CLEAN

Clean Science and Technology share price & financials

Price
₹744.4
Market cap
₹8.5k Cr
Sector
Chemicals
Calls analysed
8
Latest concall · Q1 FY27 · call held 01 Aug 2026

Clean Science and Technology Limited Q1 FY27

Consolidated Revenue ₹264 cr +10%Standalone EBITDA ₹87 cr Standalone EBITDA Margin 43% Standalone PAT ₹73 cr

What went well

  • Consolidated sales reached highest ever at INR 264 crores, growing 7% QoQ and 10% YoY.
  • Standalone EBITDA margin at 43% and PAT margin at 36%, reflecting strong profitability.
  • HALS business scaled up to 22% of sales, contributing to operating leverage and profit improvement.

What to watch

  • Geopolitical headwinds impacted raw material supply chain and costs, and non-availability of shipping vessels affected timely exports.
  • Lost 'a couple of weeks' of production in Q1 due to supply chain and gas issues.
Read the full call →

What Clean Science and Technology Limited does

Clean Science and Technology is a Pune-headquartered fine and specialty chemicals manufacturer that develops proprietary, in-house catalytic manufacturing processes rather than licensing third-party technology. It makes chemical intermediates across three reported segments — Performance Chemicals, Pharma & Agro Intermediates, and FMCG Chemicals — that feed into acrylics/superabsorbent polymers, food and feed preservation, sunscreen and cosmetic actives, and pharmaceutical and agrochemical manufacturing. It holds the largest global manufacturing capacity for several flagship products, including MEHQ, BHA, AP and TBHQ. Manufacturing is concentrated at Kurkumbh Industrial Area, Maharashtra, across three company units plus a fourth HALS-dedicated facility housed in wholly owned subsidiary Clean Fino Chem Ltd.

Segments

  • Performance Chemicals
  • Pharma & Agro Intermediates
  • FMCG Chemicals
Manufacturing units
4 units at Kurkumbh Industrial Area, Maharashtra — Unit 1 (7 plants), Unit 2 (4 plants), Unit 3 (5 plants), plus a dedicated HALS facility (Unit 4) under subsidiary Clean Fino Chem Ltd.
Global market position
Ranked No.1 or No.2 worldwide in MEHQ, BHA, AP, TBHQ, HALS 701, 4-MAP, Anisole and DHDT
Customer base
500+ global and domestic customers across 35+ countries
Product portfolio
11+ named specialty chemicals across 3 operating segments
R&D infrastructure
4 R&D facilities with a pilot plant and application lab; 90+ scientists including 9 PhDs
Workforce
1,500+ employees (~10% women staff)
Headquarters Pune, Maharashtra, India Company website

Guidance record · Q1 FY27

what the last two calls moved 25 tracked 5 delivered 6 missed 14 open
  • HALS Volume delivered said Q2 FY25 Promised: 2,000 tons in Calendar Year 2025 Q1 FY27: No new update. Promise remains achieved.
  • Pharma Intermediate (DHDT) Commercialization missed said Q2 FY25 Promised: Q3 FY25 Q1 FY27: No new update. Promise remains missed as the plant was repurposed.
  • Performance Chemical 2 Commercialization delayed said Q1 FY26 Promised: Q4 FY26 Q1 FY27: Commercialization further delayed to Q3 FY27 (Nov-Dec '26), a slip from the previous guidance of Sep '26 (Q2 FY27).

All 25 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 5.9%, net profit down 5.2% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue228 232 245 220 213 −7%185 −20%197 −20%207 −6%
EBITDA95 102 105 101 92 −3%72 −29%88 −16%87 −14%
Net profit67 74 79 77 65 −3%52 −30%58 −27%73 −5%
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 −27.2% 1Y

₹0.8k₹1.0k₹1.2kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 6 Nov 2025Q3 FY26 — 30 Jan 2026Q4 FY26 — 14 May 2026Q1 FY27 — 31 Jul 2026

1Y: ₹1,156.6 on 10 Sept 2025 → ₹842.05. High ₹1,195.7 (17 Sept 2025), low ₹656.4 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+4.1%
1 Aug
Q4 FY26
+0.1%
14 May
Q3 FY26
−6.1%
31 Jan
Q2 FY26
−0.3%
6 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 fell 4.5% a year over 3 years, FY23 to FY26. Operating margin held at 43.3%.

Year endingFY23FY24FY25FY26
Revenue₹936 Cr₹789 Cr₹922 Cr₹815 Cr
Operating profit₹402 Cr₹338 Cr₹400 Cr₹353 Cr
Operating margin42.9%42.8%43.4%43.3%
Interest₹0 Cr₹1 Cr₹0 Cr₹0 Cr
Depreciation₹36 Cr₹44 Cr₹44 Cr₹44 Cr
Net profit₹303 Cr₹248 Cr₹292 Cr₹252 Cr
Net margin32.4%31.4%31.7%30.9%
Cash from operations₹299 Cr₹277 Cr₹279 Cr₹310 Cr
Free cash flow₹164 Cr₹264 Cr₹270 Cr₹289 Cr
ROCE45.0%29.0%29.0%22.0%
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₹11 Cr₹11 Cr₹11 Cr₹11 Cr₹11 Cr₹11 Cr
Reserves₹529 Cr₹758 Cr₹1.0k Cr₹1.2k Cr₹1.5k Cr₹1.6k Cr
Borrowings₹0 Cr₹0 Cr₹1 Cr₹1 Cr₹1 Cr₹1 Cr
Other liabilities₹120 Cr₹156 Cr₹139 Cr₹154 Cr₹156 Cr₹137 Cr
Total liabilities₹660 Cr₹925 Cr₹1.2k Cr₹1.4k Cr₹1.7k Cr₹1.8k Cr
Fixed assets₹186 Cr₹296 Cr₹427 Cr₹401 Cr₹351 Cr₹340 Cr
Capital work in progress₹55 Cr₹44 Cr₹4 Cr₹2 Cr₹5 Cr₹4 Cr
Investments₹233 Cr₹247 Cr₹428 Cr₹666 Cr₹1.1k Cr₹1.2k Cr
Other assets₹187 Cr₹338 Cr₹300 Cr₹302 Cr₹281 Cr₹285 Cr
Total assets₹660 Cr₹925 Cr₹1.2k Cr₹1.4k Cr₹1.7k Cr₹1.8k 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, promoters trimmed −23.67 pp while DIIs added +10.31 pp. The shareholder count grew 7% to 2,41,947.

