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Chemkart India Ltd

CHEMKART

BSE

₹245.70-0.73%19 Oct 2026 at 3:28 PM

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Chemkart India Ltd

CHEMKART

BSE

₹245.70

-0.73%

19 Oct 2026 at 3:28 PM

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Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.

Chemkart India Ltd is a B2B supplier of the raw ingredients that go into India’s nutritional and sports supplements - the amino acids, proteins, and specialty powders that manufacturers like Sun Pharma and Dabur turn into finished products. It began in 2015 as a proprietorship, became a private company in 2020, and listed on the BSE in 2025, all while evolving from a pure distributor into a group that now sources globally, processes in-house, and is building its own manufacturing and R&D capabilities. The recurring approach is to control more of the chain - from sourcing to blending to, eventually, finished-formulation manufacturing - so that it can guarantee quality and capture more value at each step.

Business segments

A single engine today - B2B ingredient sourcing and distribution - with two subsidiaries under construction that will add contract manufacturing and proprietary R&D, turning a trading platform into an integrated nutraceutical enterprise.

1. Nutraceutical ingredient sourcing and distribution: the trading engine that funds the future

It buys specialty ingredients from a global supplier network, processes them in its own facility, and sells to over 500 supplement manufacturers across India - a high-margin, inventory-light model that generates the cash to build the group’s manufacturing arm.

Over 150 ingredients across 10 categories - the portfolio spans amino acids, sports nutrition powders, proteins, herbal extracts, and vitamins, with amino acids alone contributing nearly half of revenue. The top products include Creatine Monohydrate, BCAA 2:1:1, L-Glutamine, and Whey Protein Concentrate 80%, which are the building blocks of protein shakes, pre-workouts, and wellness capsules.
In-house processing, not just reselling - a 30,000 sq. ft. facility in Bhiwandi handles blending, grinding, packing, and labelling, with a grinding capacity of 1.8 metric tonnes per day and a blending capacity of 1.5 metric tonnes per day. This means the company can customise ingredients - say, instantised BCAA that dissolves faster - rather than simply passing through what it buys.
A lean, responsive supply chain - the company uses inventory forecasting and a scalable distribution model to keep costs down while maintaining a pan-India reach. It generates leads through online B2B platforms and industry exhibitions, and its sales team feeds market intelligence back to procurement so the right stock is always available.
Sticky relationships on both sides - long-term ties with global suppliers give it sourcing intelligence and cost advantages, while a client list that includes Himalaya, Optimum Nutrition, and Alkem provides stable demand. The business is almost entirely domestic, with 98.7% of revenue coming from Indian manufacturers.
Certified for quality-sensitive buyers - the company holds ISO 9001, ISO 22000, FSSAI, HALAL, and KOSHER certifications, which are table stakes for supplying regulated pharma and food companies and help it compete on trust, not just price.

2. Contract development and manufacturing (EZRM): the greenfield factory that will make finished supplements

A wholly owned subsidiary is building a next-generation CDMO facility inside a port-based Special Economic Zone - designed to formulate, package, and export advanced health supplements for global brands, with operations expected by FY2027.

Built inside a duty-free port zone - the facility sits on a 4,120 sq.m plot in the JNPT SEZ, leased for 60 years and located next to India’s largest container port, so raw materials can be imported duty-free and finished goods shipped straight to export markets.
From powder to packaged product - the plant will handle formulation, blending, and packaging into tablets, capsules, jars, and sachets, offering private-label and custom-blend services to global nutraceutical brands. It is being designed with built-in export readiness, including SEZ-compliant labelling and documentation.
Betting on advanced delivery technologies - the facility will focus on microencapsulation, liposomal delivery, and enhanced bioavailability formats, which are the techniques that make ingredients more absorbable and stable in the body. This moves the group beyond commodity ingredients into higher-value, science-backed formulations.
Funded step by step from the parent - Chemkart has injected capital through a series of rights issues into the subsidiary, with paid-up capital reaching Rs. 7.51 crore by June 2026 and the parent holding 99.5%. The subsidiary had no turnover as of March 2026, consistent with a project still under construction.

R&D and biotechnology platform - Vinstar Biotech

A second wholly owned subsidiary acts as the group’s science engine, developing proprietary bioactive technologies and delivery systems that will feed both the trading business and the future CDMO plant.

An R&D-first entity with commercial operations - Vinstar Biotech specialises in liposomal and microencapsulated delivery platforms for vitamins, amino acids, and health supplements, and it already generated turnover of Rs. 2.23 crore in FY26.
Designed to close the loop - the subsidiary is expected to integrate R&D, sourcing, formulation, and product development, so that innovations from the lab can be manufactured in the EZRM plant and distributed through Chemkart’s existing network.
Small but deliberate investment - Chemkart invested Rs. 10 lakh in June 2026, bringing the subsidiary’s paid-up capital to Rs. 11 lakh, with the funds earmarked for capital expenditure and working capital.

