Announcement • May 09
Bharat Rasayan Limited to Report Q4, 2026 Results on May 26, 2026 Bharat Rasayan Limited announced that they will report Q4, 2026 results on May 26, 2026 Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹1,570, the stock trades at a trailing P/E ratio of 19.7x. Average trailing P/E is 21x in the Chemicals industry in India. Total loss to shareholders of 34% over the past three years. Reported Earnings • Feb 14
Third quarter 2026 earnings released: EPS: ₹24.08 (vs ₹24.39 in 3Q 2025) Third quarter 2026 results: EPS: ₹24.08 (down from ₹24.39 in 3Q 2025). Revenue: ₹2.80b (up 9.2% from 3Q 2025). Net income: ₹400.3m (down 1.2% from 3Q 2025). Profit margin: 14% (down from 16% in 3Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹1,943, the stock trades at a trailing P/E ratio of 24.2x. Average trailing P/E is 22x in the Chemicals industry in India. Total loss to shareholders of 14% over the past three years. Announcement • Jan 30
Bharat Rasayan Limited to Report Q3, 2026 Results on Feb 12, 2026 Bharat Rasayan Limited announced that they will report Q3, 2026 results on Feb 12, 2026 New Risk • Jan 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 4.6% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.7% average weekly change). Announcement • Jan 20
Bharat Rasayan Limited Announces Change in Designation of Rajender Prasad Gupta from Executive Director to Non-Executive, Non-Independent Director, Effective January 19, 2026 Bharat Rasayan Limited announced that the Board of Directors of the Company, at its meeting held on January 19, 2026, has approved the letter dated January 19, 2026 received from Shri Rajender Prasad Gupta (DIN:00048888) regarding the change in his designation from Executive Director to Non-Executive, Non-Independent Director, with effect from January 19, 2026. The change in designation is due to other occupancies of Sh. Rajender Prasad Gupta, for which he step back from day-to-day executive responsibilities. He will continue to serve on the Board in a Non-Executive Director capacity. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to ₹1,690, the stock trades at a trailing P/E ratio of 21.1x. Average trailing P/E is 23x in the Chemicals industry in India. Total loss to shareholders of 29% over the past three years. Valuation Update With 7 Day Price Move • Oct 23
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₹11,626, the stock trades at a trailing P/E ratio of 35.1x. Average trailing P/E is 26x in the Chemicals industry in India. Total returns to shareholders of 3.9% over the past three years. Upcoming Dividend • Sep 05
Upcoming dividend of ₹1.50 per share Eligible shareholders must have bought the stock before 12 September 2025. Payment date: 19 October 2025. Payout ratio is a comfortable 0.4% and this is well supported by cash flows. The company last paid an ordinary dividend in May 2015. The average dividend yield among industry peers is 0.7%. Declared Dividend • Aug 15
Dividend of ₹1.50 announced Dividend of ₹1.50 is the same as last year. Ex-date: 12th September 2025 Payment date: 19th October 2025 Dividend yield will be 0.01%, which is lower than the industry average of 0.8%. Payout Ratios Payout ratio: 0.4423%. Cash payout ratio: 0.4572%. Announcement • Aug 14
Bharat Rasayan Limited announces Annual dividend, payable on October 19, 2025 Bharat Rasayan Limited announced Annual dividend of INR 1.5000 per share payable on October 19, 2025, ex-date on September 12, 2025 and record date on September 12, 2025. Reported Earnings • Aug 14
First quarter 2026 earnings released: EPS: ₹95.45 (vs ₹104 in 1Q 2025) First quarter 2026 results: EPS: ₹95.45 (down from ₹104 in 1Q 2025). Revenue: ₹3.77b (up 34% from 1Q 2025). Net income: ₹396.6m (down 8.0% from 1Q 2025). Profit margin: 11% (down from 15% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 3% per year. Announcement • Aug 13
Bharat Rasayan Limited, Annual General Meeting, Sep 19, 2025 Bharat Rasayan Limited, Annual General Meeting, Sep 19, 2025. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹10,424, the stock trades at a trailing P/E ratio of 30.7x. Average trailing P/E is 29x in the Chemicals industry in India. Total loss to shareholders of 2.0% over the past three years. Reported Earnings • May 29
