# Petrochem - Polymers — company-by-company sector analysis

> Petrochem - Polymers: Supreme Petrochem Ltd owns the largest revenue base; Styrenix Performance Materials Ltd has the fastest current growth.

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

## Bottom line

Petrochem - Polymers has underperformed NIFTY 500 by 12.6% over 52 weeks and 1.1% over 13 weeks. 5 of 7 covered companies beat NIFTY on Mansfield relative strength, while 3 of 7 beat the sector itself. Supreme Petrochem Ltd leads with revenue of ₹5,407 crore, based on 7 of 7 comparable companies through Mar 2026.

### Is the Petrochem - Polymers sector outperforming NIFTY 500?

Petrochem - Polymers has underperformed NIFTY 500 by 12.6% over 52 weeks and 1.1% over 13 weeks. 5 of 7 covered companies beat NIFTY on Mansfield relative strength, while 3 of 7 beat the sector itself.

### Which Petrochem - Polymers company is largest by revenue?

Supreme Petrochem Ltd leads with revenue of ₹5,407 crore, based on 7 of 7 comparable companies through Mar 2026.

### Which Petrochem - Polymers company is growing fastest?

Styrenix Performance Materials Ltd has the fastest current revenue growth at 15.3%, across 7 of 7 comparable companies.

### Which Petrochem - Polymers company has the strongest 4-Factor Sector Score?

Bhansali Engineering Polymers Ltd ranks first at 72/100 with 87% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Petrochem - Polymers company has the least gross debt?

Bhansali Engineering Polymers Ltd has the lowest comparable gross debt at ₹0 crore. Chemplast Sanmar Ltd has the highest at ₹1,952 crore.

### Which Petrochem - Polymers company has the lowest comparable PEG?

Bhansali Engineering Polymers Ltd has the lowest comparable Guarded PEG at 0.32, among 4 of 7 companies that pass the metric’s comparability rules.

### How much history does this Petrochem - Polymers comparison include?

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

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

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

## Sector relative strength

Petrochem - Polymers has underperformed NIFTY 500 by 12.6% over the last 52 weeks. Over 13 weeks the gap is a lead of 1.1%. 5 of 7 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Supreme Petrochem Ltd is the strongest against the sector itself at +29.5%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 1.1%
52-week sector return versus NIFTY 500: -13%
Stocks leading NIFTY: 5/7
Stocks leading sector: 3/7

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

Companies: 7
Combined market value: ₹29.1K 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. Bhansali Engineering Polymers Ltd (BEPL): 72/100 — Favorable setup; evidence 87%
   - Growth & earnings 22.6/35 | Capital efficiency 19.4/25 | Valuation 15.9/20 | Relative strength 14.1/20
   - Exact sum: 22.6 + 19.4 + 15.9 + 14.1 = 72
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Manali Petrochemicals Ltd (MANALIPETC): 61/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 23.1/35 | Capital efficiency 10.1/25 | Valuation 10.3/20 | Relative strength 17.5/20
   - Exact sum: 23.1 + 10.1 + 10.3 + 17.5 = 61
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Kothari Petrochemicals Ltd (KOTHARIPET): 60/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 18.7/35 | Capital efficiency 21.1/25 | Valuation 13.2/20 | Relative strength 7.4/20
   - Exact sum: 18.7 + 21.1 + 13.2 + 7.4 = 60.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Supreme Petrochem Ltd (SPLPETRO): 58/100 — Mixed-positive evidence; evidence 80%
   - Growth & earnings 14.1/35 | Capital efficiency 14.7/25 | Valuation 14.1/20 | Relative strength 15.4/20
   - Exact sum: 14.1 + 14.7 + 14.1 + 15.4 = 58.3
   - Decision use: Price leads the evidence: RS versus the benchmark is 5.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
5. Styrenix Performance Materials Ltd (STYRENIX): 50/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 15.7/35 | Capital efficiency 13.7/25 | Valuation 12.3/20 | Relative strength 8.4/20
   - Exact sum: 15.7 + 13.7 + 12.3 + 8.4 = 50.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Chemplast Sanmar Ltd (CHEMPLASTS): 32/100 — Adverse evidence; evidence 68%
   - Growth & earnings 16.9/35 | Capital efficiency 4.0/25 | Valuation 10.0/20 | Relative strength 0.7/20
   - Exact sum: 16.9 + 4 + 10 + 0.7 = 31.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. NOCIL Ltd (NOCIL): 28/100 — Adverse evidence; evidence 96%
   - Growth & earnings 6.1/35 | Capital efficiency 9.8/25 | Valuation 8.8/20 | Relative strength 2.9/20
   - Exact sum: 6.1 + 9.8 + 8.8 + 2.9 = 27.6
   - 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: Supreme Petrochem Ltd is the scale leader at ₹5,407 crore, 28% ahead of Chemplast Sanmar Ltd. Styrenix Performance Materials Ltd's growth is 15.3% from a ₹3,438 crore base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Supreme Petrochem Ltd is the scale benchmark; Styrenix Performance Materials Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Supreme Petrochem Ltd's growth falls below Styrenix Performance Materials Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Supreme Petrochem Ltd · ₹5,407 crore | 28% versus #2 · Chemplast Sanmar Ltd | 4/8 recent comparable periods | 7/7 companies · 124 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. Supreme Petrochem Ltd (SPLPETRO): ₹5.4K Cr
2. Chemplast Sanmar Ltd (CHEMPLASTS): ₹4.2K Cr
3. Styrenix Performance Materials Ltd (STYRENIX): ₹3.4K Cr
4. Bhansali Engineering Polymers Ltd (BEPL): ₹1.4K Cr
5. NOCIL Ltd (NOCIL): ₹1.3K Cr

### Revenue growth — fastest growers
1. Styrenix Performance Materials Ltd (STYRENIX): 15%
2. Manali Petrochemicals Ltd (MANALIPETC): 14%
3. Bhansali Engineering Polymers Ltd (BEPL): 5.4%
4. Kothari Petrochemicals Ltd (KOTHARIPET): 2.3%
5. Chemplast Sanmar Ltd (CHEMPLASTS): -2.8%

