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Sunshield Chemicals Ltd

SUNSHIEL

NSE

₹1,043.10+1.16%19 Oct 2026

Reports

Specialty Chemicals

Sunshield Chemicals Ltd

SUNSHIEL

NSE

₹1,043.10

+1.16%

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.

Sunshield Chemicals is a specialty chemicals maker that operates in the low-volume, high-value end of the industry - it does not sell commodities by the tonne but instead creates customized, high-performance chemical formulations whose value comes from what they do, not just what they are. Founded in 1986 and listed on the BSE since 1995, the company spent decades under the wing of the European Solvay Group before a controlling 62.36% stake was acquired by Indus Petrochem Limited in November 2021, a change-of-control that reset its board, its strategy, and its capacity ambitions. The recurring approach that explains the business is a tight focus on product innovation and deep customer collaboration - making chemicals that solve a specific industrial problem for a specific client, then scaling that solution across industries from paints to agrochemicals to plastics.

Business segments

A single specialty chemicals engine organized around distinct chemical families, each serving multiple end-use industries - one plant, one segment, many applications.

1. Specialty chemicals: customized molecules for industrial performance

The company makes a portfolio of high-performance chemical additives that help other manufacturers’ products last longer, spread better, or resist heat - and nearly every sale begins with a customer’s specific formulation problem.

Built around chemical families, not commodities - the product range is organized into distinct groups like THEIC (a heat stabilizer used in wire enamels and PVC), ethoxylates and propoxylates (nonionic surfactants that act as wetting and dispersing agents in everything from paper-making to insecticides), aminic antioxidants (which stop plastics, rubber, and lubricants from degrading), HQEE (a chain extender that gives polyurethanes better mechanical properties), and BC 700 (a matting agent for paints and varnishes).
One customer’s problem, one molecule’s job - the company describes its work as developing customized, specially formulated products for specific end-use applications, which means a paint manufacturer needing a particular scratch-resistance finish or a lubricant maker wanting longer oxidation stability will get a tailored chemical solution rather than an off-the-shelf product.
Sold across two dozen industries, but no single customer dominates - the customer list spans metal treatment, wire insulation, inks and coatings, agrochemicals, plastics, rubber, textiles, tyres, home and personal care, cosmetics, detergents, and lubricants, with named clients including Asian Paints, Kansai Nerolac, Lubrizol, and Owens Corning; except for one domestic buyer, no customer accounts for more than 10% of total revenue.
Exports are a structural part of the model - the company is a net exporter of specialty chemicals, shipping to the Americas, Europe, and the Far East, which means it competes globally on technical capability rather than just on price in the domestic market.
Revenue arrives when control transfers, with 60-day credit - sales are recognized at the point control passes to the customer, net of discounts and taxes, and the standard credit period is 60 days with no interest charged, giving industrial buyers working-capital room while tying up the company’s receivables.

2. Manufacturing and supply chain: one plant, one critical raw material, and a capacity expansion story

All production runs through a single site in Raigad, Maharashtra, where the company has just completed a multi-year capacity build-out to escape the constraints that once forced it to sell off an entire product line.

One plant, recently expanded - the manufacturing facility is located at Pali-Khopoli Road in Raigad district, and installed capacity was raised from 18,067 MTPA in FY24 to 25,231 MTPA in FY25, a jump that followed years of acknowledged capacity constraints.
Ethylene Oxide is the single-supplier choke point - a key raw material for several products, Ethylene Oxide (EO), is currently supplied by only one manufacturer in the entire country, creating a concentration risk that the company flags explicitly; other raw materials are imported from China, Malaysia, and Singapore.
A month of inventory as a buffer - the company typically holds one month of raw materials, work-in-progress, and finished goods on site, a deliberate hedge against raw material price swings rather than a just-in-time lean model.
The capacity story is a turnaround narrative - under previous owner Solvay, severe space constraints within the plant’s battery limits meant the company could not expand, so in FY21 it sold 21 surfactant products to a Solvay affiliate for ₹17.82 crores just to free up manufacturing space; after the Indus Petrochem takeover, a ₹25 crore capex program was approved in February 2022 to enhance antioxidant capacity, debottleneck the EO/THEIC unit, and automate operations, all of which was completed by May 2024.
Still investing in the plant - as of March 2026, capital work-in-progress stood at ₹579.15 lakhs, split between plant automation and a new storage facility with a tank farm, signalling that the expansion cycle is not yet finished.

