Primo Chemicals Ltd.
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ABOUT
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
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.06x)
- Company maintains a comfortable, low leverage position
CONS
- A large part of profit comes from other income (138.2% of PBT)
- Interest coverage is weak at 1.7x - earnings barely cover interest
- Company has delivered a poor profit growth of -23.2% over past five years
- Operating margins have contracted to 12.3% from 22.4%
- Growth is decelerating - 3Y profit CAGR (-65.4%) trails the 5Y trend (-23.2%)
- Company's return on assets is weak at 0.3%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SOLARINDS | 20550.00 | 93.38 | 185957.06 | 0.05 | 666.37 | 88.98 | 3668.20 | 70.26 | 38.16 | 27.91 |
| PIDILITIND | 1636.40 | 62.88 | 166565.83 | 1.31 | 8835.10 | 1202.86 | 45515.50 | 1112.74 | 32.38 | 26.28 |
| SRF | 2597.00 | 35.61 | 76981.53 | 0.35 | 758.87 | 75.53 | 5033.26 | 34.63 | 14.21 | 24.57 |
| FLUOROCHEM | 4731.25 | 84.51 | 51972.78 | 0.06 | 219.00 | 19.02 | 1588.00 | 23.97 | 9.58 | 26.83 |
| NAVINFLUOR | 8538.25 | 55.47 | 43808.15 | 0.18 | 243.31 | 107.67 | 1045.08 | 44.07 | 21.39 | 34.17 |
| GODREJIND | 1138.55 | 32.62 | 38352.18 | 0.00 | 523.36 | -27.85 | 5448.09 | 22.16 | 10.64 | 12.82 |
| DEEPAKNTR | 1733.65 | 30.19 | 23645.78 | 0.43 | 345.01 | 207.36 | 2577.60 | 36.39 | 11.58 | 20.96 |
| AETHER | 1646.05 | 92.89 | 21847.67 | 0.00 | 62.75 | 33.45 | 326.56 | 27.49 | 11.65 | 31.47 |
| ATUL | 6484.40 | 24.00 | 19091.21 | 0.46 | 253.93 | 91.85 | 1847.95 | 25.03 | 15.05 | 21.41 |
| AARTIIND | 505.45 | 34.53 | 18334.02 | 0.20 | 155.00 | 260.47 | 2387.00 | 42.42 | 6.95 | 16.00 |
| DEEPAKFERT | 1417.10 | 18.24 | 17949.40 | 0.71 | 490.04 | 100.95 | 3256.26 | 22.47 | 12.12 | 25.96 |
| PRIMO | 20.99 | 31.84 | 508.68 | 0.00 | 4.68 | 14.86 | 140.28 | -1.17 | 7.30 | 15.57 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 110 | 93 | 91 | 102 | 122 | 134 | 144 | 155 | 142 | 135 | 140 | 145 | 140 | |
| 103 | 98 | 89 | 101 | 107 | 124 | 125 | 131 | 122 | 119 | 127 | 126 | 137 | |
| Operating Profit | 7 | -4 | 3 | 1 | 15 | 11 | 19 | 24 | 20 | 15 | 13 | 19 | 21 |
| OPM % | 6.43% | -4.67% | 3.05% | 1.40% | 12.39% | 7.89% | 12.96% | 15.42% | 14.37% | 11.35% | 9.40% | 13.14% | 14.83% |
| Other Income | 5 | 5 | 4 | 5 | 6 | 6 | 5 | 4 | 5 | 4 | 4 | 6 | 5 |
| Interest | 3 | 4 | 5 | 6 | 6 | 6 | 6 | 6 | 5 | 5 | 4 | 4 | 4 |
| Depreciation | 9 | 9 | 10 | 12 | 12 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 |
| 1 | -13 | -9 | -10 | 3 | -2 | 4 | 10 | 7 | 2 | 0 | 8 | 9 | |
| Tax % | 576.92% | -5.19% | -74.43% | 164.57% | 485.20% | 645.68% | 56.56% | 111.10% | 56.84% | -61.76% | 261.90% | 34.91% | 58.93% |
| Net Profit | -4 | -14 | -15 | 7 | -12 | 13 | 2 | -1 | 3 | 3 | -0 | 5 | 4 |
| -0 | -1 | -1 | 0 | -0 | 1 | 0 | -0 | 0 | 0 | -0 | 0 | 0 | |
| Equity Capital | 48 | 48 | 48 | 48 | 48 | 48 | 48 | 48 | 48 | 48 | 48 | 48 | 48 |
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 241 | 268 | 334 | 376 | 290 | 226 | 454 | 707 | 397 | 556 | 560 | |
| 249 | 284 | 305 | 297 | 274 | 239 | 367 | 515 | 390 | 487 | 509 | |
