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Paushak Ltd

PAUSHAKLTD

NSE

₹679.45-17.78%19 Oct 2026

Reports

Specialty Chemicals

Paushak Ltd

PAUSHAKLTD

NSE

₹679.45

-17.78%

19 Oct 2026

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Specialty Chemicals

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.Deep Dive Report: In-depth business analysis.

Paushak Ltd is India’s largest manufacturer of specialty chemicals built around phosgene, a reactive gas that becomes the molecular backbone for intermediates used in pharmaceuticals, agrochemicals and performance materials. Incorporated in 1972 as part of the Alembic Group, the company has spent the last five decades quietly moving from batch processing to automated, world-scale continuous manufacturing at its single plant in Panelav, Gujarat. The recurring approach is to pick a handful of phosgene derivatives, build indigenous technology to make them at a scale that reduces India’s import dependence, and then become the domestic market leader in those products - a formula it has repeated across chloroformates, isocyanates and carbamoyl chlorides.

Business segments

A single-engine specialty chemicals company - one plant, one chemistry, three product families - serving pharmaceutical, agrochemical and performance-chemical customers across India and export markets.

1. Phosgene derivatives: the partner-of-choice supplier for India’s pharma and agrochemical industries

Paushak makes intermediates that other manufacturers cannot easily replicate, because phosgene is too hazardous for most customers to handle in-house - so they buy from a specialist who has already invested in the safety systems and scale.

Three product families, one chemistry - the company’s output is organised around chloroformates, isocyanates and carbamoyl chlorides, all derived from phosgene gas that Paushak generates on-site using carbon dioxide as a major raw material.
The safety moat is real - phosgene is toxic and tightly regulated under the Chemical Weapons Convention, so the company operates a Distributed Control System that can automatically shut down affected plants, emergency scrubbers with UPS backup, and water-curtain systems for fugitive emissions - barriers that make it uneconomical for most downstream players to bring production in-house.
Sold where the molecule matters - customers are pharmaceutical, agrochemical and performance-chemical companies that use these intermediates as building blocks; no single customer accounted for 10% or more of revenue in FY26, so the business is not tied to any one buyer’s cycle.
Domestic first, with an export tail - products reach 14 Indian states and 11 countries, with exports contributing roughly 18% of turnover in FY26, up from about 11% the year before.
Scale that replaced imports - after tripling phosgene capacity to 14,400 tonnes per year and commissioning a multi-purpose derivatives plant in FY22, Paushak became the first large-scale commercial supplier of these products in India, directly reducing the import bill for domestic pharma and agrochemical intermediates.

2. Custom synthesis and job work: the R&D-led extension

When a global innovator needs a phosgene-based intermediate made to its own specification, Paushak runs it as a custom job - same plant, same chemistry, higher stickiness.

Bespoke batches for innovators - the company earns revenue from custom synthesis and job work, where it manufactures intermediates to a customer’s proprietary specification using its phosgene platform, with revenue recognised on agreed terms rather than standard product pricing.
Audited by the buyers themselves - the automated plants commissioned in the expansion have been visited and audited by global customers and innovators from the pharmaceutical and agrochemical segments, which acts as both a quality signal and a switching-cost barrier.
A new R&D complex is being added - the company is building a dedicated R&D facility to provide innovative solutions to partners, signalling that custom synthesis is expected to grow beyond the current footprint.

3. Wind power: a captive energy sideline

Paushak owns wind-power assets that feed clean electricity into the state grid - a small, recurring other-income stream that also helps manage its Scope 2 emissions profile.

Power sold to the electricity board - the company recognises income from the sale of wind-generated power to the State Electricity Board on an accrual basis once units generated and supplied are confirmed.
Clean-energy hedge - the wind investment is described as a clean energy source, and it contributes to the company’s stated ESG targets, which include reducing Scope 2 emissions by 35% over five years.

