About the stock: Commencing operations in 1991, Neogen Chemicals Neogen has two segments viz. (i) organic chemicals, (ii) inorganic chemicals which find applications in pharmaceutical intermediates,...

We maintain our HOLD rating on the stock.

Clean Science’s (CST) performance was impacted from a dip in volumes owing to demand headwinds and a Chinese customer backward integrating.

Alkyl Amines Chemicals (AACL) reported a muted operating performance in 2QFY26 as EBITDA declined 5% YoY. Despite some raw material cost pressure, EBITDA margins expanded marginally by 30bp YoY to 18%.

NOCIL’s 2QFY26 was weak, with revenue declining 12% YoY to INR3.2b. EBITDA also declined 44% due to continued pricing pressure in the domestic market.

Near-term performance is expected to remain muted, as pricing pressure in key product categories and elevated input costs continue to weigh on margins.

Pidilite Industries (PIDI) reported consolidated revenue growth of 10% YoY (in line) in 2QFY26. Standalone revenue grew 10% YoY, with underlying volume growth (UVG) of 10% (est. 7%).

We maintain a constructive stance on Vinati Organics’ long-term outlook, supported by the expansion in ATBS capacities, improved utilization in Antioxidant segment and incremental contribution from the Veeral Organics facility, cementing its position in high-margin segments, leading to improved operating leverage and diversified revenue streams.

We believe the outlook remains positive, with strong growth visibility across agrochemicals, pharma, and polymers, while personal care should deliver steady performance.

Alkyl Amines Chemicals (AACL) reported a muted operating performance in 1QFY26 as EBITDA declined 3% YoY. Gross margin contracted 120bp YoY to 45.8%.

We maintain our HOLD rating on the stock.

1QFY26 was a muted quarter for NOCIL, with revenue declining 10% YoY to INR3.3b, while EBITDA margin contracted 190bp YoY to 8.8% due to continued pricing pressure in the domestic market.

Pidilite Industries (PIDI) reported consolidated revenue growth of 11% YoY in 1QFY26. Standalone revenue grew 11% YoY with underlying volume growth (UVG) of 10% (est. 12%).

Overall capacity utilization at ~65%; utilization varies across products company's product portfolio, we upgrade the stock to HOLD' with a revised target price of Rs182, valuing it at 26x FY27E EPS. NOCIL reported revenue of Rs3.4bn (PLe: Rs3.55bn, Consensus: Rs3.48bn), marking a decline of 9.7% YoY and 1% QoQ. The topline was impacted by a 7% YoY drop in volumes and lower realization. Based on our estimates, the average realization stood at Rs250/kg,...

schedule, we upgrade the stock to HOLD' with a revised target price of revenue from operations of Rs12.8bn, marking an increase of 8.9% YoY and 4.6% QoQ. The topline growth was driven by the Fluoropolymers segment, which grew 16% YoY and 12% QoQ, supported by higher volumes and a...

SRF delivered results above our expectations primarily owing to strong performance in specialty chemicals and higher pricing of refrigerant gases. While Revenue grew by 10% YoY, EBITDA and PAT grew by impressive rates of 38% and 71% respectively. The chemicals business registered strong revenue growth of 24% YoY along with ~660 bps of YoY margin improvement to 27.3%. Gradual recovery is being seen in the agrochemical vertical with most of the inventory rationalization complete. The Fluorochemicals part of the business was elevated by stronger pricing and some counter measures employed in the...

and -11.5% QoQ change, driven by volume recovery in key agrochemical intermediates, momentum in recently launched products & higher realizations and increased volumes for BOPP. Chemicals segment recorded 24% YoY...

Atul Ltd’s (Atul) Q1FY26 EBITDA rose just 5.5% YoY at INR 2.4bn, and was hurt from under-performance in standalone business where EBITDA declined 12.5%; entire growth came from subsidiaries (up 93% YoY).

Himadri Specialty Chemical’s (Himadri) Q1FY26 volume rose only 0.7% YoY, probably on capacity constraints, but product mix improvement and EBITDA/kg continued to surprise positively (up 26.8% YoY).

HALS volume reached 580tn in Q1FY26, sales volume guidance of 4,500tn for FY26 intact, current utilization at 22% Clean Science and Technology (CLEAN) reported revenue of Rs2.4bn in Q1FY26, marking an 8.4% YoY increase but a 7.9% QoQ decline. The sequential dip in topline was due to lower sales of newer products such as DCC and TBHQ. The Pharma & Agro Intermediates segment witnessed the sharpest decline, with revenue down 32% QoQ. Volume for the company's established products...