# Speciality Chemicals — company-by-company sector analysis

> Speciality Chemicals: Pidilite Industries Ltd owns the largest revenue base; Fineotex Chemical Ltd has the fastest current growth.

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

## Bottom line

Speciality Chemicals has outperformed NIFTY 500 by 6.5% over 52 weeks and 19.8% over 13 weeks. 17 of 27 covered companies beat NIFTY on Mansfield relative strength, while 7 of 25 beat the sector itself. Pidilite Industries Ltd leads with revenue of ₹14,600 crore, based on 27 of 27 comparable companies through Mar 2026.

### Is the Speciality Chemicals sector outperforming NIFTY 500?

Speciality Chemicals has outperformed NIFTY 500 by 6.5% over 52 weeks and 19.8% over 13 weeks. 17 of 27 covered companies beat NIFTY on Mansfield relative strength, while 7 of 25 beat the sector itself.

### Which Speciality Chemicals company is largest by revenue?

Pidilite Industries Ltd leads with revenue of ₹14,600 crore, based on 27 of 27 comparable companies through Mar 2026.

### Which Speciality Chemicals company is growing fastest?

Fineotex Chemical Ltd has the fastest current revenue growth at 91.5%, across 27 of 27 comparable companies.

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

Sunshield Chemicals Ltd ranks first at 71.6/100 with 73% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Speciality Chemicals company reports the most CAPEX?

Aether Industries Ltd reports the largest latest CAPEX at ₹162 crore, with 1 of 27 companies comparable.

### Which Speciality Chemicals company has the least gross debt?

Sunshield Chemicals Ltd has the lowest comparable gross debt at ₹0 crore. Aarti Industries Ltd has the highest at ₹4,966 crore.

### Which Speciality Chemicals company has the lowest comparable PEG?

Panama Petrochem Ltd has the lowest comparable Guarded PEG at 0.55, among 12 of 27 companies that pass the metric’s comparability rules.

### How much history does this Speciality Chemicals 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

Speciality Chemicals has outperformed NIFTY 500 by 6.5% over the last 52 weeks. Over 13 weeks the gap is a lead of 19.8%. 17 of 27 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Aether Industries Ltd is the strongest against the sector itself at +26%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 20%
52-week sector return versus NIFTY 500: 6.5%
Stocks leading NIFTY: 17/27
Stocks leading sector: 7/25

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

Companies: 27
Combined market value: ₹3.0 L 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. Sunshield Chemicals Ltd (530845): 72/100 — Favorable setup; evidence 73%
   - Growth & earnings 28.8/35 | Capital efficiency 17.9/25 | Valuation 11.1/20 | Relative strength 13.8/20
   - Exact sum: 28.8 + 17.9 + 11.1 + 13.8 = 71.6
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Privi Speciality Chemicals Ltd (PRIVISCL): 65/100 — Favorable setup; evidence 72%
   - Growth & earnings 27.2/35 | Capital efficiency 15.5/25 | Valuation 9.3/20 | Relative strength 13.2/20
   - Exact sum: 27.2 + 15.5 + 9.3 + 13.2 = 65.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Pidilite Industries Ltd (PIDILITIND): 64/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 22.1/35 | Capital efficiency 20.5/25 | Valuation 7.2/20 | Relative strength 14.5/20
   - Exact sum: 22.1 + 20.5 + 7.2 + 14.5 = 64.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Vikram Thermo (India) Ltd (530477): 63/100 — Mixed-positive evidence; evidence 64%
   - Growth & earnings 23.3/35 | Capital efficiency 19.1/25 | Valuation 8.9/20 | Relative strength 12.0/20
   - Exact sum: 23.3 + 19.1 + 8.9 + 12 = 63.3
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
5. Tatva Chintan Pharma Chem Ltd (TATVA): 63/100 — Mixed-positive evidence; evidence 93%
   - Growth & earnings 31.0/35 | Capital efficiency 8.1/25 | Valuation 4.7/20 | Relative strength 18.9/20
   - Exact sum: 31 + 8.1 + 4.7 + 18.9 = 62.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Panama Petrochem Ltd (PANAMAPET): 59/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 18.0/35 | Capital efficiency 13.8/25 | Valuation 15.9/20 | Relative strength 11.1/20
   - Exact sum: 18 + 13.8 + 15.9 + 11.1 = 58.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Alkyl Amines Chemicals Ltd (ALKYLAMINE): 57/100 — Mixed-positive evidence; evidence 73%
   - Growth & earnings 20.4/35 | Capital efficiency 19.2/25 | Valuation 9.3/20 | Relative strength 8.3/20
   - Exact sum: 20.4 + 19.2 + 9.3 + 8.3 = 57.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Yasho Industries Ltd (YASHO): 57/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 23.7/35 | Capital efficiency 9.2/25 | Valuation 11.5/20 | Relative strength 12.5/20
   - Exact sum: 23.7 + 9.2 + 11.5 + 12.5 = 56.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Aether Industries Ltd (AETHER): 57/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 22.4/35 | Capital efficiency 12.3/25 | Valuation 5.3/20 | Relative strength 16.6/20
   - Exact sum: 22.4 + 12.3 + 5.3 + 16.6 = 56.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Kronox Lab Sciences Ltd (KRONOX): 56/100 — Mixed-positive evidence; evidence 61%
   - Growth & earnings 13.7/35 | Capital efficiency 20.3/25 | Valuation 11.0/20 | Relative strength 11.1/20
   - Exact sum: 13.7 + 20.3 + 11 + 11.1 = 56.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. Vinati Organics Ltd (VINATIORGA): 54/100 — Mixed-positive evidence; evidence 87%
   - Growth & earnings 14.3/35 | Capital efficiency 19.9/25 | Valuation 12.7/20 | Relative strength 7.1/20
   - Exact sum: 14.3 + 19.9 + 12.7 + 7.1 = 54
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Aarti Industries Ltd (AARTIIND): 53/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 22.3/35 | Capital efficiency 8.3/25 | Valuation 12.0/20 | Relative strength 9.9/20
   - Exact sum: 22.3 + 8.3 + 12 + 9.9 = 52.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Amal Ltd (AMAL): 51/100 — Thin evidence · provisional; evidence 51%
   - Growth & earnings 19.8/35 | Capital efficiency 16.4/25 | Valuation 10.9/20 | Relative strength 4.2/20
   - Exact sum: 19.8 + 16.4 + 10.9 + 4.2 = 51.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
14. Fineotex Chemical Ltd (FCL): 50/100 — Mixed-negative evidence; evidence 94%
   - Growth & earnings 19.0/35 | Capital efficiency 14.9/25 | Valuation 3.1/20 | Relative strength 12.5/20
   - Exact sum: 19 + 14.9 + 3.1 + 12.5 = 49.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. Platinum Industries Ltd (PLATIND): 49/100 — Mixed-negative evidence; evidence 70%
   - Growth & earnings 17.3/35 | Capital efficiency 13.8/25 | Valuation 10.8/20 | Relative strength 6.7/20
   - Exact sum: 17.3 + 13.8 + 10.8 + 6.7 = 48.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. DMCC Speciality Chemicals Ltd (DMCC): 49/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 20.4/35 | Capital efficiency 11.0/25 | Valuation 10.5/20 | Relative strength 6.6/20
   - Exact sum: 20.4 + 11 + 10.5 + 6.6 = 48.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17. Vishnu Chemicals Ltd (VISHNU): 48/100 — Mixed-negative evidence; evidence 96%
   - Growth & earnings 15.5/35 | Capital efficiency 11.9/25 | Valuation 7.3/20 | Relative strength 13.2/20
   - Exact sum: 15.5 + 11.9 + 7.3 + 13.2 = 47.9
   - Decision use: Price leads the evidence: RS versus the benchmark is 19.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
18. Grauer & Weil (India) Ltd (GRAUWEIL): 46/100 — Mixed-negative evidence; evidence 96%
   - Growth & earnings 15.9/35 | Capital efficiency 18.1/25 | Valuation 7.0/20 | Relative strength 5.4/20
   - Exact sum: 15.9 + 18.1 + 7 + 5.4 = 46.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
19. Anupam Rasayan India Ltd (ANURAS): 45/100 — Mixed-negative evidence; evidence 79%
   - Growth & earnings 20.9/35 | Capital efficiency 10.2/25 | Valuation 8.4/20 | Relative strength 5.2/20
   - Exact sum: 20.9 + 10.2 + 8.4 + 5.2 = 44.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
20. Neogen Chemicals Ltd (NEOGEN): 44/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 15.4/35 | Capital efficiency 5.5/25 | Valuation 5.1/20 | Relative strength 17.7/20
   - Exact sum: 15.4 + 5.5 + 5.1 + 17.7 = 43.7
   - Decision use: Price leads the evidence: RS versus the benchmark is 39.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
21. Chemcon Speciality Chemicals Ltd (CHEMCON): 42/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 16.4/35 | Capital efficiency 10.2/25 | Valuation 11.0/20 | Relative strength 4.1/20
   - Exact sum: 16.4 + 10.2 + 11 + 4.1 = 41.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
22. Galaxy Surfactants Ltd (GALAXYSURF): 41/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 12.3/35 | Capital efficiency 13.8/25 | Valuation 8.7/20 | Relative strength 6.6/20
   - Exact sum: 12.3 + 13.8 + 8.7 + 6.6 = 41.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
23. Amines & Plasticizers Ltd (AMNPLST): 39/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 9.4/35 | Capital efficiency 14.9/25 | Valuation 8.4/20 | Relative strength 6.6/20
   - Exact sum: 9.4 + 14.9 + 8.4 + 6.6 = 39.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
24. Clean Science & Technology Ltd (CLEAN): 38/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 6.5/35 | Capital efficiency 19.4/25 | Valuation 8.6/20 | Relative strength 3.5/20
   - Exact sum: 6.5 + 19.4 + 8.6 + 3.5 = 38
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
25. Transpek Industry Ltd (TRANSPEK): 37/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 8.1/35 | Capital efficiency 10.4/25 | Valuation 13.9/20 | Relative strength 4.2/20
   - Exact sum: 8.1 + 10.4 + 13.9 + 4.2 = 36.6
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
26. Paushak Ltd (PAUSHAKLTD): 36/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 11.0/35 | Capital efficiency 12.1/25 | Valuation 8.2/20 | Relative strength 4.6/20
   - Exact sum: 11 + 12.1 + 8.2 + 4.6 = 35.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
27. Thirumalai Chemicals Ltd (TIRUMALCHM): 25/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 8.6/35 | Capital efficiency 1.4/25 | Valuation 10.0/20 | Relative strength 4.6/20
   - Exact sum: 8.6 + 1.4 + 10 + 4.6 = 24.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Pidilite Industries Ltd is the scale leader at ₹14,600 crore, 75.9% ahead of Aarti Industries Ltd. Fineotex Chemical Ltd's growth is 91.5% from a ₹1,013 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Pidilite Industries Ltd is the scale benchmark; Fineotex Chemical Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Pidilite Industries Ltd's growth falls below Fineotex Chemical Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Pidilite Industries Ltd · ₹14,600 crore | 75.9% versus #2 · Aarti Industries Ltd | 8/8 recent comparable periods | 27/27 companies · 449 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. Pidilite Industries Ltd (PIDILITIND): ₹14.6K Cr
2. Aarti Industries Ltd (AARTIIND): ₹8.3K Cr
3. Galaxy Surfactants Ltd (GALAXYSURF): ₹5.2K Cr
4. Panama Petrochem Ltd (PANAMAPET): ₹3.1K Cr
5. Privi Speciality Chemicals Ltd (PRIVISCL): ₹2.6K Cr

### Revenue growth — fastest growers
1. Fineotex Chemical Ltd (FCL): 92%
2. Amal Ltd (AMAL): 73% — older report
3. Anupam Rasayan India Ltd (ANURAS): 65%
4. Tatva Chintan Pharma Chem Ltd (TATVA): 41%
5. Aether Industries Ltd (AETHER): 38%

