New Risk • Apr 18
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (17% increase in shares outstanding). Reported Earnings • Feb 11
Third quarter 2026 earnings released: EPS: ₹834 (vs ₹28.47 in 3Q 2025) Third quarter 2026 results: EPS: ₹834 (up from ₹28.47 in 3Q 2025). Revenue: ₹1.74b (down 2.8% from 3Q 2025). Net income: ₹50.2b (up ₹48.5b from 3Q 2025). Over the last 3 years on average, earnings per share has increased by 144% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Announcement • Feb 04
Kiri Industries Limited to Report Q3, 2026 Results on Feb 10, 2026 Kiri Industries Limited announced that they will report Q3, 2026 results on Feb 10, 2026 New Risk • Dec 31
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 7.9% 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 Risks Earnings have declined by 15% per year over the past 5 years. High level of non-cash earnings (24% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.9% average weekly change). Profit margins are more than 30% lower than last year (15% net profit margin). Valuation Update With 7 Day Price Move • Dec 31
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₹725, the stock trades at a trailing P/E ratio of 35.7x. Average trailing P/E is 23x in the Chemicals industry in India. Total returns to shareholders of 56% over the past three years. New Risk • Nov 14
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: 15% Last year net profit margin: 27% 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. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 15% per year over the past 5 years. High level of non-cash earnings (24% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (15% net profit margin). Announcement • Nov 03
Kiri Industries Limited to Report Q2, 2026 Results on Nov 07, 2025 Kiri Industries Limited announced that they will report Q2, 2026 results on Nov 07, 2025 Board Change • Oct 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Additional Independent Director Reema Parikh was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 30
Kiri Industries Limited Appoints Reema Pranav Parikh as Independent Director Kiri Industries Limited at its 27th Annual General Meeting held on September 29, 2025, approved to appoint Ms. Reema Pranav Parikh (DIN:07291856) as an Independent Director of the Company. Announcement • Sep 05
Kiri Industries Limited, Annual General Meeting, Sep 29, 2025 Kiri Industries Limited, Annual General Meeting, Sep 29, 2025, at 11:00 Indian Standard Time. New Risk • Aug 12
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 13% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (16% increase in shares outstanding). Reported Earnings • Aug 12
First quarter 2026 earnings released: EPS: ₹1.91 (vs ₹15.08 in 1Q 2025) First quarter 2026 results: EPS: ₹1.91 (down from ₹15.08 in 1Q 2025). Revenue: ₹2.02b (down 24% from 1Q 2025). Net income: ₹101.4m (down 87% from 1Q 2025). Profit margin: 5.0% (down from 30% in 1Q 2025). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Aug 05
Kiri Industries Limited to Report Q1, 2026 Results on Aug 11, 2025 Kiri Industries Limited announced that they will report Q1, 2026 results on Aug 11, 2025 Reported Earnings • May 31
Full year 2025 earnings released: EPS: ₹44.61 (vs ₹25.66 in FY 2024) Full year 2025 results: EPS: ₹44.61 (up from ₹25.66 in FY 2024). Revenue: ₹8.55b (down 9.9% from FY 2024). Net income: ₹2.65b (up 99% from FY 2024). Profit margin: 31% (up from 14% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • May 30
Zhejiang Longsheng Group Co.,Ltd (SHSE:600352) entered into a Share Purchase Agreement to acquire remaining 37.57% stake in DyStar Global Holdings (Singapore) Pte. Ltd. from Kiri Industries Limited (BSE:532967) for approximately $700 million. Zhejiang Longsheng Group Co.,Ltd (SHSE:600352) entered into a Share Purchase Agreement to acquire remaining 37.57% stake in DyStar Global Holdings (Singapore) Pte. Ltd. from Kiri Industries Limited (BSE:532967) for approximately $700 million on May 29, 2025. Under the terms of the agreement, the Purchaser has agreed to acquire 2,623,354 equity shares, representing 37.57% of the paid-up share capital of DyStar Global Holdings (Singapore) Pte. Ltd. (“DyStar”) held by the Company, for a base consideration of $676,260,000. An additional consideration of $20,287,800 is payable by the Purchaser to address any shortfall in the base consideration or to fulfil the Purchaser’s obligations under the SPA. The total consideration for the transaction may also be further adjusted pursuant to the terms of the SPA. Upon completion, Zhejiang Longsheng Group Co.,Ltd will own 100% stake in DyStar Global Holdings (Singapore) Pte. Ltd.
