Chemicals · Founded 1955 · www.polychemltd.com · BSE 506605 · NSE POLYCHEM · ISIN INE752B01024
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Business
Polychem Ltd. (POLYCHEM) operates in the Chemicals sector within India. The company is involved in the manufacturing and sale of various chemical products. While specific product lines are not provided, its core business model centers on producing these chemicals, likely for industrial customers (B2B). The company generates revenue by selling its manufactured chemical products to various end-user industries.
Revenue Mix
No specific business segment breakdown or revenue mix data is provided in the given information. Therefore, it is not possible to detail major segments or their contribution to the company's revenue.
Industry
The Indian chemicals industry is diverse, encompassing a wide range of basic, specialty, and agrochemicals. It is generally capital-intensive, subject to raw material price fluctuations, and influenced by global supply-demand dynamics and environmental regulations. Without specific product details or market share information, Polychem Ltd. can be broadly positioned as a participant in the Indian chemical manufacturing landscape, serving industrial demand. Its exact standing relative to peers (e.g., market leader, niche player, commodity producer) cannot be determined from the provided data.
MOAT
Based on the limited information, no specific durable competitive advantages (moats) such as strong brand equity, proprietary technology, significant scale advantages, high switching costs for customers, or a deeply entrenched network effect are evident. Any potential competitive edge would likely stem from operational efficiencies, specific product expertise, customer relationships, or cost leadership, but these are not confirmed.
Growth Drivers
Key factors that could drive growth for Polychem Ltd. over the next 3-5 years include:
Indian Economic Growth: Sustained economic expansion in India generally increases demand across various end-user industries (e.g., automotive, construction, textiles, pharmaceuticals, agriculture) that consume chemical products.
Industrialization & Infrastructure Development: Government initiatives and private sector investment in manufacturing and infrastructure can spur demand for basic and specialty chemicals.
"Make in India" Initiative: Policies promoting domestic manufacturing could provide a tailwind by reducing reliance on imports and fostering local demand.
Diversification & New Product Development: Introduction of new or higher-value-added chemical products could open new markets and revenue streams.
Export Opportunities: Leveraging competitive production costs or specific product expertise to cater to international markets.
Risks
Raw Material Price Volatility: Chemical manufacturing is highly dependent on commodity raw materials (e.g., crude oil derivatives, natural gas, specific minerals), making profitability vulnerable to price fluctuations.
Regulatory & Environmental Risks: Strict or changing environmental protection norms, safety regulations, and compliance requirements can increase operating costs and capital expenditure.
Competition: Intense competition from domestic and international players can put pressure on pricing and market share.
Demand Cyclicality: Demand for chemicals is often cyclical, tied to the overall health of industrial user sectors, making the company susceptible to economic downturns.
Foreign Exchange Fluctuations: If the company engages in significant imports of raw materials or exports of finished goods, adverse currency movements could impact profitability.
Technological Obsolescence: Rapid advancements in chemical processes or materials could render existing production methods or products less competitive.
Management & Ownership
Information regarding the promoters, specific management quality, or detailed ownership structure of Polychem Ltd. is not provided in the given data.
Outlook
Polychem Ltd. operates in a crucial sector that underpins much of India's industrial growth. The company could benefit from India's long-term economic expansion, increasing industrial output, and government support for domestic manufacturing. However, its performance will likely be significantly influenced by the inherent cyclicality and raw material price volatility of the chemical industry. The absence of clearly identifiable competitive advantages from the provided data suggests that the company may face ongoing competitive pressures. Its future trajectory will depend on its ability to navigate these industry-specific challenges, manage costs effectively, and potentially develop differentiated products or market niches to sustain growth and profitability.