### 20-quarter Revenue history
- 530477: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹30 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹34 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹34 Cr | Mar 2026 ₹38 Cr | Jun 2026 —
- 530845: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹51 Cr | Mar 2023 ₹66 Cr | Jun 2023 ₹67 Cr | Sep 2023 ₹66 Cr | Dec 2023 ₹65 Cr | Mar 2024 ₹86 Cr | Jun 2024 ₹78 Cr | Sep 2024 ₹93 Cr | Dec 2024 ₹85 Cr | Mar 2025 ₹110 Cr | Jun 2025 ₹114 Cr | Sep 2025 ₹122 Cr | Dec 2025 ₹95 Cr | Mar 2026 ₹110 Cr | Jun 2026 —
- PIDILITIND: Sep 2021 ₹2.6K Cr | Dec 2021 ₹2.9K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹3.1K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹3.3K Cr | Sep 2023 ₹3.1K Cr | Dec 2023 ₹3.1K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹3.4K Cr | Sep 2024 ₹3.2K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹3.8K Cr | Sep 2025 ₹3.6K Cr | Dec 2025 ₹3.7K Cr | Mar 2026 ₹3.6K Cr | Jun 2026 —
- AETHER: Sep 2021 ₹141 Cr | Dec 2021 ₹151 Cr | Mar 2022 ₹148 Cr | Jun 2022 ₹163 Cr | Sep 2022 ₹140 Cr | Dec 2022 ₹167 Cr | Mar 2023 ₹184 Cr | Jun 2023 ₹161 Cr | Sep 2023 ₹164 Cr | Dec 2023 ₹155 Cr | Mar 2024 ₹118 Cr | Jun 2024 ₹180 Cr | Sep 2024 ₹199 Cr | Dec 2024 ₹220 Cr | Mar 2025 ₹240 Cr | Jun 2025 ₹256 Cr | Sep 2025 ₹280 Cr | Dec 2025 ₹319 Cr | Mar 2026 ₹305 Cr | Jun 2026 —
- AARTIIND: Sep 2021 ₹1.6K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹841 Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 —
- ANURAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹393 Cr | Dec 2022 ₹392 Cr | Mar 2023 ₹480 Cr | Jun 2023 ₹386 Cr | Sep 2023 ₹392 Cr | Dec 2023 ₹296 Cr | Mar 2024 ₹401 Cr | Jun 2024 ₹254 Cr | Sep 2024 ₹294 Cr | Dec 2024 ₹390 Cr | Mar 2025 ₹500 Cr | Jun 2025 ₹486 Cr | Sep 2025 ₹731 Cr | Dec 2025 ₹512 Cr | Mar 2026 ₹636 Cr | Jun 2026 —
- PRIVISCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹420 Cr | Mar 2023 ₹399 Cr | Jun 2023 ₹409 Cr | Sep 2023 ₹455 Cr | Dec 2023 ₹404 Cr | Mar 2024 ₹484 Cr | Jun 2024 ₹464 Cr | Sep 2024 ₹533 Cr | Dec 2024 ₹491 Cr | Mar 2025 ₹614 Cr | Jun 2025 ₹559 Cr | Sep 2025 ₹679 Cr | Dec 2025 ₹605 Cr | Mar 2026 ₹722 Cr | Jun 2026 —
- VINATIORGA: Sep 2021 ₹374 Cr | Dec 2021 ₹369 Cr | Mar 2022 ₹486 Cr | Jun 2022 ₹506 Cr | Sep 2022 ₹566 Cr | Dec 2022 ₹517 Cr | Mar 2023 ₹519 Cr | Jun 2023 ₹439 Cr | Sep 2023 ₹463 Cr | Dec 2023 ₹448 Cr | Mar 2024 ₹550 Cr | Jun 2024 ₹525 Cr | Sep 2024 ₹553 Cr | Dec 2024 ₹522 Cr | Mar 2025 ₹648 Cr | Jun 2025 ₹542 Cr | Sep 2025 ₹550 Cr | Dec 2025 ₹531 Cr | Mar 2026 ₹604 Cr | Jun 2026 —
- ALKYLAMINE: Sep 2021 ₹349 Cr | Dec 2021 ₹377 Cr | Mar 2022 ₹425 Cr | Jun 2022 ₹473 Cr | Sep 2022 ₹409 Cr | Dec 2022 ₹389 Cr | Mar 2023 ₹412 Cr | Jun 2023 ₹410 Cr | Sep 2023 ₹352 Cr | Dec 2023 ₹322 Cr | Mar 2024 ₹357 Cr | Jun 2024 ₹400 Cr | Sep 2024 ₹415 Cr | Dec 2024 ₹371 Cr | Mar 2025 ₹386 Cr | Jun 2025 ₹406 Cr | Sep 2025 — | Dec 2025 ₹354 Cr | Mar 2026 ₹387 Cr | Jun 2026 —
- CLEAN: Sep 2021 ₹153 Cr | Dec 2021 ₹181 Cr | Mar 2022 ₹205 Cr | Jun 2022 ₹234 Cr | Sep 2022 ₹248 Cr | Dec 2022 ₹237 Cr | Mar 2023 ₹217 Cr | Jun 2023 ₹188 Cr | Sep 2023 ₹181 Cr | Dec 2023 ₹195 Cr | Mar 2024 ₹228 Cr | Jun 2024 ₹224 Cr | Sep 2024 ₹238 Cr | Dec 2024 ₹241 Cr | Mar 2025 ₹264 Cr | Jun 2025 ₹243 Cr | Sep 2025 ₹245 Cr | Dec 2025 ₹220 Cr | Mar 2026 ₹249 Cr | Jun 2026 —
- GALAXYSURF: Sep 2021 ₹877 Cr | Dec 2021 ₹929 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹980 Cr | Jun 2023 ₹942 Cr | Sep 2023 ₹983 Cr | Dec 2023 ₹940 Cr | Mar 2024 ₹929 Cr | Jun 2024 ₹974 Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- NEOGEN: Sep 2021 ₹113 Cr | Dec 2021 ₹133 Cr | Mar 2022 ₹157 Cr | Jun 2022 ₹148 Cr | Sep 2022 ₹148 Cr | Dec 2022 ₹186 Cr | Mar 2023 ₹204 Cr | Jun 2023 ₹165 Cr | Sep 2023 ₹162 Cr | Dec 2023 ₹164 Cr | Mar 2024 ₹200 Cr | Jun 2024 ₹180 Cr | Sep 2024 ₹193 Cr | Dec 2024 ₹201 Cr | Mar 2025 ₹203 Cr | Jun 2025 ₹187 Cr | Sep 2025 ₹209 Cr | Dec 2025 ₹220 Cr | Mar 2026 ₹247 Cr | Jun 2026 ₹250 Cr
- FCL: Sep 2021 ₹78 Cr | Dec 2021 ₹105 Cr | Mar 2022 ₹121 Cr | Jun 2022 ₹136 Cr | Sep 2022 ₹134 Cr | Dec 2022 ₹109 Cr | Mar 2023 ₹138 Cr | Jun 2023 ₹132 Cr | Sep 2023 ₹145 Cr | Dec 2023 ₹138 Cr | Mar 2024 ₹153 Cr | Jun 2024 ₹142 Cr | Sep 2024 ₹146 Cr | Dec 2024 ₹126 Cr | Mar 2025 ₹120 Cr | Jun 2025 ₹137 Cr | Sep 2025 ₹138 Cr | Dec 2025 ₹184 Cr | Mar 2026 ₹314 Cr | Jun 2026 ₹377 Cr
- VISHNU: Sep 2021 ₹240 Cr | Dec 2021 ₹298 Cr | Mar 2022 ₹334 Cr | Jun 2022 ₹359 Cr | Sep 2022 ₹371 Cr | Dec 2022 ₹325 Cr | Mar 2023 ₹336 Cr | Jun 2023 ₹301 Cr | Sep 2023 ₹308 Cr | Dec 2023 ₹304 Cr | Mar 2024 ₹300 Cr | Jun 2024 ₹339 Cr | Sep 2024 ₹344 Cr | Dec 2024 ₹371 Cr | Mar 2025 ₹393 Cr | Jun 2025 ₹347 Cr | Sep 2025 ₹401 Cr | Dec 2025 ₹411 Cr | Mar 2026 ₹450 Cr | Jun 2026 —
- TATVA: Sep 2021 ₹124 Cr | Dec 2021 ₹105 Cr | Mar 2022 ₹99 Cr | Jun 2022 ₹88 Cr | Sep 2022 ₹90 Cr | Dec 2022 ₹121 Cr | Mar 2023 ₹125 Cr | Jun 2023 ₹114 Cr | Sep 2023 ₹97 Cr | Dec 2023 ₹84 Cr | Mar 2024 ₹98 Cr | Jun 2024 ₹105 Cr | Sep 2024 ₹83 Cr | Dec 2024 ₹86 Cr | Mar 2025 ₹108 Cr | Jun 2025 ₹117 Cr | Sep 2025 ₹124 Cr | Dec 2025 ₹131 Cr | Mar 2026 ₹134 Cr | Jun 2026 ₹167 Cr
- YASHO: Sep 2021 ₹134 Cr | Dec 2021 ₹164 Cr | Mar 2022 ₹182 Cr | Jun 2022 ₹177 Cr | Sep 2022 ₹193 Cr | Dec 2022 ₹149 Cr | Mar 2023 ₹152 Cr | Jun 2023 ₹150 Cr | Sep 2023 ₹141 Cr | Dec 2023 ₹130 Cr | Mar 2024 ₹172 Cr | Jun 2024 ₹174 Cr | Sep 2024 ₹167 Cr | Dec 2024 ₹149 Cr | Mar 2025 ₹185 Cr | Jun 2025 ₹199 Cr | Sep 2025 ₹183 Cr | Dec 2025 ₹202 Cr | Mar 2026 ₹246 Cr | Jun 2026 —
- GRAUWEIL: Sep 2021 ₹170 Cr | Dec 2021 ₹203 Cr | Mar 2022 ₹262 Cr | Jun 2022 ₹199 Cr | Sep 2022 ₹205 Cr | Dec 2022 ₹251 Cr | Mar 2023 ₹327 Cr | Jun 2023 ₹200 Cr | Sep 2023 ₹250 Cr | Dec 2023 ₹285 Cr | Mar 2024 ₹333 Cr | Jun 2024 ₹264 Cr | Sep 2024 ₹255 Cr | Dec 2024 ₹275 Cr | Mar 2025 ₹340 Cr | Jun 2025 ₹253 Cr | Sep 2025 ₹291 Cr | Dec 2025 ₹291 Cr | Mar 2026 ₹355 Cr | Jun 2026 —
- PANAMAPET: Sep 2021 ₹563 Cr | Dec 2021 ₹509 Cr | Mar 2022 ₹508 Cr | Jun 2022 ₹552 Cr | Sep 2022 ₹462 Cr | Dec 2022 ₹573 Cr | Mar 2023 ₹510 Cr | Jun 2023 ₹530 Cr | Sep 2023 ₹574 Cr | Dec 2023 ₹512 Cr | Mar 2024 ₹741 Cr | Jun 2024 ₹671 Cr | Sep 2024 ₹699 Cr | Dec 2024 ₹728 Cr | Mar 2025 ₹695 Cr | Jun 2025 ₹693 Cr | Sep 2025 ₹773 Cr | Dec 2025 ₹775 Cr | Mar 2026 ₹823 Cr | Jun 2026 —
- TIRUMALCHM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹508 Cr | Mar 2023 ₹431 Cr | Jun 2023 ₹523 Cr | Sep 2023 ₹542 Cr | Dec 2023 ₹492 Cr | Mar 2024 ₹527 Cr | Jun 2024 ₹555 Cr | Sep 2024 ₹525 Cr | Dec 2024 ₹447 Cr | Mar 2025 ₹523 Cr | Jun 2025 ₹450 Cr | Sep 2025 ₹445 Cr | Dec 2025 ₹416 Cr | Mar 2026 ₹424 Cr | Jun 2026 —
- PAUSHAKLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹56 Cr | Mar 2023 ₹56 Cr | Jun 2023 ₹49 Cr | Sep 2023 ₹52 Cr | Dec 2023 ₹52 Cr | Mar 2024 ₹54 Cr | Jun 2024 ₹52 Cr | Sep 2024 ₹57 Cr | Dec 2024 ₹49 Cr | Mar 2025 ₹52 Cr | Jun 2025 ₹56 Cr | Sep 2025 ₹59 Cr | Dec 2025 ₹49 Cr | Mar 2026 ₹55 Cr | Jun 2026 —
- PLATIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹65 Cr | Mar 2023 ₹60 Cr | Jun 2023 ₹62 Cr | Sep 2023 ₹61 Cr | Dec 2023 ₹61 Cr | Mar 2024 ₹80 Cr | Jun 2024 ₹103 Cr | Sep 2024 ₹100 Cr | Dec 2024 ₹93 Cr | Mar 2025 ₹97 Cr | Jun 2025 ₹115 Cr | Sep 2025 ₹98 Cr | Dec 2025 ₹105 Cr | Mar 2026 ₹132 Cr | Jun 2026 —
- AMNPLST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹131 Cr | Dec 2022 ₹161 Cr | Mar 2023 ₹167 Cr | Jun 2023 ₹137 Cr | Sep 2023 ₹157 Cr | Dec 2023 ₹175 Cr | Mar 2024 ₹177 Cr | Jun 2024 ₹137 Cr | Sep 2024 ₹167 Cr | Dec 2024 ₹191 Cr | Mar 2025 ₹166 Cr | Jun 2025 ₹140 Cr | Sep 2025 ₹133 Cr | Dec 2025 ₹142 Cr | Mar 2026 ₹155 Cr | Jun 2026 —
- DMCC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹72 Cr | Mar 2023 ₹97 Cr | Jun 2023 ₹86 Cr | Sep 2023 ₹77 Cr | Dec 2023 ₹81 Cr | Mar 2024 ₹84 Cr | Jun 2024 ₹85 Cr | Sep 2024 ₹103 Cr | Dec 2024 ₹118 Cr | Mar 2025 ₹125 Cr | Jun 2025 ₹127 Cr | Sep 2025 ₹126 Cr | Dec 2025 ₹151 Cr | Mar 2026 ₹178 Cr | Jun 2026 —
- CHEMCON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹76 Cr | Mar 2023 ₹79 Cr | Jun 2023 ₹79 Cr | Sep 2023 ₹75 Cr | Dec 2023 ₹53 Cr | Mar 2024 ₹60 Cr | Jun 2024 ₹46 Cr | Sep 2024 ₹53 Cr | Dec 2024 ₹54 Cr | Mar 2025 ₹55 Cr | Jun 2025 ₹54 Cr | Sep 2025 ₹54 Cr | Dec 2025 ₹57 Cr | Mar 2026 ₹75 Cr | Jun 2026 —
- AMAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹18 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹46 Cr | Mar 2025 ₹39 Cr | Jun 2025 ₹47 Cr | Sep 2025 ₹54 Cr | Dec 2025 ₹63 Cr | Mar 2026 — | Jun 2026 —
- TRANSPEK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹196 Cr | Mar 2023 ₹203 Cr | Jun 2023 ₹162 Cr | Sep 2023 ₹121 Cr | Dec 2023 ₹148 Cr | Mar 2024 ₹148 Cr | Jun 2024 ₹152 Cr | Sep 2024 ₹163 Cr | Dec 2024 ₹170 Cr | Mar 2025 ₹165 Cr | Jun 2025 ₹154 Cr | Sep 2025 ₹160 Cr | Dec 2025 ₹158 Cr | Mar 2026 ₹148 Cr | Jun 2026 —
- KRONOX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹21 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹26 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹26 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- 530477: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -9.6% | Jun 2024 44% | Sep 2024 -0.5% | Dec 2024 41% | Mar 2025 -1.0% | Jun 2025 -8.2% | Sep 2025 2.9% | Dec 2025 -0.9% | Mar 2026 39% | Jun 2026 —
- 530845: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 27% | Mar 2024 30% | Jun 2024 16% | Sep 2024 41% | Dec 2024 31% | Mar 2025 28% | Jun 2025 46% | Sep 2025 31% | Dec 2025 12% | Mar 2026 0.0% | Jun 2026 —
- PIDILITIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 60% | Sep 2022 15% | Dec 2022 5.2% | Mar 2023 7.3% | Jun 2023 5.6% | Sep 2023 2.2% | Dec 2023 4.4% | Mar 2024 7.9% | Jun 2024 3.7% | Sep 2024 5.2% | Dec 2024 7.6% | Mar 2025 8.2% | Jun 2025 11% | Sep 2025 9.9% | Dec 2025 10% | Mar 2026 14% | Jun 2026 —
- AETHER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.7% | Sep 2022 -0.7% | Dec 2022 11% | Mar 2023 24% | Jun 2023 -1.2% | Sep 2023 17% | Dec 2023 -7.2% | Mar 2024 -36% | Jun 2024 12% | Sep 2024 21% | Dec 2024 42% | Mar 2025 103% | Jun 2025 42% | Sep 2025 41% | Dec 2025 45% | Mar 2026 27% | Jun 2026 —
- AARTIIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 50% | Sep 2022 8.6% | Dec 2022 -30% | Mar 2023 97% | Jun 2023 -28% | Sep 2023 -14% | Dec 2023 3.8% | Mar 2024 7.1% | Jun 2024 31% | Sep 2024 12% | Dec 2024 6.4% | Mar 2025 9.9% | Jun 2025 -9.5% | Sep 2025 29% | Dec 2025 26% | Mar 2026 13% | Jun 2026 —
- ANURAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -0.3% | Dec 2023 -24% | Mar 2024 -16% | Jun 2024 -34% | Sep 2024 -25% | Dec 2024 32% | Mar 2025 25% | Jun 2025 91% | Sep 2025 149% | Dec 2025 31% | Mar 2026 27% | Jun 2026 —
- PRIVISCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -3.8% | Mar 2024 21% | Jun 2024 13% | Sep 2024 17% | Dec 2024 22% | Mar 2025 27% | Jun 2025 20% | Sep 2025 27% | Dec 2025 23% | Mar 2026 18% | Jun 2026 —
- VINATIORGA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 31% | Sep 2022 51% | Dec 2022 40% | Mar 2023 6.8% | Jun 2023 -13% | Sep 2023 -18% | Dec 2023 -13% | Mar 2024 6.0% | Jun 2024 20% | Sep 2024 19% | Dec 2024 17% | Mar 2025 18% | Jun 2025 3.2% | Sep 2025 -0.5% | Dec 2025 1.7% | Mar 2026 -6.8% | Jun 2026 —
- ALKYLAMINE: Sep 2021 — | Dec 2021 — | Mar 2022 11% | Jun 2022 21% | Sep 2022 17% | Dec 2022 3.2% | Mar 2023 -3.1% | Jun 2023 -13% | Sep 2023 -14% | Dec 2023 -17% | Mar 2024 -13% | Jun 2024 -2.4% | Sep 2024 18% | Dec 2024 15% | Mar 2025 8.1% | Jun 2025 1.5% | Sep 2025 — | Dec 2025 -4.6% | Mar 2026 0.3% | Jun 2026 —
- CLEAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 60% | Sep 2022 62% | Dec 2022 31% | Mar 2023 5.9% | Jun 2023 -20% | Sep 2023 -27% | Dec 2023 -18% | Mar 2024 5.1% | Jun 2024 19% | Sep 2024 31% | Dec 2024 24% | Mar 2025 16% | Jun 2025 8.5% | Sep 2025 2.9% | Dec 2025 -8.7% | Mar 2026 -5.7% | Jun 2026 —
- GALAXYSURF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 40% | Sep 2022 40% | Dec 2022 17% | Mar 2023 -6.9% | Jun 2023 -19% | Sep 2023 -20% | Dec 2023 -13% | Mar 2024 -5.2% | Jun 2024 3.4% | Sep 2024 8.1% | Dec 2024 11% | Mar 2025 23% | Jun 2025 31% | Sep 2025 25% | Dec 2025 28% | Mar 2026 15% | Jun 2026 —
- NEOGEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 74% | Sep 2022 31% | Dec 2022 40% | Mar 2023 30% | Jun 2023 11% | Sep 2023 9.5% | Dec 2023 -12% | Mar 2024 -2.0% | Jun 2024 9.1% | Sep 2024 19% | Dec 2024 23% | Mar 2025 1.5% | Jun 2025 3.9% | Sep 2025 8.3% | Dec 2025 9.5% | Mar 2026 22% | Jun 2026 34%
- FCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 116% | Sep 2022 72% | Dec 2022 3.8% | Mar 2023 14% | Jun 2023 -2.9% | Sep 2023 8.2% | Dec 2023 27% | Mar 2024 11% | Jun 2024 7.6% | Sep 2024 0.7% | Dec 2024 -8.7% | Mar 2025 -22% | Jun 2025 -3.5% | Sep 2025 -5.5% | Dec 2025 46% | Mar 2026 162% | Jun 2026 175%
- VISHNU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 82% | Sep 2022 55% | Dec 2022 9.1% | Mar 2023 0.6% | Jun 2023 -16% | Sep 2023 -17% | Dec 2023 -6.5% | Mar 2024 -11% | Jun 2024 13% | Sep 2024 12% | Dec 2024 22% | Mar 2025 31% | Jun 2025 2.4% | Sep 2025 17% | Dec 2025 11% | Mar 2026 15% | Jun 2026 —
- TATVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -27% | Dec 2022 15% | Mar 2023 26% | Jun 2023 30% | Sep 2023 7.8% | Dec 2023 -31% | Mar 2024 -22% | Jun 2024 -7.9% | Sep 2024 -14% | Dec 2024 2.4% | Mar 2025 10% | Jun 2025 11% | Sep 2025 49% | Dec 2025 52% | Mar 2026 24% | Jun 2026 43%
- YASHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 34% | Sep 2022 44% | Dec 2022 -9.2% | Mar 2023 -16% | Jun 2023 -15% | Sep 2023 -27% | Dec 2023 -13% | Mar 2024 13% | Jun 2024 16% | Sep 2024 18% | Dec 2024 15% | Mar 2025 7.6% | Jun 2025 14% | Sep 2025 9.6% | Dec 2025 36% | Mar 2026 33% | Jun 2026 —
- GRAUWEIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 47% | Sep 2022 21% | Dec 2022 24% | Mar 2023 25% | Jun 2023 0.5% | Sep 2023 22% | Dec 2023 14% | Mar 2024 1.8% | Jun 2024 32% | Sep 2024 2.0% | Dec 2024 -3.5% | Mar 2025 2.1% | Jun 2025 -4.2% | Sep 2025 14% | Dec 2025 5.8% | Mar 2026 4.4% | Jun 2026 —
- PANAMAPET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.2% | Sep 2022 -18% | Dec 2022 13% | Mar 2023 0.4% | Jun 2023 -4.0% | Sep 2023 24% | Dec 2023 -11% | Mar 2024 45% | Jun 2024 27% | Sep 2024 22% | Dec 2024 42% | Mar 2025 -6.2% | Jun 2025 3.3% | Sep 2025 11% | Dec 2025 6.5% | Mar 2026 18% | Jun 2026 —
- TIRUMALCHM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -3.2% | Mar 2024 22% | Jun 2024 6.1% | Sep 2024 -3.1% | Dec 2024 -9.2% | Mar 2025 -0.8% | Jun 2025 -19% | Sep 2025 -15% | Dec 2025 -6.9% | Mar 2026 -19% | Jun 2026 —
- PAUSHAKLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -6.7% | Mar 2024 -3.6% | Jun 2024 6.1% | Sep 2024 9.6% | Dec 2024 -5.8% | Mar 2025 -3.7% | Jun 2025 7.7% | Sep 2025 3.5% | Dec 2025 0.0% | Mar 2026 5.8% | Jun 2026 —
- PLATIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -6.2% | Mar 2024 33% | Jun 2024 66% | Sep 2024 64% | Dec 2024 52% | Mar 2025 21% | Jun 2025 12% | Sep 2025 -2.0% | Dec 2025 13% | Mar 2026 36% | Jun 2026 —
- AMNPLST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 19% | Dec 2023 9.0% | Mar 2024 6.0% | Jun 2024 0.0% | Sep 2024 6.4% | Dec 2024 9.1% | Mar 2025 -6.2% | Jun 2025 2.2% | Sep 2025 -20% | Dec 2025 -26% | Mar 2026 -6.6% | Jun 2026 —
- DMCC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 12% | Mar 2024 -13% | Jun 2024 -0.3% | Sep 2024 34% | Dec 2024 47% | Mar 2025 49% | Jun 2025 49% | Sep 2025 23% | Dec 2025 28% | Mar 2026 42% | Jun 2026 —
- CHEMCON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -31% | Mar 2024 -25% | Jun 2024 -43% | Sep 2024 -30% | Dec 2024 2.7% | Mar 2025 -7.9% | Jun 2025 18% | Sep 2025 2.1% | Dec 2025 5.4% | Mar 2026 37% | Jun 2026 —
- AMAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 42% | Mar 2024 22% | Jun 2024 22% | Sep 2024 35% | Dec 2024 77% | Mar 2025 84% | Jun 2025 131% | Sep 2025 80% | Dec 2025 37% | Mar 2026 — | Jun 2026 —
- TRANSPEK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -24% | Mar 2024 -27% | Jun 2024 -6.4% | Sep 2024 35% | Dec 2024 15% | Mar 2025 12% | Jun 2025 1.6% | Sep 2025 -1.5% | Dec 2025 -6.8% | Mar 2026 -10% | Jun 2026 —
- KRONOX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 3.3% | Jun 2024 -2.9% | Sep 2024 18% | Dec 2024 16% | Mar 2025 18% | Jun 2025 -3.6% | Sep 2025 2.7% | Dec 2025 5.3% | Mar 2026 0.0% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Clean Science & Technology Ltd leads opm at 38%; Grauer & Weil (India) Ltd leads margin change at +8 percentage points.

Investor read: Clean Science & Technology 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: Clean Science & Technology Ltd · 38% | 4.4% versus #2 · Kronox Lab Sciences Ltd | 1/8 recent comparable periods | 27/27 companies · 503 observations

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

### OPM — highest
1. Clean Science & Technology Ltd (CLEAN): 38%
2. Kronox Lab Sciences Ltd (KRONOX): 36%
3. Vikram Thermo (India) Ltd (530477): 32%
4. Paushak Ltd (PAUSHAKLTD): 30%
5. Vinati Organics Ltd (VINATIORGA): 28%

### Margin change — fastest expanders
1. Grauer & Weil (India) Ltd (GRAUWEIL): +8.0 pp
2. Vikram Thermo (India) Ltd (530477): +7.1 pp
3. Kronox Lab Sciences Ltd (KRONOX): +6.8 pp
4. Sunshield Chemicals Ltd (530845): +5.0 pp
5. Platinum Industries Ltd (PLATIND): +4.0 pp

### 20-quarter OPM history
- 530477: Sep 2021 9.0% | Dec 2021 16% | Mar 2022 17% | Jun 2022 27% | Sep 2022 26% | Dec 2022 19% | Mar 2023 21% | Jun 2023 38% | Sep 2023 36% | Dec 2023 39% | Mar 2024 27% | Jun 2024 37% | Sep 2024 37% | Dec 2024 39% | Mar 2025 25% | Jun 2025 40% | Sep 2025 45% | Dec 2025 44% | Mar 2026 32% | Jun 2026 —
- 530845: Sep 2021 15% | Dec 2021 14% | Mar 2022 10% | Jun 2022 14% | Sep 2022 17% | Dec 2022 9.0% | Mar 2023 11% | Jun 2023 13% | Sep 2023 14% | Dec 2023 16% | Mar 2024 14% | Jun 2024 10% | Sep 2024 8.0% | Dec 2024 8.0% | Mar 2025 10% | Jun 2025 11% | Sep 2025 11% | Dec 2025 10% | Mar 2026 15% | Jun 2026 —
- PIDILITIND: Sep 2021 21% | Dec 2021 19% | Mar 2022 16% | Jun 2022 17% | Sep 2022 17% | Dec 2022 17% | Mar 2023 17% | Jun 2023 22% | Sep 2023 22% | Dec 2023 24% | Mar 2024 20% | Jun 2024 24% | Sep 2024 24% | Dec 2024 24% | Mar 2025 20% | Jun 2025 25% | Sep 2025 24% | Dec 2025 24% | Mar 2026 23% | Jun 2026 —
- AETHER: Sep 2021 29% | Dec 2021 26% | Mar 2022 29% | Jun 2022 27% | Sep 2022 26% | Dec 2022 28% | Mar 2023 32% | Jun 2023 28% | Sep 2023 28% | Dec 2023 20% | Mar 2024 9.0% | Jun 2024 24% | Sep 2024 27% | Dec 2024 29% | Mar 2025 33% | Jun 2025 32% | Sep 2025 31% | Dec 2025 35% | Mar 2026 27% | Jun 2026 —
- AARTIIND: Sep 2021 20% | Dec 2021 43% | Mar 2022 19% | Jun 2022 18% | Sep 2022 16% | Dec 2022 17% | Mar 2023 15% | Jun 2023 14% | Sep 2023 16% | Dec 2023 15% | Mar 2024 16% | Jun 2024 16% | Sep 2024 12% | Dec 2024 13% | Mar 2025 13% | Jun 2025 13% | Sep 2025 14% | Dec 2025 14% | Mar 2026 15% | Jun 2026 —
- ANURAS: Sep 2021 26% | Dec 2021 28% | Mar 2022 32% | Jun 2022 29% | Sep 2022 28% | Dec 2022 28% | Mar 2023 24% | Jun 2023 26% | Sep 2023 27% | Dec 2023 27% | Mar 2024 23% | Jun 2024 21% | Sep 2024 27% | Dec 2024 32% | Mar 2025 29% | Jun 2025 26% | Sep 2025 19% | Dec 2025 25% | Mar 2026 22% | Jun 2026 —
- PRIVISCL: Sep 2021 13% | Dec 2021 13% | Mar 2022 13% | Jun 2022 15% | Sep 2022 11% | Dec 2022 12% | Mar 2023 8.0% | Jun 2023 13% | Sep 2023 20% | Dec 2023 22% | Mar 2024 19% | Jun 2024 20% | Sep 2024 21% | Dec 2024 23% | Mar 2025 22% | Jun 2025 24% | Sep 2025 27% | Dec 2025 25% | Mar 2026 25% | Jun 2026 —
- VINATIORGA: Sep 2021 27% | Dec 2021 25% | Mar 2022 29% | Jun 2022 26% | Sep 2022 26% | Dec 2022 29% | Mar 2023 28% | Jun 2023 23% | Sep 2023 23% | Dec 2023 26% | Mar 2024 27% | Jun 2024 24% | Sep 2024 24% | Dec 2024 27% | Mar 2025 28% | Jun 2025 29% | Sep 2025 30% | Dec 2025 30% | Mar 2026 28% | Jun 2026 —
- ALKYLAMINE: Sep 2021 19% | Dec 2021 16% | Mar 2022 15% | Jun 2022 22% | Sep 2022 17% | Dec 2022 15% | Mar 2023 17% | Jun 2023 15% | Sep 2023 10% | Dec 2023 13% | Mar 2024 16% | Jun 2024 15% | Sep 2024 13% | Dec 2024 14% | Mar 2025 15% | Jun 2025 15% | Sep 2025 — | Dec 2025 14% | Mar 2026 15% | Jun 2026 —
- CLEAN: Sep 2021 45% | Dec 2021 42% | Mar 2022 41% | Jun 2022 39% | Sep 2022 39% | Dec 2022 46% | Mar 2023 48% | Jun 2023 40% | Sep 2023 41% | Dec 2023 44% | Mar 2024 42% | Jun 2024 42% | Sep 2024 38% | Dec 2024 41% | Mar 2025 40% | Jun 2025 41% | Sep 2025 36% | Dec 2025 33% | Mar 2026 38% | Jun 2026 —
- GALAXYSURF: Sep 2021 8.1% | Dec 2021 8.2% | Mar 2022 14% | Jun 2022 13% | Sep 2022 11% | Dec 2022 14% | Mar 2023 14% | Jun 2023 13% | Sep 2023 13% | Dec 2023 12% | Mar 2024 11% | Jun 2024 13% | Sep 2024 12% | Dec 2024 10% | Mar 2025 11% | Jun 2025 10% | Sep 2025 8.0% | Dec 2025 9.0% | Mar 2026 9.0% | Jun 2026 —
- NEOGEN: Sep 2021 18% | Dec 2021 18% | Mar 2022 17% | Jun 2022 17% | Sep 2022 16% | Dec 2022 16% | Mar 2023 16% | Jun 2023 17% | Sep 2023 16% | Dec 2023 12% | Mar 2024 18% | Jun 2024 17% | Sep 2024 18% | Dec 2024 17% | Mar 2025 18% | Jun 2025 17% | Sep 2025 14% | Dec 2025 14% | Mar 2026 18% | Jun 2026 19%
- FCL: Sep 2021 19% | Dec 2021 24% | Mar 2022 18% | Jun 2022 19% | Sep 2022 19% | Dec 2022 26% | Mar 2023 24% | Jun 2023 24% | Sep 2023 26% | Dec 2023 29% | Mar 2024 25% | Jun 2024 25% | Sep 2024 25% | Dec 2024 27% | Mar 2025 18% | Jun 2025 18% | Sep 2025 23% | Dec 2025 19% | Mar 2026 14% | Jun 2026 16%
- VISHNU: Sep 2021 14% | Dec 2021 15% | Mar 2022 15% | Jun 2022 16% | Sep 2022 16% | Dec 2022 16% | Mar 2023 18% | Jun 2023 17% | Sep 2023 15% | Dec 2023 13% | Mar 2024 21% | Jun 2024 16% | Sep 2024 13% | Dec 2024 17% | Mar 2025 16% | Jun 2025 16% | Sep 2025 15% | Dec 2025 15% | Mar 2026 17% | Jun 2026 —
- TATVA: Sep 2021 29% | Dec 2021 23% | Mar 2022 22% | Jun 2022 17% | Sep 2022 12% | Dec 2022 15% | Mar 2023 13% | Jun 2023 19% | Sep 2023 21% | Dec 2023 13% | Mar 2024 16% | Jun 2024 12% | Sep 2024 7.0% | Dec 2024 8.0% | Mar 2025 8.0% | Jun 2025 15% | Sep 2025 18% | Dec 2025 19% | Mar 2026 21% | Jun 2026 19%
- YASHO: Sep 2021 16% | Dec 2021 16% | Mar 2022 14% | Jun 2022 17% | Sep 2022 18% | Dec 2022 16% | Mar 2023 17% | Jun 2023 17% | Sep 2023 15% | Dec 2023 17% | Mar 2024 18% | Jun 2024 13% | Sep 2024 19% | Dec 2024 18% | Mar 2025 19% | Jun 2025 17% | Sep 2025 18% | Dec 2025 17% | Mar 2026 18% | Jun 2026 —
- GRAUWEIL: Sep 2021 15% | Dec 2021 17% | Mar 2022 9.3% | Jun 2022 20% | Sep 2022 19% | Dec 2022 19% | Mar 2023 9.0% | Jun 2023 24% | Sep 2023 20% | Dec 2023 19% | Mar 2024 12% | Jun 2024 24% | Sep 2024 17% | Dec 2024 19% | Mar 2025 9.0% | Jun 2025 21% | Sep 2025 15% | Dec 2025 13% | Mar 2026 17% | Jun 2026 —
- PANAMAPET: Sep 2021 15% | Dec 2021 13% | Mar 2022 14% | Jun 2022 16% | Sep 2022 16% | Dec 2022 12% | Mar 2023 13% | Jun 2023 11% | Sep 2023 11% | Dec 2023 11% | Mar 2024 10% | Jun 2024 10% | Sep 2024 8.0% | Dec 2024 9.0% | Mar 2025 9.0% | Jun 2025 8.0% | Sep 2025 9.0% | Dec 2025 8.0% | Mar 2026 11% | Jun 2026 —
- TIRUMALCHM: Sep 2021 17% | Dec 2021 21% | Mar 2022 24% | Jun 2022 16% | Sep 2022 11% | Dec 2022 6.0% | Mar 2023 0.0% | Jun 2023 7.0% | Sep 2023 3.0% | Dec 2023 -1.0% | Mar 2024 1.0% | Jun 2024 6.0% | Sep 2024 4.0% | Dec 2024 -5.0% | Mar 2025 3.0% | Jun 2025 -6.0% | Sep 2025 -1.0% | Dec 2025 -4.0% | Mar 2026 1.0% | Jun 2026 —
- PAUSHAKLTD: Sep 2021 43% | Dec 2021 34% | Mar 2022 39% | Jun 2022 37% | Sep 2022 33% | Dec 2022 37% | Mar 2023 35% | Jun 2023 25% | Sep 2023 28% | Dec 2023 36% | Mar 2024 35% | Jun 2024 23% | Sep 2024 30% | Dec 2024 30% | Mar 2025 30% | Jun 2025 32% | Sep 2025 25% | Dec 2025 23% | Mar 2026 30% | Jun 2026 —
- PLATIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 25% | Mar 2023 23% | Jun 2023 26% | Sep 2023 27% | Dec 2023 22% | Mar 2024 19% | Jun 2024 20% | Sep 2024 15% | Dec 2024 15% | Mar 2025 8.0% | Jun 2025 13% | Sep 2025 14% | Dec 2025 15% | Mar 2026 12% | Jun 2026 —
- AMNPLST: Sep 2021 8.2% | Dec 2021 5.2% | Mar 2022 6.4% | Jun 2022 7.8% | Sep 2022 6.5% | Dec 2022 5.7% | Mar 2023 8.0% | Jun 2023 10% | Sep 2023 10% | Dec 2023 10% | Mar 2024 12% | Jun 2024 11% | Sep 2024 10% | Dec 2024 9.0% | Mar 2025 13% | Jun 2025 9.0% | Sep 2025 8.0% | Dec 2025 9.0% | Mar 2026 15% | Jun 2026 —
- DMCC: Sep 2021 9.8% | Dec 2021 14% | Mar 2022 11% | Jun 2022 13% | Sep 2022 3.3% | Dec 2022 1.7% | Mar 2023 17% | Jun 2023 13% | Sep 2023 12% | Dec 2023 8.8% | Mar 2024 8.8% | Jun 2024 10% | Sep 2024 15% | Dec 2024 15% | Mar 2025 12% | Jun 2025 13% | Sep 2025 11% | Dec 2025 9.8% | Mar 2026 10.0% | Jun 2026 —
- CHEMCON: Sep 2021 31% | Dec 2021 35% | Mar 2022 31% | Jun 2022 38% | Sep 2022 17% | Dec 2022 18% | Mar 2023 18% | Jun 2023 9.7% | Sep 2023 11% | Dec 2023 12% | Mar 2024 7.4% | Jun 2024 16% | Sep 2024 16% | Dec 2024 21% | Mar 2025 11% | Jun 2025 15% | Sep 2025 13% | Dec 2025 12% | Mar 2026 12% | Jun 2026 —
- AMAL: Sep 2021 2.1% | Dec 2021 28% | Mar 2022 8.9% | Jun 2022 -17% | Sep 2022 -18% | Dec 2022 -3.5% | Mar 2023 -2.1% | Jun 2023 0.5% | Sep 2023 23% | Dec 2023 23% | Mar 2024 19% | Jun 2024 15% | Sep 2024 31% | Dec 2024 45% | Mar 2025 27% | Jun 2025 25% | Sep 2025 16% | Dec 2025 13% | Mar 2026 — | Jun 2026 —
- TRANSPEK: Sep 2021 20% | Dec 2021 17% | Mar 2022 11% | Jun 2022 14% | Sep 2022 16% | Dec 2022 21% | Mar 2023 20% | Jun 2023 14% | Sep 2023 11% | Dec 2023 19% | Mar 2024 13% | Jun 2024 11% | Sep 2024 14% | Dec 2024 14% | Mar 2025 19% | Jun 2025 16% | Sep 2025 17% | Dec 2025 16% | Mar 2026 12% | Jun 2026 —
- KRONOX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 19% | Jun 2023 33% | Sep 2023 28% | Dec 2023 29% | Mar 2024 35% | Jun 2024 33% | Sep 2024 35% | Dec 2024 35% | Mar 2025 30% | Jun 2025 33% | Sep 2025 34% | Dec 2025 32% | Mar 2026 36% | Jun 2026 —

