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Indian (NIFTY) Chemicals Industry Analysis

UpdatedApr 13, 2026
DataAggregated Company Financials
Companies358
  • 7D6.4%
  • 3M-6.3%
  • 1Y-2.4%
  • YTD-7.3%

The Chemicals industry is up 6.4% in the last week, with Asian Paints up 8.8%. Despite this gain, the industry's performance has been flat over the past year. Looking forward, earnings are forecast to grow by 20% annually.

Industry Valuation and Performance

Has the Indian Chemicals Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 13 Apr 2026₹17.1t₹7.2t₹539.1b21.3x31.8x2.4x
Wed, 11 Mar 2026₹16.9t₹7.2t₹537.7b21.4x31.3x2.4x
Fri, 06 Feb 2026₹17.5t₹7.1t₹484.5b22.7x36.2x2.5x
Sun, 04 Jan 2026₹18.9t₹7.1t₹495.5b23.7x38.2x2.7x
Tue, 02 Dec 2025₹19.0t₹7.1t₹495.5b24.1x38.4x2.7x
Thu, 30 Oct 2025₹19.5t₹6.9t₹460.3b26.4x42.3x2.8x
Sat, 27 Sep 2025₹19.1t₹6.9t₹457.2b25.9x41.8x2.8x
Mon, 25 Aug 2025₹20.1t₹6.9t₹456.5b27x44x2.9x
Wed, 23 Jul 2025₹20.3t₹6.8t₹445.5b29.4x45.6x3x
Fri, 20 Jun 2025₹19.5t₹6.7t₹442.6b27.3x44.2x2.9x
Sun, 18 May 2025₹19.2t₹6.7t₹434.1b25.7x44.2x2.8x
Tue, 15 Apr 2025₹17.7t₹6.6t₹410.2b24.3x43x2.7x
Thu, 13 Mar 2025₹16.9t₹6.6t₹410.2b24.2x41.2x2.6x
Sat, 08 Feb 2025₹18.1t₹6.6t₹399.0b27.8x45.3x2.8x
Mon, 06 Jan 2025₹18.8t₹6.4t₹367.9b31.8x51x2.9x
Wed, 04 Dec 2024₹19.5t₹6.4t₹367.7b33x53x3x
Fri, 01 Nov 2024₹19.9t₹6.4t₹371.8b34.1x53.7x3.1x
Sun, 29 Sep 2024₹21.3t₹6.4t₹369.5b35.7x57.7x3.3x
Tue, 27 Aug 2024₹20.6t₹6.4t₹368.7b35.4x55.9x3.2x
Thu, 25 Jul 2024₹19.8t₹6.4t₹379.1b35.2x52.1x3.1x
Sat, 22 Jun 2024₹19.6t₹6.4t₹381.8b34.4x51.3x3.1x
Mon, 20 May 2024₹18.0t₹6.4t₹373.5b30x48.3x2.8x
Wed, 17 Apr 2024₹17.3t₹6.5t₹410.6b29.6x42.2x2.7x
Fri, 15 Mar 2024₹16.7t₹6.5t₹411.6b27.7x40.5x2.6x
Sun, 11 Feb 2024₹17.0t₹6.6t₹435.8b30.6x39.1x2.6x
Tue, 09 Jan 2024₹17.8t₹6.8t₹485.5b30.6x36.7x2.6x
Thu, 07 Dec 2023₹17.4t₹6.8t₹485.6b28.3x35.8x2.6x
Sat, 04 Nov 2023₹16.1t₹6.9t₹507.9b26.8x31.8x2.4x
Mon, 02 Oct 2023₹16.5t₹6.9t₹513.7b26.9x32x2.4x
Wed, 30 Aug 2023₹16.7t₹6.9t₹514.5b26.5x32.5x2.4x
Fri, 28 Jul 2023₹15.9t₹7.1t₹557.3b22.3x28.5x2.3x
Sun, 25 Jun 2023₹15.9t₹7.1t₹561.2b21.8x28.3x2.2x
Tue, 23 May 2023₹15.3t₹7.1t₹607.0b20.4x25.1x2.1x
Thu, 20 Apr 2023₹14.8t₹7.0t₹616.2b20.3x23.9x2.1x
Price to Earnings Ratio

23.9x


Total Market Cap: ₹14.8tTotal Earnings: ₹616.2bTotal Revenue: ₹7.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Chemicals Industry Price to Earnings3Y Average 41x202420252026
Current Industry PE
  • Investors are pessimistic on the Indian Chemicals industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 31.8x which is lower than its 3-year average PE of 41.0x.
  • The 3-year average PS ratio of 2.7x is higher than the industry's current PS ratio of 2.4x.
Past Earnings Growth
  • The earnings for companies in the Chemicals industry have declined 4.4% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

Which industries have driven the changes within the Indian Materials industry?