The transaction is subject to customary closing conditions and, where applicable, regulatory approvals. The long-stop date for the fulfilment or waiver of the last of the conditions in the SPA is scheduled for October 2, 2025, and may be extended, if required, up to November 3, 2025 (or such other date as the Receivers and Purchaser may agree in writing).
Matthew Stuart Becker, Mr. Lim Loo Khoon, and Mr. Tan Wei Cheong of Deloitte & Touche LLP, acting as court-appointed joint and several receivers. J.P. Morgan Securities Asia Private Limited is acting as financial advisor to Kiri Industries in relation to this transaction. Announcement • May 23
Kiri Industries Limited to Report Q4, 2025 Results on May 30, 2025 Kiri Industries Limited announced that they will report Q4, 2025 results on May 30, 2025 Announcement • May 05
Kiri Industries Limited Appoints Raja Mohaniya as "President - Operations", Effective May 5, 2025 Kiri Industries Limited has appointed Mr. Raja Mohaniya as "President - Operations" of the Company with effect from May 5, 2025 and has been designated as Senior Management Personnel of the Company. Mr. Raja Mohaniya is a competent techno commercial professional with 34 years of extensive knowledge and experience in business, overall operations, production management, quality assurance, people management, statutory compliance, and all factory operations. He holds a Bachelor degree in Engineering (Chemical Engineering) from Gujarat University and has completed professional certificate courses of Auditor /Lead Auditor for ISO 9001, 14001:2004 & BS OHSAS 18001:2007 by TUV Nord and certificate training courses for TPM and 5 "S" methodologies by JIPM. Prior to joining Kiri Industries Limited, he has worked at key positions with leading companies like Organic Industries, Burakia Industries, Panoli Intermediates, Pidilite Industries, etc. Reported Earnings • Feb 14
Third quarter 2025 earnings released: EPS: ₹28.47 (vs ₹24.38 in 3Q 2024) Third quarter 2025 results: EPS: ₹28.47 (up from ₹24.38 in 3Q 2024). Revenue: ₹2.71b (up 24% from 3Q 2024). Net income: ₹1.77b (up 40% from 3Q 2024). Profit margin: 65% (up from 58% 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 42% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Feb 05
Kiri Industries Limited to Report Q3, 2025 Results on Feb 13, 2025 Kiri Industries Limited announced that they will report Q3, 2025 results on Feb 13, 2025 Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹593, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 28x in the Chemicals industry in India. Total returns to shareholders of 20% over the past three years. New Risk • Jan 29
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 9.0% 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 (9.0% average weekly change). Earnings have declined by 12% per year over the past 5 years. New Risk • Nov 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 12% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.1% average weekly change). Shareholders have been diluted in the past year (7.3% increase in shares outstanding). Valuation Update With 7 Day Price Move • Nov 20
Investor sentiment improves as stock rises 35% After last week's 35% share price gain to ₹530, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 31x in the Chemicals industry in India. Total returns to shareholders of 14% over the past three years. New Risk • Nov 18
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 7.9% 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 12% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.9% average weekly change). Reported Earnings • Nov 14
Second quarter 2025 earnings released: EPS: ₹15.49 (vs ₹3.63 in 2Q 2024) Second quarter 2025 results: EPS: ₹15.49 (up from ₹3.63 in 2Q 2024). Revenue: ₹2.77b (up 20% from 2Q 2024). Net income: ₹803.0m (up 327% from 2Q 2024). Profit margin: 29% (up from 8.2% in 2Q 2024). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • Nov 08
Kiri Industries Limited to Report Q2, 2025 Results on Nov 13, 2024 Kiri Industries Limited announced that they will report Q2, 2025 results on Nov 13, 2024 Announcement • Sep 26
Kiri Industries Limited Announces Cessation of Directors Kiri Industries Limited informed that Mr. Keyoor Bakshi (DIN: 00133588) and Mr. Mukesh Desai (DIN: 00089598) have completed their second and final term as Independent Directors and consequently ceased to be Directors of the Company w.e.f. the close of business hours on September 26, 2024. Reported Earnings • Aug 13
First quarter 2025 earnings released: EPS: ₹15.08 (vs ₹0.49 loss in 1Q 2024) First quarter 2025 results: EPS: ₹15.08 (up from ₹0.49 loss in 1Q 2024). Revenue: ₹2.67b (up 17% from 1Q 2024). Net income: ₹781.9m (up ₹807.3m from 1Q 2024). Profit margin: 29% (up from net loss in 1Q 2024). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. Announcement • Aug 07