| Operating Profit | -2 | -13 | 36 | 83 | 37 | 43 | 102 | 219 | 26 | 89 | — |
| OPM % | -1 | -5 | 11 | 22 | 13 | 19 | 22 | 31 | 7 | 16 | — |
| Other Income | 5 | 3 | 7 | 5 | 21 | 55 | 15 | 26 | 19 | 21 | 20 |
| Interest | 5 | 4 | 20 | 8 | 5 | 5 | 9 | 8 | 18 | 23 | 17 |
| Depreciation | 7 | 8 | 9 | 16 | 13 | 17 | 17 | 24 | 40 | 51 | 53 |
| -14 | -24 | -5 | 59 | 18 | 20 | 76 | 186 | -31 | 15 | 19 | |
| Tax % | 0 | 0 | 0 | 5 | 52 | 59 | 25 | 28 | 18 | 84 | 40 |
| Net Profit | -14 | -24 | -5 | 56 | 9 | 8 | 57 | 134 | -26 | 2 | 11 |
| EPS | -7 | -10 | -2 | 21 | 3 | 3 | 2 | 6 | -1 | 0 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |
| 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 | -1 | -2 | -0 | 4 | 1 | 1 | 2 | 6 | -1 | 0 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 8%
- 5 Years:
- 14%
- 3 Years:
- 7%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- -23%
- 3 Years:
- -65%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- -19%
RETURN ON EQUITY
- 10 Years:
- 34%
- 5 Years:
- 19%
- 3 Years:
- 13%
- Last Year:
- 1%
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 | 20 | 27 | 27 | 27 | 27 | 31 | 48 | 48 | 48 | 48 |
| 33 | 12 | 9 | 38 | 43 | 66 | 225 | 358 | 332 | 335 | |
| 1 | 2 | 3 | 2 | 32 | 0 | 8 | 21 | 43 | 60 | |
| Trade Payables | 29 | 26 | 21 | 30 | 31 | 28 | 44 | 43 | 31 | 64 |
| 98 | 112 | 140 | 119 | 91 | 121 | 160 | 283 | 253 | 228 | |
| Total Liabilities | 182 | 180 | 201 | 217 | 225 | 246 | 486 | 754 | 708 | 735 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 114 | 111 | 106 | 89 | 168 | 156 | 155 | 278 | 468 | 497 | |
| Capital Work in Progress | 2 | 5 | 5 | 16 | 15 | 35 | 177 | 213 | 49 | 10 |
| 0 | 0 | 0 | 0 | 0 | 0 | 30 | 53 | 53 | 53 | |
| 11 | 8 | 9 | 8 | 8 | 6 | 17 | 18 | 22 | 34 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 35 | 43 | |
| Cash & Bank | 21 | 19 | 55 | 70 | 12 | 8 | 25 | 31 | 1 | 8 |
| 34 | 37 | 26 | 33 | 22 | 41 | 82 | 161 | 79 | 90 | |
| Total Assets | 182 | 180 | 201 | 217 | 225 | 246 | 486 | 754 | 708 | 735 |
| Total Debt | 44 | 30 | 30 | 30 | 32 | 1 | 61 | 144 | 176 | 168 |
| Net Working Capital | -30 | -62 | -57 | -21 | -110 | -90 | -32 | -28 | -94 | -93 |
| Contingent Liabilities | 16 | 13 | 16 | 108 | 10 | 14 | 32 | 84 | 32 | 35 |
| Book Value per Share | -12.02 | -14.79 | 10.40 | 7.55 | 11.00 | 18.78 | 9.70 | 14.97 | 14.03 | 14.28 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 2.00 | 2.00 | 2.00 | 2.00 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 23 | 9 | 43 | 54 | 27 | 53 | 70 | 150 | 14 | 64 | |
| Cash from Investing | -3 | -11 | -3 | -36 | -82 | -24 | -191 | -233 | -56 | -43 |
| Cash from Financing | -6 | -0 | -4 | -3 | -3 | -34 | 137 | 81 | 21 | -22 |
| 13 | -2 | 36 | 16 | -58 | -5 | 16 | -3 | -21 | -0 | |
| Free Cash Flow | 22 | 0 | 40 | 36 | -18 | 30 | -85 | -33 | -48 | 48 |
| OCF / Net Profit | -1.59 | -0.35 | -8.94 | 0.97 | 3.10 | 6.41 | 1.24 | 1.12 | -0.53 | 27.39 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 80 | 88 | 3 | -70 | -154 | -88 |
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 (₹) | -6.95 | -8.97 | -1.78 | 20.61 | 3.25 | 2.65 | 2.34 | 5.53 | -1.07 | 0.10 |
