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Indian (NIFTY) Chemicals Industry Analysis

UpdatedFeb 20, 2026
DataAggregated Company Financials
Companies356
  • 7D-1.3%
  • 3M-7.1%
  • 1Y4.0%
  • YTD-5.0%

Over the last 7 days, the Chemicals industry has dropped 1.3%, driven by a pullback from SRF of 5.1%. In the past year, the industry has gained 4.0%. Earnings are forecast to grow by 21% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 21 Feb 2026₹17.5t₹7.1t₹536.0b22.6x32.7x2.5x
Mon, 19 Jan 2026₹18.5t₹7.1t₹495.5b22.7x37.3x2.6x
Wed, 17 Dec 2025₹18.7t₹7.1t₹495.4b23.6x37.8x2.6x
Fri, 14 Nov 2025₹19.5t₹7.1t₹482.9b24.6x40.3x2.7x
Sun, 12 Oct 2025₹19.2t₹6.9t₹457.2b25.9x42.1x2.8x
Tue, 09 Sep 2025₹19.8t₹6.9t₹457.0b26.7x43.2x2.9x
Thu, 07 Aug 2025₹20.2t₹6.8t₹453.6b27.6x44.4x2.9x
Sat, 05 Jul 2025₹20.6t₹6.8t₹443.5b29.1x46.4x3x
Mon, 02 Jun 2025₹19.5t₹6.7t₹443.4b26.6x44x2.9x
Wed, 30 Apr 2025₹18.6t₹6.6t₹410.8b25.1x45.3x2.8x
Fri, 28 Mar 2025₹17.4t₹6.6t₹410.2b23.8x42.5x2.6x
Sun, 23 Feb 2025₹17.0t₹6.6t₹400.5b25.2x42.4x2.6x
Tue, 21 Jan 2025₹18.1t₹6.5t₹368.8b30.4x49.2x2.8x
Thu, 19 Dec 2024₹19.1t₹6.4t₹367.7b32.5x52.1x3x
Sat, 16 Nov 2024₹18.8t₹6.4t₹366.4b31.6x51.2x2.9x
Mon, 14 Oct 2024₹20.7t₹6.4t₹369.5b34.7x56.1x3.2x
Wed, 11 Sep 2024₹21.2t₹6.4t₹369.5b35.9x57.4x3.3x
Fri, 09 Aug 2024₹20.2t₹6.4t₹368.4b35.4x54.9x3.2x
Sun, 07 Jul 2024₹20.0t₹6.4t₹381.3b35.4x52.5x3.1x
Tue, 04 Jun 2024₹18.0t₹6.4t₹374.1b29.1x48x2.8x
Thu, 02 May 2024₹18.1t₹6.5t₹392.1b31.1x46.2x2.8x
Sat, 30 Mar 2024₹16.8t₹6.5t₹411.3b27.7x41x2.6x
Mon, 26 Feb 2024₹17.4t₹6.5t₹422.3b30.3x41.1x2.7x
Wed, 24 Jan 2024₹17.2t₹6.8t₹488.2b29.9x35.2x2.5x
Fri, 22 Dec 2023₹17.4t₹6.8t₹485.5b29.4x35.8x2.6x
Sun, 19 Nov 2023₹16.8t₹6.7t₹484.3b28.5x34.7x2.5x
Tue, 17 Oct 2023₹16.6t₹6.9t₹513.9b27.4x32.3x2.4x
Thu, 14 Sep 2023₹16.8t₹6.9t₹513.6b27.4x32.8x2.4x
Sat, 12 Aug 2023₹16.0t₹7.0t₹524.0b25.2x30.6x2.3x
Mon, 10 Jul 2023₹15.9t₹7.1t₹561.3b22.9x28.4x2.2x
Wed, 07 Jun 2023₹15.6t₹7.1t₹561.2b21.5x27.9x2.2x
Fri, 05 May 2023₹15.3t₹7.0t₹614.1b20.4x25x2.2x
Sun, 02 Apr 2023₹14.1t₹7.0t₹614.1b18.4x23x2x
Tue, 28 Feb 2023₹14.2t₹7.0t₹614.0b19.2x23.1x2x
Price to Earnings Ratio

23.1x


Total Market Cap: ₹14.2tTotal 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 32.6x which is lower than its 3-year average PE of 40.6x.
  • 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-1.63%
Materials-2.70%
Chemicals-1.33%
Industrial Gases4.23%
Commodity Chemicals-0.62%
Fertilizers and Agricultural Chemicals-1.31%
Specialty Chemicals-1.39%
Diversified Chemicals-3.44%
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 8.1% 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
ASIANPAINT Asian Paints₹2.43k2.6%
+₹59.2b		7.6%PE60.6x
SOLARINDS Solar Industries India₹13.30k1.9%
+₹22.9b		50.2%PE82.9x
512070 UPL₹751.753.7%
+₹22.9b		16.3%PE39.2x
500184 Himadri Speciality Chemical₹490.058.9%
+₹20.2b		7.2%PE35x
532504 Navin Fluorine International₹6.53k3.5%
+₹11.2b		61.7%PE61.3x

