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Transpek Industry Ltd

TRANSPEK

NSE

₹1,397.90+4.48%19 Oct 2026

Reports

Specialty Chemicals

Transpek Industry Ltd

TRANSPEK

NSE

₹1,397.90

+4.48%

19 Oct 2026

SOICxStockScans Reports

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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.

Transpek Industry Ltd is a specialty-chemical maker that has spent six decades turning two reactive elements - chlorine and sulphur - into a catalogue of high-purity intermediates the world’s polymer, pharma and agrochemical giants cannot easily replace. It began in 1965 as an acrylic-sheet manufacturer, pivoted into chemicals three years later, and in 2012 made the defining call to walk away from bulk commodities and bet instead on diversified acid chlorides for tightly regulated, high-value applications. The recurring approach is visible in everything that followed: own the chemistry through in-house R&D, lock in a global anchor customer with a dedicated plant, and let that relationship pull the rest of the portfolio into export markets - today international sales account for more than four-fifths of revenue.

Business segments

A single-engine specialty-chemical house built on chlorinated intermediates - one multipurpose plant, roughly 20 products, and a 10-year anchor contract that turned it into a global acid-chloride supplier.

1. Chlorinated intermediates: the molecule factory behind polymers, pills and crop protection

One integrated site makes acid chlorides and alkyl chlorides for customers who use them as building blocks - the company earns on every kilogram sold, on contract-manufacturing fees, and on job-work charges, with the largest chunk tied to a cost-plus anchor contract that gave it global visibility.

One plant, many products - the entire manufacturing operation runs from a single 100-acre site at Ekalbara, Vadodara, with a total nameplate capacity of 66,000 metric tonnes per annum, of which roughly half is for external sale and the rest feeds captive consumption. The equipment is multipurpose and multiproduct, so the same vessels can switch between different acid chlorides as demand shifts.
The anchor contract is the cornerstone - a 10-year exclusive supply agreement with an unnamed global chemical giant, running since January 2018 from a dedicated facility, gave the company “global recognition and visibility” and was earnings-accretive from the start. That relationship, plus a cost-plus pricing model on a large volume of business, partially shields margins when input costs rise.
Three ways to get paid - revenue comes from direct product sales, contract manufacturing for global clients in pharma, agrochemicals and specialty chemicals, and job-work arrangements where the company deploys its chlorination know-how on someone else’s feedstock. Pricing is renegotiated monthly or quarterly in the acid-chloride market, and a significant chunk of logistics cost is borne directly by customers.
Polymers dominate the order book - by application, polymer intermediates contributed 63.5% of FY26 sales, with pharma and specialty chemicals at roughly 10% each and the rest spread across dyes, surfactants and other uses. The polymer-grade acid chlorides go into monomers that end up in automotive, defence, aircraft, construction and firefighting materials.
The portfolio is narrow but deep - about 20 products make up the catalogue: 14 regulars and roughly six semi-regulars produced when demand surfaces. New acid chlorides take two-and-a-half to three years to commercialise because they go into critical applications that require customer validation, and over the past three to four years five or six new ones have been introduced.

2. In-house technology and process safety: the know-why behind the know-how

Every product is made with processes invented by the company’s own R&D team, backed by a dedicated process-safety unit - this is the engine that lets one plant serve sixteen countries without a single licensing royalty.

Home-grown chemistry - the company’s DSIR-approved R&D facility runs gram-lab, kilo-lab and pilot-plant stages to scale up processes before they hit the factory floor, and it is accredited to host PhD researchers from Maharaja Sayajirao University of Vadodara. The team is now pushing beyond chlorination into nitration, Friedel-Crafts reactions and non-chlorinated routes.
Closed-loop recycling - a proprietary recycling system recovers and reuses by-products in other processes, and agro-waste is burned as fuel for steam generation, which keeps input costs down and waste streams thin.
Safety as a separate function - a dedicated Process Safety Management Team, staffed with chemical engineers, chemists and automation professionals, was set up years before it became common in Indian chemical companies. It runs hazard analyses on every product and process, performs dispersion modelling, and enforces a formal Management of Change process before any new or altered process starts up.
The ISO-tank fleet is a moat - the company operates more than 600 ISO tanks with its own repair and cleaning stations, and has helped customers switch from drums to tank-container logistics using its technical competence. All packing and labelling follows IMDG and IATA dangerous-goods rules, which is table-stakes for exporting to regulated markets.

