Sector Alpha Week of 2026-07-31
Sector Alpha — machine-written from the numbers · Data as of 2026-07-31

Kothari Petrochemicals Ltd

KOTHARIPET
Petrochem - Polymers

Kothari Petrochemicals Ltd's earnings have outrun its stock. EPS grew +10.1% in a year against a −9.9% price move.

Biggest watch item: margins are the best this company has ever printed — every ratio flatters at record profitability, so the whole story leans on margins holding.

The price is in a downtrend (47 weeks in) while the P/E sits at the 34th percentile of its own 11-year range. Underneath, the last four quarters read improving — profit +5.9% year on year, and 105% of the last 3 years' profit arrived as cash. What settles it: the next one or two quarters of delivery.

Stage
Mixed
partial read
Price
₹140
−9.9% 1Y
P/E
11.3×
34th pctile
of its own 11-year range
Revenue (Mar 26)
₹153 Cr
+0.0% YoY
Profit (Mar 26)
₹18.0 Cr
+5.9% YoY
Operating margin
16.0%
+1.0 pp YoY
ROCE
29%
FY26
ROIC
20.7%
vs WACC 12.0% → +8.7 pp
Cash conversion
105%
of profit, last 3 FY
Unverified figures: Some figures on this page come from a second financial-data feed that could not be cross-checked against the primary source — the two do not share enough overlapping reported history to compare. They are drawn, because they are the only evidence there is, and every section carrying one is marked unverified. PEG is the exception: the quarterly curve is not drawn at all. PEG asks what is being paid for growth — both sides of that division come from the source that could not be checked, so it is withheld instead of marked.
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Kothari Petrochemicals Ltd trades at ₹140, in a downtrend and 47 weeks into that stage. That is +6.3% against its own 200-day average. It sits at 74% of a 52-week range of ₹100 to ₹154. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 3 straight weeks.

Today the stock is in a downtrend — week 47 of stage 4, confirmed. At ₹140 it trades +6.3% versus its 200-day average and sits at 74% of its 52-week range (₹100–₹154).

Jul 26: ₹140 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
+6.3% versus the 200-day line, week 47 of stage 4
Price50-day avg200-day avg
S2S4S4₹267₹215₹163₹110₹58.0₹140₹132Jul 23May 24Feb 25Nov 25Jul 26
S2S4S4₹267₹215₹163₹110₹58.0₹140₹132Jul 23Feb 25Jul 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (551 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Feb 16Jul 26

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +723% while the NIFTY 500 moved +282% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 3 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Kothari Petrochemicals Ltd trades at 11.3× P/E, near the bottom of its own range — cheaper only 34% of the time. Its long-run median P/E is 13.3×, measured across 10.5 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 11.3× is near the bottom of its own range — cheaper only 34% of the time, against a long-run median of 13.3× measured over 10.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

P/E 11.3× vs a 13.3× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 10.5-year window; loss-period spikes above 25× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
near the bottom of its own range — cheaper only 34% of the time
P/EMedianEPS (TTM) (quarterly)
26.9×₹13.420.5×₹10.014.1×₹6.77.7×₹3.31.3×₹0.0×11.30×₹12Feb 16Oct 18Jun 21Feb 24Jul 26
26.9×₹13.420.5×₹10.014.1×₹6.77.7×₹3.31.3×₹0.0×11.30×₹12Feb 16Jun 21Jul 26
P/E
11.3×
34th percentile of 11y

Why the multiple sits where it does: over the past year annual EPS moved +10.1% against a −9.9% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +24.9%/yr price move, ~+20.7%/yr came from earnings growth and ~+4.2 pp from the multiple (expanding); over 10y, of the +20.1%/yr price move, ~+24.7%/yr came from earnings growth and ~−4.6 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

03 · Stage: Mixed

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Kothari Petrochemicals Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE holding at 29.0% — the per-curve reads carry the story. The read is built from 10 quarters across 3 curves, on partial evidence.

