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AksharChem (India) Ltd

AKSHARCHEM

NSE

₹414.70-0.78%19 Oct 2026

Reports

Dyes Intermediate

AksharChem (India) Ltd

AKSHARCHEM

NSE

₹414.70

-0.78%

19 Oct 2026

SOICxStockScans Reports

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Dyes Intermediate

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.

AksharChem (India) Ltd is a specialty-chemicals maker that turned a single export-led product into a global franchise, then used the cash and know-how to build a second, entirely different business from scratch. Founded in 1989 by Mrs. Paru M. Jaykrishna in Gujarat, the company started with dye intermediates and pigments, becoming one of the world’s largest producers of CPC Green pigment and capturing roughly 40-45% of India’s exports of Vinyl Sulphone. The pattern that explains everything else is a low-cost-producer model built on large-scale capacities, vertical integration, and plants deliberately placed near suppliers - a philosophy it has now applied to a greenfield Precipitated Silica plant that began production in 2021 and is already supplying every major tyre maker in India.

Business segments

Two engines at different stages - a legacy organic-chemicals export franchise that still anchors the company, and a younger inorganic-chemicals platform built for domestic industrial demand - each sharing the same manufacturing discipline and Gujarat chemical-belt location.

1. Dye intermediates and pigments: the export franchise that built the company

Vinyl Sulphone and CPC Green are mature, globally competitive products where the company holds export market shares that rivals find hard to dislodge, because decades of customer relationships and backward integration create a moat.

One of the world’s largest in its niche - the company holds a global market share of approximately 10% in CPC Green pigment, and accounts for roughly 40% of India’s total Vinyl Sulphone exports, making it a frontrunner in both products.
Backward integration locks in supply - it makes H-Acid, the crucial intermediate that gives reactive dyes their fastness properties, in-house at its Mehsana plant, so it is not dependent on third-party suppliers for a key input to Vinyl Sulphone.
Non-carcinogen grade opens premium export doors - the company produces a high-quality, non-carcinogen grade of Vinyl Sulphone that drives consistent demand from export customers for high-end applications, and its CPC Green division holds REACH registration to sell up to 1,000 tonnes per annum into the European Union.
Customers stay for decades - relationships with international buyers stretch back 20-25 years, with the company treated as a “Preferred Supplier,” and it reports 95% repeat business and a zero-return record on quality grounds.
China is the ever-present threat - the “China price mechanism,” including dumping and selling at lower rates, is the major competitive risk, and a 50% tariff on Indian exports by the USA in the first nine months of FY26 added further pressure on the segment.

2. Precipitated Silica: the domestic industrial play built from the ground up

A greenfield plant making a high-performance rubber-reinforcement material has, in under four years, won commercial approval from every major tyre company in India - turning a diversification into a credible second engine.

A brand-new plant, deliberately placed - the fully automated Dahej facility, controlled by a centralised Distributed Control System, sits close to a sea port, highways, and all key raw-material vendors, and began commercial production only in July 2021 after an initial investment of roughly ₹100 crore.
Every big tyre maker in India is now a customer - the company’s “Aksil” brand has achieved commercial acceptance and approval by all key tyre and non-tyre rubber companies in India and abroad, and it is in commercial transactions with all of them domestically.
Capacity is scaling in steps - installed capacity rose from the original 12,000 tonnes per annum to 18,000 tonnes after a ₹37 crore expansion, with manufacturing approved from June 2025, and a Phase 3 expansion is already on the drawing board.
Tailor-made grades for different jobs - the plant produces multiple grades, tailor-made to customer requirements, and the company is actively exploring portfolio expansion to micro-pearl and highly dispersible silica, serving not just tyre and rubber (which account for 60% of demand) but also specialty applications in animal feed, agrochemicals, and chemical intermediates.
Sold entirely at home, riding a steady tailwind - all Precipitated Silica sales are domestic, and demand grows at roughly 7% annually, driven by the automotive and tyre industry’s shift toward eco-friendly alternatives to carbon black.

Manufacturing, technology and quality infrastructure

Two Gujarat plants share a common operating playbook - large-scale procurement, automation, captive solar power, and zero-liquid-discharge discipline - that lowers costs and de-risks production across both businesses.

