Aksharchem (India) Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2015 • Dyes and Dyes and: 63.9% • Pigments: 36.1%
AI Sector View
AI GENERATEDChemicals
The available domestic chemical proxies are mixed to weak. Fertilizers output was -8.0% YoY (2026-07) and sale quantity of fertilisers was 0.0% YoY (2026-05), although that high-frequency barometer is stale. FPI positioning is less negative than before, with net 3-month outflow only INR -11 crore versus INR -1229 crore in the prior 3 months to 2026-08-31, but the weak sector driver argues for a neutral stance.
PROS
- Working capital cycle has improved - days down from 58 to 20
- Company has a consistent dividend-paying track record
- Company maintains a comfortable, low leverage position
CONS
- Company has a low return on capital employed of 0.2%
- Company has a low return on equity of -1.8% over last 3 years
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -4.46x)
- Company has delivered a poor profit growth of -21.2% over past five years
- Company has delivered a poor sales growth of 5.9% over past five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SUDARSCHEM | 1246.95 | 137.12 | 9927.76 | 0.40 | 103.40 | 88.00 | 2642.10 | 5.39 | 5.99 | 10.29 |
| KIRIINDUS | 524.65 | 0.58 | 3419.04 | 0.00 | 290.70 | 186.82 | 312.36 | 54.54 | 10.72 | 11.71 |
| BODALCHEM | 145.45 | 26.67 | 1831.86 | 0.00 | 30.38 | 218.67 | 709.04 | 56.11 | 5.06 | 9.72 |
| VIDHIING | 341.95 | 32.08 | 1707.87 | 0.44 | 17.12 | 34.74 | 146.28 | 66.42 | 18.78 | 17.78 |
| SHREEPUSHK | 468.80 | 21.04 | 1515.99 | 0.45 | 22.93 | 9.40 | 280.07 | 10.04 | 11.81 | 11.40 |
| ULTRAMAR | 442.10 | 14.00 | 1290.93 | 1.36 | 31.59 | 56.46 | 239.96 | 30.14 | 11.10 | 18.95 |
| SUDARCOLOR | 390.10 | 2.96 | 900.42 | 0.00 | 20.36 | 19.13 | 222.39 | 5.54 | 11.00 | 11.51 |
| AKSHARCHEM | 407.45 | 19.67 | 327.31 | 0.12 | 15.21 | 2042.54 | 140.87 | 45.29 | 3.46 | 16.06 |
| DYNPRO | 230.05 | 14.07 | 285.92 | 0.65 | 5.19 | 7.92 | 86.43 | -6.99 | 11.27 | 14.60 |
| PODDARMENT | 253.70 | 17.66 | 269.18 | 1.58 | 46.47 | 1015.73 | 901.30 | 887.64 | 5.83 | 5.95 |
| HPIL | 122.01 | 89.76 | 139.39 | 0.00 | 0.25 | -86.19 | 26.76 | -38.75 | 6.36 | 2.88 |
| ISHANCH | 44.00 | 0.00 | 120.14 | 0.00 | 1.55 | 409.87 | 414.80 | 2446.66 | 4.08 | 8.10 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 72 | 73 | 75 | 82 | 86 | 79 | 91 | 91 | 97 | 89 | 80 | 106 | 141 | |
| 72 | 76 | 70 | 81 | 80 | 73 | 84 | 84 | 91 | 87 | 77 | 100 | 125 | |
| Operating Profit | -1 | -3 | 5 | 0 | 6 | 6 | 6 | 6 | 6 | 6 | 3 | 5 | 23 |
| OPM % | -0.93% | -4.37% | 6.56% | 0.54% | 7.26% | 7.61% | 6.96% | 6.91% | 6.61% | 6.44% | 3.65% | 5.01% | 16.06% |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 |
| Depreciation | 3 | 3 | 3 | 3 | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| -5 | -8 | 1 | -4 | 2 | 1 | 2 | 1 | 1 | -1 | -3 | -1 | 16 | |
| Tax % | -12.55% | -0.79% | 57.14% | -50.50% | 27.67% | 26.43% | 22.22% | -6.92% | 31.07% | 2.84% | -50.49% | 584.00% | 4.61% |
| Net Profit | -5 | -8 | 0 | -6 | 1 | 1 | 1 | 1 | 1 | -1 | -5 | 5 | 15 |
| -7 | -9 | 0 | -8 | 1 | 1 | 1 | 2 | 1 | -2 | -6 | 6 | 2 | |
