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Indian (NIFTY) Chemicals Industry Analysis

UpdatedApr 07, 2026
DataAggregated Company Financials
Companies359
  • 7D4.2%
  • 3M-12.7%
  • 1Y-3.5%
  • YTD-12.3%

In the last week, the Chemicals industry is up 4.2%, with Solar Industries India up 11%. In the same time, Navin Fluorine International was down 5.3%. In the past year, the industry is down 3.5%. 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
Tue, 07 Apr 2026₹16.2t₹7.2t₹538.7b20.4x30.1x2.3x
Thu, 05 Mar 2026₹16.7t₹7.2t₹537.8b21.1x31.1x2.3x
Sat, 31 Jan 2026₹17.8t₹7.2t₹502.0b22.6x35.4x2.5x
Mon, 29 Dec 2025₹18.8t₹7.1t₹495.4b23.3x38x2.6x
Wed, 26 Nov 2025₹19.0t₹7.1t₹495.6b23.9x38.3x2.7x
Fri, 24 Oct 2025₹19.4t₹6.9t₹458.2b26x42.3x2.8x
Sun, 21 Sep 2025₹20.0t₹6.9t₹457.0b27.2x43.7x2.9x
Tue, 19 Aug 2025₹20.0t₹6.9t₹456.5b26.9x43.8x2.9x
Thu, 17 Jul 2025₹20.4t₹6.8t₹444.4b29.8x46x3x
Sat, 14 Jun 2025₹19.8t₹6.7t₹442.4b27.6x44.7x2.9x
Mon, 12 May 2025₹18.2t₹6.7t₹421.5b24x43.2x2.7x
Wed, 09 Apr 2025₹17.3t₹6.6t₹410.2b24.3x42.1x2.6x
Fri, 07 Mar 2025₹17.0t₹6.6t₹410.2b25x41.5x2.6x
Sun, 02 Feb 2025₹18.1t₹6.5t₹397.4b27.9x45.4x2.8x
Tue, 31 Dec 2024₹18.3t₹6.4t₹367.6b31.1x49.8x2.8x
Thu, 28 Nov 2024₹19.1t₹6.4t₹367.7b32.4x51.9x3x
Sat, 26 Oct 2024₹19.4t₹6.4t₹366.8b32.4x52.8x3x
Mon, 23 Sep 2024₹21.1t₹6.4t₹369.5b36x57.2x3.3x
Wed, 21 Aug 2024₹20.3t₹6.4t₹368.7b34.8x55.1x3.2x
Fri, 19 Jul 2024₹20.0t₹6.3t₹377.5b35.1x52.9x3.1x
Sun, 16 Jun 2024₹19.0t₹6.4t₹382.5b33.1x49.7x3x
Tue, 14 May 2024₹17.5t₹6.4t₹383.8b29.9x45.7x2.7x
Thu, 11 Apr 2024₹17.8t₹6.5t₹410.6b30.3x43.2x2.7x
Sat, 09 Mar 2024₹17.1t₹6.5t₹411.0b29.8x41.6x2.6x
Mon, 05 Feb 2024₹17.2t₹6.7t₹454.1b30.8x37.8x2.6x
Wed, 03 Jan 2024₹18.2t₹6.8t₹485.5b30.3x37.4x2.7x
Fri, 01 Dec 2023₹16.8t₹6.8t₹485.5b28x34.7x2.5x
Sun, 29 Oct 2023₹15.9t₹6.9t₹518.1b26.7x30.6x2.3x
Tue, 26 Sep 2023₹16.7t₹6.9t₹513.5b27x32.5x2.4x
Thu, 24 Aug 2023₹16.2t₹6.9t₹514.5b26.3x31.4x2.3x
Sat, 22 Jul 2023₹16.1t₹7.1t₹562.4b22.2x28.7x2.3x
Mon, 19 Jun 2023₹16.0t₹7.1t₹561.2b22.5x28.5x2.3x
Wed, 17 May 2023₹15.4t₹7.1t₹615.0b20.2x25x2.2x
Fri, 14 Apr 2023₹14.7t₹7.0t₹616.0b20x23.9x2.1x
Price to Earnings Ratio

