BODALCHEM

Bodal Chemicals financials

Market cap
₹2.2k Cr
Sector
Chemicals
Calls analysed
3
Latest concall · Q1 FY26 · call held 12 Aug 2025

Bodal Chemicals Q1 FY26

Consolidated Revenue ₹458 cr +8%Consolidated EBITDA ₹52 cr +40%Consolidated EBITDA Margin 11.3% Consolidated PAT ₹9.53 cr

What went well

  • Consolidated revenue of ₹458 crores, up 8% YoY, driven by better realization.
  • Absolute EBITDA grew 40% YoY to ₹52 crores, with a consolidated margin of 11.3%.
  • Basic Chemicals division showed strong growth of 15% YoY in revenue to ₹45 crores.

What to watch

  • Dye Intermediates revenue degrew 4% YoY to ₹150 crores, primarily due to decreased raw material prices and non-operation of beta naphthol plant.
  • Dyestuff revenue degrew 10% YoY to ₹122 crores due to lower raw material prices.
Read the full call →

What Bodal Chemicals Limited does

Bodal Chemicals is a backward-and-forward integrated chemical manufacturer producing basic chemicals (sulphuric acid, oleum, chlorosulphonic acid), dye intermediates (H Acid, DASA, Gamma Acid, K Acid) and dyestuffs (reactive, acid, direct and liquid dyes) used mainly by the textile, leather and paper industries. It also operates a chlor-alkali unit in Punjab making caustic soda, chlorine and hydrochloric acid, and a Benzene-downstream products plant at Saykha, Gujarat making MCB, DCB, PNCB, ONCB and MNCB. About 40% of its basic-chemicals output is captively consumed by its own dye-intermediates division, and about 40% of dye-intermediates output feeds its dyestuffs division, giving the company a cost-competitive integrated value chain. It sells through a domestic distributor/depot network and exports through subsidiaries in China, Turkey and Indonesia.

Segments

  • Basic Chemicals
  • Dye Intermediates
  • Dyestuffs
  • Chlor Alkali
  • Benzene Derivatives
Manufacturing plants
8 operating facilities (Ahmedabad, Vadodara x3, Khambhat, Saykha-Bharuch in Gujarat; Rajpura, Punjab; Kosi, Uttar Pradesh)
Installed production capacity
~470,000 MTPA (Basic Chemicals 2,17,600; Dye Intermediates 38,400; Dyestuff 30,000; Liquid Dyestuff 10,000; Caustic Soda 99,000; TCCA 12,000; Benzene Downstream 63,000)
Workforce
2,200+ domestic employees, ~1,500 contract labour, 30+ overseas staff
Product portfolio
200+ products across 5 verticals
Distributor network
70+ distributors across India
Customer base
600+ customers
Founded 1989Headquarters Ahmedabad, Gujarat, IndiaEmployees 2,200 (FY26) Company website

Guidance record · Q1 FY26

what the last two calls moved 7 tracked 0 delivered 0 missed 7 open
  • Benzene Project Capacity Utilization delayed said Q3 FY25 Promised: Reach 60%-70% plus within next 1 or 2 months Q1 FY26: Actual was 20% (exit 30%). New target: cross 70% by Q3
  • Benzene Project Revenue diluted said Q3 FY25 Promised: Run rate will add around Rs. 300 crores of annual business (at 80-90% util) Q1 FY26: Earlier targeting 150 cr for current year, conservatively targeting around 100 cr now
  • Annual Revenue revised down said Q3 FY25 Promised: Rs. 2,000 crores plus within 3 to 4 months Q1 FY26: On track to achieve near INR1,900 crores, plus or minus 5%

All 7 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 56.9%, net profit up 190.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue423 435 446 445 472 +12%481 +11%577 +29%698 +57%
EBITDA32 46 50 50 23 −28%25 −46%70 +40%69 +38%
Net profit1 7 11 10 4 +300%2 −71%31 +182%29 +190%
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 +162.4% 1Y

₹50₹100₹150Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26

1Y: ₹65.7 on 10 Sept 2025 → ₹172.4. High ₹184.05 (8 Sept 2026), low ₹43.45 (13 Mar 2026).

Financials, as filed

Revenue grew 7.9% a year over 3 years, FY23 to FY26. Operating margin held at 8.5%.

