Bodal Chemicals Ltd (BODALCHEM)

Chemicals · Chemicals · NSE · Updated 2 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹118.4 ↑ 82.86% (1Y)

🎯 Key Takeaways

Bodal Chemicals Ltd is transitioning from a period of operational volatility to sustained growth, marked by strong PAT expansion and margin improvement driven by volume growth, better product mix, and strategic capacity investments. The company is in a growth phase, supported by robust demand in Basic Chemicals and Dye Intermediates, with export markets contributing 25% of revenue and global customer reach across 35+ countries.
Revenue grew 20.6% QoQ to ₹709 in Q1FY27.
⚠️ Raw material cost volatility in sulphur and benzene could pressure margins despite current stability.

Market Cap

₹1,491

P/E Ratio

21.7

P/B Ratio

1.35

ROE

6.2%

ROCE

7.8%

Debt/Equity

0.82

Promoter

57.0%

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📖 The Story

Bodal Chemicals Ltd is transitioning from a period of operational volatility to sustained growth, marked by strong PAT expansion and margin improvement driven by volume growth, better product mix, and strategic capacity investments. The company is in a growth phase, supported by robust demand in Basic Chemicals and Dye Intermediates, with export markets contributing 25% of revenue and global customer reach across 35+ countries.

📰 What's Happening

In FY26, Bodal Chemicals reported consolidated revenue of ₹20,539 crores (+16% YoY), with PAT surging 158.5% YoY to ₹478 crores, driven by 30% YoY revenue growth in Q4FY26 (₹5,906 crores). Key growth engines included Basic Chemicals (+80% YoY) and Dye Intermediates (+21% YoY), while Chlor Alkali remained flat. The company highlighted capacity expansion, cost management, and asset rationalisation as growth levers. Subsidiaries in China and Turkey faced hyperinflation-related losses (₹26.5 crore under AS 29), but overall financials were stable with an unmodified audit opinion. The Board reappointed key directors, including Suresh J. Patel as Chairman, while Mayank Mehta retired. Export revenue now contributes 25% of consolidated revenue, up from prior periods, reflecting deeper global integration.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	480	490	588	709
Operating Profit	6	5	51	52
OPM %	1.2%	0.9%	8.7%	7.3%
Net Profit	6	0	32	30
EPS	₹0.47	₹0.02	₹2.55	₹2.41

The company has demonstrated consistent top-line growth, with revenue rising from ₹480 crores in September 2025 to ₹709 crores in June 2026, accompanied by improving operational performance — OPM expanded from 0.9% in December 2025 to 8.7% in March 2026. PAT growth of 158.5% YoY in FY26 was fueled by operational leverage, higher realisations, and SGST incentives in Punjab. Despite a temporary dip in December 2025 with near-zero profitability, the trend has clearly reversed, signaling effective execution of restructuring and efficiency initiatives. The unmodified auditor’s opinion confirms financial stability and compliance, reinforcing confidence in the sustainability of current growth momentum.

🔮 Management Outlook & What's Next

Management expressed confidence in future growth through continued capacity expansion, cost discipline, and focus on high-margin specialty chemicals, particularly benzene derivatives via the Saykha facility and high-purity products using German and Swiss technologies. They emphasized ongoing investments in captive power (5 MW), waste heat recovery (1.73 MW), and ZLD compliance as part of long-term sustainability and operational resilience. No specific forward guidance on revenue or margins was provided, but strategic priorities were clearly outlined in the annual report and reinforced through investor disclosures.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	25	25	25	25
Reserves	1,058	1,080	1,097	1,132
Borrowings	836	906	866	813
Total Liabilities	2,229	2,353	2,313	2,356
Fixed Assets	1,282	1,301	1,266	1,227
Investments	0	0	0	0
Total Assets	2,229	2,353	2,313	2,356

The balance sheet reflects a deliberate shift toward deleveraging and capital efficiency, with net debt declining to ₹7,926.96 million from ₹8,921.73 million YoY, despite ongoing investments in infrastructure and capacity. Cash and cash equivalents stood at ₹74.61 million, supporting operational flexibility. Equity and reserves grew modestly, indicating reinvestment of profits rather than large capital returns. The company is balancing growth investments with financial stability, avoiding aggressive expansion while maintaining control over liabilities.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	+114
Investing	-37
Financing	-73
Net Cash Flow	+3

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	57.0%	57.0%	57.0%	57.0%
FII	0.3%	0.3%	0.1%	0.0%
DII	0.0%	0.0%	0.0%	0.0%
Public	35.9%	35.9%	36.1%	36.1%
# Shareholders	74,649	73,083	70,465	67,902

Promoter holding remains stable at 57% over the last four quarters, indicating confidence and alignment with long-term interests. Institutional ownership (FII and DII) remains minimal, with FII at 0.02%–0.32% and DII at 0%, suggesting limited foreign or domestic institutional interest despite strong financials. The growing number of public shareholders (67,902 to 74,649) reflects retail participation but no significant institutional accumulation. No pledging or sale signals were disclosed, and share price movements were attributed to market dynamics with no company involvement.

⚖️ Peer Comparison — Chemicals

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
PIDILITIND	1.67 L Cr	63.2	33.4%	24.7%	0.01
SRF	75,831	35.1	15.6%	15.4%	0.36
LINDEINDIA	54,443	99.7	17.5%	12.8%	0.00
FLUOROCHEM	51,528	84.2	9.6%	7.7%	0.34
NAVINFLUOR	44,502	56.3	22.2%	19.9%	0.31
GODREJIND	38,256	32.5	9.2%	19.8%	4.57
HSCL	33,181	41.2	20.7%	17.1%	0.16
DEEPAKNTR	23,850	30.4	15.3%	13.4%	0.26
AETHER	22,459	95.2	13.8%	10.6%	0.08
AARTIIND	19,021	35.8	9.2%	9.5%	0.68

🔗 Peer Stock Analyses

PIDILITIND SRF LINDEINDIA FLUOROCHEM NAVINFLUOR

⚠️ Risk Factors

1. Raw material cost volatility in sulphur and benzene could pressure margins despite current stability. 2. Intensifying competition from Chinese players in core segments may erode pricing power. 3. Hyperinflation impacts in China and Turkey continue to affect subsidiary profitability, requiring ongoing rationalisation. 4. Dependence on export markets (25% of revenue) exposes the company to global macro and currency headwinds, though no immediate risks were flagged.

📋 Recent Filings

🧠 Analyst's Read

Bodal Chemicals is executing a credible turnaround narrative with strong profitability gains, operational improvements, and strategic investments in high-growth areas. The PAT growth of 158.5% and margin expansion validate management’s focus on efficiency and product mix. Investors should monitor execution of capacity expansion, raw material cost trends, and export demand dynamics in the coming quarters. While fundamentals are improving, the low institutional interest and sector-specific risks warrant cautious optimism without assuming sustained outperformance.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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