Privi Speciality Chemicals financials and balance sheet

NSE: PRIVISCLBSE: 530117Chemicals & PetrochemicalsSmall Cap

Formerly Fairchem Speciality

₹3,250.20₹80.40 (2.41%)BSE ₹3,247.35

Share price at the NSE close on 23 Oct 2026. Previous close ₹3,330.60.

52-week range of traded prices to 23 Oct 2026

₹2,570.80Low, 21 Jan 2026₹3,785.30High, 22 Jul 2026

Next results date: the board meets on 29 Oct 2026 to consider: financial results and dividend.

Market cap: ₹12,696 Cr505th largest listed
P/E: Earlier quarters restated in the year
P/B: 9.0
Dividend yield: 0.31%
ROCE: 21.3%
Debt to equity: 0.70
Volume, NSE: 82,71163.6% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Privi Speciality Chemicals annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 1.2% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2021, part of the business was demerged on 21 Aug 2020, and figures before the change include the part that left.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue2,564
Materials and goods−1,317
Employee costs−115
Other expenses−486
Operating profit646
Depreciation−144
Other income+19
One-off items0.0
Finance costs−82
Profit before tax440
Tax−123
Net profit317

What the company owns

Plant, investments and other assets₹1,695 Cr
Inventory₹826 Cr
Receivables₹526 Cr
Cash and bank₹70 Cr
Current investments₹54 Cr

What pays for it: net worth and liabilities

Net worth₹1,441 Cr
Borrowings₹1,010 Cr
Owed to suppliers₹527 Cr
Other liabilities₹192 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Privi Speciality Chemicals quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 10 May	Mar 2020Filed 24 Jun	Mar 2021Filed 14 May	Mar 2022Filed 6 May	Mar 2023Filed 29 May	Mar 2024Filed 2 May	Mar 2025Filed 10 Jun	Mar 2026Filed 11 May
Revenue from operations	597	1,040	1,341	1,631	1,277	1,404	1,608	1,752	2,101	2,564
	527	909	1,128	1,363	1,069	1,210	1,422	1,427	1,648	1,917
Materials and goods bought	391	663	827	1,008	751	831	961	1,009	1,131	1,317
Employee costs	40	–	71	81	70	77	80	73	87	115
Other expenses	95	–	230	274	248	302	381	345	430	486
Operating profit before depreciation	71	130	213	268	208	194	186	325	454	646
Operating margin	11.9%	12.5%	15.9%	16.4%	16.3%	13.8%	11.6%	18.5%	21.6%	25.2%
Materials, % of revenue	65.5%	–	61.7%	61.8%	58.8%	59.2%	59.8%	57.6%	53.9%	51.4%
Employee costs, % of revenue	6.7%	–	5.3%	4.9%	5.5%	5.5%	5.0%	4.2%	4.1%	4.5%
Other expenses, % of revenue	16.0%	–	17.2%	16.8%	19.4%	21.5%	23.7%	19.7%	20.4%	18.9%
Depreciation and amortisation	27	43	47	63	71	75	108	123	132	144
Operating profit after depreciation	44	87	166	205	137	119	77	202	322	502
Other income	10	16	6	27	20	32	21	26	21	19
Finance costs	20	24	29	41	21	24	68	98	88	82
Profit before one-off items and tax	34	79	143	191	135	127	31	130	255	440
One-off items	0	0	9	40	23	5	0	0	0	0
Profit before tax	34	79	152	231	158	133	31	130	255	440
	12	26	57	55	41	35	10	34	70	123
Current tax	–	19	50	58	41	35	3	31	69	124
Deferred tax	–	7	7	−3	0	0	6	3	1	−1
	21	53	94	176	117	97	21	95	185	317
Belonging to the company's shareholders	–	53	94	176	117	97	21	95	185	317
Other comprehensive income	–	–	0	1	−1	0	2	0	0	1
Total comprehensive income	–	–	94	177	116	98	24	96	185	318
Net margin	3.6%	5.1%	7.0%	10.8%	9.2%	6.9%	1.3%	5.4%	8.8%	12.4%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2017: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the company's periods around it state no share for other owners for the gap to belong to.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 10 May	Mar 2020Filed 24 Jun	Mar 2021Filed 14 May	Mar 2022Filed 6 May	Mar 2023Filed 29 May	Mar 2024Filed 2 May	Mar 2025Filed 10 Jun	Mar 2026Filed 11 May
	576	741	723	820	835	941	1,118	1,441
	576	741	723	812	829	924	1,103	1,412
Share capital	39	39	39	39	39	39	39	39
Reserves	537	702	683	773	790	885	1,064	1,373
Belonging to outside owners of subsidiaries	0	0	–	7	6	17	14	28
	461	542	496	910	1,061	981	1,123	1,010
Repayable after a year	181	242	332	381	404	445	511	578
Repayable within a year	280	300	164	529	657	536	612	432
	630	576	454	929	1,101	896	1,103	1,093
Trade payables	215	156	167	306	294	283	402	527
Other financial liabilities	100	106	107	76	80	53	78	112
Other liabilities	8	5	4	6	60	8	6	15
Provisions	2	1	1	2	2	2	3	4
Tax owed	25	8	9	9	9	14	3	3
	220	287	364	428	454	505	569	637
Other financial liabilities	–	6	4	17	13	19	9	3
Provisions	10	14	15	17	18	19	25	33
Deferred tax	29	25	13	13	20	23	24	23
Total assets	1,426	1,604	1,540	2,176	2,391	2,343	2,791	3,170
	625	799	840	1,123	1,189	1,201	1,427	1,574
Plant in use, after depreciation	489	707	591	645	952	969	1,098	1,112
Plant being built	95	40	174	364	95	89	127	298
Intangible assets	9	18	7	59	11	66	58	57
Goodwill	0	0	0	0	54	0	0	0
Intangible assets being developed	0	–	0	9	5	10	14	16
Investments	0	0	0	0	0	1	1	1
Loans given	8	8	10	0	0	0	0	0
Other financial assets	3	2	1	15	16	19	54	23
Deferred tax	0	–	12	–	24	23	15	8
Other assets	21	25	45	32	32	24	59	60
	801	805	700	1,053	1,202	1,142	1,363	1,596
Inventories	364	366	343	616	799	659	788	826
Trade receivables	331	267	239	265	296	348	394	526
Cash and cash equivalents	16	85	15	33	20	24	50	44
Other bank balances	7	4	4	5	5	5	0	25
Current investments	0	1	0	12	7	40	8	54
Loans given	1	0	0	0	0	0	0	0
Other financial assets	10	0	8	13	0	67	123	1
Other assets	73	82	91	109	76	0	0	119
Net debt	438	452	476	861	1,029	912	1,065	887

