Polychem Ltd.

•

polychemltd.comBSE: -NSE: POLYCHEM

Market Cap₹ 78 Cr.

Current Price

High / Low—

Stock P/E9.3

Book Value₹ 1,072

Price to Book1.83

Dividend Yield1.04 %

ROCE34.4 %

ROE26.3 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2017 • Specialty Chemicals: 100.0%

AI Sector View

AI GENERATED

Chemicals

Hold

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.

Confidence

55%

View full sector analysis →

PROS

Company is almost debt free
Company has a healthy return on capital (ROCE) of 24.5%
Company has delivered good sales growth of 19.9% CAGR over last 5 years
Stock looks reasonably valued - P/E of 9.3 is below its historical median
Company has a consistent dividend-paying track record
Company generates healthy free cash flow

CONS

A large part of profit comes from other income (74.4% of PBT)
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.34x)
Though reporting repeated profits, the company pays out little dividend (8.0%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ChemicalsChemicalsChemicals

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	SOLARINDS	21410.70	97.29	193745.54	0.05	666.37	88.98	3668.20	70.26	38.16	27.91
2.	PIDILITIND	1632.00	62.71	166117.97	1.32	8835.10	1202.86	45515.50	1112.74	32.38	26.28
3.	SRF	2605.00	35.72	77218.67	0.35	758.87	75.53	5033.26	34.63	14.21	24.57
4.	FLUOROCHEM	4691.60	83.80	51537.23	0.06	219.00	19.02	1588.00	23.97	9.58	26.83
5.	NAVINFLUOR	8697.20	56.51	44623.69	0.17	243.31	107.67	1045.08	44.07	21.39	34.17
6.	GODREJIND	1155.90	33.12	38936.61	0.00	523.36	-27.85	5448.09	22.16	10.64	12.82
7.	DEEPAKNTR	1727.25	30.08	23558.49	0.43	345.01	207.36	2577.60	36.39	11.58	20.96
8.	AETHER	1656.35	93.47	21984.38	0.00	62.75	33.45	326.56	27.49	11.65	31.47
9.	ATUL	6465.50	23.93	19035.57	0.46	253.93	91.85	1847.95	25.03	15.05	21.41
10.	AARTIIND	501.75	34.27	18199.81	0.20	155.00	260.47	2387.00	42.42	6.95	16.00
11.	DEEPAKFERT	1356.30	17.46	17179.29	0.74	490.04	100.95	3256.26	22.47	12.12	25.96
12.	POLYCHEM	1921.60	5.84	77.64	1.04	0.72	-85.25	12.13	-4.85	70.76	-0.31

Detailed Comparison with:

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
	9	8	9	10	8	3	6	6	8	5	5	7	7
	7	6	8	8	7	4	6	6	7	5	5	7	7
Operating Profit	1	1	1	2	1	-1	1	0	2	0	1	1	-1
OPM %	12.94%	18.45%	16.21%	20.78%	15.84%	-42.05%	8.99%	4.03%	18.94%	4.82%	10.31%	9.52%	-12.67%
	0	0	0	0	1	2	0	0	1	0	0	9	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	2	2	0	1	1	2	1	1	9	-0
Tax %	20.92%	21.76%	22.73%	21.29%	19.63%	-5.41%	10.00%	13.24%	19.20%	15.25%	16.49%	25.50%	142.86%
Net Profit	1	1	2	2	2	0	1	1	2	0	1	7	0
	30.00	33.01	37.89	48.50	43.46	9.72	15.76	14.40	44.85	12.27	20.28	173.59	0.30

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	14	16	19	23	11	20	35	37	24	27	24
	15	17	19	20	11	21	30	30	22	23	24
Operating Profit	-1	-1	0	3	-0	-0	5	7	2	4	1
OPM %	-4.48%	-4.60%	0.00%	12.58%	-3.99%	-1.02%	13.62%	19.85%	7.29%	15.25%	2.67%
	1	1	1	1	1	4	0	1	3	10	10
Interest	0	0	0	0	0	0	0	0	0	0	0
Depreciation	0	0	0	1	1	0	1	1	1	1	1
Profit before Tax	1	-0	1	3	0	3	5	8	4	13	11
Tax %	-30.32%	-33.43%	0.61%	22.47%	-4.91%	-3.20%	19.11%	21.68%	14.56%	23.25%	23.85%
Net Profit	1	-0	1	2	0	3	4	6	3	10	8
EPS	0.00	0.00	0.00	59.63	7.24	80.02	92.10	149.43	83.36	251.01	—
Dividend Payout %	12.18%	0.00%	14.51%	20.96%	0.00%	3.75%	21.71%	20.08%	23.99%	7.97%	—

