Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹311, the stock trades at a trailing P/E ratio of 26.2x. Average trailing P/E is 21x in the Chemicals industry in India. Total loss to shareholders of 45% over the past three years. Duyuru • May 20
Valiant Organics Limited (BSE:540145) agreed to acquire 34.26% stake in Valiant Laboratories Limited (NSEI:VALIANTLAB) from Dhanvallabh Ventures LLP. Valiant Organics Limited (BSE:540145) agreed to acquire 34.26% stake in Valiant Laboratories Limited (NSEI:VALIANTLAB) from Dhanvallabh Ventures LLP on May 19, 2026. A cash consideration will be paid by Valiant Organics Limited. As part of consideration, Valiant Organics Limited declared that the acquisition price would not be higher by more than 25% of the price computed of INR 62.71 per equity share, based on the volume weighted average market price for a period of 60 trading days. The proposed acquisition is part of the restructuring exercise being undertaken by Valiant Organics Limited. Upon completion, Dhanvallabh Ventures LLP will retain 12.58% stake in Valiant Laboratories Limited.
Subject to receipt of requisite approvals, the acquisition will be done any time after 4 working days from the date of this intimation. Reported Earnings • May 17
Full year 2026 earnings released: EPS: ₹11.86 (vs ₹1.35 loss in FY 2025) Full year 2026 results: EPS: ₹11.86 (up from ₹1.35 loss in FY 2025). Revenue: ₹7.46b (up 3.7% from FY 2025). Net income: ₹332.4m (up ₹369.7m from FY 2025). Profit margin: 4.5% (up from net loss in FY 2025). The move to profitability 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 15% per year, which means it has not declined as severely as earnings. Duyuru • May 12
Valiant Organics Limited to Report Q4, 2026 Results on May 16, 2026 Valiant Organics Limited announced that they will report Q4, 2026 results at 12:15 PM, Indian Standard Time on May 16, 2026 Valuation Update With 7 Day Price Move • May 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹306, the stock trades at a trailing P/E ratio of 39.4x. Average trailing P/E is 23x in the Chemicals industry in India. Total loss to shareholders of 35% over the past three years. Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹239, the stock trades at a trailing P/E ratio of 30.6x. Average trailing P/E is 20x in the Chemicals industry in India. Total loss to shareholders of 46% over the past three years. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₹259, the stock trades at a trailing P/E ratio of 33.6x. Average trailing P/E is 21x in the Chemicals industry in India. Total loss to shareholders of 46% over the past three years. New Risk • Mar 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 8.3% 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 47% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₹6.66b market cap, or US$71.8m). Reported Earnings • Feb 15
Third quarter 2026 earnings released: EPS: ₹1.30 (vs ₹1.08 in 3Q 2025) Third quarter 2026 results: EPS: ₹1.30. Revenue: ₹1.61b (down 14% from 3Q 2025). Net income: ₹36.5m (down 33% from 3Q 2025). Profit margin: 2.3% (down from 2.9% in 3Q 2025). Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹280, the stock trades at a trailing P/E ratio of 33.2x. Average trailing P/E is 23x in the Chemicals industry in India. Total loss to shareholders of 35% over the past three years. Duyuru • Feb 09
Valiant Organics Limited to Report Q3, 2026 Results on Feb 13, 2026 Valiant Organics Limited announced that they will report Q3, 2026 results on Feb 13, 2026 Reported Earnings • Nov 15
Second quarter 2026 earnings released: EPS: ₹2.02 (vs ₹4.52 loss in 2Q 2025) Second quarter 2026 results: EPS: ₹2.02 (up from ₹4.52 loss in 2Q 2025). Revenue: ₹1.58b (down 1.7% from 2Q 2025). Net income: ₹56.7m (up ₹184.5m from 2Q 2025). Profit margin: 3.6% (up from net loss in 2Q 2025). The move to profitability was 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 64 percentage points per year, which is a significant difference in performance. Duyuru • Nov 10
Valiant Organics Limited to Report Q2, 2026 Results on Nov 13, 2025 Valiant Organics Limited announced that they will report Q2, 2026 results on Nov 13, 2025 New Risk • Oct 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹8.84b (US$99.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 44% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₹8.84b market cap, or US$99.6m). Duyuru • Sep 01
Valiant Organics Limited, Annual General Meeting, Sep 26, 2025 Valiant Organics Limited, Annual General Meeting, Sep 26, 2025, at 11:30 Indian Standard Time. Reported Earnings • Aug 14