Scale and location tilt supplier negotiations - both plants sit in Gujarat’s chemical belt near most suppliers, with large-scale procurement and a wide supplier network; 75% of suppliers are long-term, giving the company leverage on input costs.
Automation runs the floor - the Dahej plant is fully DCS-controlled, Programmable Logic Controllers optimise water treatment and boilers, and packaging is automated with both small-bag and jumbo-bag lines that can be customised for customers.
Quality control is in-house and exhaustive - laboratories equipped with high-end instrumentation test raw materials, in-process samples, finished goods, and even packaging materials using ISO/ASTM methods, underpinning the zero-return record.
Captive solar cuts the power bill - a 5.19 MWp ground-mounted solar plant feeds the Indrad factory, and a 2.4 MWp installation serves the Dahej plant, both for captive consumption, alongside an earlier 94.50 KW rooftop installation.

Group structure and partners

A standalone, founder-led company with no subsidiaries or joint ventures - it funds itself through a mix of bank debt and equity, and carries investment-grade credit ratings.

No subsidiaries, no foreign ventures - the company has no subsidiary, joint venture, or associate company, and no foreign investments or collaborations; it operates as a single reportable segment.
Founder at the helm - Mrs. Paru M. Jaykrishna, who founded the company in 1989, remains Chairperson and Managing Director, and was the first woman elected President of the Gujarat Chambers of Commerce and Industry in 74 years; her co-leader, Joint MD & CEO Mr. Munjal M. Jaykrishna, brings a senior leadership team with an average of nearly three decades in the chemical industry.
Two-bank funding with stable ratings - State Bank of India and HDFC Bank provide financing, and the company holds CARE A- (Stable) for long-term bank facilities and CARE A2+ for short-term facilities.

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

₹329Cr

Close Price

₹410.10

Industry

Dyes Intermediate

Price To Earnings

23.42

Price To Sales

0.79

Revenue

₹488Cr

Rev Gr TTM

Revenue Growth TTM

32.59%

PAT Gr TTM

PAT Growth TTM

1,397.40%

Consolidated

Standalone

Numbers

Percentage

Quarter	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue RevenueCr	75	82	86	79	91	91	97	89	80	106	141	160
Growth YoY Revenue Growth YoY%	16.0	26.3	19.9	7.7	20.5	10.9	12.9	13.1	-11.4	16.6	45.3	79.7
Expenses ExpensesCr	70	81	80	73	84	84	91	87	77	100	118	140
Operating Profit Operating ProfitCr	5	0	6	6	6	6	6	2	3	5	23	21
OPM OPM%	6.5	0.5	7.3	7.6	7.0	6.9	6.6	2.6	3.7	5.0	16.1	13.1
Other Income Other IncomeCr	0	0	0	0	0	0	0	2	0	0	0	0
Interest Expense Interest ExpenseCr	1	1	1	1	1	1	1	1	2	2	2	2
Depreciation DepreciationCr	3	3	3	4	4	4	4	4	4	4	4	4
PBT PBTCr	1	-4	2	1	2	1	1	-1	-3	-1	16	14
Tax TaxCr	0	2	0	0	0	0	0	0	2	-6	1	1
PAT PATCr	0	-6	1	1	1	1	1	-1	-5	5	15	13
Growth YoY PAT Growth YoY%	123.2	-205.6	121.4	113.7	260.6	123.1	-38.3	-231.7	-488.2	248.2	2,042.3	1,072.3
NPM NPM%	0.4	-7.4	1.3	1.3	1.3	1.5	0.7	-1.5	-5.8	4.6	10.8	8.3
EPS EPS₹	0.4	-7.5	1.4	1.3	1.5	1.7	0.9	-1.7	-5.8	6.0	18.9	16.6

