Chemicals · Founded 2005 · www.valiantorganics.com · BSE 540145 · NSE VALIANTORG · ISIN INE565V01010
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Business
Valiant Organics Ltd. is an Indian chemical manufacturing company primarily engaged in the production of specialty chemicals, intermediates, and bulk chemicals. Its product range often caters to various industries, including pharmaceuticals, agrochemicals, dyes, pigments, polymers, and other industrial applications. The company operates on a business-to-business (B2B) model, generating revenue by manufacturing and selling these chemical products to its industrial clients.
Revenue Mix
Without specific published data, it is not possible to provide an exact revenue mix. However, typical chemical companies like Valiant Organics often have product segments based on their chemical processes or end-user applications. These could include:
Pharma Intermediates
Agrochemical Intermediates
Specialty Chlorination Products
Dyes & Pigments Intermediates
Detailed segmentation would typically be found in the company's annual reports or investor presentations.
Industry
The Indian chemicals industry is a diverse and growing sector, driven by strong domestic consumption, government initiatives for 'Make in India,' and the global 'China+1' strategy leading to supply chain diversification. The industry is competitive, comprising large diversified players, mid-sized specialty chemical manufacturers, and smaller regional entities. Valiant Organics likely positions itself as a focused manufacturer of specific chemistries and intermediates, aiming to provide critical raw materials or building blocks to larger downstream industries. Its standing relative to peers would depend on its specific product portfolio, cost efficiency, and market share in its niche areas.
MOAT
Valiant Organics' potential competitive advantages could include:
Process Expertise: Specialized know-how in complex chemical reactions and processes, leading to efficient and cost-effective manufacturing.
Customer Relationships: Established, long-term relationships with key industrial customers, potentially leading to high switching costs due to product customization and reliability.
Product Portfolio: A diversified yet specialized product basket that serves critical needs across multiple end-user industries.
Regulatory Compliance: Adherence to stringent quality and environmental standards, which can be a barrier for new entrants.
Growth Drivers
Rising Demand from End-User Industries: Continued growth in sectors like pharmaceuticals, agrochemicals, and other manufacturing industries in India drives demand for intermediates and specialty chemicals.
Import Substitution: Government focus and industry efforts to reduce reliance on imported chemicals, especially from China, create opportunities for domestic manufacturers.
Capacity Expansion & Diversification: The company investing in new projects or expanding existing capacities to cater to growing demand and enter new product lines.
'China+1' Strategy: Global companies diversifying their supply chains away from China, viewing India as an attractive alternative manufacturing hub.
R&D and Product Innovation: Development of new, value-added products and exploring advanced chemistries to capture new markets.
Risks
Raw Material Price Volatility: Fluctuations in prices of key feedstocks, often linked to crude oil or other global commodities, can impact profit margins.
Environmental & Regulatory Changes: Increasing stringency of environmental norms and safety regulations can lead to higher compliance costs or operational disruptions.
Intense Competition: The fragmented nature of the Indian chemical industry can lead to pricing pressures and margin erosion.
Demand Cyclicality: Demand for certain chemicals can be tied to broader economic cycles or specific industry trends, leading to volatility in revenue.
Foreign Exchange Fluctuations: As an exporter and/or importer of raw materials, currency volatility can impact profitability.
Management & Ownership
Valiant Organics Ltd. is typically a promoter-led company, a common structure in India. This often implies strong operational control and long-term vision from the founding family or group. The management's quality would be reflected in their strategic foresight, operational efficiency, track record of growth, and adherence to corporate governance standards. The ownership structure generally involves the promoter group holding a significant stake, complemented by institutional investors and public shareholders.