| Equity Capital | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 188 | 248 | 264 | 323 | 260 | 246 | 380 | 335 | 302 | 346 | 416 | |
| 155 | 171 | 223 | 288 | 234 | 223 | 349 | 319 | 301 | 321 | 390 | |
| Operating Profit | 34 | 87 | 49 | 40 | 27 | 25 | 32 | 16 | 2 | 25 | — |
| OPM % | 18 | 35 | 18 | 12 | 10 | 10 | 9 | 5 | 1 | 7 | — |
| Other Income | 1 | 9 | 7 | 5 | 1 | 1 | 1 | 0 | 0 | 0 | 0 |
| Interest | 3 | 3 | 1 | 1 | 1 | 1 | 2 | 3 | 4 | 5 | 8 |
| Depreciation | 4 | 5 | 5 | 6 | 7 | 7 | 12 | 13 | 14 | 14 | 17 |
| 26 | 79 | 43 | 33 | 19 | 17 | 18 | -0 | -16 | 6 | 10 | |
| Tax % | 36 | 33 | 28 | 32 | 18 | 28 | 11 | -89 | -20 | 18 | -34 |
| Net Profit | 17 | 53 | 31 | 23 | 16 | 13 | 16 | -1 | -19 | 5 | 14 |
| EPS | 23 | 72 | 37 | 28 | 19 | 15 | 20 | -1 | -23 | 6 | — |
| Dividend Payout % | 15 | 5 | 9 | 13 | 18 | 23 | 3 | -43 | -2 | 13 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 23 | 72 | 37 | 28 | 19 | 15 | 20 | -1 | -23 | 6 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 6%
- 5 Years:
- 6%
- 3 Years:
- -3%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- -11%
- 5 Years:
- -21%
- 3 Years:
- -33%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- -1%
- 3 Years:
- 16%
- 1 Year:
- 55%
RETURN ON EQUITY
- 10 Years:
- 10%
- 5 Years:
- 1%
- 3 Years:
- -2%
- Last Year:
- 2%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 7 | 7 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 |
| 78 | 133 | 230 | 249 | 257 | 271 | 272 | 270 | 251 | 256 | |
| 22 | 23 | 0 | 12 | 13 | 15 | 28 | 8 | 28 | 45 | |
| Trade Payables | 29 | 31 | 31 | 27 | 25 | 38 | 50 | 38 | 44 | 57 |
| 19 | 25 | 31 | 20 | 20 | 24 | 48 | 40 | 49 | 50 | |
| Total Liabilities | 155 | 219 | 299 | 316 | 323 | 355 | 406 | 365 | 381 | 415 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 56 | 65 | 86 | 126 | 128 | 229 | 231 | 225 | 235 | 232 | |
| Capital Work in Progress | 4 | 9 | 26 | 31 | 62 | 6 | 16 | 17 | 11 | 45 |
| 23 | 51 | 77 | 21 | 1 | 0 | 0 | 0 | 0 | 0 | |
| 16 | 32 | 30 | 37 | 42 | 58 | 72 | 59 | 65 | 70 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 47 | 41 | |
| Cash & Bank | 1 | 4 | 5 | 2 | 2 | 3 | 2 | 2 | 3 | 2 |
| 56 | 58 | 76 | 99 | 88 | 60 | 84 | 61 | 20 | 26 | |
| Total Assets | 155 | 219 | 299 | 316 | 323 | 355 | 406 | 365 | 381 | 415 |
| Total Debt | 31 | 32 | 0 | 12 | 13 | 15 | 50 | 25 | 52 | 67 |
| Net Working Capital | 15 | 45 | 91 | 77 | 76 | 54 | 67 | 65 | 48 | 19 |
| Contingent Liabilities | 8 | 3 | 5 | 4 | 5 | 6 | 6 | 6 | 5 | 8 |
| Book Value per Share | 116.24 | 191.98 | 289.82 | 313.56 | 323.45 | 339.80 | 348.21 | 346.52 | 322.65 | 328.28 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 13 | 41 | 30 | -9 | 26 | 49 | 4 | 38 | -7 | 35 | |
| Cash from Investing | -11 | -32 | -63 | -2 | -20 | -49 | -24 | -8 | -16 | -44 |
| Cash from Financing | -2 | -5 | 33 | 7 | -7 | 1 | 18 | -30 | 23 | 9 |
| -0 | 3 | -0 | -4 | -0 | 1 | -1 | 0 | 0 | -0 | |
| Free Cash Flow | 5 | 26 | -13 | -59 | -13 | -2 | -21 | 30 | -23 | -9 |
| OCF / Net Profit | 0.80 | 0.78 | 0.98 | -0.39 | 1.67 | 3.94 | 0.27 | -40.25 | 0.35 | 7.30 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | -54 | -62 | -108 | -66 | -30 | -25 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 22.75 | 72.36 | 37.26 | 27.54 | 19.17 | 15.24 | 19.81 | -1.17 | -23.25 | 5.94 |
