Clean Science & Technology Ltd (CLEAN)
🎯 Key Takeaways
- Clean Science & Technology Ltd is transitioning from a domestic specialty chemical manufacturer to a globally integrated player, marked by strategic expansion into Europe and product diversification into performance chemicals. Despite a 11% YoY revenue decline in Q1 FY27, the company delivered its highest-ever consolidated sales and improved margins, reflecting strong execution amid macro headwinds.
- Revenue grew 7.7% QoQ to ₹268 in Q1FY27.
- ⚠️ 1) Revenue declined 11% YoY in Q1 FY27 despite margin expansion, signaling potential demand softness or pricing pressure in key markets. 2) Heavy reli
- Market Cap
- ₹8,260
- P/E Ratio
- 35.5
- P/B Ratio
- 5.22
- ROE
- 14.7%
- ROCE
- 19.7%
- Debt/Equity
- 0.00
- Div Yield
- 0.51%
- Promoter
- 51.3%
📖 The Story
Clean Science & Technology Ltd is transitioning from a domestic specialty chemical manufacturer to a globally integrated player, marked by strategic expansion into Europe and product diversification into performance chemicals. Despite a 11% YoY revenue decline in Q1 FY27, the company delivered its highest-ever consolidated sales and improved margins, reflecting strong execution amid macro headwinds. Management is prioritizing innovation, ESG integration, and global footprint expansion through new subsidiaries and capex.
📰 What's Happening
In Q1 FY27, revenue rose 5% QoQ to ₹207 crores, driven by performance chemicals (now 22% of sales), while EBITDA and PAT margins expanded to 42.7% and 36.0% respectively. Management announced ~₹100 crores of capex for Clean Fino Chem and a new European subsidiary to support global growth. The commercialization of Performance Chemical 2 is expected by Q3 FY27, and the Dutch subsidiary incorporation is pending shareholder approval at the upcoming AGM. Board reappointed Krishnakumar Saboo as Whole-time Director until 2031, signaling confidence in long-term leadership.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 245 | 220 | 249 | 268 |
| Operating Profit | 68 | 53 | 75 | 75 |
| OPM % | 28.0% | 24.1% | 30.1% | 28.1% |
| Net Profit | 55 | 46 | 58 | 73 |
| EPS | ₹5.22 | ₹4.32 | ₹5.48 | ₹6.90 |
Quarterly revenue shows a sequential uptrend (₹220 Cr → ₹245 Cr → ₹249 Cr → ₹268 Cr), with operating and net profit margins holding firm despite YoY pressure, indicating operational resilience. Margins improved QoQ, reflecting cost discipline and product mix optimization. Capex deployment toward new products and geographies appears targeted, though specific figures are not detailed in filings. Profitability remains robust, with PAT margin holding above 35% in recent quarters, supporting confidence in sustained earnings quality.
🔮 Management Outlook & What's Next
Management expects commercialization of Performance Chemical 2 by Q3 FY27 and views the new European subsidiary as critical to global footprint expansion. Capex is being deployed toward capacity expansion and product development in Clean Fino Chem and international operations. The company emphasizes ESG integration and innovation as core growth levers, with no explicit revenue or margin guidance provided, but confidence in long-term growth is evident through structural investments.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 11 | 11 | 11 | 11 |
| Reserves | 1,406 | 1,287 | 1,573 | 1,489 |
| Borrowings | 0 | 2 | 2 | 2 |
| Total Liabilities | 1,608 | 1,501 | 1,783 | 1,684 |
| Fixed Assets | 715 | 686 | 755 | 686 |
| Investments | 381 | 359 | 405 | 432 |
| Total Assets | 1,608 | 1,501 | 1,783 | 1,684 |
The balance sheet remains extremely conservative, with zero net debt (Borrowings ₹2 Cr against Equity ₹11 Cr + Reserves ₹1,573 Cr), indicating strong financial flexibility. Total assets grew to ₹1,783 Crores by March 2026, up from ₹1,608 Crores a year ago, reflecting asset base expansion likely tied to capex. Reserves have steadily increased, suggesting retained earnings are being capitalized to fund growth without leverage, supporting a low-risk capital structure.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | +214 |
| Investing | -152 |
| Financing | -53 |
| Net Cash Flow | +10 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 51.0% | 51.0% | 51.3% | 51.3% |
| FII | 11.1% | 10.0% | 13.4% | 13.4% |
| DII | 19.0% | 19.8% | 17.1% | 16.2% |
| Public | 11.7% | 12.4% | 11.2% | 12.4% |
| # Shareholders | 2,39,974 | 2,43,606 | 2,37,113 | 2,41,947 |
Institutional ownership (FII + DII) has increased steadily, with FII rising from 11.14% (Q2FY26) to 13.37% (Q1FY27) and DII from 18.97% to 16.23% over the same period, indicating growing confidence among investors. Promoter holding remains stable at 51.29%, with no signs of erosion. The rising shareholder base (2,41,947 as of Q1FY27) and consistent institutional accumulation suggest improving market sentiment and potential for broader analyst coverage.
