Polychem Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Specialty Chemicals: 43.5% • Manufacturing and trading in Capacitors: 28.3% • Unallocated: 28.3%
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
- Company has delivered good profit growth of 87.6% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 35.9%
- Company has a good return on equity (ROE) track record: 3 Years ROE 29.3%
- Company has consistently been profitable over the last 5 years
CONS
- Operating cash flow has been negative in recent years
- A large part of profit comes from other income (90.7% of PBT)
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.18x)
- Operating margins have contracted to 10.0% from 22.4%
- Growth is decelerating - 3Y profit CAGR (45.7%) trails the 5Y trend (87.6%)
- Though reporting repeated profits, the company pays out little dividend (5.0%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SOLARINDS | 22307.50 | 101.37 | 201860.69 | 0.05 | 666.37 | 88.98 | 3668.20 | 70.26 | 38.16 | 27.91 |
| PIDILITIND | 1567.45 | 60.23 | 159547.55 | 1.37 | 8835.10 | 1202.86 | 45515.50 | 1112.74 | 32.38 | 26.28 |
| SRF | 2483.00 | 34.05 | 73602.28 | 0.36 | 758.87 | 75.53 | 5033.26 | 34.63 | 14.21 | 24.57 |
| FLUOROCHEM | 4771.75 | 85.23 | 52417.67 | 0.06 | 219.00 | 19.02 | 1588.00 | 23.97 | 9.58 | 26.83 |
| NAVINFLUOR | 8541.10 | 55.49 | 43822.77 | 0.18 | 243.31 | 107.67 | 1045.08 | 44.07 | 21.39 | 34.17 |
| GODREJIND | 1127.00 | 32.29 | 37963.11 | 0.00 | 523.36 | -27.85 | 5448.09 | 22.16 | 10.64 | 12.82 |
| AETHER | 1672.95 | 94.41 | 22204.70 | 0.00 | 62.75 | 33.45 | 326.56 | 27.49 | 11.65 | 31.47 |
| DEEPAKNTR | 1587.10 | 27.64 | 21646.94 | 0.47 | 345.01 | 207.36 | 2577.60 | 36.39 | 11.58 | 20.96 |
| ATUL | 6244.55 | 23.11 | 18385.05 | 0.48 | 253.93 | 91.85 | 1847.95 | 25.03 | 15.05 | 21.41 |
| AARTIIND | 492.15 | 33.62 | 17851.59 | 0.20 | 155.00 | 260.47 | 2387.00 | 42.42 | 6.95 | 16.00 |
| DEEPAKFERT | 1320.45 | 17.00 | 16725.20 | 0.76 | 490.04 | 100.95 | 3256.26 | 22.47 | 12.12 | 25.96 |
| POLYCHEM | 1877.00 | 5.70 | 75.84 | 1.07 | 0.72 | -85.25 | 12.13 | -4.85 | 70.76 | -0.31 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 13 | 12 | 13 | 15 | 13 | 7 | 10 | 10 | 13 | 10 | 9 | 12 | 12 | |
| 12 | 10 | 11 | 12 | 11 | 8 | 9 | 10 | 11 | 9 | 9 | 11 | 12 | |
| Operating Profit | 2 | 2 | 2 | 2 | 2 | -1 | 1 | 1 | 2 | 1 | -0 | 1 | -0 |
| OPM % | 12.59% | 14.13% | 13.71% | 16.35% | 14.45% | -8.19% | 9.75% | 6.01% | 15.92% | 6.29% | -0.12% | 5.61% | -2.05% |
| 1 | 0 | 0 | 1 | 1 | 1 | 0 | 1 | 3 | 0 | 29 | 1 | 1 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before Tax | 2 | 2 | 2 | 3 | 2 | -0 | 1 | 1 | 5 | 1 | 29 | 1 | 1 |