Growth, year by year: revenue +2.4% in FY26, profit +9.1% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn.
Revenue YoYProfit YoYEPS YoY
76%75%49%45%22%15%−4.2%−15%−31%−45%%%2.4%9.1%FY16FY21FY26
76%75%49%45%22%15%−4.2%−15%−31%−45%%%2.4%9.1%FY16FY21FY26
Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. Where the trailing-twelve-month history is short, the curve falls back to single-quarter year-on-year growth — noisier, and the classifier smooths and caps base-effect spikes before reading. A missing point means that reading is not held for the quarter.
the trajectory the stage is read from · revenue accelerating, profit accelerating
RevenueProfitEPS
25%51%15%33%5.3%15%−4.7%−2.8%−15%−21%%%0%5.9%10.1%Jun 23Sep 24Mar 26
25%51%15%33%5.3%15%−4.7%−2.8%−15%−21%%%0%5.9%10.1%Jun 23Sep 24Mar 26
ROCE Annual readings — the quarterly balance-sheet pieces this curve needs are not held for this stock, so the returns read moves once a year and carries less weight in the call.
the return curve, annual readings
ROCE
43%39%36%32%28%%29%FY23FY24FY26
43%39%36%32%28%%29%FY23FY24FY26
Revenue growth
Flat
latest +0.0% · span −12.0% to +22.6%
Profit growth
Flat
latest +5.9% · span −15.8% to +30.0%
ROCE
Steady high
latest 29.0% · span 29.0%–42.0%

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+2.4%+7.0%+21.1%+10.8%
Profit+9.1%+22.7%+25.6%+23.1%
EPS+10.1%+22.8%+26.3%+23.0%
Share price−9.9%+11.0%+24.9%+20.1%
Revenue YoY (Mar 26)
+0.0%
latest quarter vs a year ago
Profit YoY (Mar 26)
+5.9%
latest quarter vs a year ago
Revenue 10y
10.8%
long-run compound pace
04 · 4-Factor Sector Score

4-Factor Sector Score

65.6/100 — rank 2 of 7 in Petrochem - Polymers · 83% evidence confidence

Kothari Petrochemicals Ltd scores 65.6 out of 100 against the 7 companies it is compared with in Petrochem - Polymers, ranking 2. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 17.7 + 21.4 + 13.2 + 13.3 = 65.6. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Kothari Petrochemicals Ltd reported ₹153 Cr of revenue in the Mar 26 quarter, +0.0% year on year. Over 10 years it has compounded at 10.8% a year. The last full year, FY26, came in at ₹591 Cr. The last four reported quarters add to ₹592 Cr.

FY26 revenue came in at ₹591 Cr (+2.4% on the year), capping 10 years at 10.8% compound. The latest quarter (Mar 26) printed ₹153 Cr, +0.0% year on year.

FY26 revenue ₹591 Cr (+2.4% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
10.8% a year over 10 years
RevenueYoY growth
64476%48349%32222%161−4.2%0−31%₹ Cr%₹5912.4%FY16FY21FY26
64476%48349%32222%161−4.2%0−31%₹ Cr%₹5912.4%FY16FY21FY26
Mar 26: ₹153 Cr (+0.0% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
Revenue (quarterly)YoY growth
18125%13615%915.3%45−4.7%0−15%₹ Cr%₹1530%Jun 23Sep 24Mar 26
18125%13615%915.3%45−4.7%0−15%₹ Cr%₹1530%Jun 23Sep 24Mar 26

Pace check: the last four quarters averaged +2.4% growth against the decade's 10.8% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +2.2% over the last 4 quarters against −1.0%/yr over the last 8 — accelerating; TTM profit +12.3% vs +6.8%/yr — accelerating.

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Kothari Petrochemicals Ltd's operating margin is 16.0% in the Mar 26 quarter, +1.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 14 fiscal years the operating margin has ranged 3.0% to 16.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 16.0%, +1.0 pp against the same quarter a year ago. Across 14 fiscal years the operating margin has ranged 3.0%–16.0%, and FY26's 16.0% is the top of that band — a record year.

Why the margin moved: operating margin went +0.4 pp year on year while gross margin went +4.3 pp — the gain came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

FY26: 16.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 14-year window.
the widest a 3.0–16.0% band over 14 years
operating marginYoY change (pp)
17%5.6%13%3.5%9.5%1.5%5.7%−0.5%2.0%−2.6%%%16%2%FY13FY19FY26
17%5.6%13%3.5%9.5%1.5%5.7%−0.5%2.0%−2.6%%%16%2%FY13FY19FY26
Mar 26: 16.0% operating margin (+1.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
19%5.6%18%3.3%16%1.0%14%−1.3%13%−3.6%%%16%1%Jun 23Sep 24Mar 26
19%5.6%18%3.3%16%1.0%14%−1.3%13%−3.6%%%16%1%Jun 23Sep 24Mar 26
07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Kothari Petrochemicals Ltd earned ₹18.0 Cr of net profit in the Mar 26 quarter, +5.9% year on year. It is the 3rd consecutive quarter of growth. Full-year FY26 profit was ₹72.0 Cr. The 10-year compound rate is 23.1%. That is 11.8% of the quarter's revenue. The same quarter a year earlier earned ₹17.0 Cr.