### 20-quarter Margin change history
- 530477: Sep 2021 −21.4 pp | Dec 2021 −5.5 pp | Mar 2022 +5.5 pp | Jun 2022 +8.6 pp | Sep 2022 +16.8 pp | Dec 2022 +3.0 pp | Mar 2023 +3.3 pp | Jun 2023 +11.0 pp | Sep 2023 +10.0 pp | Dec 2023 +19.8 pp | Mar 2024 +6.8 pp | Jun 2024 −1.3 pp | Sep 2024 +1.3 pp | Dec 2024 +0.2 pp | Mar 2025 −2.7 pp | Jun 2025 +2.4 pp | Sep 2025 +7.6 pp | Dec 2025 +5.6 pp | Mar 2026 +7.1 pp | Jun 2026 —
- 530845: Sep 2021 −1.0 pp | Dec 2021 −1.9 pp | Mar 2022 −4.0 pp | Jun 2022 +1.5 pp | Sep 2022 +1.5 pp | Dec 2022 −5.1 pp | Mar 2023 +0.7 pp | Jun 2023 −0.5 pp | Sep 2023 −2.7 pp | Dec 2023 +7.0 pp | Mar 2024 +3.0 pp | Jun 2024 −3.0 pp | Sep 2024 −6.0 pp | Dec 2024 −8.0 pp | Mar 2025 −4.0 pp | Jun 2025 +1.0 pp | Sep 2025 +3.0 pp | Dec 2025 +2.0 pp | Mar 2026 +5.0 pp | Jun 2026 —
- PIDILITIND: Sep 2021 −6.3 pp | Dec 2021 −8.6 pp | Mar 2022 −4.6 pp | Jun 2022 −0.9 pp | Sep 2022 −4.3 pp | Dec 2022 −2.3 pp | Mar 2023 +1.0 pp | Jun 2023 +4.9 pp | Sep 2023 +5.4 pp | Dec 2023 +7.0 pp | Mar 2024 +3.0 pp | Jun 2024 +2.0 pp | Sep 2024 +2.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 +1.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 +3.0 pp | Jun 2026 —
- AETHER: Sep 2021 — | Dec 2021 — | Mar 2022 −2.2 pp | Jun 2022 −4.4 pp | Sep 2022 −2.3 pp | Dec 2022 +2.1 pp | Mar 2023 +3.4 pp | Jun 2023 +1.5 pp | Sep 2023 +1.7 pp | Dec 2023 −8.0 pp | Mar 2024 −23.0 pp | Jun 2024 −4.0 pp | Sep 2024 −1.0 pp | Dec 2024 +9.0 pp | Mar 2025 +24.0 pp | Jun 2025 +8.0 pp | Sep 2025 +4.0 pp | Dec 2025 +6.0 pp | Mar 2026 −6.0 pp | Jun 2026 —
- AARTIIND: Sep 2021 −1.4 pp | Dec 2021 +18.9 pp | Mar 2022 −2.2 pp | Jun 2022 −6.2 pp | Sep 2022 −4.4 pp | Dec 2022 −25.9 pp | Mar 2023 −4.3 pp | Jun 2023 −3.6 pp | Sep 2023 +0.2 pp | Dec 2023 −2.0 pp | Mar 2024 +1.0 pp | Jun 2024 +2.0 pp | Sep 2024 −4.0 pp | Dec 2024 −2.0 pp | Mar 2025 −3.0 pp | Jun 2025 −3.0 pp | Sep 2025 +2.0 pp | Dec 2025 +1.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- ANURAS: Sep 2021 +5.5 pp | Dec 2021 −0.8 pp | Mar 2022 +9.2 pp | Jun 2022 +2.7 pp | Sep 2022 +2.3 pp | Dec 2022 −0.2 pp | Mar 2023 −8.3 pp | Jun 2023 −2.7 pp | Sep 2023 −1.0 pp | Dec 2023 −1.0 pp | Mar 2024 −1.0 pp | Jun 2024 −5.0 pp | Sep 2024 0.0 pp | Dec 2024 +5.0 pp | Mar 2025 +6.0 pp | Jun 2025 +5.0 pp | Sep 2025 −8.0 pp | Dec 2025 −7.0 pp | Mar 2026 −7.0 pp | Jun 2026 —
- PRIVISCL: Sep 2021 −0.3 pp | Dec 2021 −1.7 pp | Mar 2022 −7.9 pp | Jun 2022 −2.6 pp | Sep 2022 −1.8 pp | Dec 2022 −0.6 pp | Mar 2023 −4.6 pp | Jun 2023 −2.1 pp | Sep 2023 +9.2 pp | Dec 2023 +10.0 pp | Mar 2024 +11.0 pp | Jun 2024 +7.0 pp | Sep 2024 +1.0 pp | Dec 2024 +1.0 pp | Mar 2025 +3.0 pp | Jun 2025 +4.0 pp | Sep 2025 +6.0 pp | Dec 2025 +2.0 pp | Mar 2026 +3.0 pp | Jun 2026 —
- VINATIORGA: Sep 2021 −11.3 pp | Dec 2021 −7.1 pp | Mar 2022 −6.9 pp | Jun 2022 −0.4 pp | Sep 2022 −0.8 pp | Dec 2022 +3.9 pp | Mar 2023 −0.6 pp | Jun 2023 −2.9 pp | Sep 2023 −3.2 pp | Dec 2023 −3.0 pp | Mar 2024 −1.0 pp | Jun 2024 +1.0 pp | Sep 2024 +1.0 pp | Dec 2024 +1.0 pp | Mar 2025 +1.0 pp | Jun 2025 +5.0 pp | Sep 2025 +6.0 pp | Dec 2025 +3.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- ALKYLAMINE: Sep 2021 — | Dec 2021 — | Mar 2022 −18.6 pp | Jun 2022 −4.3 pp | Sep 2022 −2.2 pp | Dec 2022 −0.4 pp | Mar 2023 +2.4 pp | Jun 2023 −6.9 pp | Sep 2023 −7.0 pp | Dec 2023 −1.9 pp | Mar 2024 −1.4 pp | Jun 2024 +0.3 pp | Sep 2024 +3.2 pp | Dec 2024 +1.1 pp | Mar 2025 −1.1 pp | Jun 2025 −0.9 pp | Sep 2025 — | Dec 2025 −0.4 pp | Mar 2026 −0.1 pp | Jun 2026 —
- CLEAN: Sep 2021 −5.2 pp | Dec 2021 −7.7 pp | Mar 2022 −11.4 pp | Jun 2022 −9.8 pp | Sep 2022 −5.5 pp | Dec 2022 +3.9 pp | Mar 2023 +7.1 pp | Jun 2023 +1.0 pp | Sep 2023 +1.6 pp | Dec 2023 −2.0 pp | Mar 2024 −6.0 pp | Jun 2024 +2.0 pp | Sep 2024 −3.0 pp | Dec 2024 −3.0 pp | Mar 2025 −2.0 pp | Jun 2025 −1.0 pp | Sep 2025 −2.0 pp | Dec 2025 −8.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- GALAXYSURF: Sep 2021 −8.8 pp | Dec 2021 −9.5 pp | Mar 2022 −1.2 pp | Jun 2022 −0.4 pp | Sep 2022 +2.6 pp | Dec 2022 +5.8 pp | Mar 2023 +0.2 pp | Jun 2023 +0.2 pp | Sep 2023 +2.3 pp | Dec 2023 −2.0 pp | Mar 2024 −3.0 pp | Jun 2024 0.0 pp | Sep 2024 −1.0 pp | Dec 2024 −2.0 pp | Mar 2025 0.0 pp | Jun 2025 −3.0 pp | Sep 2025 −4.0 pp | Dec 2025 −1.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- NEOGEN: Sep 2021 −0.7 pp | Dec 2021 −1.9 pp | Mar 2022 −3.0 pp | Jun 2022 −1.8 pp | Sep 2022 −1.8 pp | Dec 2022 −1.8 pp | Mar 2023 −1.0 pp | Jun 2023 +0.3 pp | Sep 2023 −0.4 pp | Dec 2023 −4.2 pp | Mar 2024 +2.0 pp | Jun 2024 0.0 pp | Sep 2024 +2.0 pp | Dec 2024 +5.0 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 −4.0 pp | Dec 2025 −3.0 pp | Mar 2026 0.0 pp | Jun 2026 +2.0 pp
- FCL: Sep 2021 +0.7 pp | Dec 2021 +0.5 pp | Mar 2022 +0.6 pp | Jun 2022 +3.8 pp | Sep 2022 −0.2 pp | Dec 2022 +2.1 pp | Mar 2023 +6.3 pp | Jun 2023 +4.7 pp | Sep 2023 +7.3 pp | Dec 2023 +3.0 pp | Mar 2024 +1.0 pp | Jun 2024 +1.0 pp | Sep 2024 −1.0 pp | Dec 2024 −2.0 pp | Mar 2025 −7.0 pp | Jun 2025 −7.0 pp | Sep 2025 −2.0 pp | Dec 2025 −8.0 pp | Mar 2026 −4.0 pp | Jun 2026 −2.0 pp
- VISHNU: Sep 2021 +2.9 pp | Dec 2021 +3.5 pp | Mar 2022 +3.8 pp | Jun 2022 +2.6 pp | Sep 2022 +2.1 pp | Dec 2022 +1.1 pp | Mar 2023 +2.6 pp | Jun 2023 +0.8 pp | Sep 2023 −0.8 pp | Dec 2023 −3.0 pp | Mar 2024 +3.0 pp | Jun 2024 −1.0 pp | Sep 2024 −2.0 pp | Dec 2024 +4.0 pp | Mar 2025 −5.0 pp | Jun 2025 0.0 pp | Sep 2025 +2.0 pp | Dec 2025 −2.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- TATVA: Sep 2021 +18.1 pp | Dec 2021 −7.7 pp | Mar 2022 −0.2 pp | Jun 2022 −7.0 pp | Sep 2022 −16.3 pp | Dec 2022 −7.9 pp | Mar 2023 −9.3 pp | Jun 2023 +1.8 pp | Sep 2023 +8.6 pp | Dec 2023 −2.0 pp | Mar 2024 +3.0 pp | Jun 2024 −7.0 pp | Sep 2024 −14.0 pp | Dec 2024 −5.0 pp | Mar 2025 −8.0 pp | Jun 2025 +3.0 pp | Sep 2025 +11.0 pp | Dec 2025 +11.0 pp | Mar 2026 +13.0 pp | Jun 2026 +4.0 pp
- YASHO: Sep 2021 +3.1 pp | Dec 2021 +4.4 pp | Mar 2022 −1.7 pp | Jun 2022 +1.4 pp | Sep 2022 +2.0 pp | Dec 2022 −0.1 pp | Mar 2023 +3.4 pp | Jun 2023 +0.2 pp | Sep 2023 −3.4 pp | Dec 2023 +1.4 pp | Mar 2024 +1.0 pp | Jun 2024 −4.0 pp | Sep 2024 +4.0 pp | Dec 2024 +1.0 pp | Mar 2025 +1.0 pp | Jun 2025 +4.0 pp | Sep 2025 −1.0 pp | Dec 2025 −1.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- GRAUWEIL: Sep 2021 −1.4 pp | Dec 2021 −3.5 pp | Mar 2022 −7.1 pp | Jun 2022 −1.1 pp | Sep 2022 +3.6 pp | Dec 2022 +2.2 pp | Mar 2023 −0.3 pp | Jun 2023 +3.9 pp | Sep 2023 +1.2 pp | Dec 2023 0.0 pp | Mar 2024 +3.0 pp | Jun 2024 0.0 pp | Sep 2024 −3.0 pp | Dec 2024 0.0 pp | Mar 2025 −3.0 pp | Jun 2025 −3.0 pp | Sep 2025 −2.0 pp | Dec 2025 −6.0 pp | Mar 2026 +8.0 pp | Jun 2026 —
- PANAMAPET: Sep 2021 +6.1 pp | Dec 2021 −4.2 pp | Mar 2022 −1.2 pp | Jun 2022 +1.7 pp | Sep 2022 +1.4 pp | Dec 2022 −1.3 pp | Mar 2023 −0.7 pp | Jun 2023 −4.7 pp | Sep 2023 −5.0 pp | Dec 2023 −1.0 pp | Mar 2024 −3.0 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 +2.0 pp | Jun 2026 —
- TIRUMALCHM: Sep 2021 +1.5 pp | Dec 2021 −1.7 pp | Mar 2022 −6.5 pp | Jun 2022 −10.2 pp | Sep 2022 −6.9 pp | Dec 2022 −15.4 pp | Mar 2023 −23.8 pp | Jun 2023 −8.5 pp | Sep 2023 −7.6 pp | Dec 2023 −7.0 pp | Mar 2024 +1.0 pp | Jun 2024 −1.0 pp | Sep 2024 +1.0 pp | Dec 2024 −4.0 pp | Mar 2025 +2.0 pp | Jun 2025 −12.0 pp | Sep 2025 −5.0 pp | Dec 2025 +1.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- PAUSHAKLTD: Sep 2021 +10.3 pp | Dec 2021 −1.0 pp | Mar 2022 −3.4 pp | Jun 2022 +15.8 pp | Sep 2022 −10.1 pp | Dec 2022 +2.5 pp | Mar 2023 −3.5 pp | Jun 2023 −11.6 pp | Sep 2023 −5.2 pp | Dec 2023 −0.6 pp | Mar 2024 0.0 pp | Jun 2024 −2.0 pp | Sep 2024 +2.0 pp | Dec 2024 −6.0 pp | Mar 2025 −5.0 pp | Jun 2025 +9.0 pp | Sep 2025 −5.0 pp | Dec 2025 −7.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- PLATIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −3.0 pp | Mar 2024 −4.0 pp | Jun 2024 −6.0 pp | Sep 2024 −12.0 pp | Dec 2024 −7.0 pp | Mar 2025 −11.0 pp | Jun 2025 −7.0 pp | Sep 2025 −1.0 pp | Dec 2025 0.0 pp | Mar 2026 +4.0 pp | Jun 2026 —
- AMNPLST: Sep 2021 −4.2 pp | Dec 2021 −6.3 pp | Mar 2022 −2.8 pp | Jun 2022 −1.2 pp | Sep 2022 −1.7 pp | Dec 2022 +0.6 pp | Mar 2023 +1.6 pp | Jun 2023 +2.2 pp | Sep 2023 +3.5 pp | Dec 2023 +4.3 pp | Mar 2024 +4.0 pp | Jun 2024 +1.0 pp | Sep 2024 0.0 pp | Dec 2024 −1.0 pp | Mar 2025 +1.0 pp | Jun 2025 −2.0 pp | Sep 2025 −2.0 pp | Dec 2025 0.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- DMCC: Sep 2021 −9.0 pp | Dec 2021 −3.0 pp | Mar 2022 −5.3 pp | Jun 2022 −2.4 pp | Sep 2022 −6.4 pp | Dec 2022 −12.4 pp | Mar 2023 +6.0 pp | Jun 2023 −0.3 pp | Sep 2023 +9.1 pp | Dec 2023 +7.2 pp | Mar 2024 −8.1 pp | Jun 2024 −2.4 pp | Sep 2024 +2.5 pp | Dec 2024 +6.2 pp | Mar 2025 +3.3 pp | Jun 2025 +2.9 pp | Sep 2025 −3.8 pp | Dec 2025 −5.3 pp | Mar 2026 −2.1 pp | Jun 2026 —
- CHEMCON: Sep 2021 −7.0 pp | Dec 2021 −0.3 pp | Mar 2022 +1.7 pp | Jun 2022 +6.3 pp | Sep 2022 −14.4 pp | Dec 2022 −17.3 pp | Mar 2023 −13.0 pp | Jun 2023 −27.8 pp | Sep 2023 −5.5 pp | Dec 2023 −5.7 pp | Mar 2024 −10.4 pp | Jun 2024 +5.9 pp | Sep 2024 +5.1 pp | Dec 2024 +8.8 pp | Mar 2025 +3.2 pp | Jun 2025 −1.1 pp | Sep 2025 −3.4 pp | Dec 2025 −9.1 pp | Mar 2026 +1.2 pp | Jun 2026 —
- AMAL: Sep 2021 −28.0 pp | Dec 2021 −17.6 pp | Mar 2022 −26.2 pp | Jun 2022 +52.8 pp | Sep 2022 −20.4 pp | Dec 2022 −31.3 pp | Mar 2023 −11.1 pp | Jun 2023 +17.7 pp | Sep 2023 +41.8 pp | Dec 2023 +26.9 pp | Mar 2024 +20.9 pp | Jun 2024 +14.5 pp | Sep 2024 +7.6 pp | Dec 2024 +21.1 pp | Mar 2025 +8.1 pp | Jun 2025 +9.5 pp | Sep 2025 −15.1 pp | Dec 2025 −31.6 pp | Mar 2026 — | Jun 2026 —
- TRANSPEK: Sep 2021 +11.3 pp | Dec 2021 +1.8 pp | Mar 2022 −6.8 pp | Jun 2022 −0.7 pp | Sep 2022 −3.5 pp | Dec 2022 +3.6 pp | Mar 2023 +8.4 pp | Jun 2023 −0.2 pp | Sep 2023 −5.2 pp | Dec 2023 −2.3 pp | Mar 2024 −7.1 pp | Jun 2024 −3.3 pp | Sep 2024 +2.8 pp | Dec 2024 −4.6 pp | Mar 2025 +6.8 pp | Jun 2025 +5.0 pp | Sep 2025 +2.8 pp | Dec 2025 +1.7 pp | Mar 2026 −7.5 pp | Jun 2026 —
- KRONOX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +16.8 pp | Jun 2024 −0.2 pp | Sep 2024 +7.5 pp | Dec 2024 +5.5 pp | Mar 2025 −5.7 pp | Jun 2025 +0.2 pp | Sep 2025 −1.5 pp | Dec 2025 −3.0 pp | Mar 2026 +6.8 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Pidilite Industries Ltd leads with ₹2,471 crore of TTM profit, 456.5% above Vinati Organics Ltd. Vikram Thermo (India) Ltd shows ≥100% on the scoring scale (446.1% uncapped) growth from a ₹39 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Pidilite Industries 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: Pidilite Industries Ltd · ₹2,471 crore | 456.5% versus #2 · Vinati Organics Ltd | 8/8 recent comparable periods | 27/27 companies · 449 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. Pidilite Industries Ltd (PIDILITIND): ₹2.5K Cr
2. Vinati Organics Ltd (VINATIORGA): ₹444 Cr
3. Aarti Industries Ltd (AARTIIND): ₹419 Cr
4. Privi Speciality Chemicals Ltd (PRIVISCL): ₹317 Cr
5. Galaxy Surfactants Ltd (GALAXYSURF): ₹266 Cr

### Profit growth — fastest growers
1. Vikram Thermo (India) Ltd (530477): 100%
2. Sunshield Chemicals Ltd (530845): 100%
3. Alkyl Amines Chemicals Ltd (ALKYLAMINE): 100%
4. Tatva Chintan Pharma Chem Ltd (TATVA): 100%
5. Yasho Industries Ltd (YASHO): 100%

