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Prasol Chemicals Ltd

PRASOLCHEM

NSE

₹727.10-3.85%19 Oct 2026 at 3:57 PM

Reports

Specialty Chemicals

Prasol Chemicals Ltd

PRASOLCHEM

NSE

₹727.10

-3.85%

19 Oct 2026 at 3:57 PM

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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.

Incorporated in 1992, Prasol Chemicals manufactures acetone- and phosphorus-based specialty chemicals, operating as India's sole producer of the chemical intermediate isophorone and the country's largest importer of acetone for specialty derivative processing. The company converts basic chemical feedstocks into high-value additives and intermediates through integrated synthesis stages, supplying downstream industrial manufacturers across global markets.

At a glance


Scale	Revenue rose to ₹1,012.49 cr in FY25 after plant disruption dip to ₹876.57 cr in FY24
Business mix	Acetone derivatives 47.74%, phosphorus lines 34.47%, other specialty 17.24% in FY25
Market position	Sole Indian maker of isophorone; top importer of acetone for specialty derivatives
Footprint	87,914 MTPA capacity across two Maharashtra plants; exports to 69 countries
Customers & concentration	1,586 customers in FY25; top 10 clients contributed 21.96% of revenue
Revenue model	Direct contract supply with 71.65% domestic and 28.35% export revenue in FY25
The offer	₹500 cr total: ₹80 cr fresh issue plus ₹420 cr OFS by Promoters and other holders

Business segments

Three forward-integrated chemistry engines supplying paints, agrochemicals, pharmaceuticals, and performance additives

1. Acetone-based specialty chemicals: the core derivative platform

Converting imported acetone into multi-stage intermediates generates nearly half of company sales across paints, coatings, and pharmaceutical markets.

Sole domestic producer moat - It operates as India's only manufacturer of isophorone with an installed capacity of 9,000 MTPA, giving it an uncontested domestic supply position against foreign imports.
Multi-step process chain - The platform executes three consecutive chemical reaction stages including catalytic condensation, hydrogenation, and dehydration, allowing the plant to transform base acetone into complex chemical structures.
Broad industrial end-uses - It synthesizes solvents and intermediates like diacetone alcohol, hexylene glycol, and mesityl oxide, which serve as crucial raw materials for industrial coatings and active pharmaceutical ingredients (APIs, the active raw materials that give drugs their therapeutic effect).
Feedstock purchasing scale - Operating as India's largest specialty derivative importer of bulk acetone gives the business significant procurement scale, helping it secure consistent maritime shipments from overseas producers.
Segment revenue scale - This chemistry platform generated ₹483.33 cr, representing 47.74% of revenue in FY25, alongside ₹136.50 cr in Q1 FY26.

2. Phosphorus-based specialty chemicals: additive and intermediate chemistries

Processing elemental yellow phosphorus into specialized additives and crop chemical intermediates contributes over a third of total company revenue.

Bulk procurement standing - The company ranked among the top five Indian industrial consumers of yellow phosphorus between CY22 and CY24, securing the primary input needed to run high-volume synthesis chains.
Four-stage integration depth - Manufacturing spans four forward-integrated stages from initial inorganic addition and intermediate acid formation to final salt synthesis and blending, maximizing value capture along the chemical chain.
Downstream performance applications - It produces zinc dialkyldithiophosphates for anti-wear engine lubricants, flotation reagents for mineral ore recovery in mining, and Diethyl Thiophosphoryl Chloride (DETC) for crop protection active ingredients.
Sector evolution track record - Starting with phosphorus diversification in 1996 and expanding into pharmaceutical-grade phosphorus derivatives by 2007, the company steadily adapted this platform to higher-margin applications.
Segment revenue scale - The vertical delivered ₹348.96 cr, or 34.47% of revenue in FY25, and ₹124.78 cr in Q1 FY26.

3. Customized and other specialty chemicals: customer-tailored formulations

Tailored chemical syntheses outside the core acetone and phosphorus lines contribute over a sixth of total revenue through specialized contract orders.

Formulation breadth - The business maintains a commercial catalog of 76 non-acetone and non-phosphorus products, spanning specialized surfactants, esters, ethers, and functional polymers.
Purchase-order contract manufacturing - The unit manufactures custom formulations tailored to exact buyer specifications, allowing clients to outsource complex batch chemical processing without building dedicated capacity.
Product commercialization pace - Flexible multi-purpose synthesis assets enabled the commercial launch of 13 new specialty formulations between April 2022 and July 2025.
Segment revenue scale - This customized vertical accounted for ₹174.55 cr, or 17.24% of revenue in FY25, and generated ₹56.38 cr in Q1 FY26.

