Chemicals · Founded 1985 · www.leatherchem.com · BSE 524080 · · ISIN INE681F01018
No Notes Added Yet
Business
Haryana Leather Chemicals Ltd. is an Indian company operating in the Chemicals sector, specifically focused on the Leather Chemicals industry. The company is primarily engaged in the manufacturing and supply of various chemical products essential for the processing of leather. This typically includes a range of specialized chemicals used in different stages of leather production, such as tanning agents, retanning agents, fatliquors, dyes, pigments, finishes, and other auxiliaries. Its core business model is Business-to-Business (B2B), supplying these chemical inputs to tanneries, leather manufacturers, and related industries. The company generates revenue by selling these specialized chemical formulations.
Revenue Mix
Specific detailed breakdowns of key segments or revenue contribution percentages for Haryana Leather Chemicals Ltd. are not readily available in public domains. However, based on its industry focus, potential internal segmentation could include categories like:
Tanning & Retanning Chemicals: Products used for preserving and strengthening raw hides.
Dyeing & Finishing Chemicals: Chemicals for imparting color and protective/aesthetic finishes to leather.
Fatliquors & Auxiliaries: Products for softening, lubricating, and enhancing the physical properties of leather, along with other processing aids.
The company's revenue mix would be derived from sales across these various product types to its industrial customers.
Industry
The Indian chemicals industry is diverse and includes numerous players ranging from large multinational corporations to small and medium-sized enterprises. The leather chemicals segment is a niche within this broader industry, characterized by the need for specialized formulations and adherence to specific quality and environmental standards. The industry structure can be competitive, with global players offering comprehensive portfolios and domestic manufacturers often specializing or catering to regional needs. Haryana Leather Chemicals Ltd., as an Indian manufacturer, likely competes with both larger global chemical companies present in India and other local specialized leather chemical producers. Its specific market share or positioning relative to peers (e.g., as a leader in a particular segment, a cost-leader, or a technology innovator) is not publicly detailed.
MOAT
Specific information on Haryana Leather Chemicals Ltd.'s durable competitive advantages (moats) is not publicly disclosed. However, potential sources of competitive advantage for a company in this industry could include:
Specialized Formulations/R&D: Proprietary chemical formulations or a strong R&D pipeline for innovative, sustainable, or performance-enhancing leather chemicals.
Customer Relationships & Switching Costs: Long-standing relationships with key tanneries and leather manufacturers, where switching to a new chemical supplier might involve significant costs related to process adjustments, testing, and quality control.
Regulatory Expertise: Ability to consistently meet evolving environmental and product safety regulations in a chemical-intensive industry.
Cost Efficiency: Achieved through scale, efficient manufacturing processes, or optimized raw material sourcing.
Growth Drivers
Key factors that could drive growth for Haryana Leather Chemicals Ltd. over the next 3-5 years include:
Growth in the Leather Industry: Increased demand for leather goods (footwear, apparel, automotive upholstery, furniture) globally and domestically, driven by rising disposable incomes and changing fashion trends.
Demand for Sustainable Chemicals: Growing preference and regulatory push for eco-friendly, biodegradable, and chrome-free leather chemicals, creating opportunities for companies that innovate in this area.
Product Innovation & Diversification: Introduction of new, high-performance, or specialized chemicals that address emerging needs of the leather industry.
Export Opportunities: Tapping into international markets, particularly in regions with significant leather manufacturing bases.
Indian Manufacturing Growth: Overall growth in India's manufacturing sector and increasing domestic consumption could boost the leather industry.
Risks
Haryana Leather Chemicals Ltd. faces several business risks, including:
Raw Material Price Volatility: Fluctuations in the prices of crude oil derivatives and other base chemicals, which are key inputs, can impact profitability.
Environmental Regulations: Increasingly stringent environmental laws and compliance costs for the chemical and leather industries, potentially leading to operational challenges or higher capital expenditure.
Competition: Intense competition from both domestic and international players, leading to pricing pressure and potential market share erosion.
Industry Cyclicality: The leather industry can be cyclical, influenced by economic conditions, fashion trends, and consumer preferences for alternative materials.
Technological Obsolescence: Failure to innovate or adapt to new chemical processes or material trends could lead to outdated product portfolios.
Supply Chain Disruptions: Global or local disruptions to raw material supply or logistics can impact production and delivery.
