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Indian (NIFTY) Chemicals Industry Analysis

UpdatedJan 11, 2026
DataAggregated Company Financials
Companies356
  • 7D-1.8%
  • 3M-3.6%
  • 1Y0.1%
  • YTD-1.4%

The Chemicals industry is down 1.8% over the last week with UPL the worst performer, down 4.2%. Meanwhile, Solar Industries India actually outperformed within the industry, gaining 6.9% in the last week. Over the last year, the industry has been flat overall. Earnings are forecast to grow by 19% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 11 Jan 2026₹18.7t₹7.1t₹495.9b22.8x37.6x2.6x
Tue, 09 Dec 2025₹18.5t₹7.1t₹495.5b23.4x37.4x2.6x
Thu, 06 Nov 2025₹19.2t₹7.0t₹461.9b26.2x41.5x2.7x
Sat, 04 Oct 2025₹19.3t₹6.9t₹457.1b26.2x42.3x2.8x
Mon, 01 Sep 2025₹19.6t₹6.9t₹457.0b26.4x43x2.8x
Wed, 30 Jul 2025₹20.4t₹6.8t₹449.9b28.8x45.2x3x
Fri, 27 Jun 2025₹20.0t₹6.7t₹442.6b29.1x45.2x3x
Sun, 25 May 2025₹19.3t₹6.7t₹437.6b26.3x44.1x2.9x
Tue, 22 Apr 2025₹18.6t₹6.6t₹410.6b25.5x45.4x2.8x
Thu, 20 Mar 2025₹17.3t₹6.6t₹410.2b24.5x42.2x2.6x
Sat, 15 Feb 2025₹16.8t₹6.6t₹397.8b25.9x42.3x2.6x
Mon, 13 Jan 2025₹18.3t₹6.5t₹367.4b29.9x49.9x2.8x
Wed, 11 Dec 2024₹19.7t₹6.4t₹367.7b33.2x53.5x3.1x
Fri, 08 Nov 2024₹20.3t₹6.4t₹371.5b35.1x54.7x3.2x
Sun, 06 Oct 2024₹20.7t₹6.4t₹369.5b34.8x55.9x3.2x
Tue, 03 Sep 2024₹20.7t₹6.4t₹369.1b35.5x56x3.2x
Thu, 01 Aug 2024₹20.7t₹6.4t₹380.1b35.3x54.4x3.2x
Sat, 29 Jun 2024₹19.4t₹6.4t₹381.8b34.4x50.8x3x
Mon, 27 May 2024₹18.1t₹6.4t₹375.8b30.3x48.1x2.8x
Wed, 24 Apr 2024₹17.7t₹6.5t₹411.4b31.1x42.9x2.7x
Fri, 22 Mar 2024₹16.7t₹6.5t₹411.3b28x40.6x2.6x
Sun, 18 Feb 2024₹17.2t₹6.5t₹422.3b30.5x40.8x2.6x
Tue, 16 Jan 2024₹17.9t₹6.8t₹483.5b30.8x37x2.6x
Thu, 14 Dec 2023₹17.3t₹6.8t₹485.5b28.8x35.7x2.6x
Sat, 11 Nov 2023₹16.4t₹6.8t₹495.7b28.1x33.1x2.4x
Mon, 09 Oct 2023₹16.5t₹6.9t₹513.8b26.8x32.2x2.4x
Wed, 06 Sep 2023₹16.9t₹6.9t₹514.0b27.6x33x2.4x
Fri, 04 Aug 2023₹16.1t₹7.0t₹543.6b23.1x29.6x2.3x
Sun, 02 Jul 2023₹16.0t₹7.1t₹561.3b22.3x28.5x2.3x
Tue, 30 May 2023₹15.4t₹7.1t₹592.1b20.9x26x2.2x
Thu, 27 Apr 2023₹14.9t₹7.0t₹615.6b20.4x24.2x2.1x
Sat, 25 Mar 2023₹14.1t₹7.0t₹614.1b18.8x22.9x2x
Mon, 20 Feb 2023₹14.6t₹7.0t₹613.9b19.2x23.8x2.1x
Wed, 18 Jan 2023₹15.0t₹6.7t₹618.3b19.8x24.3x2.2x
Price to Earnings Ratio