Latest News

506401
₹1,603.95
Deepak Nitrite
7D
-2.7%
1Y
-16.9%
523642
₹3,045.75
PI Industries
7D
-3.4%
1Y
-3.2%
512070
₹751.75
UPL
7D
3.7%
1Y
16.3%

512070: Revised Margins And Lower P/E Will Likely Struggle To Support Pricing

Analysts have raised their fair value estimate for UPL from ₹600.67 to ₹641.03, citing updated views on the discount rate, revenue growth, profit margins and future P/E assumptions. What's in the News Board meeting scheduled for Feb 02, 2026, at 12:45 Indian Standard Time to review unaudited consolidated and standalone financial results for the quarter and nine months ended Dec 31, 2025 (Key Developments).
500184
₹490.05
Himadri Speciality Chemical
7D
8.9%
1Y
7.2%
532504
₹6,525.25
Navin Fluorine International
7D
3.5%
1Y
61.7%
ANURAS
₹1,285.00
Anupam Rasayan India
7D
-3.8%
1Y
100.8%
523457
₹6,808.80
Linde India
7D
-1.3%
1Y
10.5%
530117
₹2,896.55
Privi Speciality Chemicals
7D
5.8%
1Y
86.2%
503806
₹2,687.95
SRF
7D
-5.1%
1Y
-3.2%

503806: Lower Margins And Rich P E Will Likely Pressure Returns

Analysts have raised their price target on SRF to ₹2,244 from ₹2,213, citing updated assumptions on the discount rate, revenue growth, profit margins and a higher future P/E multiple. What's in the News The board has approved the appointment of Mr. Samir Kashyap as Chief Financial Officer, effective January 27, 2026.
500405
₹661.75
Supreme Petrochem
7D
5.9%
1Y
11.5%

500405: Upcoming Board Meeting Will Shape Outlook For Higher Fair Value

Analysts have lifted their price target for Supreme Petrochem from ₹717 to ₹735, citing updated assumptions that combine a slightly lower discount rate and higher projected revenue growth with a reduced profit margin and a modestly higher future P/E multiple. What's in the News Board meeting scheduled on January 20, 2026, at 15:30 IST to consider and approve unaudited financial results for the third quarter and nine months ended December 31, 2025 (company filing).
JUBLINGREA
₹602.35
Jubilant Ingrevia
7D
-6.0%
1Y
-11.4%

JUBLINGREA: Upcoming Results And Assumption Tweaks Will Shape Medium Term Outlook

Narrative Update The analyst price target for Jubilant Ingrevia has been revised from ₹695 to ₹657 as analysts factor in updated assumptions around the discount rate, revenue growth, profit margin, and future P/E multiples. What's in the News Board meeting scheduled for Feb 04, 2026 to consider Unaudited Standalone Financial Results for the quarter ended Dec 31, 2025 (company filing).
ASIANPAINT
₹2,428.10
Asian Paints
7D
2.6%
1Y
7.6%

ASIANPAINT: Interim Dividend And Earnings Review Will Support A Positive Near-Term Outlook

Analysts have trimmed their fair value estimate for Asian Paints from ₹2,808.89 to ₹2,765.57 as they recalibrate assumptions for revenue growth, profit margins and the future P/E multiple in light of recent updates. What's in the News A board meeting is scheduled for 27 January 2026 to consider the audited standalone financial results for the quarter and nine months ending 31 December 2025.
532468
₹2,744.65
KAMA Holdings
7D
8.3%
1Y
9.7%
509480
₹454.95
Berger Paints India
7D
-1.5%
1Y
-7.4%

509480: Fair Value View Will Rely On Upcoming Quarterly And Nine Month Results

Analysts have nudged their fair value estimate for Berger Paints India from ₹425.00 to about ₹433.52, reflecting updated assumptions on discount rate, revenue growth, profit margin and future P/E. What's in the News Board meeting scheduled for 5 Feb 2026 to consider and approve unaudited financial results for the quarter and nine months ended 31 Dec 2025 (company filing).
SOLARINDS
₹13,296.00
Solar Industries India
7D
1.9%
1Y
50.2%

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
₹1,464.90
Pidilite Industries
7D
-1.0%
1Y
4.8%

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).