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Sree Rayalaseema Hi-Strength Hypo Ltd

SRHHYPOLTD

NSE

₹512.55-2.90%19 Oct 2026

Reports

Chemicals Inorganic

Sree Rayalaseema Hi-Strength Hypo Ltd

SRHHYPOLTD

NSE

₹512.55

-2.90%

19 Oct 2026

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Chemicals Inorganic

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Deep Dive Report: In-depth business analysis.

Sree Rayalaseema Hi-Strength Hypo Ltd is an industrial chemicals manufacturer that turns minerals and sea salt into a portfolio of inorganic inputs - the kind of unglamorous, essential compounds that other factories need to make their own products. Incorporated in 2005 and part of the TGV Group, the company operates from a single integrated plant in Kurnool, Andhra Pradesh, selling to industrial customers across 22 Indian states and 31 countries, with exports contributing roughly 45% of turnover. The recurring approach is to build manufacturing capability around a core chemical - calcium hypochlorite - and then layer on adjacent products that consume its by-products or share its infrastructure, while using captive power to insulate the plant from grid uncertainty; a pivot announced in September 2024 to enter electronics manufacturing and semiconductor services signals an ambition to extend that same build-and-integrate logic into an entirely new industry.

Business segments

Three engines at different stages - a chemicals manufacturing core that generates nearly all the revenue, a captive power backbone that feeds it, and a coal trading sidecar that scales up or down with market conditions - plus an early-stage subsidiary making a key raw material.

1. Inorganic chemicals: the factory that makes other factories run

A single integrated plant produces a range of industrial chemicals - led by calcium hypochlorite - where one product's waste becomes another's input, and no single customer calls the shots.

Calcium hypochlorite is the anchor product - it is the largest chemical by turnover contribution, sold as a disinfectant and bleaching agent to industrial buyers, with tamper-proof packaging designed for safe global shipping.
The product range is built around the chlorine chain - the plant makes Stable Bleaching Powder, Sulphuric Acid, Sodium Methoxide (both solution and powder), Sodium Hydride, Chloro Sulphonic Acid, Oleum, Mono Chloro Acetic Acid, Hydrochloric Acid, bottled Hydrogen Gas, Calcium Chloride, Bromine, Caustic soda lye and flakes, and Chlorine, all from one location.
Waste is recovered, not discarded - a unique project recovers salt and water from calcium hypochlorite effluent; the recovered salt is recycled to produce caustic soda, a raw material the plant itself consumes, and salt recovered from calcium chloride is sold as an anti-freezing agent. About 15% of waste liquor from the calcium hypochlorite plant is converted into bleaching powder and another 15% is recycled, shrinking what must be disposed of.
Raw materials are mostly local, with two strategic imports - most inputs are easily available nearby, saving transport costs, but lime for calcium hypochlorite and sodium metal for sodium hydride are imported, exposing the company to exchange-rate swings. Sea salt, a permanent natural resource, is a foundational input.
The customer base is deliberately fragmented - no single customer accounts for 10% or more of total revenue, and the company sells directly to industrial units while using traders to reach others, spreading credit risk across a wide base.

2. Captive power: the plant's own energy supply

Wind, solar, and formerly thermal assets generate power primarily to run the chemical plant, with grid supply now supplementing the mix after a dedicated substation came online.

Seven wind turbines in Tamil Nadu - the company operates wind energy generators whose output is seasonal, rising and falling with wind velocity, as part of a clean-energy initiative.
A 5 MW solar plant adds daytime generation - installed as a green initiative, the solar farm contributes to sustainable energy sourcing for the factory.
The 10 MW thermal plant is being sold - in August 2025, the Board decided to shut it down because it was no longer economically viable, and it was classified as held for sale.
Grid power now backs up the captive mix - the company built a 132 KVA substation near the factory, and AP Southern Power Distribution Company Limited began supplying power from April 2025, adding a reliable external source to the plant's energy equation.

