Company research memos

55 hand-built midcap memos. Filter by verdict, industry, or company. Short news desk notes live under News.

55 memos of 55

buy

AARTIIND · Specialty Chemicals

Aarti Industries: benzene chain recovery at a leveraged specialty multiple

TTM revenue near ₹9,010 cr; at ₹465 base FY27E offers ~16% upside to a Buy on margin and PAT rebound.

25 min · Yesterday

neutralALKYLAMINE• Specialty Chemicals

Alkyl Amines Chemicals Ltd

Alkyl Amines: integrated amines at a quality multiple after a flat FY26

TTM revenue near ₹1,540 cr; at ₹1,997 base FY27E offers ~5% downside, Neutral on trailing P/E near 45× with net cash.

25 min · Yesterday

neutralANURAS• Specialty Chemicals

Anupam Rasayan India Ltd

Anupam Rasayan: life-science growth at a leveraged specialty multiple

TTM revenue near ₹2,535 cr; at ₹1,164 base FY27E offers ~8% upside, Neutral on trailing P/E near 76× and ROCE ~7.4%.

25 min · Yesterday

neutralACI• Specialty Chemicals

Archean Chemical Industries Ltd

Archean Chemical: bromine cycle trough at a premium earnings multiple

TTM revenue near ₹1,116 cr; at ₹475 base FY27E offers ~2% downside, Neutral on trailing P/E near 61× and ROCE ~7.4%.

25 min · Yesterday

buyARIES• Agrochemicals

Aries Agro Ltd

Aries Agro: micronutrient bookings at a mid-teens multiple

FY26 TTM revenue near ₹779 cr; at ₹477 base FY27E offers ~16% upside to a Buy on booking conversion.

25 min · Yesterday

avoidASTEC• Agrochemicals

Astec LifeSciences Ltd

Astec LifeSciences: leveraged agchem turnaround priced ahead of base recovery

FY26 revenue rebounded but PAT loss near ₹81 cr; at ₹709 base FY27E implies ~85% downside, Avoid.

25 min · Yesterday

buyATUL• Specialty Chemicals

Atul Ltd

Atul: crop protection recovery at a diversified chemical multiple

TTM revenue near ₹6,643 cr; at ₹5,861 base FY27E offers ~23% upside to a Buy on margin and PAT rebound.

25 min · Yesterday

neutralBALAMINES• Specialty Chemicals

Balaji Amines Ltd

Balaji Amines: methylamine leader in a capex and ROCE trough

TTM revenue near ₹1,523 cr; at ₹2,052 base FY27E offers ~6% upside, Neutral on trailing P/E near 33× and ROCE ~11%.

25 min · Yesterday

buyBESTAGRO• Agrochemicals

Best Agrolife Ltd

Best Agrolife: integrated technical recovery below book value

Q1 FY27 OPM near 20% after FY26 PAT trough; at ₹17.5 base FY27E offers ~24% upside to a Buy.

25 min · Yesterday

neutralBHAGERIA• Specialty Chemicals

Bhageria Industries Ltd

Bhageria Industries: dyes and agchem ramp at a full multiple

TTM revenue near ₹1,003 cr; at ₹382 base FY27E offers ~11% upside, not yet a Buy.

25 min · Yesterday

avoidBHAGCHEM• Agrochemicals

Bhagiradha Chemicals & Industries Ltd

Bhagiradha Chemicals: capex recovery priced at triple-digit earnings

TTM PAT rebounded but ROCE is 5% and borrowings ₹235 cr; at ₹236 base FY27E implies ~73% downside, Avoid.

25 min · Yesterday

buyBHARATRAS• Agrochemicals

Bharat Rasayan Ltd

Bharat Rasayan: technical export cycle at a deep de-rating

FY26 OPM recovered to 16% after FY24 shock; at ₹999 base FY27E offers ~18% upside to a Buy.

25 min · Yesterday

buyCHAMBLFERT• Fertilizers

Chambal Fertilisers and Chemicals

Chambal: urea efficiency, P&K trading, and TAN optionality at a cyclical multiple

FY25 PAT rose 24% while the stock sits near 52-week lows; base FY27E PAT × P/E implies ~₹474 vs ₹399 reference.

24 min · Yesterday

neutralCHEMPLASTS• Specialty Chemicals

Chemplast Sanmar Ltd

Chemplast Sanmar: PVC cycle trough with specialty paste resilience

TTM revenue near ₹4,249 cr; at ₹192 base FY27E offers ~7% upside, Neutral on TTM PAT loss and ROCE ~0.3%.