Mar 26 profit was ₹18.0 Cr, +5.9% year on year — the 3rd consecutive quarter of growth. On the full year, FY26 printed ₹72.0 Cr (+9.1%), and the 10-year compound rate is 23.1%.

FY26 profit ₹72.0 Cr (+9.1% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
23.1% a year over 10 years
Net profitYoY growth
7875%5846%3917%19−12%0−41%₹ Cr%₹729.1%FY16FY21FY26
7875%5846%3917%19−12%0−41%₹ Cr%₹729.1%FY16FY21FY26
Mar 26: ₹18.0 Cr (+5.9% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
3rd straight quarter of growth
Net profit (quarterly)YoY growth
2151%1533%1015%5−2.8%0−21%₹ Cr%₹185.9%Jun 23Sep 24Mar 26
2151%1533%1015%5−2.8%0−21%₹ Cr%₹185.9%Jun 23Sep 24Mar 26

Why profit moved: revenue contributed +0.0% and the margin +1.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +14.8% vs revenue +2.4%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 105% of Kothari Petrochemicals Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹81.0 Cr of operating cash against ₹72.0 Cr of profit. After ₹18.0 Cr of capital spending, ₹63.0 Cr was left as free cash.

FY26: operating cash of ₹81.0 Cr against reported profit of ₹72.0 Cr, leaving free cash of ₹63.0 Cr after ₹18.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 105% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹81.0 Cr vs profit ₹72.0 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 11-year window, annual resolution.
105% of 3-year profit arrived as cash
Operating cashNet profitFree cash
905725−7−40₹ Cr₹81₹72₹63FY16FY21FY26
905725−7−40₹ Cr₹81₹72₹63FY16FY21FY26
FY26: CFO = 113% of profit (three-year rate 105%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash.
Conversion100%
247%196%146%95%44%%113%FY16FY21FY26
247%196%146%95%44%%113%FY16FY21FY26

Why conversion sits at 105%: the cash cycle stretched 30 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: the bigger cash user is investment — capital spending ran 4.9× depreciation over three years, so the next section's job is to check what that build-out is buying.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Kothari Petrochemicals Ltd's cash conversion cycle runs 30 days in FY26, up from 0 days in FY21. Capital spending ran ₹123 Cr over the last 3 years. At FY26 sales of ₹591 Cr each day of that cycle holds about ₹1.6 Cr, so roughly ₹49.0 Cr sits inside the business at any moment.

FY26: debtors at 38 days, inventory at 27 days — roughly 0.9 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 30 days, looser than FY21's 0.

The full loop: cash goes out to suppliers and production on day 0; stock waits 27 days to sell; customers pay about 38 days after that; and suppliers themselves are paid at 34 days — netting out to the 30-day cycle.

In money terms: at FY26 sales of ₹591 Cr, each day of the cycle holds about ₹1.6 Cr — so the 30-day loop keeps roughly ₹49.0 Cr sitting inside the business at any moment.

FY26: a 30-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 14-year window.
+30 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
87633915−9days30d27d38d34dFY13FY16FY19FY22FY26
87633915−9days30d27d38d34dFY13FY19FY26

On the investment side: capital spending of ₹123 Cr over the last 3 fiscal years against ₹25.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹8.0 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹18.0 Cr, work-in-progress ₹8.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
977349240₹ Cr₹18₹8FY16FY18FY21FY23FY26
977349240₹ Cr₹18₹8FY16FY21FY26

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

Kothari Petrochemicals Ltd earns a ROCE of 29% in FY26. That is up from a trough of 12% in FY17. Return on invested capital clears the cost of that capital by +8.7 percentage points, so growth here adds value rather than only size. The wiring behind it is 12.2% net margin on 1.34× asset turns.