### 20-quarter Revenue history
- SPLPETRO: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- STYRENIX: Sep 2021 ₹588 Cr | Dec 2021 ₹512 Cr | Mar 2022 ₹624 Cr | Jun 2022 ₹650 Cr | Sep 2022 ₹550 Cr | Dec 2022 ₹557 Cr | Mar 2023 ₹615 Cr | Jun 2023 ₹544 Cr | Sep 2023 ₹595 Cr | Dec 2023 ₹485 Cr | Mar 2024 ₹599 Cr | Jun 2024 ₹699 Cr | Sep 2024 ₹653 Cr | Dec 2024 ₹691 Cr | Mar 2025 ₹940 Cr | Jun 2025 ₹944 Cr | Sep 2025 ₹799 Cr | Dec 2025 ₹869 Cr | Mar 2026 ₹826 Cr | Jun 2026 —
- CHEMPLASTS: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹996 Cr | Sep 2023 ₹988 Cr | Dec 2023 ₹888 Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹993 Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹835 Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- BEPL: Sep 2021 ₹375 Cr | Dec 2021 ₹342 Cr | Mar 2022 ₹446 Cr | Jun 2022 ₹337 Cr | Sep 2022 ₹358 Cr | Dec 2022 ₹339 Cr | Mar 2023 ₹328 Cr | Jun 2023 ₹294 Cr | Sep 2023 ₹314 Cr | Dec 2023 ₹292 Cr | Mar 2024 ₹321 Cr | Jun 2024 ₹340 Cr | Sep 2024 ₹367 Cr | Dec 2024 ₹346 Cr | Mar 2025 ₹345 Cr | Jun 2025 ₹308 Cr | Sep 2025 ₹325 Cr | Dec 2025 ₹301 Cr | Mar 2026 ₹342 Cr | Jun 2026 ₹472 Cr
- NOCIL: Sep 2021 ₹375 Cr | Dec 2021 ₹389 Cr | Mar 2022 ₹463 Cr | Jun 2022 ₹509 Cr | Sep 2022 ₹389 Cr | Dec 2022 ₹326 Cr | Mar 2023 ₹393 Cr | Jun 2023 ₹397 Cr | Sep 2023 ₹351 Cr | Dec 2023 ₹341 Cr | Mar 2024 ₹356 Cr | Jun 2024 ₹372 Cr | Sep 2024 ₹363 Cr | Dec 2024 ₹318 Cr | Mar 2025 ₹340 Cr | Jun 2025 ₹336 Cr | Sep 2025 ₹321 Cr | Dec 2025 ₹316 Cr | Mar 2026 ₹330 Cr | Jun 2026 —
- MANALIPETC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹238 Cr | Mar 2023 ₹334 Cr | Jun 2023 ₹301 Cr | Sep 2023 ₹270 Cr | Dec 2023 ₹205 Cr | Mar 2024 ₹256 Cr | Jun 2024 ₹240 Cr | Sep 2024 ₹230 Cr | Dec 2024 ₹196 Cr | Mar 2025 ₹230 Cr | Jun 2025 ₹235 Cr | Sep 2025 ₹248 Cr | Dec 2025 ₹247 Cr | Mar 2026 ₹293 Cr | Jun 2026 —
- KOTHARIPET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹142 Cr | Mar 2023 ₹137 Cr | Jun 2023 ₹149 Cr | Sep 2023 ₹162 Cr | Dec 2023 ₹125 Cr | Mar 2024 ₹168 Cr | Jun 2024 ₹145 Cr | Sep 2024 ₹150 Cr | Dec 2024 ₹131 Cr | Mar 2025 ₹153 Cr | Jun 2025 ₹161 Cr | Sep 2025 ₹143 Cr | Dec 2025 ₹135 Cr | Mar 2026 ₹153 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- SPLPETRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 42% | Sep 2022 3.7% | Dec 2022 -9.0% | Mar 2023 -7.4% | Jun 2023 -18% | Sep 2023 3.5% | Dec 2023 0.7% | Mar 2024 13% | Jun 2024 28% | Sep 2024 18% | Dec 2024 18% | Mar 2025 -1.7% | Jun 2025 -11% | Sep 2025 -26% | Dec 2025 -8.8% | Mar 2026 4.8% | Jun 2026 —
- STYRENIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 43% | Sep 2022 -6.5% | Dec 2022 8.8% | Mar 2023 -1.4% | Jun 2023 -16% | Sep 2023 8.2% | Dec 2023 -13% | Mar 2024 -2.6% | Jun 2024 28% | Sep 2024 9.8% | Dec 2024 42% | Mar 2025 57% | Jun 2025 35% | Sep 2025 22% | Dec 2025 26% | Mar 2026 -12% | Jun 2026 —
- CHEMPLASTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 47% | Sep 2022 -29% | Dec 2022 -18% | Mar 2023 -37% | Jun 2023 -29% | Sep 2023 -17% | Dec 2023 -25% | Mar 2024 -8.4% | Jun 2024 15% | Sep 2024 0.5% | Dec 2024 19% | Mar 2025 9.5% | Jun 2025 -3.9% | Sep 2025 4.0% | Dec 2025 -21% | Mar 2026 9.1% | Jun 2026 —
- BEPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -4.5% | Dec 2022 -0.9% | Mar 2023 -26% | Jun 2023 -13% | Sep 2023 -12% | Dec 2023 -14% | Mar 2024 -2.1% | Jun 2024 16% | Sep 2024 17% | Dec 2024 18% | Mar 2025 7.5% | Jun 2025 -9.4% | Sep 2025 -11% | Dec 2025 -13% | Mar 2026 -0.9% | Jun 2026 53%
- NOCIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 48% | Sep 2022 3.7% | Dec 2022 -16% | Mar 2023 -15% | Jun 2023 -22% | Sep 2023 -9.8% | Dec 2023 4.7% | Mar 2024 -9.4% | Jun 2024 -6.3% | Sep 2024 3.4% | Dec 2024 -6.7% | Mar 2025 -4.5% | Jun 2025 -9.7% | Sep 2025 -12% | Dec 2025 -0.6% | Mar 2026 -2.9% | Jun 2026 —
- MANALIPETC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -14% | Mar 2024 -23% | Jun 2024 -20% | Sep 2024 -15% | Dec 2024 -4.4% | Mar 2025 -10% | Jun 2025 -2.1% | Sep 2025 7.8% | Dec 2025 26% | Mar 2026 27% | Jun 2026 —
- KOTHARIPET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -12% | Mar 2024 23% | Jun 2024 -2.7% | Sep 2024 -7.4% | Dec 2024 4.8% | Mar 2025 -8.9% | Jun 2025 11% | Sep 2025 -4.7% | Dec 2025 3.1% | Mar 2026 0.0% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Bhansali Engineering Polymers Ltd leads opm at 17%; Chemplast Sanmar Ltd leads margin change at +12 percentage points.

Investor read: Bhansali Engineering Polymers 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: Bhansali Engineering Polymers Ltd · 17% | 6.3% versus #2 · Kothari Petrochemicals Ltd | 3/8 recent comparable periods | 7/7 companies · 134 observations

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

### OPM — highest
1. Bhansali Engineering Polymers Ltd (BEPL): 17%
2. Kothari Petrochemicals Ltd (KOTHARIPET): 16%
3. Supreme Petrochem Ltd (SPLPETRO): 16%
4. Chemplast Sanmar Ltd (CHEMPLASTS): 15%
5. Styrenix Performance Materials Ltd (STYRENIX): 14%

### Margin change — fastest expanders
1. Chemplast Sanmar Ltd (CHEMPLASTS): +12.0 pp
2. Supreme Petrochem Ltd (SPLPETRO): +6.6 pp
3. Styrenix Performance Materials Ltd (STYRENIX): +5.0 pp
4. Kothari Petrochemicals Ltd (KOTHARIPET): +1.0 pp
5. Bhansali Engineering Polymers Ltd (BEPL): 0.0 pp

### 20-quarter OPM history
- SPLPETRO: Sep 2021 15% | Dec 2021 17% | Mar 2022 21% | Jun 2022 17% | Sep 2022 6.4% | Dec 2022 10% | Mar 2023 15% | Jun 2023 7.4% | Sep 2023 8.3% | Dec 2023 8.0% | Mar 2024 11% | Jun 2024 10% | Sep 2024 8.3% | Dec 2024 7.1% | Mar 2025 9.4% | Jun 2025 8.0% | Sep 2025 7.0% | Dec 2025 6.0% | Mar 2026 16% | Jun 2026 —
- STYRENIX: Sep 2021 21% | Dec 2021 16% | Mar 2022 23% | Jun 2022 19% | Sep 2022 7.2% | Dec 2022 8.8% | Mar 2023 11% | Jun 2023 9.4% | Sep 2023 14% | Dec 2023 12% | Mar 2024 12% | Jun 2024 13% | Sep 2024 15% | Dec 2024 11% | Mar 2025 9.0% | Jun 2025 10% | Sep 2025 11% | Dec 2025 5.0% | Mar 2026 14% | Jun 2026 —
- CHEMPLASTS: Sep 2021 21% | Dec 2021 24% | Mar 2022 19% | Jun 2022 14% | Sep 2022 8.2% | Dec 2022 7.0% | Mar 2023 8.0% | Jun 2023 -3.0% | Sep 2023 5.0% | Dec 2023 -1.0% | Mar 2024 2.0% | Jun 2024 11% | Sep 2024 3.0% | Dec 2024 3.0% | Mar 2025 3.0% | Jun 2025 2.0% | Sep 2025 4.0% | Dec 2025 -7.0% | Mar 2026 15% | Jun 2026 —
- BEPL: Sep 2021 44% | Dec 2021 29% | Mar 2022 23% | Jun 2022 18% | Sep 2022 15% | Dec 2022 12% | Mar 2023 7.0% | Jun 2023 19% | Sep 2023 18% | Dec 2023 16% | Mar 2024 16% | Jun 2024 18% | Sep 2024 14% | Dec 2024 15% | Mar 2025 14% | Jun 2025 17% | Sep 2025 15% | Dec 2025 17% | Mar 2026 19% | Jun 2026 17%
- NOCIL: Sep 2021 13% | Dec 2021 13% | Mar 2022 24% | Jun 2022 20% | Sep 2022 16% | Dec 2022 12% | Mar 2023 13% | Jun 2023 14% | Sep 2023 13% | Dec 2023 14% | Mar 2024 13% | Jun 2024 11% | Sep 2024 10% | Dec 2024 8.0% | Mar 2025 10% | Jun 2025 9.0% | Sep 2025 7.0% | Dec 2025 8.0% | Mar 2026 6.0% | Jun 2026 —
- MANALIPETC: Sep 2021 36% | Dec 2021 31% | Mar 2022 25% | Jun 2022 16% | Sep 2022 6.2% | Dec 2022 2.0% | Mar 2023 2.0% | Jun 2023 3.0% | Sep 2023 5.0% | Dec 2023 3.0% | Mar 2024 7.0% | Jun 2024 9.0% | Sep 2024 2.0% | Dec 2024 6.0% | Mar 2025 9.0% | Jun 2025 10% | Sep 2025 8.0% | Dec 2025 6.0% | Mar 2026 9.0% | Jun 2026 —
- KOTHARIPET: Sep 2021 16% | Dec 2021 13% | Mar 2022 10% | Jun 2022 5.7% | Sep 2022 11% | Dec 2022 14% | Mar 2023 14% | Jun 2023 15% | Sep 2023 17% | Dec 2023 16% | Mar 2024 15% | Jun 2024 13% | Sep 2024 14% | Dec 2024 14% | Mar 2025 15% | Jun 2025 14% | Sep 2025 17% | Dec 2025 19% | Mar 2026 16% | Jun 2026 —

