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Indian (NIFTY) Chemicals Industry Analysis

UpdatedApr 01, 2026
DataAggregated Company Financials
Companies359
  • 7D-3.2%
  • 3M-16.2%
  • 1Y-10.6%
  • YTD-15.9%

The Chemicals is pretty flat in the last 7 days, but Supreme Petrochem has stood out, gaining 6.9%. As for the longer term, the industry has declined 11% in the last year. As for the next few years, earnings are expected to grow by 20% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 01 Apr 2026₹15.6t₹7.2t₹538.7b18.8x28.9x2.2x
Fri, 27 Feb 2026₹17.4t₹7.1t₹536.0b22.1x32.5x2.4x
Sun, 25 Jan 2026₹17.8t₹7.1t₹503.8b21.9x35.3x2.5x
Tue, 23 Dec 2025₹18.9t₹7.1t₹495.4b23.5x38.1x2.6x
Thu, 20 Nov 2025₹19.3t₹7.1t₹495.6b25x39x2.7x
Sat, 18 Oct 2025₹19.4t₹6.9t₹457.9b25.6x42.4x2.8x
Mon, 15 Sep 2025₹19.9t₹6.9t₹457.1b26.8x43.5x2.9x
Wed, 13 Aug 2025₹19.7t₹6.9t₹457.3b26.7x43.2x2.9x
Fri, 11 Jul 2025₹20.4t₹6.8t₹443.6b29x46x3x
Sun, 08 Jun 2025₹19.8t₹6.7t₹442.7b27.6x44.8x2.9x
Tue, 06 May 2025₹18.5t₹6.6t₹415.1b24.7x44.7x2.8x
Thu, 03 Apr 2025₹17.7t₹6.6t₹410.2b24.7x43.2x2.7x
Sat, 01 Mar 2025₹16.2t₹6.6t₹410.1b23.2x39.6x2.5x
Mon, 27 Jan 2025₹17.8t₹6.5t₹369.6b29.1x48.1x2.7x
Wed, 25 Dec 2024₹18.7t₹6.4t₹367.6b32.1x50.8x2.9x
Fri, 22 Nov 2024₹18.4t₹6.4t₹367.4b31.2x50.1x2.9x
Sun, 20 Oct 2024₹20.6t₹6.4t₹367.7b36x56x3.2x
Tue, 17 Sep 2024₹21.3t₹6.4t₹369.5b36.4x57.7x3.3x
Thu, 15 Aug 2024₹19.8t₹6.4t₹366.3b34.2x54.1x3.1x
Sat, 13 Jul 2024₹20.1t₹6.3t₹380.7b34.8x52.8x3.2x
Mon, 10 Jun 2024₹18.2t₹6.3t₹369.1b30.3x49.3x2.9x
Wed, 08 May 2024₹17.8t₹6.5t₹389.0b30.6x45.6x2.7x
Fri, 05 Apr 2024₹17.6t₹6.5t₹410.6b29.8x42.8x2.7x
Sun, 03 Mar 2024₹17.0t₹6.5t₹410.6b30.5x41.5x2.6x
Tue, 30 Jan 2024₹17.3t₹6.8t₹488.4b30x35.4x2.6x
Thu, 28 Dec 2023₹17.9t₹6.8t₹485.5b30.2x37x2.7x
Sat, 25 Nov 2023₹16.7t₹6.7t₹483.9b27.9x34.5x2.5x
Mon, 23 Oct 2023₹16.6t₹6.9t₹515.5b27.4x32.2x2.4x
Wed, 20 Sep 2023₹16.8t₹6.9t₹513.6b27.7x32.7x2.4x
Fri, 18 Aug 2023₹16.0t₹6.9t₹514.1b25.2x31.1x2.3x
Sun, 16 Jul 2023₹15.9t₹7.1t₹561.7b22x28.3x2.2x
Tue, 13 Jun 2023₹15.6t₹7.1t₹561.2b21.6x27.7x2.2x
Thu, 11 May 2023₹15.3t₹7.1t₹608.5b20.3x25.1x2.2x
Sat, 08 Apr 2023₹14.4t₹7.0t₹616.0b19.7x23.4x2.1x
Price to Earnings Ratio

23.4x


Total Market Cap: ₹14.4tTotal Earnings: ₹616.0bTotal Revenue: ₹7.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Chemicals Industry Price to Earnings3Y Average 40.9x202420252026
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 28.9x which is lower than its 3-year average PE of 40.9x.
  • The 3-year average PS ratio of 2.7x is higher than the industry's current PS ratio of 2.2x.
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-2.63%
Materials-1.31%
Chemicals-3.20%
Diversified Chemicals-1.99%
Specialty Chemicals-3.00%
Commodity Chemicals-3.13%
Fertilizers and Agricultural Chemicals-3.63%
Industrial Gases-7.67%
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 17.8%, 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 32.3x.
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
500405 Supreme Petrochem₹739.406.9%
+₹9.0b		20.0%PE52x
500027 Atul₹6.37k4.1%
+₹7.5b		10.0%PE31.6x
DCMSHRIRAM DCM Shriram₹1.12k4.0%
+₹6.9b		6.7%PE26.9x
500123 ELANTAS Beck India₹8.20k9.8%
+₹5.8b		-15.4%PE44x
500165 Kansai Nerolac Paints₹167.053.6%
+₹4.7b		-29.7%PE23.1x