25 min · Yesterday

buyCLEAN• Specialty Chemicals

Clean Science and Technology Ltd

Clean Science: HALS moat and Performance Chemical ramp at a de-rated multiple

TTM revenue near ₹982 cr; at ₹803 base FY27E offers ~16% upside to a Buy on margin and HALS run-rate.

25 min · Yesterday

neutralCOROMANDEL• Fertilizers

Coromandel International

Coromandel: phosphatic integration and crop protection at a full multiple

Kakinada acid plants and NACL expand the moat; at ₹1,764 base FY27E offers ~8% upside, not yet a Buy.

25 min · Yesterday

neutralDEEPAKFERT• Fertilizers

Deepak Fertilisers and Petrochemicals Corporation

Deepak Fertilisers: integrated TAN, IPA, and Mahadhan at a capex crossroads

Jun 2026 margin spike flattered TTM earnings; at ₹1,301 base FY27E offers ~9% upside, not yet a Buy.

24 min · Yesterday

buyDEEPAKNTR• Specialty Chemicals

Deepak Nitrite Ltd

Deepak Nitrite: phenolics cycle trough with Q1 FY27 margin rebound

TTM revenue near ₹8,575 cr; at ₹1,493 base FY27E offers ~17% upside to a Buy on spread recovery and capex completion.

25 min · Yesterday

buyDHANUKA• Agrochemicals

Dhanuka Agritech Ltd

Dhanuka Agritech: 9(3) mix and high ROCE at a de-rated agchem multiple

FY26 revenue paused but OPM held near 20%; at ₹935 base FY27E offers ~15% upside to a Buy.

24 min · Yesterday

neutralEPIGRAL• Specialty Chemicals

Epigral Ltd

Epigral: integrated chlor-alkali at a post-peak earnings multiple

TTM revenue near ₹2,626 cr; at ₹982 base FY27E offers ~6% upside, Neutral on trailing P/E near 16× and ROCE ~15.5%.

25 min · Yesterday

avoidFACT• Fertilizers

Fertilizers and Chemicals Travancore

FACT: regulated fertilizer margins at a commodity-cycle trough

Phosphoric acid broke Factamfos in FY25; ₹735 prices in a recovery the base case does not yet see.

22 min · Yesterday

neutralFINEORG• Specialty Chemicals

Fine Organic Industries Ltd

Fine Organic: oleochemical additives at a premium multiple

TTM revenue near ₹2,472 cr; at ₹5,131 base FY27E offers ~8% upside, not yet a Buy.

25 min · Yesterday

buyGALAXYSURF• Specialty Chemicals

Galaxy Surfactants Ltd

Galaxy Surfactants: oleo surfactants recovery at a mid-cycle multiple

TTM revenue near ₹5,752 cr; at ₹2,377 base FY27E offers ~19% upside to a Buy on margin normalisation.

25 min · Yesterday

neutralFLUOROCHEM• Specialty Chemicals

Gujarat Fluorochemicals Ltd

Gujarat Fluorochemicals: fluoropolymers priced for battery optionality

TTM revenue near ₹5,303 cr; at ₹4,342 base FY27E offers ~5% upside, Neutral on trailing P/E near 77× and ROCE ~9.6%.

25 min · Yesterday

neutralGNFC• Fertilizers

Gujarat Narmada Valley Fertilizers & Chemicals

GNFC: Bharuch chemicals recovery and urea policy at a single-digit multiple

TTM PAT rebounded on TDI and nitric acid spreads; at ₹589 base FY27E offers ~8% upside, not yet a Buy.

24 min · Yesterday

neutralGSFC• Fertilizers

Gujarat State Fertilizers & Chemicals

GSFC: caprolactam cycle and PSU dividend yield at book discount

TTM PAT held near ₹693 cr on treasury-backed other income; at ₹147 base FY27E offers ~1% upside, not yet a Buy.

24 min · Yesterday

neutralHERANBA• Agrochemicals

Heranba Industries Ltd

Heranba Industries: export agchem recovery after two loss years

Q1 FY27 OPM near 14% but TTM PAT still negative; at ₹172 base FY27E offers ~9% downside, not yet a Buy.