### 20-quarter Margin change history
- SPLPETRO: Sep 2021 −2.0 pp | Dec 2021 −8.5 pp | Mar 2022 −4.4 pp | Jun 2022 −1.9 pp | Sep 2022 −8.4 pp | Dec 2022 −7.2 pp | Mar 2023 −5.5 pp | Jun 2023 −9.6 pp | Sep 2023 +1.9 pp | Dec 2023 −2.1 pp | Mar 2024 −3.8 pp | Jun 2024 +2.9 pp | Sep 2024 0.0 pp | Dec 2024 −0.9 pp | Mar 2025 −1.8 pp | Jun 2025 −2.2 pp | Sep 2025 −1.3 pp | Dec 2025 −1.1 pp | Mar 2026 +6.6 pp | Jun 2026 —
- STYRENIX: Sep 2021 +5.1 pp | Dec 2021 −13.5 pp | Mar 2022 −13.2 pp | Jun 2022 −9.2 pp | Sep 2022 −14.0 pp | Dec 2022 −7.4 pp | Mar 2023 −11.8 pp | Jun 2023 −9.2 pp | Sep 2023 +6.8 pp | Dec 2023 +3.3 pp | Mar 2024 +1.2 pp | Jun 2024 +3.6 pp | Sep 2024 +1.0 pp | Dec 2024 −1.0 pp | Mar 2025 −3.0 pp | Jun 2025 −3.0 pp | Sep 2025 −4.0 pp | Dec 2025 −6.0 pp | Mar 2026 +5.0 pp | Jun 2026 —
- CHEMPLASTS: Sep 2021 +6.5 pp | Dec 2021 −1.7 pp | Mar 2022 −6.5 pp | Jun 2022 −2.0 pp | Sep 2022 −12.5 pp | Dec 2022 −17.3 pp | Mar 2023 −11.2 pp | Jun 2023 −16.8 pp | Sep 2023 −3.2 pp | Dec 2023 −8.0 pp | Mar 2024 −6.0 pp | Jun 2024 +14.0 pp | Sep 2024 −2.0 pp | Dec 2024 +4.0 pp | Mar 2025 +1.0 pp | Jun 2025 −9.0 pp | Sep 2025 +1.0 pp | Dec 2025 −10.0 pp | Mar 2026 +12.0 pp | Jun 2026 —
- BEPL: Sep 2021 +28.6 pp | Dec 2021 −16.1 pp | Mar 2022 −23.7 pp | Jun 2022 −25.6 pp | Sep 2022 −28.8 pp | Dec 2022 −16.6 pp | Mar 2023 −15.7 pp | Jun 2023 +1.1 pp | Sep 2023 +3.2 pp | Dec 2023 +4.0 pp | Mar 2024 +9.0 pp | Jun 2024 −1.0 pp | Sep 2024 −4.0 pp | Dec 2024 −1.0 pp | Mar 2025 −2.0 pp | Jun 2025 −1.0 pp | Sep 2025 +1.0 pp | Dec 2025 +2.0 pp | Mar 2026 +5.0 pp | Jun 2026 0.0 pp
- NOCIL: Sep 2021 −1.0 pp | Dec 2021 −0.8 pp | Mar 2022 +7.8 pp | Jun 2022 −1.1 pp | Sep 2022 +2.5 pp | Dec 2022 −1.5 pp | Mar 2023 −11.1 pp | Jun 2023 −6.3 pp | Sep 2023 −2.9 pp | Dec 2023 +2.5 pp | Mar 2024 0.0 pp | Jun 2024 −3.0 pp | Sep 2024 −3.0 pp | Dec 2024 −6.0 pp | Mar 2025 −3.0 pp | Jun 2025 −2.0 pp | Sep 2025 −3.0 pp | Dec 2025 0.0 pp | Mar 2026 −4.0 pp | Jun 2026 —
- MANALIPETC: Sep 2021 +19.3 pp | Dec 2021 −5.4 pp | Mar 2022 −9.5 pp | Jun 2022 −18.7 pp | Sep 2022 −30.3 pp | Dec 2022 −29.0 pp | Mar 2023 −22.9 pp | Jun 2023 −12.6 pp | Sep 2023 −1.2 pp | Dec 2023 +1.0 pp | Mar 2024 +5.0 pp | Jun 2024 +6.0 pp | Sep 2024 −3.0 pp | Dec 2024 +3.0 pp | Mar 2025 +2.0 pp | Jun 2025 +1.0 pp | Sep 2025 +6.0 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- KOTHARIPET: Sep 2021 +0.6 pp | Dec 2021 −5.4 pp | Mar 2022 −3.6 pp | Jun 2022 −8.5 pp | Sep 2022 −5.5 pp | Dec 2022 +1.3 pp | Mar 2023 +4.0 pp | Jun 2023 +9.3 pp | Sep 2023 +6.4 pp | Dec 2023 +2.0 pp | Mar 2024 +1.0 pp | Jun 2024 −2.0 pp | Sep 2024 −3.0 pp | Dec 2024 −2.0 pp | Mar 2025 0.0 pp | Jun 2025 +1.0 pp | Sep 2025 +3.0 pp | Dec 2025 +5.0 pp | Mar 2026 +1.0 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Supreme Petrochem Ltd leads with ₹330 crore of TTM profit, 65% above Bhansali Engineering Polymers Ltd. Manali Petrochemicals Ltd shows ≥100% on the scoring scale (344.8% uncapped) growth from a ₹129 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Supreme Petrochem 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: Supreme Petrochem Ltd · ₹330 crore | 65% versus #2 · Bhansali Engineering Polymers Ltd | 4/8 recent comparable periods | 7/7 companies · 124 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. Supreme Petrochem Ltd (SPLPETRO): ₹330 Cr
2. Bhansali Engineering Polymers Ltd (BEPL): ₹200 Cr
3. Styrenix Performance Materials Ltd (STYRENIX): ₹186 Cr
4. Manali Petrochemicals Ltd (MANALIPETC): ₹129 Cr
5. Kothari Petrochemicals Ltd (KOTHARIPET): ₹73 Cr

### Profit growth — fastest growers
1. Manali Petrochemicals Ltd (MANALIPETC): 100%
2. Bhansali Engineering Polymers Ltd (BEPL): 16%
3. Kothari Petrochemicals Ltd (KOTHARIPET): 12%
4. Supreme Petrochem Ltd (SPLPETRO): -15%
5. Styrenix Performance Materials Ltd (STYRENIX): -21%