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 14 May	Mar 2022Filed 6 May	Mar 2023Filed 29 May	Mar 2024Filed 2 May	Mar 2025Filed 10 Jun	Mar 2026Filed 11 May
	172	5	49	354	281	550
	212	37	63	380	352	666
	−52	−196	−154	37	−139	−10
Receivables	−17	−22	−27	−52	−47	−132
Inventories	−14	−274	−183	140	−129	−38
Payables	19	139	−12	−11	120	125
Other working capital	−40	−38	68	−40	−83	34
Tax paid	−40	−33	−14	−26	−71	−116
Capital spending	243	309	140	151	299	320
Free cash flow	−71	−304	−91	204	−18	230
	−242	−320	−133	−180	−294	−358
Plant and property sold	0	0	0	8	1	0
Companies bought	0	−12	0	0	0	0
Interest received	0	0	0	0	2	0
	0	333	72	−171	39	−198
Borrowings raised	141	411	211	81	393	−43
Borrowings repaid	−111	−34	−61	−160	−251	−70
Interest paid	−22	−34	−67	−95	−86	−80
Lease payments	−3	−3	−3	−7	−10	−10
Dividends paid	6	8	8	0	8	20
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	25
Net change in cash	−69	17	−12	4	26	−6

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Privi Speciality Chemicals dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 10 May	Mar 2020Filed 24 Jun	Mar 2021Filed 14 May	Mar 2022Filed 6 May	Mar 2023Filed 29 May	Mar 2024Filed 2 May	Mar 2025Filed 10 Jun	Mar 2026Filed 11 May
Earnings per share	₹9.39	₹13.65	₹24.13	₹45.14	–	₹24.93	₹5.45	₹24.43	₹47.87	₹83.85
Diluted earnings per share	₹8.82	₹13.65	₹24.13	₹45.14	–	₹24.93	₹5.45	₹24.43	–	₹83.85
Dividend per share	₹1.00	₹1.50	₹2.50	₹1.50	₹2.00	₹2.00	–	₹2.00	₹5.00	₹10.00
Book value per share	–	–	₹147.37	₹189.60	₹184.96	₹207.94	₹212.24	₹236.64	₹282.48	₹361.58
Dividend payout	–	10.6%	10.4%	3.3%	6.7%	8.0%	–	8.2%	10.6%	12.3%
Shareholder yield	–	–	–	–	0.2%	0.1%	0.2%	0.0%	0.1%	0.0%
Market cap at the year end (₹ crore)	765	1,407	1,788	1,615	3,336	7,325	4,108	3,872	6,660	11,320

Earnings per share is left blank for the year to Mar 2021: the earnings per share is stated as 0 while the period's profit or loss comes to at least half a paisa a share, so the 0 stands in for a figure the filing does not give.

