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  4. /Bodal Chemicals Ltd
MomentumDeep Value

Bodal Chemicals Ltd: Why Is It Outperforming Nifty 500?

Active
RS +47.5%Weak4w Streak

In Week of May 10, 2026, Bodal Chemicals Ltd (Dyes & Pigments) is outperforming Nifty 500 with +47.5% relative strength. Fundamentals: Weak. On a 4-week streak.

Bodal Chemicals Ltd Key Facts

PE Ratio
28.3x
Market Cap
₹857 Cr
PAT Growth YoY
-96%
Revenue Growth YoY
+10%
OPM
4.5%
RS vs Nifty 500
+47.5%
PE: Near TroughStrong Opportunity

What's Happening

💎PE falling while earnings hold — value emerging
💰Trading 50% 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
MEDIUM
2. Margins under pressure from intense competition and subdued demand in benzene de
MEDIUM
3. High costs involved in complying with environmental regulations
LOW

Sector-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
-96%
Inflection Down
Revenue YoY
+10%
Stable
Operating Margin
4.5%
-553 bps YoY
PE Ratio
28.3
Current Price
₹68
Fundamental Score
23/100
Weak
3Y PAT CAGR
-43%
Market Cap
921 Cr
Valuation
Significantly Overvalued

12-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

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”

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

MEDIUM

Trigger: 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

MEDIUM

Trigger: 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

LOW

Trigger: 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

MetricYoY3Y CAGRTrend
Revenue+10%-5%Stable
PAT (Net Profit)-96%-43%Inflection Down
OPM4.5%-553 bpsVolatile

The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 19, 2026.

Other Top Dyes & Pigments Stocks Beating Nifty 500

Atul Ltd
Strong • 12w streak
+11.1%
← Back to Dyes & PigmentsDashboard

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 (Dec 2025) show

  • PAT Growth YoY: -95.6% (inflecting downward)
  • Revenue Growth YoY: +10.4%
  • Operating Margin: 4.5% (volatile)

Is Bodal Chemicals Ltd's profit growing or declining?

Bodal Chemicals Ltd's profit is declining with an inflecting downward trend.

  • PAT Growth YoY: -95.6% (latest quarter)
  • PAT Growth QoQ: -96.0% (sequential)
  • 3-Year PAT CAGR: -43.4%
  • Trend: Inflecting downward — consistent growth pattern

What is Bodal Chemicals Ltd's revenue growth trend?

Bodal Chemicals Ltd's revenue growth trend is stable.

  • Revenue Growth YoY: +10.4%
  • Revenue Growth QoQ: +1.9% (sequential)
  • 3-Year Revenue CAGR: -5.3%

How is Bodal Chemicals Ltd's operating margin trending?

Bodal Chemicals Ltd's operating margin is volatile.

  • Current OPM: 4.5%
  • OPM Change YoY: -5.5% basis points
  • OPM Change QoQ: -0.3% 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: -43.4%
  • 3-Year Revenue CAGR: -5.3%

Is Bodal Chemicals Ltd's growth accelerating or decelerating?

Bodal Chemicals Ltd's earnings growth is inflecting downward with negative momentum on a sequential basis.

  • YoY Acceleration: -180.0% bps
  • Sequential Acceleration: -12.9% bps
  • Margin Warning: Operating margins are under pressure

What is Bodal Chemicals Ltd's trailing twelve month (TTM) performance?

Bodal Chemicals Ltd's trailing twelve month (TTM) performance

  • TTM PAT: ₹30 Cr
  • TTM PAT Growth: +100.0% YoY
  • TTM Revenue: ₹2,000 Cr
  • TTM Revenue Growth: +11.1% YoY
  • TTM Operating Margin: 7.5%

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: 28.3x
  • Price-to-Book: 0.8x

What is Bodal Chemicals Ltd's current PE ratio?

Bodal Chemicals Ltd's current PE ratio is 28.3x.

  • Current PE: 28.3x
  • Market Cap: 857 Cr

How does Bodal Chemicals Ltd's valuation compare to its history?

Bodal Chemicals Ltd's current PE is 28.3x.

  • Current PE: 28.3x
  • Valuation Assessment: Significantly Overvalued

What is Bodal Chemicals Ltd's price-to-book ratio?

Bodal Chemicals Ltd's price-to-book ratio is 0.8x.

  • Price-to-Book (P/B): 0.8x
  • Book Value per Share: ₹89
  • Current Price: ₹68

Is Bodal Chemicals Ltd a fundamentally strong company?

Bodal Chemicals Ltd is rated Weak with a fundamental score of 22.5/100. This score is calculated from objective financial metrics

  • Revenue Growth YoY: +10.4% (10% weight)
  • PAT Growth YoY: -95.6% (10% weight)
  • PAT Growth QoQ: -96.0% (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: ₹911 Cr

What is Bodal Chemicals Ltd's return on equity (ROE) and ROCE?

Bodal Chemicals Ltd's return ratios over recent years

  • FY2023: ROCE 5.0%
  • FY2024: ROCE 3.0%
  • FY2025: ROCE 6.0%

Is Bodal Chemicals Ltd's cash flow positive?

Bodal Chemicals Ltd's operating cash flow is positive (FY2025).

  • Cash from Operations (CFO): ₹114 Cr
  • Free Cash Flow (FCF): ₹73 Cr
  • CFO/PAT Ratio: 633% (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: ₹68

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 4 consecutive weeks, indicating building momentum.

Is Bodal Chemicals Ltd a new momentum entry or an established outperformer?

Bodal Chemicals Ltd is an established outperformer with 4 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

  • Cash flow is positive — CFO ₹114 Cr

What is the investment thesis for Bodal Chemicals Ltd?

Bodal Chemicals Ltd investment thesis summary:

Research Signals (Bull Case)

  • Revenue growing at +10.4% YoY
  • Growth catalyst: Value Added Product Mix Shift

Risk Factors (Bear Case)

  • Margins under pressure
  • 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: inflecting downward
  • 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.