Value Added Product Mix Shift
Expected: OngoingHIGH confidence
What: Benzene Downstream Products: 5 Products added
“Moving From Integrated Dyestuffs Player to Niche Value-added Products”
Bodal Chemicals Ltd: Why Is It Outperforming Nifty 500?
ActiveAverage9w Streak
In , Bodal Chemicals Ltd (Dyes & Pigments) is outperforming Nifty 500 with +8.3% relative strength. Fundamentals: Average. On a 9-week streak.
Bodal Chemicals Ltd Key Facts
- PE Ratio
- 17.4x
- Market Cap
- ₹835 Cr
- PAT Growth YoY
- +129%
- Revenue Growth YoY
- +30%
- OPM
- 12.0%
- RS vs Nifty 500
- +8.3%
PE: Near TroughStrong Opportunity
What's Happening
💎PE falling while earnings hold — value emerging
💰Trading 41% above estimated fair value — significant premium
Earnings Acceleration Triggers
1. Value Added Product Mix Shift
OngoingHIGH
2. Operating Leverage Inflection
Next 2-4 quartersMEDIUM
Key Risks
1. Provision of ₹17
MEDIUM2. Margins under pressure from intense competition and subdued demand in benzene de
MEDIUM3. High costs involved in complying with environmental regulations
LOWSector-Specific Signals
Total Production Capacity470,000 MTPA0%
Basic Chemicals Revenue (Q3)₹247 Mn-15%
Dyestuff Revenue (Q3)₹1,315 Mn+15%
Dye Intermediates Revenue (Q3)₹1,826 Mn+2%
Key Numbers
PAT Growth YoY
+129%
Stable
Revenue YoY
+30%
Stable
Operating Margin
12.0%
+200 bps YoY
PE Ratio
17.4
Current Price
₹66
Fundamental Score
46/100
Average
3Y PAT CAGR
+8%
Market Cap
835 Cr
Valuation
Significantly Overvalued12-Week Performance
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
12 weeks agoThis week
Why Are Bodal Chemicals Ltd's Earnings Accelerating?
Based on Q3 FY26 earnings • Updated Apr 19, 2026
Operating Leverage Inflection
Expected: Next 2-4 quartersMEDIUM confidence
What: Saykha Production: Normal production levels achieved
“The company has achieved normal production levels compliant with required quality standards”
What Are the Key Risks for Bodal Chemicals Ltd?
Earnings deceleration risks from management commentary
Provision of ₹17
MEDIUMTrigger: Compliance with new statutory labor regulations in India.
Impact: PAT impact: ₹17.97 Mn at EBITDA level
Management view: One-time provision recognized in Q3 results.
Monitor: labor
Margins under pressure from intense competition and subdued demand in benzene de
MEDIUMTrigger: Stiff competition in the newly entered benzene downstream segment.
Management view: Focus on cost-control and volume improvement.
Monitor: commodity
High costs involved in complying with environmental regulations
LOWTrigger: Chemical industry is energy and CO2 intensive.
Management view: Investment in ETP, MEEP, and Brine Treatment plants.
Monitor: climate
What Is Bodal Chemicals Ltd's Management Saying?
Key quotes from recent conference calls
“We are expecting gradual growth and meaningful contribution towards top and bottom-line by quarter-on-quarter basis. [Previous Benzene Downstream Contribution guidance]”
“Moving From Integrated Dyestuffs Player to Niche Value-added Products [Initiative: Saykha Benzene Downstream Project]”
“post impact of the New Labour Code, amounting to Rs. 17.97 million, the absolute EBITDA stood at Rs. 1,317 mn [Risk (labor): MEDIUM]”
“margins remain under pressure from intense competition and subdued demand. [Risk (commodity): MEDIUM]”
What Did Bodal Chemicals Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
₹5,046.6 Mn
YoY +13.3%QoQ +0.9%
Why: Growth was led by sales from Basic Chemicals and additional sales from Benzene downstream products despite maintenance shutdowns.