Latest News

PCBL
₹241.95
PCBL Chemical
7D
3.8%
1Y
-42.9%

PCBL: Upcoming Board Meetings Will Support Expected Future Upside

Analysts have maintained the price target for PCBL Chemical at ₹368, citing largely unchanged assumptions around revenue growth, profit margin and forward P/E, with only minor adjustments to the discount rate and long term valuation inputs. What's in the News Board meeting scheduled on Mar 09, 2026 to consider and approve amendments to the Debenture Trust Deed dated Jan 20, 2024 (company filing).
500405
₹739.40
Supreme Petrochem
7D
6.9%
1Y
20.0%
SOLARINDS
₹12,076.00
Solar Industries India
7D
-3.8%
1Y
8.5%

SOLARINDS: Defence Export Contracts Will Sustain Multi Year Upside Potential

Analysts keep their price target for Solar Industries India broadly unchanged at about ₹16,696, reflecting almost identical assumptions on discount rate, revenue growth, profit margin and future P/E, and indicating that their core valuation view remains steady. What's in the News Solar Industries India and its subsidiary received export orders worth ₹8,300 million for defence products, with deliveries planned over 4 years under international contracts with significant terms and conditions for defence supplies (company announcement).
500027
₹6,372.95
Atul
7D
4.1%
1Y
10.0%
ASIANPAINT
₹2,165.20
Asian Paints
7D
-2.3%
1Y
-6.5%

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

Analysts have trimmed their price target on Asian Paints slightly to about ₹2,731 from roughly ₹2,752, reflecting refreshed inputs for fair value, discount rate, revenue growth, profit margin and future P/E assumptions. Valuation Changes Fair Value: Trimmed slightly from ₹2,752.20 to ₹2,731.49, a reduction of about 0.8%.
503806
₹2,437.20
SRF
7D
-1.3%
1Y
-15.3%

503806: Elevated P E And Margins Will Likely Restrain Future Returns

Analysts have modestly increased their fair value estimate for SRF from ₹2,218.36 to ₹2,239.45, citing updated assumptions regarding revenue growth, profit margins, the discount rate, and future P/E, which together support a slightly higher price target. What's in the News SRF's board approved the appointment of Mr. Samir Kashyap as Chief Financial Officer, effective January 27, 2026.
500165
₹167.05
Kansai Nerolac Paints
7D
3.6%
1Y
-29.7%
PIDILITIND
₹1,285.00
Pidilite Industries
7D
-3.5%
1Y
-9.1%

“Pidilite: Strong Business, But Crude Changed the Story”

Earlier the stock was around ₹1,460 , and at that time it was trading at a very high valuation because margins were strong and stable. The market was assuming that EBITDA margins will continue around 22–23% without much pressure.
FLUOROCHEM
₹3,028.30
Gujarat Fluorochemicals
7D
-5.3%
1Y
-24.7%

FLUOROCHEM: Upcoming Governance Decisions Will Support Long Term Upside

Analysts have trimmed their price target for Gujarat Fluorochemicals from about ₹3,905 to roughly ₹3,669, reflecting slightly lower assumptions on revenue growth, profit margins and future P/E multiples in their refreshed models. What's in the News Board meeting scheduled for Feb 12, 2026, to consider, approve and record unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025 (Key Developments).
512070
₹567.70
UPL
7D
-8.5%
1Y
-10.6%

512070: Fair Pricing Will Rely On Execution Of Upcoming Restructuring Steps

Analysts have nudged their price target on UPL slightly higher to about ₹648 from roughly ₹641, citing updated assumptions around revenue growth, profit margins, a modestly lower discount rate, and a small adjustment to the expected future P/E multiple. What's in the News UPL has scheduled a board meeting on Feb 02, 2026 at 12:45 Indian Standard Time to consider and approve unaudited consolidated and standalone financial results for the quarter and nine months ended Dec 31, 2025, along with limited review reports from the statutory auditors (Key Developments).
506285
₹4,651.60
Bayer CropScience
7D
1.7%
1Y
-3.5%

506285: Upcoming Results And Stable Assumptions Will Support A Positive Outlook

Analysts have marginally revised their price target for Bayer CropScience to ₹5,187, reflecting small tweaks to assumptions on discount rate, revenue growth, profit margin and future P/E, rather than any major shift in the outlook. What's in the News A board meeting is scheduled for February 11, 2026, to review and consider the unaudited financial results for the quarter ended December 31, 2025 (Key Developments).
FACT
₹749.15
Fertilisers and Chemicals Travancore
7D
-5.7%
1Y
16.1%
500123
₹8,202.50
ELANTAS Beck India
7D
9.8%
1Y
-15.4%
523457
₹6,808.50
Linde India
7D
-8.0%
1Y
9.7%
524019
₹4,233.45
Kingfa Science & Technology (India)
7D
4.8%
1Y
44.0%
DCMSHRIRAM
₹1,116.50
DCM Shriram
7D
4.0%
1Y
6.7%

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

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