# Specialty Chemicals — company-by-company sector analysis > Specialty Chemicals: Linde plc owns the largest revenue base; Perimeter Solutions, Inc. has the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice. ## Bottom line Specialty Chemicals has outperformed S&P 500 by 11.7% over 52 weeks and 3.4% over 13 weeks. 12 of 28 covered companies beat the S&P 500 on Mansfield relative strength, while 9 of 28 beat the sector itself. Linde plc leads with revenue of $34,655 million, based on 24 of 29 comparable companies through Mar 2026. ### Is the Specialty Chemicals sector outperforming S&P 500? Specialty Chemicals has outperformed S&P 500 by 11.7% over 52 weeks and 3.4% over 13 weeks. 12 of 28 covered companies beat the S&P 500 on Mansfield relative strength, while 9 of 28 beat the sector itself. ### Which Specialty Chemicals company is largest by revenue? Linde plc leads with revenue of $34,655 million, based on 24 of 29 comparable companies through Mar 2026. ### Which Specialty Chemicals company is growing fastest? Perimeter Solutions, Inc. has the fastest current revenue growth at 23.2%, across 24 of 29 comparable companies. ### Which Specialty Chemicals company has the strongest 4-Factor Sector Score? Sensient Technologies Corporation ranks first at 62.3/100 with 58.7% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which Specialty Chemicals company reports the most CAPEX? Linde plc reports the largest latest CAPEX at $1,342 million, with 29 of 29 companies comparable. ### Which Specialty Chemicals company has the least gross debt? WD-40 Company has the lowest comparable gross debt at $111 million. Linde plc has the highest at $26,317 million. ### Which Specialty Chemicals company has the lowest comparable PEG? Cabot Corporation has the lowest comparable Guarded PEG at 0.18, among 15 of 29 companies that pass the metric’s comparability rules. ### How much history does this Specialty 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 Specialty Chemicals has outperformed S&P 500 by 11.7% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 3.4%. 12 of 28 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Calumet, Inc. is the strongest against the sector itself at +46.7%. 13-week sector return versus NIFTY 500: -3.4% 52-week sector return versus NIFTY 500: 12% Stocks leading NIFTY: 12/28 Stocks leading sector: 9/28 Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change. Companies: 29 Combined market value: ₹6.9 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. Sensient Technologies Corporation (SXT): 62/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 20.4/35 | Capital efficiency 14.3/25 | Valuation 9.6/20 | Relative strength 18.0/20 - Exact sum: 20.4 + 14.3 + 9.6 + 18 = 62.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 2. Sociedad Química y Minera de Chile S.A. (SQM): 62/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 29.7/35 | Capital efficiency 16.3/25 | Valuation 13.7/20 | Relative strength 2.2/20 - Exact sum: 29.7 + 16.3 + 13.7 + 2.2 = 61.9 - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -9.1% and the one-year return is 86.8%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. 3. WD-40 Company (WDFC): 61/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 21.4/35 | Capital efficiency 18.1/25 | Valuation 10.1/20 | Relative strength 10.9/20 - Exact sum: 21.4 + 18.1 + 10.1 + 10.9 = 60.5 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 4. PPG Industries, Inc. (PPG): 59/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 18.3/35 | Capital efficiency 12.2/25 | Valuation 15.6/20 | Relative strength 12.9/20 - Exact sum: 18.3 + 12.2 + 15.6 + 12.9 = 59 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 5. International Flavors & Fragrances Inc. (IFF): 57/100 — Mixed-positive evidence; evidence 65% - Growth & earnings 21.0/35 | Capital efficiency 9.7/25 | Valuation 10.5/20 | Relative strength 15.3/20 - Exact sum: 21 + 9.7 + 10.5 + 15.3 = 56.5 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 6. Air Products and Chemicals, Inc. (APD): 56/100 — Mixed-positive evidence; evidence 75% - Growth & earnings 24.1/35 | Capital efficiency 11.0/25 | Valuation 13.0/20 | Relative strength 7.9/20 - Exact sum: 24.1 + 11 + 13 + 7.9 = 56 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 7. Cabot Corporation (CBT): 54/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 8.3/35 | Capital efficiency 10.7/25 | Valuation 16.4/20 | Relative strength 18.7/20 - Exact sum: 8.3 + 10.7 + 16.4 + 18.7 = 54.1 - Decision use: Price leads the evidence: RS versus the benchmark is 11.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 8. Axalta Coating Systems Ltd. (AXTA): 54/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 11.4/35 | Capital efficiency 10.2/25 | Valuation 15.2/20 | Relative strength 17.1/20 - Exact sum: 11.4 + 10.2 + 15.2 + 17.1 = 53.9 - Decision use: Price leads the evidence: RS versus the benchmark is 7.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 9. Ingevity Corporation (NGVT): 53/100 — Mixed-positive evidence; evidence 65% - Growth & earnings 18.6/35 | Capital efficiency 9.9/25 | Valuation 11.5/20 | Relative strength 13.1/20 - Exact sum: 18.6 + 9.9 + 11.5 + 13.1 = 53.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 10. Element Solutions Inc (ESI): 52/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 18.1/35 | Capital efficiency 11.3/25 | Valuation 11.1/20 | Relative strength 11.8/20 - Exact sum: 18.1 + 11.3 + 11.1 + 11.8 = 52.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 11. H.B. Fuller Company (FUL): 52/100 — Mixed-positive evidence; evidence 86% - Growth & earnings 22.3/35 | Capital efficiency 10.7/25 | Valuation 14.8/20 | Relative strength 4.0/20 - Exact sum: 22.3 + 10.7 + 14.8 + 4 = 51.8 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 12. Balchem Corporation (BCPC): 52/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 20.3/35 | Capital efficiency 16.8/25 | Valuation 7.5/20 | Relative strength 7.0/20 - Exact sum: 20.3 + 16.8 + 7.5 + 7 = 51.6 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 13. Avient Corporation (AVNT): 51/100 — Mixed-positive evidence; evidence 65% - Growth & earnings 21.0/35 | Capital efficiency 9.8/25 | Valuation 10.8/20 | Relative strength 8.9/20 - Exact sum: 21 + 9.8 + 10.8 + 8.9 = 50.5 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 14. Linde plc (LIN): 50/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 19.7/35 | Capital efficiency 15.0/25 | Valuation 5.0/20 | Relative strength 10.6/20 - Exact sum: 19.7 + 15 + 5 + 10.6 = 50.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 15. RPM International Inc. (RPM): 49/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 18.0/35 | Capital efficiency 12.9/25 | Valuation 10.9/20 | Relative strength 7.5/20 - Exact sum: 18 + 12.9 + 10.9 + 7.5 = 49.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 16. Ecolab Inc. (ECL): 49/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 18.2/35 | Capital efficiency 12.8/25 | Valuation 9.9/20 | Relative strength 8.1/20 - Exact sum: 18.2 + 12.8 + 9.9 + 8.1 = 49 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 17. Ashland Inc. (ASH): 49/100 — Mixed-negative evidence; evidence 65% - Growth & earnings 11.8/35 | Capital efficiency 8.0/25 | Valuation 10.4/20 | Relative strength 18.7/20 - Exact sum: 11.8 + 8 + 10.4 + 18.7 = 48.9 - Decision use: Price leads the evidence: RS versus the benchmark is 11%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 18. NewMarket Corporation (NEU): 46/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 11.2/35 | Capital efficiency 16.7/25 | Valuation 6.9/20 | Relative strength 11.4/20 - Exact sum: 11.2 + 16.7 + 6.9 + 11.4 = 46.2 - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. 19. Perimeter Solutions, Inc. (PRM): 46/100 — Mixed-negative evidence; evidence 72% - Growth & earnings 11.0/35 | Capital efficiency 10.3/25 | Valuation 8.8/20 | Relative strength 16.1/20 - Exact sum: 11 + 10.3 + 8.8 + 16.1 = 46.2 - Decision use: Price leads the evidence: RS versus the benchmark is 21.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 20. Quaker Chemical Corporation (KWR): 45/100 — Mixed-negative evidence; evidence 72% - Growth & earnings 15.5/35 | Capital efficiency 9.4/25 | Valuation 8.5/20 | Relative strength 11.4/20 - Exact sum: 15.5 + 9.4 + 8.5 + 11.4 = 44.8 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 21. The Sherwin-Williams Company (SHW): 43/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 15.7/35 | Capital efficiency 11.4/25 | Valuation 6.6/20 | Relative strength 9.4/20 - Exact sum: 15.7 + 11.4 + 6.6 + 9.4 = 43.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 22. DuPont de Nemours, Inc. (DD): 43/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 23.3/35 | Capital efficiency 10.4/25 | Valuation 4.0/20 | Relative strength 5.2/20 - Exact sum: 23.3 + 10.4 + 4 + 5.2 = 42.9 - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -21.9% and the one-year return is -32.9%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. 23. Calumet, Inc. (CLMT): 42/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 8.6/35 | Capital efficiency 5.4/25 | Valuation 10.2/20 | Relative strength 18.1/20 - Exact sum: 8.6 + 5.4 + 10.2 + 18.1 = 42.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 24. Albemarle Corporation (ALB): 41/100 — Thin evidence · provisional; evidence 54% - Growth & earnings 20.2/35 | Capital efficiency 12.3/25 | Valuation 8.9/20 | Relative strength 0.0/20 - Exact sum: 20.2 + 12.3 + 8.9 + 0 = 41.4 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 25. Hawkins, Inc. (HWKN): 39/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 14.7/35 | Capital efficiency 13.3/25 | Valuation 9.2/20 | Relative strength 1.7/20 - Exact sum: 14.7 + 13.3 + 9.2 + 1.7 = 38.9 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 26. Eastman Chemical Company (EMN): 37/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 8.5/35 | Capital efficiency 10.0/25 | Valuation 15.4/20 | Relative strength 3.3/20 - Exact sum: 8.5 + 10 + 15.4 + 3.3 = 37.2 - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. 27. LyondellBasell Industries N.V. (LYB): 32/100 — Adverse evidence; evidence 72% - Growth & earnings 13.4/35 | Capital efficiency 5.9/25 | Valuation 8.6/20 | Relative strength 3.6/20 - Exact sum: 13.4 + 5.9 + 8.6 + 3.6 = 31.5 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 28. Westlake Corporation (WLK): 23/100 — Adverse evidence; evidence 65% - Growth & earnings 9.5/35 | Capital efficiency 3.5/25 | Valuation 9.5/20 | Relative strength 0.6/20 - Exact sum: 9.5 + 3.5 + 9.5 + 0.6 = 23.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 29. Solstice Advanced Materials, Inc. (SOLS): 44/100 — Thin evidence · provisional; evidence 37% - Growth & earnings 12.0/35 | Capital efficiency 12.3/25 | Valuation 9.8/20 | Relative strength 10.0/20 - Exact sum: 12 + 12.3 + 9.8 + 10 = 44.1 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. ## Revenue Scale & Growth Durability What the numbers say: Linde plc is the scale leader at $34,655 million, 16.8% ahead of LyondellBasell Industries N.V.. Perimeter Solutions, Inc.'s growth is 23.2% from a $706 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: Linde plc is the scale benchmark; Perimeter Solutions, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: Linde plc's growth falls below Perimeter Solutions, Inc.'s for two consecutive comparable reports while operating margin also compresses. Evidence: Linde plc · $34,655 million | 16.8% versus #2 · LyondellBasell Industries N.V. | 7/8 recent comparable periods | 24/29 companies · 530 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. Linde plc (LIN): ₹34.7K Cr 2. LyondellBasell Industries N.V. (LYB): ₹29.7K Cr 3. The Sherwin-Williams Company (SHW): ₹23.9K Cr 4. Ecolab Inc. (ECL): ₹16.5K Cr 5. PPG Industries, Inc. (PPG): ₹16.1K Cr ### Revenue growth — fastest growers 1. Perimeter Solutions, Inc. (PRM): 23% 2. Sociedad Química y Minera de Chile S.A. (SQM): 18% 3. Element Solutions Inc (ESI): 13% 4. Hawkins, Inc. (HWKN): 11% 5. Balchem Corporation (BCPC): 9.6% ### 20-quarter Revenue history - LIN: Sep 2021 ₹7.7K Cr | Dec 2021 ₹8.3K Cr | Mar 2022 ₹8.2K Cr | Jun 2022 ₹8.5K Cr | Sep 2022 ₹8.8K Cr | Dec 2022 ₹7.9K Cr | Mar 2023 ₹8.2K Cr | Jun 2023 ₹8.2K Cr | Sep 2023 ₹8.2K Cr | Dec 2023 ₹8.3K Cr | Mar 2024 ₹8.1K Cr | Jun 2024 ₹8.3K Cr | Sep 2024 ₹8.4K Cr | Dec 2024 ₹8.3K Cr | Mar 2025 ₹8.1K Cr | Jun 2025 ₹8.5K Cr | Sep 2025 ₹8.6K Cr | Dec 2025 ₹8.8K Cr | Mar 2026 ₹8.8K Cr | Jun 2026 — - SHW: Sep 2021 ₹5.1K Cr | Dec 2021 ₹4.8K Cr | Mar 2022 ₹5.0K Cr | Jun 2022 ₹5.9K Cr | Sep 2022 ₹6.0K Cr | Dec 2022 ₹5.2K Cr | Mar 2023 ₹5.4K Cr | Jun 2023 ₹6.2K Cr | Sep 2023 ₹6.1K Cr | Dec 2023 ₹5.3K Cr | Mar 2024 ₹5.4K Cr | Jun 2024 ₹6.3K Cr | Sep 2024 ₹6.2K Cr | Dec 2024 ₹5.3K Cr | Mar 2025 ₹5.3K Cr | Jun 2025 ₹6.3K Cr | Sep 2025 ₹6.4K Cr | Dec 2025 ₹5.6K Cr | Mar 2026 ₹5.7K Cr | Jun 2026 — - ECL: Sep 2021 ₹3.3K Cr | Dec 2021 ₹3.4K Cr | Mar 2022 ₹3.3K Cr | Jun 2022 ₹3.6K Cr | Sep 2022 ₹3.7K Cr | Dec 2022 ₹3.7K Cr | Mar 2023 ₹3.6K Cr | Jun 2023 ₹3.9K Cr | Sep 2023 ₹4.0K Cr | Dec 2023 ₹3.9K Cr | Mar 2024 ₹3.8K Cr | Jun 2024 ₹4.0K Cr | Sep 2024 ₹4.0K Cr | Dec 2024 ₹4.0K Cr | Mar 2025 ₹3.7K Cr | Jun 2025 ₹4.0K Cr | Sep 2025 ₹4.2K Cr | Dec 2025 ₹4.2K Cr | Mar 2026 ₹4.1K Cr | Jun 2026 — - APD: Sep 2021 ₹2.8K Cr | Dec 2021 ₹3.0K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹3.2K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹3.2K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹3.2K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 — - PPG: Sep 2021 ₹4.4K Cr | Dec 2021 ₹4.2K Cr | Mar 2022 ₹4.3K Cr | Jun 2022 ₹4.7K Cr | Sep 2022 ₹4.5K Cr | Dec 2022 ₹4.2K Cr | Mar 2023 ₹4.4K Cr | Jun 2023 ₹4.9K Cr | Sep 2023 ₹4.6K Cr | Dec 2023 ₹4.4K Cr | Mar 2024 ₹3.8K Cr | Jun 2024 ₹4.2K Cr | Sep 2024 ₹4.0K Cr | Dec 2024 ₹3.7K Cr | Mar 2025 ₹3.7K Cr | Jun 2025 ₹4.2K Cr | Sep 2025 ₹4.1K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹3.9K Cr | Jun 2026 — - IFF: Sep 2021 ₹3.1K Cr | Dec 2021 ₹3.0K Cr | Mar 2022 ₹3.2K Cr | Jun 2022 ₹3.3K Cr | Sep 2022 ₹3.1K Cr | Dec 2022 ₹2.8K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹2.9K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 — - SQM: Sep 2021 ₹662 Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 — - DD: Sep 2021 ₹3.2K Cr | Dec 2021 ₹3.2K Cr | Mar 2022 ₹3.3K Cr | Jun 2022 ₹3.3K Cr | Sep 2022 ₹3.3K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹3.1K Cr | Sep 2023 ₹3.1K Cr | Dec 2023 ₹2.9K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.1K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 — - LYB: Sep 2021 ₹12.7K Cr | Dec 2021 ₹12.8K Cr | Mar 2022 ₹13.2K Cr | Jun 2022 ₹14.8K Cr | Sep 2022 ₹12.3K Cr | Dec 2022 ₹10.2K Cr | Mar 2023 ₹10.2K Cr | Jun 2023 ₹10.3K Cr | Sep 2023 ₹10.6K Cr | Dec 2023 ₹9.9K Cr | Mar 2024 ₹8.3K Cr | Jun 2024 ₹8.7K Cr | Sep 2024 ₹8.6K Cr | Dec 2024 ₹7.8K Cr | Mar 2025 ₹7.7K Cr | Jun 2025 ₹7.7K Cr | Sep 2025 ₹7.7K Cr | Dec 2025 ₹7.1K Cr | Mar 2026 ₹7.2K Cr | Jun 2026 — - RPM: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 — - ALB: Sep 2021 ₹831 Cr | Dec 2021 ₹894 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 — | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 — | Mar 2026 ₹1.4K Cr | Jun 2026 — - WLK: Sep 2021 ₹3.1K Cr | Dec 2021 ₹3.5K Cr | Mar 2022 ₹4.1K Cr | Jun 2022 ₹4.5K Cr | Sep 2022 ₹4.0K Cr | Dec 2022 ₹3.3K Cr | Mar 2023 ₹3.4K Cr | Jun 2023 ₹3.3K Cr | Sep 2023 ₹3.1K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹2.8K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 — - SOLS: 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 ₹907 Cr | Dec 2024 ₹913 Cr | Mar 2025 ₹897 Cr | Jun 2025 — | Sep 2025 ₹969 Cr | Dec 2025 ₹987 Cr | Mar 2026 ₹991 Cr | Jun 2026 — - ESI: Sep 2021 ₹616 Cr | Dec 2021 ₹647 Cr | Mar 2022 ₹680 Cr | Jun 2022 ₹677 Cr | Sep 2022 ₹619 Cr | Dec 2022 ₹574 Cr | Mar 2023 ₹574 Cr | Jun 2023 ₹586 Cr | Sep 2023 ₹599 Cr | Dec 2023 ₹573 Cr | Mar 2024 ₹575 Cr | Jun 2024 ₹613 Cr | Sep 2024 ₹645 Cr | Dec 2024 ₹624 Cr | Mar 2025 ₹594 Cr | Jun 2025 ₹625 Cr | Sep 2025 ₹656 Cr | Dec 2025 ₹676 Cr | Mar 2026 ₹840 Cr | Jun 2026 — - EMN: Sep 2021 ₹2.7K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹2.8K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 — - AXTA: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 — - NEU: Sep 2021 ₹622 Cr | Dec 2021 ₹577 Cr | Mar 2022 ₹663 Cr | Jun 2022 ₹724 Cr | Sep 2022 ₹696 Cr | Dec 2022 ₹683 Cr | Mar 2023 ₹703 Cr | Jun 2023 ₹685 Cr | Sep 2023 ₹667 Cr | Dec 2023 ₹643 Cr | Mar 2024 ₹697 Cr | Jun 2024 ₹710 Cr | Sep 2024 ₹725 Cr | Dec 2024 ₹655 Cr | Mar 2025 ₹701 Cr | Jun 2025 ₹699 Cr | Sep 2025 ₹690 Cr | Dec 2025 ₹635 Cr | Mar 2026 ₹670 Cr | Jun 2026 — - PRM: Sep 2021 ₹195 Cr | Dec 2021 ₹-174 Cr | Mar 2022 ₹58 Cr | Jun 2022 ₹101 Cr | Sep 2022 ₹161 Cr | Dec 2022 ₹41 Cr | Mar 2023 ₹44 Cr | Jun 2023 ₹76 Cr | Sep 2023 ₹143 Cr | Dec 2023 ₹59 Cr | Mar 2024 ₹59 Cr | Jun 2024 ₹127 Cr | Sep 2024 ₹288 Cr | Dec 2024 ₹86 Cr | Mar 2025 ₹72 Cr | Jun 2025 ₹163 Cr | Sep 2025 ₹315 Cr | Dec 2025 ₹103 Cr | Mar 2026 ₹125 Cr | Jun 2026 — - BCPC: Sep 2021 ₹198 Cr | Dec 2021 ₹213 Cr | Mar 2022 ₹229 Cr | Jun 2022 ₹237 Cr | Sep 2022 ₹244 Cr | Dec 2022 ₹233 Cr | Mar 2023 ₹233 Cr | Jun 2023 ₹231 Cr | Sep 2023 ₹230 Cr | Dec 2023 ₹229 Cr | Mar 2024 ₹240 Cr | Jun 2024 ₹234 Cr | Sep 2024 ₹240 Cr | Dec 2024 ₹240 Cr | Mar 2025 ₹251 Cr | Jun 2025 ₹255 Cr | Sep 2025 ₹268 Cr | Dec 2025 ₹264 Cr | Mar 2026 ₹271 Cr | Jun 2026 — - SXT: Sep 2021 ₹344 Cr | Dec 2021 ₹340 Cr | Mar 2022 ₹356 Cr | Jun 2022 ₹372 Cr | Sep 2022 ₹361 Cr | Dec 2022 ₹349 Cr | Mar 2023 ₹369 Cr | Jun 2023 ₹374 Cr | Sep 2023 ₹364 Cr | Dec 2023 ₹349 Cr | Mar 2024 ₹385 Cr | Jun 2024 ₹404 Cr | Sep 2024 ₹393 Cr | Dec 2024 ₹376 Cr | Mar 2025 ₹392 Cr | Jun 2025 ₹414 Cr | Sep 2025 ₹412 Cr | Dec 2025 ₹393 Cr | Mar 2026 ₹436 Cr | Jun 2026 — - CBT: Sep 2021 ₹904 Cr | Dec 2021 ₹968 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹965 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹968 Cr | Sep 2023 ₹965 Cr | Dec 2023 ₹958 Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹955 Cr | Mar 2025 ₹936 Cr | Jun 2025 ₹923 Cr | Sep 2025 ₹899 Cr | Dec 2025 ₹849 Cr | Mar 2026 ₹904 Cr | Jun 2026 — - CLMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹977 Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹950 Cr | Mar 2025 ₹994 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 — - AVNT: Sep 2021 ₹818 Cr | Dec 2021 ₹807 Cr | Mar 2022 ₹892 Cr | Jun 2022 ₹891 Cr | Sep 2022 ₹823 Cr | Dec 2022 ₹790 Cr | Mar 2023 ₹846 Cr | Jun 2023 ₹824 Cr | Sep 2023 ₹754 Cr | Dec 2023 ₹719 Cr | Mar 2024 ₹829 Cr | Jun 2024 ₹850 Cr | Sep 2024 ₹815 Cr | Dec 2024 ₹747 Cr | Mar 2025 ₹827 Cr | Jun 2025 ₹867 Cr | Sep 2025 ₹807 Cr | Dec 2025 ₹761 Cr | Mar 2026 ₹847 Cr | Jun 2026 — - ASH: Sep 2021 ₹591 Cr | Dec 2021 ₹512 Cr | Mar 2022 ₹604 Cr | Jun 2022 ₹644 Cr | Sep 2022 ₹632 Cr | Dec 2022 ₹525 Cr | Mar 2023 ₹603 Cr | Jun 2023 ₹546 Cr | Sep 2023 ₹517 Cr | Dec 2023 ₹473 Cr | Mar 2024 ₹575 Cr | Jun 2024 ₹544 Cr | Sep 2024 ₹522 Cr | Dec 2024 ₹405 Cr | Mar 2025 ₹479 Cr | Jun 2025 ₹463 Cr | Sep 2025 ₹477 Cr | Dec 2025 ₹386 Cr | Mar 2026 ₹482 Cr | Jun 2026 — - WDFC: Sep 2021 ₹115 Cr | Dec 2021 ₹135 Cr | Mar 2022 ₹130 Cr | Jun 2022 ₹124 Cr | Sep 2022 ₹130 Cr | Dec 2022 ₹125 Cr | Mar 2023 ₹130 Cr | Jun 2023 ₹142 Cr | Sep 2023 ₹140 Cr | Dec 2023 ₹140 Cr | Mar 2024 ₹139 Cr | Jun 2024 ₹155 Cr | Sep 2024 ₹156 Cr | Dec 2024 ₹153 Cr | Mar 2025 ₹146 Cr | Jun 2025 ₹157 Cr | Sep 2025 ₹163 Cr | Dec 2025 ₹154 Cr | Mar 2026 ₹162 Cr | Jun 2026 — - FUL: Sep 2021 ₹827 Cr | Dec 2021 ₹897 Cr | Mar 2022 ₹856 Cr | Jun 2022 ₹993 Cr | Sep 2022 ₹941 Cr | Dec 2022 ₹958 Cr | Mar 2023 ₹809 Cr | Jun 2023 ₹898 Cr | Sep 2023 ₹901 Cr | Dec 2023 ₹903 Cr | Mar 2024 ₹810 Cr | Jun 2024 ₹917 Cr | Sep 2024 ₹918 Cr | Dec 2024 ₹923 Cr | Mar 2025 ₹789 Cr | Jun 2025 ₹898 Cr | Sep 2025 ₹892 Cr | Dec 2025 ₹895 Cr | Mar 2026 ₹771 Cr | Jun 2026 ₹950 Cr - HWKN: Sep 2021 ₹183 Cr | Dec 2021 ₹187 Cr | Mar 2022 — | Jun 2022 ₹223 Cr | Sep 2022 ₹247 Cr | Dec 2022 ₹241 Cr | Mar 2023 ₹219 Cr | Jun 2023 ₹228 Cr | Sep 2023 ₹251 Cr | Dec 2023 ₹237 Cr | Mar 2024 ₹223 Cr | Jun 2024 ₹256 Cr | Sep 2024 ₹247 Cr | Dec 2024 ₹226 Cr | Mar 2025 ₹245 Cr | Jun 2025 ₹293 Cr | Sep 2025 ₹280 Cr | Dec 2025 ₹244 Cr | Mar 2026 ₹266 Cr | Jun 2026 — - KWR: Sep 2021 ₹449 Cr | Dec 2021 ₹447 Cr | Mar 2022 ₹474 Cr | Jun 2022 ₹492 Cr | Sep 2022 ₹492 Cr | Dec 2022 ₹485 Cr | Mar 2023 ₹500 Cr | Jun 2023 ₹495 Cr | Sep 2023 ₹491 Cr | Dec 2023 ₹467 Cr | Mar 2024 ₹470 Cr | Jun 2024 ₹464 Cr | Sep 2024 ₹462 Cr | Dec 2024 ₹444 Cr | Mar 2025 ₹443 Cr | Jun 2025 ₹483 Cr | Sep 2025 ₹494 Cr | Dec 2025 ₹468 Cr | Mar 2026 ₹480 Cr | Jun 2026 — - NGVT: Sep 2021 ₹377 Cr | Dec 2021 ₹336 Cr | Mar 2022 ₹383 Cr | Jun 2022 ₹420 Cr | Sep 2022 ₹482 Cr | Dec 2022 ₹384 Cr | Mar 2023 ₹393 Cr | Jun 2023 ₹482 Cr | Sep 2023 ₹446 Cr | Dec 2023 ₹372 Cr | Mar 2024 ₹340 Cr | Jun 2024 ₹391 Cr | Sep 2024 ₹334 Cr | Dec 2024 ₹263 Cr | Mar 2025 ₹248 Cr | Jun 2025 ₹365 Cr | Sep 2025 ₹333 Cr | Dec 2025 ₹255 Cr | Mar 2026 ₹258 Cr | Jun 2026 — ### 20-quarter Revenue growth history - LIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 15% | Dec 2022 -4.8% | Mar 2023 -0.2% | Jun 2023 -3.0% | Sep 2023 -7.3% | Dec 2023 5.1% | Mar 2024 -1.1% | Jun 2024 0.8% | Sep 2024 2.5% | Dec 2024 -0.2% | Mar 2025 0.2% | Jun 2025 2.8% | Sep 2025 3.1% | Dec 2025 5.8% | Mar 2026 8.3% | Jun 2026 — - SHW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.1% | Sep 2022 17% | Dec 2022 9.9% | Mar 2023 8.9% | Jun 2023 6.3% | Sep 2023 1.2% | Dec 2023 0.4% | Mar 2024 -1.4% | Jun 2024 0.5% | Sep 2024 0.8% | Dec 2024 0.9% | Mar 2025 -1.1% | Jun 2025 0.7% | Sep 2025 3.2% | Dec 2025 5.6% | Mar 2026 6.8% | Jun 2026 — - ECL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 10% | Dec 2022 9.1% | Mar 2023 9.3% | Jun 2023 7.6% | Sep 2023 7.9% | Dec 2023 7.3% | Mar 2024 5.0% | Jun 2024 3.5% | Sep 2024 1.0% | Dec 2024 1.7% | Mar 2025 -1.5% | Jun 2025 1.0% | Sep 2025 4.2% | Dec 2025 4.8% | Mar 2026 10% | Jun 2026 — - APD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 22% | Sep 2022 26% | Dec 2022 6.1% | Mar 2023 8.7% | Jun 2023 -4.9% | Sep 2023 -11% | Dec 2023 -5.6% | Mar 2024 -8.4% | Jun 2024 -1.6% | Sep 2024 -0.1% | Dec 2024 -2.2% | Mar 2025 -0.5% | Jun 2025 1.2% | Sep 2025 -0.7% | Dec 2025 5.8% | Mar 2026 8.8% | Jun 2026 — - PPG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.6% | Sep 2022 2.2% | Dec 2022 -0.1% | Mar 2023 1.7% | Jun 2023 3.9% | Sep 2023 3.9% | Dec 2023 3.9% | Mar 2024 -12% | Jun 2024 -13% | Sep 2024 -13% | Dec 2024 -14% | Mar 2025 -4.3% | Jun 2025 -0.9% | Sep 2025 1.2% | Dec 2025 5.0% | Mar 2026 6.7% | Jun 2026 — - IFF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.1% | Sep 2022 -0.3% | Dec 2022 -6.2% | Mar 2023 -6.2% | Jun 2023 -11% | Sep 2023 -7.9% | Dec 2023 -5.0% | Mar 2024 -4.2% | Jun 2024 -1.4% | Sep 2024 3.7% | Dec 2024 2.5% | Mar 2025 -1.9% | Jun 2025 -4.3% | Sep 2025 -7.9% | Dec 2025 -6.6% | Mar 2026 -3.6% | Jun 2026 — - SQM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 342% | Sep 2022 347% | Dec 2022 189% | Mar 2023 12% | Jun 2023 -21% | Sep 2023 -38% | Dec 2023 -58% | Mar 2024 -52% | Jun 2024 -37% | Sep 2024 -41% | Dec 2024 -18% | Mar 2025 -4.4% | Jun 2025 -19% | Sep 2025 8.9% | Dec 2025 23% | Mar 2026 70% | Jun 2026 — - DD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.0% | Sep 2022 3.7% | Dec 2022 -4.4% | Mar 2023 -7.8% | Jun 2023 -6.9% | Sep 2023 -7.8% | Dec 2023 -6.6% | Mar 2024 -2.9% | Jun 2024 2.5% | Sep 2024 -6.4% | Dec 2024 -42% | Mar 2025 -45% | Jun 2025 2.7% | Sep 2025 7.3% | Dec 2025 0.2% | Mar 2026 4.3% | Jun 2026 — - LYB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 28% | Sep 2022 -3.5% | Dec 2022 -20% | Mar 2023 -22% | Jun 2023 -31% | Sep 2023 -13% | Dec 2023 -2.7% | Mar 2024 -19% | Jun 2024 -16% | Sep 2024 -19% | Dec 2024 -21% | Mar 2025 -7.6% | Jun 2025 -12% | Sep 2025 -10% | Dec 2025 -9.2% | Mar 2026 -6.3% | Jun 2026 — - RPM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 17% | Dec 2022 9.3% | Mar 2023 5.7% | Jun 2023 1.6% | Sep 2023 4.1% | Dec 2023 0.0% | Mar 2024 0.5% | Jun 2024 -0.4% | Sep 2024 -2.1% | Dec 2024 3.0% | Mar 2025 -3.0% | Jun 2025 3.7% | Sep 2025 7.4% | Dec 2025 3.5% | Mar 2026 8.9% | Jun 2026 — - ALB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 91% | Sep 2022 152% | Dec 2022 193% | Mar 2023 129% | Jun 2023 60% | Sep 2023 10% | Dec 2023 -10% | Mar 2024 -47% | Jun 2024 -40% | Sep 2024 -41% | Dec 2024 — | Mar 2025 -21% | Jun 2025 -7.0% | Sep 2025 -3.5% | Dec 2025 — | Mar 2026 33% | Jun 2026 — - WLK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 57% | Sep 2022 29% | Dec 2022 -5.9% | Mar 2023 -17% | Jun 2023 -27% | Sep 2023 -21% | Dec 2023 -14% | Mar 2024 -11% | Jun 2024 -1.4% | Sep 2024 0.1% | Dec 2024 0.6% | Mar 2025 -4.3% | Jun 2025 -7.9% | Sep 2025 -9.0% | Dec 2025 -11% | Mar 2026 -6.8% | Jun 2026 — - SOLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 6.8% | Dec 2025 8.1% | Mar 2026 10% | Jun 2026 — - ESI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 0.5% | Dec 2022 -11% | Mar 2023 -16% | Jun 2023 -13% | Sep 2023 -3.2% | Dec 2023 -0.2% | Mar 2024 0.2% | Jun 2024 4.6% | Sep 2024 7.7% | Dec 2024 8.9% | Mar 2025 3.3% | Jun 2025 2.0% | Sep 2025 1.7% | Dec 2025 8.3% | Mar 2026 41% | Jun 2026 — - EMN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.9% | Sep 2022 -0.4% | Dec 2022 -12% | Mar 2023 -11% | Jun 2023 -17% | Sep 2023 -16% | Dec 2023 -7.0% | Mar 2024 -4.2% | Jun 2024 1.7% | Sep 2024 8.7% | Dec 2024 1.7% | Mar 2025 -0.9% | Jun 2025 -3.2% | Sep 2025 -11% | Dec 2025 -12% | Mar 2026 -4.9% | Jun 2026 — - AXTA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.6% | Sep 2022 14% | Dec 2022 8.7% | Mar 2023 9.4% | Jun 2023 4.8% | Sep 2023 5.7% | Dec 2023 4.9% | Mar 2024 0.8% | Jun 2024 4.4% | Sep 2024 0.8% | Dec 2024 1.1% | Mar 2025 -2.5% | Jun 2025 -3.4% | Sep 2025 -2.4% | Dec 2025 -3.7% | Mar 2026 -0.6% | Jun 2026 — - NEU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 12% | Dec 2022 18% | Mar 2023 6.0% | Jun 2023 -5.4% | Sep 2023 -4.2% | Dec 2023 -5.9% | Mar 2024 -0.9% | Jun 2024 3.7% | Sep 2024 8.7% | Dec 2024 1.9% | Mar 2025 0.6% | Jun 2025 -1.6% | Sep 2025 -4.8% | Dec 2025 -3.1% | Mar 2026 -4.4% | Jun 2026 — - PRM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 66% | Sep 2022 -17% | Dec 2022 — | Mar 2023 -24% | Jun 2023 -25% | Sep 2023 -11% | Dec 2023 44% | Mar 2024 34% | Jun 2024 67% | Sep 2024 101% | Dec 2024 46% | Mar 2025 22% | Jun 2025 28% | Sep 2025 9.4% | Dec 2025 20% | Mar 2026 74% | Jun 2026 — - BCPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 23% | Dec 2022 9.4% | Mar 2023 1.8% | Jun 2023 -2.5% | Sep 2023 -5.7% | Dec 2023 -1.7% | Mar 2024 3.0% | Jun 2024 1.3% | Sep 2024 4.4% | Dec 2024 4.8% | Mar 2025 4.6% | Jun 2025 9.0% | Sep 2025 12% | Dec 2025 10% | Mar 2026 8.0% | Jun 2026 — - SXT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 4.9% | Dec 2022 2.7% | Mar 2023 3.7% | Jun 2023 0.5% | Sep 2023 0.8% | Dec 2023 0.0% | Mar 2024 4.3% | Jun 2024 8.0% | Sep 2024 8.0% | Dec 2024 7.7% | Mar 2025 1.8% | Jun 2025 2.5% | Sep 2025 4.8% | Dec 2025 4.5% | Mar 2026 11% | Jun 2026 — - CBT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25% | Sep 2022 23% | Dec 2022 -0.3% | Mar 2023 -5.4% | Jun 2023 -16% | Sep 2023 -13% | Dec 2023 -0.7% | Mar 2024 -1.4% | Jun 2024 5.0% | Sep 2024 3.7% | Dec 2024 -0.3% | Mar 2025 -8.2% | Jun 2025 -9.2% | Sep 2025 -10% | Dec 2025 -11% | Mar 2026 -3.4% | Jun 2026 — - CLMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -3.0% | Jun 2024 11% | Sep 2024 -4.3% | Dec 2024 -2.8% | Mar 2025 -1.2% | Jun 2025 -9.4% | Sep 2025 -2.0% | Dec 2025 9.4% | Mar 2026 3.6% | Jun 2026 — - AVNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -28% | Sep 2022 0.6% | Dec 2022 -2.1% | Mar 2023 -5.2% | Jun 2023 -7.5% | Sep 2023 -8.4% | Dec 2023 -9.0% | Mar 2024 -2.0% | Jun 2024 3.2% | Sep 2024 8.1% | Dec 2024 3.9% | Mar 2025 -0.2% | Jun 2025 2.0% | Sep 2025 -1.0% | Dec 2025 1.9% | Mar 2026 2.4% | Jun 2026 — - ASH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 6.9% | Dec 2022 2.5% | Mar 2023 -0.2% | Jun 2023 -15% | Sep 2023 -18% | Dec 2023 -9.9% | Mar 2024 -4.6% | Jun 2024 -0.4% | Sep 2024 1.0% | Dec 2024 -14% | Mar 2025 -17% | Jun 2025 -15% | Sep 2025 -8.6% | Dec 2025 -4.7% | Mar 2026 0.6% | Jun 2026 — - WDFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -8.8% | Sep 2022 13% | Dec 2022 -7.4% | Mar 2023 0.0% | Jun 2023 15% | Sep 2023 7.7% | Dec 2023 12% | Mar 2024 6.9% | Jun 2024 9.2% | Sep 2024 11% | Dec 2024 9.3% | Mar 2025 5.0% | Jun 2025 1.3% | Sep 2025 4.5% | Dec 2025 0.7% | Mar 2026 11% | Jun 2026 — - FUL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 14% | Dec 2022 6.8% | Mar 2023 -5.5% | Jun 2023 -9.6% | Sep 2023 -4.3% | Dec 2023 -5.7% | Mar 2024 0.1% | Jun 2024 2.1% | Sep 2024 1.9% | Dec 2024 2.2% | Mar 2025 -2.6% | Jun 2025 -2.1% | Sep 2025 -2.8% | Dec 2025 -3.0% | Mar 2026 -2.3% | Jun 2026 5.8% - HWKN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 35% | Dec 2022 29% | Mar 2023 — | Jun 2023 2.2% | Sep 2023 1.6% | Dec 2023 -1.7% | Mar 2024 1.8% | Jun 2024 12% | Sep 2024 -1.6% | Dec 2024 -4.6% | Mar 2025 9.9% | Jun 2025 14% | Sep 2025 13% | Dec 2025 8.0% | Mar 2026 8.6% | Jun 2026 — - KWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 9.6% | Dec 2022 8.5% | Mar 2023 5.5% | Jun 2023 0.6% | Sep 2023 -0.2% | Dec 2023 -3.7% | Mar 2024 -6.0% | Jun 2024 -6.3% | Sep 2024 -5.9% | Dec 2024 -4.9% | Mar 2025 -5.7% | Jun 2025 4.1% | Sep 2025 6.9% | Dec 2025 5.4% | Mar 2026 8.4% | Jun 2026 — - NGVT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 28% | Dec 2022 14% | Mar 2023 2.6% | Jun 2023 15% | Sep 2023 -7.5% | Dec 2023 -3.1% | Mar 2024 -13% | Jun 2024 -19% | Sep 2024 -25% | Dec 2024 -29% | Mar 2025 -27% | Jun 2025 -6.7% | Sep 2025 -0.3% | Dec 2025 -3.0% | Mar 2026 4.0% | Jun 2026 — ## Operating Economics & Margin Trend What the numbers say: Perimeter Solutions, Inc. leads opm at 58%; Air Products and Chemicals, Inc. leads margin change at +103.5 percentage points. Investor read: Perimeter Solutions, Inc. 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: Perimeter Solutions, Inc. · 58% | 41.5% versus #2 · Sociedad Química y Minera de Chile S.A. | 2/8 recent comparable periods | 29/29 companies · 530 observations Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth. ### OPM — highest 1. Perimeter Solutions, Inc. (PRM): 58% 2. Sociedad Química y Minera de Chile S.A. (SQM): 41% 3. Linde plc (LIN): 28% 4. Ingevity Corporation (NGVT): 27% 5. Air Products and Chemicals, Inc. (APD): 24% ### Margin change — fastest expanders 1. Air Products and Chemicals, Inc. (APD): +103.5 pp 2. International Flavors & Fragrances Inc. (IFF): +41.8 pp 3. Sociedad Química y Minera de Chile S.A. (SQM): +17.4 pp 4. Albemarle Corporation (ALB): +14.5 pp 5. Avient Corporation (AVNT): +11.2 pp ### 20-quarter OPM history - LIN: Sep 2021 17% | Dec 2021 16% | Mar 2022 18% | Jun 2022 7.0% | Sep 2022 18% | Dec 2022 21% | Mar 2023 24% | Jun 2023 25% | Sep 2023 25% | Dec 2023 24% | Mar 2024 26% | Jun 2024 26% | Sep 2024 25% | Dec 2024 27% | Mar 2025 27% | Jun 2025 28% | Sep 2025 28% | Dec 2025 23% | Mar 2026 28% | Jun 2026 — - SHW: Sep 2021 14% | Dec 2021 9.4% | Mar 2022 11% | Jun 2022 14% | Sep 2022 16% | Dec 2022 11% | Mar 2023 13% | Jun 2023 17% | Sep 2023 18% | Dec 2023 12% | Mar 2024 14% | Jun 2024 20% | Sep 2024 18% | Dec 2024 13% | Mar 2025 14% | Jun 2025 17% | Sep 2025 19% | Dec 2025 14% | Mar 2026 14% | Jun 2026 — - ECL: Sep 2021 14% | Dec 2021 12% | Mar 2022 7.8% | Jun 2022 12% | Sep 2022 13% | Dec 2022 11% | Mar 2023 9.8% | Jun 2023 13% | Sep 2023 14% | Dec 2023 15% | Mar 2024 14% | Jun 2024 17% | Sep 2024 26% | Dec 2024 15% | Mar 2025 15% | Jun 2025 18% | Sep 2025 18% | Dec 2025 17% | Mar 2026 15% | Jun 2026 — - APD: Sep 2021 22% | Dec 2021 18% | Mar 2022 19% | Jun 2022 20% | Sep 2022 18% | Dec 2022 21% | Mar 2023 14% | Jun 2023 21% | Sep 2023 23% | Dec 2023 22% | Mar 2024 22% | Jun 2024 25% | Sep 2024 76% | Dec 2024 22% | Mar 2025 -80% | Jun 2025 26% | Sep 2025 0.5% | Dec 2025 24% | Mar 2026 24% | Jun 2026 — - PPG: Sep 2021 9.3% | Dec 2021 5.9% | Mar 2022 2.0% | Jun 2022 13% | Sep 2022 10% | Dec 2022 9.2% | Mar 2023 8.8% | Jun 2023 14% | Sep 2023 13% | Dec 2023 8.6% | Mar 2024 14% | Jun 2024 16% | Sep 2024 15% | Dec 2024 13% | Mar 2025 14% | Jun 2025 15% | Sep 2025 14% | Dec 2025 12% | Mar 2026 14% | Jun 2026 — - IFF: Sep 2021 9.7% | Dec 2021 5.7% | Mar 2022 11% | Jun 2022 6.4% | Sep 2022 -65% | Dec 2022 3.7% | Mar 2023 4.3% | Jun 2023 5.0% | Sep 2023 5.3% | Dec 2023 -94% | Mar 2024 6.9% | Jun 2024 6.6% | Sep 2024 8.5% | Dec 2024 4.6% | Mar 2025 -32% | Jun 2025 7.2% | Sep 2025 8.4% | Dec 2025 3.7% | Mar 2026 10% | Jun 2026 — - SQM: Sep 2021 26% | Dec 2021 42% | Mar 2022 56% | Jun 2022 48% | Sep 2022 53% | Dec 2022 49% | Mar 2023 45% | Jun 2023 40% | Sep 2023 39% | Dec 2023 27% | Mar 2024 29% | Jun 2024 24% | Sep 2024 21% | Dec 2024 22% | Mar 2025 24% | Jun 2025 16% | Sep 2025 25% | Dec 2025 30% | Mar 2026 41% | Jun 2026 — - DD: Sep 2021 14% | Dec 2021 9.4% | Mar 2022 11% | Jun 2022 15% | Sep 2022 18% | Dec 2022 7.5% | Mar 2023 14% | Jun 2023 13% | Sep 2023 15% | Dec 2023 9.9% | Mar 2024 11% | Jun 2024 15% | Sep 2024 15% | Dec 2024 7.8% | Mar 2025 5.9% | Jun 2025 12% | Sep 2025 13% | Dec 2025 5.7% | Mar 2026 11% | Jun 2026 — - LYB: Sep 2021 18% | Dec 2021 7.1% | Mar 2022 13% | Jun 2022 14% | Sep 2022 6.6% | Dec 2022 4.8% | Mar 2023 7.0% | Jun 2023 9.8% | Sep 2023 9.5% | Dec 2023 3.2% | Mar 2024 7.8% | Jun 2024 12% | Sep 2024 10% | Dec 2024 -7.6% | Mar 2025 1.5% | Jun 2025 3.7% | Sep 2025 -9.5% | Dec 2025 -1.2% | Mar 2026 3.3% | Jun 2026 — - RPM: Sep 2021 12% | Dec 2021 8.7% | Mar 2022 4.5% | Jun 2022 12% | Sep 2022 13% | Dec 2022 11% | Mar 2023 3.1% | Jun 2023 12% | Sep 2023 15% | Dec 2023 13% | Mar 2024 6.3% | Jun 2024 13% | Sep 2024 15% | Dec 2024 12% | Mar 2025 4.2% | Jun 2025 14% | Sep 2025 15% | Dec 2025 12% | Mar 2026 5.0% | Jun 2026 — - ALB: Sep 2021 16% | Dec 2021 -3.5% | Mar 2022 28% | Jun 2022 29% | Sep 2022 43% | Dec 2022 32% | Mar 2023 43% | Jun 2023 5.9% | Sep 2023 -6.1% | Dec 2023 -36% | Mar 2024 -13% | Jun 2024 -34% | Sep 2024 -82% | Dec 2024 — | Mar 2025 1.8% | Jun 2025 3.6% | Sep 2025 -17% | Dec 2025 — | Mar 2026 16% | Jun 2026 — - WLK: Sep 2021 28% | Dec 2021 25% | Mar 2022 25% | Jun 2022 26% | Sep 2022 13% | Dec 2022 9.9% | Mar 2023 16% | Jun 2023 12% | Sep 2023 11% | Dec 2023 -20% | Mar 2024 7.5% | Jun 2024 13% | Sep 2024 5.8% | Dec 2024 2.3% | Mar 2025 -1.1% | Jun 2025 -3.7% | Sep 2025 -27% | Dec 2025 -27% | Mar 2026 -6.5% | Jun 2026 — - SOLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 22% | Dec 2024 20% | Mar 2025 21% | Jun 2025 — | Sep 2025 18% | Dec 2025 11% | Mar 2026 17% | Jun 2026 — - ESI: Sep 2021 11% | Dec 2021 9.4% | Mar 2022 14% | Jun 2022 13% | Sep 2022 13% | Dec 2022 11% | Mar 2023 12% | Jun 2023 9.0% | Sep 2023 -0.2% | Dec 2023 9.7% | Mar 2024 14% | Jun 2024 16% | Sep 2024 15% | Dec 2024 12% | Mar 2025 13% | Jun 2025 15% | Sep 2025 15% | Dec 2025 10% | Mar 2026 13% | Jun 2026 — - EMN: Sep 2021 14% | Dec 2021 22% | Mar 2022 12% | Jun 2022 15% | Sep 2022 11% | Dec 2022 3.2% | Mar 2023 10% | Jun 2023 14% | Sep 2023 11% | Dec 2023 22% | Mar 2024 11% | Jun 2024 14% | Sep 2024 13% | Dec 2024 16% | Mar 2025 13% | Jun 2025 9.7% | Sep 2025 8.5% | Dec 2025 3.2% | Mar 2026 8.6% | Jun 2026 — - AXTA: Sep 2021 12% | Dec 2021 8.3% | Mar 2022 7.4% | Jun 2022 8.4% | Sep 2022 10% | Dec 2022 8.9% | Mar 2023 9.7% | Jun 2023 11% | Sep 2023 13% | Dec 2023 13% | Mar 2024 9.4% | Jun 2024 15% | Sep 2024 15% | Dec 2024 14% | Mar 2025 14% | Jun 2025 15% | Sep 2025 16% | Dec 2025 13% | Mar 2026 12% | Jun 2026 — - NEU: Sep 2021 10% | Dec 2021 6.1% | Mar 2022 13% | Jun 2022 12% | Sep 2022 11% | Dec 2022 16% | Mar 2023 18% | Jun 2023 18% | Sep 2023 20% | Dec 2023 16% | Mar 2024 20% | Jun 2024 21% | Sep 2024 23% | Dec 2024 20% | Mar 2025 23% | Jun 2025 21% | Sep 2025 19% | Dec 2025 17% | Mar 2026 21% | Jun 2026 — - PRM: Sep 2021 41% | Dec 2021 436% | Mar 2022 75% | Jun 2022 16% | Sep 2022 82% | Dec 2022 -145% | Mar 2023 29% | Jun 2023 83% | Sep 2023 19% | Dec 2023 -15% | Mar 2024 -127% | Jun 2024 35% | Sep 2024 -12% | Dec 2024 71% | Mar 2025 108% | Jun 2025 -16% | Sep 2025 -28% | Dec 2025 -161% | Mar 2026 58% | Jun 2026 — - BCPC: Sep 2021 16% | Dec 2021 16% | Mar 2022 17% | Jun 2022 17% | Sep 2022 14% | Dec 2022 14% | Mar 2023 15% | Jun 2023 19% | Sep 2023 19% | Dec 2023 17% | Mar 2024 17% | Jun 2024 20% | Sep 2024 20% | Dec 2024 20% | Mar 2025 20% | Jun 2025 20% | Sep 2025 20% | Dec 2025 20% | Mar 2026 21% | Jun 2026 — - SXT: Sep 2021 14% | Dec 2021 12% | Mar 2022 15% | Jun 2022 15% | Sep 2022 13% | Dec 2022 12% | Mar 2023 14% | Jun 2023 14% | Sep 2023 12% | Dec 2023 2.3% | Mar 2024 13% | Jun 2024 12% | Sep 2024 13% | Dec 2024 11% | Mar 2025 14% | Jun 2025 14% | Sep 2025 14% | Dec 2025 9.7% | Mar 2026 15% | Jun 2026 — - CBT: Sep 2021 8.2% | Dec 2021 -8.6% | Mar 2022 13% | Jun 2022 15% | Sep 2022 13% | Dec 2022 11% | Mar 2023 13% | Jun 2023 16% | Sep 2023 15% | Dec 2023 14% | Mar 2024 15% | Jun 2024 17% | Sep 2024 15% | Dec 2024 16% | Mar 2025 17% | Jun 2025 18% | Sep 2025 15% | Dec 2025 15% | Mar 2026 14% | Jun 2026 — - CLMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 4.1% | Jun 2023 2.5% | Sep 2023 19% | Dec 2023 1.1% | Mar 2024 3.6% | Jun 2024 0.5% | Sep 2024 -5.2% | Dec 2024 4.8% | Mar 2025 -4.9% | Jun 2025 -9.8% | Sep 2025 30% | Dec 2025 -4.2% | Mar 2026 -17% | Jun 2026 — - AVNT: Sep 2021 6.5% | Dec 2021 6.2% | Mar 2022 12% | Jun 2022 11% | Sep 2022 4.9% | Dec 2022 0.1% | Mar 2023 6.8% | Jun 2023 7.6% | Sep 2023 4.6% | Dec 2023 6.0% | Mar 2024 11% | Jun 2024 8.5% | Sep 2024 9.5% | Dec 2024 12% | Mar 2025 0.1% | Jun 2025 11% | Sep 2025 8.3% | Dec 2025 5.2% | Mar 2026 11% | Jun 2026 — - ASH: Sep 2021 14% | Dec 2021 8.2% | Mar 2022 17% | Jun 2022 17% | Sep 2022 13% | Dec 2022 7.0% | Mar 2023 14% | Jun 2023 11% | Sep 2023 -1.9% | Dec 2023 -3.8% | Mar 2024 3.7% | Jun 2024 -11% | Sep 2024 5.9% | Dec 2024 -44% | Mar 2025 11% | Jun 2025 -153% | Sep 2025 13% | Dec 2025 -1.6% | Mar 2026 8.1% | Jun 2026 — - WDFC: Sep 2021 11% | Dec 2021 18% | Mar 2022 19% | Jun 2022 15% | Sep 2022 15% | Dec 2022 15% | Mar 2023 17% | Jun 2023 18% | Sep 2023 17% | Dec 2023 17% | Mar 2024 15% | Jun 2024 18% | Sep 2024 15% | Dec 2024 16% | Mar 2025 16% | Jun 2025 17% | Sep 2025 17% | Dec 2025 15% | Mar 2026 16% | Jun 2026 — - FUL: Sep 2021 7.2% | Dec 2021 8.4% | Mar 2022 6.7% | Jun 2022 8.8% | Sep 2022 9.3% | Dec 2022 9.4% | Mar 2023 7.4% | Jun 2023 10% | Sep 2023 10% | Dec 2023 13% | Mar 2024 8.3% | Jun 2024 11% | Sep 2024 11% | Dec 2024 8.3% | Mar 2025 5.9% | Jun 2025 11% | Sep 2025 12% | Dec 2025 11% | Mar 2026 6.7% | Jun 2026 12% - HWKN: Sep 2021 11% | Dec 2021 7.6% | Mar 2022 — | Jun 2022 6.8% | Sep 2022 11% | Dec 2022 11% | Mar 2023 7.0% | Jun 2023 8.1% | Sep 2023 13% | Dec 2023 14% | Mar 2024 9.0% | Jun 2024 16% | Sep 2024 14% | Dec 2024 9.3% | Mar 2025 10% | Jun 2025 14% | Sep 2025 12% | Dec 2025 9.2% | Mar 2026 8.8% | Jun 2026 — - KWR: Sep 2021 8.0% | Dec 2021 6.9% | Mar 2022 6.2% | Jun 2022 6.5% | Sep 2022 9.1% | Dec 2022 -11% | Mar 2023 10% | Jun 2023 12% | Sep 2023 12% | Dec 2023 10% | Mar 2024 12% | Jun 2024 13% | Sep 2024 11% | Dec 2024 6.5% | Mar 2025 6.2% | Jun 2025 -11% | Sep 2025 9.4% | Dec 2025 6.7% | Mar 2026 7.0% | Jun 2026 — - NGVT: Sep 2021 23% | Dec 2021 14% | Mar 2022 23% | Jun 2022 21% | Sep 2022 23% | Dec 2022 9.4% | Mar 2023 17% | Jun 2023 15% | Sep 2023 13% | Dec 2023 -30% | Mar 2024 -5.1% | Jun 2024 -74% | Sep 2024 25% | Dec 2024 17% | Mar 2025 25% | Jun 2025 -33% | Sep 2025 25% | Dec 2025 14% | Mar 2026 27% | Jun 2026 — ### 20-quarter Margin change history - LIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −8.1 pp | Sep 2022 +1.5 pp | Dec 2022 +5.3 pp | Mar 2023 +5.6 pp | Jun 2023 +17.5 pp | Sep 2023 +6.9 pp | Dec 2023 +3.0 pp | Mar 2024 +2.3 pp | Jun 2024 +1.9 pp | Sep 2024 −0.2 pp | Dec 2024 +3.0 pp | Mar 2025 +1.0 pp | Jun 2025 +1.3 pp | Sep 2025 +2.5 pp | Dec 2025 −4.4 pp | Mar 2026 +0.9 pp | Jun 2026 — - SHW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.3 pp | Sep 2022 +2.9 pp | Dec 2022 +2.0 pp | Mar 2023 +1.9 pp | Jun 2023 +2.9 pp | Sep 2023 +1.5 pp | Dec 2023 +0.8 pp | Mar 2024 +0.4 pp | Jun 2024 +2.7 pp | Sep 2024 +0.5 pp | Dec 2024 +1.0 pp | Mar 2025 +0.7 pp | Jun 2025 −2.6 pp | Sep 2025 +0.1 pp | Dec 2025 +1.0 pp | Mar 2026 −0.1 pp | Jun 2026 — - ECL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.3 pp | Sep 2022 −0.8 pp | Dec 2022 −0.6 pp | Mar 2023 +2.0 pp | Jun 2023 +0.7 pp | Sep 2023 +1.1 pp | Dec 2023 +4.1 pp | Mar 2024 +4.0 pp | Jun 2024 +3.9 pp | Sep 2024 +11.8 pp | Dec 2024 −0.4 pp | Mar 2025 +1.2 pp | Jun 2025 +1.1 pp | Sep 2025 −7.8 pp | Dec 2025 +2.4 pp | Mar 2026 +0.3 pp | Jun 2026 — - APD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.5 pp | Sep 2022 −4.2 pp | Dec 2022 +3.0 pp | Mar 2023 −4.7 pp | Jun 2023 +1.5 pp | Sep 2023 +5.6 pp | Dec 2023 +1.7 pp | Mar 2024 +7.3 pp | Jun 2024 +3.5 pp | Sep 2024 +53.0 pp | Dec 2024 −0.2 pp | Mar 2025 −101.5 pp | Jun 2025 +1.5 pp | Sep 2025 −75.6 pp | Dec 2025 +1.7 pp | Mar 2026 +103.5 pp | Jun 2026 — - PPG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.1 pp | Sep 2022 +0.8 pp | Dec 2022 +3.3 pp | Mar 2023 +6.8 pp | Jun 2023 +1.4 pp | Sep 2023 +2.4 pp | Dec 2023 −0.6 pp | Mar 2024 +5.6 pp | Jun 2024 +1.8 pp | Sep 2024 +2.3 pp | Dec 2024 +4.1 pp | Mar 2025 −0.4 pp | Jun 2025 −1.1 pp | Sep 2025 −0.6 pp | Dec 2025 −1.1 pp | Mar 2026 −0.2 pp | Jun 2026 — - IFF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.8 pp | Sep 2022 −74.5 pp | Dec 2022 −2.0 pp | Mar 2023 −6.3 pp | Jun 2023 −1.4 pp | Sep 2023 +70.1 pp | Dec 2023 −97.5 pp | Mar 2024 +2.6 pp | Jun 2024 +1.6 pp | Sep 2024 +3.2 pp | Dec 2024 +98.4 pp | Mar 2025 −38.7 pp | Jun 2025 +0.6 pp | Sep 2025 −0.1 pp | Dec 2025 −0.9 pp | Mar 2026 +41.8 pp | Jun 2026 — - SQM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +22.6 pp | Sep 2022 +26.9 pp | Dec 2022 +6.9 pp | Mar 2023 −10.4 pp | Jun 2023 −7.9 pp | Sep 2023 −14.5 pp | Dec 2023 −22.2 pp | Mar 2024 −16.4 pp | Jun 2024 −15.6 pp | Sep 2024 −17.4 pp | Dec 2024 −4.4 pp | Mar 2025 −5.3 pp | Jun 2025 −8.4 pp | Sep 2025 +3.5 pp | Dec 2025 +7.3 pp | Mar 2026 +17.4 pp | Jun 2026 — - DD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.3 pp | Sep 2022 +4.1 pp | Dec 2022 −1.9 pp | Mar 2023 +2.2 pp | Jun 2023 −1.3 pp | Sep 2023 −3.1 pp | Dec 2023 +2.4 pp | Mar 2024 −2.8 pp | Jun 2024 +1.2 pp | Sep 2024 +0.6 pp | Dec 2024 −2.1 pp | Mar 2025 −4.8 pp | Jun 2025 −3.0 pp | Sep 2025 −2.5 pp | Dec 2025 −2.1 pp | Mar 2026 +5.2 pp | Jun 2026 — - LYB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −7.4 pp | Sep 2022 −11.1 pp | Dec 2022 −2.3 pp | Mar 2023 −5.6 pp | Jun 2023 −4.6 pp | Sep 2023 +2.9 pp | Dec 2023 −1.6 pp | Mar 2024 +0.8 pp | Jun 2024 +1.7 pp | Sep 2024 +0.6 pp | Dec 2024 −10.8 pp | Mar 2025 −6.3 pp | Jun 2025 −7.8 pp | Sep 2025 −19.6 pp | Dec 2025 +6.4 pp | Mar 2026 +1.8 pp | Jun 2026 — - RPM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.6 pp | Sep 2022 +1.6 pp | Dec 2022 +2.4 pp | Mar 2023 −1.4 pp | Jun 2023 −0.4 pp | Sep 2023 +1.2 pp | Dec 2023 +1.4 pp | Mar 2024 +3.2 pp | Jun 2024 +1.3 pp | Sep 2024 +0.9 pp | Dec 2024 −0.2 pp | Mar 2025 −2.1 pp | Jun 2025 +0.6 pp | Sep 2025 −0.7 pp | Dec 2025 −0.5 pp | Mar 2026 +0.8 pp | Jun 2026 — - ALB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −40.8 pp | Sep 2022 +26.8 pp | Dec 2022 +35.3 pp | Mar 2023 +15.0 pp | Jun 2023 −23.4 pp | Sep 2023 −48.7 pp | Dec 2023 −67.9 pp | Mar 2024 −55.9 pp | Jun 2024 −40.3 pp | Sep 2024 −75.8 pp | Dec 2024 — | Mar 2025 +15.0 pp | Jun 2025 +38.0 pp | Sep 2025 +65.3 pp | Dec 2025 — | Mar 2026 +14.5 pp | Jun 2026 — - WLK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.0 pp | Sep 2022 −15.2 pp | Dec 2022 −15.0 pp | Mar 2023 −9.4 pp | Jun 2023 −14.0 pp | Sep 2023 −1.8 pp | Dec 2023 −29.4 pp | Mar 2024 −8.5 pp | Jun 2024 +0.5 pp | Sep 2024 −5.4 pp | Dec 2024 +21.8 pp | Mar 2025 −8.6 pp | Jun 2025 −16.4 pp | Sep 2025 −32.8 pp | Dec 2025 −28.8 pp | Mar 2026 −5.4 pp | Jun 2026 — - SOLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 −4.0 pp | Dec 2025 −8.5 pp | Mar 2026 −4.5 pp | Jun 2026 — - ESI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.3 pp | Sep 2022 +1.7 pp | Dec 2022 +1.1 pp | Mar 2023 −2.4 pp | Jun 2023 −4.4 pp | Sep 2023 −13.0 pp | Dec 2023 −0.8 pp | Mar 2024 +1.9 pp | Jun 2024 +6.7 pp | Sep 2024 +14.9 pp | Dec 2024 +2.3 pp | Mar 2025 −0.5 pp | Jun 2025 −0.6 pp | Sep 2025 +0.7 pp | Dec 2025 −1.7 pp | Mar 2026 +0.3 pp | Jun 2026 — - EMN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +17.4 pp | Sep 2022 −2.5 pp | Dec 2022 −18.3 pp | Mar 2023 −2.2 pp | Jun 2023 −1.4 pp | Sep 2023 +0.2 pp | Dec 2023 +18.4 pp | Mar 2024 +1.3 pp | Jun 2024 +0.4 pp | Sep 2024 +2.1 pp | Dec 2024 −6.1 pp | Mar 2025 +1.8 pp | Jun 2025 −4.6 pp | Sep 2025 −4.9 pp | Dec 2025 −12.3 pp | Mar 2026 −4.6 pp | Jun 2026 — - AXTA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −8.5 pp | Sep 2022 −1.5 pp | Dec 2022 +0.6 pp | Mar 2023 +2.3 pp | Jun 2023 +2.3 pp | Sep 2023 +2.5 pp | Dec 2023 +3.6 pp | Mar 2024 −0.3 pp | Jun 2024 +4.5 pp | Sep 2024 +2.1 pp | Dec 2024 +1.8 pp | Mar 2025 +4.5 pp | Jun 2025 −0.4 pp | Sep 2025 +1.2 pp | Dec 2025 −1.5 pp | Mar 2026 −2.3 pp | Jun 2026 — - NEU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.4 pp | Sep 2022 +1.2 pp | Dec 2022 +9.9 pp | Mar 2023 +5.2 pp | Jun 2023 +6.5 pp | Sep 2023 +8.5 pp | Dec 2023 −0.2 pp | Mar 2024 +2.4 pp | Jun 2024 +2.6 pp | Sep 2024 +3.6 pp | Dec 2024 +4.5 pp | Mar 2025 +2.6 pp | Jun 2025 −0.2 pp | Sep 2025 −4.5 pp | Dec 2025 −3.0 pp | Mar 2026 −1.4 pp | Jun 2026 — - PRM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +21.5 pp | Sep 2022 +40.6 pp | Dec 2022 −581.1 pp | Mar 2023 −45.2 pp | Jun 2023 +67.7 pp | Sep 2023 −62.7 pp | Dec 2023 +129.8 pp | Mar 2024 −156.1 pp | Jun 2024 −47.8 pp | Sep 2024 −31.2 pp | Dec 2024 +86.1 pp | Mar 2025 +234.8 pp | Jun 2025 −51.5 pp | Sep 2025 −15.5 pp | Dec 2025 −231.8 pp | Mar 2026 −50.0 pp | Jun 2026 — - BCPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.8 pp | Sep 2022 −2.6 pp | Dec 2022 −1.6 pp | Mar 2023 −2.0 pp | Jun 2023 +1.6 pp | Sep 2023 +5.2 pp | Dec 2023 +2.5 pp | Mar 2024 +2.6 pp | Jun 2024 +1.1 pp | Sep 2024 +1.0 pp | Dec 2024 +3.0 pp | Mar 2025 +3.0 pp | Jun 2025 +0.5 pp | Sep 2025 +0.4 pp | Dec 2025 0.0 pp | Mar 2026 +0.1 pp | Jun 2026 — - SXT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +4.3 pp | Sep 2022 −0.4 pp | Dec 2022 −0.1 pp | Mar 2023 −1.0 pp | Jun 2023 −1.1 pp | Sep 2023 −1.0 pp | Dec 2023 −9.5 pp | Mar 2024 −1.0 pp | Jun 2024 −1.5 pp | Sep 2024 +0.7 pp | Dec 2024 +8.9 pp | Mar 2025 +0.8 pp | Jun 2025 +1.6 pp | Sep 2025 +1.1 pp | Dec 2025 −1.5 pp | Mar 2026 +1.7 pp | Jun 2026 — - CBT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0 pp | Sep 2022 +4.7 pp | Dec 2022 +19.5 pp | Mar 2023 0.0 pp | Jun 2023 +0.9 pp | Sep 2023 +1.8 pp | Dec 2023 +3.3 pp | Mar 2024 +2.8 pp | Jun 2024 +1.4 pp | Sep 2024 +0.3 pp | Dec 2024 +2.0 pp | Mar 2025 +2.0 pp | Jun 2025 +1.2 pp | Sep 2025 +0.2 pp | Dec 2025 −1.0 pp | Mar 2026 −3.0 pp | Jun 2026 — - CLMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −0.5 pp | Jun 2024 −2.0 pp | Sep 2024 −23.7 pp | Dec 2024 +3.7 pp | Mar 2025 −8.5 pp | Jun 2025 −10.3 pp | Sep 2025 +35.2 pp | Dec 2025 −9.0 pp | Mar 2026 −11.7 pp | Jun 2026 — - AVNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.4 pp | Sep 2022 −1.6 pp | Dec 2022 −6.1 pp | Mar 2023 −4.7 pp | Jun 2023 −3.6 pp | Sep 2023 −0.3 pp | Dec 2023 +5.9 pp | Mar 2024 +4.5 pp | Jun 2024 +0.9 pp | Sep 2024 +4.9 pp | Dec 2024 +5.5 pp | Mar 2025 −11.2 pp | Jun 2025 +2.6 pp | Sep 2025 −1.2 pp | Dec 2025 −6.3 pp | Mar 2026 +11.2 pp | Jun 2026 — - ASH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +9.1 pp | Sep 2022 −1.2 pp | Dec 2022 −1.2 pp | Mar 2023 −2.8 pp | Jun 2023 −6.0 pp | Sep 2023 −14.4 pp | Dec 2023 −10.8 pp | Mar 2024 −10.1 pp | Jun 2024 −22.6 pp | Sep 2024 +7.8 pp | Dec 2024 −40.4 pp | Mar 2025 +6.9 pp | Jun 2025 −141.7 pp | Sep 2025 +6.9 pp | Dec 2025 +42.6 pp | Mar 2026 −2.5 pp | Jun 2026 — - WDFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.6 pp | Sep 2022 +4.2 pp | Dec 2022 −2.9 pp | Mar 2023 −2.0 pp | Jun 2023 +2.7 pp | Sep 2023 +1.5 pp | Dec 2023 +2.2 pp | Mar 2024 −1.9 pp | Jun 2024 −0.6 pp | Sep 2024 −1.1 pp | Dec 2024 −0.8 pp | Mar 2025 +0.8 pp | Jun 2025 −0.1 pp | Sep 2025 +1.7 pp | Dec 2025 −1.3 pp | Mar 2026 +0.4 pp | Jun 2026 — - FUL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.1 pp | Dec 2022 +1.0 pp | Mar 2023 +0.7 pp | Jun 2023 +1.2 pp | Sep 2023 +0.8 pp | Dec 2023 +3.2 pp | Mar 2024 +0.9 pp | Jun 2024 +1.0 pp | Sep 2024 +1.3 pp | Dec 2024 −4.3 pp | Mar 2025 −2.4 pp | Jun 2025 +0.1 pp | Sep 2025 +0.9 pp | Dec 2025 +2.7 pp | Mar 2026 +0.8 pp | Jun 2026 +1.2 pp - HWKN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −5.4 pp | Sep 2022 +0.6 pp | Dec 2022 +3.4 pp | Mar 2023 — | Jun 2023 +1.3 pp | Sep 2023 +1.6 pp | Dec 2023 +2.9 pp | Mar 2024 +2.0 pp | Jun 2024 +7.5 pp | Sep 2024 +0.8 pp | Dec 2024 −4.6 pp | Mar 2025 +1.0 pp | Jun 2025 −1.5 pp | Sep 2025 −1.6 pp | Dec 2025 −0.1 pp | Mar 2026 −1.2 pp | Jun 2026 — - KWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.4 pp | Sep 2022 +1.1 pp | Dec 2022 −18.0 pp | Mar 2023 +3.8 pp | Jun 2023 +5.0 pp | Sep 2023 +3.0 pp | Dec 2023 +21.4 pp | Mar 2024 +1.8 pp | Jun 2024 +1.1 pp | Sep 2024 −0.9 pp | Dec 2024 −3.8 pp | Mar 2025 −5.6 pp | Jun 2025 −23.5 pp | Sep 2025 −1.8 pp | Dec 2025 +0.2 pp | Mar 2026 +0.8 pp | Jun 2026 — - NGVT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.4 pp | Sep 2022 −0.4 pp | Dec 2022 −4.3 pp | Mar 2023 −6.0 pp | Jun 2023 −6.4 pp | Sep 2023 −10.0 pp | Dec 2023 −39.5 pp | Mar 2024 −21.8 pp | Jun 2024 −88.6 pp | Sep 2024 +12.6 pp | Dec 2024 +47.2 pp | Mar 2025 +29.7 pp | Jun 2025 +40.8 pp | Sep 2025 −0.7 pp | Dec 2025 −2.9 pp | Mar 2026 +2.0 pp | Jun 2026 — ## Profit Scale & Acceleration What the numbers say: Linde plc leads with $7,099 million of TTM profit, 157% above The Sherwin-Williams Company. H.B. Fuller Company shows 80.6% growth from a $186 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale. Investor read: Linde plc 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: Linde plc · $7,099 million | 157% versus #2 · The Sherwin-Williams Company | 7/8 recent comparable periods | 24/29 companies · 530 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. Linde plc (LIN): ₹7.1K Cr 2. The Sherwin-Williams Company (SHW): ₹2.8K Cr 3. Air Products and Chemicals, Inc. (APD): ₹2.2K Cr 4. Ecolab Inc. (ECL): ₹2.1K Cr 5. PPG Industries, Inc. (PPG): ₹1.6K Cr ### Profit growth — fastest growers 1. H.B. Fuller Company (FUL): 81% 2. Sociedad Química y Minera de Chile S.A. (SQM): 48% 3. DuPont de Nemours, Inc. (DD): 41% 4. PPG Industries, Inc. (PPG): 19% 5. Balchem Corporation (BCPC): 15% ### 20-quarter Net profit history - LIN: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹360 Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 — - SHW: Sep 2021 ₹502 Cr | Dec 2021 ₹309 Cr | Mar 2022 ₹371 Cr | Jun 2022 ₹578 Cr | Sep 2022 ₹685 Cr | Dec 2022 ₹386 Cr | Mar 2023 ₹477 Cr | Jun 2023 ₹794 Cr | Sep 2023 ₹762 Cr | Dec 2023 ₹356 Cr | Mar 2024 ₹505 Cr | Jun 2024 ₹890 Cr | Sep 2024 ₹806 Cr | Dec 2024 ₹616 Cr | Mar 2025 ₹504 Cr | Jun 2025 ₹755 Cr | Sep 2025 ₹833 Cr | Dec 2025 ₹639 Cr | Mar 2026 ₹535 Cr | Jun 2026 — - ECL: Sep 2021 ₹329 Cr | Dec 2021 ₹305 Cr | Mar 2022 ₹175 Cr | Jun 2022 ₹313 Cr | Sep 2022 ₹352 Cr | Dec 2022 ₹270 Cr | Mar 2023 ₹238 Cr | Jun 2023 ₹335 Cr | Sep 2023 ₹409 Cr | Dec 2023 ₹411 Cr | Mar 2024 ₹417 Cr | Jun 2024 ₹495 Cr | Sep 2024 ₹741 Cr | Dec 2024 ₹480 Cr | Mar 2025 ₹407 Cr | Jun 2025 ₹529 Cr | Sep 2025 ₹590 Cr | Dec 2025 ₹569 Cr | Mar 2026 ₹437 Cr | Jun 2026 — - APD: Sep 2021 ₹567 Cr | Dec 2021 ₹550 Cr | Mar 2022 ₹537 Cr | Jun 2022 ₹587 Cr | Sep 2022 ₹580 Cr | Dec 2022 ₹584 Cr | Mar 2023 ₹450 Cr | Jun 2023 ₹611 Cr | Sep 2023 ₹687 Cr | Dec 2023 ₹622 Cr | Mar 2024 ₹581 Cr | Jun 2024 ₹709 Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹650 Cr | Mar 2025 ₹-1.7K Cr | Jun 2025 ₹731 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹691 Cr | Mar 2026 ₹725 Cr | Jun 2026 — - PPG: Sep 2021 ₹345 Cr | Dec 2021 ₹278 Cr | Mar 2022 ₹23 Cr | Jun 2022 ₹448 Cr | Sep 2022 ₹339 Cr | Dec 2022 ₹225 Cr | Mar 2023 ₹273 Cr | Jun 2023 ₹497 Cr | Sep 2023 ₹436 Cr | Dec 2023 ₹114 Cr | Mar 2024 ₹414 Cr | Jun 2024 ₹502 Cr | Sep 2024 ₹450 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹380 Cr | Jun 2025 ₹458 Cr | Sep 2025 ₹438 Cr | Dec 2025 ₹311 Cr | Mar 2026 ₹385 Cr | Jun 2026 — - IFF: Sep 2021 ₹197 Cr | Dec 2021 ₹92 Cr | Mar 2022 ₹246 Cr | Jun 2022 ₹109 Cr | Sep 2022 ₹-2.2K Cr | Dec 2022 ₹-24 Cr | Mar 2023 ₹-8 Cr | Jun 2023 ₹27 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹-2.6K Cr | Mar 2024 ₹61 Cr | Jun 2024 ₹172 Cr | Sep 2024 ₹59 Cr | Dec 2024 ₹-60 Cr | Mar 2025 ₹-1.0K Cr | Jun 2025 ₹612 Cr | Sep 2025 ₹41 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹170 Cr | Jun 2026 — - SQM: Sep 2021 ₹109 Cr | Dec 2021 ₹323 Cr | Mar 2022 ₹797 Cr | Jun 2022 ₹862 Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹752 Cr | Jun 2023 ₹581 Cr | Sep 2023 ₹482 Cr | Dec 2023 ₹206 Cr | Mar 2024 ₹-869 Cr | Jun 2024 ₹215 Cr | Sep 2024 ₹134 Cr | Dec 2024 ₹123 Cr | Mar 2025 ₹138 Cr | Jun 2025 ₹89 Cr | Sep 2025 ₹180 Cr | Dec 2025 ₹233 Cr | Mar 2026 ₹403 Cr | Jun 2026 — - DD: Sep 2021 ₹259 Cr | Dec 2021 ₹167 Cr | Mar 2022 ₹232 Cr | Jun 2022 ₹365 Cr | Sep 2022 ₹359 Cr | Dec 2022 ₹105 Cr | Mar 2023 ₹273 Cr | Jun 2023 ₹269 Cr | Sep 2023 ₹291 Cr | Dec 2023 ₹-300 Cr | Mar 2024 ₹183 Cr | Jun 2024 ₹176 Cr | Sep 2024 ₹453 Cr | Dec 2024 ₹-291 Cr | Mar 2025 ₹80 Cr | Jun 2025 ₹238 Cr | Sep 2025 ₹308 Cr | Dec 2025 ₹-108 Cr | Mar 2026 ₹150 Cr | Jun 2026 — - LYB: Sep 2021 ₹1.8K Cr | Dec 2021 ₹731 Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹573 Cr | Dec 2022 ₹355 Cr | Mar 2023 ₹475 Cr | Jun 2023 ₹717 Cr | Sep 2023 ₹748 Cr | Dec 2023 ₹186 Cr | Mar 2024 ₹433 Cr | Jun 2024 ₹946 Cr | Sep 2024 ₹626 Cr | Dec 2024 ₹-563 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹155 Cr | Sep 2025 ₹-829 Cr | Dec 2025 ₹-134 Cr | Mar 2026 ₹139 Cr | Jun 2026 — - RPM: Sep 2021 ₹135 Cr | Dec 2021 ₹125 Cr | Mar 2022 ₹33 Cr | Jun 2022 ₹199 Cr | Sep 2022 ₹169 Cr | Dec 2022 ₹132 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹152 Cr | Sep 2023 ₹201 Cr | Dec 2023 ₹146 Cr | Mar 2024 ₹61 Cr | Jun 2024 ₹181 Cr | Sep 2024 ₹229 Cr | Dec 2024 ₹183 Cr | Mar 2025 ₹52 Cr | Jun 2025 ₹226 Cr | Sep 2025 ₹228 Cr | Dec 2025 ₹161 Cr | Mar 2026 ₹52 Cr | Jun 2026 — - ALB: Sep 2021 ₹-374 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹282 Cr | Jun 2022 ₹441 Cr | Sep 2022 ₹931 Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹676 Cr | Sep 2023 ₹321 Cr | Dec 2023 ₹-603 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹-177 Cr | Sep 2024 ₹-1.1K Cr | Dec 2024 — | Mar 2025 ₹49 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹-148 Cr | Dec 2025 — | Mar 2026 ₹329 Cr | Jun 2026 — - WLK: Sep 2021 ₹620 Cr | Dec 2021 ₹661 Cr | Mar 2022 ₹764 Cr | Jun 2022 ₹873 Cr | Sep 2022 ₹412 Cr | Dec 2022 ₹248 Cr | Mar 2023 ₹407 Cr | Jun 2023 ₹307 Cr | Sep 2023 ₹295 Cr | Dec 2023 ₹-487 Cr | Mar 2024 ₹185 Cr | Jun 2024 ₹323 Cr | Sep 2024 ₹120 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹-35 Cr | Jun 2025 ₹-131 Cr | Sep 2025 ₹-772 Cr | Dec 2025 ₹-533 Cr | Mar 2026 ₹-157 Cr | Jun 2026 — - SOLS: 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 ₹148 Cr | Dec 2024 ₹134 Cr | Mar 2025 ₹140 Cr | Jun 2025 — | Sep 2025 ₹-9 Cr | Dec 2025 ₹54 Cr | Mar 2026 ₹105 Cr | Jun 2026 — - ESI: Sep 2021 ₹36 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹56 Cr | Jun 2022 ₹64 Cr | Sep 2022 ₹53 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹43 Cr | Jun 2023 ₹27 Cr | Sep 2023 ₹-32 Cr | Dec 2023 ₹78 Cr | Mar 2024 ₹56 Cr | Jun 2024 ₹92 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹55 Cr | Mar 2025 ₹98 Cr | Jun 2025 ₹48 Cr | Sep 2025 ₹39 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹56 Cr | Jun 2026 — - EMN: Sep 2021 ₹354 Cr | Dec 2021 ₹380 Cr | Mar 2022 ₹236 Cr | Jun 2022 ₹257 Cr | Sep 2022 ₹301 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹134 Cr | Jun 2023 ₹272 Cr | Sep 2023 ₹179 Cr | Dec 2023 ₹311 Cr | Mar 2024 ₹165 Cr | Jun 2024 ₹231 Cr | Sep 2024 ₹181 Cr | Dec 2024 ₹331 Cr | Mar 2025 ₹183 Cr | Jun 2025 ₹140 Cr | Sep 2025 ₹47 Cr | Dec 2025 ₹105 Cr | Mar 2026 ₹107 Cr | Jun 2026 — - AXTA: Sep 2021 ₹69 Cr | Dec 2021 ₹53 Cr | Mar 2022 ₹41 Cr | Jun 2022 ₹44 Cr | Sep 2022 ₹63 Cr | Dec 2022 ₹44 Cr | Mar 2023 ₹61 Cr | Jun 2023 ₹61 Cr | Sep 2023 ₹73 Cr | Dec 2023 ₹74 Cr | Mar 2024 ₹39 Cr | Jun 2024 ₹113 Cr | Sep 2024 ₹102 Cr | Dec 2024 ₹137 Cr | Mar 2025 ₹99 Cr | Jun 2025 ₹110 Cr | Sep 2025 ₹110 Cr | Dec 2025 ₹60 Cr | Mar 2026 ₹91 Cr | Jun 2026 — - NEU: Sep 2021 ₹52 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹59 Cr | Jun 2022 ₹66 Cr | Sep 2022 ₹63 Cr | Dec 2022 ₹91 Cr | Mar 2023 ₹98 Cr | Jun 2023 ₹100 Cr | Sep 2023 ₹111 Cr | Dec 2023 ₹80 Cr | Mar 2024 ₹108 Cr | Jun 2024 ₹112 Cr | Sep 2024 ₹132 Cr | Dec 2024 ₹111 Cr | Mar 2025 ₹126 Cr | Jun 2025 ₹111 Cr | Sep 2025 ₹100 Cr | Dec 2025 ₹81 Cr | Mar 2026 ₹118 Cr | Jun 2026 — - PRM: Sep 2021 ₹52 Cr | Dec 2021 ₹-738 Cr | Mar 2022 ₹37 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹115 Cr | Dec 2022 ₹-60 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹52 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹-5 Cr | Mar 2024 ₹-83 Cr | Jun 2024 ₹22 Cr | Sep 2024 ₹-89 Cr | Dec 2024 ₹144 Cr | Mar 2025 ₹57 Cr | Jun 2025 ₹-32 Cr | Sep 2025 ₹-91 Cr | Dec 2025 ₹-140 Cr | Mar 2026 ₹73 Cr | Jun 2026 — - BCPC: Sep 2021 ₹25 Cr | Dec 2021 ₹25 Cr | Mar 2022 ₹29 Cr | Jun 2022 ₹30 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹21 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹29 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹34 Cr | Mar 2025 ₹37 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹40 Cr | Dec 2025 ₹39 Cr | Mar 2026 ₹40 Cr | Jun 2026 — - SXT: Sep 2021 ₹34 Cr | Dec 2021 ₹27 Cr | Mar 2022 ₹37 Cr | Jun 2022 ₹39 Cr | Sep 2022 ₹36 Cr | Dec 2022 ₹29 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹34 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹-6 Cr | Mar 2024 ₹31 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹34 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹44 Cr | Jun 2026 — - CBT: Sep 2021 ₹36 Cr | Dec 2021 ₹-80 Cr | Mar 2022 ₹90 Cr | Jun 2022 ₹113 Cr | Sep 2022 ₹103 Cr | Dec 2022 ₹66 Cr | Mar 2023 ₹82 Cr | Jun 2023 ₹90 Cr | Sep 2023 ₹246 Cr | Dec 2023 ₹61 Cr | Mar 2024 ₹97 Cr | Jun 2024 ₹120 Cr | Sep 2024 ₹146 Cr | Dec 2024 ₹104 Cr | Mar 2025 ₹105 Cr | Jun 2025 ₹113 Cr | Sep 2025 ₹54 Cr | Dec 2025 ₹82 Cr | Mar 2026 ₹78 Cr | Jun 2026 — - CLMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹19 Cr | Jun 2023 ₹-22 Cr | Sep 2023 ₹100 Cr | Dec 2023 ₹-48 Cr | Mar 2024 ₹-42 Cr | Jun 2024 ₹-39 Cr | Sep 2024 ₹-101 Cr | Dec 2024 ₹-41 Cr | Mar 2025 ₹-162 Cr | Jun 2025 ₹-148 Cr | Sep 2025 ₹313 Cr | Dec 2025 ₹-37 Cr | Mar 2026 ₹-317 Cr | Jun 2026 — - AVNT: Sep 2021 ₹33 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹65 Cr | Jun 2022 ₹63 Cr | Sep 2022 ₹-28 Cr | Dec 2022 ₹-17 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹28 Cr | Mar 2024 ₹50 Cr | Jun 2024 ₹34 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹49 Cr | Mar 2025 ₹-20 Cr | Jun 2025 ₹54 Cr | Sep 2025 ₹33 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹56 Cr | Jun 2026 — - ASH: Sep 2021 ₹34 Cr | Dec 2021 ₹32 Cr | Mar 2022 ₹38 Cr | Jun 2022 ₹51 Cr | Sep 2022 ₹60 Cr | Dec 2022 ₹42 Cr | Mar 2023 ₹92 Cr | Jun 2023 ₹42 Cr | Sep 2023 ₹-8 Cr | Dec 2023 ₹28 Cr | Mar 2024 ₹121 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹-166 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹-719 Cr | Sep 2025 ₹33 Cr | Dec 2025 ₹-14 Cr | Mar 2026 ₹15 Cr | Jun 2026 — - WDFC: Sep 2021 ₹8 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹20 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹20 Cr | Jun 2026 — - FUL: Sep 2021 ₹32 Cr | Dec 2021 ₹51 Cr | Mar 2022 ₹38 Cr | Jun 2022 ₹47 Cr | Sep 2022 ₹47 Cr | Dec 2022 ₹48 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹40 Cr | Sep 2023 ₹38 Cr | Dec 2023 ₹45 Cr | Mar 2024 ₹31 Cr | Jun 2024 ₹51 Cr | Sep 2024 ₹55 Cr | Dec 2024 ₹-7 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹42 Cr | Sep 2025 ₹67 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹21 Cr | Jun 2026 ₹68 Cr - HWKN: Sep 2021 ₹14 Cr | Dec 2021 ₹10 Cr | Mar 2022 — | Jun 2022 ₹11 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹15 Cr | Jun 2026 — - KWR: Sep 2021 ₹31 Cr | Dec 2021 ₹18 Cr | Mar 2022 ₹20 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹26 Cr | Dec 2022 ₹-76 Cr | Mar 2023 ₹30 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹35 Cr | Jun 2024 ₹35 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹-67 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹20 Cr | Jun 2026 — - NGVT: Sep 2021 ₹-4 Cr | Dec 2021 ₹29 Cr | Mar 2022 ₹61 Cr | Jun 2022 ₹60 Cr | Sep 2022 ₹75 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹51 Cr | Jun 2023 ₹36 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹-117 Cr | Mar 2024 ₹-56 Cr | Jun 2024 ₹-284 Cr | Sep 2024 ₹-107 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹-147 Cr | Sep 2025 ₹44 Cr | Dec 2025 ₹-85 Cr | Mar 2026 ₹60 Cr | Jun 2026 — ### 20-quarter Profit growth history - LIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -57% | Sep 2022 25% | Dec 2022 31% | Mar 2023 30% | Jun 2023 335% | Sep 