Group structure and partners

A standalone company with no subsidiaries, controlled by Indus Petrochem Limited since a 2021 buyout from the Solvay Group that replaced the entire board and reset the strategic direction.

Holding company with a 62.36% stake - Indus Petrochem Limited is the promoter and controlling shareholder, with other promoter-group entities and individuals (Coppersmith Energies, the Malhotra family) holding smaller stakes that together reinforce control.
The 2021 takeover was a clean-break acquisition - Indus Petrochem bought the 62.36% stake from Rhodia Amines Chemicals Pte Ltd (a Solvay Group company) for ₹82.30 crores in cash at ₹179.49 per share, simultaneously launching a mandatory open offer to public shareholders at ₹352.53 per share; upon closing on 30 November 2021, the entire Solvay-nominated board resigned and was replaced by Indus Group directors, and the registered office moved from Kurla to Chembur in Mumbai.
No subsidiaries, no joint ventures - the company operates as a single standalone entity with no equity interests in any other business, which means all operations, assets, and liabilities sit within one corporate shell.
Tax and customs liabilities are backstopped by the seller - contingent liabilities related to sales tax, income tax, and customs matters, if they materialize, are recoverable from Solvay S.A. under the terms of the October 2021 Share Purchase Agreement, insulating the current owners from pre-acquisition legacy claims.
R&D partnerships extend technical reach - the company collaborates with IIT Bombay and ICT Mumbai, giving it access to academic research capability without building every capability in-house.

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

₹917Cr

Close Price

₹1,043.10

Industry

Specialty Chemicals

Price To Earnings

24.19

Price To Sales

2.02

Revenue

₹455Cr

Rev Gr TTM

Revenue Growth TTM

13.14%

PAT Gr TTM

PAT Growth TTM

108.69%

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	66	65	86	78	93	85	110	114	122	95	110	127
Growth YoY Revenue Growth YoY%	2.5	27.2	28.7	16.9	40.8	29.8	29.0	46.1	31.7	12.2	-0.6	11.9
Expenses ExpensesCr	57	55	73	70	85	78	99	101	108	86	93	107
Operating Profit Operating ProfitCr	9	11	12	8	8	7	12	13	14	9	17	20
OPM OPM%	13.5	16.4	14.2	9.9	8.3	8.0	10.4	11.1	11.4	9.6	15.1	16.1
Other Income Other IncomeCr	0	0	0	0	1	1	1	1	0	1	0	1
Interest Expense Interest ExpenseCr	2	2	2	2	2	2	2	2	2	1	0	0
Depreciation DepreciationCr	2	2	2	2	3	3	3	3	3	3	3	3
PBT PBTCr	5	7	9	4	4	2	8	9	10	7	14	18
Tax TaxCr	2	2	3	0	1	1	2	2	2	2	3	5
PAT PATCr	4	5	6	4	3	2	6	7	7	5	11	13
Growth YoY PAT Growth YoY%	-29.3	413.0	78.8	4.4	-17.8	-68.2	-4.2	70.1	126.7	200.0	85.7	97.8
NPM NPM%	5.9	7.9	7.0	5.1	3.4	1.9	5.2	6.0	5.9	5.2	9.7	10.6
EPS EPS₹	5.2	6.9	8.0	5.4	4.3	2.2	7.7	9.2	9.8	5.8	12.1	15.3