### 20-quarter Net profit history
- SPLPETRO: Sep 2021 ₹127 Cr | Dec 2021 ₹165 Cr | Mar 2022 ₹225 Cr | Jun 2022 ₹189 Cr | Sep 2022 ₹60 Cr | Dec 2022 ₹90 Cr | Mar 2023 ₹160 Cr | Jun 2023 ₹69 Cr | Sep 2023 ₹78 Cr | Dec 2023 ₹68 Cr | Mar 2024 ₹132 Cr | Jun 2024 ₹122 Cr | Sep 2024 ₹90 Cr | Dec 2024 ₹71 Cr | Mar 2025 ₹107 Cr | Jun 2025 ₹82 Cr | Sep 2025 ₹48 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹169 Cr | Jun 2026 —
- STYRENIX: Sep 2021 ₹90 Cr | Dec 2021 ₹47 Cr | Mar 2022 ₹99 Cr | Jun 2022 ₹87 Cr | Sep 2022 ₹24 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹42 Cr | Jun 2023 ₹32 Cr | Sep 2023 ₹56 Cr | Dec 2023 ₹35 Cr | Mar 2024 ₹49 Cr | Jun 2024 ₹61 Cr | Sep 2024 ₹70 Cr | Dec 2024 ₹48 Cr | Mar 2025 ₹55 Cr | Jun 2025 ₹52 Cr | Sep 2025 ₹45 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹73 Cr | Jun 2026 —
- CHEMPLASTS: Sep 2021 ₹151 Cr | Dec 2021 ₹237 Cr | Mar 2022 ₹232 Cr | Jun 2022 ₹41 Cr | Sep 2022 ₹39 Cr | Dec 2022 ₹27 Cr | Mar 2023 ₹46 Cr | Jun 2023 ₹-64 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹-89 Cr | Mar 2024 ₹-31 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹-31 Cr | Dec 2024 ₹-49 Cr | Mar 2025 ₹-54 Cr | Jun 2025 ₹-64 Cr | Sep 2025 ₹-51 Cr | Dec 2025 ₹-119 Cr | Mar 2026 ₹-45 Cr | Jun 2026 —
- BEPL: Sep 2021 ₹124 Cr | Dec 2021 ₹76 Cr | Mar 2022 ₹73 Cr | Jun 2022 ₹48 Cr | Sep 2022 ₹41 Cr | Dec 2022 ₹34 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹51 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹40 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹53 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹40 Cr | Jun 2025 ₹46 Cr | Sep 2025 ₹40 Cr | Dec 2025 ₹42 Cr | Mar 2026 ₹52 Cr | Jun 2026 ₹66 Cr
- NOCIL: Sep 2021 ₹30 Cr | Dec 2021 ₹30 Cr | Mar 2022 ₹69 Cr | Jun 2022 ₹66 Cr | Sep 2022 ₹36 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹28 Cr | Jun 2023 ₹34 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹42 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹17 Cr | Jun 2026 —
- MANALIPETC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹68 Cr | Mar 2026 ₹29 Cr | Jun 2026 —
- KOTHARIPET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹13 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹18 Cr | Jun 2026 —

### 20-quarter Profit growth history
- SPLPETRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 29% | Sep 2022 -53% | Dec 2022 -45% | Mar 2023 -29% | Jun 2023 -63% | Sep 2023 30% | Dec 2023 -24% | Mar 2024 -18% | Jun 2024 77% | Sep 2024 15% | Dec 2024 4.4% | Mar 2025 -19% | Jun 2025 -33% | Sep 2025 -47% | Dec 2025 -56% | Mar 2026 58% | Jun 2026 —
- STYRENIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.2% | Sep 2022 -73% | Dec 2022 -36% | Mar 2023 -58% | Jun 2023 -63% | Sep 2023 133% | Dec 2023 17% | Mar 2024 17% | Jun 2024 91% | Sep 2024 25% | Dec 2024 37% | Mar 2025 12% | Jun 2025 -15% | Sep 2025 -36% | Dec 2025 -67% | Mar 2026 33% | Jun 2026 —
- CHEMPLASTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 41% | Sep 2022 -74% | Dec 2022 -89% | Mar 2023 -80% | Jun 2023 -256% | Sep 2023 -33% | Dec 2023 -430% | Mar 2024 -167% | Jun 2024 — | Sep 2024 -219% | Dec 2024 — | Mar 2025 — | Jun 2025 -367% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BEPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -67% | Dec 2022 -55% | Mar 2023 -81% | Jun 2023 6.3% | Sep 2023 17% | Dec 2023 18% | Mar 2024 186% | Jun 2024 3.9% | Sep 2024 -4.2% | Dec 2024 2.5% | Mar 2025 0.0% | Jun 2025 -13% | Sep 2025 -13% | Dec 2025 2.4% | Mar 2026 30% | Jun 2026 43%
- NOCIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 40% | Sep 2022 20% | Dec 2022 -38% | Mar 2023 -59% | Jun 2023 -48% | Sep 2023 -25% | Dec 2023 61% | Mar 2024 50% | Jun 2024 -21% | Sep 2024 56% | Dec 2024 -57% | Mar 2025 -50% | Jun 2025 -37% | Sep 2025 -71% | Dec 2025 -31% | Mar 2026 -19% | Jun 2026 —
- MANALIPETC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.0% | Mar 2024 — | Jun 2024 225% | Sep 2024 -100% | Dec 2024 67% | Mar 2025 1,000% | Jun 2025 7.7% | Sep 2025 — | Dec 2025 1,260% | Mar 2026 164% | Jun 2026 —
- KOTHARIPET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 7.7% | Mar 2024 15% | Jun 2024 19% | Sep 2024 -16% | Dec 2024 -7.1% | Mar 2025 13% | Jun 2025 -5.3% | Sep 2025 13% | Dec 2025 46% | Mar 2026 5.9% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

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: No comparable leader | Not enough peers | Not enough history | 0/7 companies · 0 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

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: Supreme Petrochem Ltd has the clearest covered balance-sheet capacity with ₹568 crore net cash and gross debt of ₹133 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: Bhansali Engineering Polymers Ltd · ₹0 crore | 100% versus #2 · Kothari Petrochemicals Ltd | Not enough history | 7/7 companies · 119 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. Bhansali Engineering Polymers Ltd (BEPL): ₹0 Cr
2. Kothari Petrochemicals Ltd (KOTHARIPET): ₹2 Cr
3. NOCIL Ltd (NOCIL): ₹8 Cr
4. Supreme Petrochem Ltd (SPLPETRO): ₹133 Cr
5. Manali Petrochemicals Ltd (MANALIPETC): ₹137 Cr

### Net debt — lowest net debt
1. Supreme Petrochem Ltd (SPLPETRO): ₹-568 Cr
2. Manali Petrochemicals Ltd (MANALIPETC): ₹-468 Cr
3. NOCIL Ltd (NOCIL): ₹-331 Cr
4. Kothari Petrochemicals Ltd (KOTHARIPET): ₹-31 Cr
5. Styrenix Performance Materials Ltd (STYRENIX): ₹387 Cr

### 20-quarter Gross debt history
- SPLPETRO: Sep 2021 ₹39 Cr | Dec 2021 ₹39 Cr | Mar 2022 ₹37 Cr | Jun 2022 ₹37 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹27 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹79 Cr | Dec 2023 ₹79 Cr | Mar 2024 ₹114 Cr | Jun 2024 ₹114 Cr | Sep 2024 ₹123 Cr | Dec 2024 ₹123 Cr | Mar 2025 ₹130 Cr | Jun 2025 ₹130 Cr | Sep 2025 ₹146 Cr | Dec 2025 ₹146 Cr | Mar 2026 ₹133 Cr | Jun 2026 —
- STYRENIX: Sep 2021 ₹55 Cr | Dec 2021 ₹55 Cr | Mar 2022 ₹52 Cr | Jun 2022 ₹52 Cr | Sep 2022 ₹52 Cr | Dec 2022 ₹52 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹397 Cr | Jun 2025 ₹397 Cr | Sep 2025 ₹328 Cr | Dec 2025 ₹549 Cr | Mar 2026 ₹326 Cr | Jun 2026 —
- CHEMPLASTS: Sep 2021 ₹915 Cr | Dec 2021 ₹915 Cr | Mar 2022 ₹882 Cr | Jun 2022 ₹881 Cr | Sep 2022 ₹925 Cr | Dec 2022 ₹925 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- BEPL: 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 ₹0 Cr | Jun 2026 —
- NOCIL: Sep 2021 ₹6 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- MANALIPETC: Sep 2021 ₹88 Cr | Dec 2021 ₹88 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹84 Cr | Sep 2022 ₹75 Cr | Dec 2022 ₹75 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹80 Cr | Sep 2023 ₹80 Cr | Dec 2023 ₹80 Cr | Mar 2024 ₹103 Cr | Jun 2024 ₹103 Cr | Sep 2024 ₹89 Cr | Dec 2024 ₹89 Cr | Mar 2025 ₹129 Cr | Jun 2025 ₹129 Cr | Sep 2025 ₹155 Cr | Dec 2025 ₹155 Cr | Mar 2026 ₹137 Cr | Jun 2026 —
- KOTHARIPET: Sep 2021 ₹3 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹25 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹2 Cr | Jun 2026 —

