Scans

Tools

Home

Charts

Watchlist

Products

Privi Speciality Chemicals Ltd

PRIVISCL

NSE

₹3,283.00-1.97%19 Oct 2026

Reports

Specialty Chemicals

Privi Speciality Chemicals Ltd

PRIVISCL

NSE

₹3,283.00

-1.97%

19 Oct 2026

SOICxStockScans Reports

Ask AI

Specialty Chemicals

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Privi Speciality Chemicals is the world’s largest processor of a waste product from paper mills, turning it into the ingredients that make perfumes, soaps and detergents smell the way they do. It began in 1992 with two products and, after a defining move in 2012 to secure its own raw material supply, has grown into India’s largest exporter of aroma chemicals, supplying all of the world’s top 15 fragrance houses from a single, giant factory complex. The recurring approach is a “waste to value” philosophy: take a cheap, unwanted byproduct that few others can handle, apply proprietary in-house chemistry, and sell the resulting high-value molecules to the world’s biggest brands.

Business segments

Three engines built on a single chemistry platform - a foundational pine-chemicals business that generates the cash, a specialty-musk business that moves up the value chain, and a dedicated joint venture that makes exclusive ingredients for the industry’s biggest buyer.

1. Pine-based aroma chemicals: the cash engine built on paper-mill waste

The company takes a sulphate-laden waste from pulp mills that almost no one else can process, and converts it into the world’s most widely used fragrance ingredients, giving it a structural cost advantage over competitors who use a more expensive tree-sap alternative.

Cheaper raw material by design - it uses Crude Sulphate Turpentine (CST), a waste byproduct from 70+ mills across EU & NA, which costs roughly 15-20% less than the Gum Turpentine Oil (GTO) that rivals depend on.
Dominant in the products that matter - it holds a market-leading share of over 20% in ten products globally, including its flagship molecules Dihydromyrcenol and Amber Fleur, and those ten products alone generate 80% of the company’s revenue.
Nothing is wasted - side streams from making the main products are converted into additional value-added chemicals like 1,8 Cineol and Limonene, which earn better margins and follow the same “waste to wealth” logic.
Scaling the core - total production capacity across all product lines is 48,000 metric tons per year, with a first phase of expansion underway to take it to 54,000, and a second multi-speciality project already in progress.

2. Musk and specialty aroma chemicals: moving up the perfume pyramid

Using the same cheap feedstock platform, this segment makes complex, high-value molecules for premium perfumes and cosmetics - products where the company is often only the third manufacturer in the world.

From liquids to powders - the segment includes Prionyl, the company’s first solid aroma chemical, used in very high-end cosmetic brands; Privi is only the third manufacturer globally to produce it.
Built on the parent engine’s leftovers - many of these specialty products are manufactured from side streams generated during the production of the flagship pine-based chemicals, again turning waste into higher-value output.
A pipeline in the lab - products under development at pilot or lab scale include Menthol, Peppermint oil, and Helvotalite, an alicyclic musk, extending the segment’s reach further into high-value fragrance and flavour territory.

3. PRIGIV: a dedicated factory for the world’s largest fragrance buyer

This is a 51:49 joint venture with Givaudan, the biggest flavour and fragrance company on earth, built to manufacture over 40 exclusive specialty ingredients that Givaudan has committed to buying.

A captive customer from day one - the greenfield facility in Mahad was built specifically to make 42 small-volume, high-complexity fragrance ingredients exclusively for Givaudan’s high-end product line, with production starting in February 2025.
Funded by the partner - the ₹178 crore facility was built with equity from both partners, and the JV also carries a non-interest-bearing trade advance of roughly ₹180 crore from Givaudan to keep debt costs low.
Just turned the corner - the venture reported its first profitable quarter in early 2026, with a progressive ramp-up of production targeted over the next two to three years.
Room to grow - an additional ₹50 crore expansion is already being funded by both partners in the same 51:49 ratio, and a neighbouring 5-acre plot has been acquired for future growth beyond the original 4-acre site.