Revenue growth remained steady YoY despite a 15% quarterly de-growth in Basic Chemicals due to maintenance.
EBITDA
₹371.3 Mn
YoY -20%Margin 7.4%
Why: Profitability was impacted by a ₹17.97 million provision for the New Labour Code and increased overheads from the Saykha plant capitalization.
EBITDA margins contracted significantly from 10.4% to 7.4% YoY due to one-off labor costs and higher fixed overheads.
PAT
₹2.4 Mn
YoY -95.5%QoQ -96%
Why: The sharp decline was driven by higher interest and depreciation costs following the capitalization of the Saykha Benzene project.
PAT was nearly wiped out this quarter as the new project's costs hit the P&L before meaningful revenue contribution.
Other Highlights
• New Labour Code provision of ₹17.97 million impacted Q3 EBITDA.
• Basic Chemicals revenue de-grew 15% quarterly due to annual maintenance shutdown.
• Chlor Alkali business revenue grew 5% YoY to ₹2,553 Mn in 9MFY26.
What Sector Metrics Matter for Bodal Chemicals Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Total Production Capacity
470,000 MTPA
YoY 0%QoQ 0%
Why: Capacity remained stable following recent expansions.
Basic Chemicals Revenue (Q3)
₹247 Mn
YoY -15%QoQ -25%
Why: De-grew due to annual maintenance shutdown during the quarter.
Dyestuff Revenue (Q3)
₹1,315 Mn
YoY +15%
Why: Growth led by volume improvements and stable input costs.
Dye Intermediates Revenue (Q3)
₹1,826 Mn
YoY +2%
Why: Marginal growth on a quarterly YoY basis.
Chlor Alkali Revenue (9M)
₹2,553 Mn
YoY +5%QoQ +3%
Why: Led by comparatively better realization on a YoY basis.
Export Revenue Share
21%
YoY -400 bpsQoQ -100 bps
Why: Domestic sales share increased to 79% in 9MFY26.
Benzene Downstream Capacity
63,000 MTPA
YoY NewQoQ 0%
Why: Newly capitalized facility at Saykha.
Net Debt/Equity
0.79x
YoY -0.01xQoQ 0.00x
Why: Remained stable compared to FY24 levels.
What Is Bodal Chemicals Ltd's Management Guidance?
Forward-looking targets from management for Near term
Revenue Outlook
Expecting additional contribution from Saykha plant in near term.
Margin Outlook
Expecting gradual growth in bottom-line on a quarter-on-quarter basis.
Volume
Improvement in volumes across divisions expected.
Management Tone: CAUTIOUS
Guidance Changes
LOWERED
Saykha Profitability: Meaningful contribution → Partially offsetting profitability of other divisions
How Fast Is Bodal Chemicals Ltd Growing?
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +30% | +9% | Stable |
| PAT (Net Profit) | +129% | +8% | Stable |
| OPM | 12.0% | +200 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 19, 2026.
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Frequently Asked Questions: Bodal Chemicals Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were Bodal Chemicals Ltd's latest quarterly results?
Bodal Chemicals Ltd's latest quarterly results (Mar 2026) show
- PAT Growth YoY: +128.6% (stable)
- Revenue Growth YoY: +30.4%
- Operating Margin: 12.0% (volatile)
Is Bodal Chemicals Ltd's profit growing or declining?
Bodal Chemicals Ltd's profit is growing with an stable trend.
- PAT Growth YoY: +128.6% (latest quarter)
- 3-Year PAT CAGR: +8.1%
- Trend: Stable — consistent growth pattern
What is Bodal Chemicals Ltd's revenue growth trend?
Bodal Chemicals Ltd's revenue growth trend is stable.
- Revenue Growth YoY: +30.4%
- Revenue Growth QoQ: +20.0% (sequential)
- 3-Year Revenue CAGR: +8.5%
How is Bodal Chemicals Ltd's operating margin trending?
Bodal Chemicals Ltd's operating margin is volatile.
