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Stock Analysis

Description

Privi Speciality Chemicals Limited is primarily engaged in the manufacturing, supply and exports of aroma and fragrance chemicals used in soaps, detergents, shampoos, and other fine fragrances.

Key Growth Triggers

Robust consolidated growth driven by subsidiaries.
Phase 1 of capacity expansion is set to contribute from Q2 FY26.
Management reiterated its 20% annual growth target and a long-term vision of Rs 5,000 crore revenue and Rs 1,000 crore EBITDA.
Global top 1% ESG rating (EcoVadis Platinum).
Proceeding with proposed subsidiary amalgamation to unlock synergies and enhance growth.
Best-ever Q2 and H1 FY26, driven by strong operational performance, value-added products, and state incentives.
Phase II by Dec-25.
Board approved the amalgamation of subsidiaries Privi Fine Sciences and Privi Biotechnologies with the parent company on December 19, 2025.

Order Book

Currently no data available for Order Book.

Key Red Flags

Stock is trading at 8.31 times its book value.
Company has delivered a poor sales growth of 9.50% over past five years.
Company has a low return on equity of 11.5% over last 3 years.
Promoter holding has decreased over last 3 years: -4.16%.

Key Dates To Watch

Currently no data available for Key Dates To Watch.

Corporate Announcements

26th Mar 26

Impact Rating: 7

Prigiv Specialties JV sees total paid-up capital surge to ₹85,00Cr after a preferential allotment on March 26, 2026.

25th Mar 26

Impact Rating: 5

Privi Speciality Chemicals Limited is set to host a virtual investor and analyst meeting on March 31, 2026, starting at 3:30 PM. Discussions will strictly pertain to publicly available information, excluding any UPSI.

24th Mar 26

Impact Rating: 6

Privi Speciality Chemicals has announced a trading window closure for designated employees, directors, and key managerial personnel from April 1, 2026, until 48 hours after the declaration of audited financial results for the quarter and year ending March 31, 2026.

10th Mar 26

Impact Rating: 8

Privi Speciality Chemicals invests ₹1.78 crore (₹177.58 lakh) for a 5.80% stake in a solar SPV to build a 16.60 MW plant. This aims to generate captive power, reduce costs, and dependency on fossil fuels.

17th Feb 26

Impact Rating: 2

This cancellation is a routine disclosure and does not involve any specific financial performance or strategic announcements.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Pidilite Inds.	1495.30	67.80	152178.78	0.67	584.60	8.36	3554.44	9.88	29.84	13817.59	23.31	2244.67	579.23	15.93	16.22	0.05
2.	Gujarat Fluoroch	3397.80	54.89	37324.83	0.09	179.00	47.93	1210.00	1.85	9.89	4864.00	26.89	680.00	179.00	4.90	5.51	0.23
3.	Navin Fluo.Intl.	6032.00	69.61	30912.56	0.20	148.37	152.24	758.42	46.26	11.68	2790.96	27.91	444.09	148.37	8.58	6.27	0.33
4.	Deepak Nitrite	1564.00	40.14	21331.87	0.48	118.75	-38.87	1901.89	-6.40	16.28	7874.86	11.16	531.41	118.71	3.87	9.86	0.23
5.	Atul	6020.00	32.69	17723.94	0.42	182.37	31.01	1551.85	11.42	12.81	5898.32	16.11	542.25	179.24	3.00	7.48	0.03
6.	Vinati Organics	1596.30	35.59	16548.14	0.47	129.02	21.59	546.27	-1.27	20.61	2258.65	29.70	464.92	129.02	5.57	13.64	0.00
7.	BASF India	3617.80	40.71	15659.88	0.55	101.05	-21.02	3904.04	-8.09	18.02	14603.55	4.17	384.69	101.05	4.11	6.07	0.04
8.	Privi Speci.	2693.40	37.64	10521.15	0.19	100.35	115.39	656.31	26.64	17.94	2301.60	24.27	279.53	100.35	8.43	8.11	0.62
–	Median: 92 Co.	285.1	26.88	831.7	0.34	7.21	2.98	134.38	5.61	15.16	512.22	13.09	26.07	7.24	2.7	7.91	0.11