First quarter 2026 earnings released: EPS: ₹2.93 (vs ₹0.23 loss in 1Q 2025) First quarter 2026 results: EPS: ₹2.93 (up from ₹0.23 loss in 1Q 2025). Revenue: ₹2.05b (up 22% from 1Q 2025). Net income: ₹82.0m (up ₹88.2m from 1Q 2025). Profit margin: 4.0% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Duyuru • Aug 09
Valiant Organics Limited to Report Q1, 2026 Results on Aug 13, 2025 Valiant Organics Limited announced that they will report Q1, 2026 results on Aug 13, 2025 Reported Earnings • May 23
Full year 2025 earnings released: ₹1.24 loss per share (vs ₹3.08 loss in FY 2024) Full year 2025 results: ₹1.24 loss per share (improved from ₹3.08 loss in FY 2024). Revenue: ₹7.27b (flat on FY 2024). Net loss: ₹37.4m (loss narrowed 56% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Duyuru • May 19
Valiant Organics Limited to Report Q4, 2025 Results on May 22, 2025 Valiant Organics Limited announced that they will report Q4, 2025 results on May 22, 2025 New Risk • May 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹8.33b (US$97.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. 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 36% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₹8.33b market cap, or US$97.3m). Board Change • Apr 21
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 5 independent directors. 7 non-independent directors. Non-Executive Independent Director Sudhir Prakash Sawant was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Duyuru • Feb 07
Valiant Organics Limited to Report Q3, 2025 Results on Feb 13, 2025 Valiant Organics Limited announced that they will report Q3, 2025 results at 3:30 PM, Indian Standard Time on Feb 13, 2025 New Risk • Dec 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹8.40b (US$98.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 32% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₹8.40b market cap, or US$98.2m). Reported Earnings • Nov 15
Second quarter 2025 earnings released: ₹4.52 loss per share (vs ₹1.58 profit in 2Q 2024) Second quarter 2025 results: ₹4.52 loss per share (down from ₹1.58 profit in 2Q 2024). Revenue: ₹1.63b (down 20% from 2Q 2024). Net loss: ₹127.8m (down 397% from profit in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 34 percentage points per year, which is a significant difference in performance. Duyuru • Nov 09
Valiant Organics Limited to Report Q2, 2025 Results on Nov 13, 2024 Valiant Organics Limited announced that they will report Q2, 2025 results on Nov 13, 2024 Duyuru • Aug 07
Valiant Organics Limited to Report Q1, 2025 Results on Aug 13, 2024 Valiant Organics Limited announced that they will report Q1, 2025 results on Aug 13, 2024 Reported Earnings • Aug 01
Full year 2024 earnings released: ₹3.08 loss per share (vs ₹32.45 profit in FY 2023) Full year 2024 results: ₹3.08 loss per share (down from ₹32.45 profit in FY 2023). Revenue: ₹7.23b (down 31% from FY 2023). Net loss: ₹83.9m (down 110% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 37% per year whereas the company’s share price has fallen by 33% per year. Duyuru • Jul 25
Valiant Organics Limited, Annual General Meeting, Aug 21, 2024 Valiant Organics Limited, Annual General Meeting, Aug 21, 2024, at 11:30 Indian Standard Time. Reported Earnings • May 27
Full year 2024 earnings released: ₹3.07 loss per share (vs ₹32.45 profit in FY 2023) Full year 2024 results: ₹3.07 loss per share (down from ₹32.45 profit in FY 2023). Revenue: ₹7.32b (down 30% from FY 2023). Net loss: ₹83.9m (down 110% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 37% per year whereas the company’s share price has fallen by 36% per year. Duyuru • May 25
Valiant Organics Limited Announces Board Changes and Reconstitution of Committees of the Board The board of directors of Valiant Organics Limited at its meeting held on May 24, 2024, Appointment of Mr. Kaustubh Kulkarni (ACS: 52980) as the Company Secretary, Key Managerial Personnel and Compliance Officer of the Company with effect from May 24, 2024. Mr. Vishnu Sawant (DIN: 03477593) has tendered his resignation as an Executive Director of the Company with effect from close of business hours of May 31, 2024 citing pre-occupation and other personal commitments. Mr. Kaustubh Kulkarni (ACS 52980), is a member of the Institute of Company Secretaries of India and L.L.B. Graduate from Mumbai University. Mr. Kaustubh has over 7+ years of experience in dealing with Secretarial Compliances of Listed and Unlisted Companies across organizations engaged in the Pharmaceutical, Information Technology and Financial sector. Reconstitution of Committees of the Board: Corporate Social Responsibility Committee: Mr. Navin C. Shah: Independent Director, Chairperson; Mr. Mahek M. Chheda:Executive Director, Member; Mr. Nemin M. Savadia: Executive Director, Member. Risk Management Committee: Mr. Parimal H. Desai: Additional Non-Executive Director (Vice Chairman - Designated), Chairperson; Mr. Mulesh M. Savla: Independent Director, Member; Mr. Mahek M. Chheda: Executive Director, Member; Mr. Kallada K. Sathiababu: Executive Director, Member. Stakeholders Relationship Committee: Mr. Mulesh M. Savla: Independent Director, Chairperson; Mr. Navin C. Shah: Independent Director, Member; Mr. Mahek M. Chheda: Executive Director, Member. Board Change • May 24