24.3x


Total Market Cap: ₹15.0tTotal Earnings: ₹618.3bTotal Revenue: ₹6.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Chemicals Industry Price to Earnings3Y Average 40.2x202420252026
Current Industry PE
  • Investors are relatively neutral on the Indian Chemicals industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 40.2x.
  • 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 7.1% per year over the last three years.
  • Meanwhile revenues for these companies have grown 2.1% per year.
  • This means that although more sales are being generated, 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-2.80%
Materials-2.50%
Chemicals-1.82%
Diversified Chemicals-0.91%
Commodity Chemicals-1.20%
Specialty Chemicals-1.42%
Industrial Gases-2.43%
Fertilizers and Agricultural Chemicals-3.56%
Industry PE
  • Investors are most optimistic about the Industrial Gases industry even though it's trading below its 3-year average PE ratio of 117x.
    • Analysts are expecting annual earnings growth of 27.3%, which is lower than the prior year's growth of 44.4% per year.
  • Investors are most pessimistic about the Fertilizers and Agricultural Chemicals industry, which is trading below its 3-year average of 31.5x.
Forecasted Growth
  • Analysts are most optimistic on the Industrial Gases industry, expecting annual earnings growth of 27% over the next 5 years.
  • However this is lower than its past earnings growth rate of 44% per year.
  • In contrast, the Specialty Chemicals industry is expected to see its earnings grow by 17% 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
SOLARINDS Solar Industries India₹13.19k6.9%
+₹77.4b		38.4%PE90.4x
ASIANPAINT Asian Paints₹2.83k1.9%
+₹50.7b		21.7%PE69.6x
COROMANDEL Coromandel International₹2.31k1.2%
+₹8.3b		20.1%PE28.4x
PIDILITIND Pidilite Industries₹1.48k0.4%
+₹6.2b		2.3%PE67.8x
509732 Kothari Industrial₹221.559.1%
+₹2.1b		136.9%PS17.7x

Latest News

531719
₹209.05
Bhagiradha Chemicals & Industries
7D
4.3%
1Y
-29.8%
506401
₹1,597.15
Deepak Nitrite
7D
-6.7%
1Y
-34.0%

506401: Upcoming Board Meeting Will Support Confidence In Resilient Profitability

Analysts have trimmed their fair value estimate for Deepak Nitrite from ₹1,843.53 to ₹1,810.28, citing slightly adjusted assumptions around the discount rate, revenue growth, profit margin, and future P/E multiples. What's in the News A board meeting is scheduled for Nov 12, 2025, at 14:30 IST to review and approve the standalone and consolidated unaudited financial results for the quarter and half year ended Sep 30, 2025 (Key Developments).
500405
₹572.45
Supreme Petrochem
7D
-11.5%
1Y
-10.2%

500405: Upcoming Board Meet And Interim Dividend Decision Will Support Bullish Outlook

Analysts have lifted their fair value estimate for Supreme Petrochem from ₹684 to ₹750, reflecting updated assumptions on discount rate, revenue growth, profit margin and future P/E expectations. What's in the News A board meeting is scheduled on Oct 24, 2025 at 15:30 Indian Standard Time to review standalone and consolidated unaudited financial results for the second quarter and half year ended Sep 30, 2025, along with the statement of assets and liabilities and the cash flow statement (Key Developments).
INDIGOPNTS
₹1,200.30
Indigo Paints
7D
2.5%
1Y
-6.8%