Group structure and partners

Paushak is a standalone listed entity within the Alembic Group, with no subsidiaries and a web of cross-holdings that tie it to the group’s industrial and pharmaceutical heritage.

Held by the group, not a holding-company structure - the immediate holding company is Nirayu Private Limited, which held just 0.58% of Paushak’s shares as of the reporting date, while the company itself holds quoted investments in Alembic Limited and Alembic Pharmaceuticals Limited.
No subsidiaries, no international offices - the entire business operates from one manufacturing plant and two offices, all in India, making it a pure domestic manufacturer with an export order book rather than a multinational.
CSR runs through group foundations - community spending flows through entities such as the Alembic CSR Foundation, Bhailal Amin General Hospital and Rural Development Society, focusing on education, healthcare and rural development around the plant’s catchment area.

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Balance Sheet

Cash Flow

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Mkt Cap

Market Capitalization

₹1,675Cr

Close Price

₹679.45

Industry

Specialty Chemicals

Price To Earnings

35.42

Price To Sales

6.05

Revenue

₹277Cr

Rev Gr TTM

Revenue Growth TTM

27.99%

PAT Gr TTM

PAT Growth TTM

3.93%

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	52	54	52	57	49	52	56	59	49	55	84	89
Growth YoY Revenue Growth YoY%	-7.1	-4.7	7.0	10.2	-4.9	-2.7	7.4	2.6	-0.9	5.3	49.5	52.0
Expenses ExpensesCr	33	35	40	40	35	36	38	44	37	38	58	63
Operating Profit Operating ProfitCr	19	19	12	17	15	16	18	15	11	17	26	26
OPM OPM%	36.3	35.3	23.2	29.7	29.8	30.3	31.9	25.2	23.4	30.3	30.7	29.5
Other Income Other IncomeCr	3	7	4	4	6	0	2	1	1	8	3	2
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	1	1	1
Depreciation DepreciationCr	3	4	4	4	4	4	4	4	5	8	8	8
PBT PBTCr	18	23	12	17	17	12	16	11	7	16	19	19
Tax TaxCr	5	4	2	3	2	3	4	3	1	4	4	5
PAT PATCr	14	18	10	14	15	10	12	9	6	13	15	14
Growth YoY PAT Growth YoY%	-9.3	27.3	12.8	6.5	12.0	-47.4	16.7	-39.4	-59.6	30.3	25.5	56.9
NPM NPM%	26.3	33.9	19.8	24.8	31.0	18.3	21.5	14.7	12.6	22.7	18.1	15.1
EPS EPS₹	5.5	7.4	4.2	5.8	6.2	3.9	4.9	3.5	2.5	5.1	6.1	5.5

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	52	54	52	57	49	52	56	59	49	55	84	89
Growth YoY Revenue Growth YoY%	-7.1	-4.7	7.0	10.2	-4.9	-2.7	7.4	2.6	-0.9	5.3	49.5	52.0
Expenses ExpensesCr	33	35	40	40	35	36	38	44	37	38	58	63
Operating Profit Operating ProfitCr	19	19	12	17	15	16	18	15	11	17	26	26
OPM OPM%	36.3	35.3	23.2	29.7	29.8	30.3	31.9	25.2	23.4	30.3	30.7	29.5
Other Income Other IncomeCr	3	7	4	4	6	0	2	1	1	8	3	2
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	1	1	1
Depreciation DepreciationCr	3	4	4	4	4	4	4	4	5	8	8	8
PBT PBTCr	18	23	12	17	17	12	16	11	7	16	19	19
Tax TaxCr	5	4	2	3	2	3	4	3	1	4	4	5
PAT PATCr	14	18	10	14	15	10	12	9	6	13	15	14
Growth YoY PAT Growth YoY%	-9.3	27.3	12.8	6.5	12.0	-47.4	16.7	-39.4	-59.6	30.3	25.5	56.9
NPM NPM%	26.3	33.9	19.8	24.8	31.0	18.3	21.5	14.7	12.6	22.7	18.1	15.1
EPS EPS₹	5.5	7.4	4.2	5.8	6.2	3.9	4.9	3.5	2.5	5.1	6.1	5.5