⚖️ Peer Comparison — Chemicals
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| PIDILITIND | 1.53 L Cr | 57.6 | 33.4% | — | 0.01 |
| SRF | 73,810 | 34.1 | 15.6% | — | 0.36 |
| LINDEINDIA | 52,814 | 96.7 | 17.5% | — | 0.00 |
| FLUOROCHEM | 48,774 | 79.7 | 9.6% | — | 0.34 |
| NAVINFLUOR | 43,256 | 54.7 | 22.2% | — | 0.31 |
| GODREJIND | 36,153 | 30.8 | 9.2% | — | 4.57 |
| HSCL | 33,807 | 42.0 | 20.7% | — | 0.16 |
| AETHER | 23,029 | 97.7 | 13.8% | — | 0.08 |
| DEEPAKNTR | 21,155 | 27.0 | 15.3% | — | 0.26 |
| CASTROLIND | 19,891 | 18.7 | 76.2% | — | 0.00 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) Revenue declined 11% YoY in Q1 FY27 despite margin expansion, signaling potential demand softness or pricing pressure in key markets. 2) Heavy reliance on exports (67% of turnover) exposes the company to global macro and currency volatility, with no hedging strategy disclosed. 3) Capex deployment into new ventures (European subsidiary, Clean Fino Chem) carries execution risk, especially without clear timelines or ROI visibility. 4) Limited product diversification beyond performance chemicals could delay commercialization milestones, impacting growth trajectory.
📋 Recent Filings
- 🔴 Announcement2026-09-24Clean Science & Technology Ltd received a credit rating reaffirmation from CRISIL on September 23, 2026, confirming its Long Term rating of CRISIL AA-…
- Announcement2026-09-24Clean Science & Technology Ltd announced that its insider trading window closes on 1 October 2026, remaining shut until 48 hours after the un-audited …
- 🔴 Announcement2026-09-23Clean Science & Technology disclosed GST department search and seizure proceedings initiated at its Pune office and subsidiary on September 23, 2026, …
- 🔴 Corporate Action2026-09-23Clean Science & Technology announced a rights issue where it subscribed to 836,121 new shares of its wholly owned subsidiary Clean Fino-Chem at a prem…
- 🟡 voting results2026-09-12At the 23rd AGM on 12 September 2026, shareholders approved all seven resolutions including audited standalone and consolidated financial statements f…
- 🟡 Board Meeting2026-09-12Clean Science & Technology held its 23rd AGM on 12 September 2026 via video conference, approving audited standalone and consolidated financial statem…
- 🔴 Corporate Action2026-09-12Clean Science & Technology Ltd announced dividend of Rs 2 interim and Rs 4 final per share for FY2026 at its 23rd AGM on 12 September 2026, with votin…
- 🟡 Board Meeting2026-09-12Clean Science & Technology Ltd announced the results of its 23rd Annual General Meeting held on 12 September 2026 via video conference. Shareholders a…
- 🔴 Corporate Action2026-08-31Clean Science & Technology approved the allotment of 1,601 employee stock options on 31 August 2026, increasing paid-up capital to Rs. 10,62,84,121 an…
- Announcement2026-08-20Clean Science and Technology Limited announced the incorporation of its newly formed Dutch subsidiary, Clean Science International B.V., as a wholly o…
🧠 Analyst's Read
Clean Science & Technology is executing a deliberate, capital-intensive transition toward global specialty chemical leadership, supported by strong margins and a pristine balance sheet. While near-term revenue headwinds persist, margin resilience and strategic investments position it for long-term upside — investors should monitor execution of European expansion and commercialization of Performance Chemical 2 as key near-term catalysts.
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 2026-09-29.
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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