### 20-quarter Net debt history
- SPLPETRO: Sep 2021 ₹-841 Cr | Dec 2021 ₹-841 Cr | Mar 2022 ₹-887 Cr | Jun 2022 ₹-887 Cr | Sep 2022 ₹-878 Cr | Dec 2022 ₹-878 Cr | Mar 2023 ₹-932 Cr | Jun 2023 ₹-933 Cr | Sep 2023 ₹-776 Cr | Dec 2023 ₹-776 Cr | Mar 2024 ₹-959 Cr | Jun 2024 ₹-966 Cr | Sep 2024 ₹-784 Cr | Dec 2024 ₹-784 Cr | Mar 2025 ₹-742 Cr | Jun 2025 ₹-742 Cr | Sep 2025 ₹-394 Cr | Dec 2025 ₹-394 Cr | Mar 2026 ₹-568 Cr | Jun 2026 —
- STYRENIX: Sep 2021 ₹-380 Cr | Dec 2021 ₹-380 Cr | Mar 2022 ₹-126 Cr | Jun 2022 ₹-126 Cr | Sep 2022 ₹-27 Cr | Dec 2022 ₹-27 Cr | Mar 2023 ₹-68 Cr | Jun 2023 ₹-68 Cr | Sep 2023 ₹-102 Cr | Dec 2023 ₹-102 Cr | Mar 2024 ₹-84 Cr | Jun 2024 ₹-86 Cr | Sep 2024 ₹-31 Cr | Dec 2024 ₹-31 Cr | Mar 2025 ₹289 Cr | Jun 2025 ₹289 Cr | Sep 2025 ₹516 Cr | Dec 2025 ₹516 Cr | Mar 2026 ₹387 Cr | Jun 2026 —
- CHEMPLASTS: Sep 2021 ₹-180 Cr | Dec 2021 ₹-180 Cr | Mar 2022 ₹-140 Cr | Jun 2022 ₹-140 Cr | Sep 2022 ₹-475 Cr | Dec 2022 ₹-475 Cr | Mar 2023 ₹-111 Cr | Jun 2023 ₹-111 Cr | Sep 2023 ₹331 Cr | Dec 2023 ₹331 Cr | Mar 2024 ₹817 Cr | Jun 2024 ₹813 Cr | Sep 2024 ₹854 Cr | Dec 2024 ₹854 Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- NOCIL: Sep 2021 ₹-37 Cr | Dec 2021 ₹-37 Cr | Mar 2022 ₹-24 Cr | Jun 2022 ₹-24 Cr | Sep 2022 ₹-153 Cr | Dec 2022 ₹-153 Cr | Mar 2023 ₹-220 Cr | Jun 2023 ₹-220 Cr | Sep 2023 ₹-258 Cr | Dec 2023 ₹-258 Cr | Mar 2024 ₹-360 Cr | Jun 2024 ₹-360 Cr | Sep 2024 ₹-364 Cr | Dec 2024 ₹-364 Cr | Mar 2025 ₹-263 Cr | Jun 2025 ₹-263 Cr | Sep 2025 ₹-292 Cr | Dec 2025 ₹-292 Cr | Mar 2026 ₹-331 Cr | Jun 2026 —
- MANALIPETC: Sep 2021 ₹-356 Cr | Dec 2021 ₹-356 Cr | Mar 2022 ₹-525 Cr | Jun 2022 ₹-533 Cr | Sep 2022 ₹-546 Cr | Dec 2022 ₹-546 Cr | Mar 2023 ₹-295 Cr | Jun 2023 ₹-305 Cr | Sep 2023 ₹-357 Cr | Dec 2023 ₹-357 Cr | Mar 2024 ₹-336 Cr | Jun 2024 ₹-345 Cr | Sep 2024 ₹-277 Cr | Dec 2024 ₹-277 Cr | Mar 2025 ₹-196 Cr | Jun 2025 ₹-204 Cr | Sep 2025 ₹-209 Cr | Dec 2025 ₹-209 Cr | Mar 2026 ₹-468 Cr | Jun 2026 —
- KOTHARIPET: Sep 2021 ₹-31 Cr | Dec 2021 ₹-31 Cr | Mar 2022 ₹-28 Cr | Jun 2022 ₹-28 Cr | Sep 2022 ₹-21 Cr | Dec 2022 ₹-21 Cr | Mar 2023 ₹-30 Cr | Jun 2023 ₹-30 Cr | Sep 2023 ₹-69 Cr | Dec 2023 ₹-69 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹-88 Cr | Dec 2024 ₹-88 Cr | Mar 2025 ₹-25 Cr | Jun 2025 ₹-25 Cr | Sep 2025 ₹-29 Cr | Dec 2025 ₹-29 Cr | Mar 2026 ₹-31 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Kothari Petrochemicals Ltd leads ROCE at 28.6%, 4.8 percentage points above Bhansali Engineering Polymers Ltd. Bhansali Engineering Polymers Ltd has the strongest latest improvement at +2.1 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: Kothari Petrochemicals 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: Kothari Petrochemicals Ltd · 28.6% | 20.2% versus #2 · Bhansali Engineering Polymers Ltd | 2/8 recent comparable periods | 7/7 companies · 100 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. Kothari Petrochemicals Ltd (KOTHARIPET): 29%
2. Bhansali Engineering Polymers Ltd (BEPL): 24%
3. Supreme Petrochem Ltd (SPLPETRO): 18%
4. Styrenix Performance Materials Ltd (STYRENIX): 15%
5. Manali Petrochemicals Ltd (MANALIPETC): 7.2%

### ROCE change — fastest improvers
1. Bhansali Engineering Polymers Ltd (BEPL): +2.1 pp
2. Manali Petrochemicals Ltd (MANALIPETC): +0.8 pp
3. Kothari Petrochemicals Ltd (KOTHARIPET): +0.5 pp
4. Chemplast Sanmar Ltd (CHEMPLASTS): −0.9 pp
5. Supreme Petrochem Ltd (SPLPETRO): −1.7 pp

### 20-quarter ROCE history
- SPLPETRO: Sep 2021 70% | Dec 2021 — | Mar 2022 55% | Jun 2022 — | Sep 2022 49% | Dec 2022 — | Mar 2023 33% | Jun 2023 — | Sep 2023 25% | Dec 2023 — | Mar 2024 19% | Jun 2024 — | Sep 2024 22% | Dec 2024 — | Mar 2025 19% | Jun 2025 — | Sep 2025 15% | Dec 2025 — | Mar 2026 18% | Jun 2026 —
- STYRENIX: Sep 2021 51% | Dec 2021 — | Mar 2022 50% | Jun 2022 — | Sep 2022 44% | Dec 2022 — | Mar 2023 30% | Jun 2023 — | Sep 2023 26% | Dec 2023 — | Mar 2024 29% | Jun 2024 35% | Sep 2024 33% | Dec 2024 37% | Mar 2025 18% | Jun 2025 25% | Sep 2025 15% | Dec 2025 16% | Mar 2026 12% | Jun 2026 —
- CHEMPLASTS: Sep 2021 51% | Dec 2021 — | Mar 2022 34% | Jun 2022 — | Sep 2022 26% | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 3.3% | Dec 2023 1.7% | Mar 2024 -2.5% | Jun 2024 2.7% | Sep 2024 0.7% | Dec 2024 1.9% | Mar 2025 1.5% | Jun 2025 -1.4% | Sep 2025 -1.4% | Dec 2025 -4.1% | Mar 2026 0.6% | Jun 2026 —
- BEPL: Sep 2021 74% | Dec 2021 — | Mar 2022 45% | Jun 2022 — | Sep 2022 29% | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 18% | Dec 2023 22% | Mar 2024 22% | Jun 2024 24% | Sep 2024 20% | Dec 2024 26% | Mar 2025 20% | Jun 2025 24% | Sep 2025 18% | Dec 2025 22% | Mar 2026 19% | Jun 2026 26%
- NOCIL: Sep 2021 12% | Dec 2021 — | Mar 2022 15% | Jun 2022 — | Sep 2022 17% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 7.6% | Dec 2023 9.5% | Mar 2024 7.7% | Jun 2024 9.7% | Sep 2024 6.3% | Dec 2024 7.8% | Mar 2025 4.5% | Jun 2025 5.4% | Sep 2025 3.1% | Dec 2025 4.2% | Mar 2026 2.4% | Jun 2026 —
- MANALIPETC: Sep 2021 54% | Dec 2021 — | Mar 2022 46% | Jun 2022 — | Sep 2022 28% | Dec 2022 — | Mar 2023 4.6% | Jun 2023 — | Sep 2023 0.4% | Dec 2023 3.2% | Mar 2024 2.1% | Jun 2024 4.9% | Sep 2024 2.2% | Dec 2024 4.0% | Mar 2025 2.7% | Jun 2025 4.8% | Sep 2025 3.9% | Dec 2025 12% | Mar 2026 3.5% | Jun 2026 —
- KOTHARIPET: Sep 2021 28% | Dec 2021 — | Mar 2022 26% | Jun 2022 — | Sep 2022 18% | Dec 2022 — | Mar 2023 24% | Jun 2023 — | Sep 2023 36% | Dec 2023 42% | Mar 2024 34% | Jun 2024 38% | Sep 2024 27% | Dec 2024 33% | Mar 2025 23% | Jun 2025 29% | Sep 2025 24% | Dec 2025 29% | Mar 2026 24% | Jun 2026 —