Year endingFY23FY24FY25FY26
Revenue₹1.6k Cr₹1.4k Cr₹1.7k Cr₹2.0k Cr
Operating profit₹133 Cr₹108 Cr₹166 Cr₹168 Cr
Operating margin8.5%7.8%9.6%8.5%
Interest₹41 Cr₹52 Cr₹80 Cr₹79 Cr
Depreciation₹53 Cr₹59 Cr₹68 Cr₹68 Cr
Net profit₹38 Cr₹8 Cr₹20 Cr₹47 Cr
Net margin2.4%0.6%1.2%2.4%
Cash from operations₹246 Cr₹191 Cr₹106 Cr₹177 Cr
Free cash flow₹-72 Cr₹-42 Cr₹62 Cr₹182 Cr
ROCE4.0%3.0%5.0%5.0%
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₹24 Cr₹24 Cr₹25 Cr₹25 Cr₹25 Cr₹25 Cr
Reserves₹968 Cr₹1.1k Cr₹1.1k Cr₹1.1k Cr₹1.1k Cr₹1.2k Cr
Borrowings₹436 Cr₹640 Cr₹755 Cr₹903 Cr₹866 Cr₹813 Cr
Other liabilities₹279 Cr₹384 Cr₹281 Cr₹300 Cr₹325 Cr₹378 Cr
Total liabilities₹1.7k Cr₹2.1k Cr₹2.2k Cr₹2.3k Cr₹2.3k Cr₹2.4k Cr
Fixed assets₹760 Cr₹804 Cr₹955 Cr₹1.3k Cr₹1.3k Cr₹1.2k Cr
Capital work in progress₹4 Cr₹70 Cr₹193 Cr₹68 Cr₹61 Cr₹67 Cr
Investments₹44 Cr₹99 Cr₹100 Cr₹113 Cr₹0 Cr₹101 Cr
Other assets₹899 Cr₹1.2k Cr₹914 Cr₹852 Cr₹973 Cr₹993 Cr
Total assets₹1.7k Cr₹2.1k Cr₹2.2k Cr₹2.3k Cr₹2.3k Cr₹2.4k 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, the public added +1.11 pp while FIIs trimmed −0.79 pp. The shareholder count shrank 9% to 67,902.

Promoters
57.0%
FIIs
0.0%
Government
0.0%
Public
43.0%

Since Jun 2025

  • Public +1.11 pp
  • FIIs −0.79 pp
  • Promoters −0.32 pp

How it drifted, 12 quarters

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 57.4%, FIIs 0.5%, DIIs 0.0%, Government 0.0%, Public 42.1%.Dec '23: Promoters 57.4%, FIIs 0.3%, DIIs 0.0%, Government 0.0%, Public 42.3%.Mar '24: Promoters 57.4%, FIIs 0.8%, DIIs 0.0%, Government 0.0%, Public 41.8%.Jun '24: Promoters 57.4%, FIIs 0.2%, DIIs 0.0%, Government 0.0%, Public 42.4%.Sep '24: Promoters 57.3%, FIIs 0.7%, DIIs 0.0%, Government 0.0%, Public 42.0%.Dec '24: Promoters 57.3%, FIIs 0.3%, Government 0.0%, Public 42.4%.Mar '25: Promoters 57.3%, FIIs 0.3%, Government 0.0%, Public 42.4%.Jun '25: Promoters 57.3%, FIIs 0.8%, Government 0.0%, Public 41.9%.Sep '25: Promoters 57.0%, FIIs 0.3%, Government 0.0%, Public 42.7%.Dec '25: Promoters 57.0%, FIIs 0.3%, Government 0.0%, Public 42.7%.Mar '26: Promoters 57.0%, FIIs 0.1%, Government 0.0%, Public 42.8%.Jun '26: Promoters 57.0%, FIIs 0.0%, Government 0.0%, Public 43.0%.

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 Bodal Chemicals Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Sureshbhai Jayantibhai Patel 29.47%unchanged
Bhavin Suresh Patel 8.33%unchanged
Ankitkumar Sureshbhai Patel 5.77%unchanged
Shakuntala J Patel 5.29%unchanged
Ashokkumar Giriraj Bansal 4.23%+1.04 pp
Meenaben Sureshbhai Patel 4.15%unchanged
Rameshbhai Dahyabhai Patel 3.93%unchanged
Rakeshbhai Ravjibhai Patel 0.04%unchanged
Bansibhai Maganbhai Patel 0.03%unchanged

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.

All earnings calls (3)

Read the Q1 FY26 call →

Learn to analyse Bodal Chemicals Limited

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