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Mysore Petro Chemicals Ltd

MYSORPETRO

NSE

₹121.000.00%19 Oct 2026

Reports

Trading

Mysore Petro Chemicals Ltd

MYSORPETRO

NSE

₹121.00

0.00%

19 Oct 2026

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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.

Mysore Petro Chemicals is a shape-shifter - a company that has twice walked away from its own factories and reinvented itself, first as a pure petrochemical trader and then as a financial holding house with a growing investment book. Incorporated in 1969 and led for over four decades by founder-member Shri M. M. Dhanuka, it shut its Phthalic Anhydride plant in 2013 and sold its Maleic Anhydride business in 2017, exiting manufacturing entirely to become an intermediary that buys and sells chemicals without owning a single production line. The recurring pattern is a willingness to cut loose what no longer works and redeploy capital elsewhere - into a trading relationship with its former business buyer, into a portfolio of equities and debentures, and most recently into a plastic-recycling venture in the UK that has already changed shape again.

Business segments

Two engines drive the company today - a trading desk that moves petrochemicals between producers and buyers, and a treasury portfolio that has grown to dominate the balance sheet - while a third, a plastic-recycling bet, arrived and unravelled within two years.

1. Petrochemical trading: the operating heartbeat

The company buys and sells a handful of industrial chemicals to business customers, earning its keep on the spread between purchase and sale, with no factories to feed and a built-in volume anchor in its associate company.

Light-asset intermediary - it trades Orthoxylene, Phthalic Anhydride, Maleic Anhydride, Benzoic Acid and other petrochemical products, recognising revenue when goods are delivered and ownership risks pass to the buyer. With no manufacturing plant to run, its operating assets are simply cash, receivables and inventory held for resale.
Anchored by an associate - a related-party trading agreement with I G Petrochemicals Limited, the very company that bought its Maleic Anhydride business, allows up to ₹50 Crores of annual trade between them, giving the trading desk a large, stable counterparty.
Diversified customers, concentrated working capital - no single customer accounts for 10% or more of group revenue, yet the business runs on modest receivables of about ₹793 lakhs and payables of roughly ₹453 lakhs as of March 2025, a tight cycle typical of a trader that does not extend long credit.
Promoter-network plumbing - the company also provides a Letter of Credit facility of up to ₹30 Crores a year to Bluesky Petrochem Limited, a promoter-group trading entity, embedding it further in a web of related-party chemical flows.

2. Treasury and investments: the balance-sheet engine

A board-managed portfolio of equities, debentures, alternate investment funds and property has grown to over ₹7,400 lakhs, turning the company into a financial holding entity alongside its trading operations.

Multi-asset book marked to market - the portfolio spans equity shares, debentures, alternate investment funds (AIFs), preference shares and mutual funds, all classified as fair value through profit and loss and revalued at each reporting date. As of March 2025, total investments stood at ₹7,439.10 lakhs.
A lucrative associate stake - the equity-accounted investment in I G Petrochemicals Limited contributed a share of profit of ₹2,407.17 lakhs in FY21 alone, making it a recurring source of investment income that dwarfs the trading operation’s asset base.
Bricks-and-mortar yield - investment properties held for long-term rental income and capital appreciation were fair-valued at ₹3,967 lakhs as of March 2022 and generated rental income of ₹244.40 lakhs in FY21, adding a steady, non-trading cash stream.
Risk appetite with scars - the treasury book has taken hits, most notably a full write-off of a GBP 770,000 (₹694.69 lakhs) stake in Blue Lotus International Limited, a related-party entity that entered voluntary liquidation during Covid-19, recorded as an exceptional item in FY21.

3. Plastic recycling: the venture that came and went

Acquired in early 2024 and lost to administration by October of the same year, the UK subsidiary Q C Polymer was a brief foray into turning waste PET bottles into recycled flakes for packaging and textiles.

