Chemicals · Founded 1986 · www.chemiesynth.com · BSE 539230 · · ISIN INE829R01018
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Business
Chemiesynth (Vapi) Ltd. is an Indian chemical company primarily engaged in the manufacturing and synthesis of various chemical products. As implied by its name, it likely specializes in chemical synthesis processes. The company operates on a B2B model, supplying its chemical products as intermediates or specialty chemicals to a range of industries such as pharmaceuticals, agrochemicals, dyes, pigments, or other industrial applications. Its core business model involves leveraging its manufacturing capabilities and chemical expertise to produce and sell these compounds, generating revenue from direct sales to industrial customers.
Revenue Mix
Specific key segments and their revenue contributions are not publicly available from the given information. Typically, a chemical synthesis company like Chemiesynth might have segments focused on:
Specialty Chemicals: High-value, low-volume chemicals for specific applications.
Pharmaceutical Intermediates: Chemicals used in the synthesis of active pharmaceutical ingredients (APIs).
Agrochemical Intermediates: Chemicals used in the production of pesticides, herbicides, and fungicides.
Basic Chemicals / Dyes & Pigments Intermediates: More commoditized chemicals or inputs for colorant industries.
Without detailed product portfolio information, a precise breakdown is not possible.
Industry
Chemiesynth operates in the Indian Chemicals sector, a vast and diverse industry comprising basic chemicals, specialty chemicals, agrochemicals, petrochemicals, and pharmaceuticals. The Indian chemical industry is characterized by a mix of large integrated players and numerous small to mid-sized companies. It is highly competitive, with both domestic and international participants. Chemiesynth, likely a mid-cap or small-cap player, would compete on factors such as cost-efficiency, product quality, regulatory compliance, and potentially specialized product offerings. Its positioning likely caters to specific niches or offers contract manufacturing services within the broader chemical supply chain.
MOAT
Without specific details, any competitive advantages are inferred:
Cost Efficiency: Potential for a moat through economies of scale, efficient manufacturing processes, or access to low-cost raw materials.
Process Know-how: Specialized expertise in complex chemical synthesis processes, leading to better yields or unique products.
Customer Relationships: Long-standing relationships with key industrial clients, leading to sticky demand.
Regulatory Compliance & Location: Adherence to stringent environmental and safety regulations (especially critical in Vapi, a significant industrial zone) can act as a barrier to entry for new players.
A strong, durable moat based on brand or network effects is less typical for a B2B chemical synthesis company unless it holds proprietary technology or dominant market share in a critical niche.
Growth Drivers
"China Plus One" Strategy: Global companies diversifying their chemical supply chains away from China, benefiting Indian manufacturers.
Domestic Demand Growth: Expanding end-user industries in India (pharmaceuticals, agrochemicals, consumer goods, automotive) driving demand for chemicals.
Import Substitution: Government initiatives promoting local manufacturing ("Make in India") to reduce reliance on imports.
Capacity Expansion: Investment in new production facilities or debottlenecking existing ones to meet growing demand.
New Product Development: Expanding product portfolio into higher-margin specialty chemicals or new application areas through R&D.
Risks
Raw Material Price Volatility: Fluctuations in the prices of key chemical intermediates and energy inputs can impact profitability.
Environmental & Regulatory Risks: Stringent environmental norms and compliance costs, potential for operational disruptions due to regulatory actions.
Intense Competition: Competition from both domestic and international players can put pressure on pricing and margins.
Economic Downturn: A slowdown in end-user industries (e.g., pharma, auto) can reduce demand for its products.
Technological Obsolescence: Failure to adopt newer, more efficient, or environmentally friendly manufacturing processes.
Foreign Exchange Fluctuations: If the company has significant import dependencies or export revenues.
Management & Ownership
As a listed Indian company, Chemiesynth (Vapi) Ltd. likely has a promoter group holding a significant stake, typical for many Indian businesses. The management team would be responsible for day-to-day operations and strategic direction. Details regarding the specific promoters, their background, or the quality of management are not available in the provided information and would require further investigation into public filings and corporate governance reports. Ownership structure would include the promoter group, institutional investors, and public shareholders.