Outlook
Valiant Organics operates within a dynamic and expanding Indian chemical sector, benefiting from both domestic industrial growth and global supply chain realignments. The company's specialization in intermediates and specialty chemicals offers opportunities for value creation and niche market leadership. However, the business faces inherent risks such as raw material price fluctuations, intense competition, and evolving environmental regulations. Its ability to capitalize on growth opportunities will depend on successful execution of capacity expansions, continuous product innovation, maintaining cost efficiencies, and adeptly navigating the competitive and regulatory landscape while leveraging the broader tailwinds for India's manufacturing sector.
| #(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 | 177 | 168 | 160 | 187 | 204 | 204 | 157 | 159 | 218 | 232 |
| Other Income | 2 | 0 | 3 | 5 | 1 | 1 | 0 | 2 | 4 | 3 |
| Total Income | 179 | 168 | 163 | 192 | 204 | 205 | 158 | 161 | 222 | 235 |
| Total Expenditure | 179 | 152 | 158 | 172 | 183 | 180 | 136 | 144 | 191 | 190 |
| Operating Profit | 0 | 16 | 5 | 20 | 21 | 26 | 21 | 17 | 30 | 45 |
| Interest | 7 | 5 | 8 | 6 | 5 | 6 | 4 | 5 | 3 | 5 |
| Depreciation | 9 | 9 | 9 | 9 | 9 | 9 | 10 | 10 | 10 | 10 |
| Exceptional Income / Expenses | -9 | 0 | 0 | 0 | 0 | 0 | 0 | 6 | 0 | 0 |
| Profit Before Tax | -25 | 2 | -12 | 6 | 7 | 10 | 7 | 8 | 17 | 30 |
| Provision for Tax | -5 | 3 | -1 | 1 | 3 | 3 | 2 | 2 | 2 | 8 |
| Profit After Tax | -20 | -0 | -11 | 5 | 4 | 8 | 6 | 6 | 15 | 22 |
| Adjustments | -0 | -0 | -2 | 1 | 0 | 1 | 0 | -2 | 1 | 7 |
| Profit After Adjustments | -20 | -1 | -13 | 5 | 4 | 8 | 6 | 4 | 16 | 29 |
| Adjusted Earnings Per Share | -7.3 | -0.2 | -4.6 | 2 | 1.5 | 2.9 | 2 | 1.3 | 5.6 | 10.4 |
| #(Fig in Cr.) | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 692 | 675 | 755 | 1153 | 1052 | 723 | 719 | 739 | 766 |
| Other Income | 9 | 6 | 6 | 7 | 8 | 10 | 9 | 7 | 9 |
| Total Income | 701 | 681 | 761 | 1161 | 1060 | 733 | 728 | 746 | 776 |
| Total Expenditure | 512 | 494 | 550 | 948 | 888 | 685 | 665 | 651 | 661 |
| Operating Profit | 189 | 187 | 211 | 212 | 172 | 48 | 63 | 95 | 113 |
| Interest | 4 | 3 | 5 | 6 | 11 | 16 | 24 | 18 | 17 |
| Depreciation | 14 | 16 | 21 | 30 | 29 | 35 | 36 | 40 | 40 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 5 | -3 | 0 | 6 | 6 |
| Profit Before Tax | 171 | 168 | 185 | 176 | 137 | -9 | 2 | 42 | 62 |
| Provision for Tax | 50 | 42 | 54 | 48 | 35 | -0 | 6 | 9 | 14 |
| Profit After Tax | 121 | 126 | 131 | 128 | 103 | -8 | -3 | 33 | 49 |
| Adjustments | 12 | -2 | -16 | -15 | -14 | 0 | -0 | 0 | 6 |
| Profit After Adjustments | 133 | 124 | 115 | 113 | 88 | -8 | -4 | 33 | 55 |
| Adjusted Earnings Per Share | 113.6 | 51 | 42.2 | 41.7 | 32.5 | -3 | -1.3 | 11.9 | 19.3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 3% | -11% | -0% | 0% |