Bought, not built - the company acquired an 80% controlling stake in Q C Polymer Limited, an England-incorporated recycler, in January 2024 for GBP 0.90 million in cash plus a debt commitment of up to GBP 2 million, later raising its stake by a further 5%.
Early-stage operation - the target had turnover of just £51,274 in FY23, making it a nascent business at the point of acquisition, producing plastic bales and rPET flakes from post-consumer bottles.
Control lost within the year - on 28 October 2024 an administrator was appointed by the subsidiary, causing Mysore Petro to lose control and removing it from the consolidated group, a rapid reversal that extinguished the recycling segment as an operating business.

Group structure and partners

The company sits inside a tight network of promoter-linked entities, anchored by a deep, decades-old relationship with its associate I G Petrochemicals, while its sole subsidiary has already slipped from its grasp.

The I G Petrochemicals axis - the associate is both a major investee and a trading counterparty, with Managing Director Shri M. M. Dhanuka holding a directorship there and the two companies bound by a ₹50 Crore annual trading agreement. I G Petrochemicals also bought Mysore Petro’s Maleic Anhydride business in 2017, making it the destination for the company’s manufacturing exit.
A subsidiary lost to administration - Q C Polymer Limited, the UK plastic recycler acquired in 2024, ceased to be a consolidated subsidiary when an administrator was appointed in October 2024, leaving the company with no controlled operating entities outside India.
Promoter-group ties - Bluesky Petrochem Limited, controlled by the promoter group, benefits from a Letter of Credit facility of up to ₹30 Crores a year extended by the company, while a past investment in Blue Lotus International Limited, controlled by a relative of key management, was fully written off after its liquidation.
Concentrated ownership - as of March 2022, just 19 shareholders holding 10,001 shares or more accounted for 84.19% of total shares, with 5,756 shareholders on the register and over 97% of shares held in dematerialised form.

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

₹80Cr

Close Price

₹121.00

Industry

Trading

Price To Earnings

7.40

Price To Sales

1.41

Revenue

₹56Cr

Rev Gr TTM

Revenue Growth TTM

86.45%

PAT Gr TTM

PAT Growth TTM

257.00%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	7	6	15	14	9	6	7	7	5	18	22	11
Growth YoY Revenue Growth YoY%	-15.0	165.6	135.0		29.4	10.4	-51.0	-47.7	-45.1	187.0	190.2	57.6
Expenses ExpensesCr	8	7	19	18	11	8	8	8	7	21	24	12
Operating Profit Operating ProfitCr	-1	-1	-4	-5	-1	-1	-1	-1	-2	-3	-2	0
OPM OPM%	-9.9	-15.4	-24.7	-32.7	-16.2	-18.8	-8.2	-9.2	-31.2	-15.3	-10.9	-2.9
Other Income Other IncomeCr	3	1	4	20	8	-7	4	1	1	0	6	13
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	1	0	0	0	0	0	0	0	0
PBT PBTCr	2	0	0	14	6	-8	3	0	0	-2	4	13
Tax TaxCr	0	0	1	5	1	-3	1	0	0	-1	1	3
PAT PATCr	2	0	-1	9	-3	-6	2	0	0	-2	3	10
Growth YoY PAT Growth YoY%	-63.6	-100.8	-119.9	67.3	-208.2	-20,600.0	437.3	-104.6	104.0	69.2	33.6	2,490.0
NPM NPM%	32.8	-0.5	-4.4	63.0	-27.4	-97.2	30.4	-5.5	2.0	-10.4	14.0	83.6
EPS EPS₹	3.5	-0.1	-0.1	14.4	-3.8	-9.4	3.4	-0.6	0.1	-2.9	4.6	14.5