2023 24% | Dec 2023 16% | Mar 2024 7.0% | Jun 2024 5.7% | Sep 2024 0.3% | Dec 2024 13% | Mar 2025 3.2% | Jun 2025 7.1% | Sep 2025 24% | Dec 2025 -12% | Mar 2026 11% | Jun 2026 — - SHW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -11% | Sep 2022 36% | Dec 2022 25% | Mar 2023 29% | Jun 2023 37% | Sep 2023 11% | Dec 2023 -7.8% | Mar 2024 5.9% | Jun 2024 12% | Sep 2024 5.8% | Dec 2024 73% | Mar 2025 -0.2% | Jun 2025 -15% | Sep 2025 3.4% | Dec 2025 3.7% | Mar 2026 6.2% | Jun 2026 — - ECL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -0.3% | Sep 2022 7.0% | Dec 2022 -11% | Mar 2023 36% | Jun 2023 7.0% | Sep 2023 16% | Dec 2023 52% | Mar 2024 75% | Jun 2024 48% | Sep 2024 81% | Dec 2024 17% | Mar 2025 -2.4% | Jun 2025 6.9% | Sep 2025 -20% | Dec 2025 19% | Mar 2026 7.4% | Jun 2026 — - APD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 2.3% | Dec 2022 6.2% | Mar 2023 -16% | Jun 2023 4.1% | Sep 2023 18% | Dec 2023 6.5% | Mar 2024 29% | Jun 2024 16% | Sep 2024 186% | Dec 2024 4.5% | Mar 2025 -399% | Jun 2025 3.1% | Sep 2025 -99% | Dec 2025 6.3% | Mar 2026 — | Jun 2026 — - PPG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.5% | Sep 2022 -1.7% | Dec 2022 -19% | Mar 2023 1,087% | Jun 2023 11% | Sep 2023 29% | Dec 2023 -49% | Mar 2024 52% | Jun 2024 1.0% | Sep 2024 3.2% | Dec 2024 -90% | Mar 2025 -8.2% | Jun 2025 -8.8% | Sep 2025 -2.7% | Dec 2025 2,727% | Mar 2026 1.3% | Jun 2026 — - IFF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 263% | Sep 2022 -1,214% | Dec 2022 -126% | Mar 2023 -103% | Jun 2023 -75% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 537% | Sep 2024 119% | Dec 2024 — | Mar 2025 -1,767% | Jun 2025 256% | Sep 2025 -31% | Dec 2025 — | Mar 2026 — | Jun 2026 — - SQM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 847% | Sep 2022 912% | Dec 2022 257% | Mar 2023 -5.7% | Jun 2023 -33% | Sep 2023 -56% | Dec 2023 -82% | Mar 2024 -216% | Jun 2024 -63% | Sep 2024 -72% | Dec 2024 -40% | Mar 2025 — | Jun 2025 -59% | Sep 2025 34% | Dec 2025 89% | Mar 2026 192% | Jun 2026 — - DD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -7.6% | Sep 2022 39% | Dec 2022 -37% | Mar 2023 18% | Jun 2023 -26% | Sep 2023 -19% | Dec 2023 -386% | Mar 2024 -33% | Jun 2024 -35% | Sep 2024 56% | Dec 2024 — | Mar 2025 -56% | Jun 2025 35% | Sep 2025 -32% | Dec 2025 — | Mar 2026 88% | Jun 2026 — - LYB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -20% | Sep 2022 -68% | Dec 2022 -51% | Mar 2023 -64% | Jun 2023 -56% | Sep 2023 31% | Dec 2023 -48% | Mar 2024 -8.8% | Jun 2024 32% | Sep 2024 -16% | Dec 2024 -403% | Mar 2025 -95% | Jun 2025 -84% | Sep 2025 -232% | Dec 2025 — | Mar 2026 504% | Jun 2026 — - RPM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 28% | Sep 2022 25% | Dec 2022 5.6% | Mar 2023 -18% | Jun 2023 -24% | Sep 2023 19% | Dec 2023 11% | Mar 2024 126% | Jun 2024 19% | Sep 2024 14% | Dec 2024 25% | Mar 2025 -15% | Jun 2025 25% | Sep 2025 -0.4% | Dec 2025 -12% | Mar 2026 0.0% | Jun 2026 — - ALB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.1% | Sep 2022 — | Dec 2022 11,520% | Mar 2023 353% | Jun 2023 53% | Sep 2023 -66% | Dec 2023 -152% | Mar 2024 -99% | Jun 2024 -126% | Sep 2024 -431% | Dec 2024 — | Mar 2025 188% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 571% | Jun 2026 — - WLK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 63% | Sep 2022 -34% | Dec 2022 -62% | Mar 2023 -47% | Jun 2023 -65% | Sep 2023 -28% | Dec 2023 -296% | Mar 2024 -55% | Jun 2024 5.2% | Sep 2024 -59% | Dec 2024 — | Mar 2025 -119% | Jun 2025 -141% | Sep 2025 -743% | Dec 2025 -2,905% | Mar 2026 — | Jun 2026 — - SOLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -106% | Dec 2025 -60% | Mar 2026 -25% | Jun 2026 — - ESI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -19% | Sep 2022 47% | Dec 2022 117% | Mar 2023 -23% | Jun 2023 -58% | Sep 2023 -160% | Dec 2023 500% | Mar 2024 30% | Jun 2024 241% | Sep 2024 — | Dec 2024 -29% | Mar 2025 75% | Jun 2025 -48% | Sep 2025 -2.5% | Dec 2025 -89% | Mar 2026 -43% | Jun 2026 — - EMN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -15% | Dec 2022 -99% | Mar 2023 -43% | Jun 2023 5.8% | Sep 2023 -41% | Dec 2023 15,450% | Mar 2024 23% | Jun 2024 -15% | Sep 2024 1.1% | Dec 2024 6.4% | Mar 2025 11% | Jun 2025 -39% | Sep 2025 -74% | Dec 2025 -68% | Mar 2026 -42% | Jun 2026 — - AXTA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -65% | Sep 2022 -8.7% | Dec 2022 -17% | Mar 2023 49% | Jun 2023 39% | Sep 2023 16% | Dec 2023 68% | Mar 2024 -36% | Jun 2024 85% | Sep 2024 40% | Dec 2024 85% | Mar 2025 154% | Jun 2025 -2.7% | Sep 2025 7.8% | Dec 2025 -56% | Mar 2026 -8.1% | Jun 2026 — - NEU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 21% | Dec 2022 435% | Mar 2023 66% | Jun 2023 52% | Sep 2023 76% | Dec 2023 -12% | Mar 2024 10% | Jun 2024 12% | Sep 2024 19% | Dec 2024 39% | Mar 2025 17% | Jun 2025 -0.9% | Sep 2025 -24% | Dec 2025 -27% | Mar 2026 -6.4% | Jun 2026 — - PRM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 121% | Dec 2022 — | Mar 2023 -76% | Jun 2023 478% | Sep 2023 -83% | Dec 2023 — | Mar 2024 -1,022% | Jun 2024 -58% | Sep 2024 -568% | Dec 2024 — | Mar 2025 — | Jun 2025 -245% | Sep 2025 — | Dec 2025 -197% | Mar 2026 28% | Jun 2026 — - BCPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 30% | Sep 2022 0.0% | Dec 2022 -16% | Mar 2023 -21% | Jun 2023 0.0% | Sep 2023 16% | Dec 2023 29% | Mar 2024 26% | Jun 2024 6.7% | Sep 2024 17% | Dec 2024 26% | Mar 2025 28% | Jun 2025 19% | Sep 2025 18% | Dec 2025 15% | Mar 2026 8.1% | Jun 2026 — - SXT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 50% | Sep 2022 5.9% | Dec 2022 7.4% | Mar 2023 -8.1% | Jun 2023 -13% | Sep 2023 -11% | Dec 2023 -121% | Mar 2024 -8.8% | Jun 2024 -8.8% | Sep 2024 3.1% | Dec 2024 — | Mar 2025 9.7% | Jun 2025 23% | Sep 2025 12% | Dec 2025 -17% | Mar 2026 29% | Jun 2026 — - CBT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 186% | Dec 2022 — | Mar 2023 -8.9% | Jun 2023 -20% | Sep 2023 139% | Dec 2023 -7.6% | Mar 2024 18% | Jun 2024 33% | Sep 2024 -41% | Dec 2024 70% | Mar 2025 8.3% | Jun 2025 -5.8% | Sep 2025 -63% | Dec 2025 -21% | Mar 2026 -26% | Jun 2026 — - CLMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -321% | Jun 2024 — | Sep 2024 -201% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - AVNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -8.7% | Sep 2022 -185% | Dec 2022 -313% | Mar 2023 -68% | Jun 2023 -65% | Sep 2023 — | Dec 2023 — | Mar 2024 138% | Jun 2024 55% | Sep 2024 680% | Dec 2024 75% | Mar 2025 -140% | Jun 2025 59% | Sep 2025 -15% | Dec 2025 -65% | Mar 2026 — | Jun 2026 — - ASH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -29% | Sep 2022 76% | Dec 2022 31% | Mar 2023 142% | Jun 2023 -18% | Sep 2023 -113% | Dec 2023 -33% | Mar 2024 32% | Jun 2024 -26% | Sep 2024 — | Dec 2024 -693% | Mar 2025 -75% | Jun 2025 -2,419% | Sep 2025 74% | Dec 2025 — | Mar 2026 -50% | Jun 2026 — - WDFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -33% | Sep 2022 88% | Dec 2022 -26% | Mar 2023 -15% | Jun 2023 36% | Sep 2023 13% | Dec 2023 21% | Mar 2024 -5.9% | Jun 2024 5.3% | Sep 2024 0.0% | Dec 2024 12% | Mar 2025 88% | Jun 2025 5.0% | Sep 2025 24% | Dec 2025 -11% | Mar 2026 -33% | Jun 2026 — - FUL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 47% | Dec 2022 -5.9% | Mar 2023 -42% | Jun 2023 -15% | Sep 2023 -19% | Dec 2023 -6.3% | Mar 2024 41% | Jun 2024 28% | Sep 2024 45% | Dec 2024 -116% | Mar 2025 -58% | Jun 2025 -18% | Sep 2025 22% | Dec 2025 — | Mar 2026 62% | Jun 2026 62% - HWKN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -35% | Sep 2022 43% | Dec 2022 80% | Mar 2023 — | Jun 2023 9.1% | Sep 2023 15% | Dec 2023 28% | Mar 2024 27% | Jun 2024 142% | Sep 2024 4.4% | Dec 2024 -35% | Mar 2025 14% | Jun 2025 0.0% | Sep 2025 -4.2% | Dec 2025 -6.7% | Mar 2026 -6.3% | Jun 2026 — - KWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -59% | Sep 2022 -16% | Dec 2022 -522% | Mar 2023 50% | Jun 2023 107% | Sep 2023 31% | Dec 2023 — | Mar 2024 17% | Jun 2024 21% | Sep 2024 -5.9% | Dec 2024 -30% | Mar 2025 -63% | Jun 2025 -291% | Sep 2025 -6.3% | Dec 2025 50% | Mar 2026 54% | Jun 2026 — - NGVT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 36% | Sep 2022 — | Dec 2022 -45% | Mar 2023 -16% | Jun 2023 -40% | Sep 2023 -67% | Dec 2023 -831% | Mar 2024 -210% | Jun 2024 -889% | Sep 2024 -528% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -600% | Mar 2026 186% | Jun 2026 — ## Capacity Spending & Returns On It What the numbers say: Linde plc reports $1,342 million of CAPEX; Air Products and Chemicals, Inc. has the highest covered intensity at 34.9%. Coverage is only 29 of 29 companies and 531 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: Linde plc · $1,342 million | 21.1% versus #2 · Air Products and Chemicals, Inc. | 8/8 recent comparable periods | 29/29 companies · 531 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. Linde plc (LIN): ₹1.3K Cr 2. Air Products and Chemicals, Inc. (APD): ₹1.1K Cr 3. Ecolab Inc. (ECL): ₹349 Cr 4. LyondellBasell Industries N.V. (LYB): ₹269 Cr 5. Westlake Corporation (WLK): ₹209 Cr ### CAPEX intensity — highest reinvestment intensity 1. Air Products and Chemicals, Inc. (APD): 35% 2. Linde plc (LIN): 15% 3. Sociedad Química y Minera de Chile S.A. (SQM): 10% 4. Ecolab Inc. (ECL): 8.6% 5. Westlake Corporation (WLK): 7.9% ### 20-quarter CAPEX history - LIN: Sep 2021 ₹741 Cr | Dec 2021 ₹839 Cr | Mar 2022 ₹649 Cr | Jun 2022 ₹826 Cr | Sep 2022 ₹762 Cr | Dec 2022 ₹936 Cr | Mar 2023 ₹829 Cr | Jun 2023 ₹859 Cr | Sep 2023 ₹948 Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 — - SHW: Sep 2021 ₹97 Cr | Dec 2021 ₹124 Cr | Mar 2022 ₹106 Cr | Jun 2022 ₹130 Cr | Sep 2022 ₹175 Cr | Dec 2022 ₹234 Cr | Mar 2023 ₹210 Cr | Jun 2023 ₹206 Cr | Sep 2023 ₹153 Cr | Dec 2023 ₹320 Cr | Mar 2024 ₹284 Cr | Jun 2024 ₹251 Cr | Sep 2024 ₹235 Cr | Dec 2024 ₹300 Cr | Mar 2025 ₹189 Cr | Jun 2025 ₹182 Cr | Sep 2025 ₹196 Cr | Dec 2025 ₹230 Cr | Mar 2026 ₹138 Cr | Jun 2026 — - ECL: Sep 2021 ₹178 Cr | Dec 2021 ₹219 Cr | Mar 2022 ₹149 Cr | Jun 2022 ₹169 Cr | Sep 2022 ₹193 Cr | Dec 2022 ₹203 Cr | Mar 2023 ₹174 Cr | Jun 2023 ₹172 Cr | Sep 2023 ₹167 Cr | Dec 2023 ₹263 Cr | Mar 2024 ₹202 Cr | Jun 2024 ₹197 Cr | Sep 2024 ₹236 Cr | Dec 2024 ₹360 Cr | Mar 2025 ₹238 Cr | Jun 2025 ₹217 Cr | Sep 2025 ₹262 Cr | Dec 2025 ₹332 Cr | Mar 2026 ₹349 Cr | Jun 2026 — - APD: Sep 2021 ₹616 Cr | Dec 2021 ₹664 Cr | Mar 2022 ₹770 Cr | Jun 2022 ₹706 Cr | Sep 2022 ₹787 Cr | Dec 2022 ₹834 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 — - PPG: Sep 2021 ₹78 Cr | Dec 2021 ₹151 Cr | Mar 2022 ₹194 Cr | Jun 2022 ₹70 Cr | Sep 2022 ₹104 Cr | Dec 2022 ₹150 Cr | Mar 2023 ₹120 Cr | Jun 2023 ₹122 Cr | Sep 2023 ₹139 Cr | Dec 2023 ₹168 Cr | Mar 2024 ₹252 Cr | Jun 2024 ₹115 Cr | Sep 2024 ₹146 Cr | Dec 2024 ₹208 Cr | Mar 2025 ₹209 Cr | Jun 2025 ₹121 Cr | Sep 2025 ₹147 Cr | Dec 2025 ₹301 Cr | Mar 2026 ₹196 Cr | Jun 2026 — - IFF: Sep 2021 ₹77 Cr | Dec 2021 ₹151 Cr | Mar 2022 ₹132 Cr | Jun 2022 ₹104 Cr | Sep 2022 ₹108 Cr | Dec 2022 ₹160 Cr | Mar 2023 ₹175 Cr | Jun 2023 ₹115 Cr | Sep 2023 ₹100 Cr | Dec 2023 ₹113 Cr | Mar 2024 ₹118 Cr | Jun 2024 ₹82 Cr | Sep 2024 ₹103 Cr | Dec 2024 ₹298 Cr | Mar 2025 ₹179 Cr | Jun 2025 ₹95 Cr | Sep 2025 ₹132 Cr | Dec 2025 ₹188 Cr | Mar 2026 ₹165 Cr | Jun 2026 — - SQM: Sep 2021 ₹123 Cr | Dec 2021 ₹182 Cr | Mar 2022 ₹183 Cr | Jun 2022 ₹216 Cr | Sep 2022 ₹229 Cr | Dec 2022 ₹288 Cr | Mar 2023 ₹248 Cr | Jun 2023 ₹277 Cr | Sep 2023 ₹285 Cr | Dec 2023 ₹306 Cr | Mar 2024 ₹175 Cr | Jun 2024 ₹226 Cr | Sep 2024 ₹223 Cr | Dec 2024 ₹358 Cr | Mar 2025 ₹179 Cr | Jun 2025 ₹212 Cr | Sep 2025 ₹244 Cr | Dec 2025 ₹242 Cr | Mar 2026 ₹178 Cr | Jun 2026 — - DD: Sep 2021 ₹208 Cr | Dec 2021 ₹184 Cr | Mar 2022 ₹251 Cr | Jun 2022 ₹135 Cr | Sep 2022 ₹155 Cr | Dec 2022 ₹160 Cr | Mar 2023 ₹249 Cr | Jun 2023 ₹114 Cr | Sep 2023 ₹119 Cr | Dec 2023 ₹145 Cr | Mar 2024 ₹207 Cr | Jun 2024 ₹102 Cr | Sep 2024 ₹109 Cr | Dec 2024 ₹91 Cr | Mar 2025 ₹122 Cr | Jun 2025 ₹243 Cr | Sep 2025 ₹118 Cr | Dec 2025 ₹150 Cr | Mar 2026 ₹102 Cr | Jun 2026 — - LYB: Sep 2021 ₹514 Cr | Dec 2021 ₹674 Cr | Mar 2022 ₹446 Cr | Jun 2022 ₹532 Cr | Sep 2022 ₹439 Cr | Dec 2022 ₹473 Cr | Mar 2023 ₹352 Cr | Jun 2023 ₹301 Cr | Sep 2023 ₹394 Cr | Dec 2023 ₹484 Cr | Mar 2024 ₹483 Cr | Jun 2024 ₹484 Cr | Sep 2024 ₹368 Cr | Dec 2024 ₹504 Cr | Mar 2025 ₹483 Cr | Jun 2025 ₹539 Cr | Sep 2025 ₹406 Cr | Dec 2025 ₹450 Cr | Mar 2026 ₹269 Cr | Jun 2026 — - RPM: Sep 2021 ₹52 Cr | Dec 2021 ₹50 Cr | Mar 2022 ₹51 Cr | Jun 2022 ₹70 Cr | Sep 2022 ₹58 Cr | Dec 2022 ₹56 Cr | Mar 2023 ₹66 Cr | Jun 2023 ₹75 Cr | Sep 2023 ₹52 Cr | Dec 2023 ₹37 Cr | Mar 2024 ₹49 Cr | Jun 2024 ₹76 Cr | Sep 2024 ₹51 Cr | Dec 2024 ₹50 Cr | Mar 2025 ₹58 Cr | Jun 2025 ₹71 Cr | Sep 2025 ₹62 Cr | Dec 2025 ₹49 Cr | Mar 2026 ₹48 Cr | Jun 2026 ₹64 Cr - ALB: Sep 2021 ₹256 Cr | Dec 2021 — | Mar 2022 ₹232 Cr | Jun 2022 ₹271 Cr | Sep 2022 ₹313 Cr | Dec 2022 — | Mar 2023 ₹416 Cr | Jun 2023 ₹504 Cr | Sep 2023 ₹546 Cr | Dec 2023 ₹689 Cr | Mar 2024 ₹579 Cr | Jun 2024 ₹455 Cr | Sep 2024 ₹303 Cr | Dec 2024 ₹343 Cr | Mar 2025 ₹183 Cr | Jun 2025 ₹120 Cr | Sep 2025 ₹132 Cr | Dec 2025 ₹155 Cr | Mar 2026 ₹99 Cr | Jun 2026 — - WLK: Sep 2021 ₹144 Cr | Dec 2021 ₹244 Cr | Mar 2022 ₹263 Cr | Jun 2022 ₹230 Cr | Sep 2022 ₹318 Cr | Dec 2022 ₹297 Cr | Mar 2023 ₹267 Cr | Jun 2023 ₹240 Cr | Sep 2023 ₹245 Cr | Dec 2023 ₹282 Cr | Mar 2024 ₹272 Cr | Jun 2024 ₹231 Cr | Sep 2024 ₹220 Cr | Dec 2024 ₹285 Cr | Mar 2025 ₹248 Cr | Jun 2025 ₹267 Cr | Sep 2025 ₹239 Cr | Dec 2025 ₹241 Cr | Mar 2026 ₹209 Cr | Jun 2026 — - SOLS: 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 ₹95 Cr | Mar 2025 ₹62 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 ₹89 Cr | Mar 2026 ₹75 Cr | Jun 2026 — - ESI: Sep 2021 ₹10 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹25 Cr | Jun 2026 — - EMN: Sep 2021 ₹117 Cr | Dec 2021 ₹240 Cr | Mar 2022 ₹112 Cr | Jun 2022 ₹135 Cr | Sep 2022 ₹161 Cr | Dec 2022 ₹203 Cr | Mar 2023 ₹174 Cr | Jun 2023 ₹239 Cr | Sep 2023 ₹236 Cr | Dec 2023 ₹179 Cr | Mar 2024 ₹185 Cr | Jun 2024 ₹115 Cr | Sep 2024 ₹120 Cr | Dec 2024 ₹179 Cr | Mar 2025 ₹147 Cr | Jun 2025 ₹150 Cr | Sep 2025 ₹137 Cr | Dec 2025 ₹112 Cr | Mar 2026 ₹103 Cr | Jun 2026 — - AXTA: Sep 2021 ₹38 Cr | Dec 2021 ₹23 Cr | Mar 2022 ₹43 Cr | Jun 2022 ₹30 Cr | Sep 2022 ₹36 Cr | Dec 2022 ₹44 Cr | Mar 2023 ₹42 Cr | Jun 2023 ₹32 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹62 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹45 Cr | Sep 2025 ₹50 Cr | Dec 2025 ₹58 Cr | Mar 2026 ₹50 Cr | Jun 2026 — - NEU: Sep 2021 ₹20 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹24 Cr | Jun 2026 — - PRM: Sep 2021 ₹2 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹6 Cr | Jun 2026 — - BCPC: Sep 2021 ₹9 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹6 Cr | Jun 2026 — - SXT: Sep 2021 ₹12 Cr | Dec 2021 ₹23 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹29 Cr | Jun 2026 ₹39 Cr - CBT: Sep 2021 ₹80 Cr | Dec 2021 ₹30 Cr | Mar 2022 ₹41 Cr | Jun 2022 ₹50 Cr | Sep 2022 ₹90 Cr | Dec 2022 ₹35 Cr | Mar 2023 ₹51 Cr | Jun 2023 ₹80 Cr | Sep 2023 ₹78 Cr | Dec 2023 ₹54 Cr | Mar 2024 ₹43 Cr | Jun 2024 ₹52 Cr | Sep 2024 ₹92 Cr | Dec 2024 ₹77 Cr | Mar 2025 ₹72 Cr | Jun 2025 ₹61 Cr | Sep 2025 ₹64 Cr | Dec 2025 ₹69 Cr | Mar 2026 ₹45 Cr | Jun 2026 — - CLMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹104 Cr | Jun 2023 ₹104 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹13 Cr | Jun 2026 — - AVNT: Sep 2021 ₹21 Cr | Dec 2021 ₹38 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹50 Cr | Mar 2023 ₹20 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹29 Cr | Dec 2023 ₹44 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹27 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹42 Cr | Mar 2026 ₹19 Cr | Jun 2026 — - ASH: Sep 2021 ₹31 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹30 Cr | Sep 2022 ₹46 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹43 Cr | Sep 2023 ₹69 Cr | Dec 2023 ₹36 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹34 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹17 Cr | Jun 2026 — - WDFC: Sep 2021 ₹4 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹2 Cr | Jun 2026 ₹1 Cr - FUL: Sep 2021 ₹27 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹49 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹29 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹48 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹43 Cr | Jun 2024 ₹47 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹48 Cr | Mar 2026 ₹58 Cr | Jun 2026 ₹47 Cr - HWKN: Sep 2021 ₹5 Cr | Dec 2021 ₹9 Cr | Mar 2022 — | Jun 2022 ₹13 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹20 Cr | Jun 2026 — - KWR: Sep 2021 ₹6 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹11 Cr | Jun 2026 — - NGVT: Sep 2021 ₹26 Cr | Dec 2021 ₹37 Cr | Mar 2022 ₹28 Cr | Jun 2022 ₹30 Cr | Sep 2022 ₹36 Cr | Dec 2022 ₹49 Cr | Mar 2023 ₹25 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹10 Cr | Jun 2026 — ### 20-quarter CAPEX intensity history - LIN: Sep 2021 9.7% | Dec 2021 10% | Mar 2022 7.9% | Jun 2022 9.8% | Sep 2022 8.7% | Dec 2022 12% | Mar 2023 10% | Jun 2023 11% | Sep 2023 12% | Dec 2023 14% | Mar 2024 13% | Jun 2024 14% | Sep 2024 13% | Dec 2024 15% | Mar 2025 16% | Jun 2025 15% | Sep 2025 15% | Dec 2025 17% | Mar 2026 15% | Jun 2026 — - SHW: Sep 2021 1.9% | Dec 2021 2.6% | Mar 2022 2.1% | Jun 2022 2.2% | Sep 2022 2.9% | Dec 2022 4.5% | Mar 2023 3.9% | Jun 2023 3.3% | Sep 2023 2.5% | Dec 2023 6.1% | Mar 2024 5.3% | Jun 2024 4.0% | Sep 2024 3.8% | Dec 2024 5.7% | Mar 2025 3.6% | Jun 2025 2.9% | Sep 2025 3.1% | Dec 2025 4.1% | Mar 2026 2.4% | Jun 2026 — - ECL: Sep 2021 5.4% | Dec 2021 6.5% | Mar 2022 4.6% | Jun 2022 4.7% | Sep 2022 5.3% | Dec 2022 5.5% | Mar 2023 4.9% | Jun 2023 4.5% | Sep 2023 4.2% | Dec 2023 6.7% | Mar 2024 5.4% | Jun 2024 4.9% | Sep 2024 5.9% | Dec 2024 9.0% | Mar 2025 6.4% | Jun 2025 5.4% | Sep 2025 6.3% | Dec 2025 7.9% | Mar 2026 8.6% | Jun 2026 — - APD: Sep 2021 22% | Dec 2021 22% | Mar 2022 26% | Jun 2022 22% | Sep 2022 22% | Dec 2022 26% | Mar 2023 32% | Jun 2023 44% | Sep 2023 46% | Dec 2023 48% | Mar 2024 57% | Jun 2024 54% | Sep 2024 65% | Dec 2024 72% | Mar 2025 65% | Jun 2025 50% | Sep 2025 48% | Dec 2025 40% | Mar 2026 35% | Jun 2026 — - PPG: Sep 2021 1.8% | Dec 2021 3.6% | Mar 2022 4.5% | Jun 2022 1.5% | Sep 2022 2.3% | Dec 2022 3.6% | Mar 2023 2.7% | Jun 2023 2.5% | Sep 2023 3.0% | Dec 2023 3.9% | Mar 2024 6.5% | Jun 2024 2.7% | Sep 2024 3.6% | Dec 2024 5.6% | Mar 2025 5.7% | Jun 2025 2.9% | Sep 2025 3.6% | Dec 2025 7.7% | Mar 2026 5.0% | Jun 2026 — - IFF: Sep 2021 2.5% | Dec 2021 5.0% | Mar 2022 4.1% | Jun 2022 3.1% | Sep 2022 3.5% | Dec 2022 5.6% | Mar 2023 5.8% | Jun 2023 3.9% | Sep 2023 3.5% | Dec 2023 4.2% | Mar 2024 4.1% | Jun 2024 2.8% | Sep 2024 3.5% | Dec 2024 11% | Mar 2025 6.3% | Jun 2025 3.4% | Sep 2025 4.9% | Dec 2025 7.3% | Mar 2026 6.0% | Jun 2026 — - SQM: Sep 2021 19% | Dec 2021 17% | Mar 2022 9.1% | Jun 2022 8.3% | Sep 2022 7.7% | Dec 2022 9.2% | Mar 2023 11% | Jun 2023 14% | Sep 2023 16% | Dec 2023 23% | Mar 2024 16% | Jun 2024 18% | Sep 2024 21% | Dec 2024 33% | Mar 2025 17% | Jun 2025 20% | Sep 2025 21% | Dec 2025 18% | Mar 2026 10% | Jun 2026 — - DD: Sep 2021 6.5% | Dec 2021 5.7% | Mar 2022 7.7% | Jun 2022 4.1% | Sep 2022 4.7% | Dec 2022 5.2% | Mar 2023 8.3% | Jun 2023 3.7% | Sep 2023 3.9% | Dec 2023 5.0% | Mar 2024 7.1% | Jun 2024 3.2% | Sep 2024 3.8% | Dec 2024 5.4% | Mar 2025 7.6% | Jun 2025 7.5% | Sep 2025 3.8% | Dec 2025 8.9% | Mar 2026 6.1% | Jun 2026 — - LYB: Sep 2021 4.0% | Dec 2021 5.3% | Mar 2022 3.4% | Jun 2022 3.6% | Sep 2022 3.6% | Dec 2022 4.6% | Mar 2023 3.4% | Jun 2023 2.9% | Sep 2023 3.7% | Dec 2023 4.9% | Mar 2024 5.8% | Jun 2024 5.6% | Sep 2024 4.3% | Dec 2024 6.5% | Mar 2025 6.3% | Jun 2025 7.0% | Sep 2025 5.3% | Dec 2025 6.3% | Mar 2026 3.7% | Jun 2026 — - RPM: Sep 2021 3.2% | Dec 2021 3.0% | Mar 2022 3.6% | Jun 2022 3.5% | Sep 2022 3.0% | Dec 2022 3.1% | Mar 2023 4.4% | Jun 2023 3.7% | Sep 2023 2.6% | Dec 2023 2.1% | Mar 2024 3.2% | Jun 2024 3.8% | Sep 2024 2.6% | Dec 2024 2.7% | Mar 2025 3.9% | Jun 2025 3.4% | Sep 2025 2.9% | Dec 2025 2.6% | Mar 2026 3.0% | Jun 2026 — - ALB: Sep 2021 31% | Dec 2021 — | Mar 2022 21% | Jun 2022 18% | Sep 2022 15% | Dec 2022 — | Mar 2023 16% | Jun 2023 21% | Sep 2023 24% | Dec 2023 29% | Mar 2024 43% | Jun 2024 32% | Sep 2024 22% | Dec 2024 — | Mar 2025 17% | Jun 2025 9.0% | Sep 2025 10% | Dec 2025 — | Mar 2026 6.9% | Jun 2026 — - WLK: Sep 2021 4.7% | Dec 2021 7.0% | Mar 2022 6.5% | Jun 2022 5.1% | Sep 