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	78	72	105	140	138	141	150	212	206	211	219	277
Growth Revenue Growth%	12.9	-7.1	44.8	33.2	-1.1	2.2	6.5	41.5	-2.9	2.3	3.6	28.0
Expenses ExpensesCr	61	60	75	99	95	91	96	137	142	151	158	197
Operating Profit Operating ProfitCr	17	12	29	40	43	50	54	75	64	60	61	80
OPM OPM%	21.5	17.0	28.0	28.8	31.1	35.8	36.1	35.4	31.3	28.3	27.8	28.9
Other Income Other IncomeCr	3	5	3	13	7	6	5	11	20	14	12	14
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	1	4
Depreciation DepreciationCr	3	3	3	4	4	5	9	13	14	15	21	30
PBT PBTCr	17	14	29	49	45	52	50	72	71	59	50	61
Tax TaxCr	4	3	7	10	10	14	13	18	17	9	11	14
PAT PATCr	12	11	21	39	35	37	38	54	54	49	39	47
Growth PAT Growth%	-4.4	-11.9	96.2	81.4	-10.4	6.8	0.8	43.6	0.6	-9.2	-20.4	3.9
NPM NPM%	15.9	15.1	20.5	27.9	25.3	26.4	25.1	25.4	26.4	23.4	18.0	17.1
EPS EPS₹	4.8	4.3	8.4	15.7	14.2	15.1	15.3	21.9	22.0	20.0	15.9	19.2

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	78	72	105	140	138	141	150	212	206	211	219	277
Growth Revenue Growth%	12.9	-7.1	44.8	33.2	-1.1	2.2	6.5	41.5	-2.9	2.3	3.6	28.0
Expenses ExpensesCr	61	60	75	99	95	91	96	137	142	151	158	197
Operating Profit Operating ProfitCr	17	12	29	40	43	50	54	75	64	60	61	80
OPM OPM%	21.5	17.0	28.0	28.8	31.1	35.8	36.1	35.4	31.3	28.3	27.8	28.9
Other Income Other IncomeCr	3	5	3	13	7	6	5	11	20	14	12	14
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	1	4
Depreciation DepreciationCr	3	3	3	4	4	5	9	13	14	15	21	30
PBT PBTCr	17	14	29	49	45	52	50	72	71	59	50	61
Tax TaxCr	4	3	7	10	10	14	13	18	17	9	11	14
PAT PATCr	12	11	21	39	35	37	38	54	54	49	39	47
Growth PAT Growth%	-4.4	-11.9	96.2	81.4	-10.4	6.8	0.8	43.6	0.6	-9.2	-20.4	3.9
NPM NPM%	15.9	15.1	20.5	27.9	25.3	26.4	25.1	25.4	26.4	23.4	18.0	17.1
EPS EPS₹	4.8	4.3	8.4	15.7	14.2	15.1	15.3	21.9	22.0	20.0	15.9	19.2

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	3	3	3	3	3	3	3	3	3	3	12	12
Reserves ReservesCr	65	80	110	174	224	269	302	351	405	462	479	504
Current Liabilities Current LiabilitiesCr	11	7	22	15	16	27	27	22	26	44	65	68
Non Current Liabilities Non Current LiabilitiesCr	2	4	9	22	26	30	34	39	47	62	103	100
Total Liabilities Total LiabilitiesCr	82	94	144	214	270	329	367	415	481	572	660	685
Current Assets Current AssetsCr	40	26	56	90	111	95	104	147	216	100	132	162
Non Current Assets Non Current AssetsCr	42	68	89	124	159	234	263	267	266	472	528	523
Total Assets Total AssetsCr	82	94	144	214	270	329	367	415	481	572	660	685