INDIGOPNTS: Board Review Of Results Will Support A Stronger Outlook

Analysts have maintained their fair value estimate for Indigo Paints at ₹1,505, while making slight updates to assumptions for the discount rate, revenue growth, profit margins and future P/E. These changes reflect refreshed views on the company’s risk profile and earnings potential without altering the headline price target.
FLUOROCHEM
₹3,444.10
Gujarat Fluorochemicals
7D
-5.6%
1Y
-9.3%

FLUOROCHEM: IFC Investment In Battery Materials Project Will Support Long-Term Upside

Analysts have lifted their fair value estimate for Gujarat Fluorochemicals from ₹4,903 to ₹5,019, citing updated assumptions for slightly lower discount rates, higher revenue growth, stronger profit margins and a reduced future P/E multiple. 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 support what is described as India's first integrated battery materials facility, focused on battery chemicals with backward integration into key raw materials (Key Developments).
512070
₹770.75
UPL
7D
-4.2%
1Y
40.5%

512070: Small Assumption Tweaks Will Likely Fail To Prevent Margin Pressure

Analysts have slightly increased their fair value estimate for UPL from ₹596.98 to ₹600.67. This reflects small adjustments to assumptions around the discount rate, revenue growth, profit margins and future P/E multiples.
SUMICHEM
₹440.90
Sumitomo Chemical India
7D
-5.9%
1Y
-7.4%
PIDILITIND
₹1,484.30
Pidilite Industries
7D
0.4%
1Y
2.3%

Is Pidilite Industries (NSE:PIDILITIND) Using Too Much Debt?

Jan 01
Is Pidilite Industries (NSE:PIDILITIND) Using Too Much Debt?
ASIANPAINT
₹2,825.50
Asian Paints
7D
1.9%
1Y
21.7%

ASIANPAINT: Dividend Timelines And Margin Outlook Will Guide A Steady Near-Term View

Analysts have nudged their price target on Asian Paints modestly higher to reflect a slightly improved profit margin outlook and resilient long term earnings visibility, despite only marginal changes in the discount rate, revenue growth assumptions, and future valuation multiples. What's in the News Board meeting scheduled on January 27, 2026, to approve audited standalone and unaudited consolidated financial results for the quarter and nine months ended December 31, 2025, and to discuss other business matters (company filing).
SOLARINDS
₹13,191.00
Solar Industries India
7D
6.9%
1Y
38.4%

We Think Solar Industries India (NSE:SOLARINDS) Might Have The DNA Of A Multi-Bagger

Dec 26
We Think Solar Industries India (NSE:SOLARINDS) Might Have The DNA Of A Multi-Bagger
530999
₹1,163.85
Balaji Amines
7D
5.0%
1Y
-35.3%

530999 Will Likely See Slower Expansion Offset By Stronger Profit Margins

Analysts have reduced their fair value estimate for Balaji Amines to ₹1,185 from ₹1,598, citing expectations of slower revenue growth and a lower future P E multiple. This is partially offset by improved projected profit margins and a slightly higher discount rate.
509732
₹221.55
Kothari Industrial
7D
9.1%
1Y
136.9%
COROMANDEL
₹2,308.40
Coromandel International
7D
1.2%
1Y
20.1%

Coromandel International Limited's (NSE:COROMANDEL) Share Price Could Signal Some Risk

Dec 23
Coromandel International Limited's (NSE:COROMANDEL) Share Price Could Signal Some Risk
PARADEEP
₹147.91
Paradeep Phosphates
7D
-10.1%
1Y
35.6%
FACT
₹867.75
Fertilisers and Chemicals Travancore
7D
-4.4%
1Y
-7.2%

Fertilisers and Chemicals Travancore (NSE:FACT) Has A Pretty Healthy Balance Sheet

Nov 20
Fertilisers and Chemicals Travancore (NSE:FACT) Has A Pretty Healthy Balance Sheet
EIDPARRY
₹939.70
E.I.D.- Parry (India)
7D
-7.1%
1Y
14.8%