Outlook
Chemiesynth operates within the dynamic Indian chemical sector, which enjoys several tailwinds, including robust domestic demand, government support for manufacturing, and global supply chain diversification. This provides a favorable environment for growth. The company's ability to capitalize on these opportunities will depend on its operational efficiency, capacity utilization, strategic product portfolio expansion into higher-value specialty chemicals, and strong customer relationships. However, it faces inherent risks such as raw material price volatility, stringent regulatory scrutiny, and intense competition. Its long-term success will hinge on disciplined capital allocation, continuous innovation, and adept management of both market opportunities and operational challenges.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 4 | 3 | 5 | 4 | 7 | 4 | 7 | 5 | 6 | 4 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 4 | 3 | 5 | 4 | 7 | 4 | 7 | 5 | 6 | 4 |
| Total Expenditure | 4 | 3 | 5 | 4 | 6 | 4 | 7 | 5 | 4 | 4 |
| Operating Profit | 0 | 0 | 1 | 0 | 1 | 0 | 0 | -0 | 1 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -0 | -0 | 0 | -0 | 0 | -0 | -0 | -1 | 1 | -1 |
| Provision for Tax | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 |
| Profit After Tax | -0 | -0 | 0 | -0 | 0 | -0 | -0 | -1 | 1 | -1 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | -0 |
| Profit After Adjustments | -0 | -0 | 0 | -0 | 0 | -0 | -0 | -1 | 1 | -1 |
| Adjusted Earnings Per Share | -0.7 | -0.8 | 1.4 | -1.5 | 0.6 | -1.5 | -1.4 | -2.3 | 2 | -1.9 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 11 | 5 | 3 | 13 | 11 | 15 | 20 | 30 | 21 | 16 | 19 | 22 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 11 | 5 | 3 | 14 | 11 | 15 | 20 | 30 | 21 | 16 | 19 | 22 |
| Total Expenditure | 12 | 5 | 3 | 13 | 9 | 12 | 14 | 26 | 18 | 15 | 17 | 20 |
| Operating Profit | -0 | -0 | 0 | 1 | 2 | 2 | 6 | 4 | 3 | 2 | 2 | 1 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 0 |
| Depreciation | 0 | 0 | 0 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -1 | -1 | -0 | 0 | 1 | 2 | 4 | 4 | 1 | -0 | -0 | -1 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | -0 | 0 | 0 |
| Profit After Tax | -1 | -1 | -0 | 0 | 1 | 1 | 4 | 3 | 1 | -0 | -0 | -1 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -1 | -1 | -0 | 0 | 1 | 1 | 4 | 3 | 1 | -0 | -0 | -1 |
| Adjusted Earnings Per Share | -3.2 | -1.8 | -0.6 | 1.3 | 3.8 | 4.3 | 11.6 | 8.8 | 1.8 | -1.3 | -0.3 | -3.6 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 19% | -14% | 5% | 6% |
| Operating Profit CAGR | 0% | -21% | 0% | 0% |
| PAT CAGR | 0% | -100% | -100% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 219% | 85% | NA% | NA% |
| ROE Average | -1% | 0% | 16% | 10% |
| ROCE Average | 3% | 3% | 12% | 8% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 3 | 2 | 2 | 2 | 4 | 5 | 8 | 11 | 12 | 11 | 11 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 6 | 7 | 7 | 7 | 7 | 7 | 9 | 8 | 8 | 9 | 8 |
| Other Non-Current Liabilities | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 |
| Total Current Liabilities | 3 | 2 | 2 | 2 | 4 | 6 | 9 | 10 | 10 | 10 | 12 |
| Total Liabilities | 12 | 12 | 12 | 12 | 15 | 18 | 27 | 30 | 31 | 31 | 32 |
| Fixed Assets | 10 | 10 | 10 | 10 | 11 | 12 | 20 | 22 | 25 | 25 | 26 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 1 | 2 | 0 | 1 | 1 | 1 | 1 |
| Total Current Assets | 2 | 1 | 2 | 2 | 4 | 4 | 6 | 7 | 6 | 5 | 6 |
| Total Assets | 12 | 12 | 12 | 12 | 15 | 18 | 27 | 30 | 31 | 31 | 32 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 0 | 0 |
| Cash Flow from Operating Activities | -0 | -2 | -0 | 1 | 3 | 1 | 6 | 3 | 0 | -0 | 3 |
| Cash Flow from Investing Activities | 0 | -0 | 0 | -0 | -2 | -3 | -8 | -3 | -3 | -2 | -2 |