Full year 2025 earnings released: EPS: ₹678 (vs ₹230 in FY 2024) Full year 2025 results: EPS: ₹678 (up from ₹230 in FY 2024). Revenue: ₹24.0b (up 130% from FY 2024). Net income: ₹2.82b (up 195% from FY 2024). Profit margin: 12% (up from 9.1% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 15
Third quarter 2025 earnings released: EPS: ₹97.54 (vs ₹36.85 in 3Q 2024) Third quarter 2025 results: EPS: ₹97.54 (up from ₹36.85 in 3Q 2024). Revenue: ₹2.64b (up 13% from 3Q 2024). Net income: ₹405.3m (up 165% from 3Q 2024). Profit margin: 15% (up from 6.6% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 7% per year. Announcement • Jan 21
Bharat Rasayan Limited to Report Q3, 2025 Results on Feb 13, 2025 Bharat Rasayan Limited announced that they will report Q3, 2025 results on Feb 13, 2025 Announcement • Oct 22
Bharat Rasayan Limited to Report Q2, 2025 Results on Nov 12, 2024 Bharat Rasayan Limited announced that they will report Q2, 2025 results on Nov 12, 2024 Upcoming Dividend • Sep 05
Upcoming dividend of ₹1.50 per share Eligible shareholders must have bought the stock before 12 September 2024. Payment date: 19 October 2024. Payout ratio is a comfortable 0.7% and this is well supported by cash flows. The company last paid an ordinary dividend in May 2014. The average dividend yield among industry peers is 0.6%. Declared Dividend • Aug 10
Dividend of ₹1.50 announced Dividend of ₹1.50 is the same as last year. Ex-date: 12th September 2024 Payment date: 19th October 2024 Dividend yield will be 0.01%, which is lower than the industry average of 0.8%. Payout Ratios Payout ratio: 0.6526%. Cash payout ratio: 4%. Announcement • Aug 09
Bharat Rasayan Limited, Annual General Meeting, Sep 19, 2024 Bharat Rasayan Limited, Annual General Meeting, Sep 19, 2024. New Risk • Aug 09
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 7.9% per year over the past 5 years. Reported Earnings • Aug 09
First quarter 2025 earnings released: EPS: ₹104 (vs ₹17.06 in 1Q 2024) First quarter 2025 results: EPS: ₹104 (up from ₹17.06 in 1Q 2024). Revenue: ₹2.88b (up 20% from 1Q 2024). Net income: ₹431.2m (up ₹360.3m from 1Q 2024). Profit margin: 15% (up from 3.0% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Aug 09
Bharat Rasayan Limited Announces Cessation of Smt. Sujata Agarwal as an Independent & Non Executive Woman Director, effective August 31, 2024 Bharat Rasayan Limited informed that the existing tenure of Smt. Sujata Agarwal as an Independent & Non Executive Woman Director of the Company is going to be completed on August 31, 2024. Company further confirmed that there is no other material reason for his cessation other than those provided above. New Risk • Jun 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 6.6% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.5% average weekly change). Reported Earnings • Jun 04
Full year 2024 earnings released: EPS: ₹230 (vs ₹300 in FY 2023) Full year 2024 results: EPS: ₹230 (down from ₹300 in FY 2023). Revenue: ₹10.7b (down 14% from FY 2023). Net income: ₹955.1m (down 23% from FY 2023). Profit margin: 9.0% (down from 10% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • May 31
Bharat Rasayan Limited Recommends Final Dividend for the Financial Year Ended March 31, 2024 The board of directors of Bharat Rasayan Limited at its meeting held on May 30, 2024, recommended a final dividend @15%, i.e. INR 1.50 per share on the fully paid-up equity shares on INR 10 each for the financial year ended March 31, 2024. However, the final dividend of INR 1.50 per share recommended would be payable after the approval of the said final dividend by the shareholders of the Company in their forthcoming Annual General Meeting. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹10,704, the stock trades at a trailing P/E ratio of 75.8x. Average trailing P/E is 29x in the Chemicals industry in India. Total loss to shareholders of 18% over the past three years. Announcement • May 05