| Tax % | 14.22% | 18.23% | 18.99% | 7.59% | 28.10% | -66.67% | 13.28% | 2.48% | 11.36% | 16.36% | 12.02% | 209.45% | 31.12% |
| Net Profit | 0 | 0 | 0 | 0 | 2 | -0 | 1 | 1 | 5 | 1 | 25 | -1 | 1 |
| 39.65 | 37.38 | 43.14 | 58.10 | 37.49 | -11.45 | 21.87 | 22.16 | 83.98 | 17.73 | 338.04 | -35.88 | 9.36 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 27 | 31 | 42 | 37 | 25 | 36 | 51 | 54 | 42 | 44 | 42 | |
| 27 | 30 | 36 | 33 | 24 | 35 | 45 | 45 | 38 | 40 | 41 | |
| Operating Profit | -0 | 1 | 6 | 4 | 1 | 1 | 6 | 9 | 4 | 4 | 1 |
| OPM % | -0.04% | 1.69% | 14.11% | 10.77% | 2.65% | 1.97% | 11.41% | 16.24% | 8.88% | 10.05% | 2.39% |
| 1 | 0 | 1 | 1 | 1 | 1 | 6 | 2 | 2 | 33 | 31 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before Tax | 1 | 1 | 6 | 4 | 1 | 1 | 11 | 10 | 5 | 37 | 32 |
| Tax % | -32.60% | 6.18% | 0.07% | 16.15% | -1.08% | -13.03% | 8.35% | 14.19% | 19.83% | 18.86% | 20.53% |
| Net Profit | 1 | 1 | 6 | 4 | 1 | 1 | 10 | 8 | 4 | 30 | 26 |
| EPS | 0.00 | 0.00 | 0.00 | 75.89 | 20.48 | 12.53 | 178.89 | 178.29 | 70.07 | 403.92 | — |
| Dividend Payout % | 12.54% | 0.00% | 2.79% | 16.47% | 0.00% | 23.94% | 11.18% | 16.83% | 28.54% | 4.95% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 13%
- 5 Years:
- 12%
- 3 Years:
- -5%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 47%
- 5 Years:
- 82%
- 3 Years:
- 31%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- 18%
- 5 Years:
- 24%
- 3 Years:
- 29%
- Last Year:
- 57%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Minority Interest | -3 | -3 | -1 | -0 | 0 | 1 | 3 | 4 | 5 | 19 |
| 18 | 18 | 22 | 25 | 25 | 28 | 34 | 41 | 44 | 59 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | |
| Trade Payables | 2 | 2 | 1 | 1 | 2 | 2 | 1 | 1 | 0 | 0 |
| 5 | 5 | 5 | 6 | 5 | 3 | 3 | 2 | 3 | 4 | |
| Total Liabilities | 21 | 22 | 28 | 32 | 33 | 33 | 43 | 51 | 54 | 83 |
| 2 | 2 | 3 | 4 | 3 | 3 | 4 | 4 | 4 | 6 | |
| 3 | 3 | 7 | 8 | 10 | 9 | 19 | 23 | 28 | 58 | |
| 5 | 5 | 5 | 4 | 4 | 5 | 8 | 7 | 8 | 7 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8 | 7 | 7 | |
| Cash & Bank | 3 | 3 | 2 | 7 | 6 | 4 | 3 | 5 | 5 | 3 |
| 8 | 9 | 11 | 9 | 9 | 12 | 10 | 3 | 2 | 3 | |
| Total Assets | 21 | 22 | 28 | 32 | 33 | 33 | 43 | 51 | 54 | 83 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -1 | 0 | 4 | 6 | 1 | -2 | 6 | 6 | 2 | -1 | |
| Cash from Investing | -0 | 0 | -4 | -4 | 1 | -1 | -4 | -3 | -1 | 0 |
| Cash from Financing | -0 | -0 | -0 | -0 | -1 | -0 | -0 | -1 | -2 | -1 |
| -0 | 0 | -1 | 2 | 1 | -3 | 1 | 2 | -0 | -2 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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News
Recent coverage and analyst commentary for POLYCHEM
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