In-house pilot labs and captive utility infrastructure

Shared pilot facilities, in-house synthesis laboratories, and dedicated power plants support production across both Maharashtra manufacturing sites.

Central R&D infrastructure - An 18-member technical team including three PhD scientists operates specialized fluidized bed reactors and pilot plants across Khopoli and Mahad to optimize reaction kinetics and scale laboratory recipes.
Stage-gate development pipeline - The synthesis pipeline holds 40 products under development, with nine products cleared past pilot-scale trials as of July 2025 to feed future commercial rollouts.
Captive utilities and environmental setup - A co-generation power and steam plant at Khopoli protects operations against local grid outages, while certified zero liquid discharge (systems that treat and recycle all industrial wastewater without external release) setups handle environmental compliance.

Direct customer supply protected by long qualification cycles

Multi-year qualification barrier - Customer validation requires one to four years of rigorous purity testing, impurity profiling, and shelf-life verification, which locks in commercial supply relationships once approved.
Account expansion track record - Longstanding customer engagements show steady cross-selling, with key industrial accounts expanding procurement from a single initial molecule up to nine distinct products over 10 to 16 years.
Short-cycle feedstock pricing - Primary raw materials are bought on monthly to quarterly schedules without fixed-price supply contracts, so output pricing must be adjusted periodically to reflect underlying chemical commodity shifts.
International consignment hubs - Consignment stock points in Rotterdam and Houston maintain localized buffer inventories, enabling just-in-time deliveries to overseas accounts across Europe and North America.

Expanding domestic demand and global supply diversification

Rapid domestic industrial growth and supply-chain diversification away from single-country sourcing expand the market for Indian specialty derivative producers.

Performance chemicals expansion - The Indian performance chemicals market is projected to expand from ₹14,110 cr in FY19 to ₹44,840 cr by FY29, propelled by growing domestic manufacturing in coatings, auto lubricants, and pharmaceuticals.
Domestic production share shift - Indian domestic manufacturing is forecast to supply 66% of local performance chemical consumption by FY29, up from 40% to 50% in 2019, displacing imported volumes.
Multi-vertical competitive roster - The company competes against international chemical producers Arkema, Evonik, Solvay, TASCO, and Altivia in acetone derivatives, while facing Excel Industries and Chinese manufacturers in phosphorus lines.

Single operating company with standalone asset ownership

Prasol holds no subsidiaries, associate entities, or joint ventures following a 2025 corporate clean-up.

Entity	Stake	What it adds
Prasol Aromatics Private Limited	100%	Wholly acquired Jan 2025 and struck off ROC records on July 22, 2025

Term loan pre-payment to de-lever balance sheet

Borrowing pre-payment - The company has earmarked ₹60 cr of its ₹80 cr fresh issue capital to retire capital expenditure term loans held with HDFC Bank and Kotak Mahindra Bank.
Debt reduction impact - This targeted repayment directly lowers total outstanding indebtedness of ₹296.11 cr recorded as of August 2025, trimming ongoing finance costs.
Secondary liquidity - The ₹420 cr Offer for Sale provides partial liquidity to Promoter and Promoter Group selling shareholders without injecting new cash into company operations.

Worth keeping in mind

The greenfield (a newly constructed plant built on a fresh site) Mahad facility was completely non-operational from Oct 27, 2023 to May 3, 2024 following an operational incident, causing an operational loss and depressing FY24 results.
The statutory auditor issued a modified opinion on internal financial controls for FY25, highlighting the need to strengthen controls over item-wise inventory valuation, inventory stage records, and overhead allocation.
The business carries substantial feedstock import reliance with 63.06% of material expenses imported in FY25 without long-term supply contracts, leaving procurement exposed to global freight disruptions and foreign exchange swings.
Eight promoter family groups maintain inter-se voting syndication and right-of-first-offer agreements, which were waived for IPO share sales but reflect concentrated multi-branch family ownership.

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

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Edit Ratios

Mkt Cap

Market Capitalization

₹4,279Cr

Close Price

₹723.00

Industry

Specialty Chemicals

Price To Earnings

50.99

Price To Sales

3.47

Revenue

₹1,233Cr

Rev Gr TTM

Revenue Growth TTM

—

PAT Gr TTM

PAT Growth TTM

—

Consolidated

Standalone

Numbers

Percentage

Quarter	Jun 2025	Mar 2026	Jun 2026
Revenue RevenueCr	320	335	434
Growth YoY Revenue Growth YoY%			35.7
Expenses ExpensesCr	279	303	343
Operating Profit Operating ProfitCr	41	32	90
OPM OPM%	12.7	9.6	20.8
Other Income Other IncomeCr	1	2	2
Interest Expense Interest ExpenseCr	3	2	2
Depreciation DepreciationCr	6	6	7
PBT PBTCr	33	27	84
Tax TaxCr	8	7	23
PAT PATCr	24	20	61
Growth YoY PAT Growth YoY%			150.7
NPM NPM%	7.6	5.9	14.1
EPS EPS₹	4.2	3.4	10.5