23.9x


Total Market Cap: ₹14.7tTotal Earnings: ₹616.0bTotal 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 30.1x 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 2.3x.
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 Market3.69%
Materials4.32%
Chemicals4.23%
Commodity Chemicals7.46%
Fertilizers and Agricultural Chemicals5.52%
Industrial Gases5.00%
Specialty Chemicals2.72%
Diversified Chemicals0.24%
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
SOLARINDS Solar Industries India₹13.41k11.0%
+₹120.4b		22.6%PE83.5x
512070 UPL₹607.457.0%
+₹33.6b		-1.1%PE31.6x
COROMANDEL Coromandel International₹2.01k5.3%
+₹29.8b		-2.5%PE24.8x
FACT Fertilisers and Chemicals Travancore₹790.755.6%
+₹26.9b		29.1%PE1829.9x
523457 Linde India₹7.09k4.1%
+₹23.9b		19.8%PE102.5x

Latest News

509480
₹429.60
Berger Paints India
7D
4.7%
1Y
-19.8%

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.
FLUOROCHEM
₹3,236.10
Gujarat Fluorochemicals
7D
6.9%
1Y
-12.7%

FLUOROCHEM: Upcoming Board And Remuneration Decisions Will Support Long Term Upside

Narrative Update Analysts have kept the price target for Gujarat Fluorochemicals unchanged at about ₹3,669, citing largely stable assumptions on growth, profitability and future P/E, while only fine tuning the discount rate in their models. What's in the News Board meeting scheduled for Feb 12, 2026, to consider and approve the unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025 (company filing).
512070
₹607.45
UPL
7D
7.0%
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).
500405
₹722.90
Supreme Petrochem
7D
-2.2%
1Y
22.6%
524200
₹1,290.40
Vinati Organics
7D
-2.3%
1Y
-12.7%

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).
ACI
₹574.70
Archean Chemical Industries
7D
-2.2%
1Y
2.9%

ACI: Leadership Changes And Subsidiary Merger Will Guide A Measured Outlook

The analyst price target for Archean Chemical Industries is maintained at ₹600.33, with minor adjustments to the discount rate, revenue growth, profit margin, and future P/E assumptions leading analysts to refine rather than rebase their valuation views. What's in the News A board meeting is scheduled for Mar 19, 2026 at 16:00 IST to consider approving the merger of wholly owned subsidiary Idealis Chemicals Private Limited with wholly owned subsidiary Idealis Mudchemie Private Limited (company filing).
SOLARINDS
₹13,406.00
Solar Industries India
7D
11.0%
1Y
22.6%

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
₹6,204.05
Atul
7D
-2.7%
1Y
19.8%
ASIANPAINT
₹2,186.20
Asian Paints
7D
1.0%
1Y
-8.7%

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%.
532504
₹5,827.90
Navin Fluorine International
7D
-5.3%
1Y
51.7%

532504: Board Vote On Independent Director Will Support A More Positive Outlook

Analysts have slightly increased their price target on Navin Fluorine International to around ₹6,981 from roughly ₹6,961. This reflects fine tuned assumptions on discount rate, revenue growth, profit margin and future P/E rather than any major shift in outlook.
503806
₹2,396.05
SRF
7D
-1.7%
1Y
-13.2%

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.
CHEMPLASTS
₹253.15
Chemplast Sanmar
7D
-4.2%
1Y
-39.2%
FACT
₹790.75
Fertilisers and Chemicals Travancore
7D
5.6%
1Y
29.1%
506373
₹142.15
Citurgia Biochemicals
7D
-18.5%
1Y
n/a
523457
₹7,089.10
Linde India
7D
4.1%
1Y
19.8%
COROMANDEL
₹2,010.90
Coromandel International
7D
5.3%
1Y
-2.5%

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

Feb 01
Coromandel International (NSE:COROMANDEL) Has Announced A Dividend Of ₹9.00