New Research Reports

We maintain our BUY recommendation on the stock.

Gross Margins expected to remain stable amidst benign RM prices. EBITDA Margin guidance at upper band of ~20-24% PIDI continued to witness strong UVG momentum, led by 9.7% UVG in C&B in 2Q. EBITDA margin expanded 182bps YoY despite elevated Ad spends, supported by healthy GMs of 56.5%. The company remains focused on volumeled, profitable growth, driven by pioneer category development and entry into new segments. B2B sustained growth momentum, led by Project verticals,...

*over or under performance to benchmark index SRF Limited manufactures and sells textiles, chemicals, films, and polymers through four business segments: Technical, Chemicals, Packaging, and Others, with diverse...

higher volumes across key products such as MMA, NT and DCB. Volumes in the QoQ, while overall company margins expanded by 100bps YoY, supported by a favorable gasolinenaphtha crack during the quarter. Non-energy business volumes grew 11% YoY, but declined 5% QoQ, with margins remaining under...

Clean Science and Technology (Clean) reported results which were much below our expectations. Volumes declined by 19% YoY leading to a 20% decline in standalone revenues. The decline in revenues was on account of drop in sales volumes of established products. This was owing to sharp decline in end product pricing amid high Chinese competitive intensity. Market conditions remained very challenging amid muted demand, pricing and tariff pressures. Chinese led competition has led to sharp downward pressure on Hydroquione (HQ) and Monomethyl Ether of Hydroquinone (MEHQ) prices impacting profitability. We...

Vinati Organics (VO) reported lower-than-expected operating performance in 3QFY26, with EBITDA growth of 13% YoY to INR1.6b (est. INR1.8b). Gross margin expanded to 55.2% from 49.0% in 3QFY25, while it declined 130bp QoQ.

Atul (ATLP) reported in-line revenue of INR15.7b (+11% YoY) in 3QFY26. Revenue from the Performance & Other Chemicals segment increased 11% YoY, while the Life Science Chemical segment’s revenue rose 9% YoY.

Tatva Chintan Pharma Chem’s (TATVA) Q3FY26 print showed further signs of recovery, particularly in two key segments – SDA and PASC. Revenue in SDA grew 132% YoY driven by volumes while prices were stable.

Himadri Specialty Chemical (Himadri)’s Q3FY26 volume rose 11.3% YoY while EBITDA/kg declined 1.3% YoY to INR15.9, likely owing to pressure on specialty carbon black spreads.

Q3FY26- Chemicals Business drives growth- Revenues grew 6% YoY to 3,611.5 crore driven by the Chemicals business (49% of the revenues) which reported a growth of 22% YoY to 1,825 crore. Meanwhile performance films (36% of revenues) declined by 3% YoY to 1,342 crore and Technical Textiles (12% of revenues) reported a decline of 11% YoY for the third consecutive quarter to 453 crore. Consolidated EBITDA stood at 780 crore, up 26% YoY, translating to margins of 21%, up ~330 bps YoY driven by the chemical business EBIT which stood at 27%, up ~300 bps YoY....

The near-term headwinds—muted domestic demand, elevated employee costs, and gestation-led pressure from new capacities—are likely to keep earnings growth and return ratios subdued over the next few quarters.

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SRF delivered results which were only marginally below our estimates. While Revenue grew by 6% YoY, EBITDA and Adjusted PAT grew by impressive rates of 26% and 86%. The chemicals business continued to exhibit strong growth owing to higher HFC pricing and placement of higher volumes in domestic and export markets. Although some orders have been deferred on the agro side, the management expects to recoup majority of the same in Q4FY26. Pent up purchase orders are expected to convert in Q4FY26 leading to a robust quarter, a trend which was seen in Q4FY25 as well. Specialty Chemicals Business grew on...

SRF delivered a healthy performance in 3QFY26 as EBIT surged 25% YoY, fueled by a strong 36% YoY jump in chemical segment EBIT, despite persistent global headwinds.

Strong pedigree in oleo chemistry additives to the fore: The company's expertise centres on oleo chemistry (plant based green chemicals) which provides both demand tailwinds and product differentiation versus petrochemical alternatives. FOIL enjoys early mover advantage in these segments as the world is still on the learning curve with regards to the adoption of green additives. Globally, there are only handful of transnational players in these categories. The company enjoys almost monopoly in India. Specialised nature of the business, customer stickiness...

We remain sanguine on SRF’s chemicals business, with performance potentially improving across ref-gas, specialty chemicals and fluoropolymers. Higher volumes and sustained prices present ~15–20% upside risk in ref-gas business’ base-case revenues vs. a more plausible assessment.

Privi Speciality Chemicals (PRIVI) is India’s largest aroma chemical manufacturer and exporter with 75 products and over 30 years of industry expertise.

We expect operational performance to gradually stabilize as end-market demand normalizes and product offtake improves across key amine and derivative categories.

GFL’s revenue growth is expected to be supported by sustained momentum in its fluoropolymer segment and a meaningful scale-up in the battery chemicals business by FY27E.

Vishnu Chemicals (VCL) completed the acquisition of the chrome ore mine for ~USD10mn on a debt-free, cash-free, and liability-free basis on 21-Nov-25. VCL’s wholly owned subsidiary would own 74% of the mining entity and 100% of the chrome beneficiation plant, along with mining and infrastructure assets.