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Valiant Organics Ltd

VALIANTORG

NSE

₹465.55-0.64%19 Oct 2026 at 3:31 PM

Reports

Chemicals Organic

Valiant Organics Ltd

VALIANTORG

NSE

₹465.55

-0.64%

19 Oct 2026 at 3:31 PM

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Chemicals Organic

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.

Valiant Organics is a specialty chemicals maker that turns basic building blocks into the intermediates other industries cannot do without - the molecules that go into paracetamol tablets, hair dyes, crop protection sprays and veterinary medicines. It was founded in 1984 by first-generation technocrats as a single-product partnership, grew into a public company within the Aarti Group fold, and built its position by acquiring chemistry capabilities it did not originally have - ammonolysis in 2017, hydrogenation and sulphonation in 2019 - so that today it runs six plants across five chemistries. The recurring approach is simple: find a niche intermediate that India imports heavily, master the difficult chemistry behind it, then scale to a size that lets it compete with Chinese producers on cost while locking in customers through long-term contracts - roughly 60% of its operations run on monthly, quarterly or half-yearly agreements.

Business segments

Three chemistry engines, each built around a different set of reactions - a chlorophenol export franchise with a quarter of the global market, a hydrogenation platform that feeds the paracetamol supply chain, and an ammonolysis business that supplies nearly every major dye maker in the country.

1. Hydrogenation and methoxylation: the largest engine, anchored to paracetamol

This is where the company makes the intermediates that become painkillers, dyes and pigments - and it is the only domestic producer of several of them.

The paracetamol connection - the Jhagadia Unit 2 plant makes Para Amino Phenol (PAP), the essential raw material for paracetamol synthesis, a difficult product that India previously imported; the company was among the first to commercialise it domestically in FY21 and sells the majority of its output to Valiant Laboratories Limited, which makes the finished paracetamol.
Backward-integrated into its own raw materials - Jhagadia Unit 1 produces Ortho Nitro Anisole and Para Nitro Anisole, which are captively consumed to make Ortho Anisidine and Para Anisidine, so the company does not need to buy these precursors from anyone else.
One of very few players - the company is among a handful of commercial manufacturers globally of Ortho Anisidine and Para Anisidine, which go into dyes, pigments and agrochemicals, giving it pricing power in a concentrated market.
Green chemistry as a cost lever - the hydrogenation process uses hydrogen gas and produces zero pollution, while high-pressure steam from manufacturing is converted into power for the plant, cutting the energy bill.
Contract manufacturing fills the tanks - the hydrogenation plants also run customised production for leading domestic clients, which means the assets earn even when the company's own products are not being made.

2. Chlorination and chlorophenol derivatives: the global-scale export franchise

The company is the only chlorophenol producer in India and holds roughly a quarter of the world market - a position built on scale that Chinese rivals cannot match.

Bigger than the Chinese - Valiant's chlorophenol capacity is 1,800 tonnes per month, but they can operate at a maximum of 1,500-1,600 tonnes per month, while the largest Chinese competitors operate at around 1,000-1,200 tonnes per month, so the company can compete on cost and still serve global demand.
A portfolio made from one reaction - the chlorination plant at Sarigam produces five derivatives - Para ChloroPhenol, Ortho ChloroPhenol, 2,4 Di Chlorophenol, 2,6 Di ChloroPhenol and 2,4,6 Tri ChloroPhenol - that go into agrochemicals, cosmetics, veterinary drugs and pharmaceuticals.
Exports are the majority - more than half of chlorination sales go to export markets, and the company has long-term relationships with global marquee customers built on consistent quality and reliable supply.
Waste turned into revenue - 2,4,6 Tri ChloroPhenol was once a byproduct that had to be disposed of; the company developed a process to make it a marketable product, extracting value from what was previously a cost.

3. Ammonolysis: the dye-industry supplier with a raw-material edge

The company is one of India's largest makers of Para Nitro Aniline, the intermediate that gives dyes their colour - and it gets its key raw material from within the family.

Raw material security from the group - the critical input for Para Nitro Aniline (PNA) is Para Nitro Chloro Benzene (PNCB), which is supplied by Aarti Industries, a fellow Aarti Group company, so Valiant is not exposed to the open market for its most important feedstock.
Sells to every major dye maker - the company supplies its ammonolysis products - PNA and Ortho Chloro Para Nitro Aniline - to almost all leading dye manufacturers in India, making it a default supplier to the domestic dyes and pigments industry.
Two plants, one chemistry - the Vapi and Tarapur facilities together give the company 16,600 tonnes per annum of ammonolysis capacity, making it one of the largest domestic players in this niche.

Group structure and partners

Valiant Organics sits inside the Aarti Group ecosystem, where roughly 40% of what it makes goes to group companies and roughly 40% of what it buys comes from them - a closed loop that locks in demand and supply.