Kiri Industries Limited to Report Q1, 2025 Results on Aug 12, 2024 Kiri Industries Limited announced that they will report Q1, 2025 results on Aug 12, 2024 Reported Earnings • Jun 04
Full year 2024 earnings released: EPS: ₹25.55 (vs ₹20.58 in FY 2023) Full year 2024 results: EPS: ₹25.55 (up from ₹20.58 in FY 2023). Revenue: ₹9.49b (flat on FY 2023). Net income: ₹1.33b (up 25% from FY 2023). Profit margin: 14% (up from 11% in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 45 percentage points per year, which is a significant difference in performance. Announcement • May 25
Kiri Industries Limited to Report Q4, 2024 Results on May 30, 2024 Kiri Industries Limited announced that they will report Q4, 2024 results on May 30, 2024 Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹353, the stock trades at a trailing P/E ratio of 22.6x. Average trailing P/E is 30x in the Chemicals industry in India. Total loss to shareholders of 19% over the past three years. Reported Earnings • Feb 13
Third quarter 2024 earnings released: EPS: ₹24.38 (vs ₹10.42 in 3Q 2023) Third quarter 2024 results: EPS: ₹24.38 (up from ₹10.42 in 3Q 2023). Revenue: ₹2.22b (up 8.8% from 3Q 2023). Net income: ₹1.26b (up 134% from 3Q 2023). Profit margin: 57% (up from 27% in 3Q 2023). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Feb 06
Kiri Industries Limited to Report Q3, 2024 Results on Feb 12, 2024 Kiri Industries Limited announced that they will report Q3, 2024 results on Feb 12, 2024 New Risk • Nov 09
New major risk - Revenue and earnings growth Earnings have declined by 4.6% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. 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 Profit margins are more than 30% lower than last year (1.0% net profit margin). Reported Earnings • Nov 09
Second quarter 2024 earnings released: EPS: ₹3.63 (vs ₹11.70 in 2Q 2023) Second quarter 2024 results: EPS: ₹3.63 (down from ₹11.70 in 2Q 2023). Revenue: ₹2.32b (down 4.0% from 2Q 2023). Net income: ₹187.9m (down 69% from 2Q 2023). Profit margin: 8.1% (down from 25% in 2Q 2023). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Announcement • Nov 02
Kiri Industries Limited to Report Q2, 2024 Results on Nov 08, 2023 Kiri Industries Limited announced that they will report Q2, 2024 results on Nov 08, 2023 New Risk • Aug 13
New major risk - Revenue and earnings growth Earnings have declined by 0.7% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 0.7% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (5.7% net profit margin). Reported Earnings • Aug 12
First quarter 2024 earnings released: ₹0.49 loss per share (vs ₹10.32 profit in 1Q 2023) First quarter 2024 results: ₹0.49 loss per share (down from ₹10.32 profit in 1Q 2023). Revenue: ₹2.29b (down 17% from 1Q 2023). Net loss: ₹25.4m (down 105% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Announcement • Aug 11
Kiri Industries Limited, Annual General Meeting, Sep 26, 2023 Kiri Industries Limited, Annual General Meeting, Sep 26, 2023, at 10:30 Indian Standard Time. Announcement • Aug 05
Kiri Industries Limited to Report Q1, 2024 Results on Aug 11, 2023 Kiri Industries Limited announced that they will report Q1, 2024 results on Aug 11, 2023 Reported Earnings • Jun 01
Full year 2023 earnings released: EPS: ₹20.67 (vs ₹95.57 in FY 2022) Full year 2023 results: EPS: ₹20.67 (down from ₹95.57 in FY 2022). Revenue: ₹9.48b (down 37% from FY 2022). Net income: ₹1.07b (down 73% from FY 2022). Profit margin: 11% (down from 26% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • May 25
Kiri Industries Limited to Report Q4, 2023 Results on May 30, 2023 Kiri Industries Limited announced that they will report Q4, 2023 results on May 30, 2023 Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₹335, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 19x in the Chemicals industry in India. Total loss to shareholders of 4.2% over the past three years. Reported Earnings • Feb 12
Third quarter 2023 earnings released: EPS: ₹10.42 (vs ₹26.51 in 3Q 2022) Third quarter 2023 results: EPS: ₹10.42 (down from ₹26.51 in 3Q 2022). Revenue: ₹2.04b (down 53% from 3Q 2022). Net income: ₹539.9m (down 49% from 3Q 2022). Profit margin: 27% (up from 25% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 8% per year. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹305, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 19x in the Chemicals industry in India. Total loss to shareholders of 22% over the past three years. Announcement • Feb 04