Quarter	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue RevenueCr	75	82	86	79	91	91	97	89	80	106	141	160
Growth YoY Revenue Growth YoY%	16.0	26.3	19.9	7.7	20.5	10.9	12.9	13.1	-11.4	16.6	45.3	79.7
Expenses ExpensesCr	70	81	80	73	84	84	91	87	77	100	118	140
Operating Profit Operating ProfitCr	5	0	6	6	6	6	6	2	3	5	23	21
OPM OPM%	6.5	0.5	7.3	7.6	7.0	6.9	6.6	2.6	3.7	5.0	16.1	13.1
Other Income Other IncomeCr	0	0	0	0	0	0	0	2	0	0	0	0
Interest Expense Interest ExpenseCr	1	1	1	1	1	1	1	1	2	2	2	2
Depreciation DepreciationCr	3	3	3	4	4	4	4	4	4	4	4	4
PBT PBTCr	1	-4	2	1	2	1	1	-1	-3	-1	16	14
Tax TaxCr	0	2	0	0	0	0	0	0	2	-6	1	1
PAT PATCr	0	-6	1	1	1	1	1	-1	-5	5	15	13
Growth YoY PAT Growth YoY%	123.2	-205.6	121.4	113.7	260.6	123.1	-38.3	-231.7	-488.2	248.2	2,042.3	1,072.3
NPM NPM%	0.4	-7.4	1.3	1.3	1.3	1.5	0.7	-1.5	-5.8	4.6	10.8	8.3
EPS EPS₹	0.4	-7.5	1.4	1.3	1.5	1.7	0.9	-1.7	-5.8	6.0	18.9	16.6

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	188	248	264	323	260	246	380	335	302	346	372	488
Growth Revenue Growth%	-6.1	32.3	6.4	22.2	-19.4	-5.3	54.3	-12.0	-9.8	14.6	7.6	32.6
Expenses ExpensesCr	155	171	223	288	234	223	349	319	301	321	355	436
Operating Profit Operating ProfitCr	32	77	42	34	26	24	32	15	2	25	17	52
OPM OPM%	17.2	31.2	15.7	10.7	9.9	9.7	8.3	4.6	0.5	7.2	4.6	10.6
Other Income Other IncomeCr	1	9	7	5	1	1	1	0	0	0	2	0
Interest Expense Interest ExpenseCr	3	3	1	1	1	1	2	3	4	5	7	9
Depreciation DepreciationCr	4	5	5	6	7	7	12	13	14	14	17	17
PBT PBTCr	26	79	43	33	19	17	18	-1	-16	6	-4	26
Tax TaxCr	9	26	12	11	3	5	2	0	3	1	-4	-3
PAT PATCr	17	53	31	23	16	13	16	-1	-19	5	0	29
Growth PAT Growth%	4.0	218.1	-42.3	-26.1	-30.4	-20.5	27.3	-105.9	-1,882.5	125.5	-109.2	1,397.4
NPM NPM%	8.9	21.3	11.6	7.0	6.0	5.1	4.2	-0.3	-6.2	1.4	-0.1	5.9
EPS EPS₹	22.8	72.4	37.3	27.5	19.2	15.2	19.5	-1.2	-23.3	5.9	-0.6	35.8

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	188	248	264	323	260	246	380	335	302	346	372	488
Growth Revenue Growth%	-6.1	32.3	6.4	22.2	-19.4	-5.3	54.3	-12.0	-9.8	14.6	7.6	32.6
Expenses ExpensesCr	155	171	223	288	234	223	349	319	301	321	355	436
Operating Profit Operating ProfitCr	32	77	42	34	26	24	32	15	2	25	17	52
OPM OPM%	17.2	31.2	15.7	10.7	9.9	9.7	8.3	4.6	0.5	7.2	4.6	10.6
Other Income Other IncomeCr	1	9	7	5	1	1	1	0	0	0	2	0
Interest Expense Interest ExpenseCr	3	3	1	1	1	1	2	3	4	5	7	9
Depreciation DepreciationCr	4	5	5	6	7	7	12	13	14	14	17	17
PBT PBTCr	26	79	43	33	19	17	18	-1	-16	6	-4	26
Tax TaxCr	9	26	12	11	3	5	2	0	3	1	-4	-3
PAT PATCr	17	53	31	23	16	13	16	-1	-19	5	0	29
Growth PAT Growth%	4.0	218.1	-42.3	-26.1	-30.4	-20.5	27.3	-105.9	-1,882.5	125.5	-109.2	1,397.4
NPM NPM%	8.9	21.3	11.6	7.0	6.0	5.1	4.2	-0.3	-6.2	1.4	-0.1	5.9
EPS EPS₹	22.8	72.4	37.3	27.5	19.2	15.2	19.5	-1.2	-23.3	5.9	-0.6	35.8

