Specialty Chemicals

Aarti Industries’s Q2FY26 earnings print represents a strong rebound in profitability and overall volumes after many quarters. Adjusting for the deferred EBITDA contribution of MMA shipments, EBITDA was ~INR2.76bn (up

SRF reported solid Q2FY26 results, but missed Street’s estimates. The Chemicals business continues to outshine with sales rising 22.8% YoY along with robust margins—up ~10pp to 28.9%. The Packaging business suffered an

Jubilant Ingrevia’s modest Q2FY26 showing was along expected lines. Growth and profitability was led by specialty chemicals (sales up 12% YoY) with continuous YoY improvement in EBITDA margins (up 570bp YoY to 25.8%).

Nuvama Wealth Management is hosting a conference call with Management of SRF Limited to discuss the financial results of the Company for Q2FY26 on Tuesday, October 28, 2025 at 3.00 PM IST. Mr. Rahul Jain – CFO &

In this edition of Molecular Monitor, we reflect on the insights gained from our interactions in the chemicals industry suggesting both direct and indirect impact on volumes emanating from uncertainty around tariffs.

The performance of Chemical companies during Q2FY26 shall be directly and indirectly impacted by tariffs imposed by the US. Q2FY26 being a seasonally soft quarter shall incrementally weigh on growth prospects. A

The Directorate General of Trade Remedies (DGTR) has recommended an anti-dumping duty (ADD) on imports of polytetrafluoroethylene (PTFE) from China and Russia, ranging from USD2,884/ton to USD5,933/ton. This development

Galaxy Surfactants’ strong Q1FY26 volume growth in ROW markets shored up blended volume growth of 5% YoY. However, a steep increase in raw material costs hurt margins significantly. Galaxy’s performance missed all our

Deepak Nitrite delivered a weak 1QFY26, with softness in both Phenolics and Advanced Intermediates dragging performance. Sales/EBITDA/PAT missed our estimate by 6.5%/16.1%/17.9% as revenue fell 12.8% YoY to INR18.8bn.

Fine Organics (FOIL) reported a soft Q1FY26 performance with growth driven primarily by export volumes. Revenue increased 7% YoY to INR5.88bn while gross margin contracted 315bp YoY to 40.3% on the back of lower ASPs.

PI Industries’ muted Q1FY26 performance stems from contraction in the CSM business (down 13.6% YoY) and regulatory hurdles hobbling the biologicals business. Sales fell 8.1% YoY to INR19bn (estimate: INR24.4bn). The

Gujarat Fluorochemicals (GFL) reported resilient results supported by healthy volume-led sales growth in Fluoropolymers (up 16.5% YoY) with EBITDA margins improving gradually quarter after quarter. The company’s

Jubilant Ingrevia reported in-line Q1FY26 results displaying improved traction in the specialty chemicals business. Sales grew 1.3% YoY to INR10.3bn—growth in specialty chemicals was offset by contraction in the

SRF Limited reported a miss on our estimates in Q1FY26 led by weaker-than-expected profitability in the chemicals business. Our expectation of growth in the specialty chemicals business was a tad higher, which led to the

Despite geopolitical challenges, gradual recovery in specialty chemicals is definitely underway, in our view, with at least few companies expected to turn the corner. Some customers must have been sitting on the fence

In this month’s Molecular Monitor, we encapsulate the turbulence in the methanol value chain due to the Iran-Israel war; the turbulence turned out to be short-lived and wouldn’t have long-term impact. We also note the

We hosted management teams of nine leading agri and specialty chemicals companies at the Nuvama Specialty Chemicals and Healthcare Conference 2025. Our key takeaway: the Chemicals sector is primed for strong growth in

We attended Galaxy Surfactants’s analyst meet and noticed a pivotal shift in management’s approach towards growth. The company—now in the hands of professionally-run management—is eyeing an entry into high-value and

Deepak Nitrite’s adjusted 4QFY25 performance is poorer than expected. Reported revenue increased 14.5% QoQ to INR21.79bn and EBITDA rose 5.1% YoY to INR3.16bn buoyed by strong volume growth in the phenolics segment and