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Standard Surfactants Overview

1. Business Overview

Standard Surfactants Ltd. (STD.SURFACT.) is a company operating in India within the Detergents & Soaps sector. Given its name, "Standard Surfactants," the company is primarily involved in the manufacturing and supply of surfactants. Surfactants are chemical compounds that reduce the surface tension between two liquids or between a liquid and a solid, acting as key ingredients in detergents, soaps, personal care products, and various industrial cleaning applications. The core business model is likely B2B (business-to-business), supplying these essential raw materials to manufacturers of consumer goods (like large detergent companies) and industrial clients. The company makes money by producing and selling these specialized chemical ingredients.

2. Key Segments / Revenue Mix

Specific revenue mix or key segments are not available. However, given its focus on "Surfactants" for the "Detergents & Soaps" industry, potential segments could include:

Anionic Surfactants (e.g., Linear Alkyl Benzene Sulfonate - LABSA)

Non-ionic Surfactants (e.g., fatty alcohol ethoxylates)

Cationic and Amphoteric Surfactants (used in specialized applications like fabric softeners or shampoos)

Specialty Surfactants (custom formulations for specific client needs)

Revenue is derived from sales of these chemicals to other manufacturers.

3. Industry & Positioning

Standard Surfactants operates within the broader chemical industry, specifically serving the downstream detergents, soaps, and personal care markets in India. The Indian detergents & soaps industry is large and growing, driven by population growth, increasing disposable incomes, urbanization, and rising hygiene awareness. This industry is characterized by both large multinational and domestic consumer goods companies. Standard Surfactants positions itself as a critical B2B supplier of essential raw materials to these end-product manufacturers. Its positioning would likely be as a reliable, cost-effective, and potentially innovative supplier of surfactant chemicals rather than a consumer brand. The market for surfactants can be competitive, with global and domestic chemical producers vying for supply contracts.

4. Competitive Advantage (Moat)

Potential competitive advantages for Standard Surfactants, if present, could include:

Cost Leadership/Scale: Efficient manufacturing processes and large-scale production could lead to cost advantages, particularly for commodity-grade surfactants.

Formulation Expertise: Proprietary or specialized surfactant formulations tailored to customer needs could create switching costs for clients.

Strong Customer Relationships: Long-standing relationships with major detergent and soap manufacturers could ensure recurring business.

Backward/Forward Integration: Control over raw material sourcing or downstream processing could enhance cost efficiency and supply chain reliability.

Regulatory Compliance: Adherence to evolving environmental and product safety regulations can be a barrier to entry for new competitors.

5. Growth Drivers

Key factors that can drive growth for Standard Surfactants over the next 3-5 years include:

Growth of Indian Consumer Market: Increasing demand for detergents, soaps, personal care, and home care products driven by a growing population and rising disposable incomes in India.

Increased Hygiene Awareness: Post-pandemic, heightened focus on cleanliness and hygiene is likely to sustain demand for cleaning products.

Product Innovation: Development of new, more effective, or environmentally friendly surfactant formulations to meet evolving consumer and industry demands.

Expansion into Specialty Chemicals: Diversification into higher-margin specialty surfactants for niche applications (e.g., agrochemicals, construction chemicals, oil & gas).

Export Opportunities: Leveraging manufacturing capabilities to cater to demand in neighboring countries or other international markets.

6. Risks

Standard Surfactants faces several business risks:

Raw Material Price Volatility: Surfactant production relies heavily on petrochemicals (e.g., crude oil derivatives) and oleochemicals, making the company susceptible to fluctuations in global commodity prices.

Intense Competition: The chemical industry, including surfactants, can be highly competitive, with pricing pressure from global and domestic players.

Environmental & Regulatory Risks: Strict environmental regulations regarding chemical manufacturing, waste disposal, and product safety can lead to increased compliance costs or operational restrictions.

Customer Concentration: Reliance on a few large customers in the detergents & soaps sector could pose a risk if any major contract is lost or demand from these customers declines.

Technological Obsolescence: Rapid advancements in chemical technology could render existing processes or products less competitive.

Economic Slowdown: A general economic slowdown in India could reduce consumer spending on discretionary items and thus impact demand for cleaning products.

7. Management & Ownership

Specific details regarding management quality and ownership structure are not provided. However, in India, many chemical manufacturing companies, especially of this nature, are often promoter-driven or family-owned, with founders or their descendants holding significant stakes and managing operations. The quality of management would be crucial for navigating raw material price volatility, R&D for new formulations, and maintaining strong customer relationships.