Ratios

Consolidated, years to March.Privi Speciality Chemicals PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 10 May	Mar 2020Filed 24 Jun	Mar 2021Filed 14 May	Mar 2022Filed 6 May	Mar 2023Filed 29 May	Mar 2024Filed 2 May	Mar 2025Filed 10 Jun	Mar 2026Filed 11 May
Revenue growth	–	74.0%	29.0%	21.6%	–	10.0%	14.5%	9.0%	19.9%	22.0%
Operating profit growth	–	83.6%	63.3%	26.0%	–	−6.6%	−4.1%	74.8%	39.6%	42.5%
Net profit growth	–	149.7%	76.7%	87.1%	–	−16.7%	−78.1%	348.5%	93.6%	71.4%
Earnings per share growth	–	45.4%	76.8%	87.1%	–	–	−78.1%	348.3%	95.9%	75.2%
	–	–	16.4%	26.8%	16.0%	12.7%	2.6%	10.9%	18.2%	25.2%
	–	–	–	10.4 pts	−10.8 pts	−3.3 pts	−10.1 pts	8.3 pts	7.3 pts	7.0 pts
From the net margin	–	–	–	8.8 pts	−4.1 pts	−3.9 pts	−10.3 pts	8.1 pts	6.7 pts	7.4 pts
From asset turnover	–	–	–	3.6 pts	−5.6 pts	−0.8 pts	−0.2 pts	0.5 pts	1.9 pts	1.3 pts
From borrowing	–	–	–	−2.0 pts	−1.1 pts	1.4 pts	0.3 pts	−0.3 pts	−1.2 pts	−1.7 pts
Return on capital employed	–	–	16.0%	16.0%	11.2%	6.9%	4.1%	10.5%	14.4%	20.5%
Cash conversion	–	–	–	–	147.2%	4.9%	229.2%	371.5%	152.2%	173.7%
Interest cover	2.2	3.6	5.7	5.0	6.4	4.9	1.1	2.1	3.7	6.1
Debt to equity	–	–	0.80	0.73	0.69	1.11	1.27	1.04	1.00	0.70
Receivable days	–	–	90	60	68	69	67	72	68	75
Inventory days	–	–	161	133	166	271	304	238	254	229
Payable days	–	–	95	57	81	134	112	102	130	146
Cash conversion cycle, days	–	–	156	136	153	205	259	209	193	158
Working capital days	–	–	117	98	112	157	165	149	141	116
Asset turnover	–	–	0.94	1.08	0.81	0.76	0.70	0.74	0.82	0.86
Assets per rupee of net worth	–	–	2.48	2.30	2.15	2.42	2.78	2.70	2.53	2.37
Sales per rupee of plant	–	–	2.74	2.31	2.16	2.18	1.69	1.81	1.91	2.31
Capital spending to depreciation	–	–	–	–	3.42	4.13	1.29	1.22	2.27	2.23
Plant being built, % of plant in use	–	–	19.4%	5.6%	29.5%	56.3%	9.9%	9.2%	11.6%	26.8%

Revenue growth, operating profit growth and net profit growth are left blank for the year to Mar 2021: between the two periods the company demerged a business, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 10.6%
Cash from operations against operating profit: 85.1%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	15.0%	16.8%
Profit growth, yearly rate	–	22.1%	146.0%
Return on equity, average	–	13.9%	18.1%
Return on capital employed, average	–	11.3%	15.1%
Operating margin, average	16.4%	18.1%	21.8%
Net margin, average	7.1%	7.0%	8.9%
Asset turnover, average	–	0.78	0.81
Cash conversion cycle, days, average	–	205	186
Interest cover, average	4.1	3.6	3.9
Debt to equity, average	–	1.03	0.92

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,239	1,186	550
Cash from investing	−1,286	−832	−358
Cash from financing	76	−330	−198
Capital spending	1,218	770	320
Dividends paid	43	27	20
Shares bought back	0	0	0
Shares issued for cash	25	25	25
Borrowings repaid	575	480	70

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	6	5	5	7	8	9
Altman Z-scorePublished threshold 1.81	–	–	3.29	3.48	4.48	4.69	2.91	3.38	4.19	6.08
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.04	−2.17	−2.67	−2.82	−2.48	−2.42
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	11.85	22.23	4.63	−3.33	7.70	4.18
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.96	1.91	2.27	1.99
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−40.92	11.31	0.90	−2.99	8.58	−6.49	11.44
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−21.28	18.95	69.30	14.05	−22.55	7.48	−11.63
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.02	1.31	1.64	−2.88	−0.52	2.68	−0.09
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.14	–	2.81	0.23	0.63	0.49	1.89
Effective tax ratePublished threshold 17.16 per cent	36.72	32.45	37.82	23.76	26.12	26.65	31.46	26.54	27.41	27.97
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	1.98	−13.47	6.59	−0.35	1.51

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
30 Jun 2026	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]AANew, New	Stable	300
20 Apr 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		240
20 Apr 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AA-Review, Re-affirm	Stable	271

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.