A prominent Group company is both customer and supplier - around 40% of Valiant's production is marketed to a prominent group company, and around 40% of its raw materials are sourced from that same entity, all at arm's length.
The paracetamol chain stays in the family - more than 85% of PAP output is sold to Valiant Laboratories Limited for paracetamol manufacture, and four of the five principal raw materials are procured from within the group.
A stake that is being simplified - Valiant held an indirect stake in Valiant Laboratories Limited through Dhanvallabh Ventures LLP; in May 2026 the board approved ceasing to be a partner of DVLLP and disposing of its partnership interest, simplifying the holding structure.
Captive solar on the way - in April 2025 the company agreed to subscribe to a 26.25% stake in a special-purpose vehicle that will build a solar power project, with the electricity supplied to Valiant for its own consumption, reducing its reliance on grid power.

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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Documents

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Mkt Cap

Market Capitalization

₹1,304Cr

Close Price

₹465.00

Industry

Chemicals Organic

Price To Earnings

24.01

Price To Sales

1.70

Revenue

₹766Cr

Rev Gr TTM

Revenue Growth TTM

1.41%

PAT Gr TTM

PAT Growth TTM

907.05%

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	203	141	177	168	160	187	204	204	157	159	218	232
Growth YoY Revenue Growth YoY%	-23.1	-43.5	-34.9	-16.8	-21.1	32.2	15.3	21.7	-1.8	-14.8	6.8	13.3
Expenses ExpensesCr	188	138	179	152	158	172	183	180	136	144	191	190
Operating Profit Operating ProfitCr	15	4	-2	16	2	15	21	25	21	16	26	42
OPM OPM%	7.6	2.7	-1.0	9.4	1.5	8.2	10.2	12.2	13.4	9.8	12.2	18.0
Other Income Other IncomeCr	4	-1	-7	0	1	6	1	2	0	5	5	11
Interest Expense Interest ExpenseCr	4	4	7	5	8	6	5	6	4	5	3	5
Depreciation DepreciationCr	9	9	9	9	9	9	9	9	10	10	10	10
PBT PBTCr	6	-10	-25	2	-14	6	7	11	7	6	18	37
Tax TaxCr	2	-2	-5	3	-1	1	3	3	2	2	2	8
PAT PATCr	5	-8	-20	-1	-12	5	4	8	6	4	16	29
Growth YoY PAT Growth YoY%	-81.4	-130.3	-159.4	-104.2	-362.5	169.2	120.8	1,422.6	145.4	-33.3	274.3	256.8
NPM NPM%	2.3	-5.6	-11.4	-0.4	-7.8	2.9	2.1	4.0	3.6	2.3	7.2	12.6
EPS EPS₹	1.6	-2.9	-3.9	-0.2	-4.5	1.1	1.5	2.9	2.0	1.3	5.6	10.4

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	203	141	177	168	160	187	204	204	157	159	218	232
Growth YoY Revenue Growth YoY%	-23.1	-43.5	-34.9	-16.8	-21.1	32.2	15.3	21.7	-1.8	-14.8	6.8	13.3
Expenses ExpensesCr	188	138	179	152	158	172	183	180	136	144	191	190
Operating Profit Operating ProfitCr	15	4	-2	16	2	15	21	25	21	16	26	42
OPM OPM%	7.6	2.7	-1.0	9.4	1.5	8.2	10.2	12.2	13.4	9.8	12.2	18.0
Other Income Other IncomeCr	4	-1	-7	0	1	6	1	2	0	5	5	11
Interest Expense Interest ExpenseCr	4	4	7	5	8	6	5	6	4	5	3	5
Depreciation DepreciationCr	9	9	9	9	9	9	9	9	10	10	10	10
PBT PBTCr	6	-10	-25	2	-14	6	7	11	7	6	18	37
Tax TaxCr	2	-2	-5	3	-1	1	3	3	2	2	2	8
PAT PATCr	5	-8	-20	-1	-12	5	4	8	6	4	16	29
Growth YoY PAT Growth YoY%	-81.4	-130.3	-159.4	-104.2	-362.5	169.2	120.8	1,422.6	145.4	-33.3	274.3	256.8
NPM NPM%	2.3	-5.6	-11.4	-0.4	-7.8	2.9	2.1	4.0	3.6	2.3	7.2	12.6
EPS EPS₹	1.6	-2.9	-3.9	-0.2	-4.5	1.1	1.5	2.9	2.0	1.3	5.6	10.4