Group structure and partners

Transpek is the listed entity inside the Excel (Shroff) group, with a single operating subsidiary, a legacy stake in a silox-maker, and a small but growing interest in captive renewable power.

The listed company, Transpek Industry Limited, trades on BSE; the promoter group held just under 59% as of early 2020, with Anshul Specialty Molecules Private Limited (24.64%) and Kamaljyot Investments Limited (12.58%) as the largest blocks.
A wholly owned subsidiary, Transpek Creative Chemistry Private Limited, was incorporated in January 2020 to pursue new business opportunities. A former UK subsidiary that handled EU REACH registrations was dissolved in December 2021 after Brexit made its purpose redundant.
The company holds equity stakes in Transpek-Silox Industry Private Limited (unquoted) and Excel Industries Limited (quoted), both enterprises linked to key management personnel or their relatives. It also has a supply agreement with Silox India Private Limited for oleum and sulphur dioxide.
In August 2025 the board approved an investment of up to Rs 4 crore for a 3-4% stake in First Energy Eleven Private Limited, a Thermax SPV that will supply 2.8 MW of captive solar and wind power to the Ekalbara plant. A separate hybrid-power subscription is expected to deliver benefits from FY26-27 onward.

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

₹781Cr

Close Price

₹1,397.90

Industry

Specialty Chemicals

Price To Earnings

20.03

Price To Sales

1.26

Revenue

₹618Cr

Rev Gr TTM

Revenue Growth TTM

-5.24%

PAT Gr TTM

PAT Growth TTM

-29.13%

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	121	148	148	152	163	170	165	154	160	158	148	151
Growth YoY Revenue Growth YoY%	-44.0	-24.5	-26.9	-6.3	34.5	14.6	11.5	1.6	-1.5	-6.8	-10.3	-2.1
Expenses ExpensesCr	108	121	129	136	140	146	133	130	134	134	130	131
Operating Profit Operating ProfitCr	13	28	19	16	23	24	32	24	27	25	18	20
OPM OPM%	11.1	18.7	12.7	10.5	13.8	14.1	19.5	15.6	16.6	15.7	12.0	13.3
Other Income Other IncomeCr	4	5	5	11	5	5	8	12	5	4	4	4
Interest Expense Interest ExpenseCr	3	4	3	3	3	3	3	2	2	2	2	2
Depreciation DepreciationCr	9	9	11	12	13	12	13	12	12	12	12	11
PBT PBTCr	6	20	9	12	12	14	25	21	17	14	9	12
Tax TaxCr	3	6	3	2	2	3	5	5	4	4	2	3
PAT PATCr	3	14	6	9	10	11	19	16	13	11	7	9
Growth YoY PAT Growth YoY%	-85.0	-43.0	-74.8	-41.4	219.4	-24.4	241.3	67.7	32.4	1.9	-65.8	-42.7
NPM NPM%	2.5	9.5	3.8	6.1	5.9	6.3	11.7	10.1	7.9	6.8	4.4	5.9
EPS EPS₹	5.4	25.2	10.1	16.6	17.1	19.1	34.5	27.9	22.6	19.4	11.8	16.0

