Yash Chemex is a chemical trader that is methodically becoming a manufacturer. Founded in 1990 as a sole proprietorship and incorporated in 2006, the Ahmedabad-based company built its footing importing and exporting dyes, intermediates and specialist chemicals for industries from textiles to pharmaceuticals. Its recurring approach is to use the cash flows and customer relationships from trading to acquire or build manufacturing assets - a shift from buying and selling chemicals to making them - executed through a growing group of subsidiaries and an LLP. # Business segments Two engines at different stages - a trading house that funds the transition, and a manufacturing platform built through acquisitions and a greenfield plot - each feeding the other. ## 1. Chemical trading: the cash engine that knows what the market needs **The company buys and sells fine and specialist chemicals across borders, earning a margin on every transaction while building the customer intelligence that tells it what to manufacture next.** - **Importer, exporter and domestic distributor** - it sources stock-in-trade from domestic and international suppliers and sells to customers in textiles, paints, soaps, detergents, pharmaceuticals, construction and plastics, operating through brick-and-mortar stores and online retailing. - **Paid on delivery, dispatch or acceptance** - revenue is recognised when control of the goods transfers to the customer, net of returns and trade discounts, with most sales on B2B credit terms that create trade receivables of roughly Rs. 15.6 crore as of March 2025. - **Exposed to currency swings, unhedged** - purchases are mostly in US dollars while sales are in Indian rupees, yet the company had no material derivative contracts in place as of March 2025, so a weakening rupee directly raises its cost of goods. ## 2. Own manufacturing: the build-and-buy shift into production **Through two subsidiaries and an LLP, the company is moving from the trading floor to the factory floor, making specialty chemicals and FMCG products under its own control.** - **A subsidiary with a running plant at Dahej** - K.P. International Limited started production at its GIDC Dahej facility in June 2021, and by FY23 the company was working on a Phase-III expansion there, which has already helped it gain domestic clients and grow exports. - **A second subsidiary with its own brand** - Yasons Chemex Care Limited, known by the brand PLXO, manufactures specialty chemicals and FMCG products and has been customising output for dyes and intermediary industries to expand exports. - **An LLP adds more manufacturing muscle** - Rishit Polysurf LLP, promoted by Mr. Pritesh Shah and Mr. Yashwant Shah, also produces specialty chemicals and FMCG products, extending the group’s manufacturing footprint. - **Land banked for the next plant** - the parent company has purchased a plot at Saykha GIDC, carried at a gross value of Rs. 3.36 crore as of March 2024, explicitly to start its own manufacturing activities. # Group structure and partners **A family-promoted group where the listed trading company controls manufacturing subsidiaries and an LLP, with the same individuals at the centre.** - The promoters - Pritesh Y Shah, Dimple P. Shah, Yashwantlal C. Shah and their HUFs - together held roughly 63% of Yash Chemex as of March 2025. - Yash Chemex owns 99,35,400 shares in Yasons Chemex Care Limited (PLXO), carried at Rs. 8.93 crore, built through a series of subscriptions and purchases between 2017 and 2020. - K.P. International Limited is a subsidiary operating the Dahej plant, while Rishit Polysurf LLP is an acquired entity promoted by Pritesh Shah and Yashwant Shah - both are related parties. - The group also holds small quoted equity stakes in other chemical companies - Mahickra Chemical, Sofcom System and Ushanti Colour Chem - classified as investments.