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital Equity CapitalCr	7	7	8	8	8	8	8	8	8	8	8	8
Reserves ReservesCr	78	133	230	249	257	271	272	270	251	256	254	282
Current Liabilities Current LiabilitiesCr	55	60	50	44	44	60	86	52	82	115	153	173
Non Current Liabilities Non Current LiabilitiesCr	15	18	12	15	14	17	41	35	39	36	37	36
Total Liabilities Total LiabilitiesCr	155	219	299	316	323	356	406	365	381	415	452	500
Current Assets Current AssetsCr	71	105	141	121	120	114	153	117	130	134	151	202
Non Current Assets Non Current AssetsCr	84	114	158	195	203	241	253	248	250	281	300	298
Total Assets Total AssetsCr	155	219	299	316	323	356	406	365	381	415	452	500

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital Equity CapitalCr	7	7	8	8	8	8	8	8	8	8	8	8
Reserves ReservesCr	78	133	230	249	257	271	272	270	251	256	254	282
Current Liabilities Current LiabilitiesCr	55	60	50	44	44	60	86	52	82	115	153	173
Non Current Liabilities Non Current LiabilitiesCr	15	18	12	15	14	17	41	35	39	36	37	36
Total Liabilities Total LiabilitiesCr	155	219	299	316	323	356	406	365	381	415	452	500
Current Assets Current AssetsCr	71	105	141	121	120	114	153	117	130	134	151	202
Non Current Assets Non Current AssetsCr	84	114	158	195	203	241	253	248	250	281	300	298
Total Assets Total AssetsCr	155	219	299	316	323	356	406	365	381	415	452	500

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-9	26	49	4	38	-7	35	2
Investing Cash Flow Investing Cash FlowCr	-2	-20	-49	-24	-8	-16	-44	-36
Financing Cash Flow Financing Cash FlowCr	7	-7	1	18	-30	23	9	34
Net Cash Flow Net Cash FlowCr	-4	0	1	-1	0	0	0	0
Free Cash Flow Free Cash FlowCr	-60	-14	-2	-20	29	-23	-9	-34
CFO To PAT CFO To PAT%	-38.9	167.4	394.2	27.1	-4,025.1	35.1	730.0	-380.4
CFO To EBITDA CFO To EBITDA%	-25.4	101.7	206.1	13.6	246.0	-437.2	140.2	9.8

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-9	26	49	4	38	-7	35	2
Investing Cash Flow Investing Cash FlowCr	-2	-20	-49	-24	-8	-16	-44	-36
Financing Cash Flow Financing Cash FlowCr	7	-7	1	18	-30	23	9	34
Net Cash Flow Net Cash FlowCr	-4	0	1	-1	0	0	0	0
Free Cash Flow Free Cash FlowCr	-60	-14	-2	-20	29	-23	-9	-34
CFO To PAT CFO To PAT%	-38.9	167.4	394.2	27.1	-4,025.1	35.1	730.0	-380.4
CFO To EBITDA CFO To EBITDA%	-25.4	101.7	206.1	13.6	246.0	-437.2	140.2	9.8