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 4 independent directors. 7 non-independent directors. Non-Executive Independent Director Sudhir Prakash Sawant was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Duyuru • May 18
Valiant Organics Limited to Report Q4, 2024 Results on May 24, 2024 Valiant Organics Limited announced that they will report Q4, 2024 results on May 24, 2024 New Risk • Feb 15
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: 4.7% Last year net profit margin: 7.9% 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 Risk Earnings have declined by 12% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (4.7% net profit margin). Reported Earnings • Feb 15
Third quarter 2024 earnings released: ₹2.90 loss per share (vs ₹8.09 profit in 3Q 2023) Third quarter 2024 results: ₹2.90 loss per share (down from ₹8.09 profit in 3Q 2023). Revenue: ₹1.42b (down 43% from 3Q 2023). Net loss: ₹78.9m (down 136% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has fallen by 31% per year, which means it is performing significantly worse than earnings. Duyuru • Feb 06
Valiant Organics Limited to Report Q3, 2024 Results on Feb 13, 2024 Valiant Organics Limited announced that they will report Q3, 2024 results on Feb 13, 2024 New Risk • Nov 13
New major risk - Revenue and earnings growth Earnings have declined by 5.3% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 09
Second quarter 2024 earnings released: EPS: ₹1.53 (vs ₹7.72 in 2Q 2023) Second quarter 2024 results: EPS: ₹1.53 (down from ₹7.72 in 2Q 2023). Revenue: ₹2.07b (down 22% from 2Q 2023). Net income: ₹43.0m (down 80% from 2Q 2023). Profit margin: 2.1% (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 19% per year but the company’s share price has fallen by 38% per year, which means it is performing significantly worse than earnings. New Risk • Nov 09
New major risk - Revenue and earnings growth Earnings have declined by 3.7% 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. This is currently the only risk that has been identified for the company. Duyuru • Aug 24
Valiant Organics Limited, Annual General Meeting, Sep 15, 2023 Valiant Organics Limited, Annual General Meeting, Sep 15, 2023, at 11:00 Indian Standard Time. Agenda: To consider and adopt the Audited Standalone and Consolidated Financial Statements for the financial year ended March 31, 2023 together with the Reports of the Board of Directors' and the Auditors' thereon; to appoint a Director in place of Dr. Kiritkumar H. Desai; to appoint a Director in place of Shri Sathiababu K. Kallada; to discuss re-appoint the Statutory Auditors of the Company; to approve revision in terms & conditions of appointment of Shri Arvind K. Chheda Managing Director of the Company; and to discuss other matters. Reported Earnings • Aug 10
First quarter 2024 earnings released: EPS: ₹4.58 (vs ₹5.68 in 1Q 2023) First quarter 2024 results: EPS: ₹4.58 (down from ₹5.68 in 1Q 2023). Revenue: ₹2.05b (down 23% from 1Q 2023). Net income: ₹124.2m (down 20% from 1Q 2023). Profit margin: 6.1% (up from 5.8% in 1Q 2023). The increase in margin was driven by lower expenses. Duyuru • Aug 03
Valiant Organics Limited to Report Q1, 2024 Results on Aug 09, 2023 Valiant Organics Limited announced that they will report Q1, 2024 results on Aug 09, 2023 Duyuru • Jul 06
Valiant Organics Limited Announces Cessation of Shri Velji Karamshi Gogri as an Independent Director Effective July 05, 2023 Valiant Organics Limited announced that Shri Velji Karamshi Gogri (DIN: 02714758) completed his second consecutive term as an Independent Director on July 05, 2023 and consequently cease to be a Director of the Company with effect from closing of Business hours on July 05, 2023. The Board of Directors places on record appreciation for his contribution as an Independent Director with the Company. Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₹582, the stock trades at a trailing P/E ratio of 18x. Average trailing P/E is 21x in the Chemicals industry in India. Total loss to shareholders of 15% over the past year. Duyuru • May 21