| Book Value (₹) | 116.24 | 191.98 | 289.82 | 313.56 | 323.45 | 339.80 | 348.21 | 346.52 | 322.65 | 328.28 |
| Dividend per Share (₹) | 3.50 | 3.50 | 3.50 | 3.50 | 3.50 | 3.50 | 0.50 | 0.50 | 0.50 | 0.75 |
| Cash EPS (₹) | 28.55 | 78.77 | 42.87 | 34.26 | 27.37 | 23.83 | 35.02 | 14.82 | -6.09 | 23.37 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 17.58% | 34.58% | 18.38% | 12.34% | 10.36% | 10.16% | 8.51% | 4.65% | 0.50% | 7.17% |
| Net Margin % | 8.73% | 21.14% | 11.54% | 7.00% | 6.04% | 5.07% | 4.18% | -0.28% | -6.18% | 1.38% |
| ROE % | 21.27% | 46.95% | 16.17% | 9.13% | 6.02% | 4.60% | 5.70% | -0.34% | -6.95% | 1.82% |
| ROCE % | 27.68% | 56.76% | 21.49% | 13.55% | 7.39% | 6.29% | 6.46% | 0.86% | -3.86% | 3.46% |
| 11.03% | 28.29% | 11.79% | 7.34% | 4.92% | 3.69% | 4.18% | -0.24% | -5.01% | 1.20% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 42 | 26 | 28 | 37 | 48 | 43 | 39 | 49 | 50 | 46 |
| Inventory Days | 33 | 35 | 43 | 37 | 55 | 74 | 63 | 72 | 75 | 71 |
| Payable Days | 112 | 95 | 71 | 52 | 65 | 81 | 70 | 74 | 82 | 93 |
| -37 | -34 | 0 | 23 | 38 | 36 | 32 | 47 | 43 | 25 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.37x | 0.23x | 0.00x | 0.04x | 0.05x | 0.05x | 0.18x | 0.09x | 0.20x | 0.25x |
| Interest Coverage (x) | 8.75x | 27.10x | 29.59x | 37.47x | 18.25x | 26.25x | 9.14x | 0.84x | -3.18x | 2.11x |
| 1.28x | 1.74x | 2.83x | 2.77x | 2.73x | 1.90x | 1.78x | 2.25x | 1.59x | 1.16x | |
| GROWTH | ||||||||||
| Revenue Growth % | -6.06% | 32.27% | 6.44% | 22.18% | -19.43% | -5.25% | 54.31% | -12.01% | -9.75% | 14.64% |
| Operating Profit Growth % | 9.28% | 158.18% | -43.78% | -18.12% | -32.36% | -7.09% | 29.30% | -51.92% | -87.48% | 1187.93% |
| Net Profit Growth % | 3.98% | 218.05% | -42.25% | -26.08% | -30.40% | -20.49% | 27.31% | -105.92% | -1882.52% | 125.54% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -1882.52% | 125.54% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 36.02x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.78x | 0.65x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.20% | 0.35% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 129.19x | 9.44x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-30 - AksharChem India Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-29 - AksharChem India Limited has informed the Exchange about General Updates
2026-08-29 - AksharChem India Limited has informed the Exchange that Record date for the purpose of Dividend is 15-Sep-2026.
2026-08-29 - AksharChem India Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 22, 2026
2026-08-13 - AksharChem India Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-12 - AksharChem India Limited has informed the Exchange about Outcome of Board Meeting dated August 12, 2026
2026-08-12 - AksharChem India Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-11 - AksharChem India Limited has informed the Exchange about change in Management
2026-07-06 - AksharChem India Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
News
Recent coverage and analyst commentary for AKSHARCHEM
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