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	120	532	487	268	125	192	280	165	202	172	116	329
Price To Earnings Price To Earnings	7.2	10.2	15.9	11.9	7.9	15.3	17.6			36.0		23.4
Price To Sales Price To Sales	0.6	2.1	1.8	0.8	0.5	0.8	0.7	0.5	0.7	0.5	0.3	0.8
Price To Book Price To Book	1.4	3.8	2.0	1.0	0.5	0.7	1.0	0.6	0.8	0.7	0.5	1.3
EV To EBITDA EV To EBITDA	4.6	7.2	11.6	8.1	5.3	8.5	10.3	12.2	167.8	9.5	13.1	8.5
Profitability Ratios Profitability Ratios
GPM GPM%	24.6	38.2	22.9	18.3	24.4	24.0	20.1	15.7	13.4	18.3	15.1	15.1
OPM OPM%	17.2	31.2	15.7	10.7	9.9	9.7	8.3	4.6	0.5	7.2	4.6	10.6
NPM NPM%	8.9	21.3	11.6	7.0	6.0	5.1	4.2	-0.3	-6.2	1.4	-0.1	5.9
ROCE ROCE%	25.7	48.4	18.5	12.8	7.3	6.1	6.1	0.9	-3.8	3.4	0.6	8.8
ROE ROE%	19.6	37.7	12.9	8.8	5.9	4.5	5.7	-0.3	-7.2	1.8	-0.2	9.9
ROA ROA%	10.7	24.2	10.2	7.2	4.9	3.5	3.9	-0.3	-4.9	1.1	-0.1	5.8
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	120	532	487	268	125	192	280	165	202	172	116	329
Price To Earnings Price To Earnings	7.2	10.2	15.9	11.9	7.9	15.3	17.6			36.0		23.4
Price To Sales Price To Sales	0.6	2.1	1.8	0.8	0.5	0.8	0.7	0.5	0.7	0.5	0.3	0.8
Price To Book Price To Book	1.4	3.8	2.0	1.0	0.5	0.7	1.0	0.6	0.8	0.7	0.5	1.3
EV To EBITDA EV To EBITDA	4.6	7.2	11.6	8.1	5.3	8.5	10.3	12.2	167.8	9.5	13.1	8.5
Profitability Ratios Profitability Ratios
GPM GPM%	24.6	38.2	22.9	18.3	24.4	24.0	20.1	15.7	13.4	18.3	15.1	15.1
OPM OPM%	17.2	31.2	15.7	10.7	9.9	9.7	8.3	4.6	0.5	7.2	4.6	10.6
NPM NPM%	8.9	21.3	11.6	7.0	6.0	5.1	4.2	-0.3	-6.2	1.4	-0.1	5.9
ROCE ROCE%	25.7	48.4	18.5	12.8	7.3	6.1	6.1	0.9	-3.8	3.4	0.6	8.8
ROE ROE%	19.6	37.7	12.9	8.8	5.9	4.5	5.7	-0.3	-7.2	1.8	-0.2	9.9
ROA ROA%	10.7	24.2	10.2	7.2	4.9	3.5	3.9	-0.3	-4.9	1.1	-0.1	5.8
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	VIPULORG	AKSHARCHEM	SHHARICH	SHREYASI	PROLIFE	VIVIDIND
Market CapitalizationMkt CapCr	446	329	186	51	33	17
Close PriceClose₹	233.95	410.10	295.00	7.26	79.80	19.00
IndustryIndustry	Dyes Intermediate	Dyes Intermediate	Dyes Intermediate	Dyes Intermediate	Dyes Intermediate	Dyes Intermediate
Price To EarningsPE	49.99	23.42	14.29		7.68	22.89
Price To SalesPS	2.35	0.79	0.87	4.96	0.60	0.30
RevenueRevenueCr	190	488	215	10	55	58
Revenue Growth TTMRev Gr TTM%	16.8%	32.6%	59.8%	64.1%	-1.7%	52.3%
PAT Growth TTMPAT Gr TTM%	79.1%	1,397.4%	263.7%	29.1%	-8.9%	72.7%

	VIPULORG	AKSHARCHEM	SHHARICH	SHREYASI	PROLIFE	VIVIDIND
Market CapitalizationMkt CapCr	446	329	186	51	33	17
Close PriceClose₹	233.95	410.10	295.00	7.26	79.80	19.00
IndustryIndustry	Dyes Intermediate	Dyes Intermediate	Dyes Intermediate	Dyes Intermediate	Dyes Intermediate	Dyes Intermediate
Price To EarningsPE	49.99	23.42	14.29		7.68	22.89
Price To SalesPS	2.35	0.79	0.87	4.96	0.60	0.30
RevenueRevenueCr	190	488	215	10	55	58
Revenue Growth TTMRev Gr TTM%	16.8%	32.6%	59.8%	64.1%	-1.7%	52.3%
PAT Growth TTMPAT Gr TTM%	79.1%	1,397.4%	263.7%	29.1%	-8.9%	72.7%

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Sep 26