BASF

BASF India share price & financials

Price
₹3,503.7
Market cap
₹15.8k Cr
Sector
Chemicals
Calls analysed
6
Latest concall · Q4 FY26 · call held 22 May 2026

BASF India Q4 FY26

Revenue ₹14,875 cr EBITDA ₹656 cr EPS ₹97 PBT ₹564 cr −6%

What went well

  • Q4 FY26 PBT improved significantly to ₹90 crores from ₹25 crores in Q4 FY25, indicating strong profitability recovery (Page 3).
  • Overall FY26 sales saw a small increase, driven by 6-7% additional volumes despite difficult market conditions (Page 3).
  • Networking capital increased by ₹600 crores, mainly due to higher receivables and lower payables, reflecting disciplined financial management (Page 3).

What to watch

  • Cash flow generated was negative ₹110 crores compared to positive ₹370 crores last year, primarily due to ₹800 crores working capital growth (Page 4).
  • Free cash flow after adjusting for capital investment was negative ₹300 crores (Page 4).
Read the full call →

What BASF India does

BASF India manufactures and trades a broad portfolio of chemicals, agricultural inputs, engineering plastics and industrial materials that feed into agriculture, automotive, construction, consumer care and pharma end-markets. It operates as a mix of B2B intermediates supplier (e.g. dispersions, MDI/TDI, amines, resins) and B2C branded agrochemical seller to farmers, serving over 5,000 customers across 19 Indian states and 35 countries. The company is undergoing portfolio restructuring, divesting its Automotive OEM/Refinish Coatings business (carried via subsidiary BASF India Coatings) and demerging its Agricultural Solutions business into a separately listed entity, BASF Agricultural Solutions India Limited (BASIL).

Segments

  • Agricultural Solutions
  • Materials
  • Industrial Solutions
  • Nutrition & Care
  • Chemicals
  • Surface Technologies
Manufacturing sites
4 (Navi Mumbai/Turbhe, Mangalore, Dahej, Panoli)
Total locations (plants + offices)
20
Offices
16, including Ahmedabad, Bangalore, Chandigarh, Delhi, Hyderabad, Indore, Lucknow, Mumbai, Nagpur, Navi Mumbai, Pune, Chennai
Customers served
5,000+
States served (India)
19
Countries served (exports)
35
Founded 1943Headquarters Mumbai, Maharashtra, IndiaEmployees 3,041 (FY 2024-25 (as of March ) Company website

Guidance record · Q4 FY26

what the last two calls moved 13 tracked 0 delivered 7 missed 6 open
  • Capacity Utilization went quiet said Q2 FY24 Promised: Maintain 80-85% utilization Q4 FY26: Management stated a focus on increasing capacity utilization but did not provide a specific number for the current quarter.
  • Own Manufactured Product (OMP) Share on track said Q2 FY24 Promised: Increase share >50% over time Q4 FY26: Yeah, of course, our aim is to over time increase the OMP share... I was mentioning Celesto expansion, which is the material segment already has a strong OMP presence in India and continues to expand.

All 13 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 28.9%, net profit up 146.3% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue4,248 3,635 3,189 3,752 3,904 −8%3,877 +7%3,453 +8%4,837 +29%
EBITDA201 170 63 222 154 −23%169 −1%112 +78%505 +127%
Net profit128 104 47 147 101 −21%105 +1%64 +36%362 +146%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −20.9% 1Y

₹3.5k₹4.0k₹4.5kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 21 Nov 2025Q4 FY26 — 22 May 2026

1Y: ₹4,627.9 on 10 Sept 2025 → ₹3,661.5. High ₹4,687.5 (3 Oct 2025), low ₹3,163.4 (23 Mar 2026).

How the price took the results

close before → close after

Q4 FY26
−2.6%
22 May
Q2 FY26
+0.6%
21 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 3.2% a year over 3 years, FY23 to FY26. Operating margin narrowed to 4.4%.