8. Outlook

Standard Surfactants Ltd. operates in a fundamental segment of the Indian economy, providing essential ingredients for a large and growing consumer goods market. The increasing demand for hygiene and cleaning products, coupled with a growing population and rising disposable incomes, provides a strong underlying tailwind for the business. The company's future performance will heavily depend on its ability to manage raw material price volatility, innovate in product development, maintain strong customer relationships with major downstream players, and efficiently scale operations. While the essential nature of its products offers a degree of resilience, the competitive landscape and regulatory environment for chemical manufacturers present ongoing challenges.

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Standard Surfactants Key Financials

Market Cap ₹44 Cr.

Stock P/E 28.8

P/B 1.5

Current Price ₹53.4

Book Value ₹ 36.5

Face Value 10

52W High ₹69

Dividend Yield 0%

52W Low ₹ 39.1

Standard Surfactants Share Price

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Volume
Price

Standard Surfactants Quarterly Price

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Standard Surfactants Peer Comparison

Standard Surfactants Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 32 32 37 36 45 41 47 53 53 65
Other Income 0 0 0 0 0 1 -1 1 0 1
Total Income 32 33 37 36 46 42 47 54 53 65
Total Expenditure 30 32 37 35 45 41 44 52 52 63
Operating Profit 1 0 1 1 0 1 3 2 2 3
Interest 1 -0 -0 0 0 1 0 1 1 1
Depreciation 0 0 0 0 0 1 0 0 1 1
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 0 0 1 0 -0 0 2 1 -0 1
Provision for Tax 0 -0 0 0 -0 0 1 0 -0 0
Profit After Tax 0 0 0 0 -0 0 1 0 -0 0
Adjustments -0 0 -0 0 0 -0 -0 0 -0 0
Profit After Adjustments 0 0 0 0 -0 0 1 0 -0 0
Adjusted Earnings Per Share 0.3 0.6 0.3 0.4 -0.3 0.2 1.6 0.6 -0.2 0.6

Standard Surfactants Profit & Loss

#(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 53 44 55 87 117 83 92 125 152 131 170 218
Other Income 0 1 1 0 0 0 0 1 1 1 2 1
Total Income 54 45 56 87 118 83 93 125 153 132 171 219
Total Expenditure 51 42 53 85 115 81 88 121 150 128 166 211
Operating Profit 3 3 3 3 3 2 4 5 4 3 5 10
Interest 2 1 2 1 1 1 1 1 1 1 2 3
Depreciation 1 1 1 0 0 0 0 0 0 0 1 2
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 1 1 1 1 1 1 3 3 2 2 3 4
Provision for Tax 0 0 0 0 0 -0 1 1 1 0 1 1
Profit After Tax 0 0 0 1 1 1 2 2 2 1 2 1
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 0 0 0 1 1 1 2 2 2 1 2 1
Adjusted Earnings Per Share 0.6 0.6 0.6 1.4 1.2 1.3 3.1 3.5 2 1.8 1.9 2.6

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 30% 11% 15% 12%
Operating Profit CAGR 67% 0% 20% 5%
PAT CAGR 100% 0% 15% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 24% -4% 9% NA%
ROE Average 5% 6% 9% 7%
ROCE Average 6% 6% 8% 8%

Standard Surfactants Balance Sheet

#(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 12 13 13 14 15 15 18 21 24 28 29
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 0 0 1 1 1 3 6 7 6 17 27
Other Non-Current Liabilities 1 1 1 1 1 1 1 1 1 1 2
Total Current Liabilities 14 15 17 23 25 23 23 24 33 28 43
Total Liabilities 28 29 32 38 41 42 48 52 64 73 100
Fixed Assets 8 8 7 7 6 6 6 6 6 6 30
Other Non-Current Assets 1 1 3 2 1 1 3 2 4 19 15
Total Current Assets 19 20 22 30 34 34 39 44 55 48 56
Total Assets 28 29 32 38 41 42 48 52 64 73 100

Standard Surfactants Cash Flow

#(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 1 1 1 1 3 1 1 0 1 0
Cash Flow from Operating Activities 5 3 -0 -1 2 4 -4 1 0 -2 2
Cash Flow from Investing Activities -0 0 1 1 -0 -6 2 -0 -4 -7 -21
Cash Flow from Financing Activities -4 -3 -1 1 -0 1 1 -2 6 8 19
Net Cash Inflow / Outflow 1 0 -0 0 2 -2 -0 -1 1 -1 0
Closing Cash & Cash Equivalent 1 1 1 1 3 1 1 0 1 0 0