| #(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 | 15 | 13 | 7 | 10 | 11 | 13 | 10 | 9 | 12 | 12 |
| Other Income | 1 | 1 | 1 | 0 | 1 | 3 | 0 | 29 | 1 | 1 |
| Total Income | 15 | 14 | 8 | 11 | 11 | 16 | 11 | 38 | 12 | 13 |
| Total Expenditure | 12 | 11 | 8 | 9 | 10 | 11 | 9 | 9 | 11 | 12 |
| Operating Profit | 3 | 3 | 0 | 2 | 2 | 6 | 1 | 29 | 2 | 1 |
| 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 | 2 | -0 | 1 | 1 | 5 | 1 | 29 | 1 | 1 |
| Provision for Tax | 0 | 1 | 0 | 0 | 0 | 1 | 0 | 3 | 3 | 0 |
| Profit After Tax | 3 | 2 | -0 | 1 | 1 | 5 | 1 | 25 | -1 | 1 |
| Adjustments | -0 | -0 | -0 | -0 | -0 | -1 | -0 | -12 | -0 | -0 |
| Profit After Adjustments | 2 | 2 | -0 | 1 | 1 | 3 | 1 | 14 | -1 | 0 |
| Adjusted Earnings Per Share | 58.1 | 37.5 | -11.4 | 21.9 | 22.2 | 84 | 17.7 | 338.1 | -35.9 | 9.4 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 13 | 27 | 31 | 42 | 37 | 25 | 36 | 51 | 54 | 42 | 44 | 43 |
| Other Income | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 6 | 2 | 2 | 33 | 31 |
| Total Income | 14 | 28 | 31 | 42 | 38 | 26 | 37 | 57 | 56 | 44 | 77 | 74 |
| Total Expenditure | 13 | 27 | 30 | 36 | 33 | 24 | 35 | 45 | 45 | 38 | 40 | 41 |
| Operating Profit | 1 | 1 | 1 | 6 | 5 | 2 | 2 | 11 | 11 | 6 | 38 | 33 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 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 | 0 | 1 | 1 | 6 | 4 | 1 | 1 | 11 | 10 | 5 | 37 | 32 |
| Provision for Tax | 0 | -0 | 0 | 0 | 1 | -0 | -0 | 1 | 1 | 1 | 7 | 6 |
| Profit After Tax | 0 | 1 | 1 | 6 | 4 | 1 | 1 | 10 | 8 | 4 | 30 | 26 |
| Adjustments | 0 | 0 | -0 | -2 | -1 | -0 | -0 | -2 | -1 | -1 | -14 | -12 |
| Profit After Adjustments | 0 | 1 | 0 | 4 | 3 | 1 | 1 | 7 | 7 | 3 | 16 | 14 |
| Adjusted Earnings Per Share | 8.4 | 19.9 | 5.7 | 89.7 | 75.9 | 20.5 | 12.5 | 178.9 | 178.3 | 70.1 | 403.9 | 329.3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 5% | -5% | 12% | 13% |
| Operating Profit CAGR | 533% | 51% | 80% | 44% |
| PAT CAGR | 650% | 44% | 97% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -16% | -11% | 28% | 15% |
| ROE Average | 57% | 29% | 24% | 17% |
| ROCE Average | 71% | 36% | 29% | 19% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 15 | 19 | 19 | 22 | 25 | 26 | 28 | 35 | 41 | 44 | 60 |
| Minority's Interest | 0 | -3 | -3 | -1 | -0 | 0 | 1 | 3 | 4 | 5 | 19 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | -0 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 1 | 1 | 2 |