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	3	3	3	3	3	3	3	3	3	3	12	12
Reserves ReservesCr	65	80	110	174	224	269	302	351	405	462	479	504
Current Liabilities Current LiabilitiesCr	11	7	22	15	16	27	27	22	26	44	65	68
Non Current Liabilities Non Current LiabilitiesCr	2	4	9	22	26	30	34	39	47	62	103	100
Total Liabilities Total LiabilitiesCr	82	94	144	214	270	329	367	415	481	572	660	685
Current Assets Current AssetsCr	40	26	56	90	111	95	104	147	216	100	132	162
Non Current Assets Non Current AssetsCr	42	68	89	124	159	234	263	267	266	472	528	523
Total Assets Total AssetsCr	82	94	144	214	270	329	367	415	481	572	660	685

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
Operating Cash Flow Operating Cash FlowCr	14	12	10	24	41	30	44	43	56	38	54
Investing Cash Flow Investing Cash FlowCr	-13	-11	-10	0	-39	-29	-42	-38	-50	-57	-95
Financing Cash Flow Financing Cash FlowCr	-1	-2	-1	-23	-2	-2	-2	-4	-5	19	42
Net Cash Flow Net Cash FlowCr	0	0	0	0	0	-1	0	0	0	-1	0
Free Cash Flow Free Cash FlowCr	-3	7	5	13	27	-26	-4	28	17	-122	-34
CFO To PAT CFO To PAT%	109.0	113.7	48.8	60.4	118.3	79.9	117.0	79.1	103.1	76.1	136.4
CFO To EBITDA CFO To EBITDA%	80.8	101.1	35.7	58.6	96.5	59.0	81.1	56.8	86.9	63.0	88.2

Financial Year	Mar 2016	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	14	12	10	24	41	30	44	43	56	38	54
Investing Cash Flow Investing Cash FlowCr	-13	-11	-10	0	-39	-29	-42	-38	-50	-57	-95
Financing Cash Flow Financing Cash FlowCr	-1	-2	-1	-23	-2	-2	-2	-4	-5	19	42
Net Cash Flow Net Cash FlowCr	0	0	0	0	0	-1	0	0	0	-1	0
Free Cash Flow Free Cash FlowCr	-3	7	5	13	27	-26	-4	28	17	-122	-34
CFO To PAT CFO To PAT%	109.0	113.7	48.8	60.4	118.3	79.9	117.0	79.1	103.1	76.1	136.4
CFO To EBITDA CFO To EBITDA%	80.8	101.1	35.7	58.6	96.5	59.0	81.1	56.8	86.9	63.0	88.2