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	66	65	86	78	93	85	110	114	122	95	110	127
Growth YoY Revenue Growth YoY%	2.5	27.2	28.7	16.9	40.8	29.8	29.0	46.1	31.7	12.2	-0.6	11.9
Expenses ExpensesCr	57	55	73	70	85	78	99	101	108	86	93	107
Operating Profit Operating ProfitCr	9	11	12	8	8	7	12	13	14	9	17	20
OPM OPM%	13.5	16.4	14.2	9.9	8.3	8.0	10.4	11.1	11.4	9.6	15.1	16.1
Other Income Other IncomeCr	0	0	0	0	1	1	1	1	0	1	0	1
Interest Expense Interest ExpenseCr	2	2	2	2	2	2	2	2	2	1	0	0
Depreciation DepreciationCr	2	2	2	2	3	3	3	3	3	3	3	3
PBT PBTCr	5	7	9	4	4	2	8	9	10	7	14	18
Tax TaxCr	2	2	3	0	1	1	2	2	2	2	3	5
PAT PATCr	4	5	6	4	3	2	6	7	7	5	11	13
Growth YoY PAT Growth YoY%	-29.3	413.0	78.8	4.4	-17.8	-68.2	-4.2	70.1	126.7	200.0	85.7	97.8
NPM NPM%	5.9	7.9	7.0	5.1	3.4	1.9	5.2	6.0	5.9	5.2	9.7	10.6
EPS EPS₹	5.2	6.9	8.0	5.4	4.3	2.2	7.7	9.2	9.8	5.8	12.1	15.3

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	150	166	183	190	181	199	244	245	283	366	441	455
Growth Revenue Growth%	26.2	10.3	10.7	3.5	-4.5	9.7	22.8	0.3	15.8	29.1	20.5	13.1
Expenses ExpensesCr	140	159	168	173	164	169	213	214	243	332	389	394
Operating Profit Operating ProfitCr	10	7	16	16	17	30	31	31	40	34	52	60
OPM OPM%	6.5	4.3	8.5	8.6	9.4	14.9	12.8	12.7	14.3	9.2	11.8	13.2
Other Income Other IncomeCr	3	0	2	1	0	0	19	2	1	3	3	3
Interest Expense Interest ExpenseCr	11	9	10	11	10	7	5	7	8	9	5	3
Depreciation DepreciationCr	5	6	6	6	6	6	6	6	7	10	11	11
PBT PBTCr	-3	-8	2	0	1	17	39	19	27	18	40	48
Tax TaxCr	-3	-1	0	0	1	2	12	5	8	3	10	12
PAT PATCr	-1	-7	1	0	1	14	27	14	19	15	30	36
Growth PAT Growth%	73.4	-689.0	118.1	-81.5	189.1	2,103.8	93.7	-50.3	38.0	-22.6	103.0	108.7
NPM NPM%	-0.6	-4.0	0.7	0.1	0.4	7.1	11.3	5.6	6.7	4.0	6.7	8.0
EPS EPS₹	-1.1	-8.9	1.6	0.3	0.9	19.0	36.9	18.3	25.3	19.5	37.1	43.1

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	150	166	183	190	181	199	244	245	283	366	441	455
Growth Revenue Growth%	26.2	10.3	10.7	3.5	-4.5	9.7	22.8	0.3	15.8	29.1	20.5	13.1
Expenses ExpensesCr	140	159	168	173	164	169	213	214	243	332	389	394
Operating Profit Operating ProfitCr	10	7	16	16	17	30	31	31	40	34	52	60
OPM OPM%	6.5	4.3	8.5	8.6	9.4	14.9	12.8	12.7	14.3	9.2	11.8	13.2
Other Income Other IncomeCr	3	0	2	1	0	0	19	2	1	3	3	3
Interest Expense Interest ExpenseCr	11	9	10	11	10	7	5	7	8	9	5	3
Depreciation DepreciationCr	5	6	6	6	6	6	6	6	7	10	11	11
PBT PBTCr	-3	-8	2	0	1	17	39	19	27	18	40	48
Tax TaxCr	-3	-1	0	0	1	2	12	5	8	3	10	12
PAT PATCr	-1	-7	1	0	1	14	27	14	19	15	30	36
Growth PAT Growth%	73.4	-689.0	118.1	-81.5	189.1	2,103.8	93.7	-50.3	38.0	-22.6	103.0	108.7
NPM NPM%	-0.6	-4.0	0.7	0.1	0.4	7.1	11.3	5.6	6.7	4.0	6.7	8.0
EPS EPS₹	-1.1	-8.9	1.6	0.3	0.9	19.0	36.9	18.3	25.3	19.5	37.1	43.1

