Sector analysis · India

Chemicals sector earnings growth, Q3 FY24

The 20 largest Chemicals companies by market cap at the end of Q3 FY24 (31 Dec 2023), compared with Q3 FY23.

The top 20 at Q3 FY24

Q3 FY24 vs Q3 FY23: combined net profit ₹2,134 cr (−62%), median EPS −31% (4 of 19 up), market-cap-weighted price +13%. 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	17.6%	2.99 → 5.02	+68%	+3.9 pp	+6%
2	SRF LimitedSRF	9.4%	17.24 → 8.55	−50%	−4.9 pp	+8%
3	Solar Industries India LimitedSOLARINDS	7.8%	22.61 → 22.47	−1%	0.0 pp	+53%
4	PI Industries LimitedPIIND	6.8%	23.19 → 29.57	+28%	+1.8 pp	+3%
5	F A C TFACT	6.6%	2.56 → 0.47	−82%	−2.6 pp	+116%
6	Linde IndiaLINDEINDIA	6.1%	12.90 → 14.08	+9%	+0.2 pp	+64%
7	UPL LimitedUPL	5.6%	12.87 → −14.41	to loss	−43.7 pp	−18%
8	Gujarat Fluorochemicals LimitedFLUOROCHEM	5.2%	29.99 → 7.29	−76%	−4.7 pp	+19%
9	Coromandel International LimitedCOROMANDEL	4.7%	17.92 → 7.85	−56%	−5.6 pp	+41%
10	Deepak Nitrite LimitedDEEPAKNTR	4.3%	15.33 → 14.81	−3%	−0.1 pp	+25%
11	Tata Chemicals LimitedTATACHEM	3.6%	15.35 → 6.20	−60%	−4.4 pp	+18%
12	Bayer Cropscience LimitedBAYERCROP	3.2%	29.93 → 20.72	−31%	−0.8 pp	+12%
13	Aarti Industries LimitedAARTIIND	3.0%	— → 3.42	sources disagree	—	+6%
14	Atul LimitedATUL	2.7%	35.61 → 24.04	−32%	−0.6 pp	−13%
15	Sumitomo Chemical India LimitedSUMICHEM	2.6%	1.81 → 1.10	−39%	−0.7 pp	−17%
16	Navin Fluorine International LimitedNAVINFLUOR	2.4%	21.50 → 15.74	−27% one-off	−0.5 pp	−5%
17	Vinati Organics LimitedVINATIORGA	2.3%	12.20 → 7.49	−39%	−0.9 pp	−13%
18	Clean Science and Technology LimitedCLEAN	2.1%	7.89 → 5.89	−25%	−0.4 pp	+4%
19	Chambal Fertilizers & Chemicals LimitedCHAMBLFERT	2.1%	7.79 → 11.04	+42%	+2.6 pp	+20%
20	Fine Organic Industries LimitedFINEORG	1.9%	34.65 → 30.73	−11%	−0.2 pp	−13%
	Sector earnings growth	100%			−61.8 pp

Who joined and who left

1 joined and 1 left the top 20 since Q2 FY24, as market caps moved.

Joined the top 20 since Q2 FY24 1

now #19 Chambal Fertilizers & Chemicals Limited CHAMBLFERT

Left the top 20 since Q2 FY24 1

was #20 Aether Industries Limited AETHER

EPS growth by company, Q2 FY24 to Q1 FY27

Each company's EPS growth year on year, 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	+35%	+68%	+6%	+21%	+19%	+8%	+40%	+19%	+8%	+12%	+37%	+30%
SRF	−37%	−50%	−25%	−30%	−33%	+7%	+25%	+71%	+93%	+60%	+11%	+76%
SOLARINDS	+13%	−1%	+18%	+45%	+43%	+55%	+33%	+18%	+21%	+42%	+70%	+93%
PIIND	+43%	+28%	+32%	+17%	+6%	−17%	−11%	−11%	−19%	−16%	−39%	−39%
FACT	−27%	−82%	to loss	to loss	−90%	−74%	turned profitable	turned profitable	+88%	to loss	−95%	to loss
LINDEINDIA	+20%	+9%	+7%	+14%	−2%	−3%	+12%	−6%	+61%	+66%	−35%	−2%
UPL	to loss	to loss	−95%	to loss	loss, bigger	turned profitable	+2,157%	loss, smaller	turned profitable	−52%	+18%	turned profitable
FLUOROCHEM	−85%	−76%	−70%	−46%	+130%	+57%	+89%	+70%	+48%	−18%	−41%	+20%
COROMANDEL	+2%	−56%	−35%	−37%	−12%	+121%	+262%	+62%	+21%	−1%	−76%	−25%
DEEPAKNTR	+18%	−3%	+8%	+35%	−6%	−51%	−20%	−45%	−39%	+2%	+9%	+207%
TATACHEM	−32%	−60%	to loss	−72%	−55%	to loss	loss, smaller	+68%	−60%	loss, bigger	loss, bigger	to loss
BAYERCROP	+37%	−31%	−39%	−23%	−39%	−63%	+49%	+10%	+12%	+180%	+13%	+15%
AARTIIND	sources disagree	sources disagree	sources disagree	+96%	−42%	outside	outside	outside	outside	outside	+44%	+259%
ATUL	−40%	−32%	−37%	sources disagree	+52%	+54%	+117%	+14%	+31%	+48%	+66%	+92%
SUMICHEM	−29%	−39%	+52%	+105%	+34%	+58%	−9%	+41%	−8%	−13%	+12%	+20%
NAVINFLUOR	+5%	−27%	−48%	outside	outside	outside	+35%	+129%	+144%	+115%	+117%	+101%
VINATIORGA	−27%	−39%	−10%	0%	+23%	+21%	+18%	+24%	+10%	+8%	outside	outside
CLEAN	−23%	−25%	−13%	outside	outside	outside	outside	outside	outside	outside	outside	outside
CHAMBLFERT	outside	+42%	outside	+37%	+46%	+21%	+34%	+22%	+21%	+10%	+30%	−5%
FINEORG	−49%	−11%	outside	outside	outside	outside	outside	outside	outside	outside	outside	outside