3. Coal trading: an opportunistic sidecar

The company buys and sells coal when market conditions are favourable, with the activity swelling to over a fifth of turnover one year and shrinking to barely over one percent the next.

A trading activity, not a manufacturing one - coal is imported and resold, with no processing or transformation, making it a purely mercantile operation that runs alongside the chemical plant.
Revenue share swings sharply - coal trading contributed about 21% of turnover in FY24 and roughly 1.4% in FY25, fluctuating with market conditions rather than following a steady trajectory.
Reported separately only when material - in years when coal trading falls below quantitative thresholds, it is folded into the chemicals segment for reporting purposes, reflecting its status as a secondary activity.

Group structure and partners

The company sits within the TGV Group, with a subsidiary that began producing a key raw material in 2024, an associate stake in a salt company, and a web of related-party ties to promoter-controlled entities.

TGV Metals and Chemicals Private Limited is the operating subsidiary - the company holds 50% of the shares; incorporated in February 2022, it commenced commercial production of sodium metal at 2 tonnes per day at Gondiparla, Kurnool, in March 2024, supplying an input the parent previously had to import.
A former subsidiary was dissolved - TGV Sodium and Electrolite Private Limited, which never commenced operations, was dissolved effective April 2023 and removed from consolidation.
An associate stake with no consolidation - the company holds 22.31% of M/s M V Salts and Chemicals Private Limited but does not exercise significant influence, so it is not equity-accounted.
Promoter-group entities are significant counterparties - entities controlled by the promoter family include TGV SRAAC Limited, TGV Projects and Investments Private Limited, Sree Rayalaseema Galaxy Projects Private Limited, Gowri Gopal Hospitals Private Limited, Brilliant Industries Private Limited, TGV Industries Private Limited, and M V Salts and Chemicals Private Limited; the company has material purchases from TGV SRAAC Ltd and TGV Industries Pvt Ltd, and sales to Gowri Gopal Hospitals Pvt Ltd.

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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Mkt Cap

Market Capitalization

₹880Cr

Close Price

₹512.55

Industry

Chemicals Inorganic

Price To Earnings

19.80

Price To Sales

1.26

Revenue

₹698Cr

Rev Gr TTM

Revenue Growth TTM

7.42%

PAT Gr TTM

PAT Growth TTM

0.62%

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	226	215	165	169	170	138	160	180	182	141	163	211
Growth YoY Revenue Growth YoY%	-34.5	-28.7	-62.0	-35.3	-24.5	-35.5	-2.8	6.9	7.1	1.9	1.7	17.0
Expenses ExpensesCr	199	192	138	143	141	119	143	152	155	124	150	181
Operating Profit Operating ProfitCr	26	22	27	26	29	20	18	28	27	17	13	30
OPM OPM%	11.6	10.3	16.4	15.2	17.0	14.3	11.0	15.5	14.8	12.1	8.2	14.2
Other Income Other IncomeCr	2	5	4	2	9	13	12	6	7	19	12	6
Interest Expense Interest ExpenseCr	1	1	2	1	0	0	1	0	0	0	0	1
Depreciation DepreciationCr	3	3	3	2	2	2	2	2	2	2	2	2
PBT PBTCr	25	23	26	26	36	30	27	31	32	34	23	34
Tax TaxCr	7	7	6	7	11	9	5	9	9	10	3	9
PAT PATCr	18	17	20	19	25	22	22	22	23	24	20	25
Growth YoY PAT Growth YoY%	-22.0	-29.3	-72.5	-23.4	36.9	29.6	12.5	20.4	-7.9	10.2	-8.8	10.3
NPM NPM%	8.2	7.8	11.8	11.0	14.9	15.6	13.7	12.4	12.8	16.8	12.3	11.7
EPS EPS₹	10.8	9.7	11.4	10.8	14.7	12.6	12.8	13.1	13.6	-14.0	11.8	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	226	215	165	169	170	138	160	180	182	141	163	211
Growth YoY Revenue Growth YoY%	-34.5	-28.7	-62.0	-35.3	-24.5	-35.5	-2.8	6.9	7.1	1.9	1.7	17.0
Expenses ExpensesCr	199	192	138	143	141	119	143	152	155	124	150	181
Operating Profit Operating ProfitCr	26	22	27	26	29	20	18	28	27	17	13	30
OPM OPM%	11.6	10.3	16.4	15.2	17.0	14.3	11.0	15.5	14.8	12.1	8.2	14.2
Other Income Other IncomeCr	2	5	4	2	9	13	12	6	7	19	12	6
Interest Expense Interest ExpenseCr	1	1	2	1	0	0	1	0	0	0	0	1
Depreciation DepreciationCr	3	3	3	2	2	2	2	2	2	2	2	2
PBT PBTCr	25	23	26	26	36	30	27	31	32	34	23	34
Tax TaxCr	7	7	6	7	11	9	5	9	9	10	3	9
PAT PATCr	18	17	20	19	25	22	22	22	23	24	20	25
Growth YoY PAT Growth YoY%	-22.0	-29.3	-72.5	-23.4	36.9	29.6	12.5	20.4	-7.9	10.2	-8.8	10.3
NPM NPM%	8.2	7.8	11.8	11.0	14.9	15.6	13.7	12.4	12.8	16.8	12.3	11.7
EPS EPS₹	10.8	9.7	11.4	10.8	14.7	12.6	12.8	13.1	13.6	-14.0	11.8	14.5