### 20-quarter Net profit history
- 530477: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹4 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹-16 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- 530845: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹11 Cr | Jun 2026 —
- PIDILITIND: Sep 2021 ₹375 Cr | Dec 2021 ₹358 Cr | Mar 2022 ₹254 Cr | Jun 2022 ₹354 Cr | Sep 2022 ₹332 Cr | Dec 2022 ₹308 Cr | Mar 2023 ₹286 Cr | Jun 2023 ₹474 Cr | Sep 2023 ₹459 Cr | Dec 2023 ₹511 Cr | Mar 2024 ₹304 Cr | Jun 2024 ₹571 Cr | Sep 2024 ₹540 Cr | Dec 2024 ₹557 Cr | Mar 2025 ₹428 Cr | Jun 2025 ₹678 Cr | Sep 2025 ₹585 Cr | Dec 2025 ₹624 Cr | Mar 2026 ₹584 Cr | Jun 2026 —
- AETHER: Sep 2021 ₹25 Cr | Dec 2021 ₹25 Cr | Mar 2022 ₹26 Cr | Jun 2022 ₹31 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹35 Cr | Mar 2023 ₹38 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹37 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹43 Cr | Mar 2025 ₹50 Cr | Jun 2025 ₹47 Cr | Sep 2025 ₹54 Cr | Dec 2025 ₹64 Cr | Mar 2026 ₹54 Cr | Jun 2026 —
- AARTIIND: Sep 2021 ₹176 Cr | Dec 2021 ₹772 Cr | Mar 2022 ₹72 Cr | Jun 2022 ₹189 Cr | Sep 2022 ₹124 Cr | Dec 2022 ₹137 Cr | Mar 2023 ₹149 Cr | Jun 2023 ₹70 Cr | Sep 2023 ₹91 Cr | Dec 2023 ₹124 Cr | Mar 2024 ₹132 Cr | Jun 2024 ₹137 Cr | Sep 2024 ₹52 Cr | Dec 2024 ₹46 Cr | Mar 2025 ₹96 Cr | Jun 2025 ₹43 Cr | Sep 2025 ₹106 Cr | Dec 2025 ₹133 Cr | Mar 2026 ₹137 Cr | Jun 2026 —
- ANURAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹48 Cr | Dec 2022 ₹54 Cr | Mar 2023 ₹73 Cr | Jun 2023 ₹52 Cr | Sep 2023 ₹49 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹31 Cr | Dec 2024 ₹54 Cr | Mar 2025 ₹63 Cr | Jun 2025 ₹48 Cr | Sep 2025 ₹57 Cr | Dec 2025 ₹61 Cr | Mar 2026 ₹56 Cr | Jun 2026 —
- PRIVISCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹6 Cr | Mar 2023 ₹-15 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹30 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹32 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹45 Cr | Dec 2024 ₹44 Cr | Mar 2025 ₹64 Cr | Jun 2025 ₹58 Cr | Sep 2025 ₹90 Cr | Dec 2025 ₹75 Cr | Mar 2026 ₹94 Cr | Jun 2026 —
- VINATIORGA: Sep 2021 ₹81 Cr | Dec 2021 ₹83 Cr | Mar 2022 ₹101 Cr | Jun 2022 ₹101 Cr | Sep 2022 ₹116 Cr | Dec 2022 ₹107 Cr | Mar 2023 ₹105 Cr | Jun 2023 ₹69 Cr | Sep 2023 ₹72 Cr | Dec 2023 ₹77 Cr | Mar 2024 ₹104 Cr | Jun 2024 ₹84 Cr | Sep 2024 ₹104 Cr | Dec 2024 ₹94 Cr | Mar 2025 ₹123 Cr | Jun 2025 ₹104 Cr | Sep 2025 ₹115 Cr | Dec 2025 ₹101 Cr | Mar 2026 ₹124 Cr | Jun 2026 —
- ALKYLAMINE: Sep 2021 ₹54 Cr | Dec 2021 ₹46 Cr | Mar 2022 ₹46 Cr | Jun 2022 ₹82 Cr | Sep 2022 ₹52 Cr | Dec 2022 ₹46 Cr | Mar 2023 ₹49 Cr | Jun 2023 ₹50 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹38 Cr | Jun 2024 ₹49 Cr | Sep 2024 ₹47 Cr | Dec 2024 ₹44 Cr | Mar 2025 ₹46 Cr | Jun 2025 ₹49 Cr | Sep 2025 — | Dec 2025 ₹42 Cr | Mar 2026 ₹45 Cr | Jun 2026 —
- CLEAN: Sep 2021 ₹54 Cr | Dec 2021 ₹58 Cr | Mar 2022 ₹62 Cr | Jun 2022 ₹63 Cr | Sep 2022 ₹68 Cr | Dec 2022 ₹84 Cr | Mar 2023 ₹81 Cr | Jun 2023 ₹59 Cr | Sep 2023 ₹52 Cr | Dec 2023 ₹63 Cr | Mar 2024 ₹70 Cr | Jun 2024 ₹66 Cr | Sep 2024 ₹59 Cr | Dec 2024 ₹66 Cr | Mar 2025 ₹74 Cr | Jun 2025 ₹70 Cr | Sep 2025 ₹55 Cr | Dec 2025 ₹46 Cr | Mar 2026 ₹58 Cr | Jun 2026 —
- GALAXYSURF: Sep 2021 ₹42 Cr | Dec 2021 ₹46 Cr | Mar 2022 ₹98 Cr | Jun 2022 ₹100 Cr | Sep 2022 ₹84 Cr | Dec 2022 ₹106 Cr | Mar 2023 ₹91 Cr | Jun 2023 ₹75 Cr | Sep 2023 ₹77 Cr | Dec 2023 ₹71 Cr | Mar 2024 ₹78 Cr | Jun 2024 ₹80 Cr | Sep 2024 ₹85 Cr | Dec 2024 ₹65 Cr | Mar 2025 ₹76 Cr | Jun 2025 ₹79 Cr | Sep 2025 ₹66 Cr | Dec 2025 ₹59 Cr | Mar 2026 ₹62 Cr | Jun 2026 —
- NEOGEN: Sep 2021 ₹11 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹11 Cr | Jun 2026 ₹17 Cr
- FCL: Sep 2021 ₹11 Cr | Dec 2021 ₹18 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹26 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹26 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹44 Cr | Jun 2026 ₹48 Cr
- VISHNU: Sep 2021 ₹17 Cr | Dec 2021 ₹25 Cr | Mar 2022 ₹29 Cr | Jun 2022 ₹34 Cr | Sep 2022 ₹35 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹36 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹34 Cr | Mar 2025 ₹39 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹33 Cr | Dec 2025 ₹34 Cr | Mar 2026 ₹43 Cr | Jun 2026 —
- TATVA: Sep 2021 ₹32 Cr | Dec 2021 ₹23 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹10 Cr | Jun 2026 ₹16 Cr
- YASHO: Sep 2021 ₹14 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹12 Cr | Jun 2026 —
- GRAUWEIL: Sep 2021 ₹18 Cr | Dec 2021 ₹23 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹29 Cr | Sep 2022 ₹28 Cr | Dec 2022 ₹34 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹37 Cr | Sep 2023 ₹37 Cr | Dec 2023 ₹43 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹51 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹43 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹39 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹50 Cr | Jun 2026 —
- PANAMAPET: Sep 2021 ₹62 Cr | Dec 2021 ₹54 Cr | Mar 2022 ₹56 Cr | Jun 2022 ₹65 Cr | Sep 2022 ₹52 Cr | Dec 2022 ₹50 Cr | Mar 2023 ₹51 Cr | Jun 2023 ₹46 Cr | Sep 2023 ₹47 Cr | Dec 2023 ₹41 Cr | Mar 2024 ₹61 Cr | Jun 2024 ₹50 Cr | Sep 2024 ₹44 Cr | Dec 2024 ₹48 Cr | Mar 2025 ₹44 Cr | Jun 2025 ₹43 Cr | Sep 2025 ₹53 Cr | Dec 2025 ₹46 Cr | Mar 2026 ₹71 Cr | Jun 2026 —
- TIRUMALCHM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹8 Cr | Mar 2023 ₹-13 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹-6 Cr | Dec 2023 ₹-23 Cr | Mar 2024 ₹-20 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹-42 Cr | Mar 2025 ₹-14 Cr | Jun 2025 ₹-60 Cr | Sep 2025 ₹-33 Cr | Dec 2025 ₹-47 Cr | Mar 2026 ₹-28 Cr | Jun 2026 —
- PAUSHAKLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹15 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹13 Cr | Jun 2026 —
- PLATIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹11 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹15 Cr | Jun 2026 —
- AMNPLST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹4 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹15 Cr | Jun 2026 —
- DMCC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-3 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- CHEMCON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹11 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- AMAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-4 Cr | Mar 2023 ₹-4 Cr | Jun 2023 ₹-3 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹5 Cr | Mar 2026 — | Jun 2026 —
- TRANSPEK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹25 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹7 Cr | Jun 2026 —
- KRONOX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹2 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹8 Cr | Jun 2026 —

### 20-quarter Profit growth history
- 530477: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 26% | Jun 2024 -375% | Sep 2024 19% | Dec 2024 40% | Mar 2025 -17% | Jun 2025 — | Sep 2025 13% | Dec 2025 22% | Mar 2026 109% | Jun 2026 —
- 530845: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 400% | Mar 2024 100% | Jun 2024 0.0% | Sep 2024 -25% | Dec 2024 -60% | Mar 2025 0.0% | Jun 2025 75% | Sep 2025 133% | Dec 2025 150% | Mar 2026 83% | Jun 2026 —
- PIDILITIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 61% | Sep 2022 -11% | Dec 2022 -14% | Mar 2023 13% | Jun 2023 34% | Sep 2023 38% | Dec 2023 66% | Mar 2024 6.3% | Jun 2024 20% | Sep 2024 18% | Dec 2024 9.0% | Mar 2025 41% | Jun 2025 19% | Sep 2025 8.3% | Dec 2025 12% | Mar 2026 36% | Jun 2026 —
- AETHER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.1% | Sep 2022 8.0% | Dec 2022 40% | Mar 2023 46% | Jun 2023 -3.2% | Sep 2023 37% | Dec 2023 -51% | Mar 2024 -103% | Jun 2024 0.0% | Sep 2024 -5.4% | Dec 2024 153% | Mar 2025 — | Jun 2025 57% | Sep 2025 54% | Dec 2025 49% | Mar 2026 8.0% | Jun 2026 —
- AARTIIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 -30% | Dec 2022 -82% | Mar 2023 107% | Jun 2023 -63% | Sep 2023 -27% | Dec 2023 -9.5% | Mar 2024 -11% | Jun 2024 96% | Sep 2024 -43% | Dec 2024 -63% | Mar 2025 -27% | Jun 2025 -69% | Sep 2025 104% | Dec 2025 189% | Mar 2026 43% | Jun 2026 —
- ANURAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 2.1% | Dec 2023 -52% | Mar 2024 -45% | Jun 2024 -77% | Sep 2024 -37% | Dec 2024 108% | Mar 2025 58% | Jun 2025 300% | Sep 2025 84% | Dec 2025 13% | Mar 2026 -11% | Jun 2026 —
- PRIVISCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 383% | Mar 2024 — | Jun 2024 520% | Sep 2024 50% | Dec 2024 52% | Mar 2025 100% | Jun 2025 87% | Sep 2025 100% | Dec 2025 70% | Mar 2026 47% | Jun 2026 —
- VINATIORGA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25% | Sep 2022 43% | Dec 2022 29% | Mar 2023 4.0% | Jun 2023 -32% | Sep 2023 -38% | Dec 2023 -28% | Mar 2024 -1.0% | Jun 2024 22% | Sep 2024 44% | Dec 2024 22% | Mar 2025 18% | Jun 2025 24% | Sep 2025 11% | Dec 2025 7.5% | Mar 2026 0.8% | Jun 2026 —
- ALKYLAMINE: Sep 2021 — | Dec 2021 — | Mar 2022 -51% | Jun 2022 3.8% | Sep 2022 -3.7% | Dec 2022 0.0% | Mar 2023 6.5% | Jun 2023 -39% | Sep 2023 -48% | Dec 2023 -28% | Mar 2024 -22% | Jun 2024 -2.0% | Sep 2024 74% | Dec 2024 33% | Mar 2025 21% | Jun 2025 0.0% | Sep 2025 — | Dec 2025 -4.6% | Mar 2026 -2.2% | Jun 2026 —
- CLEAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 26% | Dec 2022 45% | Mar 2023 31% | Jun 2023 -6.4% | Sep 2023 -24% | Dec 2023 -25% | Mar 2024 -14% | Jun 2024 12% | Sep 2024 13% | Dec 2024 4.8% | Mar 2025 5.7% | Jun 2025 6.1% | Sep 2025 -6.8% | Dec 2025 -30% | Mar 2026 -22% | Jun 2026 —
- GALAXYSURF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 30% | Sep 2022 100% | Dec 2022 130% | Mar 2023 -7.1% | Jun 2023 -25% | Sep 2023 -8.3% | Dec 2023 -33% | Mar 2024 -14% | Jun 2024 6.7% | Sep 2024 10% | Dec 2024 -8.5% | Mar 2025 -2.6% | Jun 2025 -1.3% | Sep 2025 -22% | Dec 2025 -9.2% | Mar 2026 -18% | Jun 2026 —
- NEOGEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 57% | Sep 2022 -9.1% | Dec 2022 47% | Mar 2023 -13% | Jun 2023 -9.1% | Sep 2023 -20% | Dec 2023 -93% | Mar 2024 21% | Jun 2024 10% | Sep 2024 38% | Dec 2024 900% | Mar 2025 -88% | Jun 2025 -9.1% | Sep 2025 -73% | Dec 2025 -60% | Mar 2026 450% | Jun 2026 70%
- FCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 122% | Sep 2022 91% | Dec 2022 22% | Mar 2023 53% | Jun 2023 30% | Sep 2023 48% | Dec 2023 50% | Mar 2024 15% | Jun 2024 12% | Sep 2024 3.2% | Dec 2024 -15% | Mar 2025 -33% | Jun 2025 -14% | Sep 2025 -19% | Dec 2025 7.1% | Mar 2026 120% | Jun 2026 92%
- VISHNU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 183% | Sep 2022 106% | Dec 2022 28% | Mar 2023 24% | Jun 2023 -15% | Sep 2023 -31% | Dec 2023 -34% | Mar 2024 -22% | Jun 2024 3.5% | Sep 2024 -4.2% | Dec 2024 62% | Mar 2025 39% | Jun 2025 6.7% | Sep 2025 43% | Dec 2025 0.0% | Mar 2026 10% | Jun 2026 —
- TATVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -78% | Dec 2022 -48% | Mar 2023 -5.6% | Jun 2023 0.0% | Sep 2023 14% | Dec 2023 -75% | Mar 2024 -41% | Jun 2024 -50% | Sep 2024 -113% | Dec 2024 -100% | Mar 2025 -90% | Jun 2025 40% | Sep 2025 — | Dec 2025 — | Mar 2026 900% | Jun 2026 129%
- YASHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 73% | Sep 2022 57% | Dec 2022 -25% | Mar 2023 23% | Jun 2023 -21% | Sep 2023 -45% | Dec 2023 34% | Mar 2024 13% | Jun 2024 -113% | Sep 2024 -67% | Dec 2024 -107% | Mar 2025 -72% | Jun 2025 — | Sep 2025 25% | Dec 2025 — | Mar 2026 140% | Jun 2026 —
- GRAUWEIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 45% | Sep 2022 56% | Dec 2022 48% | Mar 2023 22% | Jun 2023 28% | Sep 2023 32% | Dec 2023 26% | Mar 2024 32% | Jun 2024 38% | Sep 2024 2.7% | Dec 2024 0.0% | Mar 2025 -10% | Jun 2025 -14% | Sep 2025 2.6% | Dec 2025 -26% | Mar 2026 92% | Jun 2026 —
- PANAMAPET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 -16% | Dec 2022 -7.4% | Mar 2023 -8.9% | Jun 2023 -29% | Sep 2023 -9.6% | Dec 2023 -18% | Mar 2024 20% | Jun 2024 8.7% | Sep 2024 -6.4% | Dec 2024 17% | Mar 2025 -28% | Jun 2025 -14% | Sep 2025 20% | Dec 2025 -4.2% | Mar 2026 61% | Jun 2026 —
- TIRUMALCHM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -388% | Mar 2024 — | Jun 2024 -55% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -1,300% | Sep 2025 -760% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PAUSHAKLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -6.8% | Mar 2024 29% | Jun 2024 11% | Sep 2024 7.7% | Dec 2024 7.1% | Mar 2025 -44% | Jun 2025 20% | Sep 2025 -36% | Dec 2025 -60% | Mar 2026 30% | Jun 2026 —
- PLATIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -9.1% | Mar 2024 10% | Jun 2024 64% | Sep 2024 36% | Dec 2024 20% | Mar 2025 -45% | Jun 2025 -28% | Sep 2025 -27% | Dec 2025 0.0% | Mar 2026 150% | Jun 2026 —
- AMNPLST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 149% | Dec 2023 103% | Mar 2024 44% | Jun 2024 13% | Sep 2024 11% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 -22% | Sep 2025 -40% | Dec 2025 -20% | Mar 2026 15% | Jun 2026 —
- DMCC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -14% | Jun 2024 -56% | Sep 2024 145% | Dec 2024 2,439% | Mar 2025 12% | Jun 2025 466% | Sep 2025 -1.0% | Dec 2025 -22% | Mar 2026 18% | Jun 2026 —
- CHEMCON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -61% | Mar 2024 -72% | Jun 2024 -9.1% | Sep 2024 6.6% | Dec 2024 98% | Mar 2025 36% | Jun 2025 19% | Sep 2025 -9.2% | Dec 2025 -42% | Mar 2026 61% | Jun 2026 —
- AMAL: 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 223% | Dec 2024 629% | Mar 2025 1,732% | Jun 2025 1,989% | Sep 2025 9.6% | Dec 2025 -70% | Mar 2026 — | Jun 2026 —
- TRANSPEK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -44% | Mar 2024 -75% | Jun 2024 -41% | Sep 2024 219% | Dec 2024 -24% | Mar 2025 241% | Jun 2025 68% | Sep 2025 32% | Dec 2025 1.9% | Mar 2026 -66% | Jun 2026 —
- KRONOX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 141% | Jun 2024 -3.6% | Sep 2024 49% | Dec 2024 38% | Mar 2025 7.5% | Jun 2025 2.1% | Sep 2025 3.3% | Dec 2025 0.9% | Mar 2026 27% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Aether Industries Ltd reports ₹162 crore of CAPEX; Aether Industries Ltd has the highest covered intensity at 67.5%. Coverage is only 1 of 27 companies and 4 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: Aether Industries Ltd · ₹162 crore | Not enough peers | 4/4 recent comparable periods | 1/27 companies · 4 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. Aether Industries Ltd (AETHER): ₹162 Cr

### CAPEX intensity — highest reinvestment intensity
1. Aether Industries Ltd (AETHER): 68%

### 20-quarter CAPEX history
- AETHER: Sep 2021 — | Dec 2021 ₹45 Cr | Mar 2022 ₹72 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹138 Cr | Mar 2025 ₹162 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- AETHER: Sep 2021 — | Dec 2021 30% | Mar 2022 49% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 63% | Mar 2025 68% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Pidilite Industries Ltd has the clearest covered balance-sheet capacity with ₹3,799 crore net cash and gross debt of ₹417 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: Sunshield Chemicals Ltd · ₹0 crore | null versus #2 · Amal Ltd | Not enough history | 27/27 companies · 400 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. Sunshield Chemicals Ltd (530845): ₹0 Cr
2. Amal Ltd (AMAL): ₹0 Cr — older report
3. Vinati Organics Ltd (VINATIORGA): ₹0 Cr
4. Alkyl Amines Chemicals Ltd (ALKYLAMINE): ₹1 Cr
5. Clean Science & Technology Ltd (CLEAN): ₹2 Cr

### Net debt — lowest net debt
1. Pidilite Industries Ltd (PIDILITIND): ₹-3.8K Cr
2. Galaxy Surfactants Ltd (GALAXYSURF): ₹-512 Cr
3. Grauer & Weil (India) Ltd (GRAUWEIL): ₹-440 Cr
4. Clean Science & Technology Ltd (CLEAN): ₹-373 Cr
5. Alkyl Amines Chemicals Ltd (ALKYLAMINE): ₹-250 Cr

### 20-quarter Gross debt history
- 530477: Sep 2021 — | Dec 2021 — | Mar 2022 ₹15 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹19 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹7 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹6 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹5 Cr | Jun 2026 —
- 530845: Sep 2021 — | Dec 2021 — | Mar 2022 ₹79 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹77 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹85 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹100 Cr | Jun 2025 — | Sep 2025 ₹88 Cr | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 —
- PIDILITIND: Sep 2021 ₹763 Cr | Dec 2021 ₹763 Cr | Mar 2022 ₹416 Cr | Jun 2022 ₹416 Cr | Sep 2022 ₹680 Cr | Dec 2022 ₹680 Cr | Mar 2023 ₹391 Cr | Jun 2023 ₹391 Cr | Sep 2023 ₹416 Cr | Dec 2023 ₹416 Cr | Mar 2024 ₹382 Cr | Jun 2024 ₹382 Cr | Sep 2024 ₹379 Cr | Dec 2024 ₹379 Cr | Mar 2025 ₹454 Cr | Jun 2025 ₹454 Cr | Sep 2025 ₹443 Cr | Dec 2025 ₹443 Cr | Mar 2026 ₹417 Cr | Jun 2026 —
- AETHER: Sep 2021 ₹228 Cr | Dec 2021 ₹241 Cr | Mar 2022 ₹291 Cr | Jun 2022 ₹291 Cr | Sep 2022 ₹33 Cr | Dec 2022 ₹33 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹183 Cr | Jun 2024 ₹183 Cr | Sep 2024 ₹216 Cr | Dec 2024 ₹227 Cr | Mar 2025 ₹200 Cr | Jun 2025 ₹200 Cr | Sep 2025 ₹215 Cr | Dec 2025 ₹215 Cr | Mar 2026 ₹458 Cr | Jun 2026 —
- AARTIIND: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹2.9K Cr | Jun 2023 ₹2.9K Cr | Sep 2023 ₹3.2K Cr | Dec 2023 ₹3.2K Cr | Mar 2024 ₹3.6K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹3.9K Cr | Dec 2024 ₹3.9K Cr | Mar 2025 ₹3.8K Cr | Jun 2025 ₹3.8K Cr | Sep 2025 ₹4.0K Cr | Dec 2025 ₹4.0K Cr | Mar 2026 ₹5.0K Cr | Jun 2026 —
- ANURAS: Sep 2021 — | Dec 2021 — | Mar 2022 ₹836 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹822 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.1K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.4K Cr | Jun 2025 — | Sep 2025 ₹1.2K Cr | Dec 2025 — | Mar 2026 ₹1.9K Cr | Jun 2026 —
- PRIVISCL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹933 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1.1K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.0K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.1K Cr | Jun 2025 — | Sep 2025 ₹1.1K Cr | Dec 2025 — | Mar 2026 ₹1.0K Cr | Jun 2026 —
- VINATIORGA: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹63 Cr | Jun 2025 ₹63 Cr | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 —
- ALKYLAMINE: Sep 2021 ₹36 Cr | Dec 2021 ₹36 Cr | Mar 2022 ₹23 Cr | Jun 2022 ₹23 Cr | Sep 2022 ₹66 Cr | Dec 2022 ₹66 Cr | Mar 2023 ₹88 Cr | Jun 2023 ₹88 Cr | Sep 2023 ₹94 Cr | Dec 2023 ₹94 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹6 Cr | Sep 2025 — | Dec 2025 — | Mar 2026 ₹1 Cr | Jun 2026 —
- CLEAN: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- GALAXYSURF: Sep 2021 ₹413 Cr | Dec 2021 ₹413 Cr | Mar 2022 ₹421 Cr | Jun 2022 ₹421 Cr | Sep 2022 ₹470 Cr | Dec 2022 ₹470 Cr | Mar 2023 ₹327 Cr | Jun 2023 ₹327 Cr | Sep 2023 ₹243 Cr | Dec 2023 ₹243 Cr | Mar 2024 ₹187 Cr | Jun 2024 ₹187 Cr | Sep 2024 ₹149 Cr | Dec 2024 ₹149 Cr | Mar 2025 ₹210 Cr | Jun 2025 ₹210 Cr | Sep 2025 ₹268 Cr | Dec 2025 ₹268 Cr | Mar 2026 ₹235 Cr | Jun 2026 —
- NEOGEN: Sep 2021 ₹269 Cr | Dec 2021 ₹269 Cr | Mar 2022 ₹229 Cr | Jun 2022 ₹202 Cr | Sep 2022 ₹281 Cr | Dec 2022 ₹281 Cr | Mar 2023 ₹370 Cr | Jun 2023 ₹370 Cr | Sep 2023 ₹479 Cr | Dec 2023 ₹479 Cr | Mar 2024 ₹409 Cr | Jun 2024 ₹409 Cr | Sep 2024 ₹534 Cr | Dec 2024 ₹534 Cr | Mar 2025 ₹597 Cr | Jun 2025 ₹597 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- FCL: Sep 2021 ₹8 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- VISHNU: Sep 2021 ₹305 Cr | Dec 2021 ₹305 Cr | Mar 2022 ₹365 Cr | Jun 2022 ₹365 Cr | Sep 2022 ₹361 Cr | Dec 2022 ₹361 Cr | Mar 2023 ₹379 Cr | Jun 2023 ₹379 Cr | Sep 2023 ₹316 Cr | Dec 2023 ₹316 Cr | Mar 2024 ₹315 Cr | Jun 2024 ₹315 Cr | Sep 2024 ₹342 Cr | Dec 2024 ₹342 Cr | Mar 2025 ₹342 Cr | Jun 2025 ₹342 Cr | Sep 2025 ₹418 Cr | Dec 2025 ₹418 Cr | Mar 2026 ₹527 Cr | Jun 2026 —
- TATVA: Sep 2021 ₹74 Cr | Dec 2021 ₹74 Cr | Mar 2022 ₹120 Cr | Jun 2022 ₹120 Cr | Sep 2022 ₹140 Cr | Dec 2022 ₹140 Cr | Mar 2023 ₹170 Cr | Jun 2023 ₹170 Cr | Sep 2023 ₹61 Cr | Dec 2023 ₹61 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹36 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹83 Cr | Dec 2025 ₹83 Cr | Mar 2026 ₹120 Cr | Jun 2026 ₹120 Cr
- YASHO: Sep 2021 ₹173 Cr | Dec 2021 ₹173 Cr | Mar 2022 ₹179 Cr | Jun 2022 ₹179 Cr | Sep 2022 ₹214 Cr | Dec 2022 ₹214 Cr | Mar 2023 ₹324 Cr | Jun 2023 ₹324 Cr | Sep 2023 ₹484 Cr | Dec 2023 ₹484 Cr | Mar 2024 ₹579 Cr | Jun 2024 ₹579 Cr | Sep 2024 ₹634 Cr | Dec 2024 ₹634 Cr | Mar 2025 ₹583 Cr | Jun 2025 ₹583 Cr | Sep 2025 ₹584 Cr | Dec 2025 ₹591 Cr | Mar 2026 ₹558 Cr | Jun 2026 —
- GRAUWEIL: Sep 2021 ₹11 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹25 Cr | Jun 2022 ₹25 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹24 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹15 Cr | Jun 2026 —
- PANAMAPET: Sep 2021 ₹50 Cr | Dec 2021 ₹50 Cr | Mar 2022 ₹30 Cr | Jun 2022 ₹30 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹31 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹111 Cr | Jun 2026 —
- TIRUMALCHM: Sep 2021 ₹172 Cr | Dec 2021 ₹172 Cr | Mar 2022 ₹165 Cr | Jun 2022 ₹165 Cr | Sep 2022 ₹191 Cr | Dec 2022 ₹191 Cr | Mar 2023 ₹514 Cr | Jun 2023 ₹514 Cr | Sep 2023 ₹987 Cr | Dec 2023 ₹987 Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 —
- PAUSHAKLTD: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | 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 ₹25 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹60 Cr | Dec 2025 ₹60 Cr | Mar 2026 ₹77 Cr | Jun 2026 —
- PLATIND: Sep 2021 — | Dec 2021 — | Mar 2022 ₹26 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹22 Cr | Jun 2023 — | Sep 2023 ₹16 Cr | Dec 2023 — | Mar 2024 ₹11 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹10 Cr | Jun 2026 —
- AMNPLST: Sep 2021 ₹64 Cr | Dec 2021 ₹64 Cr | Mar 2022 ₹72 Cr | Jun 2022 ₹72 Cr | Sep 2022 ₹81 Cr | Dec 2022 ₹81 Cr | Mar 2023 ₹85 Cr | Jun 2023 ₹85 Cr | Sep 2023 ₹83 Cr | Dec 2023 ₹83 Cr | Mar 2024 ₹85 Cr | Jun 2024 ₹85 Cr | Sep 2024 ₹80 Cr | Dec 2024 ₹80 Cr | Mar 2025 ₹77 Cr | Jun 2025 ₹77 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹27 Cr | Jun 2026 —
- DMCC: Sep 2021 ₹67 Cr | Dec 2021 ₹67 Cr | Mar 2022 ₹93 Cr | Jun 2022 ₹78 Cr | Sep 2022 ₹93 Cr | Dec 2022 ₹93 Cr | Mar 2023 ₹101 Cr | Jun 2023 ₹81 Cr | Sep 2023 ₹71 Cr | Dec 2023 ₹71 Cr | Mar 2024 ₹88 Cr | Jun 2024 ₹88 Cr | Sep 2024 ₹60 Cr | Dec 2024 ₹60 Cr | Mar 2025 ₹72 Cr | Jun 2025 ₹47 Cr | Sep 2025 ₹40 Cr | Dec 2025 ₹40 Cr | Mar 2026 ₹87 Cr | Jun 2026 —
- CHEMCON: Sep 2021 ₹66 Cr | Dec 2021 ₹66 Cr | Mar 2022 ₹36 Cr | Jun 2022 ₹36 Cr | Sep 2022 ₹38 Cr | Dec 2022 ₹38 Cr | Mar 2023 ₹64 Cr | Jun 2023 ₹64 Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹43 Cr | Jun 2024 ₹43 Cr | Sep 2024 ₹43 Cr | Dec 2024 ₹43 Cr | Mar 2025 ₹25 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹53 Cr | Jun 2026 —
- AMAL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹51 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹35 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹24 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TRANSPEK: Sep 2021 — | Dec 2021 — | Mar 2022 ₹137 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹145 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹123 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹94 Cr | Jun 2025 — | Sep 2025 ₹41 Cr | Dec 2025 — | Mar 2026 ₹60 Cr | Jun 2026 —
- KRONOX: Sep 2021 — | Dec 2021 — | Mar 2022 ₹3 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 — | Dec 2025 — | Mar 2026 ₹2 Cr | Jun 2026 —

