Sector analysis · India
Chemicals sector earnings growth, Q4 FY26
The 20 largest Chemicals companies by market cap at the end of Q4 FY26 (31 Mar 2026), compared with Q4 FY25.
The top 20 at Q4 FY26
Q4 FY26 vs Q4 FY25: combined net profit ₹2,674 cr (−40%), median EPS +12% (12 of 20 up), market-cap-weighted price −8%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Pidilite Industries Limited | 16.3% | 4.15 → 5.69 | +37% | +3.4 pp | −10% |
| 2 | Solar Industries India Limited | 13.6% | 35.61 → 60.52 | +70% | +4.8 pp | +7% |
| 3 | SRF Limited | 9.0% | 17.75 → 19.63 | +11% | +1.2 pp | −17% |
| 4 | Linde India | 7.3% | 13.88 → 9.08 | −35% | −0.9 pp | +9% |
| 5 | Coromandel International Limited | 7.0% | 19.67 → 4.74 | −76% one-off | −9.5 pp | −4% |
| 6 | F A C T | 6.0% | 1.09 → 0.05 | −95% | −1.5 pp | +17% |
| 7 | UPL Limited | 6.0% | 10.61 → 12.57 | +18% | +3.5 pp | 0% |
| 8 | PI Industries Limited | 5.1% | 21.78 → 13.20 | −39% | −2.8 pp | −21% |
| 9 | Gujarat Fluorochemicals Limited | 4.1% | 17.39 → 10.20 | −41% | −1.7 pp | −25% |
| 10 | Navin Fluorine International Limited | 3.9% | 19.15 → 41.49 | +117% | +2.5 pp | +46% |
| 11 | Himadri Speciality Chemical Limited | 2.8% | 3.15 → 3.98 | +26% | +1.0 pp | +4% |
| 12 | Bayer Cropscience Limited | 2.6% | 31.89 → 36.07 | +13% | +0.4 pp | −5% |
| 13 | Atul Limited | 2.3% | 42.97 → 71.38 | +66% | +1.8 pp | +4% |
| 14 | Sumitomo Chemical India Limited | 2.3% | 2.00 → 2.23 | +12% | +0.3 pp | −35% |
| 15 | Deepak Nitrite Limited | 2.2% | 14.84 → 16.11 | +9% | +0.4 pp | −35% |
| 16 | Chambal Fertilizers & Chemicals Limited | 2.1% | 3.25 → 4.22 | +30% | +0.8 pp | −32% |
| 17 | Tata Chemicals Limited | 1.9% | −2.20 → −83.69 | loss, bigger one-off | −44.7 pp | −33% |
| 18 | Aether Industries Limited | 1.8% | 3.24 → 2.86 | −12% | −0.1 pp | +32% |
| 19 | Aarti Industries Limited | 1.8% | 2.64 → 3.79 | +44% | +0.9 pp | +2% |
| 20 | Anupam Rasayan India Limited | 1.7% | 4.05 → 3.75 | −7% | 0.0 pp | +62% |
| Sector earnings growth | 100% | −40.1 pp |
Who joined and who left
3 joined and 3 left the top 20 since Q3 FY26, as market caps moved.
Joined the top 20 since Q3 FY26
Left the top 20 since Q3 FY26
- BASF India
- Vinati Organics Limited
- Deepak Fertilizers and Petrochemicals Corporation Limited
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.
| 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% |
| LINDEINDIA | +20% | +9% | +7% | +14% | −2% | −3% | +12% | −6% | +61% | +66% | −35% | −2% |
| COROMANDEL | +2% | −56% | −35% | −37% | −12% | +121% | +262% | +62% | +21% | −1% | −76% | −25% |
| 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 |
| PIIND | +43% | +28% | +32% | +17% | +6% | −17% | −11% | −11% | −19% | −16% | −39% | −39% |
| FLUOROCHEM | −85% | −76% | −70% | −46% | +130% | +57% | +89% | +70% | +48% | −18% | −41% | +20% |
| NAVINFLUOR | +5% | −27% | −48% | outside | outside | outside | +35% | +129% | +144% | +115% | +117% | +101% |
| HSCL | outside | outside | outside | +27% | +20% | +17% | +35% | +48% | +30% | +32% | +26% | +24% |
| BAYERCROP | +37% | −31% | −39% | −23% | −39% | −63% | +49% | +10% | +12% | +180% | +13% | +15% |
| 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% |
| DEEPAKNTR | +18% | −3% | +8% | +35% | −6% | −51% | −20% | −45% | −39% | +2% | +9% | +207% |
| CHAMBLFERT | outside | +42% | outside | +37% | +46% | +21% | +34% | +22% | +21% | +10% | +30% | −5% |
| TATACHEM | −32% | −60% | to loss | −72% | −55% | to loss | loss, smaller | +68% | −60% | loss, bigger | loss, bigger | to loss |
| AETHER | +30% | outside | outside | outside | outside | outside | outside | outside | outside | outside | −12% | +20% |
| AARTIIND | sources disagree | sources disagree | sources disagree | +96% | −42% | outside | outside | outside | outside | outside | +44% | +259% |
| ANURAS | outside | outside | outside | outside | outside | outside | outside | outside | outside | outside | −7% | outside |