Research, development and the “waste to value” engine

A 114-person team of scientists and microbiologists working across two dedicated R&D centres translates ideas from lab scale to full commercial production entirely in-house, and is the source of every proprietary process that gives the company its cost edge.

Proprietary green chemistry - the company has developed its own effluent-free processes, a continuous reaction system for its biggest products, and the critical sulphur-separation technology for CST that underpins the entire pine-based business.
The next frontier is biowaste - through a “Biorefinery” initiative and a dedicated biotech subsidiary, the company is converting agricultural waste into specialty chemicals using natural fermentation, and has developed enzymatic cracking of non-edible oils at R&D scale.

Group structure and partners

The company is consolidating a promoter-led ecosystem of related chemical entities into a single listed platform, while anchoring its renewable-energy supply through captive solar investments.

Simplification in progress - a scheme of amalgamation is underway to merge Privi Fine Sciences (a promoter-controlled entity making specialty aroma chemicals and green-science products from corn cobs and vegetable oil) and Privi Biotechnologies (a wholly owned biotech subsidiary) into the listed parent, with final approval expected during FY27.
Captive solar to cut power costs - the company holds a 26% stake in a 10 MW solar plant and recently took a 26% stake in a second solar facility, both in Maharashtra, to become a captive user and reduce its dependence on coal and natural gas.
Global reach from one site - exports contribute roughly 70% of revenue, served by seven distribution centres across Europe, the Americas and Asia, and three stocking points in India, reaching customers in more than 40 countries.

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

₹12,802Cr

Close Price

₹3,277.20

Industry

Specialty Chemicals

Price To Earnings

36.59

Price To Sales

4.79

Revenue

₹2,671Cr

Rev Gr TTM

Revenue Growth TTM

21.63%

PAT Gr TTM

PAT Growth TTM

62.21%

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	455	404	484	464	533	491	614	559	679	605	722	666
Growth YoY Revenue Growth YoY%	13.7	-3.8	21.5	13.5	17.0	21.6	26.7	20.4	27.4	23.2	17.6	19.2
Expenses ExpensesCr	366	314	393	370	423	378	481	427	497	453	541	514
Operating Profit Operating ProfitCr	89	90	91	94	110	113	133	132	182	151	180	152
OPM OPM%	19.6	22.3	18.8	20.3	20.7	23.0	21.6	23.6	26.8	25.0	25.0	22.9
Other Income Other IncomeCr	7	6	8	3	4	2	15	9	0	7	4	15
Interest Expense Interest ExpenseCr	25	24	25	22	22	22	23	24	21	19	18	17
Depreciation DepreciationCr	31	32	30	32	32	32	35	36	36	36	36	37
PBT PBTCr	40	39	44	43	61	61	90	81	125	104	130	113
Tax TaxCr	10	10	12	11	16	16	26	24	35	29	36	31
PAT PATCr	30	29	32	31	45	44	64	58	90	75	94	83
Growth YoY PAT Growth YoY%	280.4	403.9	315.2	598.9	48.1	54.6	100.8	83.0	101.2	68.3	47.1	43.9
NPM NPM%	6.7	7.1	6.6	6.8	8.4	9.1	10.4	10.3	13.3	12.4	13.0	12.4
EPS EPS₹	7.8	7.4	8.2	8.1	11.4	11.4	17.0	15.8	24.0	20.0	24.0	21.6