### 20-quarter Net debt history
- PIDILITIND: Sep 2021 ₹210 Cr | Dec 2021 ₹210 Cr | Mar 2022 ₹-110 Cr | Jun 2022 ₹-110 Cr | Sep 2022 ₹310 Cr | Dec 2022 ₹310 Cr | Mar 2023 ₹-464 Cr | Jun 2023 ₹-464 Cr | Sep 2023 ₹-923 Cr | Dec 2023 ₹-923 Cr | Mar 2024 ₹-2.0K Cr | Jun 2024 ₹-2.0K Cr | Sep 2024 ₹-2.2K Cr | Dec 2024 ₹-2.2K Cr | Mar 2025 ₹-3.0K Cr | Jun 2025 ₹-3.0K Cr | Sep 2025 ₹-2.7K Cr | Dec 2025 ₹-2.7K Cr | Mar 2026 ₹-3.8K Cr | Jun 2026 —
- AETHER: Sep 2021 ₹222 Cr | Dec 2021 ₹176 Cr | Mar 2022 ₹258 Cr | Jun 2022 ₹258 Cr | Sep 2022 ₹-255 Cr | Dec 2022 ₹-255 Cr | Mar 2023 ₹-85 Cr | Jun 2023 ₹-85 Cr | Sep 2023 ₹-182 Cr | Dec 2023 ₹-182 Cr | Mar 2024 ₹-371 Cr | Jun 2024 ₹-373 Cr | Sep 2024 ₹-292 Cr | Dec 2024 ₹-178 Cr | Mar 2025 ₹-39 Cr | Jun 2025 ₹-40 Cr | Sep 2025 ₹159 Cr | Dec 2025 ₹159 Cr | Mar 2026 ₹452 Cr | Jun 2026 —
- AARTIIND: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹2.7K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹3.1K Cr | Jun 2024 ₹3.1K Cr | Sep 2024 ₹3.6K Cr | Dec 2024 ₹3.6K Cr | Mar 2025 ₹3.6K Cr | Jun 2025 ₹3.6K Cr | Sep 2025 ₹3.8K Cr | Dec 2025 ₹3.8K Cr | Mar 2026 ₹4.4K Cr | Jun 2026 —
- VINATIORGA: Sep 2021 ₹-76 Cr | Dec 2021 ₹-76 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹-68 Cr | Dec 2022 ₹-68 Cr | Mar 2023 ₹-168 Cr | Jun 2023 ₹-206 Cr | Sep 2023 ₹-223 Cr | Dec 2023 ₹-223 Cr | Mar 2024 ₹-28 Cr | Jun 2024 ₹-33 Cr | Sep 2024 ₹-51 Cr | Dec 2024 ₹-51 Cr | Mar 2025 ₹52 Cr | Jun 2025 ₹49 Cr | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ALKYLAMINE: Sep 2021 ₹-105 Cr | Dec 2021 ₹-105 Cr | Mar 2022 ₹-39 Cr | Jun 2022 ₹-39 Cr | Sep 2022 ₹44 Cr | Dec 2022 ₹44 Cr | Mar 2023 ₹71 Cr | Jun 2023 ₹71 Cr | Sep 2023 ₹79 Cr | Dec 2023 ₹79 Cr | Mar 2024 ₹-27 Cr | Jun 2024 ₹-27 Cr | Sep 2024 ₹-132 Cr | Dec 2024 ₹-132 Cr | Mar 2025 ₹-197 Cr | Jun 2025 ₹-197 Cr | Sep 2025 — | Dec 2025 — | Mar 2026 ₹-250 Cr | Jun 2026 —
- CLEAN: Sep 2021 ₹-274 Cr | Dec 2021 ₹-274 Cr | Mar 2022 ₹-297 Cr | Jun 2022 ₹-297 Cr | Sep 2022 ₹-324 Cr | Dec 2022 ₹-324 Cr | Mar 2023 ₹-338 Cr | Jun 2023 ₹-338 Cr | Sep 2023 ₹-292 Cr | Dec 2023 ₹-292 Cr | Mar 2024 ₹-311 Cr | Jun 2024 ₹-311 Cr | Sep 2024 ₹-332 Cr | Dec 2024 ₹-332 Cr | Mar 2025 ₹-362 Cr | Jun 2025 ₹-362 Cr | Sep 2025 ₹-381 Cr | Dec 2025 ₹-381 Cr | Mar 2026 ₹-373 Cr | Jun 2026 —
- GALAXYSURF: Sep 2021 ₹287 Cr | Dec 2021 ₹287 Cr | Mar 2022 ₹352 Cr | Jun 2022 ₹352 Cr | Sep 2022 ₹400 Cr | Dec 2022 ₹400 Cr | Mar 2023 ₹80 Cr | Jun 2023 ₹80 Cr | Sep 2023 ₹-62 Cr | Dec 2023 ₹-62 Cr | Mar 2024 ₹-251 Cr | Jun 2024 ₹-251 Cr | Sep 2024 ₹-296 Cr | Dec 2024 ₹-296 Cr | Mar 2025 ₹-290 Cr | Jun 2025 ₹-290 Cr | Sep 2025 ₹-384 Cr | Dec 2025 ₹-384 Cr | Mar 2026 ₹-512 Cr | Jun 2026 —
- NEOGEN: Sep 2021 ₹267 Cr | Dec 2021 ₹267 Cr | Mar 2022 ₹115 Cr | Jun 2022 ₹76 Cr | Sep 2022 ₹237 Cr | Dec 2022 ₹237 Cr | Mar 2023 ₹273 Cr | Jun 2023 ₹273 Cr | Sep 2023 ₹437 Cr | Dec 2023 ₹437 Cr | Mar 2024 ₹397 Cr | Jun 2024 ₹397 Cr | Sep 2024 ₹504 Cr | Dec 2024 ₹504 Cr | Mar 2025 ₹592 Cr | Jun 2025 ₹592 Cr | Sep 2025 ₹980 Cr | Dec 2025 ₹980 Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- FCL: Sep 2021 ₹-24 Cr | Dec 2021 ₹-24 Cr | Mar 2022 ₹-29 Cr | Jun 2022 ₹-29 Cr | Sep 2022 ₹-40 Cr | Dec 2022 ₹-40 Cr | Mar 2023 ₹-43 Cr | Jun 2023 ₹-53 Cr | Sep 2023 ₹-49 Cr | Dec 2023 ₹-49 Cr | Mar 2024 ₹-68 Cr | Jun 2024 ₹-74 Cr | Sep 2024 ₹-56 Cr | Dec 2024 ₹-56 Cr | Mar 2025 ₹-33 Cr | Jun 2025 ₹-42 Cr | Sep 2025 ₹-64 Cr | Dec 2025 ₹-64 Cr | Mar 2026 ₹-65 Cr | Jun 2026 —
- VISHNU: Sep 2021 ₹293 Cr | Dec 2021 ₹293 Cr | Mar 2022 ₹362 Cr | Jun 2022 ₹362 Cr | Sep 2022 ₹340 Cr | Dec 2022 ₹340 Cr | Mar 2023 ₹358 Cr | Jun 2023 ₹358 Cr | Sep 2023 ₹237 Cr | Dec 2023 ₹237 Cr | Mar 2024 ₹301 Cr | Jun 2024 ₹253 Cr | Sep 2024 ₹242 Cr | Dec 2024 ₹242 Cr | Mar 2025 ₹339 Cr | Jun 2025 ₹339 Cr | Sep 2025 ₹268 Cr | Dec 2025 ₹268 Cr | Mar 2026 ₹427 Cr | Jun 2026 —
- TATVA: Sep 2021 ₹-105 Cr | Dec 2021 ₹-105 Cr | Mar 2022 ₹56 Cr | Jun 2022 ₹-57 Cr | Sep 2022 ₹51 Cr | Dec 2022 ₹51 Cr | Mar 2023 ₹129 Cr | Jun 2023 ₹125 Cr | Sep 2023 ₹-83 Cr | Dec 2023 ₹-83 Cr | Mar 2024 ₹-32 Cr | Jun 2024 ₹-34 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹66 Cr | Dec 2025 ₹66 Cr | Mar 2026 ₹111 Cr | Jun 2026 ₹111 Cr
- YASHO: Sep 2021 ₹163 Cr | Dec 2021 ₹163 Cr | Mar 2022 ₹179 Cr | Jun 2022 ₹179 Cr | Sep 2022 ₹197 Cr | Dec 2022 ₹197 Cr | Mar 2023 ₹323 Cr | Jun 2023 ₹323 Cr | Sep 2023 ₹469 Cr | Dec 2023 ₹469 Cr | Mar 2024 ₹579 Cr | Jun 2024 ₹579 Cr | Sep 2024 ₹616 Cr | Dec 2024 ₹616 Cr | Mar 2025 ₹570 Cr | Jun 2025 ₹555 Cr | Sep 2025 ₹574 Cr | Dec 2025 ₹574 Cr | Mar 2026 ₹554 Cr | Jun 2026 —
- GRAUWEIL: Sep 2021 ₹-234 Cr | Dec 2021 ₹-234 Cr | Mar 2022 ₹-232 Cr | Jun 2022 ₹-234 Cr | Sep 2022 ₹-248 Cr | Dec 2022 ₹-248 Cr | Mar 2023 ₹-275 Cr | Jun 2023 ₹-275 Cr | Sep 2023 ₹-380 Cr | Dec 2023 ₹-380 Cr | Mar 2024 ₹-444 Cr | Jun 2024 ₹-444 Cr | Sep 2024 ₹-519 Cr | Dec 2024 ₹-519 Cr | Mar 2025 ₹-526 Cr | Jun 2025 ₹-526 Cr | Sep 2025 ₹-461 Cr | Dec 2025 ₹-461 Cr | Mar 2026 ₹-440 Cr | Jun 2026 —
- PANAMAPET: Sep 2021 ₹5 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹-109 Cr | Jun 2022 ₹-109 Cr | Sep 2022 ₹-68 Cr | Dec 2022 ₹-68 Cr | Mar 2023 ₹-221 Cr | Jun 2023 ₹-221 Cr | Sep 2023 ₹-156 Cr | Dec 2023 ₹-156 Cr | Mar 2024 ₹-106 Cr | Jun 2024 ₹-107 Cr | Sep 2024 ₹-88 Cr | Dec 2024 ₹-88 Cr | Mar 2025 ₹-148 Cr | Jun 2025 ₹-149 Cr | Sep 2025 ₹-137 Cr | Dec 2025 ₹-137 Cr | Mar 2026 ₹29 Cr | Jun 2026 —
- TIRUMALCHM: Sep 2021 ₹-329 Cr | Dec 2021 ₹-329 Cr | Mar 2022 ₹-388 Cr | Jun 2022 ₹-388 Cr | Sep 2022 ₹-528 Cr | Dec 2022 ₹-528 Cr | Mar 2023 ₹57 Cr | Jun 2023 ₹57 Cr | Sep 2023 ₹366 Cr | Dec 2023 ₹366 Cr | Mar 2024 ₹806 Cr | Jun 2024 ₹806 Cr | Sep 2024 ₹966 Cr | Dec 2024 ₹966 Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 —
- PAUSHAKLTD: Sep 2021 — | Dec 2021 — | Mar 2022 ₹-43 Cr | Jun 2022 ₹-43 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹16 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹51 Cr | Dec 2025 ₹51 Cr | Mar 2026 ₹50 Cr | Jun 2026 —
- PLATIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹12 Cr | Jun 2023 — | Sep 2023 ₹-9 Cr | Dec 2023 — | Mar 2024 ₹-241 Cr | Jun 2024 ₹-245 Cr | Sep 2024 ₹-172 Cr | Dec 2024 ₹-172 Cr | Mar 2025 ₹-146 Cr | Jun 2025 ₹-154 Cr | Sep 2025 ₹-133 Cr | Dec 2025 ₹-133 Cr | Mar 2026 ₹-133 Cr | Jun 2026 —
- AMNPLST: Sep 2021 ₹49 Cr | Dec 2021 ₹49 Cr | Mar 2022 ₹69 Cr | Jun 2022 ₹66 Cr | Sep 2022 ₹72 Cr | Dec 2022 ₹72 Cr | Mar 2023 ₹76 Cr | Jun 2023 ₹76 Cr | Sep 2023 ₹70 Cr | Dec 2023 ₹70 Cr | Mar 2024 ₹46 Cr | Jun 2024 ₹46 Cr | Sep 2024 ₹43 Cr | Dec 2024 ₹43 Cr | Mar 2025 ₹31 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹-2 Cr | Dec 2025 ₹-2 Cr | Mar 2026 ₹-26 Cr | Jun 2026 —
- DMCC: Sep 2021 ₹53 Cr | Dec 2021 ₹53 Cr | Mar 2022 ₹90 Cr | Jun 2022 ₹74 Cr | Sep 2022 ₹87 Cr | Dec 2022 ₹87 Cr | Mar 2023 ₹98 Cr | Jun 2023 ₹77 Cr | Sep 2023 ₹67 Cr | Dec 2023 ₹67 Cr | Mar 2024 ₹81 Cr | Jun 2024 ₹81 Cr | Sep 2024 ₹52 Cr | Dec 2024 ₹52 Cr | Mar 2025 ₹67 Cr | Jun 2025 ₹41 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹37 Cr | Mar 2026 ₹83 Cr | Jun 2026 —
- CHEMCON: Sep 2021 ₹-131 Cr | Dec 2021 ₹-131 Cr | Mar 2022 ₹-76 Cr | Jun 2022 ₹-76 Cr | Sep 2022 ₹-156 Cr | Dec 2022 ₹-156 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹-67 Cr | Sep 2023 ₹-95 Cr | Dec 2023 ₹-95 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹-128 Cr | Sep 2024 ₹-138 Cr | Dec 2024 ₹-138 Cr | Mar 2025 ₹-8 Cr | Jun 2025 ₹-126 Cr | Sep 2025 ₹-118 Cr | Dec 2025 ₹-118 Cr | Mar 2026 ₹-143 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Alkyl Amines Chemicals Ltd leads ROCE at 41.3%, 4.9 percentage points above Vikram Thermo (India) Ltd. Amal Ltd has the strongest latest improvement at +29 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: Alkyl Amines 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: Alkyl Amines Chemicals Ltd · 41.3% | 13.5% versus #2 · Vikram Thermo (India) Ltd | 1/7 recent comparable periods | 27/27 companies · 295 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. Alkyl Amines Chemicals Ltd (ALKYLAMINE): 41%
2. Vikram Thermo (India) Ltd (530477): 36%
3. Amal Ltd (AMAL): 36% — older report
4. Kronox Lab Sciences Ltd (KRONOX): 36%
5. Pidilite Industries Ltd (PIDILITIND): 31%

### ROCE change — fastest improvers
1. Amal Ltd (AMAL): +29.0 pp — older report
2. Tatva Chintan Pharma Chem Ltd (TATVA): +8.3 pp
3. Privi Speciality Chemicals Ltd (PRIVISCL): +6.0 pp
4. Sunshield Chemicals Ltd (530845): +5.0 pp
5. Aether Industries Ltd (AETHER): +3.0 pp

### 20-quarter ROCE history
- PIDILITIND: Sep 2021 27% | Dec 2021 — | Mar 2022 23% | Jun 2022 — | Sep 2022 24% | Dec 2022 — | Mar 2023 22% | Jun 2023 — | Sep 2023 25% | Dec 2023 30% | Mar 2024 26% | Jun 2024 29% | Sep 2024 27% | Dec 2024 30% | Mar 2025 25% | Jun 2025 30% | Sep 2025 27% | Dec 2025 32% | Mar 2026 27% | Jun 2026 —
- AETHER: Sep 2021 40% | Dec 2021 31% | Mar 2022 29% | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 13% | Jun 2023 — | Sep 2023 8.1% | Dec 2023 10% | Mar 2024 4.4% | Jun 2024 7.2% | Sep 2024 4.5% | Dec 2024 5.9% | Mar 2025 8.6% | Jun 2025 11% | Sep 2025 11% | Dec 2025 13% | Mar 2026 12% | Jun 2026 —
- AARTIIND: Sep 2021 14% | Dec 2021 — | Mar 2022 26% | Jun 2022 — | Sep 2022 25% | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 9.4% | Dec 2023 9.4% | Mar 2024 8.6% | Jun 2024 11% | Sep 2024 8.8% | Dec 2024 8.8% | Mar 2025 7.4% | Jun 2025 6.5% | Sep 2025 7.0% | Dec 2025 8.4% | Mar 2026 8.4% | Jun 2026 —
- VINATIORGA: Sep 2021 19% | Dec 2021 — | Mar 2022 20% | Jun 2022 — | Sep 2022 22% | Dec 2022 — | Mar 2023 22% | Jun 2023 — | Sep 2023 19% | Dec 2023 19% | Mar 2024 16% | Jun 2024 18% | Sep 2024 16% | Dec 2024 20% | Mar 2025 17% | Jun 2025 20% | Sep 2025 18% | Dec 2025 20% | Mar 2026 16% | Jun 2026 —
- ALKYLAMINE: Sep 2021 44% | Dec 2021 — | Mar 2022 28% | Jun 2022 — | Sep 2022 26% | Dec 2022 — | Mar 2023 25% | Jun 2023 — | Sep 2023 18% | Dec 2023 — | Mar 2024 15% | Jun 2024 — | Sep 2024 15% | Dec 2024 — | Mar 2025 15% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 13% | Jun 2026 —
- CLEAN: Sep 2021 38% | Dec 2021 — | Mar 2022 35% | Jun 2022 — | Sep 2022 36% | Dec 2022 — | Mar 2023 35% | Jun 2023 — | Sep 2023 29% | Dec 2023 34% | Mar 2024 23% | Jun 2024 30% | Sep 2024 23% | Dec 2024 29% | Mar 2025 22% | Jun 2025 27% | Sep 2025 21% | Dec 2025 23% | Mar 2026 17% | Jun 2026 —
- GALAXYSURF: Sep 2021 22% | Dec 2021 — | Mar 2022 19% | Jun 2022 — | Sep 2022 22% | Dec 2022 — | Mar 2023 24% | Jun 2023 — | Sep 2023 20% | Dec 2023 20% | Mar 2024 16% | Jun 2024 18% | Sep 2024 15% | Dec 2024 17% | Mar 2025 15% | Jun 2025 17% | Sep 2025 13% | Dec 2025 15% | Mar 2026 12% | Jun 2026 —
- NEOGEN: Sep 2021 18% | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 14% | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 14% | Dec 2023 15% | Mar 2024 9.3% | Jun 2024 12% | Sep 2024 9.8% | Dec 2024 14% | Mar 2025 11% | Jun 2025 10% | Sep 2025 7.2% | Dec 2025 7.8% | Mar 2026 6.4% | Jun 2026 —
- FCL: Sep 2021 22% | Dec 2021 — | Mar 2022 26% | Jun 2022 — | Sep 2022 31% | Dec 2022 — | Mar 2023 30% | Jun 2023 — | Sep 2023 31% | Dec 2023 42% | Mar 2024 31% | Jun 2024 40% | Sep 2024 20% | Dec 2024 28% | Mar 2025 16% | Jun 2025 22% | Sep 2025 13% | Dec 2025 17% | Mar 2026 13% | Jun 2026 —
- VISHNU: Sep 2021 17% | Dec 2021 — | Mar 2022 24% | Jun 2022 — | Sep 2022 31% | Dec 2022 — | Mar 2023 30% | Jun 2023 — | Sep 2023 21% | Dec 2023 25% | Mar 2024 19% | Jun 2024 23% | Sep 2024 18% | Dec 2024 22% | Mar 2025 17% | Jun 2025 20% | Sep 2025 15% | Dec 2025 20% | Mar 2026 15% | Jun 2026 —
- TATVA: Sep 2021 22% | Dec 2021 — | Mar 2022 21% | Jun 2022 — | Sep 2022 14% | Dec 2022 — | Mar 2023 10% | Jun 2023 — | Sep 2023 7.9% | Dec 2023 7.5% | Mar 2024 5.9% | Jun 2024 6.4% | Sep 2024 2.7% | Dec 2024 2.7% | Mar 2025 0.9% | Jun 2025 1.4% | Sep 2025 3.1% | Dec 2025 5.9% | Mar 2026 7.1% | Jun 2026 9.7%
- YASHO: Sep 2021 34% | Dec 2021 — | Mar 2022 30% | Jun 2022 — | Sep 2022 32% | Dec 2022 — | Mar 2023 22% | Jun 2023 — | Sep 2023 14% | Dec 2023 21% | Mar 2024 12% | Jun 2024 14% | Sep 2024 11% | Dec 2024 12% | Mar 2025 8.7% | Jun 2025 11% | Sep 2025 11% | Dec 2025 12% | Mar 2026 11% | Jun 2026 —
- GRAUWEIL: Sep 2021 19% | Dec 2021 — | Mar 2022 15% | Jun 2022 — | Sep 2022 18% | Dec 2022 — | Mar 2023 19% | Jun 2023 — | Sep 2023 20% | Dec 2023 26% | Mar 2024 20% | Jun 2024 27% | Sep 2024 20% | Dec 2024 26% | Mar 2025 17% | Jun 2025 22% | Sep 2025 15% | Dec 2025 19% | Mar 2026 15% | Jun 2026 —
- PANAMAPET: Sep 2021 46% | Dec 2021 — | Mar 2022 38% | Jun 2022 — | Sep 2022 37% | Dec 2022 — | Mar 2023 33% | Jun 2023 31% | Sep 2023 25% | Dec 2023 26% | Mar 2024 22% | Jun 2024 25% | Sep 2024 21% | Dec 2024 24% | Mar 2025 19% | Jun 2025 20% | Sep 2025 18% | Dec 2025 19% | Mar 2026 18% | Jun 2026 —
- TIRUMALCHM: Sep 2021 27% | Dec 2021 — | Mar 2022 30% | Jun 2022 — | Sep 2022 26% | Dec 2022 — | Mar 2023 8.7% | Jun 2023 — | Sep 2023 1.0% | Dec 2023 0.6% | Mar 2024 -0.3% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 -0.3% | Mar 2025 -0.3% | Jun 2025 -2.3% | Sep 2025 -3.2% | Dec 2025 -3.2% | Mar 2026 -3.2% | Jun 2026 —
- PAUSHAKLTD: Sep 2021 15% | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 15% | Dec 2022 — | Mar 2023 16% | Jun 2023 — | Sep 2023 13% | Dec 2023 17% | Mar 2024 11% | Jun 2024 17% | Sep 2024 11% | Dec 2024 16% | Mar 2025 8.6% | Jun 2025 13% | Sep 2025 8.3% | Dec 2025 8.8% | Mar 2026 6.7% | Jun 2026 —
- PLATIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 38% | Jun 2023 — | Sep 2023 61% | Dec 2023 60% | Mar 2024 17% | Jun 2024 33% | Sep 2024 16% | Dec 2024 32% | Mar 2025 13% | Jun 2025 17% | Sep 2025 11% | Dec 2025 15% | Mar 2026 12% | Jun 2026 —
- AMNPLST: Sep 2021 27% | Dec 2021 — | Mar 2022 18% | Jun 2022 — | Sep 2022 15% | Dec 2022 — | Mar 2023 18% | Jun 2023 21% | Sep 2023 21% | Dec 2023 28% | Mar 2024 26% | Jun 2024 29% | Sep 2024 24% | Dec 2024 26% | Mar 2025 23% | Jun 2025 24% | Sep 2025 19% | Dec 2025 19% | Mar 2026 17% | Jun 2026 —
- DMCC: Sep 2021 13% | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 11% | Dec 2022 — | Mar 2023 8.0% | Jun 2023 — | Sep 2023 9.1% | Dec 2023 12% | Mar 2024 7.8% | Jun 2024 10% | Sep 2024 8.8% | Dec 2024 16% | Mar 2025 15% | Jun 2025 19% | Sep 2025 18% | Dec 2025 17% | Mar 2026 17% | Jun 2026 —
- CHEMCON: Sep 2021 20% | Dec 2021 — | Mar 2022 18% | Jun 2022 — | Sep 2022 19% | Dec 2022 — | Mar 2023 14% | Jun 2023 — | Sep 2023 7.2% | Dec 2023 8.6% | Mar 2024 3.5% | Jun 2024 6.2% | Sep 2024 3.4% | Dec 2024 7.4% | Mar 2025 4.4% | Jun 2025 7.5% | Sep 2025 4.1% | Dec 2025 6.0% | Mar 2026 3.8% | Jun 2026 —