| Operating Profit CAGR | 51% | -18% | -15% | 0% |
| PAT CAGR | 0% | -32% | -24% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 45% | 0% | -21% | 8% |
| ROE Average | 4% | 1% | 8% | 20% |
| ROCE Average | 6% | 3% | 9% | 21% |
| #(Fig in Cr.) | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 259 | 388 | 503 | 613 | 689 | 729 | 725 | 759 |
| Minority's Interest | 12 | 13 | 6 | 36 | 51 | 0 | 0 | -0 |
| Borrowings | 44 | 84 | 75 | 106 | 71 | 74 | 51 | 53 |
| Other Non-Current Liabilities | 15 | 15 | 22 | 28 | 36 | 33 | 38 | 69 |
| Total Current Liabilities | 117 | 169 | 270 | 409 | 393 | 412 | 369 | 350 |
| Total Liabilities | 448 | 669 | 876 | 1192 | 1239 | 1248 | 1183 | 1231 |
| Fixed Assets | 150 | 276 | 510 | 543 | 670 | 643 | 657 | 695 |
| Other Non-Current Assets | 80 | 169 | 63 | 122 | 98 | 192 | 170 | 184 |
| Total Current Assets | 218 | 224 | 303 | 527 | 471 | 413 | 356 | 352 |
| Total Assets | 448 | 669 | 876 | 1192 | 1239 | 1248 | 1183 | 1231 |
| #(Fig in Cr.) | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 13 | 3 | 8 | 13 | 25 | 8 | 3 | 7 |
| Cash Flow from Operating Activities | 76 | 161 | 115 | -31 | 238 | 84 | 56 | 92 |
| Cash Flow from Investing Activities | -88 | -184 | -159 | -124 | -143 | -65 | -21 | -86 |
| Cash Flow from Financing Activities | 1 | 27 | 49 | 167 | -112 | -23 | -32 | -11 |
| Net Cash Inflow / Outflow | -11 | 5 | 5 | 12 | -17 | -4 | 4 | -5 |
| Closing Cash & Cash Equivalent | 4 | 8 | 13 | 25 | 8 | 3 | 7 | 2 |
| # | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 113.6 | 51 | 42.19 | 41.72 | 32.45 | -3.04 | -1.33 | 11.86 |
| CEPS(Rs) | 115.01 | 58.43 | 56.02 | 58.02 | 48.52 | 9.62 | 11.55 | 25.98 |
| DPS(Rs) | 12 | 11 | 5 | 3.5 | 1 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 213.89 | 158.75 | 184.83 | 225.66 | 253.42 | 264.18 | 258.91 | 270.84 |
| Core EBITDA Margin(%) | 26.03 | 26.75 | 27.18 | 17.76 | 15.61 | 5.23 | 7.51 | 11.94 |
| EBIT Margin(%) | 25.32 | 25.34 | 25.15 | 15.84 | 14.07 | 1.06 | 3.65 | 8.14 |
| Pre Tax Margin(%) | 24.73 | 24.96 | 24.49 | 15.28 | 13.04 | -1.2 | 0.3 | 5.68 |
| PAT Margin (%) | 17.51 | 18.7 | 17.34 | 11.09 | 9.75 | -1.16 | -0.48 | 4.5 |
| Cash Profit Margin (%) | 19.48 | 21.03 | 20.15 | 13.66 | 12.53 | 3.67 | 4.5 | 9.85 |
| ROA(%) | 27.05 | 22.59 | 16.94 | 12.37 | 8.44 | -0.68 | -0.28 | 2.75 |
| ROE(%) | 48.33 | 39.65 | 29.49 | 22.95 | 15.77 | -1.19 | -0.47 | 4.48 |
| ROCE(%) | 51.25 | 39.4 | 30.68 | 21.66 | 15.28 | 0.79 | 2.67 | 6.05 |
| Receivable days | 74.54 | 74.08 | 69.97 | 75.6 | 99.81 | 117.03 | 98.07 | 103.8 |
| Inventory Days | 25.26 | 25.09 | 28.3 | 29.4 | 41.62 | 60.69 | 51.6 | 44.59 |
| Payable days | 68.9 | 75.28 | 88.54 | 57.09 | 79.87 | 143.02 | 142.17 | 112.98 |
| PER(x) | 6.64 | 10.24 | 30.64 | 22.05 | 12.85 | 0 | 0 | 17.07 |