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	455	404	484	464	533	491	614	559	679	605	722	666
Growth YoY Revenue Growth YoY%	13.7	-3.8	21.5	13.5	17.0	21.6	26.7	20.4	27.4	23.2	17.6	19.2
Expenses ExpensesCr	366	314	393	370	423	378	481	427	497	453	541	514
Operating Profit Operating ProfitCr	89	90	91	94	110	113	133	132	182	151	180	152
OPM OPM%	19.6	22.3	18.8	20.3	20.7	23.0	21.6	23.6	26.8	25.0	25.0	22.9
Other Income Other IncomeCr	7	6	8	3	4	2	15	9	0	7	4	15
Interest Expense Interest ExpenseCr	25	24	25	22	22	22	23	24	21	19	18	17
Depreciation DepreciationCr	31	32	30	32	32	32	35	36	36	36	36	37
PBT PBTCr	40	39	44	43	61	61	90	81	125	104	130	113
Tax TaxCr	10	10	12	11	16	16	26	24	35	29	36	31
PAT PATCr	30	29	32	31	45	44	64	58	90	75	94	83
Growth YoY PAT Growth YoY%	280.4	403.9	315.2	598.9	48.1	54.6	100.8	83.0	101.2	68.3	47.1	43.9
NPM NPM%	6.7	7.1	6.6	6.8	8.4	9.1	10.4	10.3	13.3	12.4	13.0	12.4
EPS EPS₹	7.8	7.4	8.2	8.1	11.4	11.4	17.0	15.8	24.0	20.0	24.0	21.6

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	597	1,024	1,341	1,631	1,277	1,404	1,608	1,752	2,101	2,564	2,671
Growth Revenue Growth%		71.5	30.9	21.6	-21.7	10.0	14.5	9.0	19.9	22.0	21.6
Expenses ExpensesCr	528	894	1,128	1,363	1,069	1,210	1,422	1,427	1,648	1,917	2,005
Operating Profit Operating ProfitCr	69	130	213	268	208	194	186	325	454	646	666
OPM OPM%	11.6	12.7	15.9	16.4	16.3	13.8	11.6	18.6	21.6	25.2	24.9
Other Income Other IncomeCr	10	16	15	67	43	38	21	26	21	19	26
Interest Expense Interest ExpenseCr	17	24	29	41	21	24	68	98	88	82	75
Depreciation DepreciationCr	27	43	47	63	71	75	108	123	132	144	145
PBT PBTCr	36	79	152	231	158	133	31	130	255	440	472
Tax TaxCr	8	26	57	55	41	35	10	34	70	123	130
PAT PATCr	27	53	94	176	117	97	21	95	185	317	342
Growth PAT Growth%		96.7	76.7	87.1	-33.7	-16.7	-78.2	348.5	93.6	71.4	62.2
NPM NPM%	4.5	5.2	7.0	10.8	9.2	6.9	1.3	5.5	8.8	12.3	12.8
EPS EPS₹	6.8	10.5	18.6	28.8	29.9	24.9	5.5	24.4	47.9	83.8	89.6

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	597	1,024	1,341	1,631	1,277	1,404	1,608	1,752	2,101	2,564	2,671
Growth Revenue Growth%		71.5	30.9	21.6	-21.7	10.0	14.5	9.0	19.9	22.0	21.6
Expenses ExpensesCr	528	894	1,128	1,363	1,069	1,210	1,422	1,427	1,648	1,917	2,005
Operating Profit Operating ProfitCr	69	130	213	268	208	194	186	325	454	646	666
OPM OPM%	11.6	12.7	15.9	16.4	16.3	13.8	11.6	18.6	21.6	25.2	24.9
Other Income Other IncomeCr	10	16	15	67	43	38	21	26	21	19	26
Interest Expense Interest ExpenseCr	17	24	29	41	21	24	68	98	88	82	75
Depreciation DepreciationCr	27	43	47	63	71	75	108	123	132	144	145
PBT PBTCr	36	79	152	231	158	133	31	130	255	440	472
Tax TaxCr	8	26	57	55	41	35	10	34	70	123	130
PAT PATCr	27	53	94	176	117	97	21	95	185	317	342
Growth PAT Growth%		96.7	76.7	87.1	-33.7	-16.7	-78.2	348.5	93.6	71.4	62.2
NPM NPM%	4.5	5.2	7.0	10.8	9.2	6.9	1.3	5.5	8.8	12.3	12.8
EPS EPS₹	6.8	10.5	18.6	28.8	29.9	24.9	5.5	24.4	47.9	83.8	89.6

