BASF India Limited (BASF)
₹3,385.90 +0.29% last close, 16 Oct
Q2 FY27 results
📅 Next results: 04 Nov 2026 (board meeting)BASF India Limited's board meets on 4 Nov 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, BASF India's revenue was ₹4,824 Cr (+24.5% year on year, +40.1% on the previous quarter), and net profit ₹360 Cr (+163.0% year on year); the operating margin was 10.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹4,824 | +24.5% | +40.1% |
| Operating profit | ₹504 | +135.7% | +354.4% |
| Net profit | ₹360 | +163.0% | +422.2% |
| EPS (₹) | 83.30 | +162.4% | +423.6% |
| Operating margin | 10.5% | — | — |
BASF delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 46.99% of the BASF shares traded on NSE were taken to delivery, against the stock's own 20-session average of 51.64%. That is close to its usual level. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 52.6% · 54.2% · 56.6% · 48.9% · 47.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
NSE Sustainability Ratings & Analytics Limited has assigned BASF India Limited an overall ESG Rating of 74 ('Leader') for FY2026, improving from 72 in FY2025. The score comprises an Environment score of 72, Social score of 76, and Governance score of 73. Additionally, its Core ESG Rating based on BRSR disclosures stood at 62. BASF India noted it did not commission the assessment nor engage in its preparation, meaning this is an unsolicited sustainability evaluation.
- Overall FY2026 ESG Rating assigned at 74 under the 'Leader' category, up from 72 in FY2025.
- Component scores reported: Environment at 72 (40% weight), Social at 76 (29% weight), and Governance at 73 (31% weight).
- Core ESG Rating derived from audited/BRSR Core data stood at 62 (Environment 79, Social 63, Governance 39).
- Company clarified it did not engage the agency or finalize the report under consultation.
BASF India Limited has submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended September 30, 2026. The certificate was issued by MUFG Intime India Private Limited, the company's Registrar & Share Transfer Agent. It confirms that share certificates received for dematerialization were duly mutilated, cancelled, and updated in the member registers within prescribed timelines. This is a recurring administrative filing that has no impact on operations or financial performance.
- Compliance certificate submitted for the quarter ended September 30, 2026
- Issued pursuant to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Processed by Registrar & Share Transfer Agent MUFG Intime India Private Limited
- Reported to stock exchanges on October 5, 2026
BASF SE has announced that it is in advanced stages of a feasibility study to construct a methylene diphenyl diisocyanate (MDI) production complex in India. The group has secured an industrial land parcel in Dahej, Gujarat through BASF India Polyurethanes Private Limited. MDI is an essential raw material for polyurethanes used in building insulation, automotive, and refrigeration. The final investment decision is pending feasibility outcomes, commercial project sizing, and required regulatory approvals.
- Feasibility study is in advanced stages for constructing an MDI production complex in India
- Secured an industrial land parcel in Dahej, Gujarat via BASF India Polyurethanes Private Limited
- Announcement dated September 21, 2026, with capex amount and timeline not disclosed
- Target end-markets include building insulation, refrigeration, automotive components, and consumer goods
BASF India Limited has informed stock exchanges regarding an ESG rating report issued by Crisil ESG Ratings & Analytics Limited. The agency assigned an ESG rating of 'Crisil ESG 61' and a Core ESG rating of 'Crisil Core ESG 62', categorizing the company as 'Strong' as of August 21, 2026. The company noted that it did not engage the agency for the report, nor was it finalized under consultation with the company. The announcement is informational with no direct financial or operational impact.
- Assigned an overall ESG rating of 'Crisil ESG 61' and a Core ESG rating of 'Crisil Core ESG 62'
- Assigned rating category classified as 'Strong'
- Rating was issued with an effective date of August 21, 2026
- Company disclosed it had not engaged CRISIL for the report nor consulted on its finalization
BASF India has submitted the transcript of its 82nd Annual General Meeting held on August 12, 2026. Promoter entities BASF SE and BASF Schweiz AG represented 73.33% of paid-up capital (3,17,43,220 shares) at the meeting. Management highlighted a strong start to FY27 led by Q1 performance, while maintaining a cautious outlook on geopolitical uncertainties and delayed monsoons impacting herbicide demand. The company reiterated plans to strengthen core chemical segments post the proposed demerger of its Agricultural Solutions business, backed by ongoing capex in Mangalore (dispersions) and Dahej (Cellasto).