Quarterly Results

Standalone figures in ₹ crores

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	409	394	405	405	430	401	476	441	518	498	581	566	656
Expenses	362	347	373	351	344	308	382	347	407	387	454	430	472
Operating Profit	47	47	32	54	86	93	94	94	111	111	127	136	184
Other Income	8	6	4	6	4	5	7	2	4	1	14	8	0
Profit before tax	15	4	-15	7	36	43	46	43	63	60	88	92	134
Tax %	27%	28%	-22%	26%	26%	26%	26%	26%	26%	26%	25%	25%	25%
Net Profit	11	3	-12	5	27	32	34	32	47	44	66	69	100
EPS in Rs	2.90	0.65	-3.05	1.27	6.81	8.17	8.78	8.24	11.92	11.35	16.91	17.57	25.66

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	152	151	152	185	236	250	1,295	1,255	1,391	1,578	1,712	2,038	2,302
Expenses	119	126	128	162	202	213	1,080	1,048	1,195	1,394	1,383	1,590	1,743
Operating Profit	33	25	23	24	34	36	215	207	197	184	329	448	559
Other Income	1	1	0	0	3	4	66	43	38	21	21	18	24
Interest	3	3	4	5	6	6	36	23	25	68	97	85	79
Depreciation	3	2	3	4	5	5	55	69	73	105	122	127	129
Profit before tax	28	21	17	15	26	29	189	158	137	31	132	254	374
Net Profit	19	14	11	9	19	22	144	117	102	22	98	189	280
EPS in Rs	13.54	9.92	7.68	2.41	5.16	5.50	36.83	29.93	26.00	5.75	25.03	48.41	71.49
Dividend Payout %	10%	25%	33%	42%	29%	45%	4%	7%	8%	0%	8%	10%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	13	14	14	38	38	39	39	39	39	39	39	39	39
Reserves	35	43	49	33	48	64	564	675	768	783	881	1,062	1,211
Borrowings	29	29	34	60	67	57	493	517	897	1,043	900	856	774
Other Liabilities	11	20	18	23	24	28	269	291	424	478	368	516	625
Total Liabilities	88	105	114	154	176	188	1,364	1,522	2,128	2,343	2,189	2,473	2,649
Fixed Assets	33	62	73	94	102	115	564	565	666	982	999	979	942
Gross Block	56.77	87.87	102.19	97.71	110.68	129.71	851.14	921.08	1,092.59	1,513.40	1,649.10	1,754.24	–
Accumulated Depreciation	23.97	26.15	28.78	4.20	9.13	14.47	287.17	356.36	427.03	531.59	649.63	775.22	–
CWIP	12	8	5	3	3	1	30	174	370	93	27	70	187
Investments	0	0	0	0	0	0	43	43	51	51	62	62	77
Other Assets	43	36	36	57	72	72	727	740	1,042	1,217	1,101	1,363	1,443
Total Assets	88	105	114	154	176	188	1,364	1,522	2,128	2,343	2,189	2,473	2,649

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	12	32	16	4	15	34	216	152	15	55	362	304
Cash from Investing Activity	-19	-25	-13	-20	-13	-14	-174	-242	-324	-141	-118	-144
Cash from Financing Activity	7	-7	-3	17	-3	-21	29	19	324	70	-239	-135
Net Cash Flow	0	0	-0	0	-0	0	72	-71	15	-16	6	25

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	51	42	41	50	49	47	61	69	75	73	77	72
Inventory Days	61	50	49	69	71	76	145	158	254	293	229	246
Days Payable	12	28	10	18	17	22	74	91	140	117	108	138
Cash Conversion Cycle	100	65	80	101	103	101	132	136	189	249	198	180
Working Capital Days	32	18	6	3	9	8	32	63	18	15	41	37
ROCE %	50%	29%	23%	17%	22%	23%	30%	14%	11%	6%	12%	18%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	74.05%	74.05%	74.05%	74.05%	74.05%	74.05%	74.05%	74.05%	74.05%	74.05%	69.89%	69.89%
FIIs	0.57%	0.90%	0.99%	0.97%	0.96%	0.62%	0.48%	0.43%	0.48%	0.40%	1.47%	1.33%
DIIs	3.60%	3.75%	3.53%	3.37%	3.39%	3.37%	2.84%	2.49%	2.09%	1.95%	3.90%	4.55%
Public	21.79%	21.32%	21.43%	21.62%	21.59%	21.95%	22.62%	23.02%	23.38%	23.62%	24.73%	24.24%