IN Market6.90%
Materials7.25%
Chemicals6.36%
Fertilizers and Agricultural Chemicals8.77%
Commodity Chemicals6.43%
Specialty Chemicals6.27%
Diversified Chemicals4.70%
Industrial Gases-0.091%
Industry PE
  • Investors are most optimistic about the Industrial Gases industry even though it's trading below its 3-year average PE ratio of 118x.
    • Analysts are expecting annual earnings growth of 17.9%, which is lower than the prior year's growth of 35.0% per year.
  • Investors are most pessimistic about the Fertilizers and Agricultural Chemicals industry, which is trading below its 3-year average of 32.4x.
Forecasted Growth
  • Analysts are most optimistic on the Commodity Chemicals industry, expecting annual earnings growth of 23% over the next 5 years.
  • This is better than its past earnings growth rate of 9.2% per year.
  • In contrast, the Industrial Gases industry is expected to see its earnings grow by 18% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
ASIANPAINT Asian Paints₹2.36k8.8%
+₹183.9b		-1.4%PE58.9x
SOLARINDS Solar Industries India₹14.07k7.4%
+₹87.2b		24.4%PE87.7x
PIDILITIND Pidilite Industries₹1.36k6.6%
+₹85.0b		-8.1%PE60.3x
COROMANDEL Coromandel International₹2.15k14.7%
+₹81.6b		4.6%PE26.5x
FACT Fertilisers and Chemicals Travancore₹857.6010.8%
+₹54.3b		37.3%PE1984.6x

Latest News

PIDILITIND
₹1,357.10
Pidilite Industries
7D
6.6%
1Y
-8.1%
SOLARINDS
₹14,073.00
Solar Industries India
7D
7.4%
1Y
24.4%

SOLARINDS: Defence Export Contracts Will Sustain Multi Year Upside Potential

Analysts maintained their fair value estimate for Solar Industries India at ₹16,696.67, with only minor adjustments to assumptions on discount rate, revenue growth, profit margin, and future P/E, resulting in a largely unchanged price target narrative. What's in the News Solar Industries India and its subsidiary received export orders worth INR 8,300 million for defence products, with deliveries scheduled over 4 years under international contracts governed by specific defence supply terms (company announcement).
ASIANPAINT
₹2,360.70
Asian Paints
7D
8.8%
1Y
-1.4%

ASIANPAINT: Refined Discount Rate And P/E Assumptions Will Support Constructive Near-Term Outlook

Analysts now place Asian Paints' price target at around ₹2,689, down from about ₹2,731, reflecting updated assumptions on revenue growth, profit margins and future P/E expectations. Valuation Changes Fair Value: Trimmed from ₹2,731.49 to ₹2,689.37, a small reduction in the implied upside.
523642
₹2,952.55
PI Industries
7D
5.6%
1Y
-18.2%

523642: Interim Dividend Will Support Continued Bullish Case

Analysts have trimmed their fair value estimate for PI Industries from about ₹4,872.93 to roughly ₹4,806.06 as they reset assumptions around revenue growth, profit margins and future P/E levels. What's in the News A regulatory order has been issued by the Office of the Excise and Taxation Officer cum State Tax Officer, Bhatinda, creating a tax demand of ₹39,009,656 for FY 2021-22 under CGST and PGST provisions.
509480
₹454.70
Berger Paints India
7D
7.9%
1Y
-14.3%

509480: Fair Value View Will Balance Higher Growth Assumptions And Leaner Margins

Analysts have kept their ₹400 price target on Berger Paints India unchanged, citing revised assumptions that now combine higher revenue growth expectations with slightly lower profit margins and a modestly reduced future P/E multiple. Valuation Changes Fair Value: Kept unchanged at ₹400 per share, indicating no revision to the headline valuation outcome despite updated assumptions.
MBAPL
₹523.80
Madhya Bharat Agro Products
7D
-1.5%
1Y
97.3%
512070
₹644.80
UPL
7D
8.8%
1Y
1.1%

512070: Upcoming Governance Decisions And Treasury Scheme Will Support A Stronger Outlook

Analysts have trimmed their price target on UPL from ₹975 to ₹947, citing updated assumptions on long term profit margins and P/E multiples, along with refreshed views on growth, discount rates and fair value. What's in the News UPL has called a Special or Extraordinary Shareholders Meeting for March 31, 2026, at 15:30 IST to seek approval for material related party transactions involving sale of materials and functional support services between UPL and its subsidiaries, and between Arysta LifeScience Benelux SRL and UPL Europe Supply Chain GmbH (Key Developments).
524717
₹431.55
Titan Biotech
7D
-14.4%
1Y
335.1%
524200
₹1,258.45
Vinati Organics
7D
-3.9%
1Y
-18.4%

524200: Steady Fair Value And Upcoming Results Will Support Earnings Quality

Analysts have kept their fair value estimate for Vinati Organics steady at ₹1,871.64 per share, with only minor tweaks to inputs such as the discount rate, revenue growth, profit margin, and future P/E assumptions. What's in the News A board meeting is scheduled for January 31, 2026 to consider and approve the unaudited financial results for the quarter and nine months ended December 31, 2025, along with the limited review report, and to address other business matters (company filing).
CHEMPLASTS
₹243.90
Chemplast Sanmar
7D
-4.9%
1Y
-43.6%
FACT
₹857.60
Fertilisers and Chemicals Travancore
7D
10.8%
1Y
37.3%
506373
₹121.90
Citurgia Biochemicals
7D
-22.6%
1Y
n/a
523457
₹7,190.85
Linde India
7D
-1.5%
1Y
22.0%
530117
₹2,897.65
Privi Speciality Chemicals
7D
-1.5%
1Y
59.3%
COROMANDEL
₹2,154.80
Coromandel International
7D
14.7%
1Y
4.6%

Coromandel International (NSE:COROMANDEL) Has Announced A Dividend Of ₹9.00

Feb 01
Coromandel International (NSE:COROMANDEL) Has Announced A Dividend Of ₹9.00
DCMSHRIRAM
₹1,116.20
DCM Shriram
7D
-1.4%
1Y
7.7%

DCM Shriram (NSE:DCMSHRIRAM) Has Announced A Dividend Of ₹3.60

Jan 23
DCM Shriram (NSE:DCMSHRIRAM) Has Announced A Dividend Of ₹3.60