Promoters
51.3%
FIIs
13.4%
DIIs
16.2%
Government
0.0%
Public
19.1%

Since Jun 2025

  • Promoters −23.67 pp
  • DIIs +10.31 pp
  • FIIs +7.16 pp

How it drifted, 12 quarters

Over this window promoters fell from 75.0% to 51.3% — −23.7 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 75.0%, FIIs 6.0%, DIIs 5.2%, Public 13.8%.Dec '23: Promoters 75.0%, FIIs 5.9%, DIIs 5.1%, Public 14.0%.Mar '24: Promoters 75.0%, FIIs 5.9%, DIIs 5.0%, Public 14.1%.Jun '24: Promoters 75.0%, FIIs 6.0%, DIIs 4.5%, Public 14.4%.Sep '24: Promoters 75.0%, FIIs 5.8%, DIIs 4.8%, Public 14.4%.Dec '24: Promoters 75.0%, FIIs 6.0%, DIIs 5.5%, Public 13.6%.Mar '25: Promoters 75.0%, FIIs 6.1%, DIIs 5.8%, Public 13.2%.Jun '25: Promoters 75.0%, FIIs 6.2%, DIIs 5.9%, Public 12.9%.Sep '25: Promoters 51.0%, FIIs 11.1%, DIIs 19.0%, Public 18.9%.Dec '25: Promoters 51.0%, FIIs 10.0%, DIIs 19.8%, Government 0.0%, Public 19.3%.Mar '26: Promoters 51.3%, FIIs 13.4%, DIIs 17.1%, Government 0.0%, Public 18.2%.Jun '26: Promoters 51.3%, FIIs 13.4%, DIIs 16.2%, Government 0.0%, Public 19.1%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

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

HolderStakeChange
Ashokkumar Ramkishan Sikchi Huf 9.96%unchanged
Asha Ashok Boob 9.50%−0.10 pp
Ashok Ramnarayan Boob Huf 5.51%unchanged
Nilima Krishnakumar Boob 5.46%−0.87 pp
Siddhartha Ashok Sikchi 5.41%unchanged
Amansa Holdings Private Limited FPI fund4.37%unchanged
Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund4.32%unchanged
Anantroop Financial Advisory Services Private Limited 3.92%unchanged
SBI Small Cap Fund Mutual fund3.22%−0.06 pp
Ashok Ramnarayan Boob 3.11%−0.34 pp
Krishnakumar Ramnarayan B Oob Huf 3.04%unchanged
Government Pension Fund Global Sovereign2.38%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.

Mutual funds in CLEAN

Filings to Aug 2026

0 new, 4 added, 2 trimmed, 1 sold out — net −20.98 L shares (−26.7%).

Held by funds
₹471 Cr
11 schemes
Biggest holder
Nippon India Small Cap Fund
₹254 Cr · 0.3% of that fund
SchemeHoldingLast month
Nippon India Small Cap Fund Nippon India Mutual Fund₹254 Crheld
Nippon India Multi Cap Fund Nippon India Mutual Fund₹116 Crheld
SBI Comma Fund SBI Mutual Fund₹32 Crheld
HDFC Manufacturing Fund HDFC Mutual Fund₹29 Crheld
SBI MNC Fund SBI Mutual Fund₹25 Cr−2.15 L
Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund₹6 Cr+0.01 L
HDFC Large and Mid Cap Fund HDFC Mutual Fund₹3 Crheld
SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund₹3 Cr+0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

4 added, 2 trimmed — net −20.98 L shares (−26.7%)

Funds are sitting on
-33%
vs est. average cost
Held by funds
₹471 Cr
11 schemes · ≈ 5.1% of the company
Biggest holder
Nippon India Small Cap Fund
₹254 Cr · 0.3% of that fund
Longest holder
HDFC Large and Mid Cap Fund
3y 8m · since Dec '22

Shares held by these funds +3258%

Aug '23 78.71 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹842, this stock must grow earnings at 26% every year for 7 years. Our analysis caps realistic growth at ~-6%. At that growth it is worth ₹156 — downside of 81%.

Growth the price implies
25.6% a year
for 7 years, fading to 4%
It has actually compounded at
-6.0% a year
net profit, FY23–FY26 · EPS -6.1%
The gap
0.3 pp
-81% downside if it only repeats history
Price today ₹842.05 Value at the reference growth ₹155.87

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Clean Science and Technology Limited

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