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	7	6	15	14	9	6	7	7	5	18	22	11
Growth YoY Revenue Growth YoY%	-15.0	165.6	135.0		29.4	10.4	-51.0	-47.7	-45.1	187.0	190.2	57.6
Expenses ExpensesCr	8	7	19	18	11	8	8	8	7	21	24	12
Operating Profit Operating ProfitCr	-1	-1	-4	-5	-1	-1	-1	-1	-2	-3	-2	0
OPM OPM%	-9.9	-15.4	-24.7	-32.7	-16.2	-18.8	-8.2	-9.2	-31.2	-15.3	-10.9	-2.9
Other Income Other IncomeCr	3	1	4	20	8	-7	4	1	1	0	6	13
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	1	0	0	0	0	0	0	0	0
PBT PBTCr	2	0	0	14	6	-8	3	0	0	-2	4	13
Tax TaxCr	0	0	1	5	1	-3	1	0	0	-1	1	3
PAT PATCr	2	0	-1	9	-3	-6	2	0	0	-2	3	10
Growth YoY PAT Growth YoY%	-63.6	-100.8	-119.9	67.3	-208.2	-20,600.0	437.3	-104.6	104.0	69.2	33.6	2,490.0
NPM NPM%	32.8	-0.5	-4.4	63.0	-27.4	-97.2	30.4	-5.5	2.0	-10.4	14.0	83.6
EPS EPS₹	3.5	-0.1	-0.1	14.4	-3.8	-9.4	3.4	-0.6	0.1	-2.9	4.6	14.5

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	30	6	33	13	23	21	18	26	33	52	56
Growth Revenue Growth%		-79.4	422.9	-60.2	76.0	-8.5	-11.9	40.1	29.8	56.0	86.5
Expenses ExpensesCr	25	10	36	16	25	24	26	30	39	60	63
Operating Profit Operating ProfitCr	6	-4	-3	-3	-2	-3	-7	-4	-6	-7	-7
OPM OPM%	18.8	-57.1	-10.3	-19.6	-9.4	-13.2	-38.8	-17.3	-16.7	-14.2	-12.5
Other Income Other IncomeCr	14	93	23	9	27	46	35	17	24	9	21
Interest Expense Interest ExpenseCr	1	0	0	0	0	0	1	0	0	0	0
Depreciation DepreciationCr	3	1	1	1	1	1	0	0	0	0	0
PBT PBTCr	16	89	19	5	24	43	27	12	18	1	14
Tax TaxCr	1	17	1	1	26	10	6	2	4	0	3
PAT PATCr	15	72	18	5	-2	33	21	10	14	1	11
Growth PAT Growth%		388.0	-75.2	-72.7	-146.2	1,557.1	-36.6	-52.1	42.6	-94.3	257.0
NPM NPM%	48.5	1,150.0	54.5	37.4	-9.8	156.4	112.5	38.4	42.3	1.6	19.1
EPS EPS₹	23.0	37.5	27.0	7.4	-3.4	49.7	31.5	11.3	4.6	1.2	16.4

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	30	6	33	13	23	21	18	26	33	52	56
Growth Revenue Growth%		-79.4	422.9	-60.2	76.0	-8.5	-11.9	40.1	29.8	56.0	86.5
Expenses ExpensesCr	25	10	36	16	25	24	26	30	39	60	63
Operating Profit Operating ProfitCr	6	-4	-3	-3	-2	-3	-7	-4	-6	-7	-7
OPM OPM%	18.8	-57.1	-10.3	-19.6	-9.4	-13.2	-38.8	-17.3	-16.7	-14.2	-12.5
Other Income Other IncomeCr	14	93	23	9	27	46	35	17	24	9	21
Interest Expense Interest ExpenseCr	1	0	0	0	0	0	1	0	0	0	0
Depreciation DepreciationCr	3	1	1	1	1	1	0	0	0	0	0
PBT PBTCr	16	89	19	5	24	43	27	12	18	1	14
Tax TaxCr	1	17	1	1	26	10	6	2	4	0	3
PAT PATCr	15	72	18	5	-2	33	21	10	14	1	11
Growth PAT Growth%		388.0	-75.2	-72.7	-146.2	1,557.1	-36.6	-52.1	42.6	-94.3	257.0
NPM NPM%	48.5	1,150.0	54.5	37.4	-9.8	156.4	112.5	38.4	42.3	1.6	19.1
EPS EPS₹	23.0	37.5	27.0	7.4	-3.4	49.7	31.5	11.3	4.6	1.2	16.4