Quarter	Jun 2025	Mar 2026	Jun 2026
Revenue RevenueCr	320	335	434
Growth YoY Revenue Growth YoY%			35.7
Expenses ExpensesCr	279	303	343
Operating Profit Operating ProfitCr	41	32	90
OPM OPM%	12.7	9.6	20.8
Other Income Other IncomeCr	1	2	2
Interest Expense Interest ExpenseCr	3	2	2
Depreciation DepreciationCr	6	6	7
PBT PBTCr	33	27	84
Tax TaxCr	8	7	23
PAT PATCr	24	20	61
Growth YoY PAT Growth YoY%			150.7
NPM NPM%	7.6	5.9	14.1
EPS EPS₹	4.2	3.4	10.5

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	498	531	592	896	930	877	1,012	1,233
Growth Revenue Growth%		6.6	11.5	51.2	3.8	-5.8	15.5	21.7
Expenses ExpensesCr	447	472	544	763	843	816	925	1,093
Operating Profit Operating ProfitCr	51	59	49	133	87	61	88	139
OPM OPM%	10.3	11.1	8.2	14.8	9.3	6.9	8.7	11.3
Other Income Other IncomeCr	1	4	10	7	3	5	3	5
Interest Expense Interest ExpenseCr	6	9	12	12	12	11	8	8
Depreciation DepreciationCr	8	10	13	17	19	21	23	25
PBT PBTCr	38	44	34	111	58	34	59	112
Tax TaxCr	14	6	9	28	10	15	16	29
PAT PATCr	24	38	25	83	49	18	44	83
Growth PAT Growth%		60.2	-34.4	229.3	-41.2	-62.7	140.2	90.8
NPM NPM%	4.8	7.2	4.2	9.2	5.2	2.1	4.3	6.7
EPS EPS₹	81.8	131.8	4.3	14.2	8.4	3.1	7.5	14.3

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	498	531	592	896	930	877	1,012	1,233
Growth Revenue Growth%		6.6	11.5	51.2	3.8	-5.8	15.5	21.7
Expenses ExpensesCr	447	472	544	763	843	816	925	1,093
Operating Profit Operating ProfitCr	51	59	49	133	87	61	88	139
OPM OPM%	10.3	11.1	8.2	14.8	9.3	6.9	8.7	11.3
Other Income Other IncomeCr	1	4	10	7	3	5	3	5
Interest Expense Interest ExpenseCr	6	9	12	12	12	11	8	8
Depreciation DepreciationCr	8	10	13	17	19	21	23	25
PBT PBTCr	38	44	34	111	58	34	59	112
Tax TaxCr	14	6	9	28	10	15	16	29
PAT PATCr	24	38	25	83	49	18	44	83
Growth PAT Growth%		60.2	-34.4	229.3	-41.2	-62.7	140.2	90.8
NPM NPM%	4.8	7.2	4.2	9.2	5.2	2.1	4.3	6.7
EPS EPS₹	81.8	131.8	4.3	14.2	8.4	3.1	7.5	14.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	3	3	3	12	12	12	12	12
Reserves ReservesCr	116	153	177	251	298	314	356	437
Current Liabilities Current LiabilitiesCr	181	216	292	338	303	231	279	308
Non Current Liabilities Non Current LiabilitiesCr	112	106	77	82	81	70	77	83
Total Liabilities Total LiabilitiesCr	412	478	550	682	692	626	723	839
Current Assets Current AssetsCr	207	224	259	356	335	276	373	474
Non Current Assets Non Current AssetsCr	205	254	291	326	357	351	350	365
Total Assets Total AssetsCr	412	478	550	682	692	626	723	839

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	3	3	3	12	12	12	12	12
Reserves ReservesCr	116	153	177	251	298	314	356	437
Current Liabilities Current LiabilitiesCr	181	216	292	338	303	231	279	308
Non Current Liabilities Non Current LiabilitiesCr	112	106	77	82	81	70	77	83
Total Liabilities Total LiabilitiesCr	412	478	550	682	692	626	723	839
Current Assets Current AssetsCr	207	224	259	356	335	276	373	474
Non Current Assets Non Current AssetsCr	205	254	291	326	357	351	350	365
Total Assets Total AssetsCr	412	478	550	682	692	626	723	839