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	190	186	413	625	533	2,576	3,204	1,916	1,571	1,392	852	1,675
Price To Earnings Price To Earnings	15.5	17.0	19.2	16.0	15.3	69.0	85.2	35.5	28.9	28.2	21.7	35.4
Price To Sales Price To Sales	2.4	2.6	3.9	4.5	3.9	18.3	21.3	9.0	7.6	6.6	3.9	6.0
Price To Book Price To Book	2.8	2.2	3.6	3.5	2.4	9.5	10.5	5.4	3.9	3.0	1.7	3.2
EV To EBITDA EV To EBITDA	11.3	15.1	14.1	15.5	12.4	51.0	59.1	25.5	24.4	23.8	15.3	26.4
Profitability Ratios Profitability Ratios
GPM GPM%	43.7	42.4	48.5	48.5	53.7	60.4	60.8	58.8	54.3	52.9	54.1	54.1
OPM OPM%	21.5	17.0	28.0	28.8	31.1	35.8	36.1	35.4	31.3	28.3	27.8	28.9
NPM NPM%	15.9	15.1	20.5	27.9	25.3	26.4	25.1	25.4	26.4	23.4	18.0	17.1
ROCE ROCE%	24.1	17.1	25.5	27.7	20.0	19.0	16.5	20.5	17.4	12.0	9.1	11.1
ROE ROE%	18.1	13.2	19.0	21.9	15.4	13.7	12.3	15.3	13.3	10.6	8.0	9.2
ROA ROA%	15.2	11.6	14.9	18.2	12.9	11.3	10.3	13.0	11.3	8.6	6.0	6.9
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	190	186	413	625	533	2,576	3,204	1,916	1,571	1,392	852	1,675
Price To Earnings Price To Earnings	15.5	17.0	19.2	16.0	15.3	69.0	85.2	35.5	28.9	28.2	21.7	35.4
Price To Sales Price To Sales	2.4	2.6	3.9	4.5	3.9	18.3	21.3	9.0	7.6	6.6	3.9	6.0
Price To Book Price To Book	2.8	2.2	3.6	3.5	2.4	9.5	10.5	5.4	3.9	3.0	1.7	3.2
EV To EBITDA EV To EBITDA	11.3	15.1	14.1	15.5	12.4	51.0	59.1	25.5	24.4	23.8	15.3	26.4
Profitability Ratios Profitability Ratios
GPM GPM%	43.7	42.4	48.5	48.5	53.7	60.4	60.8	58.8	54.3	52.9	54.1	54.1
OPM OPM%	21.5	17.0	28.0	28.8	31.1	35.8	36.1	35.4	31.3	28.3	27.8	28.9
NPM NPM%	15.9	15.1	20.5	27.9	25.3	26.4	25.1	25.4	26.4	23.4	18.0	17.1
ROCE ROCE%	24.1	17.1	25.5	27.7	20.0	19.0	16.5	20.5	17.4	12.0	9.1	11.1
ROE ROE%	18.1	13.2	19.0	21.9	15.4	13.7	12.3	15.3	13.3	10.6	8.0	9.2
ROA ROA%	15.2	11.6	14.9	18.2	12.9	11.3	10.3	13.0	11.3	8.6	6.0	6.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	PANAMAPET	JUBLCPL	ROSSARI	PAUSHAKLTD	TIRUMALCHM	INOVSYNTH	PLATIND
Market CapitalizationMkt CapCr	2,900	2,690	2,423	1,675	1,624	1,519	1,253
Close PriceClose₹	479.35	1,775.20	437.50	679.45	134.74	163.55	228.06
IndustryIndustry	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals
Price To EarningsPE	6.06	20.69	15.86	35.42			24.84
Price To SalesPS	0.71	1.36	0.91	6.05	0.89	10.40	2.82
RevenueRevenueCr	4,106	1,972	2,661	277	1,832	146	444
Revenue Growth TTMRev Gr TTM%	45.9%	19.9%	19.8%	28.0%	-5.8%	134.9%	9.6%
PAT Growth TTMPAT Gr TTM%	166.8%	22.3%	11.8%	3.9%	-36.4%	66.7%	10.2%

	PANAMAPET	JUBLCPL	ROSSARI	PAUSHAKLTD	TIRUMALCHM	INOVSYNTH	PLATIND
Market CapitalizationMkt CapCr	2,900	2,690	2,423	1,675	1,624	1,519	1,253
Close PriceClose₹	479.35	1,775.20	437.50	679.45	134.74	163.55	228.06
IndustryIndustry	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals
Price To EarningsPE	6.06	20.69	15.86	35.42			24.84
Price To SalesPS	0.71	1.36	0.91	6.05	0.89	10.40	2.82
RevenueRevenueCr	4,106	1,972	2,661	277	1,832	146	444
Revenue Growth TTMRev Gr TTM%	45.9%	19.9%	19.8%	28.0%	-5.8%	134.9%	9.6%
PAT Growth TTMPAT Gr TTM%	166.8%	22.3%	11.8%	3.9%	-36.4%	66.7%	10.2%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2026

Sep 26