National Peroxide Limited is India’s original and largest maker of hydrogen peroxide - the workhorse bleaching and oxidising agent behind everything from whiter paper to cleaner drinking water - operating a single, fully integrated plant in Kalyan, Maharashtra that alone accounts for roughly half the country’s total production capacity. Born in 1954 and part of the Wadia Group, the company was reshaped through a demerger effective April 2022 that separated the chemicals business from investments and leasing, creating the pure-play listed entity that began trading on the BSE in July 2024. The recurring approach is industrial focus at scale: one site, one core chemistry, and a deliberate push to turn a commodity chemical into a platform by layering on derivative products and captive renewable power. # Business segments A single-engine specialty chemical company built around one molecule - hydrogen peroxide - with a small but growing renewable-energy captive supplying its plant. ## 1. Peroxygen chemicals: the molecule that runs the factory **One integrated plant makes hydrogen peroxide and its downstream derivatives, sold into more than half a dozen industries across over 30 countries, with no single customer dominating the book.** - **Half the nation’s capacity** - the Kalyan facility can produce 150,000 metric tonnes per annum of hydrogen peroxide (on a 50% weight-by-weight basis), which represents nearly 50% of India’s total installed manufacturing capacity for the chemical. - **One chemistry, many end markets** - hydrogen peroxide works as a bleaching agent for pulp, paper and textiles, an oxidising agent for water treatment and electronics cleaning, and a reducing agent in chemical synthesis, so demand is spread across unrelated industries. - **Derivatives stretch the molecule further** - the plant also produces peracetic acid, a biocide made from hydrogen peroxide that is sold as a disinfectant into food processing, healthcare and wastewater treatment, along with compressed hydrogen gas for other industrial uses. - **Exports without customer concentration** - finished goods reach more than 30 countries, yet no single buyer accounts for 10% or more of total revenue, which limits bargaining power on any one relationship. - **Gas supply locked in** - a long-term contract with GAIL for natural gas, the key feedstock, included a take-or-pay clause for a fixed annual quantity, giving cost visibility on the largest variable input through at least end-2025. ## 2. Captive renewable power: cheaper electrons for the chemical plant **A minority stake in a hybrid wind-and-solar project feeds dedicated green electricity to the Kalyan factory, cutting the energy bill without tying up the balance sheet.** - **Built through a special-purpose vehicle** - the company holds a 26% equity stake in Clean Max Bryce Private Limited, an SPV formed with a renewable-energy developer, so the project sits off the main balance sheet while still supplying the plant. - **Two sources, one connection** - the SPV delivers 6.6 MVA of wind energy and 3.30 MWp DC (2.20 MW AC) of solar energy directly to the Ambivali, Kalyan site, combining generation types to smooth out intermittency. # Group structure and partners **A standalone listed entity with no subsidiaries or joint ventures, backed by a century-old Indian conglomerate and a single blue-chip banker.** - **Pure-play, no group tangle** - as of March 2025 the company has no subsidiary, associate or joint venture, so all operating cash flows are generated at the listed entity level. - **Wadia Group parentage** - NPL sits inside a diversified conglomerate with interests spanning consumer goods, healthcare, real estate, aviation and electronics, and has historically received intercorporate deposits from fellow group companies. - **Single banking relationship** - Standard Chartered Bank is the company’s banker, and India Ratings has assigned a credit rating of ‘IND A/Stable/IND A1’ to its debt facilities. - **Leadership** - the board is chaired by Mr. Ness N. Wadia, with Mr. Rajiv Arora serving as CEO and Executive Director.