FY26 ROCE is 29%, recovered from a FY17 trough of 12% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 12.2% net margin × 1.34× asset turns × 1.19× balance-sheet leverage ≈ 19.5% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 20.7% − 12.0% = a +8.7 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

FY26: ROCE 29% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 13-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY17's 12%
ROCEROIC (annual)WACC
44%36%27%18%9.6%%29%21.9%FY14FY20FY26
44%36%27%18%9.6%%29%21.9%FY14FY20FY26
Q4 FY26: ROCE 23.5% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
40%33%25%18%9.9%%23.5%24.9%Q1 FY24Q2 FY25Q4 FY26
40%33%25%18%9.9%%23.5%24.9%Q1 FY24Q2 FY25Q4 FY26
11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified

Kothari Petrochemicals Ltd carries total debt of ₹2.0 Cr against shareholder equity of ₹372 Cr as of Mar 26, a debt-to-equity of 0.01 — effectively unlevered. On the annual view that ratio went from 0.08 in FY22 to 0.01 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹2.0 Cr against shareholder equity of ₹372 Cr — a debt-to-equity of 0.01. On the annual view, debt-to-equity went from 0.08 (FY22) to 0.01 (FY26). The returns on this page are earned, not borrowed.

FY26: debt ₹2.0 Cr at 0.01× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 4-year window.
Total debtDebt-to-equity
250.13×190.10×120.07×60.03×00.00×₹ Cr×₹20.01×FY22FY23FY26
250.13×190.10×120.07×60.03×00.00×₹ Cr×₹20.01×FY22FY23FY26
Mar 26: debt ₹2.0 Cr, debt-to-equity 0.01 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
270.16×200.12×140.07×70.03×0−0.01×₹ Cr×₹20.01×Dec 22Sep 24Mar 26
270.16×200.12×140.07×70.03×0−0.01×₹ Cr×₹20.01×Dec 22Sep 24Mar 26
12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters added 1.2 points of Kothari Petrochemicals Ltd over 8 quarters, the biggest move on the register. That takes promoters to 72.2% of the company. Foreign institutions moved +0.0 points over the same window, to 0.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: +1.2 points over 8 quarters to 72.2%; Foreign institutions: +0.0 points over 8 quarters to 0.0%; Domestic institutions: +0.0 points over 8 quarters to 0.1%.

Why the register moved: promoters drove it (+1.2 points) — steady accumulation by institutions reading the same numbers this page reads.

Fiscal-year ends: promoters +1.2 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
78%57%36%15%−5.8%%72.2%0.0%0.1%27.7%Mar 24Mar 25Mar 26
78%57%36%15%−5.8%%72.2%0.0%0.1%27.7%Mar 24Mar 25Mar 26
Promoters added 1.2 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
78%57%36%15%−5.8%%72.2%0%0.1%27.7%Jun 23Dec 24Jun 26
78%57%36%15%−5.8%%72.2%0%0.1%27.7%Jun 23Dec 24Jun 26
13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Kothari Petrochemicals Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