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	7	7	7	7	7	7	7	7	7	7
Reserves ReservesCr	70	141	157	160	157	188	207	214	216	218
Current Liabilities Current LiabilitiesCr	8	4	5	4	4	3	3	21	7	27
Non Current Liabilities Non Current LiabilitiesCr	8	1	1	2	27	37	42	60	45	44
Total Liabilities Total LiabilitiesCr	93	152	169	173	194	234	258	304	275	296
Current Assets Current AssetsCr	5	17	21	21	29	22	38	24	28	44
Non Current Assets Non Current AssetsCr	88	135	149	152	165	212	221	280	246	252
Total Assets Total AssetsCr	93	152	169	173	194	234	258	304	275	296

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	7	7	7	7	7	7	7	7	7	7
Reserves ReservesCr	70	141	157	160	157	188	207	214	216	218
Current Liabilities Current LiabilitiesCr	8	4	5	4	4	3	3	21	7	27
Non Current Liabilities Non Current LiabilitiesCr	8	1	1	2	27	37	42	60	45	44
Total Liabilities Total LiabilitiesCr	93	152	169	173	194	234	258	304	275	296
Current Assets Current AssetsCr	5	17	21	21	29	22	38	24	28	44
Non Current Assets Non Current AssetsCr	88	135	149	152	165	212	221	280	246	252
Total Assets Total AssetsCr	93	152	169	173	194	234	258	304	275	296

Consolidated

Standalone

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	5	-25	-2	-2	-5	-2	-10	-17	-4	9
Investing Cash Flow Investing Cash FlowCr	-3	25	6	2	6	2	18	23	7	-11
Financing Cash Flow Financing Cash FlowCr	-3	-1	-2	-2	-1	-1	-2	-8	-2	-1
Net Cash Flow Net Cash FlowCr	0	0	3	-1	-1	-1	6	-1	1	-4
Free Cash Flow Free Cash FlowCr	3	-25	1	-2	-5	-3	-11	-4	-4	9
CFO To PAT CFO To PAT%	35.8	-34.2	-8.8	-41.6	221.6	-5.1	-50.1	-167.2	-30.5	1,047.9
CFO To EBITDA CFO To EBITDA%	92.0	688.1	46.4	79.2	231.2	60.8	145.3	372.3	77.3	-114.7

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	5	-25	-2	-2	-5	-2	-10	-17	-4	9
Investing Cash Flow Investing Cash FlowCr	-3	25	6	2	6	2	18	23	7	-11
Financing Cash Flow Financing Cash FlowCr	-3	-1	-2	-2	-1	-1	-2	-8	-2	-1
Net Cash Flow Net Cash FlowCr	0	0	3	-1	-1	-1	6	-1	1	-4
Free Cash Flow Free Cash FlowCr	3	-25	1	-2	-5	-3	-11	-4	-4	9
CFO To PAT CFO To PAT%	35.8	-34.2	-8.8	-41.6	221.6	-5.1	-50.1	-167.2	-30.5	1,047.9
CFO To EBITDA CFO To EBITDA%	92.0	688.1	46.4	79.2	231.2	60.8	145.3	372.3	77.3	-114.7