- Current OPM: 12.0%
- OPM Change YoY: +2.0% basis points
- OPM Change QoQ: +8.0% basis points
What is Bodal Chemicals Ltd's 3-year profit and revenue CAGR?
Bodal Chemicals Ltd's long-term compounding rates
- 3-Year Profit CAGR: +8.1%
- 3-Year Revenue CAGR: +8.5%
Is Bodal Chemicals Ltd's growth accelerating or decelerating?
Bodal Chemicals Ltd's earnings growth is stable with insufficient_data on a sequential basis.
- YoY Acceleration: +180.0% bps
What is Bodal Chemicals Ltd's trailing twelve month (TTM) performance?
Bodal Chemicals Ltd's trailing twelve month (TTM) performance
- TTM PAT: ₹48 Cr
- TTM PAT Growth: +100.0% YoY
- TTM Revenue: ₹2,000 Cr
- TTM Revenue Growth: +15.3% YoY
- TTM Operating Margin: 7.9%
Is Bodal Chemicals Ltd overvalued or undervalued?
Bodal Chemicals Ltd appears significantly overvalued based on our fair value analysis.
- Valuation Signal: Significantly Overvalued
- Current PE: 17.4x
- Price-to-Book: 0.7x
What is Bodal Chemicals Ltd's current PE ratio?
Bodal Chemicals Ltd's current PE ratio is 17.4x.
- Current PE: 17.4x
- Market Cap: 835 Cr
How does Bodal Chemicals Ltd's valuation compare to its history?
Bodal Chemicals Ltd's current PE is 17.4x.
- Current PE: 17.4x
- Valuation Assessment: Significantly Overvalued
What is Bodal Chemicals Ltd's price-to-book ratio?
Bodal Chemicals Ltd's price-to-book ratio is 0.7x.
- Price-to-Book (P/B): 0.7x
- Book Value per Share: ₹92
- Current Price: ₹66
Is Bodal Chemicals Ltd a fundamentally strong company?
Bodal Chemicals Ltd is rated Average with a fundamental score of 46/100. This score is calculated from objective financial metrics
- Revenue Growth YoY: +30.4% (10% weight)
- PAT Growth YoY: +128.6% (10% weight)
- Margins stable (10% weight)
Is Bodal Chemicals Ltd debt free?
Bodal Chemicals Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹813 Cr
What is Bodal Chemicals Ltd's return on equity (ROE) and ROCE?
Bodal Chemicals Ltd's return ratios over recent years
- FY2024: ROCE 3.0%
- FY2025: ROCE 6.0%
- FY2026: ROCE 7.0%
Is Bodal Chemicals Ltd's cash flow positive?
Bodal Chemicals Ltd's operating cash flow is positive (FY2026).
- Cash from Operations (CFO): ₹176 Cr
- Free Cash Flow (FCF): ₹187 Cr
- CFO/PAT Ratio: 367% (strong cash conversion)
What is Bodal Chemicals Ltd's dividend yield?
Bodal Chemicals Ltd currently does not pay a significant dividend (yield 0.00%).
- Dividend Yield: 0.00%
- Current Price: ₹66
Who holds Bodal Chemicals Ltd shares — promoters, FII, DII?
Bodal Chemicals Ltd's shareholding pattern (Mar 2026)
- Promoters: 57.0%
- FII (Foreign): 0.1%
- DII (Domestic): 0.0%
- Public: 42.8%
Is promoter holding increasing or decreasing in Bodal Chemicals Ltd?
Bodal Chemicals Ltd's promoter holding has remained stable recently.
- Current Promoter Holding: 57.0% (Mar 2026)
- Previous Quarter: 57.0% (Dec 2025)
- Change: 0.00% (stable)
How long has Bodal Chemicals Ltd been outperforming Nifty 500?
Bodal Chemicals Ltd has been outperforming Nifty 500 for 9 consecutive weeks, indicating consistent outperformance.
Is Bodal Chemicals Ltd a new momentum entry or an established outperformer?