| Book Value (₹) | -12.02 | -14.79 | 10.40 | 7.55 | 11.00 | 18.78 | 9.70 | 14.97 | 14.03 | 14.28 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | -0.66 | -1.20 | 0.32 | 5.32 | 1.62 | 1.65 | 3.06 | 6.52 | 0.57 | 2.21 |
| PROFITABILITY | ||||||||||
| Operating Margin % | -0.79% | -4.20% | 10.47% | 22.13% | 12.57% | 18.88% | 22.42% | 30.89% | 1.74% | 12.30% |
| Net Margin % | -5.23% | -8.03% | -1.41% | 14.87% | 3.03% | 3.64% | 12.49% | 18.94% | -6.51% | 0.42% |
| ROE % | 0.00% | 0.00% | -17.33% | 229.54% | 35.01% | 18.68% | 38.67% | 44.82% | -7.36% | 0.69% |
| ROCE % | -31.89% | -424.48% | 26.70% | 122.63% | 41.59% | 42.21% | 47.55% | 48.46% | -2.58% | 7.40% |
| -8.10% | -13.44% | -2.54% | 26.77% | 3.99% | 3.50% | 15.51% | 21.61% | -3.54% | 0.33% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 8 | 6 | 5 | 5 | 7 | 18 | 20 | 22 | 40 | 26 |
| Inventory Days | 13 | 11 | 9 | 8 | 10 | 11 | 9 | 9 | 19 | 18 |
| Payable Days | 244 | 234 | 180 | 158 | 229 | 245 | 176 | 113 | 176 | 145 |
| -223 | -217 | -166 | -144 | -211 | -216 | -147 | -82 | -118 | -101 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | -1.80x | -0.75x | 1.07x | 1.48x | 1.06x | 0.01x | 0.26x | 0.40x | 0.52x | 0.49x |
| Interest Coverage (x) | -2.07x | -5.94x | 0.76x | 8.24x | 4.52x | 4.76x | 9.56x | 24.11x | -0.73x | 1.66x |
| 0.65x | 0.44x | 0.58x | 0.83x | 0.23x | 0.31x | 0.77x | 0.86x | 0.52x | 0.61x | |
| GROWTH | ||||||||||
| Revenue Growth % | -9.52% | 11.18% | 24.44% | 12.62% | -22.71% | -22.05% | 100.61% | 55.79% | -43.88% | 39.95% |
| Operating Profit Growth % | 49.49% | -488.39% | 381.39% | 132.14% | -56.09% | 17.03% | 138.27% | 114.61% | -87.95% | 238.74% |
| Net Profit Growth % | -10.20% | -70.69% | 80.17% | 1258.45% | -84.24% | -6.45% | 588.64% | 136.21% | -119.30% | 109.10% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -119.30% | 109.10% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 218.23x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 2.43x | 1.48x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 38.00x | 7.55x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-01 - Primo Chemicals Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-31 - Primo Chemicals Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 30, 2026
2026-08-31 - Primo Chemicals Limited has informed the Exchange that Record date for the purpose of Meeting is 23-Sep-2026.
2026-08-18 - Primo Chemicals Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-14 - Primo Chemicals Limited has informed the Exchange regarding Outcome of Board Meeting held on August 14, 2026.
2026-08-14 - Primo Chemicals Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-06 - Primo Chemicals Limited has submitted the Exchange a copy Srutinizers report of Postal Ballot. Further, the company has informed the Exchange regarding voting results.
2026-08-05 - Primo Chemicals Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-22 - Primo Chemicals Limited has informed the Exchange about Credit Rating
News
Recent coverage and analyst commentary for PRIMO
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Primo Chemicals Ltd.
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