| Total Current Liabilities | 1 | 6 | 7 | 6 | 7 | 7 | 4 | 5 | 4 | 3 | 3 |
| Total Liabilities | 16 | 21 | 22 | 28 | 32 | 33 | 33 | 43 | 51 | 54 | 83 |
| Fixed Assets | 1 | 2 | 2 | 3 | 4 | 3 | 3 | 4 | 4 | 4 | 6 |
| Other Non-Current Assets | 3 | 4 | 4 | 8 | 9 | 11 | 10 | 19 | 24 | 29 | 59 |
| Total Current Assets | 13 | 15 | 16 | 17 | 20 | 19 | 21 | 20 | 22 | 21 | 18 |
| Total Assets | 16 | 21 | 22 | 28 | 32 | 33 | 33 | 43 | 51 | 54 | 83 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 1 | 1 | 2 | 1 | 3 | 4 | 1 | 2 | 4 | 4 |
| Cash Flow from Operating Activities | 0 | 0 | 0 | 4 | 6 | 1 | -2 | 5 | 6 | 2 | -1 |
| Cash Flow from Investing Activities | 0 | -0 | 0 | -4 | -4 | 1 | -1 | -4 | -3 | -1 | 0 |
| Cash Flow from Financing Activities | 0 | -0 | -0 | -0 | -0 | -1 | -0 | -0 | -1 | -2 | -1 |
| Net Cash Inflow / Outflow | 0 | -0 | 0 | -1 | 2 | 1 | -3 | 1 | 2 | -0 | -2 |
| Closing Cash & Cash Equivalent | 0 | 1 | 2 | 1 | 3 | 4 | 1 | 2 | 4 | 4 | 2 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 8.4 | 19.94 | 5.68 | 89.72 | 75.9 | 20.48 | 12.53 | 178.91 | 178.29 | 70.07 | 403.92 |
| CEPS(Rs) | 14.16 | 26.77 | 20.26 | 159.43 | 107.12 | 49.92 | 38.48 | 257.81 | 228.05 | 120.27 | 760.28 |
| DPS(Rs) | 2.5 | 2.5 | 0 | 2.5 | 12.5 | 0 | 3 | 20 | 30 | 20 | 20 |
| Book NAV/Share(Rs) | 377.36 | 460.12 | 462.4 | 551.05 | 622.22 | 631.71 | 690.81 | 863.62 | 1019.95 | 1099.12 | 1482.09 |
| Core EBITDA Margin(%) | -2.09 | -0.04 | 1.67 | 14.11 | 10.77 | 2.65 | 1.97 | 11.41 | 16.24 | 8.88 | 10.05 |
| EBIT Margin(%) | 3.27 | 2.23 | 1.82 | 14.74 | 11.9 | 5.47 | 2.34 | 20.86 | 17.99 | 11.84 | 83.91 |
| Pre Tax Margin(%) | 3.25 | 2.08 | 1.8 | 14.74 | 11.8 | 5.15 | 2.15 | 20.55 | 17.73 | 11.5 | 83.65 |
| PAT Margin (%) | 2.38 | 2.76 | 1.69 | 14.73 | 9.9 | 5.21 | 2.43 | 18.83 | 15.22 | 9.22 | 67.88 |
| Cash Profit Margin (%) | 4.01 | 3.8 | 2.62 | 15.5 | 11.81 | 8.19 | 4.34 | 20.33 | 17.1 | 11.66 | 69.86 |
| ROA(%) | 2.08 | 4.15 | 2.4 | 24.56 | 12.14 | 3.93 | 2.63 | 25.26 | 17.47 | 7.36 | 43.54 |
| ROE(%) | 2.23 | 4.64 | 2.83 | 29.9 | 15.3 | 5.07 | 3.26 | 30.73 | 21.54 | 8.98 | 57.24 |
| ROCE(%) | 3.06 | 3.76 | 3.04 | 29.92 | 18.4 | 5.32 | 3.13 | 34.04 | 25.47 | 11.52 | 70.76 |
| Receivable days | 60.5 | 49.62 | 73.94 | 69.46 | 80.89 | 110.67 | 86.78 | 62.7 | 53.88 | 66.82 | 56.91 |
| Inventory Days | 59.16 | 49.45 | 60.95 | 43.14 | 45.36 | 65.26 | 50.24 | 45.84 | 50.5 | 67.09 | 61.8 |
| Payable days | 37.86 | 27.35 | 38.41 | 25.17 | 19.61 | 35.09 | 27.28 | 19.2 | 17.88 | 15.25 | 4.78 |