Bharat Rasayan Limited to Report Q4, 2024 Results on May 30, 2024 Bharat Rasayan Limited announced that they will report Q4, 2024 results on May 30, 2024 Reported Earnings • Feb 14
Third quarter 2024 earnings released: EPS: ₹36.85 (vs ₹81.27 in 3Q 2023) Third quarter 2024 results: EPS: ₹36.85 (down from ₹81.27 in 3Q 2023). Revenue: ₹2.36b (down 24% from 3Q 2023). Net income: ₹153.1m (down 55% from 3Q 2023). Profit margin: 6.5% (down from 11% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 10
Second quarter 2024 earnings released: EPS: ₹14.44 (vs ₹55.18 in 2Q 2023) Second quarter 2024 results: EPS: ₹14.44 (down from ₹55.18 in 2Q 2023). Revenue: ₹2.67b (down 8.5% from 2Q 2023). Net income: ₹60.0m (down 74% from 2Q 2023). Profit margin: 2.2% (down from 7.9% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Sep 14
Bharat Rasayan Limited, Annual General Meeting, Sep 13, 2023 Bharat Rasayan Limited, Annual General Meeting, Sep 13, 2023. Location: at hotel golden grand, W-1/10, west patel nagar New Delhi India Agenda: To consider and adopt the audited financial statement of the company for the financial year ended March 31, 2023; to consider and declaration of final dividend for the year ended on March 31, 2023; to consider and appointment of director in place of Shri kamleshwar Prasad Uniyal anf Shri Sat Narain Gupta; and to consider other matter also. Upcoming Dividend • Aug 30
Upcoming dividend of ₹1.50 per share Eligible shareholders must have bought the stock before 06 September 2023. Payment date: 13 October 2023. Payout ratio is a comfortable 0.5% and this is well supported by cash flows. The company last paid an ordinary dividend in October 2012. The average dividend yield among industry peers is 0.8%. New Risk • Aug 11
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 8.2% Last year net profit margin: 13% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 11
First quarter 2024 earnings released: EPS: ₹17.06 (vs ₹90.63 in 1Q 2023) First quarter 2024 results: EPS: ₹17.06 (down from ₹90.63 in 1Q 2023). Revenue: ₹2.39b (down 27% from 1Q 2023). Net income: ₹70.9m (down 81% from 1Q 2023). Profit margin: 3.0% (down from 12% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 3% per year. Reported Earnings • Jun 01
Full year 2023 earnings released: EPS: ₹300 (vs ₹424 in FY 2022) Full year 2023 results: EPS: ₹300 (down from ₹424 in FY 2022). Revenue: ₹12.5b (down 3.6% from FY 2022). Net income: ₹1.25b (down 29% from FY 2022). Profit margin: 9.9% (down from 14% in FY 2022). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 08
Third quarter 2023 earnings released: EPS: ₹81.27 (vs ₹110 in 3Q 2022) Third quarter 2023 results: EPS: ₹81.27 (down from ₹110 in 3Q 2022). Revenue: ₹3.15b (down 6.0% from 3Q 2022). Net income: ₹337.7m (down 26% from 3Q 2022). Profit margin: 11% (down from 14% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 5% per year. Announcement • Jan 23
Bharat Rasayan Limited to Report Q3, 2023 Results on Feb 07, 2023 Bharat Rasayan Limited announced that they will report Q3, 2023 results on Feb 07, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: ₹55.18 (vs ₹63.70 in 2Q 2022) Second quarter 2023 results: EPS: ₹55.18 (down from ₹63.70 in 2Q 2022). Revenue: ₹2.92b (up 8.4% from 2Q 2022). Net income: ₹229.3m (down 13% from 2Q 2022). Profit margin: 7.9% (down from 9.8% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 6 highly experienced directors. Independent & Non-Executive Director Ankit Aggarwal was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 12
Second quarter 2023 earnings released: EPS: ₹55.18 (vs ₹63.70 in 2Q 2022) Second quarter 2023 results: EPS: ₹55.18 (down from ₹63.70 in 2Q 2022). Revenue: ₹2.96b (up 10% from 2Q 2022). Net income: ₹229.3m (down 13% from 2Q 2022). Profit margin: 7.7% (down from 9.8% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Aug 29
Upcoming dividend of ₹1.50 per share Eligible shareholders must have bought the stock before 05 September 2022. Payment date: 12 October 2022. Payout ratio is a comfortable 0.4% but the company is not cash flow positive. The company last paid an ordinary dividend in October 2012. The average dividend yield among industry peers is 0.7%. Reported Earnings • Aug 10
