Navi Mumbai-based specialty performance-chemicals maker across water treatment, construction chemicals, industrial cleaning/hygiene and specialty-chemical distribution
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 95.8 | +31.1% YoY | Quarterly, as filed | Quarter to Sept 2026 | Revenue from operations as filed. |
| Operating margin | 8.7 | −5.9 pts YoY | Operating profit / revenue | Quarter to Sept 2026 | For the quarter; a change is in percentage points. |
| Net profit | 3.3 | −54.7% YoY | Quarterly, as filed | Quarter to Sept 2026 | Profit after tax as filed. |
| Return on equity | 15.81 | −1.2 pts | Trailing twelve months | TTM to Sept 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 0.34 | −1.6 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 27.01 | +8.5 pts | Trailing twelve months | TTM to Sept 2026 | Revenue change against the same period one year earlier. |
Guidance
2 of 4 judged targets kept · 6 open · verdicts reflect calls analysed to Q4 FY26.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Water Technologies Revenue Growth | we would probably grow at a rate of 10 to 15% year on year. | Q2 FY26 | Water Technologies revenue for FY26 was ~Rs. 283.75 Cr (87% of Rs. 326.15 Cr). Assuming an FY25 base of ~Rs. 246.5 Cr (85% of Rs. 290 Cr), the YoY growth is ~15.1%, meeting the 10-15% target. | Achieved |
| Water Technologies Order Book Invoicing | almost 40% of that total will be order book would be invoiced this year... expect to book from this new order book that most Rs. 40 to 45 CR. | Q2 FY26 | Management did not provide an update on the invoicing from the Rs. 100+ Cr order book mentioned in Q2. The target of invoicing Rs. 40-45 Cr in FY26 was not addressed as the fiscal year concluded. | Ghosted |
| Consolidated Revenue Target | Internally, we're looking at about four years odd to hit 1000 crore milestone | Q2 FY26 | Management softened the language around the Rs. 1000 Cr target, calling it 'an aspiratory number' and stating 'It's not something that we are saying we will get to.' This is a dilution from the original commitment. FY26 revenue was Rs. 326.15 Cr. | Diluted |
2 of Chembond Chemicals Limited's 10 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 7 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹155.75 on 24 Oct 2025 → ₹202.49. High ₹284.38 (21 Aug 2026), low ₹106.24 (30 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
Chembond Chemicals manufactures specialty performance chemicals and equipment sold through four business lines: Water Technologies (chemical programs, equipment and services for cooling/boiler water treatment, effluent treatment and reverse osmosis membrane treatment), Construction Chemicals (admixtures, sealants, waterproofing, repair mortars, curing agents, grouts and tiling adhesives), Cleaning & Hygiene (industrial and institutional cleaning/hygiene products via a joint venture with Calvatis GmbH, Germany) and Chemical Distribution (importing, stocking and selling specialty additives for water treatment, construction, paints/inks and polyurethane coatings). It operates through wholly/majority-owned subsidiaries covering each business line, including two step-down subsidiaries in Thailand and Malaysia.
Segments
close before → close after
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.
Guidance
2 of 4 judged targets kept · 6 open · verdicts reflect calls analysed to Q4 FY26.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Water Technologies Revenue Growth | we would probably grow at a rate of 10 to 15% year on year. | Q2 FY26 | Water Technologies revenue for FY26 was ~Rs. 283.75 Cr (87% of Rs. 326.15 Cr). Assuming an FY25 base of ~Rs. 246.5 Cr (85% of Rs. 290 Cr), the YoY growth is ~15.1%, meeting the 10-15% target. | Achieved |
| Water Technologies Order Book Invoicing | almost 40% of that total will be order book would be invoiced this year... expect to book from this new order book that most Rs. 40 to 45 CR. | Q2 FY26 | Management did not provide an update on the invoicing from the Rs. 100+ Cr order book mentioned in Q2. The target of invoicing Rs. 40-45 Cr in FY26 was not addressed as the fiscal year concluded. | Ghosted |
| Consolidated Revenue Target | Internally, we're looking at about four years odd to hit 1000 crore milestone | Q2 FY26 | Management softened the language around the Rs. 1000 Cr target, calling it 'an aspiratory number' and stating 'It's not something that we are saying we will get to.' This is a dilution from the original commitment. FY26 revenue was Rs. 326.15 Cr. | Diluted |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 10 tracked commitments, with each call’s wording and source.
Call summaries
CHEMBONDCH Q4 FY26
Chembond Chemicals reported a strong Q4 and H2 FY26, with record quarterly revenue and significant growth across all segments, particularly Water Technologies. Despite input cost pressures impacting margins by about 3%, management is confident in passing on costs and expects recovery. New product commercialization and strategic geographical expansion are key focus areas for future growth.
