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Indian (NIFTY) Chemicals Industry Analysis

UpdatedFeb 26, 2026
DataAggregated Company Financials
Companies356
  • 7D-1.8%
  • 3M-7.5%
  • 1Y5.0%
  • YTD-5.8%

Over the last 7 days, the Chemicals industry has dropped 2.1%, driven by UPL declining 16%. On the other hand Fine Organic Industries is actually up 8.2%. In the past year, the industry has gained 4.6%. 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
Thu, 26 Feb 2026₹17.4t₹7.1t₹536.1b22.1x32.4x2.4x
Sat, 24 Jan 2026₹17.8t₹7.1t₹495.9b21.9x35.8x2.5x
Mon, 22 Dec 2025₹18.7t₹7.1t₹495.4b23.4x37.6x2.6x
Wed, 19 Nov 2025₹19.4t₹7.1t₹497.6b25.3x38.9x2.7x
Fri, 17 Oct 2025₹19.4t₹6.9t₹457.5b25.8x42.3x2.8x
Sun, 14 Sep 2025₹19.9t₹6.9t₹457.1b26.8x43.5x2.9x
Tue, 12 Aug 2025₹19.8t₹6.9t₹458.3b26.6x43.2x2.9x
Thu, 10 Jul 2025₹20.6t₹6.8t₹443.6b29x46.3x3x
Sat, 07 Jun 2025₹19.8t₹6.7t₹442.9b27.6x44.7x2.9x
Mon, 05 May 2025₹18.4t₹6.6t₹414.7b24.3x44.3x2.8x
Wed, 02 Apr 2025₹17.5t₹6.6t₹410.2b24.2x42.7x2.7x
Fri, 28 Feb 2025₹16.6t₹6.6t₹410.1b24.3x40.5x2.5x
Sun, 26 Jan 2025₹17.8t₹6.5t₹369.6b29.1x48.1x2.7x
Tue, 24 Dec 2024₹18.5t₹6.4t₹367.7b31.6x50.4x2.9x
Thu, 21 Nov 2024₹18.7t₹6.4t₹367.4b31.4x50.8x2.9x
Sat, 19 Oct 2024₹20.6t₹6.4t₹367.3b36x56.1x3.2x
Mon, 16 Sep 2024₹21.3t₹6.4t₹369.5b36.4x57.7x3.3x
Wed, 14 Aug 2024₹19.9t₹6.4t₹370.2b34.4x53.8x3.1x
Fri, 12 Jul 2024₹20.1t₹6.3t₹380.6b34.8x52.9x3.2x
Sun, 09 Jun 2024₹18.2t₹6.3t₹369.1b30.3x49.3x2.9x
Tue, 07 May 2024₹18.1t₹6.5t₹393.3b30.8x45.9x2.8x
Thu, 04 Apr 2024₹17.5t₹6.5t₹410.6b29.7x42.7x2.7x
Sat, 02 Mar 2024₹17.0t₹6.5t₹410.6b30.5x41.5x2.6x
Mon, 29 Jan 2024₹17.2t₹6.8t₹488.4b29.9x35.2x2.5x
Wed, 27 Dec 2023₹17.9t₹6.8t₹485.5b30x36.9x2.6x
Fri, 24 Nov 2023₹16.7t₹6.7t₹483.9b28.2x34.5x2.5x
Sun, 22 Oct 2023₹16.6t₹6.9t₹514.0b27.2x32.3x2.4x
Tue, 19 Sep 2023₹16.8t₹6.9t₹513.6b27.7x32.7x2.4x
Thu, 17 Aug 2023₹16.0t₹6.9t₹514.1b25.2x31.1x2.3x
Sat, 15 Jul 2023₹15.9t₹7.1t₹561.7b22x28.3x2.2x
Mon, 12 Jun 2023₹15.5t₹7.1t₹561.2b21.5x27.6x2.2x
Wed, 10 May 2023₹15.3t₹7.0t₹610.1b20.4x25x2.2x
Fri, 07 Apr 2023₹14.4t₹7.0t₹614.1b19.7x23.5x2.1x
Sun, 05 Mar 2023₹14.4t₹7.0t₹614.0b19.3x23.5x2.1x
Price to Earnings Ratio

23.5x


Total Market Cap: ₹14.4tTotal Earnings: ₹614.0bTotal Revenue: ₹7.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Chemicals Industry Price to Earnings3Y Average 40.7x202420252026
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 32.3x which is lower than its 3-year average PE of 40.7x.
  • The industry is trading close to its 3-year average PS ratio of 2.7x.
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 Market-0.97%
Materials0.35%
Chemicals-1.80%
Specialty Chemicals-0.64%
Commodity Chemicals-0.73%
Diversified Chemicals-1.49%
Industrial Gases-1.71%
Fertilizers and Agricultural Chemicals-4.76%
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 19.9%, 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 31.9x.
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 6.7% per year.
  • In contrast, the Diversified Chemicals industry is expected to see its earnings grow by 19% 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
FINEORG Fine Organic Industries₹4.88k8.2%
+₹11.4b		32.1%PE37.7x
FLUOROCHEM Gujarat Fluorochemicals₹3.49k3.0%
+₹11.0b		-5.5%PE58.5x
523642 PI Industries₹3.10k2.3%
+₹10.7b		0.6%PE32.4x
PIDILITIND Pidilite Industries₹1.50k0.5%
+₹8.2b		11.1%PE66.5x
500770 Tata Chemicals₹718.854.2%
+₹7.3b		-13.0%PE113x

