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HALS mein Toofani Tezi, Legacy Products Girawat mein!
Clean Science ke Q4FY26 results mein ek taraf khushkhabri hai toh doosri taraf thodi chinta. Company ka specialty segment, khaas kar Hindered Amine Light Stabilizers (HALS), ekdum chaa gaya hai. Is quarter mein HALS ne record revenue banaya hai aur pehli baar EBITDA positive ho gaya hai, matlab company ne isse lagbhag ₹70-80 million ka profit kamaya hai. Yeh sab badhiya product mix aur export badhne ki wajah se hua. HALS volumes bhi lagbhag 1,000 metric tons tak pahunch gaye aur factory usage March tak 40% ho gayi thi. Management ko lagta hai ki aage bhi HALS ki growth achhi rahegi, khaas kar naye, high-grade products ke saath. Company ne DHTT plant ko repurpose karke HALS ke zaroori raw materials khud banane ka bhi plan kiya hai, aur December 2025 mein start hua HQ aur Catechol plant bhi aane wale quarters mein production badhayega.
Purane Products par Pressure aur China ka Competition
Ab aate hain purane, established products par. Yahaan situation bilkul alag hai. Company ka standalone revenue toh 19% ghata hai YoY basis par, lagbhag ₹197 crore ho gaya Q4FY26 mein. Poore saal FY26 ki baat karein toh, standalone Profit After Tax (PAT) 14% neeche girkar ₹251 crore pe aa gaya, jabki revenue ₹815 crore tha. Iska reason hai purane products ki sales volumes ka kam hona, aur upar se China se jabardast competition ki wajah se end-product prices bhi bohot gir gayi hain. Market conditions bhi mushkil hain, demand kam hai aur trade pressures hain, especially pharma aur agro intermediates mein jahan revenue QoQ 32% kam hua.
Expansion Delays aur Valuation ka Scene
Ab ek aur important baat - expansion delays. Jo naya capacity addition, Performance Chemical 2, aane wala tha, woh ab staff ki kami ki wajah se September 2026 tak postpone ho gaya hai. Yeh ek setback hai company ke growth plans ke liye. Abhi Clean Science ka valuation lagbhag 35x trailing twelve-month earnings par hai. Yeh specialty chemicals sector mein aata hai. Yeh Aarti Industries (49.2x P/E) aur Navin Fluorine (53.3x P/E) se kam hai, par Vinati Organics (30.36x P/E) se thoda zyada hai. Working capital days bhi kaafi badh gaye hain, jo 144 se 242 din ho gaye hain ek saal mein. Yeh cash flow ko lekar thoda concern badha sakta hai.
Analyst ka View aur Future Concerns
Bade concerns ki baat karein toh, purane products par company ka depend karna kaafi risky lag raha hai, especially China ke competition ke saamne jahan prices aur volumes par pressure hai. HALS achha hai, par established categories ka long-term profitability uncertain hai, aur global economic instability bhi ek factor hai. Promoter holding bhi pichhle 3 saal mein 27.2% kam hui hai. FY23 aur FY24 ke beech revenue aur PAT mein 15% aur 17% ki giraavat aayi thi inventory reduction ki wajah se. Performance Chemical 2 ke delay hone se operational execution par bhi sawaal uthte hain. Aur current valuation, jab core areas mein revenue fall ho raha hai aur execution risks hain, Vinati Organics jaisi companies ke mukable mein itna attractive nahi lag raha.
Isi sab ko dekhte hue, Prabhudas Lilladher ne Clean Science par 'HOLD' rating maintain ki hai aur target price rakha hai ₹846. Yeh target FY28 ke projected earnings per share ke 25x par based hai. Yeh rating market ki volatility aur legacy products ki prices girne ki wajah se caution dikhati hai, haan, future capacity additions growth laayenge. Overall, Indian specialty chemicals sector grow kar raha hai, par global economic uncertainty bani hui hai.