Management & Ownership
As a company listed in India, Haryana Leather Chemicals Ltd. is typically promoter-driven. Specific details regarding the promoters' background, the board of directors' expertise, and the quality of management are not available in the provided information. Ownership structure generally involves a significant promoter holding, with the remaining shares held by institutional investors (if any) and the public. Without specific data, it is not possible to assess management quality or the detailed ownership structure.
Outlook
The outlook for Haryana Leather Chemicals Ltd. is influenced by the dynamics of both the broader chemical sector and the specific leather industry. On the positive side, growth in the global and Indian leather goods market, coupled with increasing demand for specialized and sustainable chemical solutions, presents avenues for growth. Companies capable of innovating with eco-friendly products and maintaining strong customer relationships could thrive. However, the company faces inherent challenges such as volatile raw material prices, stringent environmental regulations, and intense competition. Its ability to navigate these risks, invest in R&D for sustainable products, and effectively manage its supply chain will be crucial. Without detailed financial performance or specific strategic initiatives, a definitive outlook is difficult, but it operates in a niche that demands both specialized expertise and adaptability to evolving market and regulatory landscapes.
| #(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 | 14 | 12 | 11 | 13 | 13 | 12 | 13 | 12 | 15 | 15 |
| Other Income | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 1 |
| Total Income | 14 | 13 | 11 | 13 | 14 | 12 | 14 | 12 | 15 | 15 |
| Total Expenditure | 11 | 11 | 10 | 12 | 13 | 11 | 12 | 11 | 14 | 15 |
| Operating Profit | 3 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 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 | 3 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Provision for Tax | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 2 | 1 | 0 | 1 | 0 | 1 | 0 | 1 | 0 | 0 |
| Adjustments | -0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | -0 | 0 |
| Profit After Adjustments | 2 | 1 | 0 | 1 | 0 | 1 | 0 | 1 | 0 | 0 |
| Adjusted Earnings Per Share | 4.8 | 1.3 | 0.3 | 1.2 | 0.8 | 1.5 | 0.4 | 1.2 | 0.8 | 0.1 |
| #(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 | 42 | 40 | 39 | 36 | 37 | 35 | 28 | 39 | 42 | 44 | 49 | 55 |
| Other Income | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 4 | 2 | 1 |
| Total Income | 43 | 40 | 40 | 37 | 38 | 36 | 29 | 40 | 44 | 48 | 51 | 56 |
| Total Expenditure | 39 | 36 | 36 | 33 | 35 | 33 | 26 | 38 | 40 | 41 | 46 | 52 |
| Operating Profit | 4 | 4 | 4 | 3 | 3 | 4 | 3 | 3 | 3 | 7 | 4 | 3 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Exceptional Income / Expenses | -0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 2 | 3 | 3 | 2 | 2 | 3 | 2 | 2 | 3 | 6 | 3 | 3 |
| Provision for Tax | 1 | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Profit After Tax | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 2 | 5 | 2 | 1 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 2 | 5 | 2 | 1 |