Group structure and partners

The group operates through a listed parent and two wholly owned subsidiaries, with a leadership team that combines chemical engineering, nutraceutical sector experience, and multi-decade industry relationships.

Three entities, one chain - Chemkart India Ltd runs the core distribution business; Easy Raw Materials (wholly owned) is building the manufacturing plant; and Vinstar Biotech (wholly owned) drives R&D and proprietary technologies.
A family-led management with technical depth - Chairman and MD Ankit Mehta is a chemical engineer with an MBA in Technology Management and over 11 years of entrepreneurial experience, while Executive Director Parul Mehta brings 9 years in the nutraceutical sector spanning procurement, sales, compliance, and quality. Promoter Shailesh Mehta adds over 30 years in the chemical sector through his proprietorship, Atul Chemicals.
Policy tailwinds in its favour - the group benefits from ‘Make in India’ and Production Linked Incentive schemes, and is positioning its manufacturing expansion as part of a ‘China Plus One’ strategy to diversify global supply chains.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹297Cr

Close Price

₹245.70

Industry

Trading

Price To Earnings

14.15

Price To Sales

1.38

Revenue

₹215Cr

Rev Gr TTM

Revenue Growth TTM

5.68%

PAT Gr TTM

PAT Growth TTM

-19.84%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2024	Mar 2025	Sep 2025	Mar 2026
Revenue RevenueCr	113	90	103	112
Growth YoY Revenue Growth YoY%			-8.8	23.8
Expenses ExpensesCr	93	78	89	98
Operating Profit Operating ProfitCr	20	13	14	14
OPM OPM%	17.9	14.0	13.7	12.6
Other Income Other IncomeCr	1	1	1	0
Interest Expense Interest ExpenseCr	1	1	1	1
Depreciation DepreciationCr	0	0	0	0
PBT PBTCr	21	12	14	13
Tax TaxCr	5	3	4	3
PAT PATCr	16	9	10	10
Growth YoY PAT Growth YoY%			-35.0	6.8
NPM NPM%	13.8	9.9	9.8	8.5
EPS EPS₹	0.0	0.0	9.5	7.9

Quarter	Sep 2024	Mar 2025	Sep 2025	Mar 2026
Revenue RevenueCr	113	90	103	112
Growth YoY Revenue Growth YoY%			-8.8	23.8
Expenses ExpensesCr	93	78	89	98
Operating Profit Operating ProfitCr	20	13	14	14
OPM OPM%	17.9	14.0	13.7	12.6
Other Income Other IncomeCr	1	1	1	0
Interest Expense Interest ExpenseCr	1	1	1	1
Depreciation DepreciationCr	0	0	0	0
PBT PBTCr	21	12	14	13
Tax TaxCr	5	3	4	3
PAT PATCr	16	9	10	10
Growth YoY PAT Growth YoY%			-35.0	6.8
NPM NPM%	13.8	9.9	9.8	8.5
EPS EPS₹	0.0	0.0	9.5	7.9

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	87	131	132	203	215
Growth Revenue Growth%		51.0	0.5	54.0	5.7
Expenses ExpensesCr	80	120	111	170	187
Operating Profit Operating ProfitCr	7	11	21	33	28
OPM OPM%	8.1	8.4	15.8	16.2	13.1
Other Income Other IncomeCr	0	0	1	2	1
Interest Expense Interest ExpenseCr	0	1	1	2	1
Depreciation DepreciationCr	0	0	0	1	1
PBT PBTCr	7	11	20	32	27
Tax TaxCr	2	3	5	8	7
PAT PATCr	5	8	15	25	20
Growth PAT Growth%		39.8	89.5	68.9	-19.8
NPM NPM%	6.3	5.8	11.0	12.1	9.2
EPS EPS₹	6.7	8.1	15.3	26.1	17.3

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	87	131	132	203	215
Growth Revenue Growth%		51.0	0.5	54.0	5.7
Expenses ExpensesCr	80	120	111	170	187
Operating Profit Operating ProfitCr	7	11	21	33	28
OPM OPM%	8.1	8.4	15.8	16.2	13.1
Other Income Other IncomeCr	0	0	1	2	1
Interest Expense Interest ExpenseCr	0	1	1	2	1
Depreciation DepreciationCr	0	0	0	1	1
PBT PBTCr	7	11	20	32	27
Tax TaxCr	2	3	5	8	7
PAT PATCr	5	8	15	25	20
Growth PAT Growth%		39.8	89.5	68.9	-19.8
NPM NPM%	6.3	5.8	11.0	12.1	9.2
EPS EPS₹	6.7	8.1	15.3	26.1	17.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	1	1	1	10	12
Reserves ReservesCr	5	13	28	44	118
Current Liabilities Current LiabilitiesCr	17	23	24	33	27
Non Current Liabilities Non Current LiabilitiesCr	0	0	0	0	0
Total Liabilities Total LiabilitiesCr	25	37	54	86	157
Current Assets Current AssetsCr	24	32	48	77	128
Non Current Assets Non Current AssetsCr	1	6	5	9	29
Total Assets Total AssetsCr	25	37	54	86	157