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	121	148	148	152	163	170	165	154	160	158	148	151
Growth YoY Revenue Growth YoY%	-44.0	-24.5	-26.9	-6.3	34.5	14.6	11.5	1.6	-1.5	-6.8	-10.3	-2.1
Expenses ExpensesCr	108	121	129	136	140	146	133	130	134	134	130	131
Operating Profit Operating ProfitCr	13	28	19	16	23	24	32	24	27	25	18	20
OPM OPM%	11.1	18.7	12.7	10.5	13.8	14.1	19.5	15.6	16.6	15.7	12.0	13.3
Other Income Other IncomeCr	4	5	5	11	5	5	8	12	5	4	4	4
Interest Expense Interest ExpenseCr	3	4	3	3	3	3	3	2	2	2	2	2
Depreciation DepreciationCr	9	9	11	12	13	12	13	12	12	12	12	11
PBT PBTCr	6	20	9	12	12	14	25	21	17	14	9	12
Tax TaxCr	3	6	3	2	2	3	5	5	4	4	2	3
PAT PATCr	3	14	6	9	10	11	19	16	13	11	7	9
Growth YoY PAT Growth YoY%	-85.0	-43.0	-74.8	-41.4	219.4	-24.4	241.3	67.7	32.4	1.9	-65.8	-42.7
NPM NPM%	2.5	9.5	3.8	6.1	5.9	6.3	11.7	10.1	7.9	6.8	4.4	5.9
EPS EPS₹	5.4	25.2	10.1	16.6	17.1	19.1	34.5	27.9	22.6	19.4	11.8	16.0

Consolidated

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	284	317	361	595	566	339	599	827	580	650	621	618
Growth Revenue Growth%	-2.0	11.6	14.1	64.6	-4.9	-40.0	76.5	38.0	-29.9	12.1	-4.4	-5.2
Expenses ExpensesCr	237	264	314	478	448	292	503	680	497	555	528	529
Operating Profit Operating ProfitCr	47	53	47	117	118	47	96	147	82	95	93	89
OPM OPM%	16.5	16.6	13.0	19.6	20.8	13.9	16.0	17.8	14.2	14.6	15.0	14.5
Other Income Other IncomeCr	4	7	10	18	17	17	28	18	25	29	25	17
Interest Expense Interest ExpenseCr	11	9	12	19	16	10	11	19	14	12	8	7
Depreciation DepreciationCr	8	9	10	14	26	29	30	33	38	50	49	47
PBT PBTCr	32	42	35	101	94	26	84	113	56	62	61	52
Tax TaxCr	10	12	9	36	21	2	19	29	17	13	16	13
PAT PATCr	21	30	26	66	73	23	65	83	39	49	46	39
Growth PAT Growth%	-3.1	40.9	-11.9	149.0	11.0	-68.0	180.6	27.6	-53.8	26.4	-6.3	-29.1
NPM NPM%	7.5	9.5	7.3	11.1	12.9	6.9	10.9	10.1	6.7	7.5	7.3	6.3
EPS EPS₹	36.2	51.9	47.3	117.7	130.6	41.7	117.1	149.4	69.0	87.3	81.7	69.8

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	284	317	361	595	566	339	599	827	580	650	621	618
Growth Revenue Growth%	-2.0	11.6	14.1	64.6	-4.9	-40.0	76.5	38.0	-29.9	12.1	-4.4	-5.2
Expenses ExpensesCr	237	264	314	478	448	292	503	680	497	555	528	529
Operating Profit Operating ProfitCr	47	53	47	117	118	47	96	147	82	95	93	89
OPM OPM%	16.5	16.6	13.0	19.6	20.8	13.9	16.0	17.8	14.2	14.6	15.0	14.5
Other Income Other IncomeCr	4	7	10	18	17	17	28	18	25	29	25	17
Interest Expense Interest ExpenseCr	11	9	12	19	16	10	11	19	14	12	8	7
Depreciation DepreciationCr	8	9	10	14	26	29	30	33	38	50	49	47
PBT PBTCr	32	42	35	101	94	26	84	113	56	62	61	52
Tax TaxCr	10	12	9	36	21	2	19	29	17	13	16	13
PAT PATCr	21	30	26	66	73	23	65	83	39	49	46	39
Growth PAT Growth%	-3.1	40.9	-11.9	149.0	11.0	-68.0	180.6	27.6	-53.8	26.4	-6.3	-29.1
NPM NPM%	7.5	9.5	7.3	11.1	12.9	6.9	10.9	10.1	6.7	7.5	7.3	6.3
EPS EPS₹	36.2	51.9	47.3	117.7	130.6	41.7	117.1	149.4	69.0	87.3	81.7	69.8