2022 8.0% | Dec 2022 9.0% | Mar 2023 8.0% | Jun 2023 7.4% | Sep 2023 7.9% | Dec 2023 10% | Mar 2024 9.1% | Jun 2024 7.2% | Sep 2024 7.1% | Dec 2024 10% | Mar 2025 8.7% | Jun 2025 9.0% | Sep 2025 8.4% | Dec 2025 9.5% | Mar 2026 7.9% | Jun 2026 — - SOLS: 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 10% | Mar 2025 6.9% | Jun 2025 — | Sep 2025 — | Dec 2025 9.0% | Mar 2026 7.6% | Jun 2026 — - ESI: Sep 2021 1.6% | Dec 2021 2.9% | Mar 2022 1.5% | Jun 2022 1.8% | Sep 2022 1.8% | Dec 2022 2.6% | Mar 2023 1.6% | Jun 2023 2.4% | Sep 2023 2.2% | Dec 2023 2.8% | Mar 2024 3.3% | Jun 2024 2.4% | Sep 2024 2.0% | Dec 2024 3.5% | Mar 2025 1.9% | Jun 2025 2.9% | Sep 2025 2.6% | Dec 2025 2.5% | Mar 2026 3.0% | Jun 2026 — - EMN: Sep 2021 4.3% | Dec 2021 8.9% | Mar 2022 4.1% | Jun 2022 4.8% | Sep 2022 5.9% | Dec 2022 8.6% | Mar 2023 7.2% | Jun 2023 10% | Sep 2023 10% | Dec 2023 8.1% | Mar 2024 8.0% | Jun 2024 4.9% | Sep 2024 4.9% | Dec 2024 8.0% | Mar 2025 6.4% | Jun 2025 6.6% | Sep 2025 6.2% | Dec 2025 5.7% | Mar 2026 4.7% | Jun 2026 — - AXTA: Sep 2021 3.5% | Dec 2021 2.0% | Mar 2022 3.7% | Jun 2022 2.4% | Sep 2022 2.9% | Dec 2022 3.6% | Mar 2023 3.3% | Jun 2023 2.5% | Sep 2023 2.4% | Dec 2023 2.5% | Mar 2024 1.7% | Jun 2024 1.7% | Sep 2024 2.5% | Dec 2024 4.7% | Mar 2025 3.4% | Jun 2025 3.4% | Sep 2025 3.9% | Dec 2025 4.6% | Mar 2026 4.0% | Jun 2026 — - NEU: Sep 2021 3.2% | Dec 2021 2.6% | Mar 2022 2.0% | Jun 2022 2.1% | Sep 2022 1.9% | Dec 2022 2.3% | Mar 2023 1.7% | Jun 2023 2.0% | Sep 2023 1.3% | Dec 2023 2.2% | Mar 2024 2.0% | Jun 2024 2.1% | Sep 2024 1.9% | Dec 2024 2.3% | Mar 2025 1.9% | Jun 2025 2.3% | Sep 2025 2.9% | Dec 2025 4.4% | Mar 2026 3.6% | Jun 2026 — - PRM: Sep 2021 1.0% | Dec 2021 — | Mar 2022 1.7% | Jun 2022 3.0% | Sep 2022 1.2% | Dec 2022 4.9% | Mar 2023 4.5% | Jun 2023 2.6% | Sep 2023 1.4% | Dec 2023 5.1% | Mar 2024 3.4% | Jun 2024 3.1% | Sep 2024 1.4% | Dec 2024 7.0% | Mar 2025 6.9% | Jun 2025 8.0% | Sep 2025 1.6% | Dec 2025 6.8% | Mar 2026 4.8% | Jun 2026 — - BCPC: Sep 2021 4.5% | Dec 2021 7.0% | Mar 2022 4.4% | Jun 2022 4.6% | Sep 2022 6.1% | Dec 2022 6.0% | Mar 2023 4.3% | Jun 2023 3.5% | Sep 2023 3.5% | Dec 2023 5.2% | Mar 2024 2.9% | Jun 2024 3.0% | Sep 2024 3.8% | Dec 2024 5.4% | Mar 2025 2.4% | Jun 2025 2.7% | Sep 2025 5.6% | Dec 2025 6.1% | Mar 2026 2.2% | Jun 2026 — - SXT: Sep 2021 3.5% | Dec 2021 6.8% | Mar 2022 3.7% | Jun 2022 5.4% | Sep 2022 5.3% | Dec 2022 8.0% | Mar 2023 6.0% | Jun 2023 6.1% | Sep 2023 6.3% | Dec 2023 5.7% | Mar 2024 2.9% | Jun 2024 3.0% | Sep 2024 3.3% | Dec 2024 6.1% | Mar 2025 4.3% | Jun 2025 5.1% | Sep 2025 4.9% | Dec 2025 8.1% | Mar 2026 6.7% | Jun 2026 — - CBT: Sep 2021 8.8% | Dec 2021 3.1% | Mar 2022 3.8% | Jun 2022 4.4% | Sep 2022 8.1% | Dec 2022 3.6% | Mar 2023 4.9% | Jun 2023 8.3% | Sep 2023 8.1% | Dec 2023 5.6% | Mar 2024 4.2% | Jun 2024 5.1% | Sep 2024 9.2% | Dec 2024 8.1% | Mar 2025 7.7% | Jun 2025 6.6% | Sep 2025 7.1% | Dec 2025 8.1% | Mar 2026 5.0% | Jun 2026 — - CLMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 10% | Jun 2023 10% | Sep 2023 2.8% | Dec 2023 3.3% | Mar 2024 2.0% | Jun 2024 1.3% | Sep 2024 1.5% | Dec 2024 2.6% | Mar 2025 1.8% | Jun 2025 1.4% | Sep 2025 0.7% | Dec 2025 1.3% | Mar 2026 1.3% | Jun 2026 — - AVNT: Sep 2021 2.6% | Dec 2021 4.7% | Mar 2022 1.5% | Jun 2022 2.4% | Sep 2022 2.6% | Dec 2022 6.3% | Mar 2023 2.4% | Jun 2023 3.2% | Sep 2023 3.8% | Dec 2023 6.1% | Mar 2024 2.9% | Jun 2024 3.6% | Sep 2024 3.1% | Dec 2024 5.5% | Mar 2025 1.6% | Jun 2025 3.1% | Sep 2025 3.1% | Dec 2025 5.5% | Mar 2026 2.2% | Jun 2026 — - ASH: Sep 2021 5.2% | Dec 2021 2.9% | Mar 2022 3.6% | Jun 2022 4.7% | Sep 2022 7.3% | Dec 2022 4.4% | Mar 2023 5.8% | Jun 2023 7.9% | Sep 2023 13% | Dec 2023 7.6% | Mar 2024 5.9% | Jun 2024 5.3% | Sep 2024 7.3% | Dec 2024 5.7% | Mar 2025 4.4% | Jun 2025 4.3% | Sep 2025 7.1% | Dec 2025 3.6% | Mar 2026 3.5% | Jun 2026 — - WDFC: Sep 2021 3.5% | Dec 2021 1.5% | Mar 2022 0.8% | Jun 2022 2.4% | Sep 2022 0.8% | Dec 2022 0.8% | Mar 2023 1.5% | Jun 2023 0.7% | Sep 2023 1.4% | Dec 2023 0.7% | Mar 2024 0.7% | Jun 2024 0.6% | Sep 2024 0.6% | Dec 2024 0.7% | Mar 2025 0.7% | Jun 2025 0.6% | Sep 2025 0.6% | Dec 2025 0.6% | Mar 2026 1.2% | Jun 2026 — - FUL: Sep 2021 3.3% | Dec 2021 2.1% | Mar 2022 5.7% | Jun 2022 2.0% | Sep 2022 3.1% | Dec 2022 3.3% | Mar 2023 5.9% | Jun 2023 3.9% | Sep 2023 3.0% | Dec 2023 1.1% | Mar 2024 5.3% | Jun 2024 5.1% | Sep 2024 2.5% | Dec 2024 2.8% | Mar 2025 4.2% | Jun 2025 3.6% | Sep 2025 3.4% | Dec 2025 5.4% | Mar 2026 7.5% | Jun 2026 4.9% - HWKN: Sep 2021 2.7% | Dec 2021 4.8% | Mar 2022 — | Jun 2022 5.8% | Sep 2022 4.9% | Dec 2022 3.7% | Mar 2023 5.5% | Jun 2023 7.0% | Sep 2023 3.2% | Dec 2023 3.8% | Mar 2024 5.4% | Jun 2024 4.3% | Sep 2024 4.5% | Dec 2024 4.0% | Mar 2025 4.5% | Jun 2025 4.8% | Sep 2025 3.9% | Dec 2025 5.7% | Mar 2026 7.5% | Jun 2026 — - KWR: Sep 2021 1.3% | Dec 2021 2.0% | Mar 2022 1.9% | Jun 2022 1.2% | Sep 2022 1.0% | Dec 2022 1.6% | Mar 2023 1.2% | Jun 2023 2.2% | Sep 2023 1.8% | Dec 2023 2.8% | Mar 2024 0.9% | Jun 2024 1.5% | Sep 2024 1.7% | Dec 2024 5.0% | Mar 2025 2.7% | Jun 2025 1.7% | Sep 2025 2.6% | Dec 2025 4.7% | Mar 2026 2.3% | Jun 2026 — - NGVT: Sep 2021 6.9% | Dec 2021 11% | Mar 2022 7.3% | Jun 2022 7.1% | Sep 2022 7.5% | Dec 2022 13% | Mar 2023 6.4% | Jun 2023 4.6% | Sep 2023 7.6% | Dec 2023 7.8% | Mar 2024 5.0% | Jun 2024 4.6% | Sep 2024 5.4% | Dec 2024 9.5% | Mar 2025 4.0% | Jun 2025 3.3% | Sep 2025 3.6% | Dec 2025 9.4% | Mar 2026 3.9% | Jun 2026 — ## Debt Load & Balance-Sheet Headroom What the numbers say: WD-40 Company has the clearest covered balance-sheet capacity with $52 million and gross debt of $111 million. 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: WD-40 Company · $111 million | 40% versus #2 · Balchem Corporation | 0/8 recent comparable periods | 29/29 companies · 532 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. WD-40 Company (WDFC): ₹111 Cr 2. Balchem Corporation (BCPC): ₹185 Cr 3. Hawkins, Inc. (HWKN): ₹261 Cr 4. Sensient Technologies Corporation (SXT): ₹764 Cr 5. Quaker Chemical Corporation (KWR): ₹897 Cr ### Net debt — lowest net debt 1. WD-40 Company (WDFC): ₹52 Cr 2. Balchem Corporation (BCPC): ₹112 Cr 3. Hawkins, Inc. (HWKN): ₹257 Cr 4. Quaker Chemical Corporation (KWR): ₹727 Cr 5. Sensient Technologies Corporation (SXT): ₹733 Cr ### 20-quarter Gross debt history - LIN: Sep 2021 ₹16.7K Cr | Dec 2021 ₹14.2K Cr | Mar 2022 ₹16.5K Cr | Jun 2022 ₹16.0K Cr | Sep 2022 ₹15.3K Cr | Dec 2022 ₹17.9K Cr | Mar 2023 ₹18.8K Cr | Jun 2023 ₹17.5K Cr | Sep 2023 ₹18.0K Cr | Dec 2023 ₹19.4K Cr | Mar 2024 ₹20.3K Cr | Jun 2024 ₹21.5K Cr | Sep 2024 ₹22.3K Cr | Dec 2024 ₹21.6K Cr | Mar 2025 ₹23.9K Cr | Jun 2025 ₹25.9K Cr | Sep 2025 ₹25.9K Cr | Dec 2025 ₹27.0K Cr | Mar 2026 ₹26.3K Cr | Jun 2026 — - SHW: Sep 2021 ₹10.8K Cr | Dec 2021 ₹11.5K Cr | Mar 2022 ₹12.5K Cr | Jun 2022 ₹12.5K Cr | Sep 2022 ₹12.4K Cr | Dec 2022 ₹12.5K Cr | Mar 2023 ₹13.0K Cr | Jun 2023 ₹12.3K Cr | Sep 2023 ₹11.9K Cr | Dec 2023 ₹11.8K Cr | Mar 2024 ₹12.7K Cr | Jun 2024 ₹12.3K Cr | Sep 2024 ₹12.1K Cr | Dec 2024 ₹11.9K Cr | Mar 2025 ₹12.8K Cr | Jun 2025 ₹12.8K Cr | Sep 2025 ₹13.6K Cr | Dec 2025 ₹12.9K Cr | Mar 2026 ₹13.8K Cr | Jun 2026 — - ECL: Sep 2021 ₹6.2K Cr | Dec 2021 ₹9.0K Cr | Mar 2022 ₹9.0K Cr | Jun 2022 ₹9.1K Cr | Sep 2022 ₹8.8K Cr | Dec 2022 ₹8.9K Cr | Mar 2023 ₹9.0K Cr | Jun 2023 ₹9.0K Cr | Sep 2023 ₹9.0K Cr | Dec 2023 ₹8.6K Cr | Mar 2024 ₹8.0K Cr | Jun 2024 ₹8.0K Cr | Sep 2024 ₹8.2K Cr | Dec 2024 ₹8.1K Cr | Mar 2025 ₹8.2K Cr | Jun 2025 ₹8.8K Cr | Sep 2025 ₹8.7K Cr | Dec 2025 ₹8.8K Cr | Mar 2026 ₹9.1K Cr | Jun 2026 — - APD: Sep 2021 ₹7.6K Cr | Dec 2021 ₹7.4K Cr | Mar 2022 ₹7.4K Cr | Jun 2022 ₹7.6K Cr | Sep 2022 ₹8.2K Cr | Dec 2022 ₹8.7K Cr | Mar 2023 ₹9.8K Cr | Jun 2023 ₹10.0K Cr | Sep 2023 ₹10.9K Cr | Dec 2023 ₹12.7K Cr | Mar 2024 ₹14.3K Cr | Jun 2024 ₹14.7K Cr | Sep 2024 ₹14.9K Cr | Dec 2024 ₹15.1K Cr | Mar 2025 ₹16.5K Cr | Jun 2025 ₹18.3K Cr | Sep 2025 ₹18.3K Cr | Dec 2025 ₹18.1K Cr | Mar 2026 ₹18.4K Cr | Jun 2026 — - PPG: Sep 2021 ₹7.7K Cr | Dec 2021 ₹7.5K Cr | Mar 2022 ₹8.0K Cr | Jun 2022 ₹7.9K Cr | Sep 2022 ₹7.6K Cr | Dec 2022 ₹7.6K Cr | Mar 2023 ₹8.1K Cr | Jun 2023 ₹7.7K Cr | Sep 2023 ₹7.0K Cr | Dec 2023 ₹6.6K Cr | Mar 2024 ₹7.0K Cr | Jun 2024 ₹7.2K Cr | Sep 2024 ₹7.3K Cr | Dec 2024 ₹6.4K Cr | Mar 2025 ₹7.9K Cr | Jun 2025 ₹7.9K Cr | Sep 2025 ₹7.9K Cr | Dec 2025 ₹7.9K Cr | Mar 2026 ₹7.7K Cr | Jun 2026 — - IFF: Sep 2021 ₹12.2K Cr | Dec 2021 ₹12.1K Cr | Mar 2022 ₹12.3K Cr | Jun 2022 ₹12.8K Cr | Sep 2022 ₹11.3K Cr | Dec 2022 ₹11.6K Cr | Mar 2023 ₹11.9K Cr | Jun 2023 ₹11.3K Cr | Sep 2023 ₹11.0K Cr | Dec 2023 ₹10.7K Cr | Mar 2024 ₹10.9K Cr | Jun 2024 ₹10.0K Cr | Sep 2024 ₹9.7K Cr | Dec 2024 ₹9.5K Cr | Mar 2025 ₹9.8K Cr | Jun 2025 ₹6.8K Cr | Sep 2025 ₹6.6K Cr | Dec 2025 ₹6.5K Cr | Mar 2026 ₹6.3K Cr | Jun 2026 — - SQM: Sep 2021 ₹2.7K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹3.5K Cr | Sep 2023 ₹3.7K Cr | Dec 2023 ₹4.5K Cr | Mar 2024 ₹4.5K Cr | Jun 2024 ₹4.5K Cr | Sep 2024 ₹4.9K Cr | Dec 2024 ₹4.8K Cr | Mar 2025 ₹4.7K Cr | Jun 2025 ₹4.8K Cr | Sep 2025 ₹4.7K Cr | Dec 2025 ₹4.8K Cr | Mar 2026 ₹5.2K Cr | Jun 2026 — - DD: Sep 2021 ₹10.6K Cr | Dec 2021 ₹10.8K Cr | Mar 2022 ₹11.0K Cr | Jun 2022 ₹11.3K Cr | Sep 2022 ₹11.9K Cr | Dec 2022 ₹8.1K Cr | Mar 2023 ₹8.1K Cr | Jun 2023 ₹8.1K Cr | Sep 2023 ₹8.2K Cr | Dec 2023 ₹7.8K Cr | Mar 2024 ₹7.8K Cr | Jun 2024 ₹7.2K Cr | Sep 2024 ₹7.2K Cr | Dec 2024 ₹7.2K Cr | Mar 2025 ₹7.2K Cr | Jun 2025 ₹7.2K Cr | Sep 2025 ₹8.9K Cr | Dec 2025 ₹3.2K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 — - LYB: Sep 2021 ₹15.0K Cr | Dec 2021 ₹898 Cr | Mar 2022 ₹12.9K Cr | Jun 2022 ₹13.0K Cr | Sep 2022 ₹12.8K Cr | Dec 2022 ₹12.8K Cr | Mar 2023 ₹12.9K Cr | Jun 2023 ₹13.0K Cr | Sep 2023 ₹12.5K Cr | Dec 2023 ₹12.6K Cr | Mar 2024 ₹12.6K Cr | Jun 2024 ₹12.6K Cr | Sep 2024 ₹12.6K Cr | Dec 2024 ₹12.6K Cr | Mar 2025 ₹12.7K Cr | Jun 2025 ₹13.2K Cr | Sep 2025 ₹13.2K Cr | Dec 2025 ₹14.3K Cr | Mar 2026 ₹14.3K Cr | Jun 2026 — - RPM: Sep 2021 ₹2.7K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹3.1K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 ₹2.9K Cr - ALB: Sep 2021 ₹2.0K Cr | Dec 2021 ₹494 Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹3.5K Cr | Sep 2022 ₹3.4K Cr | Dec 2022 ₹950 Cr | Mar 2023 ₹3.2K Cr | Jun 2023 ₹3.5K Cr | Sep 2023 ₹3.7K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹3.5K Cr | Jun 2024 ₹3.5K Cr | Sep 2024 ₹3.6K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹3.5K Cr | Jun 2025 ₹3.6K Cr | Sep 2025 ₹3.6K Cr | Dec 2025 ₹3.2K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 — - WLK: Sep 2021 ₹5.6K Cr | Dec 2021 ₹5.6K Cr | Mar 2022 ₹5.7K Cr | Jun 2022 ₹5.4K Cr | Sep 2022 ₹5.3K Cr | Dec 2022 ₹5.4K Cr | Mar 2023 ₹5.4K Cr | Jun 2023 ₹5.4K Cr | Sep 2023 ₹5.4K Cr | Dec 2023 ₹5.5K Cr | Mar 2024 ₹5.5K Cr | Jun 2024 ₹5.6K Cr | Sep 2024 ₹5.3K Cr | Dec 2024 ₹5.3K Cr | Mar 2025 ₹5.3K Cr | Jun 2025 ₹5.4K Cr | Sep 2025 ₹5.4K Cr | Dec 2025 ₹6.3K Cr | Mar 2026 ₹6.2K Cr | Jun 2026 — - SOLS: 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 ₹59 Cr | Dec 2024 ₹59 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹121 Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 — - ESI: Sep 2021 ₹1.9K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 — - EMN: Sep 2021 ₹5.5K Cr | Dec 2021 ₹5.2K Cr | Mar 2022 ₹5.4K Cr | Jun 2022 ₹5.0K Cr | Sep 2022 ₹5.1K Cr | Dec 2022 ₹5.2K Cr | Mar 2023 ₹5.7K Cr | Jun 2023 ₹5.4K Cr | Sep 2023 ₹5.2K Cr | Dec 2023 ₹4.8K Cr | Mar 2024 ₹5.1K Cr | Jun 2024 ₹5.0K Cr | Sep 2024 ₹5.1K Cr | Dec 2024 ₹5.0K Cr | Mar 2025 ₹5.0K Cr | Jun 2025 ₹5.1K Cr | Sep 2025 ₹5.1K Cr | Dec 2025 ₹4.8K Cr | Mar 2026 ₹5.2K Cr | Jun 2026 — - AXTA: Sep 2021 ₹3.8K Cr | Dec 2021 ₹3.8K Cr | Mar 2022 ₹3.8K Cr | Jun 2022 ₹3.8K Cr | Sep 2022 ₹3.7K Cr | Dec 2022 ₹3.7K Cr | Mar 2023 ₹3.6K Cr | Jun 2023 ₹3.6K Cr | Sep 2023 ₹3.5K Cr | Dec 2023 ₹3.5K Cr | Mar 2024 ₹3.4K Cr | Jun 2024 ₹3.6K Cr | Sep 2024 ₹3.5K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹3.4K Cr | Jun 2025 ₹3.4K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹3.2K Cr | Mar 2026 ₹3.1K Cr | Jun 2026 — - NEU: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹910 Cr | Jun 2022 ₹978 Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹978 Cr | Sep 2023 ₹842 Cr | Dec 2023 ₹714 Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹918 Cr | Sep 2025 ₹862 Cr | Dec 2025 ₹962 Cr | Mar 2026 ₹1.0K Cr | Jun 2026 — - PRM: Sep 2021 ₹679 Cr | Dec 2021 ₹679 Cr | Mar 2022 ₹664 Cr | Jun 2022 ₹665 Cr | Sep 2022 ₹665 Cr | Dec 2022 ₹681 Cr | Mar 2023 ₹680 Cr | Jun 2023 ₹683 Cr | Sep 2023 ₹687 Cr | Dec 2023 ₹687 Cr | Mar 2024 ₹688 Cr | Jun 2024 ₹687 Cr | Sep 2024 ₹687 Cr | Dec 2024 ₹689 Cr | Mar 2025 ₹689 Cr | Jun 2025 ₹703 Cr | Sep 2025 ₹703 Cr | Dec 2025 ₹703 Cr | Mar 2026 ₹1.2K Cr | Jun 2026 — - BCPC: Sep 2021 ₹118 Cr | Dec 2021 ₹118 Cr | Mar 2022 ₹138 Cr | Jun 2022 ₹447 Cr | Sep 2022 ₹477 Cr | Dec 2022 ₹461 Cr | Mar 2023 ₹450 Cr | Jun 2023 ₹425 Cr | Sep 2023 ₹400 Cr | Dec 2023 ₹330 Cr | Mar 2024 ₹321 Cr | Jun 2024 ₹286 Cr | Sep 2024 ₹245 Cr | Dec 2024 ₹208 Cr | Mar 2025 ₹208 Cr | Jun 2025 ₹208 Cr | Sep 2025 ₹172 Cr | Dec 2025 ₹181 Cr | Mar 2026 ₹185 Cr | Jun 2026 — - SXT: Sep 2021 ₹501 Cr | Dec 2021 ₹512 Cr | Mar 2022 ₹537 Cr | Jun 2022 ₹525 Cr | Sep 2022 ₹569 Cr | Dec 2022 ₹651 Cr | Mar 2023 ₹705 Cr | Jun 2023 ₹702 Cr | Sep 2023 ₹671 Cr | Dec 2023 ₹659 Cr | Mar 2024 ₹663 Cr | Jun 2024 ₹662 Cr | Sep 2024 ₹643 Cr | Dec 2024 ₹633 Cr | Mar 2025 ₹702 Cr | Jun 2025 ₹736 Cr | Sep 2025 ₹712 Cr | Dec 2025 ₹710 Cr | Mar 2026 ₹768 Cr | Jun 2026 ₹764 Cr - CBT: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 — - CLMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 — - AVNT: Sep 2021 ₹1.9K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 — - ASH: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 — - WDFC: Sep 2021 ₹123 Cr | Dec 2021 ₹120 Cr | Mar 2022 ₹121 Cr | Jun 2022 ₹132 Cr | Sep 2022 ₹152 Cr | Dec 2022 ₹157 Cr | Mar 2023 ₹162 Cr | Jun 2023 ₹142 Cr | Sep 2023 ₹126 Cr | Dec 2023 ₹116 Cr | Mar 2024 ₹121 Cr | Jun 2024 ₹114 Cr | Sep 2024 ₹101 Cr | Dec 2024 ₹113 Cr | Mar 2025 ₹122 Cr | Jun 2025 ₹104 Cr | Sep 2025 ₹95 Cr | Dec 2025 ₹99 Cr | Mar 2026 ₹109 Cr | Jun 2026 ₹111 Cr - FUL: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 ₹2.1K Cr - HWKN: Sep 2021 ₹95 Cr | Dec 2021 ₹127 Cr | Mar 2022 — | Jun 2022 ₹135 Cr | Sep 2022 ₹169 Cr | Dec 2022 ₹151 Cr | Mar 2023 ₹141 Cr | Jun 2023 ₹120 Cr | Sep 2023 ₹98 Cr | Dec 2023 ₹69 Cr | Mar 2024 ₹108 Cr | Jun 2024 ₹144 Cr | Sep 2024 ₹113 Cr | Dec 2024 ₹124 Cr | Mar 2025 ₹163 Cr | Jun 2025 ₹309 Cr | Sep 2025 ₹293 Cr | Dec 2025 ₹278 Cr | Mar 2026 ₹261 Cr | Jun 2026 — - KWR: Sep 2021 ₹916 Cr | Dec 2021 ₹920 Cr | Mar 2022 ₹947 Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹978 Cr | Dec 2022 ₹980 Cr | Mar 2023 ₹967 Cr | Jun 2023 ₹908 Cr | Sep 2023 ₹846 Cr | Dec 2023 ₹777 Cr | Mar 2024 ₹791 Cr | Jun 2024 ₹758 Cr | Sep 2024 ₹760 Cr | Dec 2024 ₹727 Cr | Mar 2025 ₹757 Cr | Jun 2025 ₹960 Cr | Sep 2025 ₹897 Cr | Dec 2025 ₹893 Cr | Mar 2026 ₹897 Cr | Jun 2026 — - NGVT: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 — ### 20-quarter Net debt history - LIN: Sep 2021 ₹12.0K Cr | Dec 2021 ₹11.4K Cr | Mar 2022 ₹12.0K Cr | Jun 2022 ₹12.4K Cr | Sep 2022 ₹11.6K Cr | Dec 2022 ₹12.5K Cr | Mar 2023 ₹13.8K Cr | Jun 2023 ₹14.1K Cr | Sep 2023 ₹14.1K Cr | Dec 2023 ₹14.7K Cr | Mar 2024 ₹15.5K Cr | Jun 2024 ₹16.9K Cr | Sep 2024 ₹17.1K Cr | Dec 2024 ₹16.8K Cr | Mar 2025 ₹18.6K Cr | Jun 2025 ₹21.1K Cr | Sep 2025 ₹21.4K Cr | Dec 2025 ₹21.9K Cr | Mar 2026 ₹22.4K Cr | Jun 2026 — - SHW: Sep 2021 ₹10.5K Cr | Dec 2021 ₹11.3K Cr | Mar 2022 ₹12.1K Cr | Jun 2022 ₹12.2K Cr | Sep 2022 ₹12.3K Cr | Dec 2022 ₹12.3K Cr | Mar 2023 ₹12.8K Cr | Jun 2023 ₹12.1K Cr | Sep 2023 ₹11.4K Cr | Dec 2023 ₹11.5K Cr | Mar 2024 ₹12.5K Cr | Jun 2024 ₹12.1K Cr | Sep 2024 ₹11.9K Cr | Dec 2024 ₹11.7K Cr | Mar 2025 ₹12.6K Cr | Jun 2025 ₹12.5K Cr | Sep 2025 ₹13.3K Cr | Dec 2025 ₹12.7K Cr | Mar 2026 ₹13.6K Cr | Jun 2026 — - ECL: Sep 2021 ₹5.3K Cr | Dec 2021 ₹8.7K Cr | Mar 2022 ₹8.9K Cr | Jun 2022 ₹9.0K Cr | Sep 2022 ₹8.7K Cr | Dec 2022 ₹8.3K Cr | Mar 2023 ₹8.5K Cr | Jun 2023 ₹8.4K Cr | Sep 2023 ₹8.0K Cr | Dec 2023 ₹7.7K Cr | Mar 2024 ₹7.5K Cr | Jun 2024 ₹7.6K Cr | Sep 2024 ₹6.9K Cr | Dec 2024 ₹6.9K Cr | Mar 2025 ₹7.0K Cr | Jun 2025 ₹6.9K Cr | Sep 2025 ₹6.7K Cr | Dec 2025 ₹8.2K Cr | Mar 2026 ₹8.6K Cr | Jun 2026 — - APD: Sep 2021 ₹1.8K Cr | Dec 2021 ₹3.7K Cr | Mar 2022 ₹4.2K Cr | Jun 2022 ₹4.3K Cr | Sep 2022 ₹4.9K Cr | Dec 2022 ₹5.5K Cr | Mar 2023 ₹7.3K Cr | Jun 2023 ₹8.1K Cr | Sep 2023 ₹9.0K Cr | Dec 2023 ₹10.5K Cr | Mar 2024 ₹11.6K Cr | Jun 2024 ₹12.2K Cr | Sep 2024 ₹11.9K Cr | Dec 2024 ₹13.2K Cr | Mar 2025 ₹14.9K Cr | Jun 2025 ₹16.0K Cr | Sep 2025 ₹16.5K Cr | Dec 2025 ₹17.1K Cr | Mar 2026 ₹17.4K Cr | Jun 2026 — - PPG: Sep 2021 ₹6.4K Cr | Dec 2021 ₹6.4K Cr | Mar 2022 ₹7.0K Cr | Jun 2022 ₹6.9K Cr | Sep 2022 ₹6.5K Cr | Dec 2022 ₹6.5K Cr | Mar 2023 ₹6.6K Cr | Jun 2023 ₹6.4K Cr | Sep 2023 ₹5.7K Cr | Dec 2023 ₹5.0K Cr | Mar 2024 ₹5.8K Cr | Jun 2024 ₹6.0K Cr | Sep 2024 ₹5.9K Cr | Dec 2024 ₹5.0K Cr | Mar 2025 ₹6.0K Cr | Jun 2025 ₹6.3K Cr | Sep 2025 ₹6.0K Cr | Dec 2025 ₹5.7K Cr | Mar 2026 ₹6.1K Cr | Jun 2026 — - IFF: Sep 2021 ₹12.1K Cr | Dec 2021 ₹12.1K Cr | Mar 2022 ₹12.3K Cr | Jun 2022 ₹12.8K Cr | Sep 2022 ₹11.3K Cr | Dec 2022 ₹11.6K Cr | Mar 2023 ₹11.8K Cr | Jun 2023 ₹11.2K Cr | Sep 2023 ₹10.9K Cr | Dec 2023 ₹10.0K Cr | Mar 2024 ₹10.9K Cr | Jun 2024 ₹9.3K Cr | Sep 2024 ₹9.1K Cr | Dec 2024 ₹9.1K Cr | Mar 2025 ₹9.2K Cr | Jun 2025 ₹5.9K Cr | Sep 2025 ₹6.0K Cr | Dec 2025 ₹5.9K Cr | Mar 2026 ₹5.8K Cr | Jun 2026 — - SQM: Sep 2021 ₹70 Cr | Dec 2021 ₹259 Cr | Mar 2022 ₹-625 Cr | Jun 2022 ₹49 Cr | Sep 2022 ₹-1.1K Cr | Dec 2022 ₹-638 Cr | Mar 2023 ₹162 Cr | Jun 2023 ₹800 Cr | Sep 2023 ₹922 Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 — - DD: Sep 2021 ₹9.0K Cr | Dec 2021 ₹8.8K Cr | Mar 2022 ₹9.4K Cr | Jun 2022 ₹9.8K Cr | Sep 2022 ₹10.1K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹3.3K Cr | Jun 2023 ₹3.2K Cr | Sep 2023 ₹6.9K Cr | Dec 2023 ₹5.4K Cr | Mar 2024 ₹5.8K Cr | Jun 2024 ₹5.7K Cr | Sep 2024 ₹5.5K Cr | Dec 2024 ₹5.4K Cr | Mar 2025 ₹5.4K Cr | Jun 2025 ₹5.3K Cr | Sep 2025 ₹6.9K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 — - LYB: Sep 2021 ₹13.1K Cr | Dec 2021 ₹-737 Cr | Mar 2022 ₹11.1K Cr | Jun 2022 ₹12.0K Cr | Sep 2022 ₹11.4K Cr | Dec 2022 ₹10.7K Cr | Mar 2023 ₹11.1K Cr | Jun 2023 ₹10.6K Cr | Sep 2023 ₹9.7K Cr | Dec 2023 ₹9.3K Cr | Mar 2024 ₹10.3K Cr | Jun 2024 ₹9.7K Cr | Sep 2024 ₹10.0K Cr | Dec 2024 ₹9.2K Cr | Mar 2025 ₹10.8K Cr | Jun 2025 ₹11.5K Cr | Sep 2025 ₹11.4K Cr | Dec 2025 ₹10.8K Cr | Mar 2026 ₹11.6K Cr | Jun 2026 — - RPM: Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹2.8K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹2.9K Cr | Mar 2023 ₹2.9K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 ₹2.6K Cr - ALB: Sep 2021 ₹1.4K Cr | Dec 2021 ₹483 Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.5K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹913 Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹813 Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹792 Cr | Jun 2026 — - WLK: Sep 2021 ₹2.0K Cr | Dec 2021 ₹3.7K Cr | Mar 2022 ₹4.6K Cr | Jun 2022 ₹4.0K Cr | Sep 2022 ₹3.5K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.4K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 — - SOLS: 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 ₹-602 Cr | Dec 2024 ₹-602 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹-296 Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 — - ESI: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹999 Cr | Mar 2026 ₹2.0K Cr | Jun 2026 — - EMN: Sep 2021 ₹4.8K Cr | Dec 2021 ₹4.7K Cr | Mar 2022 ₹4.9K Cr | Jun 2022 ₹4.5K Cr | Sep 2022 ₹4.6K Cr | Dec 2022 ₹4.7K Cr | Mar 2023 ₹5.1K Cr | Jun 2023 ₹5.0K Cr | Sep 2023 ₹4.8K Cr | Dec 2023 ₹4.3K Cr | Mar 2024 ₹4.6K Cr | Jun 2024 ₹4.5K Cr | Sep 2024 ₹4.4K Cr | Dec 2024 ₹4.2K Cr | Mar 2025 ₹4.6K Cr | Jun 2025 ₹4.7K Cr | Sep 2025 ₹4.6K Cr | Dec 2025 ₹4.2K Cr | Mar 2026 ₹4.6K Cr | Jun 2026 — - AXTA: Sep 2021 ₹3.2K Cr | Dec 2021 ₹3.0K Cr | Mar 2022 ₹3.2K Cr | Jun 2022 ₹3.3K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹3.1K Cr | Sep 2023 ₹2.9K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹3.0K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹2.8K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 — - NEU: Sep 2021 ₹620 Cr | Dec 2021 ₹749 Cr | Mar 2022 ₹825 Cr | Jun 2022 ₹899 Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹997 Cr | Mar 2023 ₹948 Cr | Jun 2023 ₹847 Cr | Sep 2023 ₹739 Cr | Dec 2023 ₹602 Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹964 Cr | Mar 2025 ₹947 Cr | Jun 2025 ₹848 Cr | Sep 2025 ₹760 Cr | Dec 2025 ₹884 Cr | Mar 2026 ₹947 Cr | Jun 2026 — - PRM: Sep 2021 ₹453 Cr | Dec 2021 ₹453 Cr | Mar 2022 ₹510 Cr | Jun 2022 ₹539 Cr | Sep 2022 ₹499 Cr | Dec 2022 ₹554 Cr | Mar 2023 ₹588 Cr | Jun 2023 ₹661 Cr | Sep 2023 ₹640 Cr | Dec 2023 ₹640 Cr | Mar 2024 ₹654 Cr | Jun 2024 ₹644 Cr | Sep 2024 ₹464 Cr | Dec 2024 ₹491 Cr | Mar 2025 ₹489 Cr | Jun 2025 ₹562 Cr | Sep 2025 ₹362 Cr | Dec 2025 ₹377 Cr | Mar 2026 ₹1.2K Cr | Jun 2026 — - BCPC: Sep 2021 ₹28 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹74 Cr | Jun 2022 ₹371 Cr | Sep 2022 ₹421 Cr | Dec 2022 ₹394 Cr | Mar 2023 ₹390 Cr | Jun 2023 ₹358 Cr | Sep 2023 ₹323 Cr | Dec 2023 ₹266 Cr | Mar 2024 ₹261 Cr | Jun 2024 ₹222 Cr | Sep 2024 ₹171 Cr | Dec 2024 ₹158 Cr | Mar 2025 ₹158 Cr | Jun 2025 ₹143 Cr | Sep 2025 ₹107 Cr | Dec 2025 ₹106 Cr | Mar 2026 ₹112 Cr | Jun 2026 — - SXT: Sep 2021 ₹468 Cr | Dec 2021 ₹486 Cr | Mar 2022 ₹505 Cr | Jun 2022 ₹500 Cr | Sep 2022 ₹522 Cr | Dec 2022 ₹630 Cr | Mar 2023 ₹681 Cr | Jun 2023 ₹665 Cr | Sep 2023 ₹639 Cr | Dec 2023 ₹630 Cr | Mar 2024 ₹638 Cr | Jun 2024 ₹632 Cr | Sep 2024 ₹606 Cr | Dec 2024 ₹606 Cr | Mar 2025 ₹669 Cr | Jun 2025 ₹679 Cr | Sep 2025 ₹669 Cr | Dec 2025 ₹673 Cr | Mar 2026 ₹729 Cr | Jun 2026 ₹733 Cr - CBT: Sep 2021 ₹994 Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹978 Cr | Jun 2024 ₹943 Cr | Sep 2024 ₹917 Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹976 Cr | Sep 2025 ₹872 Cr | Dec 2025 ₹896 Cr | Mar 2026 ₹1.0K Cr | Jun 2026 — - CLMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 — - AVNT: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹2.6K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 — - ASH: Sep 2021 ₹1.9K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹495 Cr | Jun 2022 ₹791 Cr | Sep 2022 ₹737 Cr | Dec 2022 ₹897 Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 — - WDFC: Sep 2021 ₹37 Cr | Dec 2021 ₹60 Cr | Mar 2022 ₹78 Cr | Jun 2022 ₹91 Cr | Sep 2022 ₹114 Cr | Dec 2022 ₹120 Cr | Mar 2023 ₹124 Cr | Jun 2023 ₹104 Cr | Sep 2023 ₹78 Cr | Dec 2023 ₹66 Cr | Mar 2024 ₹66 Cr | Jun 2024 ₹69 Cr | Sep 2024 ₹54 Cr | Dec 2024 ₹58 Cr | Mar 2025 ₹69 Cr | Jun 2025 ₹52 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹50 Cr | Mar 2026 ₹59 Cr | Jun 2026 ₹52 Cr - FUL: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 ₹2.0K Cr - HWKN: Sep 2021 ₹88 Cr | Dec 2021 ₹104 Cr | Mar 2022 — | Jun 2022 ₹132 Cr | Sep 2022 ₹163 Cr | Dec 2022 ₹147 Cr | Mar 2023 ₹135 Cr | Jun 2023 ₹112 Cr | Sep 2023 ₹91 Cr | Dec 2023 ₹58 Cr | Mar 2024 ₹101 Cr | Jun 2024 ₹135 Cr | Sep 2024 ₹105 Cr | Dec 2024 ₹116 Cr | Mar 2025 ₹158 Cr | Jun 2025 ₹294 Cr | Sep 2025 ₹283 Cr | Dec 2025 ₹270 Cr | Mar 2026 ₹257 Cr | Jun 2026 — - KWR: Sep 2021 ₹775 Cr | Dec 2021 ₹755 Cr | Mar 2022 ₹785 Cr | Jun 2022 ₹811 Cr | Sep 2022 ₹839 Cr | Dec 2022 ₹799 Cr | Mar 2023 ₹777 Cr | Jun 2023 ₹719 Cr | Sep 2023 ₹648 Cr | Dec 2023 ₹582 Cr | Mar 2024 ₹595 Cr | Jun 2024 ₹569 Cr | Sep 2024 ₹548 Cr | Dec 2024 ₹538 Cr | Mar 2025 ₹571 Cr | Jun 2025 ₹758 Cr | Sep 2025 ₹725 Cr | Dec 2025 ₹713 Cr | Mar 2026 ₹727 Cr | Jun 2026 — - NGVT: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 — ## Return On Capital Employed What the numbers say: WD-40 Company leads ROCE at 10.8%, 2.7 percentage points above Solstice Advanced Materials, Inc.. Air Products and Chemicals, Inc. has the strongest latest improvement at +9.2 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability. Investor read: WD-40 Company 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: WD-40 Company · 10.8% | 33.3% versus #2 · Solstice Advanced Materials, Inc. | 5/8 recent comparable periods | 29/29 companies · 531 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. WD-40 Company (WDFC): 11% 2. Solstice Advanced Materials, Inc. (SOLS): 8.1% 3. Sociedad Química y Minera de Chile S.A. (SQM): 6.3% 4. NewMarket Corporation (NEU): 4.8% 5. RPM International Inc. (RPM): 4.8% ### ROCE change — fastest improvers 1. Air Products and Chemicals, Inc. (APD): +9.2 pp 2. International Flavors & Fragrances Inc. (IFF): +4.8 pp 3. Sociedad Química y Minera de Chile S.A. (SQM): +3.5 pp 4. WD-40 Company (WDFC): +3.0 pp 5. Avient Corporation (AVNT): +1.9 pp ### 20-quarter ROCE history - LIN: Sep 2021 1.8% | Dec 2021 1.9% | Mar 2022 2.1% | Jun 2022 0.9% | Sep 2022 2.5% | Dec 2022 2.6% | Mar 2023 3.0% | Jun 2023 3.2% | Sep 2023 3.3% | Dec 2023 3.2% | Mar 2024 3.3% | Jun 2024 3.3% | Sep 2024 3.2% | Dec 2024 3.5% | Mar 2025 3.3% | Jun 2025 3.4% | Sep 2025 3.4% | Dec 2025 2.9% | Mar 2026 3.5% | Jun 2026 — - SHW: Sep 2021 4.5% | Dec 2021 2.9% | Mar 2022 3.8% | Jun 2022 5.8% | Sep 2022 6.5% | Dec 2022 3.8% | Mar 2023 4.5% | Jun 2023 6.8% | Sep 2023 6.7% | Dec 2023 3.9% | Mar 2024 4.5% | Jun 2024 7.6% | Sep 2024 6.8% | Dec 2024 4.2% | Mar 2025 4.6% | Jun 2025 6.6% | Sep 2025 6.6% | Dec 2025 4.4% | Mar 2026 4.5% | Jun 2026 — - ECL: Sep 2021 3.1% | Dec 2021 2.4% | Mar 2022 1.6% | Jun 2022 2.6% | Sep 2022 3.0% | Dec 2022 2.3% | Mar 2023 2.1% | Jun 2023 2.8% | Sep 2023 3.3% | Dec 2023 3.4% | Mar 2024 3.0% | Jun 2024 3.8% | Sep 2024 6.0% | Dec 2024 3.3% | Mar 2025 3.1% | Jun 2025 3.9% | Sep 2025 4.1% | Dec 2025 3.9% | Mar 2026 3.4% | Jun 2026 — - APD: Sep 2021 2.6% | Dec 2021 2.2% | Mar 2022 2.4% | Jun 2022 2.6% | Sep 2022 2.6% | Dec 2022 2.6% | Mar 2023 1.8% | Jun 2023 2.5% | Sep 2023 2.8% | Dec 2023 2.4% | Mar 2024 2.2% | Jun 2024 2.5% | Sep 2024 7.6% | Dec 2024 1.9% | Mar 2025 -7.1% | Jun 2025 2.3% | Sep 2025 0.0% | Dec 2025 2.0% | Mar 2026 2.1% | Jun 2026 — - PPG: Sep 2021 2.7% | Dec 2021 1.6% | Mar 2022 0.5% | Jun 2022 3.6% | Sep 2022 2.8% | Dec 2022 2.4% | Mar 2023 2.3% | Jun 2023 4.1% | Sep 2023 3.6% | Dec 2023 2.3% | Mar 2024 3.2% | Jun 2024 4.0% | Sep 2024 3.6% | Dec 2024 3.1% | Mar 2025 3.2% | Jun 2025 3.8% | Sep 2025 3.5% | Dec 2025 2.9% | Mar 2026 3.3% | Jun 2026 — - IFF: Sep 2021 1.2% | Dec 2021 0.7% | Mar 2022 0.9% | Jun 2022 0.6% | Sep 2022 -5.9% | Dec 2022 0.3% | Mar 2023 0.4% | Jun 2023 0.4% | Sep 2023 0.5% | Dec 2023 -8.6% | Mar 2024 0.7% | Jun 2024 0.7% | Sep 2024 0.9% | Dec 2024 0.5% | Mar 2025 -3.6% | Jun 2025 0.8% | Sep 2025 0.9% | Dec 2025 0.4% | Mar 2026 1.2% | Jun 2026 — - SQM: Sep 2021 3.4% | Dec 2021 8.7% | Mar 2022 22% | Jun 2022 22% | Sep 2022 24% | Dec 2022 22% | Mar 2023 14% | Jun 2023 12% | Sep 2023 9.3% | Dec 2023 4.4% | Mar 2024 3.8% | Jun 2024 3.8% | Sep 2024 2.6% | Dec 2024 2.7% | Mar 2025 2.8% | Jun 2025 1.8% | Sep 2025 3.0% | Dec 2025 3.6% | Mar 2026 6.3% | Jun 2026 — - DD: Sep 2021 0.8% | Dec 2021 0.6% | Mar 2022 0.9% | Jun 2022 1.2% | Sep 2022 1.5% | Dec 2022 0.6% | Mar 2023 1.0% | Jun 2023 1.1% | Sep 2023 1.2% | Dec 2023 0.8% | Mar 2024 0.9% | Jun 2024 1.3% | Sep 2024 1.2% | Dec 2024 0.4% | Mar 2025 0.3% | Jun 2025 1.1% | Sep 2025 1.1% | Dec 2025 0.4% | Mar 2026 0.7% | Jun 2026 — - LYB: Sep 2021 7.7% | Dec 2021 3.0% | Mar 2022 5.6% | Jun 2022 7.1% | Sep 2022 2.7% | Dec 2022 1.6% | Mar 2023 2.4% | Jun 2023 3.4% | Sep 2023 3.5% | Dec 2023 1.1% | Mar 2024 2.2% | Jun 2024 3.3% | Sep 2024 2.8% | Dec 2024 -2.0% | Mar 2025 0.4% | Jun 2025 0.9% | Sep 2025 -2.5% | Dec 2025 -0.3% | Mar 2026 0.9% | Jun 2026 — - RPM: Sep 2021 4.0% | Dec 2021 3.0% | Mar 2022 1.4% | Jun 2022 5.0% | Sep 2022 5.1% | Dec 2022 3.8% | Mar 2023 1.0% | Jun 2023 4.7% | Sep 2023 5.5% | Dec 2023 4.1% | Mar 2024 1.8% | Jun 2024 5.0% | Sep 2024 5.6% | Dec 2024 4.3% | Mar 2025 1.2% | Jun 2025 4.9% | Sep 2025 5.2% | Dec 2025 3.8% | Mar 2026 1.4% | Jun 2026 4.8% - ALB: Sep 2021 1.5% | Dec 2021 -2.3% | Mar 2022 3.3% | Jun 2022 4.2% | Sep 2022 8.7% | Dec 2022 45% | Mar 2023 9.4% | Jun 2023 1.1% | Sep 2023 -1.1% | Dec 2023 -36% | Mar 2024 -1.2% | Jun 2024 -3.2% | Sep 2024 -7.3% | Dec 2024 0.2% | Mar 2025 0.1% | Jun 2025 0.3% | Sep 2025 -1.4% | Dec 2025 -2.5% | Mar 2026 1.6% | Jun 2026 — - WLK: Sep 2021 6.2% | Dec 2021 6.1% | Mar 2022 6.9% | Jun 2022 7.6% | Sep 2022 3.1% | Dec 2022 1.9% | Mar 2023 3.0% | Jun 2023 2.2% | Sep 2023 1.9% | Dec 2023 -3.0% | Mar 2024 1.2% | Jun 2024 2.2% | Sep 2024 1.0% | Dec 2024 0.4% | Mar 2025 -0.2% | Jun 2025 -0.6% | Sep 2025 -4.3% | Dec 2025 -3.8% | Mar 2026 -1.0% | Jun 2026 — - SOLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 10% | Dec 2024 9.1% | Mar 2025 — | Jun 2025 — | Sep 2025 4.4% | Dec 2025 2.8% | Mar 2026 8.1% | Jun 2026 — - ESI: Sep 2021 1.6% | Dec 2021 1.4% | Mar 2022 2.1% | Jun 2022 2.0% | Sep 2022 1.7% | Dec 2022 1.3% | Mar 2023 1.4% | Jun 2023 1.1% | Sep 2023 0.0% | Dec 2023 1.2% | Mar 2024 1.7% | Jun 2024 2.1% | Sep 2024 2.0% | Dec 2024 1.6% | Mar 2025 1.7% | Jun 2025 2.0% | Sep 2025 2.1% | Dec 2025 1.5% | Mar 2026 2.3% | Jun 2026 — - EMN: Sep 2021 2.7% | Dec 2021 4.3% | Mar 2022 2.5% | Jun 2022 3.3% | Sep 2022 2.4% | Dec 2022 0.6% | Mar 2023 2.0% | Jun 2023 2.7% | Sep 2023 2.2% | Dec 2023 4.1% | Mar 2024 2.2% | Jun 2024 2.8% | Sep 2024 2.7% | Dec 2024 2.8% | Mar 2025 2.4% | Jun 2025 1.8% | Sep 2025 1.5% | Dec 2025 0.5% | Mar 2026 1.5% | Jun 2026 — - AXTA: Sep 2021 2.1% | Dec 2021 1.6% | Mar 2022 1.5% | Jun 2022 1.8% | Sep 2022 2.2% | Dec 2022 1.9% | Mar 2023 2.2% | Jun 2023 2.4% | Sep 2023 2.9% | Dec 2023 2.8% | Mar 2024 2.1% | Jun 2024 3.5% | Sep 2024 3.3% | Dec 2024 3.2% | Mar 2025 3.0% | Jun 2025 3.1% | Sep 2025 3.3% | Dec 2025 2.7% | Mar 2026 2.4% | Jun 2026 — - NEU: Sep 2021 3.5% | Dec 2021 2.1% | Mar 2022 4.2% | Jun 2022 4.2% | Sep 2022 4.0% | Dec 2022 5.7% | Mar 2023 6.5% | Jun 2023 6.4% | Sep 2023 6.8% | Dec 2023 5.2% | Mar 2024 5.9% | Jun 2024 6.2% | Sep 2024 7.2% | Dec 2024 5.6% | Mar 2025 5.7% | Jun 2025 5.2% | Sep 2025 4.7% | Dec 2025 3.8% | Mar 2026 4.8% | Jun 2026 — - PRM: Sep 2021 6.5% | Dec 2021 -61% | Mar 2022 3.5% | Jun 2022 1.3% | Sep 2022 5.4% | Dec 2022 -2.5% | Mar 2023 0.5% | Jun 2023 2.7% | Sep 2023 1.2% | Dec 2023 -0.4% | Mar 2024 -3.3% | Jun 2024 2.0% | Sep 2024 -1.5% | Dec 2024 2.7% | Mar 2025 3.4% | Jun 2025 -1.1% | Sep 2025 -3.7% | Dec 2025 -6.8% | Mar 2026 2.7% | Jun 2026 — - BCPC: Sep 2021 3.0% | Dec 2021 3.2% | Mar 2022 3.6% | Jun 2022 3.1% | Sep 2022 2.6% | Dec 2022 2.6% | Mar 2023 2.7% | Jun 2023 2.9% | Sep 2023 2.9% | Dec 2023 2.6% | Mar 2024 2.8% | Jun 2024 3.1% | Sep 2024 3.2% | Dec 2024 3.3% | Mar 2025 3.5% | Jun 2025 3.4% | Sep 2025 3.6% | Dec 2025 3.6% | Mar 2026 3.7% | Jun 2026 — - SXT: Sep 2021 3.1% | Dec 2021 2.7% | Mar 2022 3.4% | Jun 2022 3.6% | Sep 2022 3.1% | Dec 2022 2.6% | Mar 2023 3.0% | Jun 2023 3.1% | Sep 2023 2.6% | Dec 2023 0.5% | Mar 2024 2.8% | Jun 2024 2.8% | Sep 2024 2.8% | Dec 2024 2.4% | Mar 2025 2.9% | Jun 2025 3.1% | Sep 2025 3.1% | Dec 2025 2.0% | Mar 2026 3.4% | Jun 2026 3.8% - CBT: Sep 2021 3.4% | Dec 2021 -3.8% | Mar 2022 6.1% | Jun 2022 6.7% | Sep 2022 6.2% | Dec 2022 4.6% | Mar 2023 5.5% | Jun 2023 5.9% | Sep 2023 5.5% | Dec 2023 5.0% | Mar 2024 5.7% | Jun 2024 6.2% | Sep 2024 5.2% | Dec 2024 5.4% | Mar 2025 5.5% | Jun 2025 5.6% | Sep 2025 4.7% | Dec 2025 4.5% | Mar 2026 4.5% | Jun 2026 — - CLMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 26% | Dec 2023 1.4% | Mar 2024 5.0% | Jun 2024 0.9% | Sep 2024 -3.8% | Dec 2024 2.6% | Mar 2025 -2.9% | Jun 2025 -6.6% | Sep 2025 19% | Dec 2025 -2.3% | Mar 2026 -9.1% | Jun 2026 — - AVNT: Sep 2021 1.3% | Dec 2021 1.2% | Mar 2022 2.7% | Jun 2022 2.6% | Sep 2022 0.9% | Dec 2022 0.0% | Mar 2023 1.3% | Jun 2023 1.4% | Sep 2023 0.7% | Dec 2023 0.8% | Mar 2024 1.8% | Jun 2024 1.5% | Sep 2024 1.5% | Dec 2024 1.7% | Mar 2025 0.0% | Jun 2025 2.0% | Sep 2025 1.3% | Dec 2025 0.8% | Mar 2026 1.9% | Jun 2026 — - ASH: Sep 2021 1.4% | Dec 2021 0.7% | Mar 2022 1.7% | Jun 2022 1.9% | Sep 2022 1.4% | Dec 2022 0.6% | Mar 2023 1.4% | Jun 2023 1.1% | Sep 2023 -0.2% | Dec 2023 -0.3% | Mar 2024 0.4% | Jun 2024 -1.1% | Sep 2024 0.6% | Dec 2024 -3.5% | Mar 2025 1.0% | Jun 2025 -15% | Sep 2025 1.3% | Dec 2025 -0.1% | Mar 2026 0.9% | Jun 2026 — - WDFC: Sep 2021 3.9% | Dec 2021 7.3% | Mar 2022 7.3% | Jun 2022 5.6% | Sep 2022 5.9% | Dec 2022 5.6% | Mar 2023 6.6% | Jun 2023 7.6% | Sep 2023 6.9% | Dec 2023 7.3% | Mar 2024 6.3% | Jun 2024 8.0% | Sep 2024 6.9% | Dec 2024 7.5% | Mar 2025 6.9% | Jun 2025 7.8% | Sep 2025 7.8% | Dec 2025 6.6% | Mar 2026 7.3% | Jun 2026 11% - FUL: Sep 2021 — | Dec 2021 2.1% | Mar 2022 1.5% | Jun 2022 2.3% | Sep 2022 2.4% | Dec 2022 2.5% | Mar 2023 1.5% | Jun 2023 2.3% | Sep 2023 2.3% | Dec 2023 2.9% | Mar 2024 1.7% | Jun 2024 2.5% | Sep 2024 2.5% | Dec 2024 1.9% | Mar 2025 1.1% | Jun 2025 2.3% | Sep 2025 2.5% | Dec 2025 2.3% | Mar 2026 1.2% | Jun 2026 2.6% - HWKN: Sep 2021 5.1% | Dec 2021 3.4% | Mar 2022 — | Jun 2022 3.5% | Sep 2022 6.1% | Dec 2022 5.8% | Mar 2023 3.2% | Jun 2023 3.8% | Sep 2023 6.5% | Dec 2023 6.7% | Mar 2024 3.8% | Jun 2024 7.2% | Sep 2024 6.3% | Dec 2024 3.5% | Mar 2025 4.0% | Jun 2025 5.6% | Sep 2025 4.6% | Dec 2025 3.0% | Mar 2026 3.0% | Jun 2026 — - KWR: Sep 2021 1.5% | Dec 2021 1.2% | Mar 2022 1.2% | Jun 2022 1.2% | Sep 2022 1.8% | Dec 2022 -2.1% | Mar 2023 2.0% | Jun 2023 2.3% | Sep 2023 2.5% | Dec 2023 2.0% | Mar 2024 2.3% | Jun 2024 2.5% | Sep 2024 2.2% | Dec 2024 1.3% | Mar 2025 1.2% | Jun 2025 -2.2% | Sep 2025 1.9% | Dec 2025 1.3% | Mar 2026 1.4% | Jun 2026 — - NGVT: Sep 2021 4.1% | Dec 2021 2.1% | Mar 2022 4.3% | Jun 2022 4.2% | Sep 2022 5.2% | Dec 2022 1.6% | Mar 2023 3.0% | Jun 2023 3.1% | Sep 2023 2.5% | Dec 2023 -4.8% | Mar 2024 -0.7% | Jun 2024 -13% | Sep 2024 3.9% | Dec 2024 2.2% | Mar 2025 3.0% | Jun 2025 -7.0% | Sep 2025 5.0% | Dec 2025 2.4% | Mar 2026 4.5% | Jun 2026 — ### 20-quarter ROCE change history - LIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 +0.7 pp | Mar 2023 +0.9 pp | Jun 2023 +2.3 pp | Sep 2023 +0.8 pp | Dec 2023 +0.6 pp | Mar 2024 +0.3 pp | Jun 2024 +0.1 pp | Sep 2024 −0.1 pp | Dec 2024 +0.3 pp | Mar 2025 0.0 pp | Jun 2025 +0.1 pp | Sep 2025 +0.2 pp | Dec 2025 −0.6 pp | Mar 2026 +0.2 pp | Jun 2026 — - SHW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.0 pp | Dec 2022 +0.9 pp | Mar 2023 +0.7 pp | Jun 2023 +1.0 pp | Sep 2023 +0.2 pp | Dec 2023 +0.1 pp | Mar 2024 0.0 pp | Jun 2024 +0.8 pp | Sep 2024 +0.1 pp | Dec 2024 +0.3 pp | Mar 2025 +0.1 pp | Jun 2025 −1.0 pp | Sep 2025 −0.2 pp | Dec 2025 +0.2 pp | Mar 2026 −0.1 pp | Jun 2026 — - ECL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 −0.1 pp | Mar 2023 +0.5 pp | Jun 2023 +0.2 pp | Sep 2023 +0.3 pp | Dec 2023 +1.1 pp | Mar 2024 +0.9 pp | Jun 2024 +1.0 pp | Sep 2024 +2.7 pp | Dec 2024 −0.1 pp | Mar 2025 +0.1 pp | Jun 2025 +0.1 pp | Sep 2025 −1.9 pp | Dec 2025 +0.6 pp | Mar 2026 +0.3 pp | Jun 2026 — - APD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.4 pp | Mar 2023 −0.6 pp | Jun 2023 −0.1 pp | Sep 2023 +0.2 pp | Dec 2023 −0.2 pp | Mar 2024 +0.4 pp | Jun 2024 0.0 pp | Sep 2024 +4.8 pp | Dec 2024 −0.5 pp | Mar 2025 −9.3 pp | Jun 2025 −0.2 pp | Sep 2025 −7.6 pp | Dec 2025 +0.1 pp | Mar 2026 +9.2 pp | Jun 2026 — - PPG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +0.8 pp | Mar 2023 +1.8 pp | Jun 2023 +0.5 pp | Sep 2023 +0.8 pp | Dec 2023 −0.1 pp | Mar 2024 +0.9 pp | Jun 2024 −0.1 pp | Sep 2024 0.0 pp | Dec 2024 +0.8 pp | Mar 2025 0.0 pp | Jun 2025 −0.2 pp | Sep 2025 −0.1 pp | Dec 2025 −0.2 pp | Mar 2026 +0.1 pp | Jun 2026 — - IFF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.1 pp | Dec 2022 −0.4 pp | Mar 2023 −0.5 pp | Jun 2023 −0.2 pp | Sep 2023 +6.4 pp | Dec 2023 −8.9 pp | Mar 2024 +0.3 pp | Jun 2024 +0.3 pp | Sep 2024 +0.4 pp | Dec 2024 +9.1 pp | Mar 2025 −4.3 pp | Jun 2025 +0.1 pp | Sep 2025 0.0 pp | Dec 2025 −0.1 pp | Mar 2026 +4.8 pp | Jun 2026 — - SQM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +20.5 pp | Dec 2022 +13.3 pp | Mar 2023 −7.4 pp | Jun 2023 −10.1 pp | Sep 2023 −14.6 pp | Dec 2023 −17.6 pp | Mar 2024 −10.5 pp | Jun 2024 −8.0 pp | Sep 2024 −6.7 pp | Dec 2024 −1.7 pp | Mar 2025 −1.0 pp | Jun 2025 −2.0 pp | Sep 2025 +0.4 pp | Dec 2025 +0.9 pp | Mar 2026 +3.5 pp | Jun 2026 — - DD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 0.0 pp | Mar 2023 +0.1 pp | Jun 2023 −0.1 pp | Sep 2023 −0.3 pp | Dec 2023 +0.2 pp | Mar 2024 −0.1 pp | Jun 2024 +0.2 pp | Sep 2024 0.0 pp | Dec 2024 −0.4 pp | Mar 2025 −0.6 pp | Jun 2025 −0.2 pp | Sep 2025 −0.1 pp | Dec 2025 0.0 pp | Mar 2026 +0.4 pp | Jun 2026 — - LYB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.0 pp | Dec 2022 −1.4 pp | Mar 2023 −3.2 pp | Jun 2023 −3.7 pp | Sep 2023 +0.8 pp | Dec 2023 −0.5 pp | Mar 2024 −0.2 pp | Jun 2024 −0.1 pp | Sep 2024 −0.7 pp | Dec 2024 −3.1 pp | Mar 2025 −1.8 pp | Jun 2025 −2.4 pp | Sep 2025 −5.3 pp | Dec 2025 +1.7 pp | Mar 2026 +0.5 pp | Jun 2026 — - RPM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.1 pp | Dec 2022 +0.8 pp | Mar 2023 −0.4 pp | Jun 2023 −0.3 pp | Sep 2023 +0.4 pp | Dec 2023 +0.3 pp | Mar 2024 +0.8 pp | Jun 2024 +0.3 pp | Sep 2024 +0.1 pp | Dec 2024 +0.2 pp | Mar 2025 −0.6 pp | Jun 2025 −0.1 pp | Sep 2025 −0.4 pp | Dec 2025 −0.5 pp | Mar 2026 +0.2 pp | Jun 2026 −0.1 pp - ALB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +7.2 pp | Dec 2022 +47.2 pp | Mar 2023 +6.1 pp | Jun 2023 −3.1 pp | Sep 2023 −9.8 pp | Dec 2023 −80.4 pp | Mar 2024 −10.6 pp | Jun 2024 −4.3 pp | Sep 2024 −6.2 pp | Dec 2024 +35.7 pp | Mar 2025 +1.3 pp | Jun 2025 +3.5 pp | Sep 2025 +5.9 pp | Dec 2025 −2.7 pp | Mar 2026 +1.5 pp | Jun 2026 — - WLK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.1 pp | Dec 2022 −4.2 pp | Mar 2023 −3.9 pp | Jun 2023 −5.4 pp | Sep 2023 −1.2 pp | Dec 2023 −4.9 pp | Mar 2024 −1.8 pp | Jun 2024 0.0 pp | Sep 2024 −0.9 pp | Dec 2024 +3.4 pp | Mar 2025 −1.4 pp | Jun 2025 −2.8 pp | Sep 2025 −5.3 pp | Dec 2025 −4.2 pp | Mar 2026 −0.8 pp | Jun 2026 — - SOLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 −5.8 pp | Dec 2025 −6.3 pp | Mar 2026 — | Jun 2026 — - ESI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 −0.1 pp | Mar 2023 −0.7 pp | Jun 2023 −0.9 pp | Sep 2023 −1.7 pp | Dec 2023 −0.1 pp | Mar 2024 +0.3 pp | Jun 2024 +1.0 pp | Sep 2024 +2.0 pp | Dec 2024 +0.4 pp | Mar 2025 0.0 pp | Jun 2025 −0.1 pp | Sep 2025 +0.1 pp | Dec 2025 −0.1 pp | Mar 2026 +0.6 pp | Jun 2026 — - EMN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 −3.7 pp | Mar 2023 −0.5 pp | Jun 2023 −0.6 pp | Sep 2023 −0.2 pp | Dec 2023 +3.5 pp | Mar 2024 +0.2 pp | Jun 2024 +0.1 pp | Sep 2024 +0.5 pp | Dec 2024 −1.3 pp | Mar 2025 +0.2 pp | Jun 2025 −1.0 pp | Sep 2025 −1.2 pp | Dec 2025 −2.3 pp | Mar 2026 −0.9 pp | Jun 2026 — - AXTA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +0.3 pp | Mar 2023 +0.7 pp | Jun 2023 +0.6 pp | Sep 2023 +0.7 pp | Dec 2023 +0.9 pp | Mar 2024 −0.1 pp | Jun 2024 +1.1 pp | Sep 2024 +0.4 pp | Dec 2024 +0.4 pp | Mar 2025 +0.9 pp | Jun 2025 −0.4 pp | Sep 2025 0.0 pp | Dec 2025 −0.5 pp | Mar 2026 −0.6 pp | Jun 2026 — - NEU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 +3.6 pp | Mar 2023 +2.3 pp | Jun 2023 +2.2 pp | Sep 2023 +2.8 pp | Dec 2023 −0.5 pp | Mar 2024 −0.6 pp | Jun 2024 −0.2 pp | Sep 2024 +0.4 pp | Dec 2024 +0.4 pp | Mar 2025 −0.2 pp | Jun 2025 −1.0 pp | Sep 2025 −2.5 pp | Dec 2025 −1.8 pp | Mar 2026 −0.9 pp | Jun 2026 — - PRM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.1 pp | Dec 2022 +58.5 pp | Mar 2023 −3.0 pp | Jun 2023 +1.4 pp | Sep 2023 −4.2 pp | Dec 2023 +2.1 pp | Mar 2024 −3.8 pp | Jun 2024 −0.7 pp | Sep 2024 −2.7 pp | Dec 2024 +3.1 pp | Mar 2025 +6.7 pp | Jun 2025 −3.1 pp | Sep 2025 −2.2 pp | Dec 2025 −9.5 pp | Mar 2026 −0.7 pp | Jun 2026 — - BCPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 −0.6 pp | Mar 2023 −0.9 pp | Jun 2023 −0.2 pp | Sep 2023 +0.3 pp | Dec 2023 0.0 pp | Mar 2024 +0.1 pp | Jun 2024 +0.2 pp | Sep 2024 +0.3 pp | Dec 2024 +0.7 pp | Mar 2025 +0.7 pp | Jun 2025 +0.3 pp | Sep 2025 +0.4 pp | Dec 2025 +0.3 pp | Mar 2026 +0.2 pp | Jun 2026 — - SXT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −0.1 pp | Mar 2023 −0.4 pp | Jun 2023 −0.5 pp | Sep 2023 −0.5 pp | Dec 2023 −2.1 pp | Mar 2024 −0.2 pp | Jun 2024 −0.3 pp | Sep 2024 +0.2 pp | Dec 2024 +1.9 pp | Mar 2025 +0.1 pp | Jun 2025 +0.3 pp | Sep 2025 +0.3 pp | Dec 2025 −0.4 pp | Mar 2026 +0.5 pp | Jun 2026 +0.7 pp - CBT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.8 pp | Dec 2022 +8.4 pp | Mar 2023 −0.6 pp | Jun 2023 −0.8 pp | Sep 2023 −0.7 pp | Dec 2023 +0.4 pp | Mar 2024 +0.2 pp | Jun 2024 +0.3 pp | Sep 2024 −0.3 pp | Dec 2024 +0.4 pp | Mar 2025 −0.2 pp | Jun 2025 −0.6 pp | Sep 2025 −0.5 pp | Dec 2025 −0.9 pp | Mar 2026 −1.0 pp | Jun 2026 — - CLMT: 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 −29.8 pp | Dec 2024 +1.2 pp | Mar 2025 −7.9 pp | Jun 2025 −7.5 pp | Sep 2025 +23.1 pp | Dec 2025 −4.9 pp | Mar 2026 −6.2 pp | Jun 2026 — - AVNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 −1.2 pp | Mar 2023 −1.4 pp | Jun 2023 −1.2 pp | Sep 2023 −0.2 pp | Dec 2023 +0.8 pp | Mar 2024 +0.5 pp | Jun 2024 +0.1 pp | Sep 2024 +0.8 pp | Dec 2024 +0.9 pp | Mar 2025 −1.8 pp | Jun 2025 +0.5 pp | Sep 2025 −0.2 pp | Dec 2025 −0.9 pp | Mar 2026 +1.9 pp | Jun 2026 — - ASH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −0.1 pp | Mar 2023 −0.3 pp | Jun 2023 −0.8 pp | Sep 2023 −1.6 pp | Dec 2023 −0.9 pp | Mar 2024 −1.0 pp | Jun 2024 −2.2 pp | Sep 2024 +0.8 pp | Dec 2024 −3.2 pp | Mar 2025 +0.6 pp | Jun 2025 −13.8 pp | Sep 2025 +0.7 pp | Dec 2025 +3.4 pp | Mar 2026 −0.1 pp | Jun 2026 — - WDFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.0 pp | Dec 2022 −1.7 pp | Mar 2023 −0.7 pp | Jun 2023 +2.0 pp | Sep 2023 +1.0 pp | Dec 2023 +1.7 pp | Mar 2024 −0.3 pp | Jun 2024 +0.4 pp | Sep 2024 0.0 pp | Dec 2024 +0.2 pp | Mar 2025 +0.6 pp | Jun 2025 −0.2 pp | Sep 2025 +0.9 pp | Dec 2025 −0.9 pp | Mar 2026 +0.4 pp | Jun 2026 +3.0 pp - FUL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.4 pp | Mar 2023 0.0 pp | Jun 2023 0.0 pp | Sep 2023 −0.1 pp | Dec 2023 +0.4 pp | Mar 2024 +0.2 pp | Jun 2024 +0.2 pp | Sep 2024 +0.2 pp | Dec 2024 −1.0 pp | Mar 2025 −0.6 pp | Jun 2025 −0.2 pp | Sep 2025 0.0 pp | Dec 2025 +0.4 pp | Mar 2026 +0.1 pp | Jun 2026 +0.3 pp - HWKN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.0 pp | Dec 2022 +2.4 pp | Mar 2023 — | Jun 2023 +0.3 pp | Sep 2023 +0.4 pp | Dec 2023 +0.9 pp | Mar 2024 +0.6 pp | Jun 2024 +3.4 pp | Sep 2024 −0.2 pp | Dec 2024 −3.2 pp | Mar 2025 +0.2 pp | Jun 2025 −1.6 pp | Sep 2025 −1.7 pp | Dec 2025 −0.5 pp | Mar 2026 −1.0 pp | Jun 2026 — - KWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 −3.3 pp | Mar 2023 +0.8 pp | Jun 2023 +1.1 pp | Sep 2023 +0.7 pp | Dec 2023 +4.1 pp | Mar 2024 +0.3 pp | Jun 2024 +0.2 pp | Sep 2024 −0.3 pp | Dec 2024 −0.7 pp | Mar 2025 −1.1 pp | Jun 2025 −4.7 pp | Sep 2025 −0.3 pp | Dec 2025 0.0 pp | Mar 2026 +0.2 pp | Jun 2026 — - NGVT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.1 pp | Dec 2022 −0.5 pp | Mar 2023 −1.3 pp | Jun 2023 −1.1 pp | Sep 2023 −2.7 pp | Dec 2023 −6.4 pp | Mar 2024 −3.7 pp | Jun 2024 −16.1 pp | Sep 2024 +1.4 pp | Dec 2024 +7.0 pp | Mar 2025 +3.7 pp | Jun 2025 +6.0 pp | Sep 2025 +1.1 pp | Dec 2025 +0.2 pp | Mar 2026 +1.5 pp | Jun 2026 — ## Valuation Against Growth & Quality What the numbers say: Cabot Corporation has the lowest comparable Guarded PEG at 0.18×, 35.7% below Eastman Chemical Company. Only 15 of 29 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: Cabot Corporation · 0.18× | 35.7% versus #2 · Eastman Chemical Company | 0/8 recent comparable periods | 15/29 companies · 117 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. Cabot Corporation (CBT): 0.2 2. Eastman Chemical Company (EMN): 0.3 3. PPG Industries, Inc. (PPG): 0.3 4. Axalta Coating Systems Ltd. (AXTA): 0.3 5. H.B. Fuller Company (FUL): 0.5 ### P/E — lowest P/E 1. Ingevity Corporation (NGVT): 13.9 2. Cabot Corporation (CBT): 14.2 3. NewMarket Corporation (NEU): 14.6 4. PPG Industries, Inc. (PPG): 15.2 5. Axalta Coating Systems Ltd. (AXTA): 16.2 ### 20-quarter Guarded PEG history - LIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 2.5 | Jun 2023 — | Sep 2023 — | Dec 2023 0.6 | Mar 2024 0.8 | Jun 2024 2.3 | Sep 2024 4.1 | Dec 2024 3.8 | Mar 2025 5.0 | Jun 2025 4.8 | Sep 2025 2.4 | Dec 2025 4.1 | Mar 2026 3.5 | Jun 2026 — - SHW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.5 | Jun 2023 0.8 | Sep 2023 1.0 | Dec 2023 1.7 | Mar 2024 2.5 | Jun 2024 3.4 | Sep 2024 5.1 | Dec 2024 2.3 | Mar 2025 2.6 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - ECL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 7.9 | Jun 2023 6.5 | Sep 2023 4.1 | Dec 2023 1.6 | Mar 2024 1.3 | Jun 2024 0.9 | Sep 2024 — | Dec 2024 0.6 | Mar 2025 1.0 | Jun 2025 1.4 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - APD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.7 | Jun 2024 1.3 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.8 | Jun 2026 — - PPG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.4 | Jun 2023 1.5 | Sep 2023 0.9 | Dec 2023 1.5 | Mar 2024 2.7 | Jun 2024 1.7 | Sep 2024 1.9 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.3 | Mar 2026 0.3 | Jun 2026 — - SQM: 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 0.4 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.8 | Jun 2026 — - DD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 5.2 | Jun 2023 4.1 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - LYB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.7 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - RPM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.2 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 4.2 | Jun 2024 1.1 | Sep 2024 1.2 | Dec 2024 1.1 | Mar 2025 1.7 | Jun 2025 1.2 | Sep 2025 1.9 | Dec 2025 — | Mar 2026 — | Jun 2026 — - WLK: 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 1.0 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - ESI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.8 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.9 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - EMN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.6 | Mar 2024 0.3 | Jun 2024 0.5 | Sep 2024 0.3 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - AXTA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 2.7 | Sep 2023 1.2 | Dec 2023 0.7 | Mar 2024 1.8 | Jun 2024 0.8 | Sep 2024 0.6 | Dec 2024 0.4 | Mar 2025 — | Jun 2025 0.3 | Sep 2025 0.3 | Dec 2025 — | Mar 2026 — | Jun 2026 — - NEU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.3 | Mar 2024 0.5 | Jun 2024 0.6 | Sep 2024 1.4 | Dec 2024 0.6 | Mar 2025 0.5 | Jun 2025 0.8 | Sep 2025 3.4 | Dec 2025 — | Mar 2026 — | Jun 2026 — - BCPC: 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 2.5 | Sep 2024 2.9 | Dec 2024 2.4 | Mar 2025 2.2 | Jun 2025 1.7 | Sep 2025 1.4 | Dec 2025 1.6 | Mar 2026 2.1 | Jun 2026 — - SXT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 3.1 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.8 | Mar 2025 0.6 | Jun 2025 0.6 | Sep 2025 0.5 | Dec 2025 4.0 | Mar 2026 2.1 | Jun 2026 — - CBT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.4 | Mar 2024 0.3 | Jun 2024 0.2 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - ASH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.5 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.0 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - WDFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 6.9 | Sep 2023 — | Dec 2023 4.4 | Mar 2024 3.7 | Jun 2024 5.2 | Sep 2024 8.5 | Dec 2024 — | Mar 2025 1.5 | Jun 2025 1.6 | Sep 2025 1.1 | Dec 2025 1.2 | Mar 2026 — | Jun 2026 — - FUL: 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 1.2 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 1.1 | Mar 2026 0.5 | Jun 2026 — - HWKN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.0 | Jun 2024 0.5 | Sep 2024 0.8 | Dec 2024 1.6 | Mar 2025 1.5 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - NGVT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.5 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — ### 20-quarter P/E history - LIN: Sep 2021 43.2 | Dec 2021 47.3 | Mar 2022 41.2 | Jun 2022 41.7 | Sep 2022 35.7 | Dec 2022 39.6 | Mar 2023 39.5 | Jun 2023 33.3 | Sep 2023 30.8 | Dec 2023 32.6 | Mar 2024 36.0 | Jun 2024 33.4 | Sep 2024 36.2 | Dec 2024 30.7 | Mar 2025 33.8 | Jun 2025 33.4 | Sep 2025 31.8 | Dec 2025 29.2 | Mar 2026 32.9 | Jun 2026 — - SHW: Sep 2021 38.3 | Dec 2021 50.5 | Mar 2022 36.4 | Jun 2022 33.7 | Sep 2022 27.7 | Dec 2022 30.7 | Mar 2023 27.6 | Jun 2023 29.5 | Sep 2023 27.3 | Dec 2023 33.7 | Mar 2024 37.0 | Jun 2024 30.4 | Sep 2024 38.0 | Dec 2024 32.2 | Mar 2025 33.0 | Jun 2025 34.1 | Sep 2025 33.8 | Dec 2025 31.6 | Mar 2026 30.8 | Jun 2026 — - ECL: Sep 2021 53.4 | Dec 2021 60.0 | Mar 2022 46.0 | Jun 2022 40.0 | Sep 2022 36.8 | Dec 2022 38.2 | Mar 2023 41.0 | Jun 2023 45.4 | Sep 2023 39.3 | Dec 2023 41.4 | Mar 2024 42.8 | Jun 2024 39.9 | Sep 2024 35.8 | Dec 2024 31.8 | Mar 2025 34.5 | Jun 2025 36.0 | Sep 2025 39.4 | Dec 2025 36.1 | Mar 2026 36.0 | Jun 2026 — - APD: Sep 2021 27.2 | Dec 2021 31.2 | Mar 2022 25.0 | Jun 2022 23.4 | Sep 2022 23.1 | Dec 2022 30.3 | Mar 2023 29.4 | Jun 2023 30.5 | Sep 2023 27.4 | Dec 2023 26.2 | Mar 2024 21.9 | Jun 2024 22.4 | Sep 2024 17.3 | Dec 2024 16.8 | Mar 2025 42.9 | Jun 2025 40.6 | Sep 2025 — | Dec 2025 — | Mar 2026 30.7 | Jun 2026 — - PPG: Sep 2021 24.0 | Dec 2021 29.1 | Mar 2022 29.1 | Jun 2022 25.1 | Sep 2022 24.5 | Dec 2022 29.7 | Mar 2023 25.2 | Jun 2023 27.4 | Sep 2023 22.7 | Dec 2023 28.0 | Mar 2024 25.0 | Jun 2024 20.7 | Sep 2024 20.8 | Dec 2024 25.2 | Mar 2025 23.4 | Jun 2025 25.8 | Sep 2025 23.8 | Dec 2025 14.8 | Mar 2026 15.3 | Jun 2026 — - IFF: Sep 2021 108.7 | Dec 2021 137.0 | Mar 2022 60.2 | Jun 2022 47.7 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 973.9 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 81.3 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 22.2 | Jun 2026 — - SQM: Sep 2021 45.0 | Dec 2021 24.0 | Mar 2022 18.6 | Jun 2022 11.5 | Sep 2022 8.4 | Dec 2022 5.8 | Mar 2023 6.0 | Jun 2023 5.8 | Sep 2023 5.8 | Dec 2023 18.6 | Mar 2024 35.7 | Jun 2024 442.9 | Sep 2024 — | Dec 2024 15.2 | Mar 2025 18.8 | Jun 2025 21.1 | Sep 2025 23.4 | Dec 2025 33.4 | Mar 2026 28.4 | Jun 2026 — - DD: Sep 2021 29.3 | Dec 2021 37.4 | Mar 2022 35.2 | Jun 2022 29.3 | Sep 2022 23.4 | Dec 2022 34.0 | Mar 2023 32.3 | Jun 2023 34.7 | Sep 2023 38.3 | Dec 2023 81.8 | Mar 2024 85.2 | Jun 2024 104.5 | Sep 2024 72.5 | Dec 2024 45.4 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - LYB: Sep 2021 5.5 | Dec 2021 5.5 | Mar 2022 5.9 | Jun 2022 5.3 | Sep 2022 5.8 | Dec 2022 7.0 | Mar 2023 10.2 | Jun 2023 14.3 | Sep 2023 13.6 | Dec 2023 14.7 | Mar 2024 14.8 | Jun 2024 12.7 | Sep 2024 13.7 | Dec 2024 17.9 | Mar 2025 21.7 | Jun 2025 76.1 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - RPM: Sep 2021 23.4 | Dec 2021 26.1 | Mar 2022 24.5 | Jun 2022 23.3 | Sep 2022 23.0 | Dec 2022 25.2 | Mar 2023 21.7 | Jun 2023 21.5 | Sep 2023 25.1 | Dec 2023 25.2 | Mar 2024 26.6 | Jun 2024 24.6 | Sep 2024 24.4 | Dec 2024 27.4 | Mar 2025 24.8 | Jun 2025 21.3 | Sep 2025 23.4 | Dec 2025 20.7 | Mar 2026 22.0 | Jun 2026 20.5 - ALB: Sep 2021 115.9 | Dec 2021 220.5 | Mar 2022 92.9 | Jun 2022 94.1 | Sep 2022 20.1 | Dec 2022 9.5 | Mar 2023 7.1 | Jun 2023 6.7 | Sep 2023 6.0 | Dec 2023 10.8 | Mar 2024 47.9 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - WLK: Sep 2021 8.0 | Dec 2021 6.2 | Mar 2022 6.3 | Jun 2022 4.4 | Sep 2022 4.2 | Dec 2022 5.9 | Mar 2023 8.0 | Jun 2023 11.7 | Sep 2023 13.3 | Dec 2023 37.8 | Mar 2024 76.8 | Jun 2024 69.6 | Sep 2024 211.7 | Dec 2024 24.7 | Mar 2025 33.6 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - SOLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 32.6 | Mar 2026 — | Jun 2026 — - ESI: Sep 2021 23.3 | Dec 2021 29.6 | Mar 2022 30.4 | Jun 2022 27.8 | Sep 2022 22.9 | Dec 2022 23.9 | Mar 2023 27.6 | Jun 2023 34.3 | Sep 2023 93.4 | Dec 2023 47.2 | Mar 2024 47.1 | Jun 2024 33.9 | Sep 2024 24.7 | Dec 2024 25.2 | Mar 2025 19.2 | Jun 2025 22.7 | Sep 2025 25.4 | Dec 2025 31.6 | Mar 2026 55.1 | Jun 2026 — - EMN: Sep 2021 27.1 | Dec 2021 19.4 | Mar 2022 18.3 | Jun 2022 9.8 | Sep 2022 7.8 | Dec 2022 12.8 | Mar 2023 15.0 | Jun 2023 14.3 | Sep 2023 15.7 | Dec 2023 12.0 | Mar 2024 12.9 | Jun 2024 13.2 | Sep 2024 15.0 | Dec 2024 11.9 | Mar 2025 11.2 | Jun 2025 10.5 | Sep 2025 10.5 | Dec 2025 15.6 | Mar 2026 22.1 | Jun 2026 — - AXTA: Sep 2021 24.3 | Dec 2021 29.1 | Mar 2022 19.7 | Jun 2022 24.3 | Sep 2022 23.7 | Dec 2022 29.6 | Mar 2023 31.9 | Jun 2023 32.2 | Sep 2023 25.1 | Dec 2023 28.1 | Mar 2024 31.0 | Jun 2024 25.3 | Sep 2024 24.5 | Dec 2024 19.2 | Mar 2025 16.2 | Jun 2025 14.6 | Sep 2025 13.7 | Dec 2025 18.6 | Mar 2026 16.2 | Jun 2026 — - NEU: Sep 2021 15.4 | Dec 2021 19.4 | Mar 2022 19.1 | Jun 2022 16.1 | Sep 2022 14.9 | Dec 2022 11.2 | Mar 2023 11.3 | Jun 2023 11.2 | Sep 2023 11.0 | Dec 2023 13.5 | Mar 2024 15.3 | Jun 2024 12.0 | Sep 2024 12.3 | Dec 2024 11.0 | Mar 2025 11.3 | Jun 2025 13.7 | Sep 2025 17.5 | Dec 2025 15.5 | Mar 2026 14.6 | Jun 2026 — - PRM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 17.6 | Mar 2023 24.5 | Jun 2023 10.4 | Sep 2023 41.3 | Dec 2023 11.2 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 12.8 | Jun 2025 32.4 | Sep 2025 53.3 | Dec 2025 — | Mar 2026 — | Jun 2026 — - BCPC: Sep 2021 50.6 | Dec 2021 57.4 | Mar 2022 43.8 | Jun 2022 38.8 | Sep 2022 36.3 | Dec 2022 37.6 | Mar 2023 41.3 | Jun 2023 43.9 | Sep 2023 38.9 | Dec 2023 44.4 | Mar 2024 43.8 | Jun 2024 42.9 | Sep 2024 47.3 | Dec 2024 41.5 | Mar 2025 39.8 | Jun 2025 36.5 | Sep 2025 32.8 | Dec 2025 32.3 | Mar 2026 34.8 | Jun 2026 — - SXT: Sep 2021 33.1 | Dec 2021 35.6 | Mar 2022 28.6 | Jun 2022 24.8 | Sep 2022 21.0 | Dec 2022 21.8 | Mar 2023 24.2 | Jun 2023 23.3 | Sep 2023 19.8 | Dec 2023 29.9 | Mar 2024 32.2 | Jun 2024 35.8 | Sep 2024 38.4 | Dec 2024 24.2 | Mar 2025 24.7 | Jun 2025 31.1 | Sep 2025 28.7 | Dec 2025 29.7 | Mar 2026 25.5 | Jun 2026 33.2 - CBT: Sep 2021 11.6 | Dec 2021 32.9 | Mar 2022 30.4 | Jun 2022 25.9 | Sep 2022 17.7 | Dec 2022 11.0 | Mar 2023 13.8 | Jun 2023 12.6 | Sep 2023 9.0 | Dec 2023 10.8 | Mar 2024 11.7 | Jun 2024 10.9 | Sep 2024 16.6 | Dec 2024 12.1 | Mar 2025 10.8 | Jun 2025 9.8 | Sep 2025 12.6 | Dec 2025 11.6 | Mar 2026 14.2 | Jun 2026 — - CLMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 30.3 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - AVNT: Sep 2021 15.6 | Dec 2021 33.9 | Mar 2022 18.9 | Jun 2022 16.2 | Sep 2022 16.8 | Dec 2022 4.4 | Mar 2023 6.1 | Jun 2023 6.5 | Sep 2023 5.4 | Dec 2023 50.1 | Mar 2024 37.7 | Jun 2024 34.4 | Sep 2024 31.1 | Dec 2024 22.2 | Mar 2025 34.7 | Jun 2025 25.2 | Sep 2025 26.8 | Dec 2025 35.1 | Mar 2026 21.1 | Jun 2026 — - ASH: Sep 2021 31.6 | Dec 2021 40.2 | Mar 2022 33.5 | Jun 2022 38.3 | Sep 2022 29.7 | Dec 2022 31.3 | Mar 2023 23.0 | Jun 2023 20.1 | Sep 2023 24.7 | Dec 2023 29.5 | Mar 2024 27.2 | Jun 2024 27.9 | Sep 2024 25.9 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - WDFC: Sep 2021 47.1 | Dec 2021 47.6 | Mar 2022 43.4 | Jun 2022 42.6 | Sep 2022 38.6 | Dec 2022 36.6 | Mar 2023 39.6 | Jun 2023 40.4 | Sep 2023 44.5 | Dec 2023 47.6 | Mar 2024 53.6 | Jun 2024 44.1 | Sep 2024 51.4 | Dec 2024 53.1 | Mar 2025 38.1 | Jun 2025 38.4 | Sep 2025 32.3 | Dec 2025 29.8 | Mar 2026 40.5 | Jun 2026 30.4 - FUL: Sep 2021 — | Dec 2021 24.9 | Mar 2022 22.5 | Jun 2022 23.3 | Sep 2022 20.3 | Dec 2022 24.6 | Mar 2023 24.4 | Jun 2023 23.7 | Sep 2023 27.5 | Dec 2023 29.7 | Mar 2024 28.9 | Jun 2024 27.2 | Sep 2024 26.4 | Dec 2024 33.4 | Mar 2025 28.4 | Jun 2025 30.2 | Sep 2025 29.2 | Dec 2025 21.2 | Mar 2026 22.7 | Jun 2026 19.0 - HWKN: Sep 2021 15.4 | Dec 2021 16.5 | Mar 2022 — | Jun 2022 18.7 | Sep 2022 13.9 | Dec 2022 14.0 | Mar 2023 13.7 | Jun 2023 15.3 | Sep 2023 15.7 | Dec 2023 17.9 | Mar 2024 21.4 | Jun 2024 23.6 | Sep 2024 32.1 | Dec 2024 32.0 | Mar 2025 26.3 | Jun 2025 35.5 | Sep 2025 44.5 | Dec 2025 37.2 | Mar 2026 38.9 | Jun 2026 — - KWR: Sep 2021 28.0 | Dec 2021 34.0 | Mar 2022 30.2 | Jun 2022 32.2 | Sep 2022 33.1 | Dec 2022 — | Mar 2023 — | Jun 2023 414.7 | Sep 2023 177.8 | Dec 2023 34.1 | Mar 2024 31.2 | Jun 2024 24.7 | Sep 2024 24.7 | Dec 2024 21.6 | Mar 2025 23.4 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 443.7 | Jun 2026 — - NGVT: Sep 2021 21.6 | Dec 2021 24.3 | Mar 2022 19.5 | Jun 2022 17.0 | Sep 2022 10.4 | Dec 2022 12.8 | Mar 2023 13.6 | Jun 2023 12.4 | Sep 2023 13.9 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — ## Enterprise Value & Book Value What the numbers say: Cabot Corporation leads ev/ebitda at 6.91×; Westlake Corporation leads p/bv at 0.88×. 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: Cabot Corporation · 6.91× | 18.3% versus #2 · Axalta Coating Systems Ltd. | 0/8 recent comparable periods | 29/29 companies · 497 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. Cabot Corporation (CBT): 6.9 2. Axalta Coating Systems Ltd. (AXTA): 8.5 3. H.B. Fuller Company (FUL): 9.6 4. Avient Corporation (AVNT): 9.9 5. Ingevity Corporation (NGVT): 10.2 ### P/BV — lowest P/BV 1. Westlake Corporation (WLK): 0.9 2. International Flavors & Fragrances Inc. (IFF): 1.3 3. DuPont de Nemours, Inc. (DD): 1.3 4. Avient Corporation (AVNT): 1.4 5. Ashland Inc. (ASH): 1.4 ### 20-quarter EV/EBITDA history - LIN: Sep 2021 17.5 | Dec 2021 19.7 | Mar 2022 17.7 | Jun 2022 17.1 | Sep 2022 15.6 | Dec 2022 18.2 | Mar 2023 19.2 | Jun 2023 18.1 | Sep 2023 17.0 | Dec 2023 18.1 | Mar 2024 20.0 | Jun 2024 18.7 | Sep 2024 20.1 | Dec 2024 17.4 | Mar 2025 19.2 | Jun 2025 19.2 | Sep 2025 19.0 | Dec 2025 17.4 | Mar 2026 19.5 | Jun 2026 — - SHW: Sep 2021 25.1 | Dec 2021 32.9 | Mar 2022 23.1 | Jun 2022 21.9 | Sep 2022 19.1 | Dec 2022 20.6 | Mar 2023 18.8 | Jun 2023 20.0 | Sep 2023 18.5 | Dec 2023 21.7 | Mar 2024 23.3 | Jun 2024 20.0 | Sep 2024 24.6 | Dec 2024 21.9 | Mar 2025 22.4 | Jun 2025 22.7 | Sep 2025 22.6 | Dec 2025 20.7 | Mar 2026 20.2 | Jun 2026 — - ECL: Sep 2021 26.5 | Dec 2021 31.1 | Mar 2022 24.6 | Jun 2022 21.8 | Sep 2022 20.2 | Dec 2022 19.9 | Mar 2023 22.1 | Jun 2023 24.0 | Sep 2023 21.3 | Dec 2023 22.1 | Mar 2024 23.8 | Jun 2024 23.1 | Sep 2024 21.2 | Dec 2024 19.6 | Mar 2025 20.9 | Jun 2025 21.7 | Sep 2025 23.7 | Dec 2025 22.2 | Mar 2026 21.9 | Jun 2026 — - APD: Sep 2021 16.4 | Dec 2021 19.9 | Mar 2022 16.7 | Jun 2022 15.9 | Sep 2022 15.5 | Dec 2022 19.7 | Mar 2023 19.4 | Jun 2023 20.4 | Sep 2023 19.0 | Dec 2023 18.6 | Mar 2024 16.3 | Jun 2024 16.9 | Sep 2024 13.5 | Dec 2024 13.5 | Mar 2025 27.8 | Jun 2025 26.5 | Sep 2025 115.7 | Dec 2025 95.3 | Mar 2026 22.0 | Jun 2026 — - PPG: Sep 2021 16.4 | Dec 2021 19.2 | Mar 2022 20.6 | Jun 2022 18.0 | Sep 2022 16.9 | Dec 2022 18.4 | Mar 2023 15.3 | Jun 2023 15.7 | Sep 2023 13.1 | Dec 2023 17.5 | Mar 2024 14.6 | Jun 2024 13.1 | Sep 2024 13.6 | Dec 2024 13.6 | Mar 2025 11.3 | Jun 2025 11.9 | Sep 2025 11.0 | Dec 2025 10.8 | Mar 2026 11.0 | Jun 2026 — - IFF: Sep 2021 31.8 | Dec 2021 29.0 | Mar 2022 21.5 | Jun 2022 19.5 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 17.1 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 17.2 | Mar 2025 45.7 | Jun 2025 38.8 | Sep 2025 35.4 | Dec 2025 40.0 | Mar 2026 13.8 | Jun 2026 — - SQM: Sep 2021 27.4 | Dec 2021 15.9 | Mar 2022 16.5 | Jun 2022 9.4 | Sep 2022 6.3 | Dec 2022 4.0 | Mar 2023 8.3 | Jun 2023 13.7 | Sep 2023 4.4 | Dec 2023 6.8 | Mar 2024 7.4 | Jun 2024 8.1 | Sep 2024 11.4 | Dec 2024 12.0 | Mar 2025 56.2 | Jun 2025 51.6 | Sep 2025 59.8 | Dec 2025 22.6 | Mar 2026 37.2 | Jun 2026 — - DD: Sep 2021 12.0 | Dec 2021 17.8 | Mar 2022 15.9 | Jun 2022 13.0 | Sep 2022 11.8 | Dec 2022 12.5 | Mar 2023 12.9 | Jun 2023 13.2 | Sep 2023 14.9 | Dec 2023 63.2 | Mar 2024 14.6 | Jun 2024 14.8 | Sep 2024 16.1 | Dec 2024 30.5 | Mar 2025 21.3 | Jun 2025 19.3 | Sep 2025 24.7 | Dec 2025 16.6 | Mar 2026 12.7 | Jun 2026 — - LYB: Sep 2021 5.5 | Dec 2021 3.6 | Mar 2022 5.2 | Jun 2022 4.9 | Sep 2022 5.3 | Dec 2022 5.9 | Mar 2023 7.6 | Jun 2023 9.1 | Sep 2023 8.6 | Dec 2023 9.5 | Mar 2024 9.7 | Jun 2024 9.1 | Sep 2024 9.5 | Dec 2024 9.7 | Mar 2025 11.8 | Jun 2025 14.5 | Sep 2025 58.8 | Dec 2025 25.7 | Mar 2026 33.9 | Jun 2026 — - RPM: Sep 2021 16.2 | Dec 2021 18.5 | Mar 2022 17.6 | Jun 2022 17.9 | Sep 2022 17.4 | Dec 2022 17.8 | Mar 2023 15.4 | Jun 2023 14.6 | Sep 2023 15.9 | Dec 2023 15.6 | Mar 2024 16.9 | Jun 2024 15.9 | Sep 2024 16.2 | Dec 2024 18.7 | Mar 2025 17.4 | Jun 2025 16.3 | Sep 2025 17.4 | Dec 2025 15.0 | Mar 2026 15.5 | Jun 2026 14.2 - ALB: Sep 2021 23.9 | Dec 2021 28.3 | Mar 2022 24.6 | Jun 2022 26.0 | Sep 2022 18.2 | Dec 2022 9.8 | Mar 2023 8.0 | Jun 2023 8.8 | Sep 2023 10.0 | Dec 2023 26.1 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 26.8 | Dec 2025 71.0 | Mar 2026 48.8 | Jun 2026 — - WLK: Sep 2021 4.9 | Dec 2021 4.6 | Mar 2022 4.8 | Jun 2022 3.5 | Sep 2022 3.3 | Dec 2022 4.1 | Mar 2023 5.1 | Jun 2023 6.5 | Sep 2023 7.0 | Dec 2023 11.3 | Mar 2024 14.9 | Jun 2024 14.1 | Sep 2024 16.3 | Dec 2024 8.8 | Mar 2025 9.3 | Jun 2025 10.7 | Sep 2025 42.5 | Dec 2025 — | Mar 2026 — | Jun 2026 — - SOLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 10.3 | Mar 2026 — | Jun 2026 — - ESI: Sep 2021 14.6 | Dec 2021 16.4 | Mar 2022 15.5 | Jun 2022 12.6 | Sep 2022 11.5 | Dec 2022 12.4 | Mar 2023 13.8 | Jun 2023 15.4 | Sep 2023 18.9 | Dec 2023 21.3 | Mar 2024 21.8 | Jun 2024 20.7 | Sep 2024 16.7 | Dec 2024 15.2 | Mar 2025 13.3 | Jun 2025 13.3 | Sep 2025 14.3 | Dec 2025 14.4 | Mar 2026 19.4 | Jun 2026 — - EMN: Sep 2021 13.7 | Dec 2021 11.2 | Mar 2022 11.2 | Jun 2022 7.1 | Sep 2022 6.2 | Dec 2022 8.8 | Mar 2023 9.8 | Jun 2023 10.2 | Sep 2023 10.0 | Dec 2023 8.3 | Mar 2024 11.1 | Jun 2024 10.7 | Sep 2024 9.2 | Dec 2024 8.3 | Mar 2025 8.1 | Jun 2025 7.8 | Sep 2025 7.5 | Dec 2025 9.0 | Mar 2026 11.3 | Jun 2026 — - AXTA: Sep 2021 11.8 | Dec 2021 13.6 | Mar 2022 10.7 | Jun 2022 11.3 | Sep 2022 11.0 | Dec 2022 12.0 | Mar 2023 13.1 | Jun 2023 13.3 | Sep 2023 10.9 | Dec 2023 12.0 | Mar 2024 12.2 | Jun 2024 11.1 | Sep 2024 11.4 | Dec 2024 10.5 | Mar 2025 9.7 | Jun 2025 8.9 | Sep 2025 8.5 | Dec 2025 9.2 | Mar 2026 8.5 | Jun 2026 — - NEU: Sep 2021 11.1 | Dec 2021 12.6 | Mar 2022 12.3 | Jun 2022 11.2 | Sep 2022 10.9 | Dec 2022 9.2 | Mar 2023 9.3 | Jun 2023 9.1 | Sep 2023 9.0 | Dec 2023 10.4 | Mar 2024 12.6 | Jun 2024 9.9 | Sep 2024 9.6 | Dec 2024 8.5 | Mar 2025 8.6 | Jun 2025 10.1 | Sep 2025 12.4 | Dec 2025 11.0 | Mar 2026 10.5 | Jun 2026 — - PRM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 10.7 | Mar 2023 11.9 | Jun 2023 8.1 | Sep 2023 12.3 | Dec 2023 8.2 | Mar 2024 24.4 | Jun 2024 32.9 | Sep 2024 — | Dec 2024 38.4 | Mar 2025 9.2 | Jun 2025 17.8 | Sep 2025 38.4 | Dec 2025 — | Mar 2026 — | Jun 2026 — - BCPC: Sep 2021 27.5 | Dec 2021 31.0 | Mar 2022 24.3 | Jun 2022 23.5 | Sep 2022 22.1 | Dec 2022 21.9 | Mar 2023 22.9 | Jun 2023 23.6 | Sep 2023 20.7 | Dec 2023 23.7 | Mar 2024 23.9 | Jun 2024 23.3 | Sep 2024 26.2 | Dec 2024 23.7 | Mar 2025 23.5 | Jun 2025 21.9 | Sep 2025 19.9 | Dec 2025 19.7 | Mar 2026 21.3 | Jun 2026 — - SXT: Sep 2021 19.9 | Dec 2021 21.0 | Mar 2022 17.6 | Jun 2022 15.6 | Sep 2022 13.8 | Dec 2022 14.8 | Mar 2023 15.7 | Jun 2023 14.9 | Sep 2023 12.7 | Dec 2023 16.0 | Mar 2024 16.8 | Jun 2024 17.9 | Sep 2024 18.4 | Dec 2024 14.3 | Mar 2025 14.9 | Jun 2025 18.3 | Sep 2025 17.1 | Dec 2025 17.3 | Mar 2026 15.6 | Jun 2026 19.8 - CBT: Sep 2021 6.5 | Dec 2021 7.3 | Mar 2022 8.2 | Jun 2022 7.5 | Sep 2022 9.3 | Dec 2022 7.4 | Mar 2023 8.1 | Jun 2023 7.3 | Sep 2023 7.5 | Dec 2023 8.3 | Mar 2024 8.5 | Jun 2024 8.1 | Sep 2024 9.4 | Dec 2024 7.8 | Mar 2025 7.3 | Jun 2025 6.5 | Sep 2025 6.5 | Dec 2025 6.0 | Mar 2026 6.9 | Jun 2026 — - CLMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 8.6 | Mar 2024 12.2 | Jun 2024 13.4 | Sep 2024 — | Dec 2024 22.9 | Mar 2025 — | Jun 2025 — | Sep 2025 18.5 | Dec 2025 14.4 | Mar 2026 773.4 | Jun 2026 — - AVNT: Sep 2021 11.6 | Dec 2021 15.2 | Mar 2022 12.6 | Jun 2022 10.9 | Sep 2022 12.2 | Dec 2022 11.5 | Mar 2023 14.6 | Jun 2023 15.7 | Sep 2023 14.2 | Dec 2023 13.9 | Mar 2024 13.4 | Jun 2024 13.1 | Sep 2024 13.2 | Dec 2024 10.4 | Mar 2025 12.1 | Jun 2025 10.2 | Sep 2025 10.5 | Dec 2025 11.0 | Mar 2026 9.9 | Jun 2026 — - ASH: Sep 2021 16.0 | Dec 2021 17.4 | Mar 2022 11.4 | Jun 2022 11.0 | Sep 2022 10.2 | Dec 2022 11.9 | Mar 2023 11.8 | Jun 2023 11.1 | Sep 2023 12.6 | Dec 2023 13.9 | Mar 2024 17.4 | Jun 2024 26.3 | Sep 2024 21.2 | Dec 2024 89.6 | Mar 2025 62.0 | Jun 2025 — | Sep 2025 — | Dec 2025 13.2 | Mar 2026 14.3 | Jun 2026 — - WDFC: Sep 2021 34.7 | Dec 2021 34.2 | Mar 2022 30.9 | Jun 2022 30.3 | Sep 2022 28.0 | Dec 2022 26.6 | Mar 2023 28.4 | Jun 2023 28.4 | Sep 2023 30.5 | Dec 2023 32.3 | Mar 2024 35.8 | Jun 2024 29.5 | Sep 2024 33.8 | Dec 2024 35.3 | Mar 2025 30.0 | Jun 2025 30.5 | Sep 2025 26.0 | Dec 2025 24.1 | Mar 2026 28.3 | Jun 2026 21.1 - FUL: Sep 2021 — | Dec 2021 13.8 | Mar 2022 13.7 | Jun 2022 13.3 | Sep 2022 12.0 | Dec 2022 12.8 | Mar 2023 11.9 | Jun 2023 11.2 | Sep 2023 11.7 | Dec 2023 11.3 | Mar 2024 11.4 | Jun 2024 11.6 | Sep 2024 11.8 | Dec 2024 11.6 | Mar 2025 10.3 | Jun 2025 10.0 | Sep 2025 10.3 | Dec 2025 9.5 | Mar 2026 10.2 | Jun 2026 9.6 - HWKN: Sep 2021 9.2 | Dec 2021 9.9 | Mar 2022 — | Jun 2022 11.4 | Sep 2022 9.0 | Dec 2022 8.8 | Mar 2023 8.4 | Jun 2023 8.9 | Sep 2023 9.0 | Dec 2023 10.0 | Mar 2024 12.5 | Jun 2024 13.9 | Sep 2024 18.2 | Dec 2024 17.8 | Mar 2025 14.8 | Jun 2025 20.0 | Sep 2025 23.7 | Dec 2025 19.3 | Mar 2026 19.6 | Jun 2026 — - KWR: Sep 2021 20.9 | Dec 2021 20.6 | Mar 2022 17.7 | Jun 2022 16.5 | Sep 2022 15.7 | Dec 2022 28.6 | Mar 2023 28.3 | Jun 2023 23.8 | Sep 2023 18.2 | Dec 2023 14.9 | Mar 2024 14.2 | Jun 2024 11.9 | Sep 2024 12.0 | Dec 2024 10.9 | Mar 2025 11.0 | Jun 2025 19.3 | Sep 2025 21.5 | Dec 2025 21.2 | Mar 2026 18.3 | Jun 2026 — - NGVT: Sep 2021 9.0 | Dec 2021 9.7 | Mar 2022 8.7 | Jun 2022 8.4 | Sep 2022 7.7 | Dec 2022 9.5 | Mar 2023 10.0 | Jun 2023 9.1 | Sep 2023 8.9 | Dec 2023 9.7 | Mar 2024 25.5 | Jun 2024 27.2 | Sep 2024 21.7 | Dec 2024 43.5 | Mar 2025 7.9 | Jun 2025 8.1 | Sep 2025 18.6 | Dec 2025 52.3 | Mar 2026 10.3 | Jun 2026 — ### 20-quarter P/BV history - LIN: Sep 2021 3.4 | Dec 2021 4.0 | Mar 2022 3.7 | Jun 2022 3.6 | Sep 2022 3.5 | Dec 2022 4.0 | Mar 2023 4.4 | Jun 2023 4.7 | Sep 2023 4.6 | Dec 2023 5.0 | Mar 2024 5.8 | Jun 2024 5.5 | Sep 2024 5.8 | Dec 2024 5.2 | Mar 2025 5.8 | Jun 2025 5.7 | Sep 2025 5.7 | Dec 2025 5.2 | Mar 2026 6.0 | Jun 2026 — - SHW: Sep 2021 27.3 | Dec 2021 37.7 | Mar 2022 29.1 | Jun 2022 26.1 | Sep 2022 20.4 | Dec 2022 19.8 | Mar 2023 18.3 | Jun 2023 18.8 | Sep 2023 17.3 | Dec 2023 21.4 | Mar 2024 25.1 | Jun 2024 20.1 | Sep 2024 23.1 | Dec 2024 21.1 | Mar 2025 21.2 | Jun 2025 19.5 | Sep 2025 19.4 | Dec 2025 17.5 | Mar 2026 17.8 | Jun 2026 — - ECL: Sep 2021 8.6 | Dec 2021 9.3 | Mar 2022 7.1 | Jun 2022 6.2 | Sep 2022 5.8 | Dec 2022 5.7 | Mar 2023 6.4 | Jun 2023 7.0 | Sep 2023 6.2 | Dec 2023 7.0 | Mar 2024 8.0 | Jun 2024 8.2 | Sep 2024 8.5 | Dec 2024 7.6 | Mar 2025 8.1 | Jun 2025 8.2 | Sep 2025 8.0 | Dec 2025 7.6 | Mar 2026 7.5 | Jun 2026 — - APD: Sep 2021 4.2 | Dec 2021 4.9 | Mar 2022 4.0 | Jun 2022 3.9 | Sep 2022 3.9 | Dec 2022 4.9 | Mar 2023 4.5 | Jun 2023 4.7 | Sep 2023 4.4 | Dec 2023 4.1 | Mar 2024 3.6 | Jun 2024 3.8 | Sep 2024 3.9 | Dec 2024 3.9 | Mar 2025 4.5 | Jun 2025 4.0 | Sep 2025 4.0 | Dec 2025 3.6 | Mar 2026 4.1 | Jun 2026 — - PPG: Sep 2021 5.4 | Dec 2021 6.5 | Mar 2022 5.0 | Jun 2022 4.4 | Sep 2022 4.3 | Dec 2022 4.5 | Mar 2023 4.4 | Jun 2023 4.6 | Sep 2023 4.0 | Dec 2023 4.5 | Mar 2024 4.3 | Jun 2024 3.8 | Sep 2024 4.0 | Dec 2024 4.1 | Mar 2025 3.6 | Jun 2025 3.4 | Sep 2025 3.0 | Dec 2025 2.9 | Mar 2026 2.9 | Jun 2026 — - IFF: Sep 2021 1.6 | Dec 2021 1.8 | Mar 2022 1.6 | Jun 2022 1.5 | Sep 2022 1.4 | Dec 2022 1.5 | Mar 2023 1.3 | Jun 2023 1.2 | Sep 2023 1.0 | Dec 2023 1.4 | Mar 2024 1.5 | Jun 2024 1.7 | Sep 2024 1.8 | Dec 2024 1.6 | Mar 2025 1.5 | Jun 2025 1.3 | Sep 2025 1.1 | Dec 2025 1.2 | Mar 2026 1.3 | Jun 2026 — - SQM: Sep 2021 4.7 | Dec 2021 4.5 | Mar 2022 7.6 | Jun 2022 6.8 | Sep 2022 5.6 | Dec 2022 4.7 | Mar 2023 4.3 | Jun 2023 4.2 | Sep 2023 3.3 | Dec 2023 3.9 | Mar 2024 3.0 | Jun 2024 2.4 | Sep 2024 2.3 | Dec 2024 2.0 | Mar 2025 2.2 | Jun 2025 1.9 | Sep 2025 2.2 | Dec 2025 3.5 | Mar 2026 4.0 | Jun 2026 — - DD: Sep 2021 1.3 | Dec 2021 1.6 | Mar 2022 1.4 | Jun 2022 1.1 | Sep 2022 1.0 | Dec 2022 1.2 | Mar 2023 1.2 | Jun 2023 1.3 | Sep 2023 1.3 | Dec 2023 1.4 | Mar 2024 1.4 | Jun 2024 1.4 | Sep 2024 1.5 | Dec 2024 1.4 | Mar 2025 1.4 | Jun 2025 1.3 | Sep 2025 1.4 | Dec 2025 1.2 | Mar 2026 1.3 | Jun 2026 — - LYB: Sep 2021 2.7 | Dec 2021 2.5 | Mar 2022 — | Jun 2022 2.3 | Sep 2022 2.0 | Dec 2022 2.1 | Mar 2023 2.4 | Jun 2023 2.3 | Sep 2023 2.3 | Dec 2023 2.4 | Mar 2024 2.6 | Jun 2024 2.3 | Sep 2024 2.3 | Dec 2024 1.9 | Mar 2025 1.9 | Jun 2025 1.6 | Sep 2025 1.5 | Dec 2025 1.4 | Mar 2026 2.6 | Jun 2026 — - RPM: Sep 2021 6.0 | Dec 2021 6.4 | Mar 2022 6.0 | Jun 2022 5.7 | Sep 2022 6.0 | Dec 2022 6.4 | Mar 2023 5.6 | Jun 2023 4.8 | Sep 2023 5.6 | Dec 2023 5.6 | Mar 2024 6.3 | Jun 2024 5.7 | Sep 2024 5.7 | Dec 2024 6.6 | Mar 2025 6.0 | Jun 2025 5.1 | Sep 2025 5.3 | Dec 2025 4.4 | Mar 2026 4.6 | Jun 2026 4.1 - ALB: Sep 2021 4.5 | Dec 2021 38.7 | Mar 2022 4.5 | Jun 2022 4.0 | Sep 2022 4.6 | Dec 2022 20.5 | Mar 2023 2.8 | Jun 2023 2.7 | Sep 2023 2.0 | Dec 2023 13.5 | Mar 2024 1.3 | Jun 2024 1.0 | Sep 2024 1.1 | Dec 2024 9.7 | Mar 2025 0.8 | Jun 2025 0.7 | Sep 2025 1.0 | Dec 2025 1.8 | Mar 2026 2.2 | Jun 2026 — - WLK: Sep 2021 1.6 | Dec 2021 1.6 | Mar 2022 1.8 | Jun 2022 1.3 | Sep 2022 1.2 | Dec 2022 1.3 | Mar 2023 1.4 | Jun 2023 1.5 | Sep 2023 1.5 | Dec 2023 1.8 | Mar 2024 1.9 | Jun 2024 1.8 | Sep 2024 1.8 | Dec 2024 1.4 | Mar 2025 1.2 | Jun 2025 1.0 | Sep 2025 1.1 | Dec 2025 0.5 | Mar 2026 0.9 | Jun 2026 — - SOLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 5.5 | Mar 2026 8.1 | Jun 2026 — - ESI: Sep 2021 2.2 | Dec 2021 2.4 | Mar 2022 2.2 | Jun 2022 1.8 | Sep 2022 1.7 | Dec 2022 1.9 | Mar 2023 2.0 | Jun 2023 2.0 | Sep 2023 2.1 | Dec 2023 2.4 | Mar 2024 2.6 | Jun 2024 2.8 | Sep 2024 2.7 | Dec 2024 2.6 | Mar 2025 2.2 | Jun 2025 2.1 | Sep 2025 2.3 | Dec 2025 2.3 | Mar 2026 3.0 | Jun 2026 — - EMN: Sep 2021 2.2 | Dec 2021 2.7 | Mar 2022 2.5 | Jun 2022 2.1 | Sep 2022 1.6 | Dec 2022 1.9 | Mar 2023 1.9 | Jun 2023 1.9 | Sep 2023 1.7 | Dec 2023 1.9 | Mar 2024 2.1 | Jun 2024 2.0 | Sep 2024 2.3 | Dec 2024 1.8 | Mar 2025 1.7 | Jun 2025 1.5 | Sep 2025 1.3 | Dec 2025 1.2 | Mar 2026 1.5 | Jun 2026 — - AXTA: Sep 2021 4.6 | Dec 2021 5.0 | Mar 2022 4.0 | Jun 2022 3.7 | Sep 2022 3.7 | Dec 2022 3.9 | Mar 2023 4.3 | Jun 2023 4.4 | Sep 2023 3.7 | Dec 2023 4.3 | Mar 2024 4.4 | Jun 2024 4.2 | Sep 2024 4.1 | Dec 2024 3.9 | Mar 2025 3.5 | Jun 2025 2.8 | Sep 2025 2.7 | Dec 2025 2.9 | Mar 2026 2.5 | Jun 2026 — - NEU: Sep 2021 4.7 | Dec 2021 4.7 | Mar 2022 4.4 | Jun 2022 4.2 | Sep 2022 4.5 | Dec 2022 4.0 | Mar 2023 4.3 | Jun 2023 4.3 | Sep 2023 4.5 | Dec 2023 4.9 | Mar 2024 5.3 | Jun 2024 4.0 | Sep 2024 3.9 | Dec 2024 3.4 | Mar 2025 3.5 | Jun 2025 4.0 | Sep 2025 4.6 | Dec 2025 3.6 | Mar 2026 3.4 | Jun 2026 — - PRM: Sep 2021 — | Dec 2021 2.1 | Mar 2022 1.7 | Jun 2022 1.6 | Sep 2022 1.1 | Dec 2022 1.3 | Mar 2023 1.1 | Jun 2023 0.8 | Sep 2023 0.6 | Dec 2023 0.6 | Mar 2024 1.0 | Jun 2024 1.1 | Sep 2024 2.0 | Dec 2024 1.6 | Mar 2025 1.2 | Jun 2025 1.7 | Sep 2025 3.0 | Dec 2025 3.6 | Mar 2026 3.3 | Jun 2026 — - BCPC: Sep 2021 5.3 | Dec 2021 6.2 | Mar 2022 5.0 | Jun 2022 4.6 | Sep 2022 4.4 | Dec 2022 4.2 | Mar 2023 4.2 | Jun 2023 4.3 | Sep 2023 3.9 | Dec 2023 4.6 | Mar 2024 4.7 | Jun 2024 4.5 | Sep 2024 4.9 | Dec 2024 4.6 | Mar 2025 4.5 | Jun 2025 4.1 | Sep 2025 3.7 | Dec 2025 3.9 | Mar 2026 4.2 | Jun 2026 — - SXT: Sep 2021 4.1 | Dec 2021 4.5 | Mar 2022 3.7 | Jun 2022 3.5 | Sep 2022 3.0 | Dec 2022 3.1 | Mar 2023 3.1 | Jun 2023 2.8 | Sep 2023 2.3 | Dec 2023 2.6 | Mar 2024 2.7 | Jun 2024 3.0 | Sep 2024 3.1 | Dec 2024 2.8 | Mar 2025 2.9 | Jun 2025 3.6 | Sep 2025 3.4 | Dec 2025 3.3 | Mar 2026 3.0 | Jun 2026 4.2 - CBT: Sep 2021 3.0 | Dec 2021 4.0 | Mar 2022 4.2 | Jun 2022 4.0 | Sep 2022 4.0 | Dec 2022 3.7 | Mar 2023 3.9 | Jun 2023 3.3 | Sep 2023 3.0 | Dec 2023 3.5 | Mar 2024 3.7 | Jun 2024 3.7 | Sep 2024 4.3 | Dec 2024 3.6 | Mar 2025 3.1 | Jun 2025 2.6 | Sep 2025 2.6 | Dec 2025 2.2 | Mar 2026 2.5 | Jun 2026 — - CLMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -3.1 | Dec 2023 -2.9 | Mar 2024 -2.1 | Jun 2024 -2.3 | Sep 2024 -2.3 | Dec 2024 -2.7 | Mar 2025 -1.3 | Jun 2025 -1.4 | Sep 2025 -2.3 | Dec 2025 -2.4 | Mar 2026 -3.0 | Jun 2026 — - AVNT: Sep 2021 2.4 | Dec 2021 2.9 | Mar 2022 2.4 | Jun 2022 2.0 | Sep 2022 1.6 | Dec 2022 1.3 | Mar 2023 1.6 | Jun 2023 1.6 | Sep 2023 1.4 | Dec 2023 1.6 | Mar 2024 1.7 | Jun 2024 1.7 | Sep 2024 2.0 | Dec 2024 1.6 | Mar 2025 1.5 | Jun 2025 1.3 | Sep 2025 1.3 | Dec 2025 1.2 | Mar 2026 1.4 | Jun 2026 — - ASH: Sep 2021 1.9 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.6 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.4 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.4 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - WDFC: Sep 2021 16.4 | Dec 2021 15.5 | Mar 2022 14.6 | Jun 2022 13.2 | Sep 2022 13.6 | Dec 2022 11.9 | Mar 2023 11.9 | Jun 2023 12.5 | Sep 2023 13.9 | Dec 2023 15.2 | Mar 2024 16.8 | Jun 2024 13.7 | Sep 2024 15.5 | Dec 2024 16.6 | Mar 2025 13.4 | Jun 2025 12.8 | Sep 2025 10.9 | Dec 2025 10.0 | Mar 2026 11.9 | Jun 2026 9.6 - FUL: Sep 2021 — | Dec 2021 2.4 | Mar 2022 2.3 | Jun 2022 2.3 | Sep 2022 2.3 | Dec 2022 2.7 | Mar 2023 2.4 | Jun 2023 2.2 | Sep 2023 2.3 | Dec 2023 2.4 | Mar 2024 2.5 | Jun 2024 2.4 | Sep 2024 2.5 | Dec 2024 2.3 | Mar 2025 1.7 | Jun 2025 1.6 | Sep 2025 1.7 | Dec 2025 1.6 | Mar 2026 1.7 | Jun 2026 1.7 - HWKN: Sep 2021 2.6 | Dec 2021 2.8 | Mar 2022 — | Jun 2022 3.2 | Sep 2022 2.4 | Dec 2022 2.5 | Mar 2023 2.4 | Jun 2023 2.6 | Sep 2023 2.7 | Dec 2023 3.2 | Mar 2024 3.9 | Jun 2024 4.5 | Sep 2024 5.9 | Dec 2024 5.7 | Mar 2025 4.8 | Jun 2025 6.2 | Sep 2025 7.2 | Dec 2025 5.9 | Mar 2026 5.9 | Jun 2026 — - KWR: Sep 2021 3.1 | Dec 2021 3.0 | Mar 2022 2.2 | Jun 2022 2.0 | Sep 2022 2.0 | Dec 2022 2.3 | Mar 2023 2.7 | Jun 2023 2.6 | Sep 2023 2.2 | Dec 2023 2.8 | Mar 2024 2.7 | Jun 2024 2.2 | Sep 2024 2.1 | Dec 2024 1.8 | Mar 2025 1.6 | Jun 2025 1.5 | Sep 2025 1.7 | Dec 2025 1.7 | Mar 2026 1.6 | Jun 2026 — - NGVT: Sep 2021 4.4 | Dec 2021 4.2 | Mar 2022 3.6 | Jun 2022 3.7 | Sep 2022 3.6 | Dec 2022 3.8 | Mar 2023 3.7 | Jun 2023 3.0 | Sep 2023 2.4 | Dec 2023 2.7 | Mar 2024 3.1 | Jun 2024 5.6 | Sep 2024 6.6 | Dec 2024 7.6 | Mar 2025 6.1 | Jun 2025 13.0 | Sep 2025 14.4 | Dec 2025 70.7 | Mar 2026 63.9 | Jun 2026 — ## Market action Calumet, Inc. has the strongest one-year price move in Specialty Chemicals at +167.4%. It also leads on Mansfield relative strength against the S&P 500 at +50.2%. 12 of 28 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28. ### Strongest one-year price performers 1. Calumet, Inc. (CLMT): 167% 2. Perimeter Solutions, Inc. (PRM): 123% 3. Sociedad Química y Minera de Chile S.A. (SQM): 87% 4. Ingevity Corporation (NGVT): 84% 5. Albemarle Corporation (ALB): 67% ### Strongest relative strength versus NIFTY 500 1. Calumet, Inc. (CLMT): 50% 2. Perimeter Solutions, Inc. (PRM): 21% 3. Sensient Technologies Corporation (SXT): 12% 4. Cabot Corporation (CBT): 12% 5. Ashland Inc. (ASH): 11% ## 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. ## Every company - Linde plc (LIN) — market value ₹2.4 L Cr; latest fundamentals Mar 2026 - The Sherwin-Williams Company (SHW) — market value ₹86.9K Cr; latest fundamentals Mar 2026 - Ecolab Inc. (ECL) — market value ₹79.6K Cr; latest fundamentals Mar 2026 - Air Products and Chemicals, Inc. (APD) — market value ₹65.2K Cr; latest fundamentals Mar 2026 - PPG Industries, Inc. (PPG) — market value ₹26.5K Cr; latest fundamentals Mar 2026 - International Flavors & Fragrances Inc. (IFF) — market value ₹20.2K Cr; latest fundamentals Mar 2026 - Sociedad Química y Minera de Chile S.A. (SQM) — market value ₹19.1K Cr; latest fundamentals Mar 2026 - DuPont de Nemours, Inc. (DD) — market value ₹19.0K Cr; latest fundamentals Mar 2026 - LyondellBasell Industries N.V. (LYB) — market value ₹18.8K Cr; latest fundamentals Mar 2026 - RPM International Inc. (RPM) — market value ₹14.3K Cr; latest fundamentals Jun 2026 - Albemarle Corporation (ALB) — market value ₹13.3K Cr; latest fundamentals Mar 2026 - Westlake Corporation (WLK) — market value ₹9.2K Cr; latest fundamentals Mar 2026 - Solstice Advanced Materials, Inc. (SOLS) — market value ₹9.1K Cr; latest fundamentals Mar 2026 - Element Solutions Inc (ESI) — market value ₹8.9K Cr; latest fundamentals Mar 2026 - Eastman Chemical Company (EMN) — market value ₹7.8K Cr; latest fundamentals Mar 2026 - Axalta Coating Systems Ltd. (AXTA) — market value ₹7.6K Cr; latest fundamentals Mar 2026 - NewMarket Corporation (NEU) — market value ₹7.2K Cr; latest fundamentals Mar 2026 - Perimeter Solutions, Inc. (PRM) — market value ₹5.7K Cr; latest fundamentals Mar 2026 - Balchem Corporation (BCPC) — market value ₹5.3K Cr; latest fundamentals Mar 2026 - Sensient Technologies Corporation (SXT) — market value ₹5.3K Cr; latest fundamentals Jun 2026 - Cabot Corporation (CBT) — market value ₹4.7K Cr; latest fundamentals Mar 2026 - Calumet, Inc. (CLMT) — market value ₹3.6K Cr; latest fundamentals Mar 2026 - Avient Corporation (AVNT) — market value ₹3.4K Cr; latest fundamentals Mar 2026 - Ashland Inc. (ASH) — market value ₹3.1K Cr; latest fundamentals Mar 2026 - WD-40 Company (WDFC) — market value ₹3.1K Cr; latest fundamentals Jun 2026 - H.B. Fuller Company (FUL) — market value ₹3.1K Cr; latest fundamentals Jun 2026 - Hawkins, Inc. (HWKN) — market value ₹3.0K Cr; latest fundamentals Mar 2026 - Quaker Chemical Corporation (KWR) — market value ₹2.7K Cr; latest fundamentals Mar 2026 - Ingevity Corporation (NGVT) — market value ₹2.6K Cr; latest fundamentals Mar 2026 ## Methodology and freshness Fundamentals through Jun 2026; prices through 2026-07-28. 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 ### Which Specialty Chemicals company is the biggest? Linde plc is the largest, with trailing-twelve-month revenue of $34,655 million, ahead of LyondellBasell Industries N.V. at $29,673 million. That covers 24 of 29 companies with comparable reporting through Mar 2026. ### Which Specialty Chemicals company is growing fastest? Perimeter Solutions, Inc. has the fastest revenue growth at 23.2% year on year, across 24 of 29 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 Specialty Chemicals company has the best profit margins? Perimeter Solutions, Inc. has the highest operating margin at 58%, from 29 of 29 comparable companies. Air Products and Chemicals, Inc. shows the biggest recent improvement, at +103.5 percentage points. A high margin matters most when it is holding or rising, not when it is peaking. ### Which Specialty Chemicals company makes the most profit? Linde plc earns the most, at $7,099 million of trailing-twelve-month net profit, from 24 of 29 comparable companies. H.B. Fuller Company has the fastest profit growth at 80.6%, though growth off a small or recovering profit base overstates how much has actually changed. ### Which Specialty Chemicals company earns the highest return on capital? WD-40 Company leads on return on capital employed at 10.8%, across 29 of 29 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 Specialty Chemicals stock is the cheapest? On guarded PEG — where a LOWER number is cheaper — Cabot Corporation screens cheapest at 0.18×. Only 15 of 29 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 Specialty Chemicals company has the strongest balance sheet? WD-40 Company carries the lowest comparable gross debt at $111 million, from 29 of 29 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. ### Which Specialty Chemicals company is investing most in new capacity? Linde plc reports the largest capital spending at $1,342 million, across 29 of 29 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation. ### Is the Specialty Chemicals sector beating the market? Specialty Chemicals has outperformed S&P 500 by 11.7% over the last 52 weeks and 3.4% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 12 of 28 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it. ### Which Specialty Chemicals stock has the strongest price momentum? Calumet, Inc. has the strongest relative strength against S&P 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 Specialty Chemicals company scores highest for research priority? Sensient Technologies Corporation scores 62.3 out of 100 with 58.7% evidence confidence, from 20.4 points on growth and earnings, 14.3 on capital efficiency, 9.6 on valuation and 18 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 Specialty Chemicals companies does this comparison cover, and over what period? It compares 29 listed companies over up to 20 reported quarters of fundamentals and 6 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 Specialty Chemicals sector? The 29 Specialty Chemicals companies on this page carry $694,705 million of combined market value. Linde plc is the largest at $236,343 million, about 34% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28. ### What is the Specialty Chemicals sector's P/E ratio? The median price-to-earnings ratio across the 29 Specialty Chemicals companies on this page is 30.7×, measured on the 29 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 2026-07-28. ### How is the Specialty Chemicals sector performing? 12 of the 28 covered Specialty Chemicals companies are beating S&P 500 on Mansfield relative strength. The sector itself is 11.7% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28. ### How many Specialty Chemicals stocks are listed in the US? This comparison covers 29 listed Specialty Chemicals companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data. ### 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/specialty-chemicals