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	363	164	689	911	1,267	1,650	866	638	667	698
Growth Revenue Growth%		-54.8		32.2	39.1	30.2	-47.5	-26.4	4.6	7.4
Expenses ExpensesCr	321	143	587	781	1,119	1,470	755	546	578	610
Operating Profit Operating ProfitCr	42	21	102	130	149	180	111	92	88	87
OPM OPM%	11.7	12.8	14.8	14.3	11.7	10.9	12.8	14.4	13.3	12.5
Other Income Other IncomeCr	2	0	4	7	11	34	11	36	41	45
Interest Expense Interest ExpenseCr	9	2	10	5	3	5	4	2	2	2
Depreciation DepreciationCr	10	10	50	51	19	19	11	7	7	7
PBT PBTCr	25	9	45	81	137	190	107	119	121	123
Tax TaxCr	7	0	8	20	34	36	28	32	31	32
PAT PATCr	19	9	38	61	103	154	79	87	90	92
Growth PAT Growth%		-53.3		59.8	69.7	50.1	-48.8	10.8	3.1	0.6
NPM NPM%	5.1	5.3	5.5	6.7	8.1	9.3	9.1	13.7	13.5	13.2
EPS EPS₹	17.0	5.9	22.1	35.3	59.9	89.9	46.0	51.0	53.2	25.9

Financial Year	Mar 2016	Mar 2017	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	363	164	689	911	1,267	1,650	866	638	667	698
Growth Revenue Growth%		-54.8		32.2	39.1	30.2	-47.5	-26.4	4.6	7.4
Expenses ExpensesCr	321	143	587	781	1,119	1,470	755	546	578	610
Operating Profit Operating ProfitCr	42	21	102	130	149	180	111	92	88	87
OPM OPM%	11.7	12.8	14.8	14.3	11.7	10.9	12.8	14.4	13.3	12.5
Other Income Other IncomeCr	2	0	4	7	11	34	11	36	41	45
Interest Expense Interest ExpenseCr	9	2	10	5	3	5	4	2	2	2
Depreciation DepreciationCr	10	10	50	51	19	19	11	7	7	7
PBT PBTCr	25	9	45	81	137	190	107	119	121	123
Tax TaxCr	7	0	8	20	34	36	28	32	31	32
PAT PATCr	19	9	38	61	103	154	79	87	90	92
Growth PAT Growth%		-53.3		59.8	69.7	50.1	-48.8	10.8	3.1	0.6
NPM NPM%	5.1	5.3	5.5	6.7	8.1	9.3	9.1	13.7	13.5	13.2
EPS EPS₹	17.0	5.9	22.1	35.3	59.9	89.9	46.0	51.0	53.2	25.9

