Polychem Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2017 • Specialty Chemicals: 100.0%
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 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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SOLARINDS | 21410.70 | 97.29 | 193745.54 | 0.05 | 666.37 | 88.98 | 3668.20 | 70.26 | 38.16 | 27.91 |
| PIDILITIND | 1632.00 | 62.71 | 166117.97 | 1.32 | 8835.10 | 1202.86 | 45515.50 | 1112.74 | 32.38 | 26.28 |
| SRF | 2605.00 | 35.72 | 77218.67 | 0.35 | 758.87 | 75.53 | 5033.26 | 34.63 | 14.21 | 24.57 |
| FLUOROCHEM | 4691.60 | 83.80 | 51537.23 | 0.06 | 219.00 | 19.02 | 1588.00 | 23.97 | 9.58 | 26.83 |
| NAVINFLUOR | 8697.20 | 56.51 | 44623.69 | 0.17 | 243.31 | 107.67 | 1045.08 | 44.07 | 21.39 | 34.17 |
| GODREJIND | 1155.90 | 33.12 | 38936.61 | 0.00 | 523.36 | -27.85 | 5448.09 | 22.16 | 10.64 | 12.82 |
| DEEPAKNTR | 1727.25 | 30.08 | 23558.49 | 0.43 | 345.01 | 207.36 | 2577.60 | 36.39 | 11.58 | 20.96 |
| AETHER | 1656.35 | 93.47 | 21984.38 | 0.00 | 62.75 | 33.45 | 326.56 | 27.49 | 11.65 | 31.47 |
| ATUL | 6465.50 | 23.93 | 19035.57 | 0.46 | 253.93 | 91.85 | 1847.95 | 25.03 | 15.05 | 21.41 |
| AARTIIND | 501.75 | 34.27 | 18199.81 | 0.20 | 155.00 | 260.47 | 2387.00 | 42.42 | 6.95 | 16.00 |
| DEEPAKFERT | 1356.30 | 17.46 | 17179.29 | 0.74 | 490.04 | 100.95 | 3256.26 | 22.47 | 12.12 | 25.96 |
| POLYCHEM | 1921.60 | 5.84 | 77.64 | 1.04 | 0.72 | -85.25 | 12.13 | -4.85 | 70.76 | -0.31 |
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 |
Documents
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