Specialty Chemicals & Gases

Anupam Rasayan

ANURASNSEMid Cap

Live₹1,370syncing…

Custom synthesis specialty chemicals with potential electronics chemistry exposure.

Market Cap

₹15.6k cr

Price

1370

1Y -22%

Direct exposure

20/100

0–100 directness

Sell / Avoid

Fundamental

11/ 100

Quality of growth, returns, cash conversion and balance sheet

Technical (TQ-100)

19/ 100

Trend, momentum, volume and relative strength composite

Valuation

40/ 100

Higher = cheaper vs peers and own history

Final composite

26/ 100

Blended decision input

Data transparency

What's real, what's pending, on this page

Real financials loaded

✓ Real / verified

· Live price, day change, market cap — NSE direct
· 1Y OHLCV, RSI(14), 50/200 DMA, 1M/3M/1Y returns, RS vs Nifty — computed from real NSE OHLCV
· Sector P/E — NSE direct
· Promoter %, pledge %, MF/FII/public split, 9-quarter history — Trendlyne
· Earnings call AI summaries — Trendlyne (where available)
· Technical (TQ-100) score — computed from real OHLCV
· Annual revenue / EBITDA / PAT / OCF / FCF / equity / assets — Trendlyne (audited annuals)

⚠ Analyst-set (qualitative)

· Segment classification + semicon directness score — analyst seed
· Bull/bear case + monitorables (curated thesis) — analyst seed
· Governance risk score (seed) — being replaced by AI-agent assessment
· Synthesized 5Y forecast removed entirely (was inaccurate)

Real financials extracted for 42 of 45 companies. See /data-sources for full provenance.

Anupam Rasayan · ANURAS

₹1,370-20.70% over 6M

Price50 DMA200 DMA

RSI (14)

Momentum oscillator · 6M view

Volume (60D)

Fundamental score (SageOne 100)

11/ 100D

Growth 20 / Margin 15 / ROC 20 / Cash 15 / Leverage 10 / Reinvestment 8 / Accounting 7 / Governance 5 minus red flags (capped -20).

Base 29

Red flags -18

Growth quality/ 20

0.0

Rev 1Y -21.2% · 3Y CAGR -5.6%

Margin & profitability/ 15

13.4

EBITDA 36.6% · PAT 8.0%

Return on capital/ 20

4.1

ROCE 10% · ROE 3%

Cash flow quality/ 15

0.8

OCF/EBITDA 7% · FCF yield -2.2%

Leverage discipline/ 10

4.0

Net Debt/EBITDA 1.80x

Reinvestment runway/ 8

2.7

ROCE × retention proxy

Accounting quality/ 7

0.6

OCF conversion proxy

Governance/ 5

3.2

Pledge 0.0% · Risk 36/100

Red flags (4)

− Sub-threshold ROCEROCE 10% below 12% threshold-4
− Weak cash conversionOCF/EBITDA 7% < 50%-4
− Declining revenueRev 1Y -21.2%-4
− Governance risk elevatedRisk score 36/100-6

✓ Computed from real Trendlyne annuals (revenue, EBITDA, PAT, OCF, equity).

Technical score (TQ-100)

19/ 100D

Computed from real 1Y OHLCV pulled from NSE direct: trend, momentum, volume, RS vs Nifty, MA cluster, mean reversion, volatility, patterns minus red flags.

Base 33

Red flags -14

Trend structure/ 20

7.7

Below 200DMA · -3% from 52W high

Momentum velocity/ 15

3.8

RSI(14) 38 · 1M -4.0%

Volume dynamics/ 15

10.5

Bucket: Mid Cap

Relative strength/ 15

0.0

RS vs Nifty -32%

MA cluster/ 10

0.0

200DMA + 1Y trend confirmation

Mean-reversion runway/ 10

4.3

RSI(14) 38; ideal 50-60

Volatility profile/ 8

6.8

Bucket: Mid Cap

Pattern integrity/ 7

0.0

Trend continuation proxy

Red flags (2)

− Below 200 DMALong-term trend broken-10
− Underperforming NiftyRS -32%-4

AI research agents

Re-classify segment exposure and re-assess governance risk by running fresh AI agents on the latest data. Results cache to data/agents.json.

Segment classifier

Maps to value-chain segments + computes 0-100 directness

Seed: Specialty Chemicals & Gases · 20/100

Governance assessor

Forensic-accounting flags + 0-100 risk score

Seed: 36/100 risk

AI thesis

Generates a fresh thesis grounded in this company's data. Wires to Anthropic when ANTHROPIC_API_KEY is set, otherwise returns a deterministic mock.

Curated thesis

Analyst-set bull, bear and monitorables · use AI thesis above for a fresh take

Working-capital-heavy specialty chemicals; technicals broken and ROCE compressed.

