Company research memos

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

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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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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