### 20-quarter ROCE change history
- SPLPETRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −20.6 pp | Dec 2022 — | Mar 2023 −21.9 pp | Jun 2023 — | Sep 2023 −24.1 pp | Dec 2023 — | Mar 2024 −14.6 pp | Jun 2024 — | Sep 2024 −3.1 pp | Dec 2024 — | Mar 2025 +0.5 pp | Jun 2025 — | Sep 2025 −6.7 pp | Dec 2025 — | Mar 2026 −1.7 pp | Jun 2026 —
- STYRENIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.0 pp | Dec 2022 — | Mar 2023 −19.4 pp | Jun 2023 — | Sep 2023 −18.0 pp | Dec 2023 — | Mar 2024 −1.3 pp | Jun 2024 — | Sep 2024 +7.0 pp | Dec 2024 — | Mar 2025 −10.9 pp | Jun 2025 −10.4 pp | Sep 2025 −18.1 pp | Dec 2025 −20.4 pp | Mar 2026 −6.1 pp | Jun 2026 —
- CHEMPLASTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −24.7 pp | Dec 2022 — | Mar 2023 −22.7 pp | Jun 2023 — | Sep 2023 −23.0 pp | Dec 2023 — | Mar 2024 −13.4 pp | Jun 2024 — | Sep 2024 −2.6 pp | Dec 2024 +0.2 pp | Mar 2025 +4.0 pp | Jun 2025 −4.1 pp | Sep 2025 −2.1 pp | Dec 2025 −6.0 pp | Mar 2026 −0.9 pp | Jun 2026 —
- BEPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −45.6 pp | Dec 2022 — | Mar 2023 −30.0 pp | Jun 2023 — | Sep 2023 −10.3 pp | Dec 2023 — | Mar 2024 +6.1 pp | Jun 2024 — | Sep 2024 +2.0 pp | Dec 2024 +4.2 pp | Mar 2025 −1.4 pp | Jun 2025 −0.4 pp | Sep 2025 −2.1 pp | Dec 2025 −3.6 pp | Mar 2026 −1.2 pp | Jun 2026 +2.1 pp
- NOCIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.6 pp | Dec 2022 — | Mar 2023 −3.5 pp | Jun 2023 — | Sep 2023 −8.9 pp | Dec 2023 — | Mar 2024 −4.0 pp | Jun 2024 — | Sep 2024 −1.3 pp | Dec 2024 −1.7 pp | Mar 2025 −3.2 pp | Jun 2025 −4.3 pp | Sep 2025 −3.2 pp | Dec 2025 −3.6 pp | Mar 2026 −2.1 pp | Jun 2026 —
- MANALIPETC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −26.5 pp | Dec 2022 — | Mar 2023 −41.5 pp | Jun 2023 — | Sep 2023 −27.2 pp | Dec 2023 — | Mar 2024 −2.5 pp | Jun 2024 — | Sep 2024 +1.8 pp | Dec 2024 +0.8 pp | Mar 2025 +0.6 pp | Jun 2025 −0.1 pp | Sep 2025 +1.7 pp | Dec 2025 +7.7 pp | Mar 2026 +0.8 pp | Jun 2026 —
- KOTHARIPET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −9.8 pp | Dec 2022 — | Mar 2023 −2.1 pp | Jun 2023 — | Sep 2023 +17.3 pp | Dec 2023 — | Mar 2024 +10.5 pp | Jun 2024 — | Sep 2024 −8.4 pp | Dec 2024 −9.0 pp | Mar 2025 −11.3 pp | Jun 2025 −9.3 pp | Sep 2025 −3.6 pp | Dec 2025 −3.4 pp | Mar 2026 +0.5 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Bhansali Engineering Polymers Ltd has the lowest comparable Guarded PEG at 0.32×, 56.2% below Supreme Petrochem Ltd. Only 4 of 7 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: Bhansali Engineering Polymers Ltd · 0.32× | 56.2% versus #2 · Supreme Petrochem Ltd | 0/8 recent comparable periods | 4/7 companies · 24 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. Bhansali Engineering Polymers Ltd (BEPL): 0.3
2. Supreme Petrochem Ltd (SPLPETRO): 0.7
3. NOCIL Ltd (NOCIL): 1.0
4. Styrenix Performance Materials Ltd (STYRENIX): 1.7

### P/E — lowest P/E
1. Kothari Petrochemicals Ltd (KOTHARIPET): 10.7
2. Bhansali Engineering Polymers Ltd (BEPL): 15.2
3. Manali Petrochemicals Ltd (MANALIPETC): 16.2
4. Styrenix Performance Materials Ltd (STYRENIX): 23.4
5. Supreme Petrochem Ltd (SPLPETRO): 42.7

### 20-quarter Guarded PEG history
- SPLPETRO: Sep 2021 0.2 | Dec 2021 — | Mar 2022 — | Jun 2022 0.4 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.7 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 2.5 | Dec 2024 5.7 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.7 | Jun 2026 —
- STYRENIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 8.6 | Mar 2024 8.2 | Jun 2024 — | Sep 2024 0.9 | Dec 2024 — | Mar 2025 1.5 | Jun 2025 — | Sep 2025 1.7 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CHEMPLASTS: Sep 2021 — | Dec 2021 4.6 | Mar 2022 — | Jun 2022 0.6 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BEPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.6 | Sep 2024 0.7 | Dec 2024 0.8 | Mar 2025 0.8 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 0.3
- NOCIL: Sep 2021 3.1 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.4 | Dec 2022 0.4 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.8 | Jun 2024 — | Sep 2024 5.1 | Dec 2024 1.0 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- SPLPETRO: Sep 2021 9.5 | Dec 2021 9.8 | Mar 2022 13.1 | Jun 2022 11.8 | Sep 2022 11.2 | Dec 2022 13.2 | Mar 2023 14.0 | Jun 2023 22.1 | Sep 2023 22.6 | Dec 2023 28.1 | Mar 2024 33.8 | Jun 2024 36.1 | Sep 2024 39.6 | Dec 2024 30.1 | Mar 2025 30.2 | Jun 2025 46.5 | Sep 2025 50.9 | Dec 2025 45.5 | Mar 2026 42.4 | Jun 2026 —
- STYRENIX: Sep 2021 125.7 | Dec 2021 128.6 | Mar 2022 98.5 | Jun 2022 71.8 | Sep 2022 81.6 | Dec 2022 72.5 | Mar 2023 66.8 | Jun 2023 99.9 | Sep 2023 101.5 | Dec 2023 134.8 | Mar 2024 133.6 | Jun 2024 200.8 | Sep 2024 20.9 | Dec 2024 23.9 | Mar 2025 21.0 | Jun 2025 23.9 | Sep 2025 18.7 | Dec 2025 17.5 | Mar 2026 19.0 | Jun 2026 —
- CHEMPLASTS: Sep 2021 129.6 | Dec 2021 117.8 | Mar 2022 11.7 | Jun 2022 11.7 | Sep 2022 9.2 | Dec 2022 11.9 | Mar 2023 13.7 | Jun 2023 33.5 | Sep 2023 160.3 | Dec 2023 224.2 | Mar 2024 210.5 | Jun 2024 -119.5 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BEPL: Sep 2021 7.4 | Dec 2021 5.5 | Mar 2022 4.9 | Jun 2022 4.9 | Sep 2022 6.0 | Dec 2022 7.5 | Mar 2023 8.3 | Jun 2023 16.0 | Sep 2023 15.7 | Dec 2023 17.1 | Mar 2024 14.5 | Jun 2024 18.0 | Sep 2024 20.8 | Dec 2024 18.9 | Mar 2025 15.0 | Jun 2025 16.1 | Sep 2025 14.8 | Dec 2025 13.4 | Mar 2026 12.4 | Jun 2026 13.7
- NOCIL: Sep 2021 38.7 | Dec 2021 28.2 | Mar 2022 24.9 | Jun 2022 24.3 | Sep 2022 21.6 | Dec 2022 19.3 | Mar 2023 18.1 | Jun 2023 24.7 | Sep 2023 32.5 | Dec 2023 42.1 | Mar 2024 34.8 | Jun 2024 34.6 | Sep 2024 38.1 | Dec 2024 28.9 | Mar 2025 23.6 | Jun 2025 31.6 | Sep 2025 31.8 | Dec 2025 41.4 | Mar 2026 42.0 | Jun 2026 —
- MANALIPETC: Sep 2021 6.2 | Dec 2021 4.9 | Mar 2022 4.7 | Jun 2022 4.5 | Sep 2022 4.7 | Dec 2022 6.0 | Mar 2023 8.2 | Jun 2023 22.4 | Sep 2023 60.8 | Dec 2023 77.0 | Mar 2024 55.1 | Jun 2024 79.0 | Sep 2024 49.0 | Dec 2024 58.8 | Mar 2025 46.8 | Jun 2025 36.9 | Sep 2025 33.8 | Dec 2025 20.1 | Mar 2026 10.6 | Jun 2026 —
- KOTHARIPET: Sep 2021 10.8 | Dec 2021 11.7 | Mar 2022 16.8 | Jun 2022 13.6 | Sep 2022 14.2 | Dec 2022 14.4 | Mar 2023 10.2 | Jun 2023 11.5 | Sep 2023 13.7 | Dec 2023 14.1 | Mar 2024 11.6 | Jun 2024 12.7 | Sep 2024 19.9 | Dec 2024 17.3 | Mar 2025 14.5 | Jun 2025 16.2 | Sep 2025 13.1 | Dec 2025 11.7 | Mar 2026 8.1 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Manali Petrochemicals Ltd leads both ev/ebitda at 4× and p/bv at 0.9×.