Bull case

+Custom synthesis franchise
+Capex absorption coming
+Long contracts

Bear case

−Heavy working capital
−Weak ROCE
−Technical breakdown

Key monitorables

Receivables daysROCE recoveryOrder pipeline

Semiconductor exposure

How direct, how visible

Primary segment

Specialty Chemicals & Gases

All segments

Specialty Chemicals & Gases

Exposure type

Ancillary

Policy beneficiary

Possible

Import substitution

Medium / Low

Governance risk score

36/100 (lower = better)

Financial snapshot

Latest reported metrics · mock data, ready for live financials

Rev growth (1Y)

-21.2%

Rev CAGR (3Y)

-5.6%

EBITDA margin

36.6%

PAT margin

8.0%

ROCE

10%

ROE

OCF / EBITDA

Net Debt / EBITDA

1.8x

Promoter holding

44.6%

Promoter pledge

0.0%

Valuation

P/E (TTM)

67.6

Forward P/E

35.0

EV/EBITDA

46.9

EV/Sales

17.1

P/B

5.7

FCF Yield

-2.2%

Dividend Yield

0.00%

Hist. percentile

60%

Peer percentile

65%

Technicals

RSI(14)

1M return

-4.0%

1Y return

-22%

From 52W high

-3%

RS vs Nifty

-32%

>200 DMA

Annual financials — real data

Extracted from Trendlyne · audited annuals · TTM + last 6 fiscal years

✓ Real

Line	TTM	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	₹1.7k cr	₹909 cr	₹1.2k cr	₹1.3k cr	₹1.1k cr	₹837 cr	₹540 cr
↳ YoY growth	+82.4%	-21.2%	-10.2%	+19.0%	+29.1%	+55.1%	—
EBITDA	₹279 cr	₹333 cr	₹370 cr	₹311 cr	₹220 cr	₹145 cr	₹113 cr
↳ EBITDA margin	16.8%	36.6%	32.0%	24.2%	20.3%	17.4%	20.9%
PAT	₹157 cr	₹73 cr	₹117 cr	₹169 cr	₹151 cr	₹70 cr	₹53 cr
↳ PAT margin	9.5%	8.0%	10.2%	13.1%	13.9%	8.3%	9.8%
OCF	₹-65 cr	₹22 cr	₹244 cr	₹-172 cr	₹1 cr	₹95 cr	₹42 cr
↳ OCF / EBITDA	-23.3%	6.5%	66.0%	-55.1%	0.4%	65.2%	37.7%
FCF (= OCF − capex)	₹-351 cr	₹-340 cr	₹-234 cr	₹-583 cr	₹-192 cr	₹-83 cr	₹-218 cr
Total Equity	₹2.8k cr	₹2.7k cr	₹2.4k cr	₹1.7k cr	₹1.6k cr	₹593 cr	₹507 cr
Total Assets	₹4.9k cr	₹4.4k cr	₹3.6k cr	₹2.9k cr	₹2.3k cr	₹1.7k cr	₹1.3k cr
↳ ROE	5.6%	2.7%	5.0%	9.8%	9.6%	11.8%	10.5%
↳ ROA	3.2%	1.7%	3.3%	5.8%	6.6%	4.2%	4.0%

Source: Trendlyne (Standalone where Consolidated unavailable). Last refresh on real-data ingest.

Promoter pledge & shareholding history

From Trendlyne · 9 quarters · synced Invalid Date

Pledge: 17.1%

Promoter

59.1%

Mutual Funds

0.2%

FII

6.9%

Public

33.7%

Promoter holding trend

61.2

Mar

61.2

Jun

61.2

Sep

61.2

Dec

61.2

Mar

59.1

Jun

59.1

Sep

59.1

Dec

59.1

Mar

Δ:-2.1% over 9 quartersWatch — meaningful dilution

Commentary

·Persistent promoter pledge of 10-19% across 9 quarters — major governance flag
·Pledge currently at 17.1% in Mar 2026
·Avoid until pledge resolves

Management quality

Capital allocation, debt discipline, alignment, governance composite. Computed from disclosed metrics.

Capital allocation

Sub-threshold ROCE; capital allocation needs scrutiny.

ROCE 10%, div yield 0.0%

Promoter holding

Moderate promoter holding.

44.6%

Promoter pledge

No pledging — cleanest signal.

0.0%

Debt discipline

Watch — leverage building.

Net Debt/EBITDA 1.80x

Cash conversion

Weak cash conversion — investigate working capital and quality of earnings.

OCF/EBITDA 7%

Governance composite

Multiple yellow flags — confirm with disclosures.

36/100 risk

Variant perception

What the market is pricing in versus our read, and what would invalidate the thesis.

What the market is pricing in

Steady but unspectacular execution. Multiples reflect mid-pack expectations.

What we think it's missing

The market is correctly cautious. Variant perception works against you here — wait for governance signals to clear.

Thesis killers

×Leverage surprise — capex overrun without corresponding revenue ramp
×Working capital blowout disclosed in next quarterly result
×Auditor change, CFO exit, or RPT disclosure that requires explanation

References

Wire to live data sources in production

NSE filings Screener BSE corporate filings Annual report (latest)Concall transcript (latest)Investor presentation