CHEMBONDCH

Chembond Chemicals financials

Market cap
₹705 Cr
Sector
Chemicals
Calls analysed
2
Latest concall · Q4 FY26 · call held 16 May 2026

CHEMBONDCH Q4 FY26

Consolidated Revenue FY26 ₹326.15 cr +12%EBITDA FY26 ₹51 cr +7%EBITDA Margin FY26 14% PAT FY26 ₹34 cr

What went well

  • Consolidated revenue for Q4 FY26 was Rs. 101.4 crores, the highest in the last nine quarters.
  • FY26 consolidated revenue grew 12% YoY to Rs. 326.15 crores.
  • H2 FY26 saw strong recovery with consolidated revenue of Rs. 188 crores, up 35% over H1.

What to watch

  • Input cost volatility, particularly in metals, led to an approximate 3% impact on margins in the immediate month.
  • Public sector units are refusing to amend contract terms despite force majeure, posing a challenge for pricing adjustments.
Read the full call →

What Chembond Chemicals Limited does

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

  • Water Technologies
  • Construction Chemicals
  • Cleaning & Hygiene
  • Distribution
Manufacturing plants
3 (Dudhwada, Gujarat; Baddi, Himachal Pradesh; Ranipet, Tamil Nadu)
Employees ("Committed Personnel")
950
Business segments
4 (Water Technologies, Construction Chemicals, Cleaning & Hygiene, Distribution)
R&D centre / head office
Navi Mumbai, Maharashtra
Subsidiaries/JVs
5 (Chembond Water Technologies Ltd + Thailand and Malaysia step-subsidiaries, Chembond Calvatis Industrial Hygiene Systems Ltd (55%), Chembond Distribution Ltd)
Water Technologies volume (H2 FY26)
14,813 MT
Founded 1974Headquarters Chembond Centre, EL-37 MIDC, Mahape, Navi Mumbai, Maharashtra, IndiaEmployees 950 (FY26) Company website

Guidance record · Q4 FY26

what the last two calls moved 10 tracked 2 delivered 2 missed 6 open
  • Water Technologies Revenue Growth delivered said Q2 FY26 Promised: we would probably grow at a rate of 10 to 15% year on year. Q4 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.
  • Water Technologies Order Book Invoicing went quiet said Q2 FY26 Promised: 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. Q4 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.
  • Consolidated Revenue Target diluted said Q2 FY26 Promised: Internally, we're looking at about four years odd to hit 1000 crore milestone Q4 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.

All 10 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 0.3%, net profit up 141.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue14 19 20 19 14 +7%19 −0%22 +7%18 −0%
EBITDA-1 3 3 2 1 +152%3 −11%4 +43%3 +27%
Net profit1 2 2 1 3 +109%2 +48%4 +100%3 +141%
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 +34.5% 1Y

₹100₹150₹200₹250Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 21 Nov 2025Q4 FY26 — 15 May 2026

1Y: ₹194.9 on 10 Sept 2025 → ₹262.2. High ₹284.38 (21 Aug 2026), low ₹106.24 (30 Mar 2026).

How the price took the results

close before → close after

Q4 FY26
+5.0%
16 May
Q2 FY26
−1.9%
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 6.1% a year over 1 year, FY25 to FY26. Operating margin widened to 13.0%.

Year endingFY25FY26
Revenue₹69 Cr₹74 Cr
Operating profit₹6 Cr₹10 Cr
Operating margin9.3%13.0%
Interest₹0 Cr₹0 Cr
Depreciation₹3 Cr₹2 Cr
Net profit₹6 Cr₹10 Cr
Net margin8.8%14.1%
Cash from operations₹1 Cr₹8 Cr
Free cash flow₹0 Cr₹3 Cr
ROCE8.0%12.0%
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₹7 Cr₹7 Cr₹7 Cr₹13 Cr₹13 Cr₹13 Cr
Reserves₹233 Cr₹238 Cr₹235 Cr₹76 Cr₹171 Cr₹87 Cr
Borrowings₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Other liabilities₹12 Cr₹10 Cr₹12 Cr₹12 Cr₹34 Cr₹12 Cr
Total liabilities₹251 Cr₹255 Cr₹254 Cr₹101 Cr₹218 Cr₹113 Cr
Fixed assets₹34 Cr₹32 Cr₹28 Cr₹17 Cr₹20 Cr₹18 Cr
Capital work in progress₹0 Cr₹0 Cr₹7 Cr₹0 Cr₹2 Cr₹0 Cr
Investments₹169 Cr₹172 Cr₹163 Cr₹61 Cr₹43 Cr₹62 Cr
Other assets₹47 Cr₹50 Cr₹55 Cr₹23 Cr₹154 Cr₹33 Cr
Total assets₹251 Cr₹255 Cr₹254 Cr₹101 Cr₹218 Cr₹113 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 trimmed −2.05 pp while DIIs added +1.67 pp. The shareholder count shrank 17% to 10,732.

Promoters
68.0%
FIIs
0.7%
DIIs
2.6%
Public
28.7%

Since Jun 2025

  • Public −2.05 pp
  • DIIs +1.67 pp
  • Promoters +0.35 pp

How it drifted, 5 quarters

Over this window the public fell from 30.8% to 28.7% — −2.0 pp.

Jun '25Dec '25Jun '26

Ownership split by quarter, oldest first. Jun '25: Promoters 67.7%, FIIs 0.6%, DIIs 1.0%, Public 30.8%.Sep '25: Promoters 67.7%, FIIs 0.6%, DIIs 0.8%, Public 30.8%.Dec '25: Promoters 67.9%, FIIs 0.7%, DIIs 2.0%, Public 29.3%.Mar '26: Promoters 68.0%, FIIs 0.7%, DIIs 2.1%, Public 29.3%.Jun '26: Promoters 68.0%, FIIs 0.7%, DIIs 2.6%, Public 28.7%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Chembond Chemicals Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Nirmal Vinod Shah 26.01%unchanged
Padma Vinod Shah 12.57%unchanged
Visan Holdings Pvt Ltd 9.75%unchanged
Kumud Ashwin Nagarwadia 3.72%unchanged
Ashwin Ratilal Nagarwadia 3.72%unchanged
Ajay Chinubhai Laloo 2.04%unchanged
Finor Piplaj Chemicals Ltd 2.04%unchanged
S And N Ventures Limited 1.95%unchanged
Sameer Vinod Shah 1.45%unchanged
Shah Bhadresh 1.40%unchanged
Negen Undiscovered Value Fund AIF1.18%unchanged
Alpana Sandeepbhai Shah 0.97%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.

What the price assumes

Attractive

To justify its price of ₹262, this stock must grow earnings at 40% every year for 7 years. Our analysis caps realistic growth at ~85%. At that growth it is worth ₹1660 — upside of 533%.

Growth the price implies
40.0% a year
for 7 years, fading to 4%
It has actually compounded at
84.7% a year
net profit, FY25–FY26
The gap
-0.4 pp
533% downside if it only repeats history
Price today ₹262.2 Value at the reference growth ₹1,660.33

Change the assumptions yourself →

All earnings calls (2)

Read the Q4 FY26 call →

Learn to analyse Chembond Chemicals Limited

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