Read the full callCHEMBONDCH Q2 FY26
Chembond Chemicals reported a mixed Q2 and H1 FY26, with consolidated revenue declining slightly YoY but profitability metrics like EBITDA and PBT showing robust growth due to improved margins and cost optimization. The Water Technologies segment, comprising 87% of revenue, demonstrated steady growth and a strong order book. However, Construction Chemicals and Distribution segments faced headwinds from monsoon effects and industrial slowdown, leading to revenue declines. The company is strategically focused on achieving a ₹1000 crore revenue target within four years through organic and inorgan
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 5 fiscal years held (Mar 2022 to Mar 2026).
Financials
Net profit, year on year: −55% (quarter to sept 2026 against sept 2025).
| Line item | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 75 | 78 | 65 | 73 | 86 | 101 | 86 | 96 |
| Expenses | 60 | 66 | 57 | 62 | 74 | 86 | 75 | 87 |
| Operating profit | 14 | 12 | 8 | 11 | 12 | 16 | 11 | 8 |
| Operating margin | 19.2% | 15.7% | 12.9% | 14.6% | 14.3% | 15.7% | 13.1% | 8.7% |
| Other income | 0 | 2 | 3 | 0 | 1 | -0 | 3 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 2 | 1 | 1 | 1 | 2 | 1 | 1 |
| Profit before tax | 13 | 12 | 10 | 10 | 12 | 14 | 13 | 7 |
| Tax rate | 25.6% | 25.1% | 36.0% | 25.2% | 18.5% | 16.7% | 25.3% | 53.5% |
| Net profit | 10 | 9 | 6 | 7 | 10 | 12 | 10 | 3 |
| EPS (₹ per share) | — | — | 2.33 | 2.70 | 3.62 | 4.36 | 3.54 | 1.21 |
| Line item | Mar 2025 | Mar 2026 |
|---|---|---|
| Sales | 292 | 326 |
| Expenses | 250 | 279 |
| Operating profit | 42 | 47 |
| Other income | 6 | 4 |
| Interest | 1 | 1 |
| Depreciation | 5 | 5 |
| Profit before tax | 42 | 45 |
| Net profit | 31 | 35 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 | Sept 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 7 | 13 | 13 | 13 | 13 | 13 |
| Reserves | 315 | 130 | 161 | 171 | 194 | 203 |
| Borrowings | 7 | 0 | 0 | 0 | 0 | 2 |
| Other liabilities | 73 | 37 | 40 | 34 | 45 | 51 |
| Total liabilities | 402 | 180 | 214 | 218 | 252 | 269 |
| Fixed assets | 117 | 22 | 21 | 20 | 23 | 22 |
| Capital work in progress | 12 | 0 | 0 | 2 | 0 | 0 |
| Investments | 65 | 27 | 35 | 43 | 30 | 50 |
| Other assets | 207 | 131 | 157 | 154 | 199 | 197 |
| Total assets | 402 | 180 | 214 | 218 | 252 | 269 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Cash from operations | -10 | 2 | -56 | 10 | 8 |
| Cash from investing | -2 | 0 | 48 | -9 | 1 |
| Cash from financing | -4 | -2 | 13 | -1 | -4 |
| Net cash flow | -16 | 0 | 6 | 1 | 5 |
| Free cash flow | -14 | -10 | -75 | 5 | 1 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 160 | 94 | 95 | 99 | 125 | 128 |
| Inventory days | 86 | 66 | 52 | 49 | 49 | 57 |
| Days payable | 160 | 76 | 81 | 77 | 73 | 75 |
| Cash conversion cycle | 86 | 84 | 67 | 72 | 102 | 109 |
| Working capital days | 278 | 78 | 70 | 80 | 104 | 120 |
| Return on capital employed | — | — | 11.0% | 18.0% | 26.0% | 24.0% |
| Dividend payout | 69.0% | 48.0% | 16.0% | 0.0% | 11.0% | 10.0% |
To justify its price of ₹202, this stock must grow earnings at 8% every year for 7 years. Our analysis caps realistic growth at ~12%. At that growth it is worth ₹245 — upside of 21%.
Ownership
Promoters hold 68.17% as of Sept 2026; institutions added 0.00 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Chembond Chemicals Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 26.11% | +0.10 pp | |
| 12.57% | unchanged | |
| 9.75% | unchanged | |
| 3.72% | unchanged | |
| 3.72% | unchanged | |
| 2.04% | unchanged | |
| 2.03% | unchanged | |
| 1.99% | newly disclosed | |
| 1.95% | unchanged | |
| 1.45% | unchanged | |
| 1.40% | unchanged | |
| AIF | 1.18% | 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.
Your own record
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