| Adjusted Earnings Per Share | 2.8 | 4.1 | 4 | 3.5 | 3.1 | 4.3 | 3.3 | 2.7 | 3.8 | 9.4 | 4.7 | 2.5 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 11% | 8% | 7% | 2% |
| Operating Profit CAGR | -43% | 10% | 0% | 0% |
| PAT CAGR | -60% | 26% | 0% | 7% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -20% | 10% | 10% | 5% |
| ROE Average | 5% | 7% | 6% | 6% |
| ROCE Average | 8% | 10% | 8% | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 24 | 26 | 28 | 29 | 31 | 32 | 34 | 35 | 37 | 41 | 43 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Total Current Liabilities | 10 | 6 | 8 | 8 | 7 | 8 | 4 | 7 | 5 | 6 | 6 |
| Total Liabilities | 35 | 34 | 37 | 39 | 39 | 41 | 39 | 43 | 43 | 48 | 50 |
| Fixed Assets | 16 | 15 | 14 | 15 | 15 | 15 | 15 | 15 | 15 | 14 | 15 |
| Other Non-Current Assets | 1 | 1 | 1 | 1 | 1 | 1 | 11 | 1 | 12 | 12 | 12 |
| Total Current Assets | 18 | 18 | 21 | 23 | 23 | 25 | 13 | 27 | 15 | 22 | 23 |
| Total Assets | 35 | 34 | 37 | 39 | 39 | 41 | 39 | 43 | 43 | 48 | 50 |
| #(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 | 1 | 1 | 5 | 8 | 8 | 9 | 10 | 2 | 4 | 2 | 9 |
| Cash Flow from Operating Activities | 1 | 5 | 4 | 1 | 1 | 4 | -7 | 10 | -2 | 8 | 0 |
| Cash Flow from Investing Activities | -1 | -0 | -1 | -1 | -1 | -1 | -2 | -0 | -1 | -1 | -2 |
| Cash Flow from Financing Activities | -1 | -0 | -0 | -1 | 1 | -1 | -0 | -0 | 1 | -0 | 0 |
| Net Cash Inflow / Outflow | -0 | 4 | 3 | -0 | 1 | 3 | -8 | 10 | -2 | 7 | -1 |
| Closing Cash & Cash Equivalent | 1 | 5 | 8 | 8 | 9 | 12 | 2 | 12 | 2 | 9 | 7 |
| # | 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) | 2.77 | 4.14 | 4 | 3.52 | 3.14 | 4.27 | 3.26 | 2.68 | 3.79 | 9.41 | 4.69 |
| CEPS(Rs) | 5.5 | 6.44 | 6.13 | 5.3 | 4.57 | 5.72 | 4.81 | 4.24 | 5.37 | 11.17 | 6.52 |
| DPS(Rs) | 0.7 | 0.8 | 0.8 | 0.8 | 0.8 | 0 | 0 | 0 | 1 | 1 | 1 |
| Book NAV/Share(Rs) | 48.83 | 52.97 | 57.49 | 60.05 | 62.22 | 65.52 | 68.78 | 71.46 | 75.35 | 83.76 | 87.45 |
| Core EBITDA Margin(%) | 7.04 | 8.2 | 7.23 | 5.82 | 4.43 | 6.25 | 6.36 | 3.16 | 5.15 | 6.78 | 5.35 |
| EBIT Margin(%) | 4.85 | 7.27 | 7.22 | 6.39 | 6.1 | 8.33 | 7.94 | 4.84 | 6.08 | 12.83 | 6.97 |
| Pre Tax Margin(%) | 4.29 | 6.82 | 7.02 | 6.07 | 5.8 | 8.07 | 7.78 | 4.72 | 5.96 | 12.71 | 6.81 |
| PAT Margin (%) | 2.89 | 4.67 | 4.62 | 4.75 | 4.17 | 5.98 | 5.74 | 3.38 | 4.38 | 10.4 | 4.69 |
| Cash Profit Margin (%) | 5.74 | 7.28 | 7.09 | 7.14 | 6.09 | 8.02 | 8.48 | 5.36 | 6.21 | 12.35 | 6.53 |
| ROA(%) | 3.8 | 5.85 | 5.51 | 4.55 | 3.97 | 5.24 | 3.99 | 3.2 | 4.33 | 10.14 | 4.66 |
| ROE(%) | 5.71 | 8.13 | 7.24 | 5.99 | 5.13 | 6.68 | 4.85 | 3.82 | 5.17 | 11.83 | 5.47 |
| ROCE(%) | 9.01 | 12.22 | 11.22 | 8.04 | 7.4 | 9.2 | 6.7 | 5.47 | 7.11 | 14.43 | 8.04 |
| Receivable days | 79.89 | 74.25 | 71.71 | 91.75 | 92.29 | 95.58 | 112.78 | 84.71 | 85.71 | 79 | 74.17 |
| Inventory Days | 36.25 | 38.53 | 31.31 | 39.08 | 35.34 | 31.52 | 33.04 | 26.16 | 29.59 | 26.7 | 28.82 |
| Payable days | 92.25 | 80.08 | 79.65 | 102.16 | 86.98 | 92.79 | 93.33 | 50.04 | 51.14 | 45.15 | 47.11 |
| PER(x) | 9.88 | 6.72 | 10.48 | 11.52 | 7.97 | 4.64 | 8.9 | 13.79 | 9.76 | 6.95 | 13.97 |
| Price/Book(x) | 0.56 | 0.52 | 0.73 | 0.68 | 0.4 | 0.3 | 0.42 | 0.52 | 0.49 | 0.78 | 0.75 |