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
Equity Capital Equity CapitalCr	7	7	7	7	7	7	7	7	7	7	9
Reserves ReservesCr	9	2	4	4	4	19	46	59	75	88	243
Current Liabilities Current LiabilitiesCr	71	83	101	117	84	61	79	63	120	178	40
Non Current Liabilities Non Current LiabilitiesCr	63	48	45	20	51	51	41	48	27	31	13
Total Liabilities Total LiabilitiesCr	151	141	157	148	147	138	173	177	229	304	305
Current Assets Current AssetsCr	65	59	77	71	72	66	90	93	106	137	140
Non Current Assets Non Current AssetsCr	86	82	80	76	75	72	83	84	124	167	165
Total Assets Total AssetsCr	151	141	157	148	147	138	173	177	229	304	305

Financial Year	Mar 2016	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	9
Reserves ReservesCr	9	2	4	4	4	19	46	59	75	88	243
Current Liabilities Current LiabilitiesCr	71	83	101	117	84	61	79	63	120	178	40
Non Current Liabilities Non Current LiabilitiesCr	63	48	45	20	51	51	41	48	27	31	13
Total Liabilities Total LiabilitiesCr	151	141	157	148	147	138	173	177	229	304	305
Current Assets Current AssetsCr	65	59	77	71	72	66	90	93	106	137	140
Non Current Assets Non Current AssetsCr	86	82	80	76	75	72	83	84	124	167	165
Total Assets Total AssetsCr	151	141	157	148	147	138	173	177	229	304	305

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	1	12	2	15	19	35	33	14	42	48	10
Investing Cash Flow Investing Cash FlowCr	-17	-3	-4	-2	-7	-4	-17	-9	-40	-50	-20
Financing Cash Flow Financing Cash FlowCr	18	-8	3	-30	-24	-7	-9	-11	-11	2	34
Net Cash Flow Net Cash FlowCr	2	1	1	-18	-11	23	7	-5	-9	-1	23
Free Cash Flow Free Cash FlowCr	1	12	-2	12	13	32	17	6	1	-2	-11
CFO To PAT CFO To PAT%	-80.6	-174.1	177.2	6,533.3	3,019.8	243.8	120.0	103.3	223.2	329.0	32.2
CFO To EBITDA CFO To EBITDA%	6.9	162.3	13.8	89.5	113.8	117.1	105.5	45.3	104.0	142.1	18.3

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	1	12	2	15	19	35	33	14	42	48	10
Investing Cash Flow Investing Cash FlowCr	-17	-3	-4	-2	-7	-4	-17	-9	-40	-50	-20
Financing Cash Flow Financing Cash FlowCr	18	-8	3	-30	-24	-7	-9	-11	-11	2	34
Net Cash Flow Net Cash FlowCr	2	1	1	-18	-11	23	7	-5	-9	-1	23
Free Cash Flow Free Cash FlowCr	1	12	-2	12	13	32	17	6	1	-2	-11
CFO To PAT CFO To PAT%	-80.6	-174.1	177.2	6,533.3	3,019.8	243.8	120.0	103.3	223.2	329.0	32.2
CFO To EBITDA CFO To EBITDA%	6.9	162.3	13.8	89.5	113.8	117.1	105.5	45.3	104.0	142.1	18.3