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	15	15	17	17	17	17	17	17	17
Reserves ReservesCr	189	182	294	371	553	734	783	901	954
Current Liabilities Current LiabilitiesCr	115	83	115	118	205	133	54	65	63
Non Current Liabilities Non Current LiabilitiesCr	54	61	18	13	13	61	59	72	68
Total Liabilities Total LiabilitiesCr	372	340	445	519	788	945	914	1,070	1,115
Current Assets Current AssetsCr	119	115	248	314	482	554	529	581	658
Non Current Assets Non Current AssetsCr	254	225	197	205	306	391	385	488	457
Total Assets Total AssetsCr	372	340	445	519	788	945	914	1,070	1,115

Financial Year	Mar 2016	Mar 2017	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	15	15	17	17	17	17	17	17	17
Reserves ReservesCr	189	182	294	371	553	734	783	901	954
Current Liabilities Current LiabilitiesCr	115	83	115	118	205	133	54	65	63
Non Current Liabilities Non Current LiabilitiesCr	54	61	18	13	13	61	59	72	68
Total Liabilities Total LiabilitiesCr	372	340	445	519	788	945	914	1,070	1,115
Current Assets Current AssetsCr	119	115	248	314	482	554	529	581	658
Non Current Assets Non Current AssetsCr	254	225	197	205	306	391	385	488	457
Total Assets Total AssetsCr	372	340	445	519	788	945	914	1,070	1,115

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	21	-8	99	71	60	141	140	65	39
Investing Cash Flow Investing Cash FlowCr	-9	-1	-38	-115	-1	-112	-20	-8	37
Financing Cash Flow Financing Cash FlowCr	-12	11	-22	10	-51	-17	-17	-18	-11
Net Cash Flow Net Cash FlowCr	0	2	40	-35	7	13	103	40	65
Free Cash Flow Free Cash FlowCr	14	-9	91	50	45	133	120	63	38
CFO To PAT CFO To PAT%	113.1	-86.5	262.0	116.5	58.1	91.7	176.9	74.9	43.4
CFO To EBITDA CFO To EBITDA%	49.9	-35.8	97.4	54.2	40.2	78.4	126.3	71.2	44.3

Financial Year	Mar 2016	Mar 2017	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	21	-8	99	71	60	141	140	65	39
Investing Cash Flow Investing Cash FlowCr	-9	-1	-38	-115	-1	-112	-20	-8	37
Financing Cash Flow Financing Cash FlowCr	-12	11	-22	10	-51	-17	-17	-18	-11
Net Cash Flow Net Cash FlowCr	0	2	40	-35	7	13	103	40	65
Free Cash Flow Free Cash FlowCr	14	-9	91	50	45	133	120	63	38
CFO To PAT CFO To PAT%	113.1	-86.5	262.0	116.5	58.1	91.7	176.9	74.9	43.4
CFO To EBITDA CFO To EBITDA%	49.9	-35.8	97.4	54.2	40.2	78.4	126.3	71.2	44.3