| Cash Flow from Financing Activities | -0 | 2 | -0 | -0 | -0 | 2 | 1 | 1 | 2 | 2 | -1 |
| Net Cash Inflow / Outflow | -0 | -0 | 0 | 0 | 0 | -0 | 0 | 1 | -1 | 0 | -0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 0 | 0 | 0 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 11.6 | 8.85 | 1.81 | -1.26 | -0.35 |
| CEPS(Rs) | -2.25 | -1.11 | -0 | 2.98 | 5.31 | 6.05 | 14.14 | 12.28 | 5.61 | 2.97 | 4.22 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 27.55 | 36.39 | 38.2 | 36.94 | 35.77 |
| Core EBITDA Margin(%) | -3.8 | -2.71 | -2.55 | 4.85 | 17.33 | 15.71 | 28.03 | 14.82 | 12.27 | 9.41 | 11.7 |
| EBIT Margin(%) | -6.14 | -6.16 | 0.35 | 4.35 | 13.76 | 12.73 | 24.2 | 14.43 | 6.72 | 1.56 | 4.33 |
| Pre Tax Margin(%) | -8.72 | -10.62 | -5.86 | 2.96 | 13 | 10.84 | 21.79 | 12.79 | 3.89 | -2.74 | -0.04 |
| PAT Margin (%) | -8.72 | -10.62 | -5.86 | 2.96 | 10.48 | 8.97 | 17.9 | 9 | 2.65 | -2.36 | -0.56 |
| Cash Profit Margin (%) | -6.19 | -6.68 | -0 | 6.88 | 14.56 | 12.74 | 21.82 | 12.49 | 8.22 | 5.55 | 6.87 |
| ROA(%) | -7.63 | -4.55 | -1.55 | 3.35 | 8.68 | 7.94 | 15.94 | 9.62 | 1.83 | -1.24 | -0.33 |
| ROE(%) | -31.04 | -22.95 | -8.8 | 17.79 | 39.1 | 30.81 | 53.35 | 27.67 | 4.85 | -3.37 | -0.95 |
| ROCE(%) | -7.04 | -3.22 | 0.11 | 5.67 | 14.21 | 14.32 | 28.37 | 20.7 | 5.85 | 0.98 | 3.1 |
| Receivable days | 18.83 | 44.88 | 38.35 | 16.43 | 43.75 | 41.08 | 48.47 | 43.18 | 53.61 | 53.63 | 48.04 |
| Inventory Days | 40.01 | 50.24 | 95.72 | 18.3 | 25.6 | 37.58 | 29.55 | 21.77 | 44.16 | 68.63 | 50.7 |
| Payable days | 124.37 | 305.85 | 595.16 | 49.61 | 394.56 | 375.49 | 523.77 | 192.13 | 248.4 | 227.94 | 141.26 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.05 | 11.05 | 0 | 0 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.5 | 0.52 | 0.73 | 0 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.87 | 2.18 | 3.55 | 0.82 | 0.91 | 0.86 | 0.68 | 0.54 | 0.94 | 1.44 | 0.96 |
| EV/Core EBITDA(x) | -24.08 | -98.13 | 57.14 | 9.95 | 5.12 | 5.2 | 2.42 | 3.6 | 7.68 | 15.24 | 8.13 |
| Net Sales Growth(%) | 15.58 | -54.01 | -39.59 | 330.49 | -15.88 | 30.03 | 36.62 | 51.69 | -30.62 | -21.52 | 14.93 |
| EBIT Growth(%) | -263.51 | 53.8 | 103.42 | 5275.76 | 165.96 | 20.29 | 159.65 | -9.56 | -67.69 | -81.77 | 219.14 |
| PAT Growth(%) | -947.66 | 43.98 | 66.67 | 317.7 | 197.48 | 11.35 | 172.54 | -23.74 | -79.55 | -169.87 | 72.65 |
| EPS Growth(%) | 0 | 0 | 0 | 0 | 0 | 0 | 172.53 | -23.74 | -79.55 | -169.87 | 72.65 |
| Debt/Equity(x) | 2.54 | 3.89 | 3.97 | 3.32 | 2.14 | 1.99 | 1.28 | 1.04 | 1.16 | 1.37 | 1.37 |
| Current Ratio(x) | 0.54 | 0.7 | 0.67 | 0.9 | 0.91 | 0.64 | 0.65 | 0.68 | 0.61 | 0.54 | 0.47 |
| Quick Ratio(x) | 0.31 | 0.38 | 0.26 | 0.73 | 0.63 | 0.34 | 0.5 | 0.46 | 0.3 | 0.21 | 0.3 |
| Interest Cover(x) | -2.38 | -1.38 | 0.06 | 3.13 | 18 | 6.71 | 10.02 | 8.79 | 2.37 | 0.36 | 0.99 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.08 | 2.22 | 1.89 | 0 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 62.35 | 62.35 | 62.35 | 62.35 | 62.35 | 62.35 | 62.35 | 62.35 | 62.35 | 62.35 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 37.65 | 37.65 | 37.65 | 37.65 | 37.65 | 37.65 | 37.65 | 37.65 | 37.65 | 37.65 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +19% | -14% | +5% | +6% |
| Operating Profit CAGR | 0% | -21% | 0% | — |
| PAT CAGR | — | -100% | -100% | — |
| Share Price CAGR | +219% | +85% | — | — |
| ROE Average | -1% | 0% | +16% | +10% |
| ROCE Average | +3% | +3% | +12% | +8% |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 62.35 | 62.35 | 62.35 | 62.35 | 62.35 | 62.35 | 62.35 | 62.35 | 62.35 | 62.35 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 37.65 | 37.65 | 37.65 | 37.65 | 37.65 | 37.65 | 37.65 | 37.65 | 37.65 | 37.65 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 |
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