New Risk • Jul 09
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 9.2% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.2% average weekly change). High level of non-cash earnings (44% accrual ratio). Minor Risk Market cap is less than US$100m (₹1.56b market cap, or US$16.3m). Valuation Update With 7 Day Price Move • May 25
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₹112, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 22x in the Chemicals industry in India. New Risk • May 22
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). High level of non-cash earnings (44% accrual ratio). Minor Risk Market cap is less than US$100m (₹1.68b market cap, or US$17.5m). Reported Earnings • May 20
Full year 2026 earnings released: EPS: ₹8.71 (vs ₹6.64 in FY 2025) Full year 2026 results: EPS: ₹8.71 (up from ₹6.64 in FY 2025). Revenue: ₹1.13b (up 35% from FY 2025). Net income: ₹120.3m (up 55% from FY 2025). Profit margin: 11% (up from 9.2% in FY 2025). The increase in margin was driven by higher revenue. Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Non-Executive Independent Director Shail Shah was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Mar 11
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Non-Executive Independent Director Shail Shah was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Feb 25
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Non-Executive Independent Director Shail Shah was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Feb 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (7.3% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (9.5% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported March 2025 fiscal period end). Market cap is less than US$100m (₹1.30b market cap, or US$14.4m). Board Change • Feb 05
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Non-Executive Independent Director Shail Shah was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 09
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Non-Executive Independent Director Shail Shah was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.