25 min · Yesterday

avoidHIKAL• Specialty Chemicals

Hikal Ltd

Hikal: crop protection and pharma CDMO at an earnings trough

FY26 PAT loss near ₹49 cr despite ₹302 cr CFO; at ₹218 base FY27E implies ~55% downside, Avoid.

25 min · Yesterday

neutralINDOFIL• Agrochemicals

Indofil Industries Ltd

Indofil Industries: mancozeb integration at an unlisted discount

OTC reference ₹1,475 vs book ~₹2,831; base FY27E offers ~6% upside, Neutral on illiquidity.

25 min · Yesterday

buyINSECTICID• Agrochemicals

Insecticides (India) Ltd

Insecticides India: Maharatna mix at a cyclical agchem multiple

FY26 revenue crossed ₹2,140 cr but Q1 FY27 volume softened; at ₹569 base FY27E offers ~18% upside to a Buy.

24 min · Yesterday

neutralJUBLINGREA• Specialty Chemicals

Jubilant Ingrevia Ltd

Jubilant Ingrevia: pyridine platform at a specialty recovery multiple

TTM revenue near ₹4,651 cr; at ₹638 base FY27E offers ~10% upside, Neutral on trailing P/E near 32× and ROCE ~11.4%.

25 min · Yesterday

buyKSCL• Seeds & Agri Inputs

Kaveri Seed Company Ltd

Kaveri Seed: non-cotton hybrid mix at a de-rated seed multiple

FY26 revenue rose 16% but FY26 CFO was negative; at ₹715 base FY27E offers ~16% upside to a Buy.

25 min · Yesterday

neutralLXCHEM• Specialty Chemicals

Laxmi Organic Industries Ltd

Laxmi Organic: Dahej optionality at a spread-inflated trailing multiple

TTM revenue near ₹3,122 cr; at ₹181 base FY27E offers ~8% upside, Neutral on trailing P/E near 40× and ROCE ~4.7%.

25 min · Yesterday

neutralMANGCHEFER• Fertilizers

Mangalore Chemicals & Fertilizers

Mangalore Chemicals: west-coast urea and Paradeep merger optionality at a full multiple

Q1 FY26 PAT rebounded but trailing P/E embeds integration hope; at ₹309 base FY27E offers ~38% downside, not a Buy.

25 min · Yesterday

neutralMOL• Agrochemicals

Meghmani Organics Ltd

Meghmani Organics: crop protection recovery with pigment and Brazil optionality

FY26 EBITDA rose 27% but Q1 FY27 revenue fell 12%; at ₹73 base FY27E offers ~11% upside, not yet a Buy.

24 min · Yesterday

avoidNACLIND• Agrochemicals

NACL Industries Ltd

NACL Industries: Coromandel control at a triple-digit earnings multiple

FY26 OP recovered but PAT was ₹5 cr; at ₹130 base FY27E implies ~70% downside, Avoid.

25 min · Yesterday

buyNATHBIOGEN• Seeds & Agri Inputs

Nath Bio-Genes (India) Ltd

Nath Bio-Genes: hybrid seed scale-up at a book-discount multiple

FY26 sales jumped 66% but OPM fell to 12% and FY26 CFO was negative; at ₹138 base FY27E offers ~17% upside to a Buy.

24 min · Yesterday

neutralNFL• Fertilizers

National Fertilizers

National Fertilizers: Navratna urea scale at a reimbursement crossroads

TTM PAT rebounded on seasonal quarters but FY26 CFO was negative; at ₹63.8 base FY27E offers ~7% downside, not yet a Buy.

25 min · Yesterday

neutralNAVINFLUOR• Specialty Chemicals

Navin Fluorine International Ltd

Navin Fluorine: CDMO leverage at a premium fluorochemical multiple

TTM revenue near ₹3,634 cr; at ₹8,136 base FY27E offers ~8% upside, Neutral on trailing P/E near 52×.

25 min · Yesterday

neutralNEOGEN• Specialty Chemicals

Neogen Chemicals Ltd

Neogen Chemicals: battery optionality at a triple-digit earnings multiple

TTM revenue near ₹926 cr; at ₹2,407 base FY27E offers ~6% upside, Neutral on trailing P/E near 203× and ROCE ~6.5%.

25 min · Yesterday

neutralPARADEEP• Fertilizers

Paradeep Phosphates

Paradeep Phosphates: OCP-backed integration at a leverage crossroads

TTM PAT crossed ₹1,000 cr on acid debottlenecking; at ₹151 base FY27E offers ~5% downside, not yet a Buy.