14 · Related companies · Petrochem - Polymers
CompanyScorePrice stageGrowth & earnings/35Capital efficiency/25Valuation/20Relative strength/20
1Bhansali Engineering Polymers LtdBEPL 70.3/100Favorable setup87% evidence TURNING 21.5/35 Revenue 5.4% · PAT 15.6% · OPM change 0 pp 100% evidence 17.9/25 ROCE 23.8% · OPM 17% 100% evidence 15.9/20 P/E 14.4× · PEG 0.32 65% evidence 15.0/20 RS sector 1.9% · RS bench 19.2% · 1Y 6%9 of 10 weeks ahead 70% evidence
Exact sum: 21.5 + 17.9 + 15.9 + 15 = 70.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2Kothari Petrochemicals Ltdthis pageKOTHARIPET 65.6/100Favorable setup83% evidence FADING 17.7/35 Revenue 2.3% · PAT 12.3% · OPM change 1 pp 83% evidence 21.4/25 ROCE 28.6% · OPM 16% 95% evidence 13.2/20 P/E 11.3× · PEG — 50% evidence 13.3/20 RS sector 1.3% · RS bench 4.4% · 1Y -17%4 of 12 weeks ahead 100% evidence
Exact sum: 17.7 + 21.4 + 13.2 + 13.3 = 65.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3Supreme Petrochem LtdSPLPETRO 64.0/100Mixed-positive evidence84% evidence ASLEEP 20.3/35 Revenue -2.1% · PAT 38.9% · OPM change 11 pp 95% evidence 15.8/25 ROCE 17.6% · OPM 19% 95% evidence 14.1/20 P/E 27.2× · PEG 0.73 65% evidence 13.8/20 RS sector 29.5% · RS bench -0.8% · 1Y -10.9%2 of 10 weeks ahead 70% evidence
Exact sum: 20.3 + 15.8 + 14.1 + 13.8 = 64 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4Manali Petrochemicals LtdMANALIPETC 58.3/100Mixed-positive evidence76% evidence BREAKING OUT 23.1/35 Revenue 14.2% · PAT 100% · OPM change 0 pp 83% evidence 9.1/25 ROCE 7.2% · OPM 9% 95% evidence 10.3/20 P/E 15.7× · PEG — 15% evidence 15.8/20 RS sector 1.5% · RS bench 4.5% · 1Y -11%11 of 12 weeks ahead 100% evidence
Exact sum: 23.1 + 9.1 + 10.3 + 15.8 = 58.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5Styrenix Performance Materials LtdSTYRENIX 48.1/100Mixed-negative evidence90% evidence TURNING 15.7/35 Revenue 15.3% · PAT -20.5% · OPM change 5 pp 88% evidence 11.7/25 ROCE 15.1% · OPM 14% 100% evidence 12.3/20 P/E 23.6× · PEG 1.68 100% evidence 8.4/20 RS sector -9.6% · RS bench 9.8% · 1Y -19.1%8 of 11 weeks ahead 70% evidence
Exact sum: 15.7 + 11.7 + 12.3 + 8.4 = 48.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6Chemplast Sanmar LtdCHEMPLASTS 31.1/100Adverse evidence68% evidence BASING 16.3/35 Revenue -2.8% · PAT -80% · OPM change 11.8 pp 65% evidence 4.8/25 ROCE 0.3% · OPM 15% 100% evidence 10.0/20 P/E — · PEG — 0% evidence 0.0/20 RS sector -35.5% · RS bench -33.9% · 1Y -55.8%0 of 12 weeks ahead 100% evidence
Exact sum: 16.3 + 4.8 + 10 + 0 = 31.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7NOCIL LtdNOCIL 22.6/100Adverse evidence96% evidence ASLEEP 5.5/35 Revenue -6.5% · PAT -46.6% · OPM change -4 pp 88% evidence 5.3/25 ROCE 3.9% · OPM 6% 100% evidence 8.8/20 P/E 59.6× · PEG 0.97 100% evidence 3.0/20 RS sector -5.4% · RS bench -2.3% · 1Y -11.1%6 of 12 weeks ahead 100% evidence
Exact sum: 5.5 + 5.3 + 8.8 + 3 = 22.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

15 · Frequently asked questions

Frequently asked questions

What is Kothari Petrochemicals Ltd's share price today?

Kothari Petrochemicals Ltd trades at ₹140, −9.9% over the past year. The company is valued at ₹823 Cr. The stock sits at 74% of its 52-week range of ₹100–₹154, +6.3% versus its 200-day average. On the tape, the price is in a downtrend, 47 weeks in. — as of 31 July 2026.

What were Kothari Petrochemicals Ltd's latest quarterly results?

Kothari Petrochemicals Ltd reported revenue of ₹153 Cr and net profit of ₹18.0 Cr for the Mar 26 quarter. Revenue rose 0.0% and profit rose 5.9% year on year. Earnings per share were ₹3.02. The operating margin was 16.0%, 1.0 pp higher than a year earlier. — as of 31 July 2026.

What is Kothari Petrochemicals Ltd's revenue?

Kothari Petrochemicals Ltd reported revenue of ₹153 Cr in the Mar 26 quarter, +0.0% year on year. For the full FY26 fiscal year, revenue was ₹591 Cr (+2.4%). Over the last 10 years revenue compounded at 10.8% a year. — as of 31 July 2026.

What is Kothari Petrochemicals Ltd's profit?

Kothari Petrochemicals Ltd earned ₹18.0 Cr of net profit in the Mar 26 quarter, +5.9% year on year — the 3rd straight quarter of growth. Full-year FY26 profit was ₹72.0 Cr. The operating margin ran 16.0% in the latest quarter. — as of 31 July 2026.

What is Kothari Petrochemicals Ltd's market cap?

Kothari Petrochemicals Ltd's market capitalisation is ₹823 Cr at a share price of ₹140. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 31 July 2026.

What is Kothari Petrochemicals Ltd's P/E ratio?

Kothari Petrochemicals Ltd trades at a P/E of 11.3×, at the 34th percentile of its own 11-year range, against a long-run median of 13.3×. This is a comparison with the stock's own history, not a value call — as of 31 July 2026.

