LXCHEM

Laxmi Organic Industries share price & financials

Price
₹171.76
Market cap
₹5.1k Cr
Sector
Chemicals
Calls analysed
7
Latest concall · Q1 FY27 · call held 30 Jul 2026

Laxmi Organic Industries Limited Q1 FY27

Revenue ₹968.3 cr +40%EBITDA ₹114.3 cr +272%

What went well

  • Revenue for Q1 FY27 stood at ₹968.3 crores, growing 40% year-on-year and 32% sequentially, driven by volume growth and higher price realization.
  • EBITDA for the quarter was ₹114.3 crores, representing a growth of 272% year-on-year and 113% sequentially.
  • Specialty business revenue grew 17% year-on-year and 13% sequentially to ₹241.8 crores.

What to watch

  • Increased net working capital during the quarter to secure procurement efficiencies and timely raw material availability in a volatile situation.
  • Raw material price volatility, including acetic acid and methanol spiking by almost 200%, made customers cautious.
Read the full call →

What Laxmi Organic Industries Limited does

Laxmi Organic Industries manufactures acetyl intermediates and ketene/diketene-based specialty chemicals across four brownfield sites in Maharashtra and Gujarat. Its Essentials business supplies bulk chemicals such as ethyl acetate, acetic anhydride and acetaldehyde built on esterification, acetylation and dehydrogenation technology platforms, while its Specialties business makes ketene/diketene, fluorination and other derivative chemistries used in pharmaceuticals, agrochemicals, dyes, pigments, coatings and electronics. It earns by selling these chemical intermediates to industrial customers across pharma, agrochemical, printing & packaging, inks & paints, personal care and other end markets, both domestically and through exports.

Segments

  • Essentials
  • Specialties
Manufacturing sites
4 (Mahad x2, Lote, Dahej)
Countries served
55+
Active customers
700+
Product portfolio
50+
Industries served
8+
Employees
1,000+
Founded 1989Headquarters Dist Raigad, Thane - 402309, Maharashtra, IndiaEmployees 1,000 (FY2024-25) Company website

Guidance record · Q1 FY27

what the last two calls moved 19 tracked 4 delivered 2 missed 13 open
  • Peak Debt-Equity Ratio delivered said Q4 FY25 Promised: 0.23 to 0.30, not more than that Q1 FY27: Management confirmed that term debt has peaked and the net debt-to-equity ratio is around 0.3x, which is at the upper end of the guided range of 0.23 to 0.30.
  • Lote Fluoro Intermediate Revenue (FY26) delivered, diluted said Q3 FY25 Promised: 40% to 60% of peak revenues (INR 80-120 crores) Q1 FY27: The target period for this promise (FY26) has passed. The final verdict remains achieved_diluted.
  • Total Sales at risk said Q3 FY25 Promised: Double sales from INR 2,800 crores (FY24) by FY28 Q1 FY27: Management remained non-committal on FY28 guidance, stating 'bear with us, we will start giving you more guidance on how FY28 is looking like.' The significant ramp-up from Dahej is now seen materializing in FY28 and FY29, keeping the ambitious doubling target at risk.

All 19 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 39.7%, net profit up 223.8% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue771 786 710 693 700 −9%719 −9%735 +4%968 +40%
EBITDA75 75 59 31 37 −51%50 −33%54 −8%114 +268%
Net profit28 29 22 21 11 −61%25 −14%22 +0%68 +224%
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 −21.5% 1Y

₹100₹150₹200Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 30 Oct 2025Q3 FY26 — 30 Jan 2026Q4 FY26 — 22 May 2026Q1 FY27 — 30 Jul 2026

1Y: ₹223.69 on 10 Sept 2025 → ₹175.56. High ₹223.69 (10 Sept 2025), low ₹108.11 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−9.2%
30 Jul
Q4 FY26
−4.5%
22 May
Q3 FY26
+1.5%
30 Jan
Q2 FY26
−2.6%
30 Oct

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 0.6% a year over 3 years, FY23 to FY26. Operating margin narrowed to 6.0%.