### 20-quarter ROCE change history
- PIDILITIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.2 pp | Dec 2022 — | Mar 2023 −1.2 pp | Jun 2023 — | Sep 2023 +0.8 pp | Dec 2023 — | Mar 2024 +4.2 pp | Jun 2024 — | Sep 2024 +2.1 pp | Dec 2024 −0.1 pp | Mar 2025 −0.9 pp | Jun 2025 +0.9 pp | Sep 2025 +0.4 pp | Dec 2025 +1.4 pp | Mar 2026 +1.6 pp | Jun 2026 —
- AETHER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −28.4 pp | Dec 2022 — | Mar 2023 −15.9 pp | Jun 2023 — | Sep 2023 −3.7 pp | Dec 2023 — | Mar 2024 −8.7 pp | Jun 2024 — | Sep 2024 −3.6 pp | Dec 2024 −4.2 pp | Mar 2025 +4.2 pp | Jun 2025 +4.2 pp | Sep 2025 +6.3 pp | Dec 2025 +7.2 pp | Mar 2026 +3.0 pp | Jun 2026 —
- AARTIIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +11.2 pp | Dec 2022 — | Mar 2023 −11.2 pp | Jun 2023 — | Sep 2023 −15.5 pp | Dec 2023 — | Mar 2024 −6.1 pp | Jun 2024 — | Sep 2024 −0.6 pp | Dec 2024 −0.6 pp | Mar 2025 −1.2 pp | Jun 2025 −4.5 pp | Sep 2025 −1.8 pp | Dec 2025 −0.4 pp | Mar 2026 +1.0 pp | Jun 2026 —
- VINATIORGA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.1 pp | Dec 2022 — | Mar 2023 +1.8 pp | Jun 2023 — | Sep 2023 −3.7 pp | Dec 2023 — | Mar 2024 −6.0 pp | Jun 2024 — | Sep 2024 −2.4 pp | Dec 2024 +0.4 pp | Mar 2025 +0.7 pp | Jun 2025 +2.0 pp | Sep 2025 +1.7 pp | Dec 2025 +0.7 pp | Mar 2026 −0.6 pp | Jun 2026 —
- ALKYLAMINE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −17.5 pp | Dec 2022 — | Mar 2023 −3.5 pp | Jun 2023 — | Sep 2023 −8.2 pp | Dec 2023 — | Mar 2024 −10.0 pp | Jun 2024 — | Sep 2024 −2.9 pp | Dec 2024 — | Mar 2025 +0.2 pp | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 −1.6 pp | Jun 2026 —
- CLEAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.8 pp | Dec 2022 — | Mar 2023 +0.5 pp | Jun 2023 — | Sep 2023 −7.1 pp | Dec 2023 — | Mar 2024 −12.2 pp | Jun 2024 — | Sep 2024 −5.9 pp | Dec 2024 −5.1 pp | Mar 2025 −1.2 pp | Jun 2025 −2.6 pp | Sep 2025 −2.3 pp | Dec 2025 −5.5 pp | Mar 2026 −4.8 pp | Jun 2026 —
- GALAXYSURF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 — | Mar 2023 +4.6 pp | Jun 2023 — | Sep 2023 −1.6 pp | Dec 2023 — | Mar 2024 −7.9 pp | Jun 2024 — | Sep 2024 −5.3 pp | Dec 2024 −3.2 pp | Mar 2025 −0.6 pp | Jun 2025 −1.5 pp | Sep 2025 −1.8 pp | Dec 2025 −2.1 pp | Mar 2026 −2.8 pp | Jun 2026 —
- NEOGEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.6 pp | Dec 2022 — | Mar 2023 +1.9 pp | Jun 2023 — | Sep 2023 +0.2 pp | Dec 2023 — | Mar 2024 −5.5 pp | Jun 2024 — | Sep 2024 −4.5 pp | Dec 2024 −1.1 pp | Mar 2025 +1.4 pp | Jun 2025 −2.1 pp | Sep 2025 −2.6 pp | Dec 2025 −5.9 pp | Mar 2026 −4.3 pp | Jun 2026 —
- FCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +9.2 pp | Dec 2022 — | Mar 2023 +4.7 pp | Jun 2023 — | Sep 2023 +0.1 pp | Dec 2023 — | Mar 2024 +0.8 pp | Jun 2024 — | Sep 2024 −10.7 pp | Dec 2024 −14.0 pp | Mar 2025 −15.2 pp | Jun 2025 −17.7 pp | Sep 2025 −7.5 pp | Dec 2025 −10.8 pp | Mar 2026 −3.2 pp | Jun 2026 —
- VISHNU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +14.5 pp | Dec 2022 — | Mar 2023 +5.6 pp | Jun 2023 — | Sep 2023 −10.5 pp | Dec 2023 — | Mar 2024 −11.4 pp | Jun 2024 — | Sep 2024 −3.3 pp | Dec 2024 −2.7 pp | Mar 2025 −1.8 pp | Jun 2025 −3.0 pp | Sep 2025 −2.1 pp | Dec 2025 −1.8 pp | Mar 2026 −2.1 pp | Jun 2026 —
- TATVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −8.7 pp | Dec 2022 — | Mar 2023 −10.3 pp | Jun 2023 — | Sep 2023 −5.8 pp | Dec 2023 — | Mar 2024 −4.4 pp | Jun 2024 — | Sep 2024 −5.2 pp | Dec 2024 −4.8 pp | Mar 2025 −5.0 pp | Jun 2025 −5.0 pp | Sep 2025 +0.4 pp | Dec 2025 +3.2 pp | Mar 2026 +6.2 pp | Jun 2026 +8.3 pp
- YASHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.0 pp | Dec 2022 — | Mar 2023 −7.9 pp | Jun 2023 — | Sep 2023 −18.1 pp | Dec 2023 — | Mar 2024 −10.3 pp | Jun 2024 — | Sep 2024 −3.5 pp | Dec 2024 −8.4 pp | Mar 2025 −3.1 pp | Jun 2025 −3.4 pp | Sep 2025 0.0 pp | Dec 2025 −0.4 pp | Mar 2026 +2.6 pp | Jun 2026 —
- GRAUWEIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.9 pp | Dec 2022 — | Mar 2023 +3.6 pp | Jun 2023 — | Sep 2023 +1.9 pp | Dec 2023 — | Mar 2024 +1.1 pp | Jun 2024 — | Sep 2024 +0.2 pp | Dec 2024 +0.2 pp | Mar 2025 −2.7 pp | Jun 2025 −5.2 pp | Sep 2025 −4.8 pp | Dec 2025 −6.6 pp | Mar 2026 −2.0 pp | Jun 2026 —
- PANAMAPET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −9.5 pp | Dec 2022 — | Mar 2023 −4.7 pp | Jun 2023 — | Sep 2023 −11.9 pp | Dec 2023 — | Mar 2024 −10.6 pp | Jun 2024 −5.5 pp | Sep 2024 −3.8 pp | Dec 2024 −1.8 pp | Mar 2025 −3.2 pp | Jun 2025 −5.5 pp | Sep 2025 −3.0 pp | Dec 2025 −5.0 pp | Mar 2026 −1.1 pp | Jun 2026 —
- TIRUMALCHM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.5 pp | Dec 2022 — | Mar 2023 −20.9 pp | Jun 2023 — | Sep 2023 −24.6 pp | Dec 2023 — | Mar 2024 −9.0 pp | Jun 2024 — | Sep 2024 −1.0 pp | Dec 2024 −0.9 pp | Mar 2025 0.0 pp | Jun 2025 −2.3 pp | Sep 2025 −3.2 pp | Dec 2025 −2.9 pp | Mar 2026 −2.9 pp | Jun 2026 —
- PAUSHAKLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 — | Mar 2023 +2.4 pp | Jun 2023 — | Sep 2023 −2.0 pp | Dec 2023 — | Mar 2024 −4.5 pp | Jun 2024 — | Sep 2024 −1.8 pp | Dec 2024 −1.7 pp | Mar 2025 −2.7 pp | Jun 2025 −4.1 pp | Sep 2025 −2.9 pp | Dec 2025 −6.8 pp | Mar 2026 −1.9 pp | Jun 2026 —
- PLATIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −21.1 pp | Jun 2024 — | Sep 2024 −44.8 pp | Dec 2024 −27.7 pp | Mar 2025 −3.6 pp | Jun 2025 −15.4 pp | Sep 2025 −5.6 pp | Dec 2025 −16.6 pp | Mar 2026 −1.6 pp | Jun 2026 —
- AMNPLST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −12.2 pp | Dec 2022 — | Mar 2023 −0.7 pp | Jun 2023 — | Sep 2023 +6.1 pp | Dec 2023 — | Mar 2024 +7.8 pp | Jun 2024 +7.2 pp | Sep 2024 +3.3 pp | Dec 2024 −1.3 pp | Mar 2025 −2.7 pp | Jun 2025 −4.6 pp | Sep 2025 −4.9 pp | Dec 2025 −7.3 pp | Mar 2026 −5.5 pp | Jun 2026 —
- DMCC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.5 pp | Dec 2022 — | Mar 2023 −5.3 pp | Jun 2023 — | Sep 2023 −1.7 pp | Dec 2023 — | Mar 2024 −0.2 pp | Jun 2024 — | Sep 2024 −0.3 pp | Dec 2024 +4.2 pp | Mar 2025 +7.3 pp | Jun 2025 +8.3 pp | Sep 2025 +9.0 pp | Dec 2025 +1.3 pp | Mar 2026 +1.4 pp | Jun 2026 —
- CHEMCON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.0 pp | Dec 2022 — | Mar 2023 −4.7 pp | Jun 2023 — | Sep 2023 −11.3 pp | Dec 2023 — | Mar 2024 −10.0 pp | Jun 2024 — | Sep 2024 −3.8 pp | Dec 2024 −1.2 pp | Mar 2025 +0.9 pp | Jun 2025 +1.3 pp | Sep 2025 +0.7 pp | Dec 2025 −1.4 pp | Mar 2026 −0.6 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Panama Petrochem Ltd has the lowest comparable Guarded PEG at 0.55×, 41.5% below Aarti Industries Ltd. Only 12 of 27 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: Panama Petrochem Ltd · 0.55× | 41.5% versus #2 · Aarti Industries Ltd | 0/8 recent comparable periods | 12/27 companies · 108 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. Panama Petrochem Ltd (PANAMAPET): 0.6
2. Aarti Industries Ltd (AARTIIND): 0.9
3. Yasho Industries Ltd (YASHO): 1.2
4. Vishnu Chemicals Ltd (VISHNU): 2.1
5. Vinati Organics Ltd (VINATIORGA): 2.1

### P/E — lowest P/E
1. Transpek Industry Ltd (TRANSPEK): 13.0
2. Panama Petrochem Ltd (PANAMAPET): 14.2
3. Vikram Thermo (India) Ltd (530477): 20.0
4. Grauer & Weil (India) Ltd (GRAUWEIL): 20.4
5. Kronox Lab Sciences Ltd (KRONOX): 20.7