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	38	38	39	39	39	39	39	39	39	39
Reserves ReservesCr	405	449	537	702	683	773	790	885	1,064	1,373
Current Liabilities Current LiabilitiesCr	403	457	630	576	454	929	1,101	896	1,103	1,093
Non Current Liabilities Non Current LiabilitiesCr	91	107	220	287	364	428	454	505	569	637
Total Liabilities Total LiabilitiesCr	939	1,053	1,426	1,604	1,540	2,176	2,391	2,343	2,791	3,170
Current Assets Current AssetsCr	485	541	801	805	700	1,053	1,202	1,142	1,363	1,596
Non Current Assets Non Current AssetsCr	454	512	625	799	840	1,123	1,189	1,201	1,427	1,574
Total Assets Total AssetsCr	939	1,053	1,426	1,604	1,540	2,176	2,391	2,343	2,791	3,170

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	38	38	39	39	39	39	39	39	39	39
Reserves ReservesCr	405	449	537	702	683	773	790	885	1,064	1,373
Current Liabilities Current LiabilitiesCr	403	457	630	576	454	929	1,101	896	1,103	1,093
Non Current Liabilities Non Current LiabilitiesCr	91	107	220	287	364	428	454	505	569	637
Total Liabilities Total LiabilitiesCr	939	1,053	1,426	1,604	1,540	2,176	2,391	2,343	2,791	3,170
Current Assets Current AssetsCr	485	541	801	805	700	1,053	1,202	1,142	1,363	1,596
Non Current Assets Non Current AssetsCr	454	512	625	799	840	1,123	1,189	1,201	1,427	1,574
Total Assets Total AssetsCr	939	1,053	1,426	1,604	1,540	2,176	2,391	2,343	2,791	3,170

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	17	107	21	247	172	5	49	354	281	550
Investing Cash Flow Investing Cash FlowCr	-67	-81	-139	-206	-242	-320	-133	-180	-294	-358
Financing Cash Flow Financing Cash FlowCr	-89	-20	122	27	0	333	72	-171	39	-198
Net Cash Flow Net Cash FlowCr	-140	5	4	68	-69	17	-12	4	26	-6
Free Cash Flow Free Cash FlowCr	17	107	46	37	-71	-304	-91	212	-17	230
CFO To PAT CFO To PAT%	61.1	199.8	22.2	140.2	147.2	4.9	229.2	371.5	152.2	173.7
CFO To EBITDA CFO To EBITDA%	24.0	81.9	9.8	92.3	82.9	2.4	26.2	109.1	62.0	85.1

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	17	107	21	247	172	5	49	354	281	550
Investing Cash Flow Investing Cash FlowCr	-67	-81	-139	-206	-242	-320	-133	-180	-294	-358
Financing Cash Flow Financing Cash FlowCr	-89	-20	122	27	0	333	72	-171	39	-198
Net Cash Flow Net Cash FlowCr	-140	5	4	68	-69	17	-12	4	26	-6
Free Cash Flow Free Cash FlowCr	17	107	46	37	-71	-304	-91	212	-17	230
CFO To PAT CFO To PAT%	61.1	199.8	22.2	140.2	147.2	4.9	229.2	371.5	152.2	173.7
CFO To EBITDA CFO To EBITDA%	24.0	81.9	9.8	92.3	82.9	2.4	26.2	109.1	62.0	85.1