Valiant Organics Limited Announces Change in Directorate Valiant Organics Limited announced that Board of Directors at its Meeting held on May 19, 2023, have approved the appointment of Dr. Sudhirprakash B. Sawant (DIN: 02343218) as Additional Director in the Category of Non-Executive Independent Director the Company for a term of 5 (five) Years with effect from May 19, 2023 based on recommendation of Nomination and Remuneration Committee and subject to the approval of Members. Dr. Sudhirprakash B. Sawant holds a Bachelor's degree in Chemical Engineering and PhD. (Tech). He was a faculty member in Chemical Engineering. He has served as a consultant to various Chemical companies for more than 30 years. He has also served as an expert member on various committees of Central & State Governments. Reported Earnings • May 21
Full year 2023 earnings released: EPS: ₹32.45 (vs ₹41.72 in FY 2022) Full year 2023 results: EPS: ₹32.45 (down from ₹41.72 in FY 2022). Revenue: ₹10.6b (down 8.1% from FY 2022). Net income: ₹881.2m (down 22% from FY 2022). Profit margin: 8.3% (down from 9.8% in FY 2022). The decrease in margin was driven by lower revenue. Duyuru • May 20
Valiant Organics Limited Announces Reconstitution of Committees of the Board Valiant Organics Limited announced that at its board meeting held on May 19, 2023, approved reconstitution of Committees of the Board. Audit Committee: Shri Mulesh Savla - Independent Director, Chairman, Shri Arvind Chheda - Managing Director, Member, Shri Navin Shah - Independent Director, Member, Shri Sathiababu Kallada - Executive Director, Member, Smt. Sonal Vira - Independent Director, Member, Dr. Sudhirprakash B. Sawant - Independent Director, Member; Nomination and Remuneration Committee: Shri Mulesh Savla - Independent Director, Chairperson, Shri Santosh Shantilal Vora - Non-Executive Director, Member, Shri Navin Shah - Independent Director, Member; Risk Management Committee: Shri Mulesh Savla - Independent Director, Chairperson, Shri Mahek Manoj Chheda - Executive Director, Member, Shri Arvind Kanji Chheda - Managing Director, Member; Corporate Social Responsibility Committee: Shri Navin Shah - Independent Director, Chairperson, Shri Mahek Manoj Chheda - Executive Director, Member, Shri Arvind Kanji Chheda - Managing Director, Member. Duyuru • May 13
Valiant Organics Limited to Report Q4, 2023 Results on May 19, 2023 Valiant Organics Limited announced that they will report Q4, 2023 results on May 19, 2023 Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹505, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 20x in the Chemicals industry in India. Total loss to shareholders of 46% over the past year. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₹477, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 19x in the Chemicals industry in India. Total loss to shareholders of 52% over the past year. Upcoming Dividend • Feb 03
Upcoming dividend of ₹1.00 per share at 0.5% yield Eligible shareholders must have bought the stock before 10 February 2023. Payment date: 02 March 2023. Trailing yield: 0.5%. Lower than top quartile of Indian dividend payers (1.6%). Lower than average of industry peers (0.9%). Duyuru • Feb 01
Valiant Organics Limited Declares Interim Dividend for the Financial Year 2022-2023 Valiant Organics Limited announced that the board of directors of the company at its meeting held on January 31, 2023 has declared the interim dividend of INR 1 (10%) per equity share of INR 10 each for the financial year 2022-2023. Pursuant to Regulation 42(1)(a) of the SEBI (LODR) Regulations, 2015, the board has fixed February 10, 2023, as record date for the purpose of payment of interim dividend. Reported Earnings • Feb 01
Third quarter 2023 earnings released: EPS: ₹8.09 (vs ₹11.02 in 3Q 2022) Third quarter 2023 results: EPS: ₹8.09 (down from ₹11.02 in 3Q 2022). Revenue: ₹2.52b (down 13% from 3Q 2022). Net income: ₹219.7m (down 27% from 3Q 2022). Profit margin: 8.7% (down from 10% in 3Q 2022). The decrease in margin was driven by lower revenue. Duyuru • Jan 24
Valiant Organics Limited to Report Q3, 2023 Results on Jan 31, 2023 Valiant Organics Limited announced that they will report Q3, 2023 results on Jan 31, 2023 Recent Insider Transactions • Dec 19
Insider recently sold ₹2.9m worth of stock On the 15th of December, Indira Dedhia sold around 5k shares on-market at roughly ₹637 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₹3.9m. Insiders have been net sellers, collectively disposing of ₹119m more than they bought in the last 12 months. Price Target Changed • Nov 16
Price target decreased to ₹1,382 Down from ₹1,980, the current price target is provided by 1 analyst. New target price is 110% above last closing price of ₹657. Stock is down 45% over the past year. The company is forecast to post earnings per share of ₹55.00 for next year compared to ₹41.72 last year. Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 independent directors. 8 non-independent directors. Additional Independent Director Navin Shah was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Nov 09