### 20-quarter Guarded PEG history
- PIDILITIND: Sep 2021 1.9 | Dec 2021 1.9 | Mar 2022 3.8 | Jun 2022 14.2 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 19.2 | Sep 2023 — | Dec 2023 5.8 | Mar 2024 2.4 | Jun 2024 2.3 | Sep 2024 2.6 | Dec 2024 2.5 | Mar 2025 4.2 | Jun 2025 4.2 | Sep 2025 4.0 | Dec 2025 4.6 | Mar 2026 3.7 | Jun 2026 —
- AETHER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 3.7 | Mar 2023 3.1 | Jun 2023 13.2 | Sep 2023 15.2 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 1.1 | Sep 2025 — | Dec 2025 1.1 | Mar 2026 8.9 | Jun 2026 —
- AARTIIND: Sep 2021 1.9 | Dec 2021 1.9 | Mar 2022 — | Jun 2022 1.3 | 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 0.9 | Jun 2026 —
- VINATIORGA: Sep 2021 2.3 | Dec 2021 2.3 | Mar 2022 1.5 | Jun 2022 2.0 | Sep 2022 1.6 | Dec 2022 1.5 | Mar 2023 1.3 | Jun 2023 — | Sep 2023 5.8 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 2.3 | Jun 2025 2.0 | Sep 2025 1.7 | Dec 2025 2.1 | Mar 2026 — | Jun 2026 —
- CLEAN: Sep 2021 — | Dec 2021 7.3 | Mar 2022 5.5 | Jun 2022 4.5 | Sep 2022 4.1 | Dec 2022 2.4 | Mar 2023 1.8 | Jun 2023 1.7 | Sep 2023 2.2 | Dec 2023 6.2 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 7.1 | Sep 2025 6.2 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GALAXYSURF: Sep 2021 1.0 | Dec 2021 2.9 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 1.7 | Mar 2023 0.4 | Jun 2023 0.6 | Sep 2023 0.8 | Dec 2023 4.4 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NEOGEN: Sep 2021 8.1 | Dec 2021 4.2 | Mar 2022 3.2 | Jun 2022 1.8 | Sep 2022 1.7 | Dec 2022 2.9 | Mar 2023 2.5 | Jun 2023 11.2 | Sep 2023 — | Dec 2023 — | Mar 2024 7.6 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 7.6 | Sep 2025 14.4 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FCL: Sep 2021 — | Dec 2021 0.8 | Mar 2022 0.8 | Jun 2022 1.1 | Sep 2022 — | Dec 2022 1.9 | Mar 2023 0.6 | Jun 2023 0.6 | Sep 2023 — | Dec 2023 0.8 | Mar 2024 2.1 | Jun 2024 1.0 | Sep 2024 1.2 | Dec 2024 1.9 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 4.2 | Mar 2026 — | Jun 2026 —
- VISHNU: Sep 2021 0.5 | Dec 2021 0.6 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.5 | Jun 2023 — | Sep 2023 0.6 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.7 | Jun 2025 1.3 | Sep 2025 1.1 | Dec 2025 0.8 | Mar 2026 2.1 | Jun 2026 —
- TATVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 5.6 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- YASHO: Sep 2021 — | Dec 2021 1.1 | Mar 2022 — | Jun 2022 — | Sep 2022 0.5 | Dec 2022 — | Mar 2023 0.8 | Jun 2023 1.0 | Sep 2023 — | Dec 2023 1.2 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GRAUWEIL: Sep 2021 0.3 | Dec 2021 — | Mar 2022 — | Jun 2022 1.5 | Sep 2022 — | Dec 2022 2.0 | Mar 2023 1.0 | Jun 2023 0.5 | Sep 2023 0.6 | Dec 2023 0.6 | Mar 2024 0.9 | Jun 2024 0.9 | Sep 2024 1.0 | Dec 2024 1.3 | Mar 2025 — | Jun 2025 4.0 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PANAMAPET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.2 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.6 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- 530477: Sep 2021 10.7 | Dec 2021 11.8 | Mar 2022 14.9 | Jun 2022 13.3 | Sep 2022 16.5 | Dec 2022 12.8 | Mar 2023 11.4 | Jun 2023 15.5 | Sep 2023 16.6 | Dec 2023 21.3 | Mar 2024 18.0 | Jun 2024 21.1 | Sep 2024 21.1 | Dec 2024 18.9 | Mar 2025 17.2 | Jun 2025 16.5 | Sep 2025 15.5 | Dec 2025 15.6 | Mar 2026 12.9 | Jun 2026 —
- 530845: Sep 2021 17.9 | Dec 2021 28.9 | Mar 2022 32.2 | Jun 2022 26.0 | Sep 2022 30.9 | Dec 2022 29.7 | Mar 2023 37.7 | Jun 2023 45.4 | Sep 2023 51.4 | Dec 2023 59.7 | Mar 2024 43.7 | Jun 2024 47.3 | Sep 2024 42.0 | Dec 2024 42.3 | Mar 2025 39.9 | Jun 2025 45.4 | Sep 2025 46.9 | Dec 2025 37.5 | Mar 2026 26.6 | Jun 2026 —
- PIDILITIND: Sep 2021 93.9 | Dec 2021 93.0 | Mar 2022 98.9 | Jun 2022 91.3 | Sep 2022 102.0 | Dec 2022 99.8 | Mar 2023 96.1 | Jun 2023 103.7 | Sep 2023 89.4 | Dec 2023 91.7 | Mar 2024 89.6 | Jun 2024 90.3 | Sep 2024 91.1 | Dec 2024 75.5 | Mar 2025 72.3 | Jun 2025 74.1 | Sep 2025 68.2 | Dec 2025 66.1 | Mar 2026 57.8 | Jun 2026 —
- AETHER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 79.0 | Sep 2022 94.4 | Dec 2022 86.8 | Mar 2023 95.9 | Jun 2023 102.5 | Sep 2023 94.3 | Dec 2023 81.8 | Mar 2024 80.5 | Jun 2024 136.3 | Sep 2024 132.8 | Dec 2024 124.7 | Mar 2025 95.2 | Jun 2025 60.7 | Sep 2025 52.9 | Dec 2025 55.4 | Mar 2026 69.4 | Jun 2026 —
- AARTIIND: Sep 2021 48.3 | Dec 2021 52.6 | Mar 2022 25.7 | Jun 2022 19.0 | Sep 2022 20.4 | Dec 2022 18.8 | Mar 2023 31.8 | Jun 2023 33.5 | Sep 2023 37.1 | Dec 2023 52.7 | Mar 2024 55.6 | Jun 2024 59.7 | Sep 2024 43.7 | Dec 2024 33.6 | Mar 2025 38.8 | Jun 2025 52.8 | Sep 2025 57.8 | Dec 2025 50.7 | Mar 2026 40.8 | Jun 2026 —
- ANURAS: Sep 2021 107.6 | Dec 2021 85.8 | Mar 2022 67.6 | Jun 2022 40.6 | Sep 2022 47.1 | Dec 2022 41.2 | Mar 2023 51.8 | Jun 2023 59.3 | Sep 2023 52.0 | Dec 2023 63.2 | Mar 2024 60.7 | Jun 2024 64.4 | Sep 2024 84.4 | Dec 2024 112.2 | Mar 2025 104.7 | Jun 2025 133.7 | Sep 2025 98.0 | Dec 2025 97.0 | Mar 2026 80.3 | Jun 2026 —
- PRIVISCL: Sep 2021 66.0 | Dec 2021 66.0 | Mar 2022 63.7 | Jun 2022 43.6 | Sep 2022 65.2 | Dec 2022 57.5 | Mar 2023 72.2 | Jun 2023 190.2 | Sep 2023 188.7 | Dec 2023 169.7 | Mar 2024 77.2 | Jun 2024 59.6 | Sep 2024 46.9 | Dec 2024 48.5 | Mar 2025 44.0 | Jun 2025 47.4 | Sep 2025 42.5 | Dec 2025 47.8 | Mar 2026 38.5 | Jun 2026 —
- VINATIORGA: Sep 2021 70.5 | Dec 2021 68.7 | Mar 2022 63.4 | Jun 2022 55.9 | Sep 2022 58.5 | Dec 2022 51.1 | Mar 2023 43.7 | Jun 2023 43.7 | Sep 2023 47.8 | Dec 2023 50.7 | Mar 2024 46.7 | Jun 2024 60.6 | Sep 2024 63.1 | Dec 2024 49.1 | Mar 2025 42.4 | Jun 2025 50.4 | Sep 2025 41.9 | Dec 2025 37.8 | Mar 2026 31.3 | Jun 2026 —
- ALKYLAMINE: Sep 2021 105.9 | Dec 2021 95.4 | Mar 2022 77.2 | Jun 2022 70.0 | Sep 2022 77.2 | Dec 2022 71.6 | Mar 2023 58.0 | Jun 2023 73.3 | Sep 2023 61.9 | Dec 2023 68.2 | Mar 2024 48.8 | Jun 2024 57.5 | Sep 2024 61.8 | Dec 2024 49.3 | Mar 2025 43.5 | Jun 2025 60.8 | Sep 2025 — | Dec 2025 42.5 | Mar 2026 34.8 | Jun 2026 —
- CLEAN: Sep 2021 109.6 | Dec 2021 133.3 | Mar 2022 96.4 | Jun 2022 67.8 | Sep 2022 78.9 | Dec 2022 63.0 | Mar 2023 48.6 | Jun 2023 50.2 | Sep 2023 51.4 | Dec 2023 59.7 | Mar 2024 55.5 | Jun 2024 62.3 | Sep 2024 65.1 | Dec 2024 58.7 | Mar 2025 47.6 | Jun 2025 58.9 | Sep 2025 43.6 | Dec 2025 35.2 | Mar 2026 29.4 | Jun 2026 —
- GALAXYSURF: Sep 2021 36.5 | Dec 2021 39.4 | Mar 2022 42.7 | Jun 2022 39.1 | Sep 2022 37.1 | Dec 2022 26.6 | Mar 2023 21.2 | Jun 2023 24.7 | Sep 2023 25.3 | Dec 2023 28.2 | Mar 2024 25.6 | Jun 2024 32.3 | Sep 2024 34.6 | Dec 2024 28.9 | Mar 2025 23.7 | Jun 2025 30.0 | Sep 2025 25.4 | Dec 2025 25.4 | Mar 2026 19.5 | Jun 2026 —
- NEOGEN: Sep 2021 89.7 | Dec 2021 105.5 | Mar 2022 97.3 | Jun 2022 70.5 | Sep 2022 74.0 | Dec 2022 65.3 | Mar 2023 62.5 | Jun 2023 80.5 | Sep 2023 90.2 | Dec 2023 79.1 | Mar 2024 90.5 | Jun 2024 114.3 | Sep 2024 150.6 | Dec 2024 131.1 | Mar 2025 82.5 | Jun 2025 102.7 | Sep 2025 99.1 | Dec 2025 92.8 | Mar 2026 117.3 | Jun 2026 172.0
- FCL: Sep 2021 33.0 | Dec 2021 34.6 | Mar 2022 36.6 | Jun 2022 34.6 | Sep 2022 59.6 | Dec 2022 37.2 | Mar 2023 32.8 | Jun 2023 37.6 | Sep 2023 37.6 | Dec 2023 38.0 | Mar 2024 35.4 | Jun 2024 35.5 | Sep 2024 36.8 | Dec 2024 29.6 | Mar 2025 21.9 | Jun 2025 29.6 | Sep 2025 27.5 | Dec 2025 29.3 | Mar 2026 24.0 | Jun 2026 44.0
- VISHNU: Sep 2021 26.0 | Dec 2021 24.4 | Mar 2022 32.2 | Jun 2022 21.9 | Sep 2022 21.8 | Dec 2022 14.7 | Mar 2023 12.4 | Jun 2023 15.6 | Sep 2023 15.2 | Dec 2023 18.1 | Mar 2024 18.1 | Jun 2024 29.6 | Sep 2024 26.0 | Dec 2024 26.0 | Mar 2025 25.9 | Jun 2025 27.8 | Sep 2025 24.5 | Dec 2025 26.7 | Mar 2026 24.2 | Jun 2026 —
- TATVA: Sep 2021 84.8 | Dec 2021 102.0 | Mar 2022 47.7 | Jun 2022 49.0 | Sep 2022 58.2 | Dec 2022 49.7 | Mar 2023 38.6 | Jun 2023 83.2 | Sep 2023 72.0 | Dec 2023 72.4 | Mar 2024 58.8 | Jun 2024 83.7 | Sep 2024 92.2 | Dec 2024 114.1 | Mar 2025 110.8 | Jun 2025 154.4 | Sep 2025 412.5 | Dec 2025 436.4 | Mar 2026 450.0 | Jun 2026 65.7
- YASHO: Sep 2021 22.2 | Dec 2021 57.6 | Mar 2022 45.2 | Jun 2022 28.6 | Sep 2022 29.6 | Dec 2022 26.1 | Mar 2023 26.1 | Jun 2023 30.6 | Sep 2023 32.0 | Dec 2023 35.3 | Mar 2024 33.0 | Jun 2024 38.3 | Sep 2024 57.2 | Dec 2024 68.8 | Mar 2025 102.8 | Jun 2025 405.1 | Sep 2025 160.8 | Dec 2025 138.1 | Mar 2026 91.1 | Jun 2026 —
- GRAUWEIL: Sep 2021 15.9 | Dec 2021 14.4 | Mar 2022 14.3 | Jun 2022 17.2 | Sep 2022 17.6 | Dec 2022 20.6 | Mar 2023 20.8 | Jun 2023 22.1 | Sep 2023 24.5 | Dec 2023 22.6 | Mar 2024 28.8 | Jun 2024 27.6 | Sep 2024 32.2 | Dec 2024 28.3 | Mar 2025 23.2 | Jun 2025 29.8 | Sep 2025 26.7 | Dec 2025 22.4 | Mar 2026 17.7 | Jun 2026 —
- PANAMAPET: Sep 2021 8.5 | Dec 2021 6.5 | Mar 2022 7.1 | Jun 2022 7.1 | Sep 2022 7.4 | Dec 2022 8.6 | Mar 2023 7.4 | Jun 2023 7.9 | Sep 2023 8.7 | Dec 2023 10.4 | Mar 2024 10.9 | Jun 2024 12.2 | Sep 2024 11.9 | Dec 2024 11.5 | Mar 2025 11.3 | Jun 2025 11.6 | Sep 2025 9.4 | Dec 2025 9.3 | Mar 2026 8.2 | Jun 2026 —
- TIRUMALCHM: Sep 2021 14.3 | Dec 2021 10.2 | Mar 2022 9.0 | Jun 2022 8.9 | Sep 2022 7.9 | Dec 2022 8.0 | Mar 2023 9.1 | Jun 2023 22.9 | Sep 2023 54.5 | Dec 2023 50.0 | Mar 2024 — | Jun 2024 -69.3 | Sep 2024 -99.1 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PAUSHAKLTD: Sep 2021 84.3 | Dec 2021 79.1 | Mar 2022 86.4 | Jun 2022 75.9 | Sep 2022 59.2 | Dec 2022 55.7 | Mar 2023 37.0 | Jun 2023 40.2 | Sep 2023 38.8 | Dec 2023 36.9 | Mar 2024 31.1 | Jun 2024 33.0 | Sep 2024 29.9 | Dec 2024 27.0 | Mar 2025 23.9 | Jun 2025 27.6 | Sep 2025 39.4 | Dec 2025 31.9 | Mar 2026 25.1 | Jun 2026 —
- PLATIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 18.2 | Jun 2024 19.5 | Sep 2024 37.3 | Dec 2024 41.6 | Mar 2025 27.1 | Jun 2025 30.8 | Sep 2025 38.7 | Dec 2025 33.1 | Mar 2026 25.0 | Jun 2026 —
- AMNPLST: Sep 2021 19.9 | Dec 2021 20.9 | Mar 2022 20.3 | Jun 2022 18.8 | Sep 2022 25.3 | Dec 2022 27.6 | Mar 2023 19.4 | Jun 2023 22.5 | Sep 2023 27.7 | Dec 2023 30.2 | Mar 2024 25.7 | Jun 2024 38.3 | Sep 2024 41.7 | Dec 2024 39.9 | Mar 2025 28.6 | Jun 2025 33.2 | Sep 2025 31.0 | Dec 2025 29.8 | Mar 2026 21.1 | Jun 2026 —
- DMCC: Sep 2021 23.0 | Dec 2021 31.2 | Mar 2022 31.8 | Jun 2022 38.7 | Sep 2022 48.1 | Dec 2022 49.8 | Mar 2023 151.8 | Jun 2023 112.8 | Sep 2023 203.0 | Dec 2023 92.0 | Mar 2024 54.7 | Jun 2024 67.3 | Sep 2024 69.9 | Dec 2024 69.5 | Mar 2025 36.0 | Jun 2025 30.1 | Sep 2025 27.4 | Dec 2025 23.1 | Mar 2026 19.7 | Jun 2026 —
- CHEMCON: Sep 2021 26.3 | Dec 2021 22.4 | Mar 2022 19.1 | Jun 2022 16.4 | Sep 2022 22.0 | Dec 2022 16.1 | Mar 2023 12.7 | Jun 2023 18.5 | Sep 2023 29.0 | Dec 2023 31.9 | Mar 2024 31.6 | Jun 2024 48.9 | Sep 2024 53.7 | Dec 2024 43.5 | Mar 2025 25.9 | Jun 2025 30.2 | Sep 2025 38.1 | Dec 2025 29.5 | Mar 2026 23.2 | Jun 2026 —
- AMAL: Sep 2021 73.0 | Dec 2021 113.1 | Mar 2022 120.0 | Jun 2022 311.2 | Sep 2022 346.1 | Dec 2022 324.4 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 269.1 | Sep 2024 81.6 | Dec 2024 62.6 | Mar 2025 36.1 | Jun 2025 28.4 | Sep 2025 27.8 | Dec 2025 21.9 | Mar 2026 — | Jun 2026 —
- TRANSPEK: Sep 2021 38.0 | Dec 2021 23.8 | Mar 2022 17.0 | Jun 2022 13.0 | Sep 2022 13.3 | Dec 2022 12.4 | Mar 2023 11.3 | Jun 2023 15.0 | Sep 2023 13.3 | Dec 2023 15.2 | Mar 2024 18.0 | Jun 2024 25.5 | Sep 2024 29.4 | Dec 2024 23.3 | Mar 2025 19.8 | Jun 2025 19.0 | Sep 2025 13.1 | Dec 2025 12.6 | Mar 2026 8.7 | Jun 2026 —
- KRONOX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 34.6 | Sep 2024 28.2 | Dec 2024 32.1 | Mar 2025 21.2 | Jun 2025 27.2 | Sep 2025 23.5 | Dec 2025 20.2 | Mar 2026 14.6 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Transpek Industry Ltd leads both ev/ebitda at 3.3× and p/bv at 0.78×.

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: Transpek Industry Ltd · 3.3× | 38.9% versus #2 · Panama Petrochem Ltd | 0/8 recent comparable periods | 26/27 companies · 485 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. Transpek Industry Ltd (TRANSPEK): 3.3
2. Panama Petrochem Ltd (PANAMAPET): 5.4
3. Vikram Thermo (India) Ltd (530477): 8.7
4. DMCC Speciality Chemicals Ltd (DMCC): 8.9
5. Chemcon Speciality Chemicals Ltd (CHEMCON): 9.2

### P/BV — lowest P/BV
1. Transpek Industry Ltd (TRANSPEK): 0.8
2. Thirumalai Chemicals Ltd (TIRUMALCHM): 1.3
3. Chemcon Speciality Chemicals Ltd (CHEMCON): 1.3
4. Panama Petrochem Ltd (PANAMAPET): 2.1
5. Galaxy Surfactants Ltd (GALAXYSURF): 2.5

### 20-quarter EV/EBITDA history
- 530477: Sep 2021 7.5 | Dec 2021 7.9 | Mar 2022 9.4 | Jun 2022 8.2 | Sep 2022 9.8 | Dec 2022 8.1 | Mar 2023 7.5 | Jun 2023 10.1 | Sep 2023 11.0 | Dec 2023 14.0 | Mar 2024 12.1 | Jun 2024 14.6 | Sep 2024 13.1 | Dec 2024 12.6 | Mar 2025 11.6 | Jun 2025 10.6 | Sep 2025 11.0 | Dec 2025 10.5 | Mar 2026 8.7 | Jun 2026 —
- 530845: Sep 2021 11.9 | Dec 2021 15.3 | Mar 2022 17.0 | Jun 2022 14.5 | Sep 2022 16.2 | Dec 2022 15.6 | Mar 2023 17.6 | Jun 2023 21.0 | Sep 2023 23.3 | Dec 2023 25.0 | Mar 2024 20.8 | Jun 2024 23.0 | Sep 2024 21.7 | Dec 2024 21.4 | Mar 2025 18.6 | Jun 2025 20.6 | Sep 2025 21.2 | Dec 2025 18.5 | Mar 2026 14.6 | Jun 2026 —
- PIDILITIND: Sep 2021 61.2 | Dec 2021 60.9 | Mar 2022 64.0 | Jun 2022 58.1 | Sep 2022 65.9 | Dec 2022 64.0 | Mar 2023 60.5 | Jun 2023 64.7 | Sep 2023 55.7 | Dec 2023 57.0 | Mar 2024 56.8 | Jun 2024 56.5 | Sep 2024 57.4 | Dec 2024 47.9 | Mar 2025 45.7 | Jun 2025 47.6 | Sep 2025 44.0 | Dec 2025 42.5 | Mar 2026 37.2 | Jun 2026 —
- AETHER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 60.3 | Sep 2022 63.5 | Dec 2022 58.2 | Mar 2023 62.6 | Jun 2023 69.6 | Sep 2023 63.4 | Dec 2023 53.2 | Mar 2024 48.5 | Jun 2024 70.8 | Sep 2024 66.1 | Dec 2024 61.1 | Mar 2025 49.3 | Jun 2025 34.6 | Sep 2025 31.2 | Dec 2025 33.2 | Mar 2026 42.6 | Jun 2026 —
- AARTIIND: Sep 2021 29.3 | Dec 2021 31.1 | Mar 2022 18.6 | Jun 2022 14.4 | Sep 2022 15.3 | Dec 2022 13.8 | Mar 2023 18.0 | Jun 2023 18.9 | Sep 2023 20.3 | Dec 2023 27.0 | Mar 2024 28.2 | Jun 2024 28.1 | Sep 2024 22.2 | Dec 2024 17.4 | Mar 2025 17.2 | Jun 2025 20.2 | Sep 2025 18.6 | Dec 2025 17.3 | Mar 2026 17.3 | Jun 2026 —
- ANURAS: Sep 2021 35.0 | Dec 2021 39.3 | Mar 2022 32.0 | Jun 2022 20.2 | Sep 2022 24.3 | Dec 2022 21.6 | Mar 2023 25.0 | Jun 2023 26.5 | Sep 2023 21.1 | Dec 2023 25.8 | Mar 2024 22.9 | Jun 2024 21.1 | Sep 2024 24.6 | Dec 2024 27.8 | Mar 2025 26.2 | Jun 2025 32.1 | Sep 2025 28.6 | Dec 2025 29.1 | Mar 2026 26.8 | Jun 2026 —
- PRIVISCL: Sep 2021 32.2 | Dec 2021 33.1 | Mar 2022 32.5 | Jun 2022 20.4 | Sep 2022 30.1 | Dec 2022 24.2 | Mar 2023 21.9 | Jun 2023 24.7 | Sep 2023 28.2 | Dec 2023 22.6 | Mar 2024 17.1 | Jun 2024 19.1 | Sep 2024 17.2 | Dec 2024 18.8 | Mar 2025 18.1 | Jun 2025 20.8 | Sep 2025 19.9 | Dec 2025 23.6 | Mar 2026 20.1 | Jun 2026 —
- VINATIORGA: Sep 2021 50.1 | Dec 2021 48.6 | Mar 2022 44.9 | Jun 2022 39.1 | Sep 2022 40.8 | Dec 2022 35.4 | Mar 2023 29.5 | Jun 2023 29.5 | Sep 2023 31.9 | Dec 2023 33.0 | Mar 2024 30.0 | Jun 2024 38.8 | Sep 2024 40.2 | Dec 2024 31.8 | Mar 2025 27.4 | Jun 2025 32.7 | Sep 2025 27.2 | Dec 2025 24.0 | Mar 2026 19.7 | Jun 2026 —
- ALKYLAMINE: Sep 2021 75.3 | Dec 2021 67.9 | Mar 2022 54.9 | Jun 2022 49.8 | Sep 2022 54.9 | Dec 2022 51.0 | Mar 2023 41.3 | Jun 2023 52.2 | Sep 2023 44.1 | Dec 2023 48.6 | Mar 2024 34.8 | Jun 2024 41.0 | Sep 2024 44.0 | Dec 2024 35.2 | Mar 2025 31.1 | Jun 2025 43.3 | Sep 2025 — | Dec 2025 30.4 | Mar 2026 24.9 | Jun 2026 —
- CLEAN: Sep 2021 76.3 | Dec 2021 92.7 | Mar 2022 67.0 | Jun 2022 46.9 | Sep 2022 54.0 | Dec 2022 42.9 | Mar 2023 33.0 | Jun 2023 34.1 | Sep 2023 34.9 | Dec 2023 40.2 | Mar 2024 36.9 | Jun 2024 40.7 | Sep 2024 42.0 | Dec 2024 37.0 | Mar 2025 29.7 | Jun 2025 36.5 | Sep 2025 26.9 | Dec 2025 21.8 | Mar 2026 17.8 | Jun 2026 —
- GALAXYSURF: Sep 2021 24.8 | Dec 2021 26.6 | Mar 2022 27.6 | Jun 2022 25.3 | Sep 2022 24.8 | Dec 2022 18.1 | Mar 2023 14.8 | Jun 2023 16.9 | Sep 2023 16.3 | Dec 2023 17.9 | Mar 2024 15.8 | Jun 2024 19.7 | Sep 2024 21.1 | Dec 2024 17.6 | Mar 2025 14.4 | Jun 2025 17.9 | Sep 2025 15.0 | Dec 2025 14.7 | Mar 2026 11.1 | Jun 2026 —
- NEOGEN: Sep 2021 46.9 | Dec 2021 56.9 | Mar 2022 53.9 | Jun 2022 39.9 | Sep 2022 40.5 | Dec 2022 33.4 | Mar 2023 31.0 | Jun 2023 36.2 | Sep 2023 39.2 | Dec 2023 35.5 | Mar 2024 31.9 | Jun 2024 38.6 | Sep 2024 50.7 | Dec 2024 45.7 | Mar 2025 32.5 | Jun 2025 33.3 | Sep 2025 32.7 | Dec 2025 30.0 | Mar 2026 30.9 | Jun 2026 45.4
- FCL: Sep 2021 23.4 | Dec 2021 23.8 | Mar 2022 25.4 | Jun 2022 24.6 | Sep 2022 42.2 | Dec 2022 26.8 | Mar 2023 23.8 | Jun 2023 27.5 | Sep 2023 27.3 | Dec 2023 27.8 | Mar 2024 25.6 | Jun 2024 25.6 | Sep 2024 27.3 | Dec 2024 21.5 | Mar 2025 15.6 | Jun 2025 21.0 | Sep 2025 19.4 | Dec 2025 20.4 | Mar 2026 16.0 | Jun 2026 28.1
- VISHNU: Sep 2021 13.4 | Dec 2021 13.2 | Mar 2022 17.7 | Jun 2022 13.0 | Sep 2022 13.4 | Dec 2022 9.6 | Mar 2023 8.4 | Jun 2023 10.1 | Sep 2023 10.7 | Dec 2023 11.5 | Mar 2024 11.0 | Jun 2024 16.1 | Sep 2024 13.4 | Dec 2024 13.2 | Mar 2025 13.8 | Jun 2025 15.4 | Sep 2025 14.0 | Dec 2025 15.1 | Mar 2026 13.6 | Jun 2026 —
- TATVA: Sep 2021 69.3 | Dec 2021 80.5 | Mar 2022 40.0 | Jun 2022 42.6 | Sep 2022 48.0 | Dec 2022 41.1 | Mar 2023 30.1 | Jun 2023 61.2 | Sep 2023 53.8 | Dec 2023 46.1 | Mar 2024 33.6 | Jun 2024 35.8 | Sep 2024 35.4 | Dec 2024 38.6 | Mar 2025 33.7 | Jun 2025 46.5 | Sep 2025 64.9 | Dec 2025 85.3 | Mar 2026 71.9 | Jun 2026 29.7
- YASHO: Sep 2021 15.5 | Dec 2021 24.6 | Mar 2022 25.4 | Jun 2022 16.1 | Sep 2022 17.5 | Dec 2022 15.7 | Mar 2023 14.9 | Jun 2023 19.0 | Sep 2023 19.6 | Dec 2023 22.1 | Mar 2024 22.2 | Jun 2024 23.6 | Sep 2024 27.8 | Dec 2024 25.7 | Mar 2025 23.4 | Jun 2025 25.8 | Sep 2025 19.8 | Dec 2025 17.7 | Mar 2026 16.2 | Jun 2026 —
- GRAUWEIL: Sep 2021 8.3 | Dec 2021 7.5 | Mar 2022 7.3 | Jun 2022 8.7 | Sep 2022 9.2 | Dec 2022 11.4 | Mar 2023 11.9 | Jun 2023 13.0 | Sep 2023 14.8 | Dec 2023 13.2 | Mar 2024 17.5 | Jun 2024 17.1 | Sep 2024 19.8 | Dec 2024 17.0 | Mar 2025 13.6 | Jun 2025 18.3 | Sep 2025 15.6 | Dec 2025 14.0 | Mar 2026 10.6 | Jun 2026 —
- PANAMAPET: Sep 2021 6.1 | Dec 2021 4.7 | Mar 2022 5.3 | Jun 2022 5.4 | Sep 2022 5.4 | Dec 2022 6.4 | Mar 2023 5.2 | Jun 2023 5.5 | Sep 2023 5.6 | Dec 2023 7.0 | Mar 2024 7.2 | Jun 2024 8.0 | Sep 2024 8.3 | Dec 2024 8.1 | Mar 2025 8.0 | Jun 2025 8.0 | Sep 2025 6.2 | Dec 2025 6.2 | Mar 2026 5.4 | Jun 2026 —
- TIRUMALCHM: Sep 2021 8.2 | Dec 2021 5.6 | Mar 2022 5.1 | Jun 2022 5.2 | Sep 2022 3.8 | Dec 2022 3.7 | Mar 2023 4.0 | Jun 2023 9.3 | Sep 2023 13.7 | Dec 2023 24.4 | Mar 2024 40.1 | Jun 2024 43.3 | Sep 2024 64.2 | Dec 2024 58.4 | Mar 2025 63.3 | Jun 2025 51.9 | Sep 2025 64.6 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PAUSHAKLTD: Sep 2021 52.8 | Dec 2021 51.7 | Mar 2022 54.8 | Jun 2022 48.1 | Sep 2022 37.4 | Dec 2022 34.2 | Mar 2023 23.0 | Jun 2023 25.1 | Sep 2023 24.1 | Dec 2023 23.0 | Mar 2024 19.3 | Jun 2024 21.1 | Sep 2024 19.4 | Dec 2024 17.9 | Mar 2025 16.5 | Jun 2025 18.4 | Sep 2025 26.3 | Dec 2025 20.9 | Mar 2026 15.2 | Jun 2026 —
- PLATIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 17.2 | Jun 2024 17.2 | Sep 2024 26.3 | Dec 2024 28.6 | Mar 2025 16.4 | Jun 2025 17.0 | Sep 2025 22.8 | Dec 2025 19.4 | Mar 2026 14.3 | Jun 2026 —
- AMNPLST: Sep 2021 11.8 | Dec 2021 12.8 | Mar 2022 12.1 | Jun 2022 10.4 | Sep 2022 14.3 | Dec 2022 14.7 | Mar 2023 11.0 | Jun 2023 12.8 | Sep 2023 15.7 | Dec 2023 17.5 | Mar 2024 15.2 | Jun 2024 22.3 | Sep 2024 24.0 | Dec 2024 23.4 | Mar 2025 17.1 | Jun 2025 20.0 | Sep 2025 18.6 | Dec 2025 17.3 | Mar 2026 12.2 | Jun 2026 —
- DMCC: Sep 2021 17.2 | Dec 2021 22.1 | Mar 2022 22.4 | Jun 2022 18.2 | Sep 2022 21.2 | Dec 2022 16.7 | Mar 2023 19.1 | Jun 2023 22.5 | Sep 2023 25.1 | Dec 2023 21.7 | Mar 2024 16.0 | Jun 2024 18.8 | Sep 2024 17.5 | Dec 2024 19.8 | Mar 2025 13.5 | Jun 2025 12.5 | Sep 2025 12.4 | Dec 2025 10.4 | Mar 2026 8.9 | Jun 2026 —
- CHEMCON: Sep 2021 16.3 | Dec 2021 13.6 | Mar 2022 11.3 | Jun 2022 10.0 | Sep 2022 13.9 | Dec 2022 9.5 | Mar 2023 6.7 | Jun 2023 9.9 | Sep 2023 16.3 | Dec 2023 17.0 | Mar 2024 15.2 | Jun 2024 21.8 | Sep 2024 22.0 | Dec 2024 17.1 | Mar 2025 10.2 | Jun 2025 12.9 | Sep 2025 17.9 | Dec 2025 13.4 | Mar 2026 9.2 | Jun 2026 —
- AMAL: Sep 2021 49.5 | Dec 2021 74.9 | Mar 2022 65.6 | Jun 2022 82.7 | Sep 2022 106.7 | Dec 2022 351.0 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 89.1 | Mar 2024 39.4 | Jun 2024 31.7 | Sep 2024 22.4 | Dec 2024 24.1 | Mar 2025 22.5 | Jun 2025 19.5 | Sep 2025 20.1 | Dec 2025 16.2 | Mar 2026 — | Jun 2026 —
- TRANSPEK: Sep 2021 17.1 | Dec 2021 12.1 | Mar 2022 9.2 | Jun 2022 7.5 | Sep 2022 7.8 | Dec 2022 7.2 | Mar 2023 6.5 | Jun 2023 8.2 | Sep 2023 7.4 | Dec 2023 7.2 | Mar 2024 7.9 | Jun 2024 10.3 | Sep 2024 10.3 | Dec 2024 8.2 | Mar 2025 6.6 | Jun 2025 8.3 | Sep 2025 5.4 | Dec 2025 5.0 | Mar 2026 3.3 | Jun 2026 —
- KRONOX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 23.9 | Sep 2024 20.0 | Dec 2024 22.6 | Mar 2025 14.7 | Jun 2025 19.3 | Sep 2025 16.5 | Dec 2025 14.1 | Mar 2026 10.1 | Jun 2026 —