Does Kothari Petrochemicals Ltd pay a dividend?

Not in its latest year — Kothari Petrochemicals Ltd's dividend payout was 0% of profit in FY26. It did record a payout in 9 of its last 14 reported fiscal years, so there is a history but no current dividend. This page holds the payout ratio, not a per-share amount. — as of 31 July 2026.

Is Kothari Petrochemicals Ltd overvalued?

On its own history, Kothari Petrochemicals Ltd looks cheap against its own history: its P/E of 11.3× has been cheaper only 34% of the time in 11 years (long-run median 13.3×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 31 July 2026.

Is Kothari Petrochemicals Ltd growing?

Yes — Kothari Petrochemicals Ltd is growing: latest-quarter revenue +0.0% year on year, profit +5.9%, and the margin +1.0 pp at 16.0%. The 10-year compound rates are 10.8% (revenue) and 23.1% (profit). The earnings engine currently reads: improving — as of 31 July 2026.

How is Kothari Petrochemicals Ltd performing?

Kothari Petrochemicals Ltd is in a downtrend, 47 weeks in. Its latest quarter's revenue rose 0.0% and profit rose 5.9% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 3 weeks. This describes what the data did, not a rating. — as of 31 July 2026.

What stage is Kothari Petrochemicals Ltd in?

Mixed — no clean majority across the growth curves, ROCE holding at 29.0% — the per-curve reads carry the story. The read comes from the last 12 quarters of growth (revenue growth +0.0% latest, profit growth +5.9% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 31 July 2026.

Is Kothari Petrochemicals Ltd in an uptrend?

No — the price is in a downtrend (week 47 of stage 4), trading +6.3% versus its 200-day average and at 74% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 31 July 2026.

Is Kothari Petrochemicals Ltd beating the market?

On recent form, yes — Kothari Petrochemicals Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 3 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved +723% against the NIFTY 500's +282% — ahead of the index over the full window. — as of 31 July 2026.

Will Kothari Petrochemicals Ltd's share price go up?

This page publishes no price forecast for Kothari Petrochemicals Ltd. What it measures instead: the share price is ₹140, the price is in a downtrend 47 weeks in. Its P/E of 11.3× sits at the 34th percentile of its own 11-year range. — as of 31 July 2026.

Who owns Kothari Petrochemicals Ltd?

Promoters hold 72.2% of Kothari Petrochemicals Ltd, foreign institutions 0.0%, domestic institutions 0.1% and the public 27.7% (latest quarter). The biggest move on the register over the last two years: Promoters added 1.2 points over 8 quarters. — as of 31 July 2026.

Does Kothari Petrochemicals Ltd have too much debt?

No — Kothari Petrochemicals Ltd's debt-to-equity is 0.01, and operating profit covers the interest bill 97×. FY26 borrowings were ₹2.0 Cr against equity of ₹372 Cr. The returns on this page are earned, not borrowed — as of 31 July 2026.

What is Kothari Petrochemicals Ltd's capex?

Kothari Petrochemicals Ltd spent ₹123 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹18.0 Cr, with ₹8.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 31 July 2026.

What is Kothari Petrochemicals Ltd's cash flow?

Kothari Petrochemicals Ltd generated ₹81.0 Cr of operating cash flow in FY26 and ₹63.0 Cr of free cash flow after ₹18.0 Cr of capital spending. Reported profit that year was ₹72.0 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 31 July 2026.

Is Kothari Petrochemicals Ltd's profit real cash?

Yes — over the last 3 fiscal years, 105% of Kothari Petrochemicals Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹81.0 Cr against reported profit of ₹72.0 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 31 July 2026.

Where is Kothari Petrochemicals Ltd in its business cycle?

Kothari Petrochemicals Ltd's FY26 operating margin was 16.0%, against a 14-year band of 3.0%–16.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 16.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 31 July 2026.

What could break the Kothari Petrochemicals Ltd story?

Biggest watch item: margins are the best this company has ever printed — every ratio flatters at record profitability, so the whole story leans on margins holding. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 31 July 2026.

Is Kothari Petrochemicals Ltd a stock worth studying right now?

This is not investment advice. The machine read: Kothari Petrochemicals Ltd's earnings have outrun its stock. EPS grew +10.1% in a year against a −9.9% price move. The sharpest open question: the next one or two quarters of delivery. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 31 July 2026.

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