Consolidated

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	6	6	6	6	6	6	6	6	6	6	6
Reserves ReservesCr	85	200	241	306	333	374	479	581	668	740	762
Current Liabilities Current LiabilitiesCr	74	109	183	154	136	106	166	136	113	122	133
Non Current Liabilities Non Current LiabilitiesCr	44	71	136	133	114	113	114	165	180	133	108
Total Liabilities Total LiabilitiesCr	209	386	566	599	589	599	764	887	966	1,001	1,008
Current Assets Current AssetsCr	95	119	177	173	159	154	244	234	214	301	337
Non Current Assets Non Current AssetsCr	114	267	389	426	430	446	520	652	752	699	672
Total Assets Total AssetsCr	209	386	566	599	589	599	764	887	966	1,001	1,008

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	6	6	6	6	6	6	6	6	6	6	6
Reserves ReservesCr	85	200	241	306	333	374	479	581	668	740	762
Current Liabilities Current LiabilitiesCr	74	109	183	154	136	106	166	136	113	122	133
Non Current Liabilities Non Current LiabilitiesCr	44	71	136	133	114	113	114	165	180	133	108
Total Liabilities Total LiabilitiesCr	209	386	566	599	589	599	764	887	966	1,001	1,008
Current Assets Current AssetsCr	95	119	177	173	159	154	244	234	214	301	337
Non Current Assets Non Current AssetsCr	114	267	389	426	430	446	520	652	752	699	672
Total Assets Total AssetsCr	209	386	566	599	589	599	764	887	966	1,001	1,008

Consolidated

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	44	47	7	128	111	35	47	111	98	135	78
Investing Cash Flow Investing Cash FlowCr	-16	-31	-103	-45	-33	-17	-70	-13	-32	-30	-38
Financing Cash Flow Financing Cash FlowCr	-27	-17	96	-83	-77	-3	9	-94	-64	-56	-40
Net Cash Flow Net Cash FlowCr	1	-1	0	0	0	15	-14	4	3	48	1
Free Cash Flow Free Cash FlowCr	27	47	-112	80	74	20	9	66	60	116	41
CFO To PAT CFO To PAT%	206.2	156.8	27.9	194.0	151.6	148.1	72.0	132.8	253.6	277.1	171.9
CFO To EBITDA CFO To EBITDA%	93.9	89.2	15.7	109.4	93.8	73.1	49.0	75.3	118.8	142.7	84.0

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	44	47	7	128	111	35	47	111	98	135	78
Investing Cash Flow Investing Cash FlowCr	-16	-31	-103	-45	-33	-17	-70	-13	-32	-30	-38
Financing Cash Flow Financing Cash FlowCr	-27	-17	96	-83	-77	-3	9	-94	-64	-56	-40
Net Cash Flow Net Cash FlowCr	1	-1	0	0	0	15	-14	4	3	48	1
Free Cash Flow Free Cash FlowCr	27	47	-112	80	74	20	9	66	60	116	41
CFO To PAT CFO To PAT%	206.2	156.8	27.9	194.0	151.6	148.1	72.0	132.8	253.6	277.1	171.9
CFO To EBITDA CFO To EBITDA%	93.9	89.2	15.7	109.4	93.8	73.1	49.0	75.3	118.8	142.7	84.0