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	99	191	124	406	813	706	844	845	660	880
Price To Earnings Price To Earnings	4.0	20.8	3.3	6.7	7.9	4.6	10.7	9.4	7.2	19.8
Price To Sales Price To Sales	0.3	1.2	0.2	0.5	0.6	0.4	1.0	1.3	1.0	1.3
Price To Book Price To Book	0.5	0.9	0.4	1.1	1.4	0.9	1.1	0.9	0.7	0.9
EV To EBITDA EV To EBITDA	3.9	12.2	0.9	2.6	4.9	2.8	4.7	5.3	2.6	5.5
Profitability Ratios Profitability Ratios
GPM GPM%	34.0	38.8	30.5	30.6	26.8	24.6	34.6	43.9	38.4	38.4
OPM OPM%	11.7	12.8	14.8	14.3	11.7	10.9	12.8	14.4	13.3	12.5
NPM NPM%	5.1	5.3	5.5	6.7	8.1	9.3	9.1	13.7	13.5	13.2
ROCE ROCE%	12.6	4.1	15.3	18.8	23.4	25.4	13.7	13.0	12.5	12.5
ROE ROE%	9.2	4.4	12.2	15.6	18.0	20.5	9.9	9.5	9.3	9.3
ROA ROA%	5.0	2.6	8.5	11.7	13.1	16.3	8.6	8.2	8.1	8.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	99	191	124	406	813	706	844	845	660	880
Price To Earnings Price To Earnings	4.0	20.8	3.3	6.7	7.9	4.6	10.7	9.4	7.2	19.8
Price To Sales Price To Sales	0.3	1.2	0.2	0.5	0.6	0.4	1.0	1.3	1.0	1.3
Price To Book Price To Book	0.5	0.9	0.4	1.1	1.4	0.9	1.1	0.9	0.7	0.9
EV To EBITDA EV To EBITDA	3.9	12.2	0.9	2.6	4.9	2.8	4.7	5.3	2.6	5.5
Profitability Ratios Profitability Ratios
GPM GPM%	34.0	38.8	30.5	30.6	26.8	24.6	34.6	43.9	38.4	38.4
OPM OPM%	11.7	12.8	14.8	14.3	11.7	10.9	12.8	14.4	13.3	12.5
NPM NPM%	5.1	5.3	5.5	6.7	8.1	9.3	9.1	13.7	13.5	13.2
ROCE ROCE%	12.6	4.1	15.3	18.8	23.4	25.4	13.7	13.0	12.5	12.5
ROE ROE%	9.2	4.4	12.2	15.6	18.0	20.5	9.9	9.5	9.3	9.3
ROA ROA%	5.0	2.6	8.5	11.7	13.1	16.3	8.6	8.2	8.1	8.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	ACI	JGCHEM	INDOBORAX	SRHHYPOLTD	GANESHBE	AGASTYAEN	POEL
Market CapitalizationMkt CapCr	5,923	2,405	1,470	880	641	386	383
Close PriceClose₹	479.75	613.75	458.20	512.55	89.07	63.94	124.36
IndustryIndustry	Chemicals Inorganic	Chemicals Inorganic	Chemicals Inorganic	Chemicals Inorganic	Chemicals Inorganic	Chemicals Inorganic	Chemicals Inorganic
Price To EarningsPE	60.80	32.00	26.09	19.80	8.82		10.28
Price To SalesPS	5.31	2.25	6.33	1.26	1.48	2.19	0.25
RevenueRevenueCr	1,116	1,071	232	698	433	176	1,525
Revenue Growth TTMRev Gr TTM%	-0.4%	24.0%	29.7%	7.4%	13.3%
PAT Growth TTMPAT Gr TTM%	-39.3%	16.6%	45.5%	0.6%	82.9%

	ACI	JGCHEM	INDOBORAX	SRHHYPOLTD	GANESHBE	AGASTYAEN	POEL
Market CapitalizationMkt CapCr	5,923	2,405	1,470	880	641	386	383
Close PriceClose₹	479.75	613.75	458.20	512.55	89.07	63.94	124.36
IndustryIndustry	Chemicals Inorganic	Chemicals Inorganic	Chemicals Inorganic	Chemicals Inorganic	Chemicals Inorganic	Chemicals Inorganic	Chemicals Inorganic
Price To EarningsPE	60.80	32.00	26.09	19.80	8.82		10.28
Price To SalesPS	5.31	2.25	6.33	1.26	1.48	2.19	0.25
RevenueRevenueCr	1,116	1,071	232	698	433	176	1,525
Revenue Growth TTMRev Gr TTM%	-0.4%	24.0%	29.7%	7.4%	13.3%
PAT Growth TTMPAT Gr TTM%	-39.3%	16.6%	45.5%	0.6%	82.9%

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Jun 26