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	692	675	755	1,153	1,052	723	719	739	766
Growth Revenue Growth%		-2.5	11.8	52.8	-8.8	-31.3	-0.6	2.8	1.4
Expenses ExpensesCr	513	495	550	948	888	685	665	651	661
Operating Profit Operating ProfitCr	180	180	205	205	164	38	54	88	105
OPM OPM%	26.0	26.7	27.2	17.8	15.6	5.3	7.5	11.9	13.7
Other Income Other IncomeCr	9	6	6	7	13	4	8	12	20
Interest Expense Interest ExpenseCr	4	2	5	6	11	16	24	18	17
Depreciation DepreciationCr	14	16	21	30	29	35	36	40	40
PBT PBTCr	171	168	185	176	137	-9	2	42	68
Tax TaxCr	50	42	54	48	35	0	6	9	13
PAT PATCr	121	126	131	128	103	-8	-3	33	54
Growth PAT Growth%		4.1	3.7	-2.3	-19.8	-108.2	59.2	1,069.4	907.0
NPM NPM%	17.5	18.7	17.3	11.1	9.8	-1.2	-0.5	4.5	7.1
EPS EPS₹	49.9	25.5	44.7	41.7	32.5	-3.1	-1.2	11.9	19.4

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	692	675	755	1,153	1,052	723	719	739	766
Growth Revenue Growth%		-2.5	11.8	52.8	-8.8	-31.3	-0.6	2.8	1.4
Expenses ExpensesCr	513	495	550	948	888	685	665	651	661
Operating Profit Operating ProfitCr	180	180	205	205	164	38	54	88	105
OPM OPM%	26.0	26.7	27.2	17.8	15.6	5.3	7.5	11.9	13.7
Other Income Other IncomeCr	9	6	6	7	13	4	8	12	20
Interest Expense Interest ExpenseCr	4	2	5	6	11	16	24	18	17
Depreciation DepreciationCr	14	16	21	30	29	35	36	40	40
PBT PBTCr	171	168	185	176	137	-9	2	42	68
Tax TaxCr	50	42	54	48	35	0	6	9	13
PAT PATCr	121	126	131	128	103	-8	-3	33	54
Growth PAT Growth%		4.1	3.7	-2.3	-19.8	-108.2	59.2	1,069.4	907.0
NPM NPM%	17.5	18.7	17.3	11.1	9.8	-1.2	-0.5	4.5	7.1
EPS EPS₹	49.9	25.5	44.7	41.7	32.5	-3.1	-1.2	11.9	19.4

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	6	12	27	27	27	28	28	28
Reserves ReservesCr	245	374	475	586	662	702	697	731
Current Liabilities Current LiabilitiesCr	117	169	271	409	393	412	369	350
Non Current Liabilities Non Current LiabilitiesCr	60	99	96	134	106	107	89	121
Total Liabilities Total LiabilitiesCr	448	669	876	1,192	1,239	1,248	1,183	1,231
Current Assets Current AssetsCr	218	224	303	527	471	413	356	352
Non Current Assets Non Current AssetsCr	230	445	573	665	768	835	827	879
Total Assets Total AssetsCr	448	669	876	1,192	1,239	1,248	1,183	1,231

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	6	12	27	27	27	28	28	28
Reserves ReservesCr	245	374	475	586	662	702	697	731
Current Liabilities Current LiabilitiesCr	117	169	271	409	393	412	369	350
Non Current Liabilities Non Current LiabilitiesCr	60	99	96	134	106	107	89	121
Total Liabilities Total LiabilitiesCr	448	669	876	1,192	1,239	1,248	1,183	1,231
Current Assets Current AssetsCr	218	224	303	527	471	413	356	352
Non Current Assets Non Current AssetsCr	230	445	573	665	768	835	827	879
Total Assets Total AssetsCr	448	669	876	1,192	1,239	1,248	1,183	1,231

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	76	161	113	-31	238	84	56	92
Investing Cash Flow Investing Cash FlowCr	-88	-184	-156	-124	-143	-65	-21	-86
Financing Cash Flow Financing Cash FlowCr	1	27	49	167	-112	-23	-32	-11
Net Cash Flow Net Cash FlowCr	-11	5	5	12	-17	-4	4	-5
Free Cash Flow Free Cash FlowCr	-13	-44	-58	-153	108	19	27
CFO To PAT CFO To PAT%	62.7	127.8	86.3	-24.0	232.0	-1,000.4	-1,646.4	276.8
CFO To EBITDA CFO To EBITDA%	42.3	89.5	55.0	-15.0	144.9	219.6	104.6	104.3

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	76	161	113	-31	238	84	56	92
Investing Cash Flow Investing Cash FlowCr	-88	-184	-156	-124	-143	-65	-21	-86
Financing Cash Flow Financing Cash FlowCr	1	27	49	167	-112	-23	-32	-11
Net Cash Flow Net Cash FlowCr	-11	5	5	12	-17	-4	4	-5
Free Cash Flow Free Cash FlowCr	-13	-44	-58	-153	108	19	27
CFO To PAT CFO To PAT%	62.7	127.8	86.3	-24.0	232.0	-1,000.4	-1,646.4	276.8
CFO To EBITDA CFO To EBITDA%	42.3	89.5	55.0	-15.0	144.9	219.6	104.6	104.3