Year endingFY23FY24FY25FY26
Revenue₹13.6k Cr₹13.8k Cr₹15.0k Cr₹15.0k Cr
Operating profit₹688 Cr₹890 Cr₹746 Cr₹657 Cr
Operating margin5.0%6.5%5.0%4.4%
Interest₹14 Cr₹16 Cr₹16 Cr₹20 Cr
Depreciation₹183 Cr₹191 Cr₹175 Cr₹146 Cr
Net profit₹403 Cr₹564 Cr₹500 Cr₹417 Cr
Net margin3.0%4.1%3.3%2.8%
Cash from operations₹531 Cr₹807 Cr₹389 Cr₹-101 Cr
Free cash flow₹468 Cr₹708 Cr₹221 Cr₹-292 Cr
ROCE20.0%25.0%18.0%15.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹43 Cr₹43 Cr₹43 Cr₹43 Cr₹43 Cr₹43 Cr
Reserves₹1.7k Cr₹2.3k Cr₹2.7k Cr₹3.2k Cr₹3.8k Cr₹3.9k Cr
Borrowings₹286 Cr₹122 Cr₹106 Cr₹156 Cr₹144 Cr₹132 Cr
Other liabilities₹3.1k Cr₹3.7k Cr₹3.8k Cr₹3.9k Cr₹3.5k Cr₹4.1k Cr
Total liabilities₹5.1k Cr₹6.1k Cr₹6.6k Cr₹7.2k Cr₹7.5k Cr₹8.2k Cr
Fixed assets₹817 Cr₹763 Cr₹793 Cr₹759 Cr₹682 Cr₹725 Cr
Capital work in progress₹53 Cr₹100 Cr₹19 Cr₹61 Cr₹120 Cr₹160 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹213 Cr₹8 Cr
Other assets₹4.3k Cr₹5.2k Cr₹5.8k Cr₹6.4k Cr₹6.5k Cr₹7.3k Cr
Total assets₹5.1k Cr₹6.1k Cr₹6.6k Cr₹7.2k Cr₹7.5k Cr₹8.2k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs added +1.00 pp while the public trimmed −0.97 pp.

Promoters
73.3%
FIIs
5.2%
DIIs
6.3%
Public
15.2%

Since Jun 2025

  • FIIs +1.00 pp
  • Public −0.97 pp
  • DIIs −0.02 pp

How it drifted, 12 quarters

Over this window FIIs went from 3.2% to 5.2% — +2.0 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 73.3%, FIIs 3.2%, DIIs 6.8%, Public 16.7%.Dec '23: Promoters 73.3%, FIIs 3.8%, DIIs 6.6%, Public 16.2%.Mar '24: Promoters 73.3%, FIIs 4.1%, DIIs 6.7%, Public 15.9%.Jun '24: Promoters 73.3%, FIIs 4.3%, DIIs 6.0%, Public 16.3%.Sep '24: Promoters 73.3%, FIIs 4.4%, DIIs 6.3%, Public 15.9%.Dec '24: Promoters 73.3%, FIIs 4.2%, DIIs 6.2%, Public 16.2%.Mar '25: Promoters 73.3%, FIIs 4.3%, DIIs 6.3%, Public 16.1%.Jun '25: Promoters 73.3%, FIIs 4.2%, DIIs 6.3%, Public 16.1%.Sep '25: Promoters 73.3%, FIIs 4.1%, DIIs 6.4%, Public 16.1%.Dec '25: Promoters 73.3%, FIIs 4.1%, DIIs 6.4%, Public 16.1%.Mar '26: Promoters 73.3%, FIIs 5.3%, DIIs 6.3%, Public 15.0%.Jun '26: Promoters 73.3%, FIIs 5.2%, DIIs 6.3%, Public 15.2%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of BASF India above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Basf Societas Europaea 52.75%unchanged
Basf Schweiz Ag 20.58%unchanged
Tata Mutual Fund- Tata Small Cap Fund Mutual fund2.37%unchanged
General Insurance Corporation Of India Insurer1.53%unchanged
Tata Indian Opportunities Fund FPI fund1.11%unchanged
Bajaj Life Insurance Limited Insurer1.00%newly disclosed

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth trap

To justify its price of ₹3662, this stock must grow earnings at 18% every year for 7 years. Our analysis caps realistic growth at ~1%. At that growth it is worth ₹1517 — downside of 59%.

Growth the price implies
17.6% a year
for 7 years, fading to 4%
It has actually compounded at
1.1% a year
net profit, FY23–FY26 · EPS 1.2%
The gap
0.2 pp
-59% downside if it only repeats history
Price today ₹3,661.5 Value at the reference growth ₹1,517.41

Change the assumptions yourself →

All earnings calls (6)

Read the Q4 FY26 call →

Learn to analyse BASF India

Guides on how to read this kind of business and the numbers that matter.