Kiri Industries Limited to Report Q3, 2023 Results on Feb 11, 2023 Kiri Industries Limited announced that they will report Q3, 2023 results on Feb 11, 2023 Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₹369, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 20x in the Chemicals industry in India. Total loss to shareholders of 4.1% over the past three years. Board Change • Dec 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. Independent Additional Director Ulrich Hambrecht was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 11
Second quarter 2023 earnings released: EPS: ₹11.70 (vs ₹26.20 in 2Q 2022) Second quarter 2023 results: EPS: ₹11.70 (down from ₹26.20 in 2Q 2022). Revenue: ₹2.42b (down 32% from 2Q 2022). Net income: ₹606.7m (down 40% from 2Q 2022). Profit margin: 25% (down from 28% in 2Q 2022). 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 whereas the company’s share price has increased by 8% per year. Reported Earnings • Aug 14
First quarter 2023 earnings released: EPS: ₹10.32 (vs ₹26.85 in 1Q 2022) First quarter 2023 results: EPS: ₹10.32 (down from ₹26.85 in 1Q 2022). Revenue: ₹2.77b (down 5.5% from 1Q 2022). Net income: ₹535.0m (down 41% from 1Q 2022). Profit margin: 19% (down from 31% in 1Q 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improved over the past week After last week's 18% share price gain to ₹553, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 17x in the Chemicals industry in India. Total returns to shareholders of 12% over the past three years. Reported Earnings • Jun 02
Full year 2022 earnings released: EPS: ₹95.49 (vs ₹75.10 in FY 2021) Full year 2022 results: EPS: ₹95.49 (up from ₹75.10 in FY 2021). Revenue: ₹15.0b (up 56% from FY 2021). Net income: ₹3.89b (up 54% from FY 2021). Profit margin: 26% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 13
Third quarter 2022 earnings: EPS in line with expectations, revenues disappoint Third quarter 2022 results: EPS: ₹26.51 (down from ₹44.26 in 3Q 2021). Revenue: ₹4.29b (up 38% from 3Q 2021). Net income: ₹1.06b (down 29% from 3Q 2021). Profit margin: 25% (down from 48% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 18%. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Second quarter 2022 earnings released: EPS ₹26.20 (vs ₹13.43 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ₹3.58b (up 105% from 2Q 2021). Net income: ₹1.01b (up 124% from 2Q 2021). Profit margin: 28% (up from 26% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Aug 13
First quarter 2022 earnings released: EPS ₹26.85 (vs ₹17.17 loss in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₹2.93b (up 169% from 1Q 2021). Net income: ₹905.6m (up ₹1.48b from 1Q 2021). Profit margin: 31% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 2% per year. Reported Earnings • Jun 30
Full year 2021 earnings released: EPS ₹75.07 (vs ₹114 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹9.57b (down 27% from FY 2020). Net income: ₹2.52b (down 33% from FY 2020). Profit margin: 26% (down from 29% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 14% 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. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improved over the past week After last week's 18% share price gain to ₹549, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 20x in the Chemicals industry in India. Total returns to shareholders of 9.8% over the past three years. Is New 90 Day High Low • Feb 15
New 90-day low: ₹450 The company is down 5.0% from its price of ₹473 on 17 November 2020. The Indian market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 16% over the same period. Reported Earnings • Feb 14
Third quarter 2021 earnings released: EPS ₹44.26 (vs ₹40.70 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: ₹3.10b (down 1.5% from 3Q 2020). Net income: ₹1.49b (up 8.8% from 3Q 2020). Profit margin: 48% (up from 43% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Dec 21
New 90-day high: ₹556 The company is up 6.0% from its price of ₹522 on 22 September 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 18% over the same period. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment improved over the past week After last week's 22% share price gain to ₹556, the stock is trading at a trailing P/E ratio of 7.4x, up from the previous P/E ratio of 6.1x. This compares to an average P/E of 17x in the Chemicals industry in India. Total returns to shareholders over the past three years are 6.1%. Reported Earnings • Nov 11
Second quarter 2021 earnings released: EPS ₹13.43 The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₹1.75b (down 46% from 2Q 2020). Net income: ₹451.6m (down 60% from 2Q 2020). Profit margin: 26% (down from 35% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 17% 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. Is New 90 Day High Low • Oct 15
New 90-day low: ₹466 The company is down 5.0% from its price of ₹491 on 17 July 2020. The Indian market is up 11% 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. 