| Price/Book(x) | 3.53 | 3.29 | 7 | 4.08 | 1.65 | 1.44 | 1.01 | 0.75 |
| Dividend Yield(%) | 0.8 | 1.05 | 0.39 | 0.38 | 0.24 | 0 | 0 | 0 |
| EV/Net Sales(x) | 1.39 | 2.07 | 4.89 | 2.44 | 1.33 | 1.8 | 1.35 | 1.11 |
| EV/Core EBITDA(x) | 5.1 | 7.48 | 17.48 | 13.27 | 8.11 | 27.34 | 15.46 | 8.61 |
| Net Sales Growth(%) | 0 | -2.51 | 11.83 | 52.79 | -8.8 | -31.26 | -0.59 | 2.78 |
| EBIT Growth(%) | 0 | -2.41 | 10.99 | -3.8 | -18.99 | -94.83 | 242.55 | 129.47 |
| PAT Growth(%) | 0 | 4.08 | 3.7 | -2.26 | -19.82 | -108.19 | 59.18 | 1069.44 |
| EPS Growth(%) | 0 | -55.1 | -17.28 | -1.12 | -22.21 | -109.38 | 56.16 | 989.11 |
| Debt/Equity(x) | 0.33 | 0.36 | 0.41 | 0.59 | 0.4 | 0.35 | 0.34 | 0.33 |
| Current Ratio(x) | 1.86 | 1.33 | 1.12 | 1.29 | 1.2 | 1 | 0.97 | 1.01 |
| Quick Ratio(x) | 1.45 | 1.06 | 0.86 | 1.01 | 0.88 | 0.73 | 0.72 | 0.74 |
| Interest Cover(x) | 43.19 | 66.57 | 37.99 | 28.19 | 13.71 | 0.47 | 1.09 | 3.3 |
| Total Debt/Mcap(x) | 0.09 | 0.11 | 0.06 | 0.15 | 0.24 | 0.24 | 0.34 | 0.45 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 37.77 | 37.77 | 37.74 | 37.91 | 37.91 | 37.91 | 37.89 | 37.89 | 37.87 | 37.89 |
| FII | 1.35 | 1.33 | 0.82 | 0.37 | 0.21 | 0.21 | 0.23 | 0.28 | 0.21 | 0.43 |
| DII | 0.09 | 0.08 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.03 |
| Public | 60.79 | 60.82 | 61.44 | 61.71 | 61.87 | 61.88 | 61.88 | 61.82 | 61.92 | 61.64 |
| 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 | 1.04 | 1.04 | 1.04 | 1.06 | 1.06 | 1.06 | 1.06 | 1.06 | 1.06 | 1.06 |
| FII | 0.04 | 0.04 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 1.68 | 1.68 | 1.7 | 1.73 | 1.73 | 1.73 | 1.73 | 1.73 | 1.74 | 1.73 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.76 | 2.76 | 2.76 | 2.8 | 2.8 | 2.8 | 2.8 | 2.8 | 2.8 | 2.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +3% | -11% | 0% | — |
| Operating Profit CAGR | +51% | -18% | -15% | — |
| PAT CAGR | — | -32% | -24% | — |
| Share Price CAGR | +45% | 0% | -21% | +8% |
| ROE Average | +4% | +1% | +8% | +20% |
| ROCE Average | +6% | +3% | +9% | +21% |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 37.77 | 37.77 | 37.74 | 37.91 | 37.91 | 37.91 | 37.89 | 37.89 | 37.87 | 37.89 |
| FII | 1.35 | 1.33 | 0.82 | 0.37 | 0.21 | 0.21 | 0.23 | 0.28 | 0.21 | 0.43 |
| DII | 0.09 | 0.08 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.03 |
| Public | 60.79 | 60.82 | 61.44 | 61.71 | 61.87 | 61.88 | 61.88 | 61.82 | 61.92 | 61.64 |
| 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 | 1.04 | 1.04 | 1.04 | 1.06 | 1.06 | 1.06 | 1.06 | 1.06 | 1.06 | 1.06 |
| FII | 0.04 | 0.04 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 1.68 | 1.68 | 1.7 | 1.73 | 1.73 | 1.73 | 1.73 | 1.73 | 1.74 | 1.73 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.76 | 2.76 | 2.76 | 2.8 | 2.8 | 2.8 | 2.8 | 2.8 | 2.8 | 2.8 |
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