Consolidated

Standalone

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	20	81	29	116	22	49
Investing Cash Flow Investing Cash FlowCr	-47	-48	-52	-18	-23	-38
Financing Cash Flow Financing Cash FlowCr	14	-12	11	-115	10	0
Net Cash Flow Net Cash FlowCr	-7	28	-13	-11	7	7
Free Cash Flow Free Cash FlowCr	-27	33	-23	97	0	11
CFO To PAT CFO To PAT%	80.6	98.5	59.7	637.3	51.3	59.5
CFO To EBITDA CFO To EBITDA%	41.7	61.3	33.4	191.0	25.5	35.5

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	20	81	29	116	22	49
Investing Cash Flow Investing Cash FlowCr	-47	-48	-52	-18	-23	-38
Financing Cash Flow Financing Cash FlowCr	14	-12	11	-115	10	0
Net Cash Flow Net Cash FlowCr	-7	28	-13	-11	7	7
Free Cash Flow Free Cash FlowCr	-27	33	-23	97	0	11
CFO To PAT CFO To PAT%	80.6	98.5	59.7	637.3	51.3	59.5
CFO To EBITDA CFO To EBITDA%	41.7	61.3	33.4	191.0	25.5	35.5

Consolidated

Standalone

Financial Year	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									4,279
Price To Earnings Price To Earnings									51.0
Price To Sales Price To Sales									3.5
Price To Book Price To Book									8.1
EV To EBITDA EV To EBITDA									32.8
Profitability Ratios Profitability Ratios
GPM GPM%	18.6	21.9	19.0	26.5	20.8	15.5	18.3	20.6	20.6
OPM OPM%	10.3	11.1	8.2	14.8	9.3	6.9	8.7	11.3	11.3
NPM NPM%	4.8	7.2	4.2	9.2	5.2	2.1	4.3	6.7	6.7
ROCE ROCE%	17.6	19.9	13.3	29.0	14.2	10.9	14.4	21.4	21.4
ROE ROE%	20.0	24.4	13.9	31.5	15.7	5.6	11.9	18.5	18.5
ROA ROA%	5.8	8.0	4.6	12.1	7.0	2.9	6.0	9.9	9.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	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									4,279
Price To Earnings Price To Earnings									51.0
Price To Sales Price To Sales									3.5
Price To Book Price To Book									8.1
EV To EBITDA EV To EBITDA									32.8
Profitability Ratios Profitability Ratios
GPM GPM%	18.6	21.9	19.0	26.5	20.8	15.5	18.3	20.6	20.6
OPM OPM%	10.3	11.1	8.2	14.8	9.3	6.9	8.7	11.3	11.3
NPM NPM%	4.8	7.2	4.2	9.2	5.2	2.1	4.3	6.7	6.7
ROCE ROCE%	17.6	19.9	13.3	29.0	14.2	10.9	14.4	21.4	21.4
ROE ROE%	20.0	24.4	13.9	31.5	15.7	5.6	11.9	18.5	18.5
ROA ROA%	5.8	8.0	4.6	12.1	7.0	2.9	6.0	9.9	9.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	FCL	BALAMINES	TATVA	PRASOLCHEM	YASHO	EPIGRAL	VISHNU
Market CapitalizationMkt CapCr	6,515	6,470	4,478	4,279	4,244	4,191	4,139
Close PriceClose₹	55.95	1,997.00	1,914.30	723.00	3,519.70	971.50	614.90
IndustryIndustry	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals
Price To EarningsPE	43.71	31.56	87.13	50.99	73.59	15.46	27.60
Price To SalesPS	6.44	4.25	8.05	3.47	4.52	1.60	2.44
RevenueRevenueCr	1,012	1,523	650	1,233	939	2,626	1,696
Revenue Growth TTMRev Gr TTM%	91.4%	11.1%	49.7%		34.2%	4.8%	16.6%
PAT Growth TTMPAT Gr TTM%	41.1%	40.9%	254.7%		372.3%	-37.3%	16.6%

	FCL	BALAMINES	TATVA	PRASOLCHEM	YASHO	EPIGRAL	VISHNU
Market CapitalizationMkt CapCr	6,515	6,470	4,478	4,279	4,244	4,191	4,139
Close PriceClose₹	55.95	1,997.00	1,914.30	723.00	3,519.70	971.50	614.90
IndustryIndustry	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals
Price To EarningsPE	43.71	31.56	87.13	50.99	73.59	15.46	27.60
Price To SalesPS	6.44	4.25	8.05	3.47	4.52	1.60	2.44
RevenueRevenueCr	1,012	1,523	650	1,233	939	2,626	1,696
Revenue Growth TTMRev Gr TTM%	91.4%	11.1%	49.7%		34.2%	4.8%	16.6%
PAT Growth TTMPAT Gr TTM%	41.1%	40.9%	254.7%		372.3%	-37.3%	16.6%