COMPOUNDED SALES GROWTH

10 Years:: 8%
5 Years:: 20%
3 Years:: -8%

COMPOUNDED PROFIT GROWTH

10 Years:: 37%
5 Years:: 103%
3 Years:: 40%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 11%
5 Years:: 17%
3 Years:: 19%
Last Year:: 26%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	17	17	18	20	20	23	26	31	34	43
	0	0	0	0	0	0	0	1	1	1
Trade Payables	1	1	1	1	1	2	1	1	0	0
	0	0	1	1	1	2	2	1	2	2
Total Liabilities	19	19	20	23	22	26	30	35	37	46
	0	1	1	1	1	1	2	2	2	1
	4	4	9	9	11	15	16	18	23	33
	2	2	2	2	2	2	4	5	5	4
	0	0	0	0	0	0	0	4	2	3
Cash & Bank	3	3	1	5	4	1	2	3	3	2
	10	9	6	5	4	7	5	3	2	2
Total Assets	19	19	20	23	22	26	30	35	37	46

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-1	-1	-1	3	1	-2	6	4	2	1
Cash from Investing	0	1	0	-1	1	-0	-3	-2	-1	-0
Cash from Financing	-0	-0	-0	-0	-1	-0	-0	-1	-1	-1
	0	0	-1	2	1	-3	1	0	0	-1

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	20.52	-3.43	17.23	59.64	7.24	80.03	92.11	149.43	83.36	251.01
Book Value (₹)	434.13	427.16	443.81	499.26	494.68	573.59	661.24	789.23	840.89	1071.35
Dividend per Share (₹)	2.50	0.00	2.50	12.50	0.00	3.00	20.00	30.00	20.00	20.00
Cash EPS (₹)	24.91	1.32	21.67	72.26	19.93	91.73	105.67	169.83	103.38	267.32
PROFITABILITY
Operating Margin %	5.04%	0.56%	4.65%	15.86%	7.88%	17.92%	15.03%	19.85%	7.29%	15.25%
Net Margin %	5.14%	-0.83%	3.68%	10.47%	2.67%	15.83%	10.57%	16.37%	14.14%	37.47%
ROE %	4.88%	-0.80%	3.96%	12.65%	1.46%	14.98%	14.92%	20.60%	10.23%	26.25%
ROCE %	3.74%	-0.56%	3.98%	16.48%	1.74%	14.77%	19.02%	26.67%	12.28%	34.43%
	4.54%	-0.73%	3.60%	11.34%	1.30%	13.32%	13.18%	18.59%	9.37%	24.42%
EFFICIENCY
Debtor Days	54	61	67	62	115	80	49	36	49	36
Inventory Days	51	47	44	36	73	40	35	45	72	63
Payable Days	35	40	35	27	55	37	28	19	17	9
	69	68	75	71	132	83	56	61	105	91
FINANCIAL HEALTH
Debt to Equity (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Interest Coverage (x)	0.00x	-16.59x	0.00x	100.61x	4.97x	59.02x	32.79x	74.06x	39.45x	156.09x
	8.44x	7.36x	5.02x	4.86x	4.61x	3.00x	3.51x	5.25x	4.44x	6.23x
GROWTH
Revenue Growth %	13.92%	13.07%	16.22%	21.65%	-52.46%	86.72%	72.43%	4.68%	-35.41%	13.63%
Operating Profit Growth %	4.09%	-88.43%	834.86%	314.81%	-76.38%	324.59%	44.64%	63.18%	-43.82%	187.62%
Net Profit Growth %	96.70%	-116.70%	602.45%	246.23%	-87.86%	1005.40%	15.10%	62.22%	-44.22%	201.13%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	62.22%	-44.22%	201.13%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	16.17x	22.26x	7.81x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	3.06x	2.21x	1.83x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.24%	1.08%	1.02%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	10.96x	14.89x	5.54x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	52.09	52.09	52.09	52.09	52.09	52.09	52.09	52.09	52.09
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	2.99	2.99	2.99	2.99	2.99	2.99	2.99	2.98	2.98
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	44.93	44.93	44.93	44.93	44.93	44.93	44.93	44.93	44.93

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

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