| PER(x) | 46.73 | 20.54 | 62.15 | 3.49 | 3.6 | 25.59 | 46.2 | 5.16 | 13.55 | 26.48 | 4.85 |
| Price/Book(x) | 1.04 | 0.89 | 0.76 | 0.57 | 0.44 | 0.83 | 0.84 | 1.07 | 2.37 | 1.69 | 1.32 |
| Dividend Yield(%) | 0.64 | 0.61 | 0 | 0.8 | 4.58 | 0 | 0.52 | 2.17 | 1.24 | 1.08 | 1.02 |
| EV/Net Sales(x) | 1.05 | 0.51 | 0.36 | 0.26 | 0.12 | 0.6 | 0.54 | 0.66 | 1.72 | 1.69 | 1.74 |
| EV/Core EBITDA(x) | 19.04 | 14.51 | 12.92 | 1.7 | 0.85 | 7.09 | 12.74 | 2.96 | 8.64 | 11.83 | 2.03 |
| Net Sales Growth(%) | 0 | 111.33 | 15.18 | 35.08 | -11.81 | -32.78 | 45.3 | 43.2 | 5.12 | -22.67 | 5.55 |
| EBIT Growth(%) | 0 | 36.15 | -10.76 | 979.59 | -28.81 | -69.1 | -37.94 | 1178.38 | -9.34 | -49.12 | 648.28 |
| PAT Growth(%) | 0 | 131.22 | -32.9 | 1061.99 | -40.75 | -64.62 | -32.1 | 1007.69 | -15.06 | -53.13 | 676.77 |
| EPS Growth(%) | 0 | 137.23 | -71.53 | 1480.68 | -15.4 | -73.02 | -38.81 | 1327.87 | -0.35 | -60.7 | 476.43 |
| Debt/Equity(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio(x) | 10.68 | 2.41 | 2.41 | 2.86 | 3.01 | 2.85 | 4.63 | 4.34 | 5.17 | 6.53 | 6.77 |
| Quick Ratio(x) | 8.74 | 1.55 | 1.66 | 2.03 | 2.36 | 2.19 | 3.42 | 2.73 | 3.43 | 4.1 | 4.19 |
| Interest Cover(x) | 133.4 | 14.55 | 96.15 | 0 | 123.51 | 17.27 | 12.78 | 66.72 | 69.57 | 35.63 | 313.47 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 52.09 | 52.09 | 52.09 | 52.09 | 52.09 | 52.09 | 52.09 | 52.09 | 52.09 | 52.09 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 2.98 | 2.98 | 2.98 | 2.98 | 2.98 | 2.98 | 2.98 | 2.98 | 2.98 | 3 |
| Public | 44.93 | 44.93 | 44.93 | 44.93 | 44.93 | 44.93 | 44.93 | 44.93 | 44.93 | 44.91 |
| 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 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +5% | -5% | +12% | +13% |
| Operating Profit CAGR | +533% | +51% | +80% | +44% |
| PAT CAGR | +650% | +44% | +97% | — |
| Share Price CAGR | -16% | -11% | +28% | +15% |
| ROE Average | +57% | +29% | +24% | +17% |
| ROCE Average | +71% | +36% | +29% | +19% |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 52.09 | 52.09 | 52.09 | 52.09 | 52.09 | 52.09 | 52.09 | 52.09 | 52.09 | 52.09 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 2.98 | 2.98 | 2.98 | 2.98 | 2.98 | 2.98 | 2.98 | 2.98 | 2.98 | 3 |
| Public | 44.93 | 44.93 | 44.93 | 44.93 | 44.93 | 44.93 | 44.93 | 44.93 | 44.93 | 44.91 |
| 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 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 |
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