Second quarter 2023 earnings released: EPS: ₹7.72 (vs ₹9.42 in 2Q 2022) Second quarter 2023 results: EPS: ₹7.72 (down from ₹9.42 in 2Q 2022). Revenue: ₹2.66b (down 2.6% from 2Q 2022). Net income: ₹209.6m (down 18% from 2Q 2022). Profit margin: 7.9% (down from 9.4% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Chemicals industry in India. Recent Insider Transactions • Sep 17
Insider recently sold ₹4.3m worth of stock On the 14th of September, Hemchand Gala sold around 5k shares on-market at roughly ₹855 per share. This transaction amounted to 3.9% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹158m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 28% share price gain to ₹819, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 31x in the Chemicals industry in India. Total loss to shareholders of 43% over the past year. Reported Earnings • Aug 05
First quarter 2023 earnings released: EPS: ₹5.68 (vs ₹9.82 in 1Q 2022) First quarter 2023 results: EPS: ₹5.68 (down from ₹9.82 in 1Q 2022). Revenue: ₹2.68b (up 9.7% from 1Q 2022). Net income: ₹154.3m (down 42% from 1Q 2022). Profit margin: 5.8% (down from 11% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 24%, compared to a 15% growth forecast for the industry in India. Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improved over the past week After last week's 16% share price gain to ₹616, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 24x in the Chemicals industry in India. Total loss to shareholders of 58% over the past year. Recent Insider Transactions • Jul 04
Head of Factory & Whole-Time Director recently bought ₹60k worth of stock On the 29th of June, Vishnu Sawant bought around 100 shares on-market at roughly ₹596 per share. In the last 3 months, there was an even bigger purchase from another insider worth ₹60k. Despite this recent purchase, insiders have collectively sold ₹194m more in shares than they bought in the last 12 months. Recent Insider Transactions • Jun 25
Insider recently sold ₹4.2m worth of stock On the 20th of June, Hemchand Gala sold around 8k shares on-market at roughly ₹524 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹44m. Insiders have been net sellers, collectively disposing of ₹198m more than they bought in the last 12 months. Recent Insider Transactions • Jun 06
Insider recently sold ₹3.1m worth of stock On the 1st of June, Kenil Savla sold around 5k shares on-market at roughly ₹683 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹21m. Insiders have been net sellers, collectively disposing of ₹138m more than they bought in the last 12 months. Reported Earnings • May 29
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: ₹41.72 (down from ₹44.68 in FY 2021). Revenue: ₹11.5b (up 53% from FY 2021). Net income: ₹1.13b (down 1.1% from FY 2021). Profit margin: 9.8% (down from 15% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 9.4%. Earnings per share (EPS) missed analyst estimates by 20%. Over the next year, revenue is forecast to grow 9.5%, compared to a 17% growth forecast for the industry in India. Price Target Changed • Apr 27
Price target increased to ₹1,980 Up from ₹1,782, the current price target is provided by 1 analyst. New target price is 123% above last closing price of ₹887. Stock is down 40% over the past year. The company is forecast to post earnings per share of ₹50.80 for next year compared to ₹44.68 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Mulesh Savla was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 15% share price gain to ₹1,010, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 27x in the Chemicals industry in India. Total loss to shareholders of 18% over the past year. Recent Insider Transactions • Feb 19
Whole Time Director recently sold ₹5.7m worth of stock On the 16th of February, Bijal Modi sold around 6k shares on-market at roughly ₹974 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹101m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₹957, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 26x in the Chemicals industry in India. Total loss to shareholders of 29% over the past year. Reported Earnings • Feb 08
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹11.02 (down from ₹12.56 in 3Q 2021). Revenue: ₹2.91b (up 41% from 3Q 2021). Net income: ₹299.4m (down 5.2% from 3Q 2021). Profit margin: 10% (down from 15% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 16%, compared to a 20% growth forecast for the industry in India. Recent Insider Transactions • Jan 02