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	1	1	1	10	12
Reserves ReservesCr	5	13	28	44	118
Current Liabilities Current LiabilitiesCr	17	23	24	33	27
Non Current Liabilities Non Current LiabilitiesCr	0	0	0	0	0
Total Liabilities Total LiabilitiesCr	25	37	54	86	157
Current Assets Current AssetsCr	24	32	48	77	128
Non Current Assets Non Current AssetsCr	1	6	5	9	29
Total Assets Total AssetsCr	25	37	54	86	157

Consolidated

Standalone

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-6	0	0	4	-3
Investing Cash Flow Investing Cash FlowCr	-1	-5	0	-4	-5
Financing Cash Flow Financing Cash FlowCr	7	5	0	3	43
Net Cash Flow Net Cash FlowCr	0	0	0	3	36
Free Cash Flow Free Cash FlowCr	-7	-5	0	0	-8
CFO To PAT CFO To PAT%	-116.6	0.8	-0.2	15.1	-13.9
CFO To EBITDA CFO To EBITDA%	-91.0	0.5	-0.1	11.3	-9.7

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-6	0	0	4	-3
Investing Cash Flow Investing Cash FlowCr	-1	-5	0	-4	-5
Financing Cash Flow Financing Cash FlowCr	7	5	0	3	43
Net Cash Flow Net Cash FlowCr	0	0	0	3	36
Free Cash Flow Free Cash FlowCr	-7	-5	0	0	-8
CFO To PAT CFO To PAT%	-116.6	0.8	-0.2	15.1	-13.9
CFO To EBITDA CFO To EBITDA%	-91.0	0.5	-0.1	11.3	-9.7

Consolidated

Standalone

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					106	297
Price To Earnings Price To Earnings					5.4	14.2
Price To Sales Price To Sales					0.5	1.4
Price To Book Price To Book					0.8	2.3
EV To EBITDA EV To EBITDA					2.6	9.4
Profitability Ratios Profitability Ratios
GPM GPM%	14.0	13.2	18.3	18.7	16.8	16.8
OPM OPM%	8.1	8.4	15.8	16.2	13.1	13.1
NPM NPM%	6.3	5.8	11.0	12.1	9.2	9.2
ROCE ROCE%	59.8	43.0	51.2	48.9	21.1	21.1
ROE ROE%	80.2	52.8	50.0	46.0	15.2	15.2
ROA ROA%	22.3	20.4	27.1	28.4	12.5	12.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					106	297
Price To Earnings Price To Earnings					5.4	14.2
Price To Sales Price To Sales					0.5	1.4
Price To Book Price To Book					0.8	2.3
EV To EBITDA EV To EBITDA					2.6	9.4
Profitability Ratios Profitability Ratios
GPM GPM%	14.0	13.2	18.3	18.7	16.8	16.8
OPM OPM%	8.1	8.4	15.8	16.2	13.1	13.1
NPM NPM%	6.3	5.8	11.0	12.1	9.2	9.2
ROCE ROCE%	59.8	43.0	51.2	48.9	21.1	21.1
ROE ROE%	80.2	52.8	50.0	46.0	15.2	15.2
ROA ROA%	22.3	20.4	27.1	28.4	12.5	12.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	SILKFLEX	BRANDMAN	AMBALALSA	CHEMKART	COMFINTE	HALDER	CHANDRIMA
Market CapitalizationMkt CapCr	302	302	298	297	297	294	283
Close PriceClose₹	260.00	163.50	38.95	245.70	9.28	236.29	8.50
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	24.88	10.17	22.91	14.15		9.11	7.02
Price To SalesPS	2.74	1.86	1.45	1.38	1.90	0.40	3.84
RevenueRevenueCr	110	162	206	215	156	730	74
Revenue Growth TTMRev Gr TTM%			4.9%	5.7%	15.7%	-6.6%	169.9%
PAT Growth TTMPAT Gr TTM%			5.9%	-19.8%	-68.6%	66.2%	388.2%

	SILKFLEX	BRANDMAN	AMBALALSA	CHEMKART	COMFINTE	HALDER	CHANDRIMA
Market CapitalizationMkt CapCr	302	302	298	297	297	294	283
Close PriceClose₹	260.00	163.50	38.95	245.70	9.28	236.29	8.50
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	24.88	10.17	22.91	14.15		9.11	7.02
Price To SalesPS	2.74	1.86	1.45	1.38	1.90	0.40	3.84
RevenueRevenueCr	110	162	206	215	156	730	74
Revenue Growth TTMRev Gr TTM%			4.9%	5.7%	15.7%	-6.6%	169.9%
PAT Growth TTMPAT Gr TTM%			5.9%	-19.8%	-68.6%	66.2%	388.2%