Latest News

500227
₹640.55
Jindal Poly Films
7D
32.6%
1Y
-8.3%
512070
₹625.75
UPL
7D
-16.2%
1Y
-3.3%
500770
₹718.85
Tata Chemicals
7D
4.2%
1Y
-13.0%

500770: Greenfield Salt Capacity And Upcoming Results Will Support Bullish Outlook

Analysts have trimmed their fair value estimate for Tata Chemicals from about ₹898.88 to roughly ₹803.22, reflecting updated assumptions for the discount rate, revenue growth, profit margin and future P/E. What's in the News Board meeting scheduled on February 2, 2026 at 14:00 Indian Standard Time to consider and approve the unaudited consolidated and audited standalone financial results for the third quarter and nine months ended December 31, 2025 (Key Developments) Planned investment of ₹515 crore to set up a greenfield manufacturing facility with 210 Kilo Tons Per Annum Iodised Vacuum Salt Dried capacity at Valinokkam in Ramanathapuram district, Tamil Nadu (Key Developments) Valuation Changes Fair Value: Trimmed from about ₹898.88 to roughly ₹803.22, a moderate reduction in the central estimate.
503806
₹2,613.50
SRF
7D
-4.3%
1Y
-5.4%

503806: Elevated P E And Modest Margin Outlook Will Likely Pressure Returns

Analysts have slightly raised their price target on SRF to ₹2,244, citing updated assumptions for the discount rate, revenue growth, profit margin and future P/E. These changes keep their fair value view broadly unchanged in headline terms but reflect a modestly adjusted risk and earnings profile.
ASIANPAINT
₹2,416.40
Asian Paints
7D
-0.6%
1Y
8.6%

ASIANPAINT: Upcoming Board Review Will Support A Positive Near-Term Outlook

Analysts have trimmed their fair value estimate for Asian Paints slightly, reducing the projected price target from about ₹2,765 to roughly ₹2,761. This reflects marginal tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions.
523642
₹3,097.00
PI Industries
7D
2.3%
1Y
0.6%

523642: Future Earnings Strength Will Sustain Confidence Despite Contested Tax Demand

Analysts have reduced their price target on PI Industries from ₹3,808 to ₹3,422, citing updated views on fair value, discount rate, revenue growth, profit margins and future P/E multiples. What's in the News Board meeting scheduled on February 12, 2026 at 14:00 IST to review unaudited standalone and consolidated results for the quarter and nine months ended December 31, 2025, and to consider an interim dividend for FY 2025-26 (company filing).
506401
₹1,581.60
Deepak Nitrite
7D
-3.8%
1Y
-17.7%
FLUOROCHEM
₹3,494.50
Gujarat Fluorochemicals
7D
3.0%
1Y
-5.5%

FLUOROCHEM: Fair Outlook As Battery Materials Venture And Governance Changes Shape Future

Analysts have adjusted their price target for Gujarat Fluorochemicals from ₹3,000 to about ₹3,139.94, reflecting updated assumptions on fair value, discount rate, revenue growth, profit margins and future P/E expectations. What's in the News IFC, a member of the World Bank Group, is investing US$50 million in GFCL EV Products Limited through compulsorily convertible instruments to build what is described as India's first integrated battery materials facility, focused on battery chemicals with backward integration into key raw materials (Key Developments).
500184
₹482.75
Himadri Speciality Chemical
7D
2.2%
1Y
11.2%
EIDPARRY
₹866.65
E.I.D.- Parry (India)
7D
-4.7%
1Y
26.7%

Is Now The Time To Put E.I.D.- Parry (India) (NSE:EIDPARRY) On Your Watchlist?

Feb 16
Is Now The Time To Put E.I.D.- Parry (India) (NSE:EIDPARRY) On Your Watchlist?
FINEORG
₹4,883.50
Fine Organic Industries
7D
8.2%
1Y
32.1%
SOLARINDS
₹13,459.00
Solar Industries India
7D
0.6%
1Y
51.7%

Results: Solar Industries India Limited Beat Earnings Expectations And Analysts Now Have New Forecasts

Feb 06
Results: Solar Industries India Limited Beat Earnings Expectations And Analysts Now Have New Forecasts
PIDILITIND
₹1,497.60
Pidilite Industries
7D
0.5%
1Y
11.1%

PIDILITIND: Fair Outlook Will Reflect Modest Revisions And Upcoming Results

Analysts have trimmed their price target for Pidilite Industries from ₹1,713.50 to ₹1,616.90, citing updated assumptions around the discount rate, revenue growth, profit margin and future P/E expectations. What's in the News Pidilite Industries has scheduled a board meeting for February 3, 2026, to consider and take on record the unaudited financial results for the third quarter and nine months ended December 31, 2025 (company filing).
COROMANDEL
₹2,311.00
Coromandel International
7D
-2.0%
1Y
36.8%

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

Feb 01
Coromandel International (NSE:COROMANDEL) Has Announced A Dividend Of ₹9.00
FACT
₹756.80
Fertilisers and Chemicals Travancore
7D
-5.6%
1Y
6.0%
DCMSHRIRAM
₹1,063.40
DCM Shriram
7D
-3.9%
1Y
11.8%

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

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