Year endingFY23FY24FY25FY26
Revenue₹2.8k Cr₹2.9k Cr₹3.0k Cr₹2.8k Cr
Operating profit₹242 Cr₹258 Cr₹280 Cr₹172 Cr
Operating margin8.7%9.0%9.4%6.0%
Interest₹11 Cr₹7 Cr₹20 Cr₹23 Cr
Depreciation₹73 Cr₹108 Cr₹124 Cr₹76 Cr
Net profit₹124 Cr₹120 Cr₹113 Cr₹79 Cr
Net margin4.4%4.2%3.8%2.8%
Cash from operations₹199 Cr₹561 Cr₹108 Cr₹175 Cr
Free cash flow₹-277 Cr₹314 Cr₹-286 Cr₹-427 Cr
ROCE11.0%9.0%9.0%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₹53 Cr₹53 Cr₹53 Cr₹55 Cr₹55 Cr₹55 Cr
Reserves₹982 Cr₹1.2k Cr₹1.4k Cr₹1.7k Cr₹1.9k Cr₹1.9k Cr
Borrowings₹149 Cr₹139 Cr₹406 Cr₹143 Cr₹334 Cr₹543 Cr
Other liabilities₹654 Cr₹825 Cr₹595 Cr₹887 Cr₹933 Cr₹915 Cr
Total liabilities₹1.8k Cr₹2.3k Cr₹2.4k Cr₹2.8k Cr₹3.2k Cr₹3.4k Cr
Fixed assets₹325 Cr₹394 Cr₹715 Cr₹879 Cr₹1.4k Cr₹1.5k Cr
Capital work in progress₹148 Cr₹374 Cr₹447 Cr₹444 Cr₹462 Cr₹652 Cr
Investments₹3 Cr₹5 Cr₹23 Cr₹126 Cr₹63 Cr₹37 Cr
Other assets₹1.4k Cr₹1.5k Cr₹1.2k Cr₹1.4k Cr₹1.2k Cr₹1.3k Cr
Total assets₹1.8k Cr₹2.3k Cr₹2.4k Cr₹2.8k Cr₹3.2k Cr₹3.4k 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 +1.21 pp while FIIs trimmed −0.94 pp. The shareholder count shrank 10% to 3,35,793.

Promoters
69.3%
FIIs
0.7%
DIIs
3.8%
Public
26.1%

Since Jun 2025

  • Public +1.21 pp
  • FIIs −0.94 pp
  • DIIs −0.22 pp

How it drifted, 12 quarters

Over this window promoters fell from 72.4% to 69.3% — −3.0 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 72.4%, FIIs 0.5%, DIIs 1.6%, Public 25.6%.Dec '23: Promoters 69.8%, FIIs 0.7%, DIIs 3.5%, Public 26.0%.Mar '24: Promoters 69.7%, FIIs 0.8%, DIIs 3.4%, Public 26.0%.Jun '24: Promoters 69.5%, FIIs 1.1%, DIIs 2.2%, Public 27.3%.Sep '24: Promoters 69.5%, FIIs 1.7%, DIIs 3.2%, Public 25.6%.Dec '24: Promoters 69.4%, FIIs 2.0%, DIIs 3.5%, Public 25.2%.Mar '25: Promoters 69.4%, FIIs 2.5%, DIIs 3.4%, Public 24.8%.Jun '25: Promoters 69.4%, FIIs 1.6%, DIIs 4.0%, Public 24.9%.Sep '25: Promoters 69.4%, FIIs 1.6%, DIIs 3.2%, Public 25.9%.Dec '25: Promoters 69.4%, FIIs 1.6%, DIIs 3.4%, Public 25.6%.Mar '26: Promoters 69.4%, FIIs 1.2%, DIIs 3.8%, Public 25.7%.Jun '26: Promoters 69.3%, FIIs 0.7%, DIIs 3.8%, Public 26.1%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

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

HolderStakeChange
Yellow Stone Trust 63.74%unchanged
Manisha Ravi Goenka 3.20%unchanged
ICICI Prudential Multicap Fund Mutual fund3.20%unchanged
Brady Investments Pvt Ltd 1.70%unchanged
Ravi Vasudeo Goenka 0.65%unchanged
Rajeev Vasudeo Goenka 0.04%unchanged
Harshvardhan Goenka 0.00%unchanged
Niharika Ravi Goenka 0.00%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

Growth trap

To justify its price of ₹176, this stock must grow earnings at 26% every year for 7 years. Our analysis caps realistic growth at ~-15%. At that growth it is worth ₹20 — downside of 89%.

Growth the price implies
25.6% a year
for 7 years, fading to 4%
It has actually compounded at
-14.0% a year
net profit, FY23–FY26 · EPS -15.2%
The gap
0.4 pp
-89% downside if it only repeats history
Price today ₹175.56 Value at the reference growth ₹19.71

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Laxmi Organic Industries Limited

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