Sunshield Chemicals Ltd.

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sunshieldchemicals.comBSE: -NSE: SUNSHIEL

Market Cap₹ 1,005 Cr.

Current Price

High / Low₹ 1,280 / 1,130

Stock P/E27.7

Book Value₹ 302

Price to Book2.54

Dividend Yield0.26 %

ROCE19.9 %

ROE17.0 %

Face Value₹ 10

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ABOUT

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
Promoters have been increasing their shareholding - up 4.2pp over 2 years
Latest quarter profit grew 97.8% YoY, showing strong momentum
Company has delivered good sales growth of 17.3% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.58x)

CONS

Working capital days have increased from -41 to 82 days
Equity base is being diluted - shares outstanding up 19.6%
Though reporting repeated profits, the company pays out little dividend (8.9%)

* 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	21460.00	97.52	194191.66	0.05	666.37	88.98	3668.20	70.26	38.16	27.91
2.	PIDILITIND	1630.00	62.63	165914.39	1.32	8835.10	1202.86	45515.50	1112.74	32.38	26.28
3.	SRF	2550.15	34.97	75592.78	0.35	758.87	75.53	5033.26	34.63	14.21	24.57
4.	FLUOROCHEM	4553.45	81.33	50019.65	0.07	219.00	19.02	1588.00	23.97	9.58	26.83
5.	NAVINFLUOR	8563.50	55.64	43937.70	0.18	243.31	107.67	1045.08	44.07	21.39	34.17
6.	GODREJIND	1162.45	33.31	39157.25	0.00	523.36	-27.85	5448.09	22.16	10.64	12.82
7.	DEEPAKNTR	1712.30	29.82	23354.58	0.44	345.01	207.36	2577.60	36.39	11.58	20.96
8.	AETHER	1626.45	91.79	21587.52	0.00	62.75	33.45	326.56	27.49	11.65	31.47
9.	ATUL	6383.20	23.63	18793.26	0.47	253.93	91.85	1847.95	25.03	15.05	21.41
10.	AARTIIND	491.90	33.60	17842.53	0.20	155.00	260.47	2387.00	42.42	6.95	16.00
11.	DEEPAKFERT	1361.95	17.53	17250.85	0.73	490.04	100.95	3256.26	22.47	12.12	25.96
12.	SUNSHIEL	1142.75	27.71	1005.03	0.26	13.49	97.80	127.47	11.93	19.90	16.05

Detailed Comparison with:

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
	67	66	65	86	78	93	85	110	114	122	95	110	127
	58	57	55	73	70	85	78	99	101	108	86	93	110
Operating Profit	9	9	11	12	8	8	7	12	13	14	9	16	17
OPM %	13.00%	13.53%	16.37%	14.22%	9.88%	8.34%	8.03%	10.44%	11.08%	11.45%	9.56%	15.05%	13.42%
	0	0	0	0	0	1	1	1	1	0	1	0	1
Interest	2	2	2	2	2	2	2	2	2	2	1	0	0
Depreciation	2	2	2	2	2	3	3	3	3	3	3	3	3
Profit before Tax	5	5	7	9	4	4	2	8	9	10	7	14	18
Tax %	29.02%	29.07%	29.63%	30.11%	-5.80%	25.81%	31.22%	24.27%	25.55%	25.39%	25.68%	24.50%	25.26%
Net Profit	4	4	5	6	4	3	2	6	7	7	5	11	13
	5.22	5.29	6.97	8.15	5.45	4.34	2.16	7.76	9.28	9.83	5.83	12.12	15.34

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
	166	183	190	181	199	244	245	283	366	441	454
	159	168	173	164	169	213	214	243	332	389	398
Operating Profit	7	16	16	17	30	31	31	40	34	52	57
OPM %	4.32%	8.46%	8.56%	9.43%	14.87%	12.80%	12.73%	14.27%	9.23%	11.85%	12.48%
	0	2	1	0	0	19	2	1	3	3	3
Interest	9	10	11	10	7	5	7	8	9	5	3
Depreciation	6	6	6	6	6	6	6	7	10	11	11
Profit before Tax	-8	2	0	1	17	39	19	27	18	40	48
Tax %	15.93%	20.39%	0.00%	46.08%	14.68%	29.87%	28.41%	29.53%	19.19%	25.17%	25.12%
Net Profit	-7	1	0	1	14	27	14	19	15	30	36
EPS	0.00	0.00	0.30	0.00	19.29	37.37	18.58	25.63	19.83	33.66	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	5.35%	10.77%	9.36%	12.60%	8.91%	—