25 min · Yesterday

neutralPAUSHAKLTD• Specialty Chemicals

Paushak Ltd

Paushak: phosgene niche at a post-capex earnings trough

TTM revenue near ₹246 cr; at ₹650 base FY27E offers ~6% upside, Neutral on trailing P/E near 38× and ROCE ~8.3%.

25 min · Yesterday

neutralPIIND• Agrochemicals

PI Industries

PI Industries: CSM export cycle and domestic agri-inputs at a de-rated multiple

FY26 sales fell but OPM held near 32%; at ₹2,236 base FY27E offers ~2% downside, not yet a Buy.

25 min · Yesterday

neutralPRIVISCL• Specialty Chemicals

Privi Speciality Chemicals Ltd

Privi Speciality Chemicals: global aroma leader at a premium earnings multiple

TTM revenue near ₹2,671 cr; at ₹3,573 base FY27E offers ~9% upside, Neutral on trailing P/E near 40× and ROCE ~22.3%.

25 min · Yesterday

neutralRALLIS• Agrochemicals

Rallis India Ltd

Rallis: Tata crop care and seeds recovery at a modest ROE multiple

FY26 EBITDA hit a record ₹362 cr but net CFO eased; at ₹200 base FY27E offers ~8% upside, not yet a Buy.

24 min · Yesterday

neutralRCF• Fertilizers

Rashtriya Chemicals & Fertilizers

RCF: Trombay-Thal urea and industrial chemicals at a reimbursement crossroads

TTM PAT rebounded on Mar 2026 quarter strength; at ₹107 base FY27E offers ~6% upside, not yet a Buy.

24 min · Yesterday

buyROSSARI• Specialty Chemicals

Rossari Biotech Ltd

Rossari Biotech: HPPC scale-up at a de-rated specialty chemicals multiple

TTM revenue near ₹2,550 cr; at ₹428 base FY27E offers ~18% upside to a Buy on utilisation ramp.

25 min · Yesterday

neutralSHARDACROP• Agrochemicals

Sharda Cropchem Ltd

Sharda Cropchem: registration moat at a cyclical export multiple

FY26 PAT rebounded to ₹681 cr but debtor days stay near 166; at ₹709 base FY27E offers ~12% upside, not yet a Buy.

24 min · Yesterday

buySRF• Specialty Chemicals

SRF Ltd

SRF: fluorochemical recovery at an integrated chemicals multiple

TTM revenue near ₹17,001 cr; at ₹2,486 base FY27E offers ~17% upside to a Buy on margin and PAT rebound.

25 min · Yesterday

neutralSUMICHEM• Agrochemicals

Sumitomo Chemical India Ltd

Sumitomo Chemical India: SCC specialty mix at a full agchem multiple

FY26 OPM held near 21% but five-year sales CAGR is ~4%; at ₹418 base FY27E offers ~11% upside, not yet a Buy.

24 min · Yesterday

neutralTATVA• Specialty Chemicals

Tatva Chintan Pharma Chem Ltd

Tatva Chintan: PTC recovery at a premium trailing multiple

TTM revenue near ₹556 cr; at ₹1,743 base FY27E offers ~2% downside, Neutral on trailing P/E near 78× and ROCE ~7.2%.

25 min · Yesterday

neutralUPL• Agrochemicals

UPL Ltd

UPL: global crop protection recovery at a premium multiple

FY26 CFO was negative ₹2,243 cr but OPM rebounded on TTM; at ₹517 base FY27E offers ~8% downside, not yet a Buy.

25 min · Yesterday

buyVINATIORGA• Specialty Chemicals

Vinati Organics Ltd

Vinati Organics: IBB and ATBS niches at a de-rated specialty multiple

TTM revenue near ₹2,381 cr; at ₹1,208 base FY27E offers ~20% upside to a Buy on margin and ATBS mix.

25 min · Yesterday

neutralZUARI• Fertilizers

Zuari Agro Chemicals

Zuari Agro Chemicals: Paradeep stake marks at a holding company discount

Sep 2025 fair value drove TTM PAT; at ₹213 base FY27E offers ~7% downside, not yet a Buy.

25 min · Yesterday

neutralZUARIIND• Fertilizers

Zuari Industries

Zuari Industries: Adventz holding discount versus fertilizer NAV

Quoted stakes exceed market cap but FY26 PAT is lumpy; at ₹282 base FY27E offers ~7% downside, not yet a Buy.

25 min · Yesterday