First quarter 2023 earnings released: EPS: ₹90.63 (vs ₹95.01 in 1Q 2022) First quarter 2023 results: EPS: ₹90.63 (down from ₹95.01 in 1Q 2022). Revenue: ₹3.35b (up 33% from 1Q 2022). Net income: ₹376.6m (down 4.6% from 1Q 2022). Profit margin: 11% (down from 16% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 30
Full year 2022 earnings released: EPS: ₹424 (vs ₹386 in FY 2021) Full year 2022 results: EPS: ₹424 (up from ₹386 in FY 2021). Revenue: ₹13.0b (up 19% from FY 2021). Net income: ₹1.76b (up 7.4% from FY 2021). Profit margin: 14% (down from 15% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 5 highly experienced directors. Additional Non-Executive Independent Director Pradeep Aggarwal was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 5 highly experienced directors. Additional Non-Executive Independent Director Pradeep Aggarwal was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Mar 23
Executive Chairman & MD recently sold ₹16m worth of stock On the 16th of March, Sat Gupta sold around 1k shares on-market at roughly ₹12,786 per share. This was the largest sale by an insider in the last 3 months. This was Sat's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improved over the past week After last week's 15% share price gain to ₹13,294, the stock trades at a trailing P/E ratio of 34.9x. Average trailing P/E is 18x in the Chemicals industry in India. Total returns to shareholders of 207% over the past three years. Reported Earnings • Feb 13
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹110 (up from ₹82.66 in 3Q 2021). Revenue: ₹3.35b (up 51% from 3Q 2021). Net income: ₹458.8m (up 31% from 3Q 2021). Profit margin: 14% (down from 16% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 15
Second quarter 2022 earnings released: EPS ₹63.70 (vs ₹83.01 in 2Q 2021) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ₹2.69b (down 16% from 2Q 2021). Net income: ₹264.7m (down 25% from 2Q 2021). Profit margin: 9.8% (down from 11% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Aug 30
Inaugural dividend of ₹1.50 per share Eligible shareholders must have bought the stock before 06 September 2021. Payment date: 14 October 2021. The company last paid an ordinary dividend in August 2021. The average dividend yield among industry peers is 0.7%. Reported Earnings • Aug 12
First quarter 2022 earnings released: EPS ₹95.01 (vs ₹110 in 1Q 2021) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₹2.55b (down 9.5% from 1Q 2021). Net income: ₹394.8m (down 16% from 1Q 2021). Profit margin: 16% (down from 17% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jul 03
Full year 2021 earnings released: EPS ₹386 (vs ₹371 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: ₹10.9b (down 10% from FY 2020). Net income: ₹1.64b (up 4.0% from FY 2020). Profit margin: 15% (up from 13% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improved over the past week After last week's 31% share price gain to ₹12,705, the stock trades at a trailing P/E ratio of 35.2x. Average trailing P/E is 18x in the Chemicals industry in India. Total returns to shareholders of 80% over the past three years. Reported Earnings • Feb 15
Third quarter 2021 earnings released: EPS ₹82.66 (vs ₹59.01 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were flat. Third quarter 2021 results: Revenue: ₹2.22b (flat on 3Q 2020). Net income: ₹351.2m (up 40% from 3Q 2020). Profit margin: 16% (up from 11% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Jan 08
New 90-day high: ₹10,205 The company is up 15% from its price of ₹8,870 on 09 October 2020. The Indian market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 24% over the same period. Is New 90 Day High Low • Nov 02
New 90-day low: ₹8,546 The company is down 10.0% from its price of ₹9,458 on 04 August 2020. The Indian market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 15% over the same period. Is New 90 Day High Low • Oct 10
New 90-day low: ₹8,870 The company is down 8.0% from its price of ₹9,651 on 10 July 2020. The Indian market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 14% over the same period.