Consolidated

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	233	330	689	839	686	762	1,089	822	994	697	489	781
Price To Earnings Price To Earnings	11.4	11.0	26.1	12.8	9.4	32.7	16.7	9.8	25.8	14.3	10.7	20.0
Price To Sales Price To Sales	0.8	1.0	1.9	1.4	1.2	2.2	1.8	1.0	1.7	1.1	0.8	1.3
Price To Book Price To Book	2.6	1.6	2.8	2.7	2.0	2.0	2.3	1.4	1.5	0.9	0.6	1.0
EV To EBITDA EV To EBITDA	6.1	7.6	18.4	8.2	6.5	18.0	12.2	6.4	13.2	7.3	4.8	7.9
Profitability Ratios Profitability Ratios
GPM GPM%	43.8	42.2	36.9	40.0	42.8	39.6	37.3	38.6	39.4	40.1	43.8	43.8
OPM OPM%	16.5	16.6	13.0	19.6	20.8	13.9	16.0	17.8	14.2	14.6	15.0	14.5
NPM NPM%	7.5	9.5	7.3	11.1	12.9	6.9	10.9	10.1	6.7	7.5	7.3	6.3
ROCE ROCE%	28.8	18.7	11.0	27.9	25.8	7.3	15.3	18.1	8.8	8.7	8.2	8.2
ROE ROE%	23.4	14.6	10.7	21.1	21.6	6.1	13.5	14.2	5.7	6.5	6.0	6.0
ROA ROA%	10.2	7.8	4.7	11.0	12.4	3.9	8.6	9.4	4.0	4.9	4.5	4.5
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	233	330	689	839	686	762	1,089	822	994	697	489	781
Price To Earnings Price To Earnings	11.4	11.0	26.1	12.8	9.4	32.7	16.7	9.8	25.8	14.3	10.7	20.0
Price To Sales Price To Sales	0.8	1.0	1.9	1.4	1.2	2.2	1.8	1.0	1.7	1.1	0.8	1.3
Price To Book Price To Book	2.6	1.6	2.8	2.7	2.0	2.0	2.3	1.4	1.5	0.9	0.6	1.0
EV To EBITDA EV To EBITDA	6.1	7.6	18.4	8.2	6.5	18.0	12.2	6.4	13.2	7.3	4.8	7.9
Profitability Ratios Profitability Ratios
GPM GPM%	43.8	42.2	36.9	40.0	42.8	39.6	37.3	38.6	39.4	40.1	43.8	43.8
OPM OPM%	16.5	16.6	13.0	19.6	20.8	13.9	16.0	17.8	14.2	14.6	15.0	14.5
NPM NPM%	7.5	9.5	7.3	11.1	12.9	6.9	10.9	10.1	6.7	7.5	7.3	6.3
ROCE ROCE%	28.8	18.7	11.0	27.9	25.8	7.3	15.3	18.1	8.8	8.7	8.2	8.2
ROE ROE%	23.4	14.6	10.7	21.1	21.6	6.1	13.5	14.2	5.7	6.5	6.0	6.0
ROA ROA%	10.2	7.8	4.7	11.0	12.4	3.9	8.6	9.4	4.0	4.9	4.5	4.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	AMNPLST	AMAL	CHEMCON	TRANSPEK	GEMAROMA	KRONOX	DMCC
Market CapitalizationMkt CapCr	882	836	793	781	766	741	735
Close PriceClose₹	160.39	676.40	216.56	1,397.90	146.68	199.76	294.65
IndustryIndustry	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals
Price To EarningsPE	22.88	28.05	28.16	20.03		25.64	18.38
Price To SalesPS	1.52	2.28	3.14	1.26	2.03	7.04	1.04
RevenueRevenueCr	581	366	253	618	378	105	708
Revenue Growth TTMRev Gr TTM%	-12.4%	96.8%	17.4%	-5.2%	-24.3%	6.1%	49.6%
PAT Growth TTMPAT Gr TTM%	-3.0%	-23.1%	10.6%	-29.1%	-127.3%	11.6%	43.2%

	AMNPLST	AMAL	CHEMCON	TRANSPEK	GEMAROMA	KRONOX	DMCC
Market CapitalizationMkt CapCr	882	836	793	781	766	741	735
Close PriceClose₹	160.39	676.40	216.56	1,397.90	146.68	199.76	294.65
IndustryIndustry	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals
Price To EarningsPE	22.88	28.05	28.16	20.03		25.64	18.38
Price To SalesPS	1.52	2.28	3.14	1.26	2.03	7.04	1.04
RevenueRevenueCr	581	366	253	618	378	105	708
Revenue Growth TTMRev Gr TTM%	-12.4%	96.8%	17.4%	-5.2%	-24.3%	6.1%	49.6%
PAT Growth TTMPAT Gr TTM%	-3.0%	-23.1%	10.6%	-29.1%	-127.3%	11.6%	43.2%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26

Result PPT Transcript Summary

Mar 26

Result PPT

Transcript

Summary

Dec 25

Result