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	241	206	208	119	50	143	455	419	599	501	641	917
Price To Earnings Price To Earnings			172.9	539.2	77.0	10.1	16.6	30.7	31.8	34.4	21.7	24.2
Price To Sales Price To Sales	1.6	1.2	1.1	0.6	0.3	0.7	1.9	1.7	2.1	1.4	1.4	2.0
Price To Book Price To Book	14.3	20.9	18.8	10.6	4.2	5.5	8.5	6.3	7.3	5.2	2.5	3.6
EV To EBITDA EV To EBITDA	34.7	40.1	20.0	12.3	9.3	7.7	16.9	15.9	16.9	17.7	12.0	14.9
Profitability Ratios Profitability Ratios
GPM GPM%	21.4	19.4	20.3	18.6	23.3	27.3	22.9	23.6	22.4	17.2	18.3	18.3
OPM OPM%	6.5	4.3	8.5	8.6	9.4	14.9	12.8	12.7	14.3	9.2	11.8	13.2
NPM NPM%	-0.6	-4.0	0.7	0.1	0.4	7.1	11.3	5.6	6.7	4.0	6.7	8.0
ROCE ROCE%	6.3	1.5	9.6	11.5	9.2	21.1	33.3	18.5	20.6	13.8	17.7	17.7
ROE ROE%	-5.0	-67.8	10.9	2.0	5.4	54.3	51.2	20.7	22.9	15.2	11.7	11.7
ROA ROA%	-0.6	-4.7	0.8	0.1	0.4	10.3	15.8	7.7	8.2	4.8	9.7	9.7
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	241	206	208	119	50	143	455	419	599	501	641	917
Price To Earnings Price To Earnings			172.9	539.2	77.0	10.1	16.6	30.7	31.8	34.4	21.7	24.2
Price To Sales Price To Sales	1.6	1.2	1.1	0.6	0.3	0.7	1.9	1.7	2.1	1.4	1.4	2.0
Price To Book Price To Book	14.3	20.9	18.8	10.6	4.2	5.5	8.5	6.3	7.3	5.2	2.5	3.6
EV To EBITDA EV To EBITDA	34.7	40.1	20.0	12.3	9.3	7.7	16.9	15.9	16.9	17.7	12.0	14.9
Profitability Ratios Profitability Ratios
GPM GPM%	21.4	19.4	20.3	18.6	23.3	27.3	22.9	23.6	22.4	17.2	18.3	18.3
OPM OPM%	6.5	4.3	8.5	8.6	9.4	14.9	12.8	12.7	14.3	9.2	11.8	13.2
NPM NPM%	-0.6	-4.0	0.7	0.1	0.4	7.1	11.3	5.6	6.7	4.0	6.7	8.0
ROCE ROCE%	6.3	1.5	9.6	11.5	9.2	21.1	33.3	18.5	20.6	13.8	17.7	17.7
ROE ROE%	-5.0	-67.8	10.9	2.0	5.4	54.3	51.2	20.7	22.9	15.2	11.7	11.7
ROA ROA%	-0.6	-4.7	0.8	0.1	0.4	10.3	15.8	7.7	8.2	4.8	9.7	9.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	INOVSYNTH	PLATIND	VIKRAMTH	SUNSHIEL	AMNPLST	AMAL	CHEMCON
Market CapitalizationMkt CapCr	1,519	1,253	1,200	917	882	836	793
Close PriceClose₹	163.55	228.06	382.65	1,043.10	160.39	676.40	216.56
IndustryIndustry	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals
Price To EarningsPE		24.84	27.35	24.19	22.88	28.05	28.16
Price To SalesPS	10.40	2.82	8.32	2.02	1.52	2.28	3.14
RevenueRevenueCr	146	444	144	455	581	366	253
Revenue Growth TTMRev Gr TTM%	134.9%	9.6%	16.7%	13.1%	-12.4%	96.8%	17.4%
PAT Growth TTMPAT Gr TTM%	66.7%	10.2%	42.3%	108.7%	-3.0%	-23.1%	10.6%

	INOVSYNTH	PLATIND	VIKRAMTH	SUNSHIEL	AMNPLST	AMAL	CHEMCON
Market CapitalizationMkt CapCr	1,519	1,253	1,200	917	882	836	793
Close PriceClose₹	163.55	228.06	382.65	1,043.10	160.39	676.40	216.56
IndustryIndustry	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals
Price To EarningsPE		24.84	27.35	24.19	22.88	28.05	28.16
Price To SalesPS	10.40	2.82	8.32	2.02	1.52	2.28	3.14
RevenueRevenueCr	146	444	144	455	581	366	253
Revenue Growth TTMRev Gr TTM%	134.9%	9.6%	16.7%	13.1%	-12.4%	96.8%	17.4%
PAT Growth TTMPAT Gr TTM%	66.7%	10.2%	42.3%	108.7%	-3.0%	-23.1%	10.6%

FY2026

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FY2026

Jun 26