Consolidated

Standalone

Financial Year	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	62	72	48	20	49	68	73	116	82	53	80
Price To Earnings Price To Earnings	4.3	1.0	2.7	4.1		2.1	3.5	15.5	26.9	65.1	7.4
Price To Sales Price To Sales	2.1	11.5	1.5	1.6	2.2	3.3	4.0	4.5	2.4	1.0	1.4
Price To Book Price To Book	0.8	0.5	0.3	0.1	0.3	0.3	0.3	0.5	0.4	0.2	0.3
EV To EBITDA EV To EBITDA	11.8	-19.9	-13.0	-7.0	-22.2	-24.5	-9.2	-29.2	-13.5	-6.8	-10.9
Profitability Ratios Profitability Ratios
GPM GPM%	68.4	7.1	1.4	5.5	5.4	4.6	4.0	4.1	4.5	4.1	4.1
OPM OPM%	18.8	-57.1	-10.3	-19.6	-9.4	-13.2	-38.8	-17.3	-16.7	-14.2	-12.5
NPM NPM%	48.5	1,150.0	54.5	37.4	-9.8	156.4	112.5	38.4	42.3	1.6	19.1
ROCE ROCE%	20.4	60.2	11.3	3.3	14.9	22.0	12.9	5.2	8.3	0.4	0.4
ROE ROE%	19.3	48.6	10.9	2.9	-1.4	16.8	9.7	4.5	6.4	0.4	0.4
ROA ROA%	15.8	47.1	10.5	2.8	-1.2	14.0	8.0	3.3	5.2	0.3	0.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	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	62	72	48	20	49	68	73	116	82	53	80
Price To Earnings Price To Earnings	4.3	1.0	2.7	4.1		2.1	3.5	15.5	26.9	65.1	7.4
Price To Sales Price To Sales	2.1	11.5	1.5	1.6	2.2	3.3	4.0	4.5	2.4	1.0	1.4
Price To Book Price To Book	0.8	0.5	0.3	0.1	0.3	0.3	0.3	0.5	0.4	0.2	0.3
EV To EBITDA EV To EBITDA	11.8	-19.9	-13.0	-7.0	-22.2	-24.5	-9.2	-29.2	-13.5	-6.8	-10.9
Profitability Ratios Profitability Ratios
GPM GPM%	68.4	7.1	1.4	5.5	5.4	4.6	4.0	4.1	4.5	4.1	4.1
OPM OPM%	18.8	-57.1	-10.3	-19.6	-9.4	-13.2	-38.8	-17.3	-16.7	-14.2	-12.5
NPM NPM%	48.5	1,150.0	54.5	37.4	-9.8	156.4	112.5	38.4	42.3	1.6	19.1
ROCE ROCE%	20.4	60.2	11.3	3.3	14.9	22.0	12.9	5.2	8.3	0.4	0.4
ROE ROE%	19.3	48.6	10.9	2.9	-1.4	16.8	9.7	4.5	6.4	0.4	0.4
ROA ROA%	15.8	47.1	10.5	2.8	-1.2	14.0	8.0	3.3	5.2	0.3	0.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	GOYALALUM	SPLIL	7NR	MYSORPETRO	COSCO	PANKAJPO	SANINFRA
Market CapitalizationMkt CapCr	84	81	80	80	78	76	75
Close PriceClose₹	5.88	27.88	6.80	121.00	186.30	137.95	47.62
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	17.82	9.78	13.60	7.40	67.26	27.16	38.10
Price To SalesPS	1.09	1.12	7.61	1.41	0.40	42.49	0.73
RevenueRevenueCr	77	72	11	56	193	2	104
Revenue Growth TTMRev Gr TTM%	2.7%	-36.4%	-52.9%	86.5%	10.5%	9.1%
PAT Growth TTMPAT Gr TTM%	199.2%	1.9%	91.7%	257.0%	675.0%	1,275.0%

	GOYALALUM	SPLIL	7NR	MYSORPETRO	COSCO	PANKAJPO	SANINFRA
Market CapitalizationMkt CapCr	84	81	80	80	78	76	75
Close PriceClose₹	5.88	27.88	6.80	121.00	186.30	137.95	47.62
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	17.82	9.78	13.60	7.40	67.26	27.16	38.10
Price To SalesPS	1.09	1.12	7.61	1.41	0.40	42.49	0.73
RevenueRevenueCr	77	72	11	56	193	2	104
Revenue Growth TTMRev Gr TTM%	2.7%	-36.4%	-52.9%	86.5%	10.5%	9.1%
PAT Growth TTMPAT Gr TTM%	199.2%	1.9%	91.7%	257.0%	675.0%	1,275.0%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26