Sector analysis · India

Chemicals sector earnings growth, Q2 FY26

The 20 largest Chemicals companies by market cap at the end of Q2 FY26 (30 Sep 2025), compared with Q1 FY26.

The top 20 at Q2 FY26

Q2 FY26 vs Q1 FY26: combined net profit ₹5,559 cr (+14%), median EPS +2% (11 of 20 up), market-cap-weighted price −10%. 20 of 20 reported.

Quarter

Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27

Compared with

YoY QoQ

Weight is each company's share of the 20 companies' combined market cap. Contribution is the change in its owners' profit divided by their combined base profit, in percentage points, so the column adds up to the sector's earnings growth. EPS cannot be added across companies, which is why contributions use profit.

#	Company	Weight	EPS ₹, base → now	EPS growth	Contribution	Price
1	Pidilite Industries LimitedPIDILITIND	16.3%	6.61 → 5.69	−14%	−1.9 pp	−4%
2	Solar Industries India LimitedSOLARINDS	13.2%	37.43 → 38.12	+2%	+0.1 pp	−24%
3	SRF LimitedSRF	9.1%	14.58 → 13.10	−10%	−0.9 pp	−13%
4	Coromandel International LimitedCOROMANDEL	7.2%	17.13 → 27.31	+59%	+6.0 pp	−10%
5	F A C TFACT	6.3%	0.07 → 0.32	+357%	+0.3 pp	−8%
6	UPL LimitedUPL	6.0%	−1.04 → 6.55	turned profitable	+12.8 pp	+11%
7	PI Industries LimitedPIIND	5.8%	26.36 → 26.98	+2%	+0.2 pp	−14%
8	Linde IndiaLINDEINDIA	5.8%	12.57 → 20.05	+60%	+1.3 pp	−6%
9	Gujarat Fluorochemicals LimitedFLUOROCHEM	4.4%	16.75 → 16.29	−3%	−0.1 pp	+2%
10	Sumitomo Chemical India LimitedSUMICHEM	2.9%	3.57 → 3.56	0%	0.0 pp	+1%
11	Deepak Nitrite LimitedDEEPAKNTR	2.7%	8.23 → 8.70	+6%	+0.1 pp	−8%
12	Navin Fluorine International LimitedNAVINFLUOR	2.6%	23.63 → 28.96	+23%	+0.6 pp	−4%
13	Tata Chemicals LimitedTATACHEM	2.6%	9.89 → 3.02	−69% one-off	−3.5 pp	−2%
14	Himadri Speciality Chemical LimitedHSCL	2.4%	3.68 → 3.57	−3%	−0.1 pp	−15%
15	Bayer Cropscience LimitedBAYERCROP	2.4%	62.01 → 33.98	−45%	−2.5 pp	−24%
16	Chambal Fertilizers & Chemicals LimitedCHAMBLFERT	2.2%	13.70 → 16.19	+18%	+2.0 pp	−10%
17	BASF IndiaBASF	2.1%	34.00 → 23.34	−31%	−0.9 pp	−15%
18	Deepak Fertilizers and Petrochemicals Corporation LimitedDEEPAKFERT	2.1%	19.26 → 16.89	−12%	−0.6 pp	−12%
19	Vinati Organics LimitedVINATIORGA	2.0%	10.05 → 11.08	+10%	+0.2 pp	−12%
20	Atul LimitedATUL	1.9%	43.40 → 60.88	+40%	+1.0 pp	−19%
	Sector earnings growth	100%			+14.2 pp

Who joined and who left

0 joined and 0 left the top 20 since Q1 FY26, as market caps moved.

Joined the top 20 since Q1 FY26 0

Nobody joined.

Left the top 20 since Q1 FY26 0

Nobody left.

EPS growth by company, Q2 FY24 to Q1 FY27

Each company's EPS growth quarter on quarter, every quarter it was in the top 20.

≤ −40%−20%0+20%≥ +40% Blue is growth, red is decline, grey is about zero; the colour stops deepening at ±40%.

turned profitableto loss crossed zero, so there is no growth rate to print
loss, smallerloss, bigger a loss in both quarters
sources disagree our two sources disagree, so the figure is left out of the sector totals
outside not in the sector's top 20 that quarter

EPS growth of each company in the sector's top 20, by quarter
Company	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
PIDILITIND	−4%	+13%	−41%	+88%	−6%	+3%	−24%	+59%	−14%	+7%	−6%	+51%
SOLARINDS	+1%	+2%	+19%	+18%	0%	+10%	+2%	+5%	+2%	+29%	+23%	+19%
SRF	−16%	−16%	+67%	−40%	−20%	+35%	+94%	−18%	−10%	+11%	+34%	+30%
COROMANDEL	+53%	−69%	−31%	+94%	+113%	−23%	+13%	−13%	+59%	−37%	−72%	+173%
FACT	+47%	−71%	to loss	loss, smaller	turned profitable	−29%	+808%	−94%	+357%	to loss	turned profitable	to loss
UPL	to loss	loss, bigger	turned profitable	to loss	loss, bigger	turned profitable	+8%	to loss	turned profitable	−28%	+168%	−99%
PIIND	+25%	−7%	−18%	+21%	+13%	−27%	−11%	+21%	+2%	−24%	−36%	+22%
LINDEINDIA	+9%	+10%	−12%	+8%	−6%	+9%	+2%	−9%	+60%	+13%	−60%	+35%
FLUOROCHEM	−74%	+52%	+26%	+7%	+12%	+4%	+52%	−4%	−3%	−42%	+9%	+97%
SUMICHEM	+131%	−62%	+100%	+15%	+52%	−55%	+15%	+78%	0%	−57%	+47%	+93%
DEEPAKNTR	+37%	−2%	+25%	−20%	−4%	−49%	+106%	−45%	+6%	−16%	+120%	+57%
NAVINFLUOR	−2%	+29%	−10%	outside	outside	outside	+14%	+23%	+23%	+25%	+15%	+14%
TATACHEM	−20%	−63%	to loss	turned profitable	+29%	to loss	loss, bigger	turned profitable	−69%	to loss	loss, bigger	loss, smaller
HSCL	outside	outside	outside	+6%	+10%	+5%	+9%	+17%	−3%	+7%	+4%	+14%
BAYERCROP	−32%	−58%	+3%	+165%	−46%	−75%	+319%	+94%	−45%	−37%	+69%	+98%
CHAMBLFERT	outside	+21%	outside	+362%	+20%	0%	−76%	+322%	+18%	−10%	−71%	+210%
BASF	outside	outside	+15%	+37%	−42%	−19%	−55%	+212%	−31%	+4%	outside	outside
DEEPAKFERT	outside	outside	outside	outside	outside	outside	outside	−12%	−12%	−34%	outside	+252%
VINATIORGA	+1%	−9%	+34%	−19%	+24%	−10%	+31%	−15%	+10%	−12%	outside	outside
ATUL	sources disagree	−21%	−17%	+92%	+22%	−21%	+16%	+1%	+40%	−10%	+31%	+17%