### 20-quarter P/BV history
- 530477: Sep 2021 1.7 | Dec 2021 1.5 | Mar 2022 1.6 | Jun 2022 1.8 | Sep 2022 1.9 | Dec 2022 2.1 | Mar 2023 1.8 | Jun 2023 2.7 | Sep 2023 3.4 | Dec 2023 4.4 | Mar 2024 4.3 | Jun 2024 6.1 | Sep 2024 4.8 | Dec 2024 5.2 | Mar 2025 5.2 | Jun 2025 4.4 | Sep 2025 4.2 | Dec 2025 3.7 | Mar 2026 3.2 | Jun 2026 —
- 530845: Sep 2021 11.5 | Dec 2021 9.3 | Mar 2022 10.3 | Jun 2022 14.5 | Sep 2022 7.5 | Dec 2022 7.7 | Mar 2023 9.2 | Jun 2023 11.6 | Sep 2023 10.7 | Dec 2023 10.0 | Mar 2024 9.8 | Jun 2024 13.5 | Sep 2024 9.7 | Dec 2024 8.8 | Mar 2025 6.7 | Jun 2025 6.9 | Sep 2025 8.5 | Dec 2025 7.5 | Mar 2026 6.1 | Jun 2026 —
- PIDILITIND: Sep 2021 22.3 | Dec 2021 21.6 | Mar 2022 21.5 | Jun 2022 19.7 | Sep 2022 20.7 | Dec 2022 19.6 | Mar 2023 18.7 | Jun 2023 20.6 | Sep 2023 17.2 | Dec 2023 18.3 | Mar 2024 20.4 | Jun 2024 22.3 | Sep 2024 20.4 | Dec 2024 17.0 | Mar 2025 16.6 | Jun 2025 18.5 | Sep 2025 15.4 | Dec 2025 15.5 | Mar 2026 14.0 | Jun 2026 —
- AETHER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25.1 | Sep 2022 9.4 | Dec 2022 8.7 | Mar 2023 9.2 | Jun 2023 10.7 | Sep 2023 9.7 | Dec 2023 5.8 | Mar 2024 5.1 | Jun 2024 9.2 | Sep 2024 5.9 | Dec 2024 5.4 | Mar 2025 5.1 | Jun 2025 4.9 | Sep 2025 4.4 | Dec 2025 4.8 | Mar 2026 6.3 | Jun 2026 —
- AARTIIND: Sep 2021 8.3 | Dec 2021 6.6 | Mar 2022 6.1 | Jun 2022 6.3 | Sep 2022 5.2 | Dec 2022 4.7 | Mar 2023 4.2 | Jun 2023 4.0 | Sep 2023 3.6 | Dec 2023 4.7 | Mar 2024 4.8 | Jun 2024 5.1 | Sep 2024 4.0 | Dec 2024 2.7 | Mar 2025 2.6 | Jun 2025 3.3 | Sep 2025 2.4 | Dec 2025 2.4 | Mar 2026 2.6 | Jun 2026 —
- ANURAS: Sep 2021 4.8 | Dec 2021 6.0 | Mar 2022 5.3 | Jun 2022 3.9 | Sep 2022 4.2 | Dec 2022 3.8 | Mar 2023 5.0 | Jun 2023 6.0 | Sep 2023 4.0 | Dec 2023 4.6 | Mar 2024 3.9 | Jun 2024 3.5 | Sep 2024 2.9 | Dec 2024 2.8 | Mar 2025 3.0 | Jun 2025 4.5 | Sep 2025 4.2 | Dec 2025 4.7 | Mar 2026 4.4 | Jun 2026 —
- PRIVISCL: Sep 2021 9.8 | Dec 2021 9.4 | Mar 2022 9.7 | Jun 2022 5.7 | Sep 2022 6.8 | Dec 2022 5.3 | Mar 2023 5.1 | Jun 2023 5.2 | Sep 2023 5.7 | Dec 2023 5.3 | Mar 2024 4.5 | Jun 2024 6.8 | Sep 2024 6.2 | Dec 2024 6.6 | Mar 2025 6.7 | Jun 2025 9.6 | Sep 2025 8.4 | Dec 2025 10.3 | Mar 2026 9.3 | Jun 2026 —
- VINATIORGA: Sep 2021 12.3 | Dec 2021 12.4 | Mar 2022 12.2 | Jun 2022 12.5 | Sep 2022 10.8 | Dec 2022 10.4 | Mar 2023 10.2 | Jun 2023 10.2 | Sep 2023 8.6 | Dec 2023 7.8 | Mar 2024 6.5 | Jun 2024 8.8 | Sep 2024 8.7 | Dec 2024 7.1 | Mar 2025 6.4 | Jun 2025 8.3 | Sep 2025 6.4 | Dec 2025 5.6 | Mar 2026 4.7 | Jun 2026 —
- ALKYLAMINE: Sep 2021 37.4 | Dec 2021 33.7 | Mar 2022 27.3 | Jun 2022 24.7 | Sep 2022 27.3 | Dec 2022 25.3 | Mar 2023 20.5 | Jun 2023 25.9 | Sep 2023 21.9 | Dec 2023 24.1 | Mar 2024 17.2 | Jun 2024 20.3 | Sep 2024 21.8 | Dec 2024 17.4 | Mar 2025 15.4 | Jun 2025 21.5 | Sep 2025 — | Dec 2025 15.0 | Mar 2026 12.3 | Jun 2026 —
- CLEAN: Sep 2021 33.6 | Dec 2021 40.9 | Mar 2022 32.6 | Jun 2022 20.2 | Sep 2022 21.6 | Dec 2022 18.3 | Mar 2023 17.5 | Jun 2023 19.3 | Sep 2023 14.8 | Dec 2023 15.1 | Mar 2024 12.9 | Jun 2024 15.1 | Sep 2024 13.6 | Dec 2024 11.7 | Mar 2025 9.6 | Jun 2025 12.9 | Sep 2025 8.3 | Dec 2025 6.2 | Mar 2026 4.8 | Jun 2026 —
- GALAXYSURF: Sep 2021 9.0 | Dec 2021 7.9 | Mar 2022 7.3 | Jun 2022 7.9 | Sep 2022 6.1 | Dec 2022 5.0 | Mar 2023 5.2 | Jun 2023 6.0 | Sep 2023 4.8 | Dec 2023 4.8 | Mar 2024 4.0 | Jun 2024 5.2 | Sep 2024 4.9 | Dec 2024 4.0 | Mar 2025 3.2 | Jun 2025 4.2 | Sep 2025 3.3 | Dec 2025 2.9 | Mar 2026 2.2 | Jun 2026 —
- NEOGEN: Sep 2021 16.0 | Dec 2021 19.6 | Mar 2022 19.0 | Jun 2022 16.7 | Sep 2022 8.1 | Dec 2022 6.9 | Mar 2023 7.3 | Jun 2023 9.2 | Sep 2023 9.1 | Dec 2023 7.4 | Mar 2024 6.3 | Jun 2024 8.2 | Sep 2024 7.5 | Dec 2024 6.8 | Mar 2025 5.2 | Jun 2025 5.6 | Sep 2025 5.1 | Dec 2025 3.8 | Mar 2026 3.9 | Jun 2026 6.1
- FCL: Sep 2021 7.0 | Dec 2021 6.7 | Mar 2022 8.0 | Jun 2022 9.2 | Sep 2022 13.0 | Dec 2022 9.3 | Mar 2023 9.8 | Jun 2023 12.7 | Sep 2023 10.2 | Dec 2023 10.0 | Mar 2024 10.2 | Jun 2024 12.2 | Sep 2024 10.1 | Dec 2024 5.4 | Mar 2025 3.8 | Jun 2025 7.0 | Sep 2025 3.9 | Dec 2025 3.7 | Mar 2026 3.0 | Jun 2026 5.4
- VISHNU: Sep 2021 4.5 | Dec 2021 4.7 | Mar 2022 9.2 | Jun 2022 6.4 | Sep 2022 6.6 | Dec 2022 5.2 | Mar 2023 5.8 | Jun 2023 7.7 | Sep 2023 4.8 | Dec 2023 3.6 | Mar 2024 3.2 | Jun 2024 6.8 | Sep 2024 3.8 | Dec 2024 3.5 | Mar 2025 3.9 | Jun 2025 5.0 | Sep 2025 3.4 | Dec 2025 3.7 | Mar 2026 3.3 | Jun 2026 —
- TATVA: Sep 2021 10.9 | Dec 2021 13.2 | Mar 2022 11.1 | Jun 2022 11.0 | Sep 2022 11.5 | Dec 2022 9.8 | Mar 2023 7.8 | Jun 2023 8.6 | Sep 2023 6.8 | Dec 2023 5.2 | Mar 2024 3.5 | Jun 2024 4.8 | Sep 2024 3.3 | Dec 2024 2.7 | Mar 2025 2.1 | Jun 2025 3.0 | Sep 2025 3.2 | Dec 2025 4.1 | Mar 2026 3.4 | Jun 2026 3.5
- YASHO: Sep 2021 8.6 | Dec 2021 12.0 | Mar 2022 21.8 | Jun 2022 8.6 | Sep 2022 8.5 | Dec 2022 8.4 | Mar 2023 9.9 | Jun 2023 8.7 | Sep 2023 8.5 | Dec 2023 7.0 | Mar 2024 7.0 | Jun 2024 9.3 | Sep 2024 7.9 | Dec 2024 7.7 | Mar 2025 6.6 | Jun 2025 8.0 | Sep 2025 4.8 | Dec 2025 4.1 | Mar 2026 3.8 | Jun 2026 —
- GRAUWEIL: Sep 2021 2.7 | Dec 2021 2.4 | Mar 2022 2.4 | Jun 2022 2.6 | Sep 2022 2.4 | Dec 2022 3.2 | Mar 2023 3.8 | Jun 2023 4.3 | Sep 2023 4.4 | Dec 2023 4.0 | Mar 2024 5.5 | Jun 2024 6.0 | Sep 2024 6.4 | Dec 2024 5.2 | Mar 2025 4.3 | Jun 2025 5.7 | Sep 2025 4.3 | Dec 2025 3.4 | Mar 2026 2.5 | Jun 2026 —
- PANAMAPET: Sep 2021 2.9 | Dec 2021 2.2 | Mar 2022 2.5 | Jun 2022 2.9 | Sep 2022 2.0 | Dec 2022 2.4 | Mar 2023 2.3 | Jun 2023 2.4 | Sep 2023 2.0 | Dec 2023 2.0 | Mar 2024 2.0 | Jun 2024 2.5 | Sep 2024 2.2 | Dec 2024 1.9 | Mar 2025 2.0 | Jun 2025 2.0 | Sep 2025 1.4 | Dec 2025 1.3 | Mar 2026 1.1 | Jun 2026 —
- TIRUMALCHM: Sep 2021 3.6 | Dec 2021 2.5 | Mar 2022 2.6 | Jun 2022 3.1 | Sep 2022 1.8 | Dec 2022 1.7 | Mar 2023 1.6 | Jun 2023 1.7 | Sep 2023 1.9 | Dec 2023 1.9 | Mar 2024 2.0 | Jun 2024 2.6 | Sep 2024 2.9 | Dec 2024 2.7 | Mar 2025 2.0 | Jun 2025 2.6 | Sep 2025 2.6 | Dec 2025 1.9 | Mar 2026 1.4 | Jun 2026 —
- PAUSHAKLTD: Sep 2021 9.8 | Dec 2021 11.0 | Mar 2022 10.7 | Jun 2022 10.5 | Sep 2022 8.4 | Dec 2022 7.7 | Mar 2023 6.3 | Jun 2023 6.9 | Sep 2023 5.5 | Dec 2023 5.0 | Mar 2024 4.2 | Jun 2024 5.1 | Sep 2024 4.1 | Dec 2024 3.5 | Mar 2025 3.2 | Jun 2025 3.3 | Sep 2025 4.3 | Dec 2025 3.0 | Mar 2026 1.9 | Jun 2026 —
- PLATIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 2.8 | Jun 2024 3.3 | Sep 2024 6.5 | Dec 2024 6.4 | Mar 2025 4.0 | Jun 2025 4.6 | Sep 2025 4.5 | Dec 2025 3.4 | Mar 2026 2.6 | Jun 2026 —
- AMNPLST: Sep 2021 4.6 | Dec 2021 4.2 | Mar 2022 3.5 | Jun 2022 3.2 | Sep 2022 3.2 | Dec 2022 3.0 | Mar 2023 2.4 | Jun 2023 3.1 | Sep 2023 4.3 | Dec 2023 4.7 | Mar 2024 4.6 | Jun 2024 8.4 | Sep 2024 7.7 | Dec 2024 7.0 | Mar 2025 5.0 | Jun 2025 6.2 | Sep 2025 4.8 | Dec 2025 4.0 | Mar 2026 2.8 | Jun 2026 —
- DMCC: Sep 2021 4.6 | Dec 2021 4.5 | Mar 2022 4.9 | Jun 2022 4.8 | Sep 2022 5.0 | Dec 2022 3.5 | Mar 2023 3.1 | Jun 2023 4.0 | Sep 2023 3.9 | Dec 2023 4.1 | Mar 2024 3.4 | Jun 2024 3.9 | Sep 2024 3.3 | Dec 2024 4.3 | Mar 2025 3.5 | Jun 2025 3.1 | Sep 2025 3.4 | Dec 2025 2.8 | Mar 2026 2.2 | Jun 2026 —
- CHEMCON: Sep 2021 4.5 | Dec 2021 3.5 | Mar 2022 2.9 | Jun 2022 2.9 | Sep 2022 3.8 | Dec 2022 2.5 | Mar 2023 2.0 | Jun 2023 2.4 | Sep 2023 2.2 | Dec 2023 2.3 | Mar 2024 1.8 | Jun 2024 2.0 | Sep 2024 2.1 | Dec 2024 1.7 | Mar 2025 1.2 | Jun 2025 1.6 | Sep 2025 1.9 | Dec 2025 1.4 | Mar 2026 1.0 | Jun 2026 —
- AMAL: Sep 2021 12.6 | Dec 2021 15.8 | Mar 2022 14.0 | Jun 2022 10.1 | Sep 2022 14.0 | Dec 2022 12.3 | Mar 2023 5.9 | Jun 2023 9.1 | Sep 2023 5.3 | Dec 2023 6.3 | Mar 2024 6.5 | Jun 2024 6.7 | Sep 2024 5.6 | Dec 2024 7.1 | Mar 2025 10.9 | Jun 2025 11.9 | Sep 2025 10.7 | Dec 2025 7.5 | Mar 2026 — | Jun 2026 —
- TRANSPEK: Sep 2021 3.3 | Dec 2021 2.7 | Mar 2022 2.5 | Jun 2022 2.2 | Sep 2022 1.8 | Dec 2022 1.7 | Mar 2023 1.7 | Jun 2023 2.6 | Sep 2023 1.9 | Dec 2023 1.6 | Mar 2024 1.6 | Jun 2024 1.7 | Sep 2024 1.4 | Dec 2024 1.1 | Mar 2025 0.9 | Jun 2025 1.4 | Sep 2025 1.0 | Dec 2025 0.9 | Mar 2026 0.7 | Jun 2026 —
- KRONOX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 9.7 | Mar 2025 6.9 | Jun 2025 7.7 | Sep 2025 6.7 | Dec 2025 5.2 | Mar 2026 3.7 | Jun 2026 —

## Market action

Aether Industries Ltd has the strongest one-year price move in Speciality Chemicals at +73.5%. Yasho Industries Ltd leads on Mansfield relative strength against NIFTY at +73.9%. 17 of 27 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Aether Industries Ltd (AETHER): 74%
2. Tatva Chintan Pharma Chem Ltd (TATVA): 72%
3. Sunshield Chemicals Ltd (530845): 57%
4. Yasho Industries Ltd (YASHO): 54%
5. Privi Speciality Chemicals Ltd (PRIVISCL): 47%

### Strongest relative strength versus NIFTY 500
1. Yasho Industries Ltd (YASHO): 74%
2. Panama Petrochem Ltd (PANAMAPET): 61%
3. Fineotex Chemical Ltd (FCL): 48%
4. Aether Industries Ltd (AETHER): 46%
5. Vikram Thermo (India) Ltd (530477): 45%

## 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.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
- 7 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- 2 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure have fewer than three usable current readings.

## Every company
- Pidilite Industries Ltd (PIDILITIND) — market value ₹1.6 L Cr; latest fundamentals Mar 2026
- Aether Industries Ltd (AETHER) — market value ₹18.9K Cr; latest fundamentals Mar 2026
- Aarti Industries Ltd (AARTIIND) — market value ₹17.3K Cr; latest fundamentals Mar 2026
- Anupam Rasayan India Ltd (ANURAS) — market value ₹14.2K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Privi Speciality Chemicals Ltd (PRIVISCL) — market value ₹14.0K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Vinati Organics Ltd (VINATIORGA) — market value ₹13.5K Cr; latest fundamentals Mar 2026
- Alkyl Amines Chemicals Ltd (ALKYLAMINE) — market value ₹9.2K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Clean Science & Technology Ltd (CLEAN) — market value ₹7.7K Cr; latest fundamentals Mar 2026
- Galaxy Surfactants Ltd (GALAXYSURF) — market value ₹6.9K Cr; latest fundamentals Mar 2026
- Neogen Chemicals Ltd (NEOGEN) — market value ₹5.6K Cr; latest fundamentals Jun 2026
- Fineotex Chemical Ltd (FCL) — market value ₹4.6K Cr; latest fundamentals Jun 2026
- Vishnu Chemicals Ltd (VISHNU) — market value ₹4.3K Cr; latest fundamentals Mar 2026
- Tatva Chintan Pharma Chem Ltd (TATVA) — market value ₹4.0K Cr; latest fundamentals Jun 2026
- Yasho Industries Ltd (YASHO) — market value ₹3.7K Cr; latest fundamentals Mar 2026
- Grauer & Weil (India) Ltd (GRAUWEIL) — market value ₹3.4K Cr; latest fundamentals Mar 2026
- Panama Petrochem Ltd (PANAMAPET) — market value ₹3.0K Cr; latest fundamentals Mar 2026
- Thirumalai Chemicals Ltd (TIRUMALCHM) — market value ₹2.0K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Paushak Ltd (PAUSHAKLTD) — market value ₹1.4K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Platinum Industries Ltd (PLATIND) — market value ₹1.3K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Amines & Plasticizers Ltd (AMNPLST) — market value ₹1.1K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Sunshield Chemicals Ltd (530845) — market value ₹1.1K Cr; latest fundamentals Mar 2026
- Vikram Thermo (India) Ltd (530477) — market value ₹768 Cr; latest fundamentals Mar 2026
- DMCC Speciality Chemicals Ltd (DMCC) — market value ₹680 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Chemcon Speciality Chemicals Ltd (CHEMCON) — market value ₹647 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Amal Ltd (AMAL) — market value ₹628 Cr; latest fundamentals Dec 2025
- Transpek Industry Ltd (TRANSPEK) — market value ₹595 Cr; latest fundamentals Mar 2026
- Kronox Lab Sciences Ltd (KRONOX) — market value ₹573 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 13. Unverified: 12. Withheld: 2. Graded companies: 27.

7 of 27 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

2 of 27 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Anupam Rasayan India Ltd (ANURAS) — its two data sources disagree by up to 63% on reported income across 15 comparable periods, so its derived ratios are withheld; Privi Speciality Chemicals Ltd (PRIVISCL) — its two data sources disagree by up to 5.9% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | ANURAS | Anupam Rasayan India Ltd | diff_gt_2pct | disagreement up to 63.2% over 15 comparable periods
- WITHHELD | PRIVISCL | Privi Speciality Chemicals Ltd | diff_gt_2pct | disagreement up to 5.92% over 14 comparable periods

- UNVERIFIED | ALKYLAMINE | Alkyl Amines Chemicals Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | TIRUMALCHM | Thirumalai Chemicals Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | PAUSHAKLTD | Paushak Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | PLATIND | Platinum Industries Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | AMNPLST | Amines & Plasticizers Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | DMCC | DMCC Speciality Chemicals Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | CHEMCON | Chemcon Speciality Chemicals 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 Speciality Chemicals index?

The Nifty Speciality Chemicals index tracks India's listed Speciality Chemicals companies as a single basket. This page follows the same 27 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Speciality Chemicals sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Speciality Chemicals stocks in India?

Ranked by this page's four-factor score, Sunshield Chemicals Ltd places first among 27 listed Speciality Chemicals companies, followed by Privi Speciality Chemicals Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Speciality Chemicals stocks are listed in India?

This comparison covers 27 listed Speciality Chemicals 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 Speciality Chemicals company is the biggest?

Pidilite Industries Ltd is the largest, with trailing-twelve-month revenue of ₹14,600 crore, ahead of Aarti Industries Ltd at ₹8,298 crore. That covers 27 of 27 companies with comparable reporting through Mar 2026.

### Which Speciality Chemicals company is growing fastest?

Fineotex Chemical Ltd has the fastest revenue growth at 91.5% year on year, across 27 of 27 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 Speciality Chemicals company has the best profit margins?

Clean Science & Technology Ltd has the highest operating margin at 38%, from 27 of 27 comparable companies. Grauer & Weil (India) Ltd shows the biggest recent improvement, at +8 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Speciality Chemicals company makes the most profit?

Pidilite Industries Ltd earns the most, at ₹2,471 crore of trailing-twelve-month net profit, from 27 of 27 comparable companies. Vikram Thermo (India) Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Speciality Chemicals company earns the highest return on capital?

Alkyl Amines Chemicals Ltd leads on return on capital employed at 41.3%, across 27 of 27 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 Speciality Chemicals stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Panama Petrochem Ltd screens cheapest at 0.55×. Only 12 of 27 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 Speciality Chemicals company has the strongest balance sheet?

Sunshield Chemicals Ltd carries the lowest comparable gross debt at ₹0 crore, from 27 of 27 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 Speciality Chemicals sector beating the market?

Speciality Chemicals has outperformed NIFTY 500 by 6.5% over the last 52 weeks and 19.8% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 17 of 27 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Speciality Chemicals stock has the strongest price momentum?

Yasho Industries 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 Speciality Chemicals company scores highest for research priority?

Sunshield Chemicals Ltd scores 71.6 out of 100 with 73% evidence confidence, from 28.8 points on growth and earnings, 17.9 on capital efficiency, 11.1 on valuation and 13.8 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 Speciality Chemicals companies does this comparison cover, and over what period?

It compares 27 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 Speciality Chemicals sector?

The 27 Speciality Chemicals companies on this page carry ₹3,00,908 crore of combined market value. Pidilite Industries Ltd is the largest at ₹1,59,885 crore, about 53% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

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

The median price-to-earnings ratio across the 27 Speciality Chemicals companies on this page is 33.4×, measured on the 26 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 Speciality Chemicals sector performing?

17 of the 27 covered Speciality Chemicals companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 6.5% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

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

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

### Is this investment advice?

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

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