Insider recently sold ₹594k worth of stock On the 31st of December, Maya Savla sold around 566 shares on-market at roughly ₹1,050 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹18m. Insiders have been net sellers, collectively disposing of ₹96m more than they bought in the last 12 months. Recent Insider Transactions • Nov 05
Managing Director & Director recently sold ₹18m worth of stock On the 2nd of November, Arvind Chheda sold around 14k shares on-market at roughly ₹1,316 per share. This was the largest sale by an insider in the last 3 months. This was Arvind's only on-market trade for the last 12 months. Reported Earnings • Nov 01
Second quarter 2022 earnings released: EPS ₹9.42 (vs ₹12.64 in 2Q 2021) The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2022 results: Revenue: ₹2.73b (up 64% from 2Q 2021). Net income: ₹255.9m (down 17% from 2Q 2021). Profit margin: 9.4% (down from 18% in 2Q 2021). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment improved over the past week After last week's 15% share price gain to ₹1,593, the stock trades at a trailing P/E ratio of 33.8x. Average trailing P/E is 20x in the Chemicals industry in India. Total returns to shareholders of 7.5% over the past year. Recent Insider Transactions • Sep 20
Insider recently sold ₹1.3m worth of stock On the 16th of September, Maya Savla sold around 908 shares on-market at roughly ₹1,467 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹16m. Insiders have been net sellers, collectively disposing of ₹51m more than they bought in the last 12 months. Executive Departure • Sep 10
Company Secretary & Compliance Officer Vyoma Vyas has left the company On the 4th of September, Vyoma Vyas' tenure as Company Secretary & Compliance Officer ended after 4.3 years in the role. We don't have any record of a personal shareholding under Vyoma's name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 2.42 years. Recent Insider Transactions • Sep 06
Whole Time Director recently sold ₹16m worth of stock On the 2nd of September, Bijal Modi sold around 12k shares on-market at roughly ₹1,296 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹43m more than they bought in the last 12 months. Executive Departure • Aug 21
Non-Executive Director Dattatray Galpalli has left the company On the 14th of August, Dattatray Galpalli's tenure as Non-Executive Director ended after 4.1 years in the role. We don't have any record of a personal shareholding under Dattatray's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 2.33 years. Recent Insider Transactions • Aug 21
Whole Time Director recently sold ₹3.0m worth of stock On the 17th of August, Bijal Modi sold around 2k shares on-market at roughly ₹1,348 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹4.5m. Insiders have been net sellers, collectively disposing of ₹18m more than they bought in the last 12 months. Reported Earnings • Aug 19
First quarter 2022 earnings released: EPS ₹9.82 (vs ₹11.40 in 1Q 2021) The company reported a mediocre first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2022 results: Revenue: ₹2.46b (up 56% from 1Q 2021). Net income: ₹266.5m (down 3.8% from 1Q 2021). Profit margin: 11% (down from 18% in 1Q 2021). The decrease in margin was driven by higher expenses. Recent Insider Transactions • Jun 26
Insider recently sold ₹4.5m worth of stock On the 24th of June, Hemchand Gala sold around 3k shares on-market at roughly ₹1,496 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹11m more than they bought in the last 12 months. Executive Departure • Jun 03
Chief Financial Officer Piyush Lakhan has left the company On the 25th of May, Piyush Lakhan's tenure as Chief Financial Officer ended after less than a year in the role. We don't have any record of a personal shareholding under Piyush's name. Piyush is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.17 years. Reported Earnings • May 28
Full year 2021 earnings released: EPS ₹44.68 (vs ₹57.01 in FY 2020) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: ₹7.61b (up 13% from FY 2020). Net income: ₹1.15b (down 17% from FY 2020). Profit margin: 15% (down from 21% in FY 2020). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improved over the past week After last week's 16% share price gain to ₹1,783, the stock trades at a trailing P/E ratio of 35.6x. Average trailing P/E is 19x in the Chemicals industry in India. Recent Insider Transactions • Mar 23
Whole Time Director recently sold ₹643k worth of stock On the 18th of March, Bijal Modi sold around 510 shares on-market at roughly ₹1,261 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹8.0m more than they bought in the last 12 months. Is New 90 Day High Low • Feb 15
New 90-day low: ₹1,339 The company is down 14% from its price of ₹1,548 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. 