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	2,060	1,418	1,810	1,631	3,313	7,338	4,104	3,870	6,669	11,312	12,802
Price To Earnings Price To Earnings	76.0	26.6	19.2	9.3	28.3	75.3	184.7	40.8	35.7	34.5	36.6
Price To Sales Price To Sales	3.5	1.4	1.4	1.0	2.6	5.2	2.5	2.2	3.2	4.4	4.8
Price To Book Price To Book	4.7	2.9	3.1	2.2	4.6	9.0	5.0	4.2	6.0	8.0	9.1
EV To EBITDA EV To EBITDA	33.5	12.9	10.6	7.8	18.3	42.5	27.8	14.9	17.1	19.0	21.1
Profitability Ratios Profitability Ratios
GPM GPM%	22.6	22.7	26.3	27.2	30.5	29.1	26.4	30.4	34.9	38.1	38.1
OPM OPM%	11.6	12.7	15.9	16.4	16.3	13.8	11.6	18.6	21.6	25.2	24.9
NPM NPM%	4.5	5.2	7.0	10.8	9.2	6.9	1.3	5.5	8.8	12.3	12.8
ROCE ROCE%	7.3	13.2	17.4	21.1	14.7	9.0	5.2	11.8	15.2	21.4	21.4
ROE ROE%	6.1	11.0	16.4	23.8	16.2	12.0	2.6	10.3	16.7	22.4	22.4
ROA ROA%	2.9	5.1	6.6	11.0	7.6	4.5	0.9	4.1	6.6	10.0	10.0
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	2,060	1,418	1,810	1,631	3,313	7,338	4,104	3,870	6,669	11,312	12,802
Price To Earnings Price To Earnings	76.0	26.6	19.2	9.3	28.3	75.3	184.7	40.8	35.7	34.5	36.6
Price To Sales Price To Sales	3.5	1.4	1.4	1.0	2.6	5.2	2.5	2.2	3.2	4.4	4.8
Price To Book Price To Book	4.7	2.9	3.1	2.2	4.6	9.0	5.0	4.2	6.0	8.0	9.1
EV To EBITDA EV To EBITDA	33.5	12.9	10.6	7.8	18.3	42.5	27.8	14.9	17.1	19.0	21.1
Profitability Ratios Profitability Ratios
GPM GPM%	22.6	22.7	26.3	27.2	30.5	29.1	26.4	30.4	34.9	38.1	38.1
OPM OPM%	11.6	12.7	15.9	16.4	16.3	13.8	11.6	18.6	21.6	25.2	24.9
NPM NPM%	4.5	5.2	7.0	10.8	9.2	6.9	1.3	5.5	8.8	12.3	12.8
ROCE ROCE%	7.3	13.2	17.4	21.1	14.7	9.0	5.2	11.8	15.2	21.4	21.4
ROE ROE%	6.1	11.0	16.4	23.8	16.2	12.0	2.6	10.3	16.7	22.4	22.4
ROA ROA%	2.9	5.1	6.6	11.0	7.6	4.5	0.9	4.1	6.6	10.0	10.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	PIDILITIND	AETHER	AARTIIND	PRIVISCL	ANURAS	VINATIORGA	SUDEEPPHRM
Market CapitalizationMkt CapCr	1,51,009	20,215	17,299	12,802	12,569	11,611	11,182
Close PriceClose₹	1,482.60	1,523.00	476.90	3,277.20	1,104.00	1,120.00	990.00
IndustryIndustry	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals
Price To EarningsPE	56.98	85.71	32.58	36.59	71.78	25.89	60.15
Price To SalesPS	9.81	16.43	1.92	4.79	4.96	4.88	16.55
RevenueRevenueCr	15,399	1,231	9,010	2,671	2,535	2,381	676
Revenue Growth TTMRev Gr TTM%	14.1%	34.4%	27.0%	21.6%	51.8%	5.1%	23.6%
PAT Growth TTMPAT Gr TTM%	21.5%	34.0%	124.0%	62.2%	14.7%	5.4%	20.1%

	PIDILITIND	AETHER	AARTIIND	PRIVISCL	ANURAS	VINATIORGA	SUDEEPPHRM
Market CapitalizationMkt CapCr	1,51,009	20,215	17,299	12,802	12,569	11,611	11,182
Close PriceClose₹	1,482.60	1,523.00	476.90	3,277.20	1,104.00	1,120.00	990.00
IndustryIndustry	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals
Price To EarningsPE	56.98	85.71	32.58	36.59	71.78	25.89	60.15
Price To SalesPS	9.81	16.43	1.92	4.79	4.96	4.88	16.55
RevenueRevenueCr	15,399	1,231	9,010	2,671	2,535	2,381	676
Revenue Growth TTMRev Gr TTM%	14.1%	34.4%	27.0%	21.6%	51.8%	5.1%	23.6%
PAT Growth TTMPAT Gr TTM%	21.5%	34.0%	124.0%	62.2%	14.7%	5.4%	20.1%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26