Standard Surfactants Ratios

# 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) 0.65 0.61 0.61 1.35 1.17 1.26 3.06 3.46 2.04 1.8 1.86
CEPS(Rs) 1.85 1.51 1.31 2.02 1.81 1.86 3.64 4.05 2.61 2.27 3.15
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 17.03 17.65 17.9 19.25 20.42 21.63 24.72 28.15 31.17 33.76 35.62
Core EBITDA Margin(%) 4.04 3.62 3.23 2.79 2.3 2.39 4.42 3.19 1.86 2.08 2.2
EBIT Margin(%) 3.22 3.88 3.64 2.48 2.16 2.28 4.4 3.33 2.16 2.29 2.48
Pre Tax Margin(%) 0.97 1.17 1.04 1.11 1.06 1.05 3.37 2.57 1.37 1.42 1.5
PAT Margin (%) 0.65 0.79 0.69 1.08 0.71 1.09 2.35 1.97 1.02 1.13 0.9
Cash Profit Margin (%) 1.86 1.95 1.5 1.61 1.1 1.6 2.8 2.31 1.31 1.43 1.53
ROA(%) 1.61 1.54 1.43 2.73 2.09 2.17 4.87 4.93 2.68 2.16 1.77
ROE(%) 3.44 3.53 3.42 7.28 5.92 6.01 13.19 13.08 7.11 5.74 5.37
ROCE(%) 10.14 10.01 8.97 7.53 8.03 5.6 10.91 10.17 7.14 5.4 5.77
Receivable days 48.92 63.06 69.42 71.8 65.3 84.46 72.38 64.34 61.99 77.99 66.09
Inventory Days 15.34 20.8 17.75 13.82 14.03 17.67 22.09 23.07 19.1 21.05 18.69
Payable days 15.98 23.51 12.7 13.72 20.44 26.88 19.08 18.63 23.63 31.12 23.86
PER(x) 0 0 0 0 17.86 8.54 9.22 17.12 25.73 31.92 22.33
Price/Book(x) 0 0 0 0 1.03 0.5 1.14 2.1 1.69 1.7 1.17
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 0.26 0.35 0.39 0.25 0.25 0.22 0.39 0.46 0.36 0.61 0.52
EV/Core EBITDA(x) 4.4 5.58 7.65 8.12 9.95 8.62 7.97 12.62 14.65 23.44 16.83
Net Sales Growth(%) 1.63 -17.31 24.45 58.57 34.62 -29.55 11.83 34.84 22.38 -14.15 29.75
EBIT Growth(%) -0.15 -6 5.72 -2.73 14.96 -25.73 116.02 2.18 -20.57 -9.04 40.35
PAT Growth(%) 13.61 -5.51 -0.69 122.72 -13.23 7.66 142.02 13.09 -36.63 -4.97 3.55
EPS Growth(%) 13.61 -5.51 -0.69 122.73 -13.23 7.66 142.02 13.09 -40.93 -11.86 3.56
Debt/Equity(x) 0.66 0.81 1.18 1.24 1.23 1.26 1.26 1.04 1.09 1.19 1.9
Current Ratio(x) 1.33 1.39 1.29 1.34 1.34 1.5 1.69 1.84 1.64 1.72 1.31
Quick Ratio(x) 1.14 1.15 1.14 1.15 1.17 1.36 1.35 1.52 1.39 1.47 1.06
Interest Cover(x) 1.43 1.43 1.4 1.82 1.96 1.85 4.26 4.38 2.74 2.61 2.53
Total Debt/Mcap(x) 0 0 0 0 1.19 2.52 1.09 0.49 0.64 0.7 1.62

Standard Surfactants Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 63.02 62.89 62.62 62.5 62.14 62.14 62.14 62.14 62.14 62.14
FII 0 0 0 0 0 0 0 0 0 0
DII 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.11
Public 36.88 37 37.27 37.39 37.75 37.75 37.75 37.75 37.75 37.75
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Standard Surfactants News

Standard Surfactants Pros & Cons

Pros

  • Debtor days have improved from 31.12 to 23.86days.

Cons

  • Company has a low return on equity of 6% over the last 3 years.
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