | Mar 2024 8.3 | Jun 2024 10.2 | Sep 2024 11.7 | Dec 2024 13.7 | Mar 2025 10.4 | Jun 2025 12.4 | Sep 2025 14.0 | Dec 2025 12.0 | Mar 2026 9.7
- PCCL: 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 11.6 | Dec 2024 — | Mar 2025 34.3 | Jun 2025 — | Sep 2025 33.0 | Dec 2025 — | Mar 2026 36.4

### 20-quarter P/BV history
- CAMLINFINE: Jun 2021 5.6 | Sep 2021 3.9 | Dec 2021 2.6 | Mar 2022 2.8 | Jun 2022 2.4 | Sep 2022 2.7 | Dec 2022 3.7 | Mar 2023 2.9 | Jun 2023 3.8 | Sep 2023 3.5 | Dec 2023 2.6 | Mar 2024 1.7 | Jun 2024 2.2 | Sep 2024 2.2 | Dec 2024 3.5 | Mar 2025 4.6 | Jun 2025 7.1 | Sep 2025 4.4 | Dec 2025 3.2 | Mar 2026 2.3
- SHK: Jun 2021 3.0 | Sep 2021 2.4 | Dec 2021 2.1 | Mar 2022 1.9 | Jun 2022 2.0 | Sep 2022 1.9 | Dec 2022 1.9 | Mar 2023 1.4 | Jun 2023 1.6 | Sep 2023 2.0 | Dec 2023 1.8 | Mar 2024 2.5 | Jun 2024 2.4 | Sep 2024 3.4 | Dec 2024 3.0 | Mar 2025 2.1 | Jun 2025 2.6 | Sep 2025 2.5 | Dec 2025 1.9 | Mar 2026 1.2
- SHREEPUSHK: Jun 2021 1.8 | Sep 2021 2.1 | Dec 2021 1.8 | Mar 2022 2.4 | Jun 2022 2.1 | Sep 2022 1.7 | Dec 2022 1.4 | Mar 2023 1.1 | Jun 2023 1.4 | Sep 2023 1.5 | Dec 2023 1.6 | Mar 2024 1.1 | Jun 2024 1.5 | Sep 2024 1.6 | Dec 2024 2.1 | Mar 2025 1.7 | Jun 2025 2.2 | Sep 2025 2.6 | Dec 2025 2.1 | Mar 2026 1.7
- PCCL: 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 3.7 | Dec 2024 — | Mar 2025 2.2 | Jun 2025 — | Sep 2025 2.5 | Dec 2025 — | Mar 2026 3.4

## Market action

Petro Carbon & Chemicals Ltd has the strongest one-year price move in Chemicals - Others at +51.1%. It also leads on Mansfield relative strength against NIFTY at +22.1%. 2 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Petro Carbon & Chemicals Ltd (PCCL): 51%
2. Shree Pushkar Chemicals & Fertilizers Ltd (SHREEPUSHK): 6.3%
3. S H Kelkar & Company Ltd (SHK): -42%
4. Camlin Fine Sciences Ltd (CAMLINFINE): -58%

### Strongest relative strength versus NIFTY 500
1. Petro Carbon & Chemicals Ltd (PCCL): 22%
2. Shree Pushkar Chemicals & Fertilizers Ltd (SHREEPUSHK): 5.5%
3. S H Kelkar & Company Ltd (SHK): -18%
4. Camlin Fine Sciences Ltd (CAMLINFINE): -21%

## 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.
- 3 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Camlin Fine Sciences Ltd (CAMLINFINE) — market value ₹2.4K Cr; latest fundamentals Mar 2026
- S H Kelkar & Company Ltd (SHK) — market value ₹1.9K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Shree Pushkar Chemicals & Fertilizers Ltd (SHREEPUSHK) — market value ₹1.3K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Petro Carbon & Chemicals Ltd (PCCL) — market value ₹665 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 1. Unverified: 3. Withheld: 0. Graded companies: 4.

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

- UNVERIFIED | SHK | S H Kelkar & Company Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SHREEPUSHK | Shree Pushkar Chemicals & Fertilizers Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | PCCL | Petro Carbon & Chemicals 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 - Others index?

The Nifty Chemicals - Others index tracks India's listed Chemicals - Others companies as a single basket. This page follows the same 4 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Chemicals - Others sector rather than to its largest constituent. Figures are as of Mar 2026.

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

Ranked by this page's four-factor score, Petro Carbon & Chemicals Ltd places first among 4 listed Chemicals - Others companies, followed by Shree Pushkar Chemicals & Fertilizers 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 - Others stocks are listed in India?

This comparison covers 4 listed Chemicals - Others 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 - Others company is the biggest?

S H Kelkar & Company Ltd is the largest, with trailing-twelve-month revenue of ₹2,368 crore, ahead of Camlin Fine Sciences Ltd at ₹1,750 crore. That covers 3 of 4 companies with comparable reporting through Mar 2026.

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

Shree Pushkar Chemicals & Fertilizers Ltd has the fastest revenue growth at 21.2% year on year, across 3 of 4 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 - Others company has the best profit margins?

Petro Carbon & Chemicals Ltd has the highest operating margin at 12%, from 4 of 4 comparable companies. Petro Carbon & Chemicals Ltd shows the biggest recent improvement, at +9 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

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

Shree Pushkar Chemicals & Fertilizers Ltd earns the most, at ₹70 crore of trailing-twelve-month net profit, from 3 of 4 comparable companies. Shree Pushkar Chemicals & Fertilizers Ltd has the fastest profit growth at 18.6%, though growth off a small or recovering profit base overstates how much has actually changed.

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

Petro Carbon & Chemicals Ltd leads on return on capital employed at 14.2%, across 4 of 4 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 - Others stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Camlin Fine Sciences Ltd screens cheapest at 1.97×. Only 1 of 4 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 - Others company has the strongest balance sheet?

Shree Pushkar Chemicals & Fertilizers Ltd carries the lowest comparable gross debt at ₹130 crore, from 4 of 4 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 - Others sector beating the market?

Chemicals - Others has underperformed NIFTY 500 by 13.8% over the last 52 weeks and 1.6% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

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

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

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

Petro Carbon & Chemicals Ltd scores 59.7 out of 100 with 52.8% evidence confidence, from 22 points on growth and earnings, 13.7 on capital efficiency, 10 on valuation and 14 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 - Others companies does this comparison cover, and over what period?

It compares 4 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 - Others sector?

The 4 Chemicals - Others companies on this page carry ₹6,254 crore of combined market value. Camlin Fine Sciences Ltd is the largest at ₹2,391 crore, about 38% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

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

2 of the 4 covered Chemicals - Others companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 13.8% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

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

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

### Is this investment advice?

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

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