India’s chemical industry delivered a mixed performance in FY26 as improving domestic demand and higher volumes supported growth, while export-oriented segments continued to face pricing pressure and weak global demand.
The country is the world’s sixth-largest chemical producer and contributes about 7% to GDP. Industry estimates suggest India’s chemicals and petrochemicals demand could approach $1 trillion by 2040, supported by initiatives such as PLI and Make in India.
Here’s how five listed chemical companies performed during FY26.
Pidilite Industries
Pidilite Industries Ltd, known for brands such as Fevicol, Fevikwik, M-Seal, Dr. Fixit and Fevicryl, reported steady growth across revenue and profits.
The company had a market capitalization of Rs. 1,48,524 crore.
Its shares were trading around Rs. 1,459, about 7% below the 52-week high of Rs. 1,575.
The stock trades at a P/E of 60.4, compared with the industry average of 29.9.
FY26 performance
| Particulars | FY25 | FY26 | Growth |
|---|---|---|---|
| Revenue | Rs. 13,140 crore | Rs. 14,601 crore | 11% |
| Operating Profit | Rs. 3,011 crore | Rs. 3,517 crore | 17% |
| Net Profit | Rs. 2,096 crore | Rs. 2,471 crore | 18% |
SRF
SRF Ltd operates across specialty chemicals, fluorochemicals, packaging films and technical textiles.
The company had a market capitalization of Rs. 79,286 crore.
Its shares were trading near Rs. 2,675, around 20% below the 52-week high of Rs. 3,325.
The stock trades at a P/E of 41.7, while the industry average stands at 22.1.
FY26 performance
| Particulars | FY25 | FY26 | Growth |
|---|---|---|---|
| Revenue | Rs. 14,693 crore | Rs. 15,787 crore | 7% |
| Operating Profit | Rs. 2,718 crore | Rs. 3,410 crore | 25% |
| Net Profit | Rs. 1,251 crore | Rs. 1,835 crore | 46% |
Strong profit growth came despite moderate growth in revenue.
Deepak Nitrite
Deepak Nitrite Ltd manufactures chemical intermediates, phenolics, solvents and specialty chemicals used across industries.
The company had a market capitalization of Rs. 22,707 crore.
Its shares were trading around Rs. 1,665, nearly 17% below the 52-week high of Rs. 2,011.
The stock trades at a P/E of 40.6, against the industry average of 29.9.
FY26 performance
| Particulars | FY25 | FY26 | Growth |
|---|---|---|---|
| Revenue | Rs. 8,282 crore | Rs. 7,887 crore | -4.7% |
| Operating Profit | Rs. 1,095 crore | Rs. 981 crore | -10% |
| Net Profit | Rs. 697 crore | Rs. 551 crore | -21% |
Among the companies in the list, Deepak Nitrite was the only one to report a decline in revenue and earnings.
Navin Fluorine International Ltd manufactures refrigerant gases, specialty fluorochemicals and CRAMS products for pharmaceutical and agrochemical industries.
The company had a market capitalization of Rs. 35,216 crore.
Its shares were trading around Rs. 6,865, about 8.7% below the 52-week high of Rs. 7,525.
The stock trades at a P/E of 52.7, compared with the industry average of 29.9.
FY26 performance
| Particulars | FY25 | FY26 | Growth |
|---|---|---|---|
| Revenue | Rs. 2,349 crore | Rs. 3,314 crore | 41% |
| Operating Profit | Rs. 534 crore | Rs. 1,082 crore | 102% |
| Net Profit | Rs. 289 crore | Rs. 664 crore | 129% |
Navin Fluorine delivered the strongest earnings growth among the five companies.
Aarti Industries
Aarti Industries Ltd supplies specialty chemicals to pharmaceutical, agrochemical and polymer industries.
The company had a market capitalization of Rs. 15,689 crore.
Its shares were trading around Rs. 433, nearly 17% below the 52-week high of Rs. 523.
The stock trades at a P/E of 38, while the industry average is 29.9.
FY26 performance
| Particulars | FY25 | FY26 | Growth |
|---|---|---|---|
| Revenue | Rs. 7,271 crore | Rs. 8,286 crore | 14% |
| Operating Profit | Rs. 1,000 crore | Rs. 1,167 crore | 16.7% |
| Net Profit | Rs. 331 crore | Rs. 419 crore | 26% |
Growth remained broad-based, with revenue and profitability improving during the year.
Key takeaway
FY26 brought varied outcomes for chemical companies.
Navin Fluorine emerged as the strongest performer, posting 129% growth in net profit. SRF and Pidilite Industries also reported healthy earnings growth.
In contrast, Deepak Nitrite faced pressure on both revenue and profitability, reflecting the uneven recovery across segments of the chemical industry.
TL;DR
India’s chemical sector saw mixed results in FY26. Navin Fluorine posted the strongest earnings growth, while Pidilite, SRF and Aarti Industries reported steady gains. Deepak Nitrite was the only company in the list to report a decline in revenue and profit.
AI Summary
- India’s chemical sector benefited from improving domestic demand in FY26.
- Pidilite Industries reported 18% growth in net profit.
- SRF’s net profit rose 46% during the year.
- Navin Fluorine posted the strongest earnings growth, with profit up 129%.
- Deepak Nitrite reported lower revenue and earnings.