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: Manali Petrochemicals Ltd · 4× | 27.3% versus #2 · Kothari Petrochemicals Ltd | 0/8 recent comparable periods | 7/7 companies · 134 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. Manali Petrochemicals Ltd (MANALIPETC): 4.0
2. Kothari Petrochemicals Ltd (KOTHARIPET): 5.5
3. Bhansali Engineering Polymers Ltd (BEPL): 8.1
4. Styrenix Performance Materials Ltd (STYRENIX): 10.9
5. NOCIL Ltd (NOCIL): 18.4

### P/BV — lowest P/BV
1. Manali Petrochemicals Ltd (MANALIPETC): 0.9
2. NOCIL Ltd (NOCIL): 1.5
3. Chemplast Sanmar Ltd (CHEMPLASTS): 1.8
4. Kothari Petrochemicals Ltd (KOTHARIPET): 2.1
5. Bhansali Engineering Polymers Ltd (BEPL): 2.8

### 20-quarter EV/EBITDA history
- SPLPETRO: Sep 2021 6.4 | Dec 2021 6.3 | Mar 2022 8.7 | Jun 2022 7.7 | Sep 2022 7.3 | Dec 2022 8.8 | Mar 2023 9.2 | Jun 2023 15.0 | Sep 2023 15.3 | Dec 2023 19.6 | Mar 2024 24.6 | Jun 2024 26.0 | Sep 2024 28.7 | Dec 2024 21.8 | Mar 2025 21.7 | Jun 2025 33.8 | Sep 2025 36.1 | Dec 2025 31.2 | Mar 2026 26.8 | Jun 2026 —
- STYRENIX: Sep 2021 27.7 | Dec 2021 28.3 | Mar 2022 22.0 | Jun 2022 16.5 | Sep 2022 18.5 | Dec 2022 16.7 | Mar 2023 15.5 | Jun 2023 22.3 | Sep 2023 22.6 | Dec 2023 29.5 | Mar 2024 29.3 | Jun 2024 43.8 | Sep 2024 14.0 | Dec 2024 15.5 | Mar 2025 13.8 | Jun 2025 15.8 | Sep 2025 12.2 | Dec 2025 10.7 | Mar 2026 10.9 | Jun 2026 —
- CHEMPLASTS: Sep 2021 17.2 | Dec 2021 13.3 | Mar 2022 6.5 | Jun 2022 5.7 | Sep 2022 4.7 | Dec 2022 6.5 | Mar 2023 6.7 | Jun 2023 12.5 | Sep 2023 23.3 | Dec 2023 28.4 | Mar 2024 37.0 | Jun 2024 77.7 | Sep 2024 34.0 | Dec 2024 41.5 | Mar 2025 31.1 | Jun 2025 29.1 | Sep 2025 49.5 | Dec 2025 32.1 | Mar 2026 72.3 | Jun 2026 —
- BEPL: Sep 2021 5.2 | Dec 2021 3.8 | Mar 2022 3.3 | Jun 2022 3.1 | Sep 2022 3.9 | Dec 2022 4.7 | Mar 2023 5.0 | Jun 2023 9.2 | Sep 2023 9.2 | Dec 2023 10.7 | Mar 2024 9.0 | Jun 2024 12.0 | Sep 2024 14.0 | Dec 2024 11.6 | Mar 2025 8.8 | Jun 2025 10.6 | Sep 2025 8.8 | Dec 2025 9.0 | Mar 2026 8.3 | Jun 2026 8.1
- NOCIL: Sep 2021 23.5 | Dec 2021 17.5 | Mar 2022 15.5 | Jun 2022 14.5 | Sep 2022 12.9 | Dec 2022 11.4 | Mar 2023 10.8 | Jun 2023 14.2 | Sep 2023 17.4 | Dec 2023 22.2 | Mar 2024 18.9 | Jun 2024 19.4 | Sep 2024 21.0 | Dec 2024 18.4 | Mar 2025 14.6 | Jun 2025 18.7 | Sep 2025 18.8 | Dec 2025 18.2 | Mar 2026 18.4 | Jun 2026 —
- MANALIPETC: Sep 2021 3.7 | Dec 2021 2.7 | Mar 2022 2.6 | Jun 2022 2.6 | Sep 2022 2.0 | Dec 2022 2.3 | Mar 2023 2.2 | Jun 2023 5.3 | Sep 2023 12.5 | Dec 2023 15.9 | Mar 2024 8.8 | Jun 2024 16.4 | Sep 2024 12.8 | Dec 2024 11.0 | Mar 2025 8.9 | Jun 2025 10.2 | Sep 2025 10.5 | Dec 2025 7.5 | Mar 2026 4.0 | Jun 2026 —
- KOTHARIPET: Sep 2021 6.4 | Dec 2021 7.3 | Mar 2022 10.4 | Jun 2022 8.4 | Sep 2022 9.1 | Dec 2022 8.9 | Mar 2023 6.1 | Jun 2023 7.0 | Sep 2023 8.7 | Dec 2023 8.8 | Mar 2024 7.3 | Jun 2024 7.9 | Sep 2024 13.1 | Dec 2024 11.4 | Mar 2025 9.5 | Jun 2025 11.5 | Sep 2025 8.7 | Dec 2025 7.8 | Mar 2026 5.5 | Jun 2026 —