COMPOUNDED SALES GROWTH

10 Years:: 11%
5 Years:: 17%
3 Years:: 22%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 16%
3 Years:: 29%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: 19%
5 Years:: 30%
3 Years:: 20%
Last Year:: 17%

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
Equity Capital	7	7	7	7	7	7	7	7	7	9
	2	4	4	4	19	46	59	75	88	243
	88	112	86	109	88	79	67	50	57	0
Trade Payables	21	24	20	22	21	33	24	41	60	37
	24	11	32	5	8	19	21	72	96	16
Total Liabilities	142	159	150	149	142	185	177	245	308	305
	74	71	69	71	66	71	79	75	129	157
Capital Work in Progress	3	3	3	0	1	7	1	45	35	6
	22	31	28	29	26	29	36	43	57	52
	0	0	0	0	0	0	0	48	64	71
Cash & Bank	1	3	2	1	4	6	2	1	4	14
	42	51	49	48	45	71	59	34	20	5
Total Assets	142	159	150	149	142	185	177	245	308	305

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
	11	2	15	19	37	41	18	42	48	10
Cash from Investing	-3	-4	-2	-7	-4	-17	-9	-40	-50	-20
Cash from Financing	-8	3	-30	-24	-7	-9	-11	-11	2	34
	1	1	-18	-11	23	7	-5	-9	-1	23

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
PER SHARE
EPS (₹)	-9.07	1.64	0.30	0.88	19.29	37.37	18.58	25.63	19.83	33.66
Book Value (₹)	13.38	15.08	15.33	16.08	35.55	72.99	89.76	111.78	130.13	286.75
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	2.00	2.00	2.40	2.50	3.00
Cash EPS (₹)	-0.92	9.62	8.16	9.03	26.81	44.65	26.98	35.19	32.67	45.84
PROFITABILITY
Operating Margin %	4.21%	9.27%	9.77%	10.12%	15.00%	13.09%	13.47%	14.27%	9.23%	11.85%
Net Margin %	-3.81%	0.65%	0.12%	0.36%	7.14%	11.26%	5.58%	6.65%	3.99%	6.71%
ROE %	-50.08%	11.51%	1.99%	5.57%	74.72%	68.85%	22.83%	25.44%	16.40%	17.02%
ROCE %	1.22%	9.72%	9.17%	9.40%	20.41%	35.72%	19.27%	22.22%	14.93%	19.90%
	-4.55%	0.80%	0.14%	0.43%	9.74%	16.80%	7.55%	8.92%	5.27%	9.65%
EFFICIENCY
Debtor Days	55	56	54	55	52	52	61	57	56	56
Inventory Days	52	53	57	57	50	42	49	51	50	45
Payable Days	78	69	65	68	65	60	65	63	70	55
	29	40	46	44	37	34	45	45	36	46
FINANCIAL HEALTH
Debt to Equity (x)	10.12x	9.93x	9.38x	9.25x	3.36x	1.46x	1.17x	1.04x	1.05x	0.00x
Interest Coverage (x)	0.15x	1.16x	1.02x	1.12x	3.26x	9.19x	3.56x	4.43x	2.98x	8.86x
	0.71x	0.77x	0.61x	0.86x	1.08x	1.13x	1.47x	0.88x	0.77x	3.47x
GROWTH
Revenue Growth %	10.31%	10.65%	3.45%	-4.54%	9.71%	22.83%	0.31%	15.78%	29.08%	20.54%
Operating Profit Growth %	-42.61%	132.84%	7.90%	-1.09%	62.59%	7.22%	3.22%	27.11%	-11.91%	49.81%
Net Profit Growth %	-689.00%	118.06%	-81.52%	189.13%	2103.82%	93.71%	-50.28%	37.96%	-22.62%	102.99%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	37.96%	-22.62%	69.72%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	31.37x	33.90x	21.66x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	7.29x	5.24x	2.54x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.29%	0.37%	0.41%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	16.32x	16.19x	11.34x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	62.36	62.36	62.36	64.45	64.45	64.45	66.02	66.53	66.54
	5.01	5.42	6.71	6.44	6.48	8.01	8.46	8.46	9.13
	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	32.61	32.21	30.91	29.10	29.06	27.52	25.51	25.00	24.32

Documents

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

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