| Dividend Yield(%) | 2.56 | 2.88 | 1.91 | 1.97 | 3.2 | 0 | 0 | 0 | 2.7 | 1.53 | 1.53 |
| EV/Net Sales(x) | 0.32 | 0.21 | 0.32 | 0.33 | 0.1 | -0.06 | 0.43 | 0.15 | 0.4 | 0.53 | 0.52 |
| EV/Core EBITDA(x) | 3.77 | 1.98 | 3.03 | 3.68 | 1.21 | -0.59 | 4.04 | 2.23 | 5.02 | 3.59 | 5.87 |
| Net Sales Growth(%) | -5.39 | -6.27 | -1.68 | -8.92 | 3.65 | -5 | -20.51 | 39.64 | 9.26 | 4.57 | 10.37 |
| EBIT Growth(%) | -43.25 | 38.54 | -3.07 | -24.03 | -3.31 | 29.7 | -24.27 | -14.87 | 37.27 | 120.74 | -40.06 |
| PAT Growth(%) | -49.98 | 49.42 | -3.39 | -11.93 | -10.93 | 36.05 | -23.62 | -17.88 | 41.7 | 148.15 | -50.19 |
| EPS Growth(%) | -49.98 | 49.42 | -3.39 | -11.93 | -10.93 | 36.05 | -23.62 | -17.87 | 41.7 | 148.15 | -50.19 |
| Debt/Equity(x) | 0.06 | 0.01 | 0.01 | 0 | 0.02 | 0 | 0 | 0 | 0.02 | 0.01 | 0.02 |
| Current Ratio(x) | 1.89 | 2.77 | 2.64 | 2.75 | 3.2 | 3.22 | 3.13 | 3.94 | 3.36 | 3.96 | 3.84 |
| Quick Ratio(x) | 1.34 | 2.19 | 2.2 | 2.24 | 2.8 | 2.82 | 2.67 | 3.4 | 2.67 | 3.38 | 3.1 |
| Interest Cover(x) | 8.63 | 16.15 | 36.7 | 19.78 | 20.51 | 31.67 | 50.11 | 41.04 | 53.13 | 103.02 | 44.66 |
| Total Debt/Mcap(x) | 0.11 | 0.02 | 0.01 | 0 | 0.06 | 0.01 | 0 | 0 | 0.03 | 0.01 | 0.02 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 41.27 | 41.27 | 41.27 | 41.27 | 41.27 | 41.27 | 41.27 | 41.27 | 41.27 | 41.27 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.21 | 0.21 | 0.21 | 0.21 | 0.18 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 |
| Public | 58.52 | 58.52 | 58.52 | 58.52 | 58.55 | 58.52 | 58.52 | 58.52 | 58.52 | 58.52 |
| 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 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +11% | +8% | +7% | +2% |
| Operating Profit CAGR | -43% | +10% | 0% | 0% |
| PAT CAGR | -60% | +26% | 0% | +7% |
| Share Price CAGR | -20% | +10% | +10% | +5% |
| ROE Average | +5% | +7% | +6% | +6% |
| ROCE Average | +8% | +10% | +8% | +9% |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 41.27 | 41.27 | 41.27 | 41.27 | 41.27 | 41.27 | 41.27 | 41.27 | 41.27 | 41.27 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.21 | 0.21 | 0.21 | 0.21 | 0.18 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 |
| Public | 58.52 | 58.52 | 58.52 | 58.52 | 58.55 | 58.52 | 58.52 | 58.52 | 58.52 | 58.52 |
| 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 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 |
* The pros and cons are machine generated.
Our experts help you choose the right stocks based on performance, risk, and growth potential.
Looking to buy unlisted shares or need guidance on the investment process? Our expert Private Equity Advisors are here to assist you with accurate information, real-time pricing, and seamless execution.
Want to sell unlisted shares, liquidate your ESOPs, or understand the step-by-step process of liquidation? Connect with our Buying Team for smooth coordination, quick evaluations, and end-to-end support.
Planning to build or grow your portfolio? For Mutual Fund investments, PMS solutions, tailored portfolio creation, and overall wealth management, our dedicated Wealth Team is ready to guide you.
Your relationship manager will connect with you shortly.