### 20-quarter P/BV history
- SPLPETRO: Sep 2021 5.3 | Dec 2021 5.4 | Mar 2022 5.7 | Jun 2022 5.5 | Sep 2022 4.4 | Dec 2022 4.6 | Mar 2023 3.8 | Jun 2023 4.5 | Sep 2023 4.8 | Dec 2023 5.7 | Mar 2024 5.8 | Jun 2024 7.1 | Sep 2024 7.8 | Dec 2024 6.0 | Mar 2025 5.3 | Jun 2025 7.3 | Sep 2025 7.0 | Dec 2025 5.4 | Mar 2026 6.4 | Jun 2026 —
- STYRENIX: Sep 2021 4.9 | Dec 2021 5.0 | Mar 2022 3.8 | Jun 2022 2.8 | Sep 2022 3.2 | Dec 2022 2.8 | Mar 2023 2.6 | Jun 2023 3.9 | Sep 2023 3.9 | Dec 2023 5.2 | Mar 2024 5.2 | Jun 2024 7.8 | Sep 2024 8.7 | Dec 2024 6.4 | Mar 2025 6.0 | Jun 2025 11.5 | Sep 2025 3.6 | Dec 2025 2.8 | Mar 2026 2.6 | Jun 2026 —
- CHEMPLASTS: Sep 2021 8.8 | Dec 2021 7.9 | Mar 2022 9.0 | Jun 2022 4.3 | Sep 2022 3.7 | Dec 2022 4.1 | Mar 2023 3.2 | Jun 2023 4.2 | Sep 2023 4.1 | Dec 2023 4.3 | Mar 2024 3.9 | Jun 2024 4.5 | Sep 2024 4.7 | Dec 2024 4.6 | Mar 2025 4.0 | Jun 2025 4.1 | Sep 2025 3.2 | Dec 2025 2.1 | Mar 2026 2.1 | Jun 2026 —
- BEPL: Sep 2021 4.5 | Dec 2021 3.2 | Mar 2022 2.5 | Jun 2022 1.8 | Sep 2022 1.9 | Dec 2022 1.7 | Mar 2023 1.7 | Jun 2023 2.0 | Sep 2023 2.0 | Dec 2023 2.8 | Mar 2024 2.5 | Jun 2024 3.5 | Sep 2024 4.1 | Dec 2024 3.5 | Mar 2025 2.8 | Jun 2025 3.1 | Sep 2025 2.5 | Dec 2025 2.1 | Mar 2026 2.0 | Jun 2026 2.5
- NOCIL: Sep 2021 3.7 | Dec 2021 2.9 | Mar 2022 2.7 | Jun 2022 3.3 | Sep 2022 2.8 | Dec 2022 2.5 | Mar 2023 2.4 | Jun 2023 2.5 | Sep 2023 2.5 | Dec 2023 2.8 | Mar 2024 2.5 | Jun 2024 3.0 | Sep 2024 2.8 | Dec 2024 2.3 | Mar 2025 1.6 | Jun 2025 1.9 | Sep 2025 1.7 | Dec 2025 1.5 | Mar 2026 1.5 | Jun 2026 —
- MANALIPETC: Sep 2021 2.7 | Dec 2021 2.1 | Mar 2022 2.2 | Jun 2022 2.5 | Sep 2022 1.6 | Dec 2022 1.4 | Mar 2023 1.0 | Jun 2023 1.1 | Sep 2023 1.1 | Dec 2023 1.3 | Mar 2024 0.9 | Jun 2024 1.5 | Sep 2024 1.3 | Dec 2024 1.0 | Mar 2025 0.9 | Jun 2025 1.1 | Sep 2025 1.0 | Dec 2025 0.9 | Mar 2026 0.6 | Jun 2026 —
- KOTHARIPET: Sep 2021 2.5 | Dec 2021 2.7 | Mar 2022 4.0 | Jun 2022 3.8 | Sep 2022 2.5 | Dec 2022 2.4 | Mar 2023 2.1 | Jun 2023 2.8 | Sep 2023 3.7 | Dec 2023 3.9 | Mar 2024 3.2 | Jun 2024 4.2 | Sep 2024 5.5 | Dec 2024 4.1 | Mar 2025 3.4 | Jun 2025 4.3 | Sep 2025 2.8 | Dec 2025 2.3 | Mar 2026 1.8 | Jun 2026 —

## Market action

Bhansali Engineering Polymers Ltd has the strongest one-year price move in Petrochem - Polymers at +5%. It also leads on Mansfield relative strength against NIFTY at +28%. 5 of 7 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Bhansali Engineering Polymers Ltd (BEPL): 5.0%
2. Supreme Petrochem Ltd (SPLPETRO): -9.3%
3. Manali Petrochemicals Ltd (MANALIPETC): -16%
4. NOCIL Ltd (NOCIL): -18%
5. Styrenix Performance Materials Ltd (STYRENIX): -23%

### Strongest relative strength versus NIFTY 500
1. Bhansali Engineering Polymers Ltd (BEPL): 28%
2. Styrenix Performance Materials Ltd (STYRENIX): 11%
3. Manali Petrochemicals Ltd (MANALIPETC): 10%
4. Supreme Petrochem Ltd (SPLPETRO): 5.2%
5. Kothari Petrochemicals Ltd (KOTHARIPET): 0.5%

## 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.
- 2 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 have fewer than three usable current readings.

## Every company
- Supreme Petrochem Ltd (SPLPETRO) — market value ₹13.9K Cr; latest fundamentals Mar 2026
- Styrenix Performance Materials Ltd (STYRENIX) — market value ₹4.3K Cr; latest fundamentals Mar 2026
- Chemplast Sanmar Ltd (CHEMPLASTS) — market value ₹3.2K Cr; latest fundamentals Mar 2026
- Bhansali Engineering Polymers Ltd (BEPL) — market value ₹3.0K Cr; latest fundamentals Jun 2026
- NOCIL Ltd (NOCIL) — market value ₹2.7K Cr; latest fundamentals Mar 2026
- Manali Petrochemicals Ltd (MANALIPETC) — market value ₹1.1K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Kothari Petrochemicals Ltd (KOTHARIPET) — market value ₹776 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 5. Unverified: 2. Withheld: 0. Graded companies: 7.

2 of 7 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 | MANALIPETC | Manali Petrochemicals Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | KOTHARIPET | Kothari Petrochemicals Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

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

## Frequently asked questions

### What is the Nifty Petrochem - Polymers index?

The Nifty Petrochem - Polymers index tracks India's listed Petrochem - Polymers companies as a single basket. This page follows the same 7 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Petrochem - Polymers sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Petrochem - Polymers stocks in India?

Ranked by this page's four-factor score, Bhansali Engineering Polymers Ltd places first among 7 listed Petrochem - Polymers companies, followed by Manali Petrochemicals Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Petrochem - Polymers stocks are listed in India?

This comparison covers 7 listed Petrochem - Polymers companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Petrochem - Polymers company is the biggest?

Supreme Petrochem Ltd is the largest, with trailing-twelve-month revenue of ₹5,407 crore, ahead of Chemplast Sanmar Ltd at ₹4,224 crore. That covers 7 of 7 companies with comparable reporting through Mar 2026.

### Which Petrochem - Polymers company is growing fastest?

Styrenix Performance Materials Ltd has the fastest revenue growth at 15.3% year on year, across 7 of 7 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 Petrochem - Polymers company has the best profit margins?

Bhansali Engineering Polymers Ltd has the highest operating margin at 17%, from 7 of 7 comparable companies. Chemplast Sanmar Ltd shows the biggest recent improvement, at +12 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Petrochem - Polymers company makes the most profit?

Supreme Petrochem Ltd earns the most, at ₹330 crore of trailing-twelve-month net profit, from 7 of 7 comparable companies. Manali Petrochemicals Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Petrochem - Polymers company earns the highest return on capital?

Kothari Petrochemicals Ltd leads on return on capital employed at 28.6%, across 7 of 7 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 Petrochem - Polymers stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Bhansali Engineering Polymers Ltd screens cheapest at 0.32×. Only 4 of 7 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 Petrochem - Polymers company has the strongest balance sheet?

Bhansali Engineering Polymers Ltd carries the lowest comparable gross debt at ₹0 crore, from 7 of 7 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 Petrochem - Polymers sector beating the market?

Petrochem - Polymers has underperformed NIFTY 500 by 12.6% over the last 52 weeks and 1.1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 5 of 7 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Petrochem - Polymers stock has the strongest price momentum?

Bhansali Engineering Polymers 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 Petrochem - Polymers company scores highest for research priority?

Bhansali Engineering Polymers Ltd scores 72 out of 100 with 87% evidence confidence, from 22.6 points on growth and earnings, 19.4 on capital efficiency, 15.9 on valuation and 14.1 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 Petrochem - Polymers companies does this comparison cover, and over what period?

It compares 7 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Petrochem - Polymers sector?

The 7 Petrochem - Polymers companies on this page carry ₹29,090 crore of combined market value. Supreme Petrochem Ltd is the largest at ₹13,945 crore, about 48% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Petrochem - Polymers sector's P/E ratio?

The median price-to-earnings ratio across the 7 Petrochem - Polymers companies on this page is 23.4×, measured on the 6 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 Petrochem - Polymers sector performing?

5 of the 7 covered Petrochem - Polymers companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 12.6% 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/petrochem-polymers