Bodal Chemicals Ltd is an established outperformer with 9 weeks of consecutive Nifty 500 outperformance.
What are the growth catalysts for Bodal Chemicals Ltd?
Bodal Chemicals Ltd has 2 key growth catalysts identified from recent earnings analysis
- Value Added Product Mix Shift — Transitioning from commodity dyes to niche benzene derivatives like MCB and PNCB.
- Operating Leverage Inflection — As volumes ramp up at the newly capitalized plant, fixed cost absorption should improve.
What are the key risks in Bodal Chemicals Ltd?
Bodal Chemicals Ltd has 3 key risks worth monitoring
- [MEDIUM] Provision of ₹17 — Compliance with new statutory labor regulations in India.
- [MEDIUM] Margins under pressure from intense competition and subdued demand in benzene de — Stiff competition in the newly entered benzene downstream segment.
- [LOW] High costs involved in complying with environmental regulations — Chemical industry is energy and CO2 intensive.
What did Bodal Chemicals Ltd's management say in the latest earnings call?
In Q3 FY26, Bodal Chemicals Ltd's management highlighted
- "We are expecting gradual growth and meaningful contribution towards top and bottom-line by quarter-on-quarter basis. [Previous Benzene Downstream Con..."
- "Moving From Integrated Dyestuffs Player to Niche Value-added Products [Initiative: Saykha Benzene Downstream Project]"
- "post impact of the New Labour Code, amounting to Rs. 17.97 million, the absolute EBITDA stood at Rs. 1,317 mn [Risk (labor): MEDIUM]"
What is Bodal Chemicals Ltd's management guidance for growth?
Bodal Chemicals Ltd's management has provided the following forward guidance for Near term
- Revenue outlook: Expecting additional contribution from Saykha plant in near term.
- Margin outlook: Expecting gradual growth in bottom-line on a quarter-on-quarter basis.
- Management tone: cautious
- Milestone: [LOWERED] Saykha Profitability: Meaningful contribution → Partially offsetting profitability of other divisions
What sector-specific metrics matter most for Bodal Chemicals Ltd?
Bodal Chemicals Ltd's most important sub-sector-specific KPIs from the latest concall
- Total Production Capacity: 470,000 MTPA (YoY 0%) (QoQ 0%) — Capacity remained stable following recent expansions.
- Basic Chemicals Revenue (Q3): ₹247 Mn (YoY -15%) (QoQ -25%) — De-grew due to annual maintenance shutdown during the quarter.
- Dyestuff Revenue (Q3): ₹1,315 Mn (YoY +15%) — Growth led by volume improvements and stable input costs.
- Dye Intermediates Revenue (Q3): ₹1,826 Mn (YoY +2%) — Marginal growth on a quarterly YoY basis.
- Chlor Alkali Revenue (9M): ₹2,553 Mn (YoY +5%) (QoQ +3%) — Led by comparatively better realization on a YoY basis.
- Export Revenue Share: 21% (YoY -400 bps) (QoQ -100 bps) — Domestic sales share increased to 79% in 9MFY26.
Is Bodal Chemicals Ltd worth studying for long term investment?
Based on quantitative research signals, here is why Bodal Chemicals Ltd may be worth studying
- Earnings growing at +128.6% YoY
- Cash flow is positive — CFO ₹176 Cr
What is the investment thesis for Bodal Chemicals Ltd?
Bodal Chemicals Ltd investment thesis summary:
Research Signals (Bull Case)
- Revenue growing at +30.4% YoY
- Growth catalyst: Value Added Product Mix Shift
Risk Factors (Bear Case)
- Appears significantly overvalued
- Key risk: Provision of ₹17
What is the future outlook for Bodal Chemicals Ltd?
Bodal Chemicals Ltd's forward outlook based on current data signals
- Earnings Trend: stable
- Revenue Trend: stable
- Margin Trend: volatile
- Valuation: Significantly Overvalued
- Key Catalyst: Value Added Product Mix Shift
- Key Risk: Provision of ₹17
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.