Hindprakash Industries is a chemical manufacturer that started in 2008 making dyes for textile mills and has since expanded its factory recipe book to include everything from construction chemicals to industrial adhesives - a broadening that mirrors the way a neighbourhood supplier grows into a one-stop shop for multiple industries. The company was founded by three promoters who still run day-to-day operations, and it moved its stock listing from the small-company platform to India’s main exchanges in 2022. Its recurring approach is simple: use in-house R&D and quality-testing labs to cook up new chemical formulations that customers in different industries need, then make and trade them from its Gujarat factory base. # Business segments A single integrated engine - a chemical manufacturer and trader that makes dyes, auxiliaries, intermediates, and specialty chemicals under one roof, with a small adhesives line that extends the same factory-and-lab model to a new product category. ## 1. Dyes and specialty chemicals: the factory that supplies colour and performance to industry **The company makes and trades the chemicals that give colour to textiles, strength to concrete, and finish to leather - all from two Gujarat plants backed by its own testing and development labs.** - **Makes the rainbow for textiles and beyond** - the product list spans disperse dyes, reactive dyes, textile auxiliaries, dye intermediates, construction chemicals, and specialty chemicals, which together feed industries as varied as paper, plastics, printing inks, leather, and food processing. - **Two factories, one core** - manufacturing runs from a main plant inside the Vatva GIDC industrial estate in Ahmedabad, a zone built for chemical blending and formulation, while a second leased facility at Saykha in Bharuch is being aligned in a phased manner and the Board has approved its sale to a third-party buyer, subject to shareholder approval. - **Quality control is in-house, not outsourced** - its own laboratory equipped with spectrophotometers, HPLC machines, and dyeing-and-printing test rigs checks every batch against international standards, so customers get consistent colour and performance without the company relying on outside labs. - **R&D doubles as a custom kitchen** - the in-house development facility lets the company create new products, improve existing ones, and even cook up bespoke formulations under secrecy agreements for specific customers, which cuts costs and reduces environmental waste at the same time. - **Imports feed the factory, exports widen the market** - the company sources raw materials from abroad and sells finished goods overseas, with one of its whole-time directors personally handling international sourcing and export marketing, though foreign-exchange outgo on imports far exceeds export earnings. ## 2. Adhesives: sticking things together with the same factory model **A small, domestically focused extension that applies the company’s chemical-making setup to a new category - substances that bond metal, ceramic, plastic, rubber, and wood.** - **Launched from the existing base** - the company began manufacturing adhesives in August 2023, adding a product line that uses the same manufacturing and quality-control infrastructure already in place for dyes and chemicals. - **Domestic-only for now** - at launch, the adhesives line catered exclusively to the Indian market, with no export component, making it a local play within a company that otherwise trades internationally. # Group structure and partners **A promoter-led, debt-funded chemical house with no subsidiaries - just a web of related-party investments and advances that tie it to other chemical and trading entities controlled by the same family.** - **Three promoters run the show** - Mr. Om Prakash Mangal (Chairman), Mr. Sanjay Prakash Mangal (Managing Director), and Mr. Santosh Narayan Nambiar (Whole-time Director) are actively involved in daily operations and bring decades of industry experience, with a proposed resolution to increase board borrowing powers to Rs. 100 crore. - **No subsidiaries, but plenty of related-party ties** - the company holds non-current investments in entities including Kiri Industries, Orio Shanghai Colours, and Hindparagone Polyresins, and has extended advances running into crores to related firms such as Clairvoyance Industries, Ecofine Colourchem, Hindparagon Polyresins, Hindprakash Overseas, and Superior Tradelink. - **A stake bought and partly sold** - in January 2023 the company acquired a 50% stake in Hindparagon Polyresins, a group chemical manufacturer, for Rs. 50 lakh, then sold 32% of it back to a promoter-group entity eight months later, leaving an 18% residual holding. - **A 19% bet on leather dyes** - in March 2023 the company bought a 19.39% stake in Orio Shanghai Colours, a maker of leather dyes and salt-free dyes with turnover of roughly Rs. 60 crore, for Rs. 4.37 crore, with a plan to eventually reach 49% that was not completed by the stated deadline. - **Promoter shareholding is concentrated and active** - the Managing Director consolidated his holding to nearly 20% via an off-market gift from his daughter in 2024, while promoter-group entities have both converted warrants into equity and trimmed small parcels in the open market.