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	885	1,270	3,511	2,498	1,132	1,047	729	567	1,304
Price To Earnings Price To Earnings	7.3	10.3	30.6	22.1	12.8			17.1	24.0
Price To Sales Price To Sales	1.3	1.9	4.7	2.2	1.1	1.4	1.0	0.8	1.7
Price To Book Price To Book	3.5	3.3	7.0	4.1	1.6	1.4	1.0	0.8	1.7
EV To EBITDA EV To EBITDA	5.3	7.7	17.9	13.8	8.5	34.0	18.0	9.3	14.9
Profitability Ratios Profitability Ratios
GPM GPM%	30.8	32.7	34.2	23.6	23.4	16.1	18.3	23.6	23.6
OPM OPM%	26.0	26.7	27.2	17.8	15.6	5.3	7.5	11.9	13.7
NPM NPM%	17.5	18.7	17.3	11.1	9.8	-1.2	-0.5	4.5	7.1
ROCE ROCE%	53.4	33.5	27.6	18.7	15.4	0.8	2.7	5.9	5.9
ROE ROE%	48.3	32.7	26.1	20.9	14.9	-1.1	-0.5	4.4	4.4
ROA ROA%	27.1	18.9	14.9	10.7	8.3	-0.7	-0.3	2.7	2.7
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	885	1,270	3,511	2,498	1,132	1,047	729	567	1,304
Price To Earnings Price To Earnings	7.3	10.3	30.6	22.1	12.8			17.1	24.0
Price To Sales Price To Sales	1.3	1.9	4.7	2.2	1.1	1.4	1.0	0.8	1.7
Price To Book Price To Book	3.5	3.3	7.0	4.1	1.6	1.4	1.0	0.8	1.7
EV To EBITDA EV To EBITDA	5.3	7.7	17.9	13.8	8.5	34.0	18.0	9.3	14.9
Profitability Ratios Profitability Ratios
GPM GPM%	30.8	32.7	34.2	23.6	23.4	16.1	18.3	23.6	23.6
OPM OPM%	26.0	26.7	27.2	17.8	15.6	5.3	7.5	11.9	13.7
NPM NPM%	17.5	18.7	17.3	11.1	9.8	-1.2	-0.5	4.5	7.1
ROCE ROCE%	53.4	33.5	27.6	18.7	15.4	0.8	2.7	5.9	5.9
ROE ROE%	48.3	32.7	26.1	20.9	14.9	-1.1	-0.5	4.4	4.4
ROA ROA%	27.1	18.9	14.9	10.7	8.3	-0.7	-0.3	2.7	2.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	OAL	NITTAGELA	CITURGIA	VALIANTORG	SACHEEROME	SIGACHI	JYOTIRES
Market CapitalizationMkt CapCr	2,113	1,427	1,353	1,304	1,029	1,020	1,008
Close PriceClose₹	628.00	1,571.30	102.45	465.00	460.00	26.70	840.00
IndustryIndustry	Chemicals Organic	Chemicals Organic	Chemicals Organic	Chemicals Organic	Chemicals Organic	Chemicals Organic	Chemicals Organic
Price To EarningsPE	397.47	13.82		24.01	33.92	39.85	15.56
Price To SalesPS	1.98	2.42		1.70	6.75	2.17	3.08
RevenueRevenueCr	1,065	590	0	766	152	471	327
Revenue Growth TTMRev Gr TTM%	13.5%	10.4%		1.4%	41.7%	-9.6%	12.9%
PAT Growth TTMPAT Gr TTM%	-77.7%	23.6%	-68.2%	907.0%	78.0%	160.8%	-11.2%

	OAL	NITTAGELA	CITURGIA	VALIANTORG	SACHEEROME	SIGACHI	JYOTIRES
Market CapitalizationMkt CapCr	2,113	1,427	1,353	1,304	1,029	1,020	1,008
Close PriceClose₹	628.00	1,571.30	102.45	465.00	460.00	26.70	840.00
IndustryIndustry	Chemicals Organic	Chemicals Organic	Chemicals Organic	Chemicals Organic	Chemicals Organic	Chemicals Organic	Chemicals Organic
Price To EarningsPE	397.47	13.82		24.01	33.92	39.85	15.56
Price To SalesPS	1.98	2.42		1.70	6.75	2.17	3.08
RevenueRevenueCr	1,065	590	0	766	152	471	327
Revenue Growth TTMRev Gr TTM%	13.5%	10.4%		1.4%	41.7%	-9.6%	12.9%
PAT Growth TTMPAT Gr TTM%	-77.7%	23.6%	-68.2%	907.0%	78.0%	160.8%	-11.2%

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