Sector analysis · India

Chemicals sector earnings growth, Q4 FY24

The 20 largest Chemicals companies by market cap at the end of Q4 FY24 (31 Mar 2024), compared with Q4 FY23.

The top 20 at Q4 FY24

Q4 FY24 vs Q4 FY23: combined net profit ₹1,913 cr (−62%), median EPS −25% (7 of 19 up), market-cap-weighted price +20%. 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	19.6%	2.78 → 2.96	+6%	+0.4 pp	+28%
2	Solar Industries India LimitedSOLARINDS	10.2%	22.78 → 26.82	+18%	+0.8 pp	+132%
3	SRF LimitedSRF	9.7%	18.97 → 14.24	−25%	−3.0 pp	+6%
4	PI Industries LimitedPIIND	7.5%	18.49 → 24.35	+32%	+1.9 pp	+28%
5	Linde IndiaLINDEINDIA	7.0%	11.58 → 12.36	+7%	+0.1 pp	+59%
6	F A C TFACT	5.2%	2.56 → −0.95	to loss one-off	−4.8 pp	+206%
7	UPL LimitedUPL	4.4%	9.38 → 0.47	−95% one-off	−16.0 pp	−36%
8	Gujarat Fluorochemicals LimitedFLUOROCHEM	4.4%	30.21 → 9.19	−70%	−4.9 pp	+3%
9	Coromandel International LimitedCOROMANDEL	4.1%	8.38 → 5.44	−35%	−1.8 pp	+22%
10	Deepak Nitrite LimitedDEEPAKNTR	3.7%	17.15 → 18.56	+8%	+0.4 pp	+15%
11	Tata Chemicals LimitedTATACHEM	3.5%	27.83 → −33.37	to loss one-off	−33.1 pp	+11%
12	Aarti Industries LimitedAARTIIND	3.1%	— → 3.64	sources disagree	—	+28%
13	Bayer Cropscience LimitedBAYERCROP	3.0%	35.27 → 21.36	−39%	−1.3 pp	+29%
14	SWAN CORP LIMITEDSWANCORP	2.7%	2.35 → 0.85	−64%	−0.8 pp	+272%
15	Sumitomo Chemical India LimitedSUMICHEM	2.2%	1.45 → 2.20	+52%	+0.8 pp	−18%
16	Atul LimitedATUL	2.2%	31.70 → 19.84	−37%	−0.7 pp	−18%
17	Navin Fluorine International LimitedNAVINFLUOR	2.0%	27.51 → 14.20	−48%	−1.4 pp	−27%
18	Vinati Organics LimitedVINATIORGA	1.9%	11.22 → 10.05	−10%	−0.2 pp	−19%
19	BASF IndiaBASF	1.8%	19.03 → 37.31	+96%	+1.7 pp	+47%
20	Clean Science and Technology LimitedCLEAN	1.8%	7.58 → 6.61	−13%	−0.2 pp	+5%
	Sector earnings growth	100%			−62.2 pp

Who joined and who left

2 joined and 2 left the top 20 since Q3 FY24, as market caps moved.

Joined the top 20 since Q3 FY24 2

now #14 SWAN CORP LIMITED SWANCORP
now #19 BASF India BASF

Left the top 20 since Q3 FY24 2

was #19 Chambal Fertilizers & Chemicals Limited CHAMBLFERT
was #20 Fine Organic Industries Limited FINEORG

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%
SOLARINDS	+13%	−1%	+18%	+45%	+43%	+55%	+33%	+18%	+21%	+42%	+70%	+93%
SRF	−37%	−50%	−25%	−30%	−33%	+7%	+25%	+71%	+93%	+60%	+11%	+76%
PIIND	+43%	+28%	+32%	+17%	+6%	−17%	−11%	−11%	−19%	−16%	−39%	−39%
LINDEINDIA	+20%	+9%	+7%	+14%	−2%	−3%	+12%	−6%	+61%	+66%	−35%	−2%
FACT	−27%	−82%	to loss	to loss	−90%	−74%	turned profitable	turned profitable	+88%	to loss	−95%	to loss
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
AARTIIND	sources disagree	sources disagree	sources disagree	+96%	−42%	outside	outside	outside	outside	outside	+44%	+259%
BAYERCROP	+37%	−31%	−39%	−23%	−39%	−63%	+49%	+10%	+12%	+180%	+13%	+15%
SWANCORP	outside	outside	−64%	−19%	outside	+123%	outside	outside	outside	outside	outside	outside
SUMICHEM	−29%	−39%	+52%	+105%	+34%	+58%	−9%	+41%	−8%	−13%	+12%	+20%
ATUL	−40%	−32%	−37%	sources disagree	+52%	+54%	+117%	+14%	+31%	+48%	+66%	+92%
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
BASF	outside	outside	+96%	+96%	−14%	−26%	−71%	−33%	−21%	+2%	outside	outside
CLEAN	−23%	−25%	−13%	outside	outside	outside	outside	outside	outside	outside	outside	outside