- Published transcript of the 82nd AGM held virtually on August 12, 2026.
- Corporate representations received for 73.33% equity shareholding (3,17,43,220 shares).
- Reported zero high-severity or process safety incidents, but noted 2 lost-time burn injuries at Dahej site in 2026.
- Reiterated long-term ESG target to achieve net zero CO2 emissions by 2050.
BASF India Limited held its 82nd Annual General Meeting on August 12, 2026, where shareholders approved a final dividend of ₹25 per equity share (250%) for FY26. All six resolutions, including the adoption of audited financial statements and the re-appointment of directors, were passed with requisite majorities. A key resolution regarding Material Related Party Transactions for FY27 and FY28 was also approved, with promoters (73.33% stake) abstaining from voting. While all items passed, 20.54% of public institutional votes were cast against the re-appointment of Director Dr. Ramkumar Dhruva.
- Final dividend of ₹25 per equity share approved for the financial year ended March 31, 2026
- Material Related Party Transactions for FY27 and FY28 approved with 99.98% of non-promoter votes in favor
- Cost Auditor remuneration for FY27 ratified at ₹18.91 lakhs plus applicable taxes
- Total voting turnout recorded at 82.72% of the 4,32,85,640 total equity shares
- Public institutional dissent of 20.54% noted on the re-appointment of Director Dr. Ramkumar Dhruva
BASF India shareholders have approved all resolutions at the 82nd Annual General Meeting held on August 12, 2026. A final dividend of Rs 25 per equity share (250%) for FY26 was ratified, involving a total estimated payout of ~Rs 108.21 crore. All director re-appointments and material Related Party Transactions (RPT) for FY27-28 were passed with the requisite majority. Notably, institutional investors showed some dissent on the re-appointment of Dr. Ramkumar Dhruva, with 20.54% of institutional votes cast against the resolution.
- Final dividend of Rs 25 per share (250%) approved for the financial year ended March 31, 2026.
- Material Related Party Transactions for FY27 and FY28 approved with 99.98% of non-interested votes in favor.
- Institutional dissent of 20.54% recorded against the re-appointment of Director Dr. Ramkumar Dhruva.
- Total voting participation stood at 82.72% of the total 4,32,85,640 equity shares.
- Adoption of Standalone and Consolidated Audited Financial Statements for FY26 completed.
BASF India Limited concluded its 82nd Annual General Meeting on August 12, 2026, where shareholders voted on six key resolutions. A final dividend of Rs 25 per equity share (250%) for FY26 was declared, representing a dividend yield of approximately 0.63% at current prices. Shareholders also considered the approval of material Related Party Transactions (RPT) for FY27 and FY28, which is critical given the company's 73.33% parent ownership. Other routine matters included the re-appointment of directors and ratification of cost auditor remuneration of Rs 18.91 lakh.
- Final dividend of Rs 25 per equity share (250%) declared for the financial year ended March 31, 2026
- Approval sought for maximum limits of Material Related Party Transactions for FY 2026-27 and FY 2027-28
- Ratification of Rs 18,91,000 remuneration for Cost Auditors M/s. R Nanabhoy & Co for FY 2026-27
- Re-appointment of Mr. Pradip P. Shah and Dr. Ramkumar Dhruva as Directors of the company
- Meeting attended by 56 members via video conferencing with a valid quorum present
BASF India reported a strong start to FY27 with Q1 revenue growing 29% YoY to ₹4,998 Cr and PBT surging 166% to ₹499 Cr. The company successfully completed the divestment of its Coatings business to Carlyle Group on July 1, 2026, receiving ₹230.16 Cr. A major structural demerger of the Agricultural Solutions business is on track, with NCLT approval expected by end-2026 and a 1:1 share allotment for a new listed entity (BASIL) targeted for 1H27. Additionally, capacity expansions are progressing with a new dispersions line at Mangalore and completed Cellasto enhancement at Dahej.
- Q1 FY27 revenue increased 29% YoY to ₹4,998 Cr, supported by higher volumes and better price realization.
- Received ₹230.16 Cr from the sale of the Coatings business to Carlyle Group, which is now operating as 'Surventis'.
- Agricultural Solutions demerger approved by 99.99% of shareholders, with a 1:1 share allotment ratio for the new entity BASIL.
- FY26 total revenue reached ₹15,539 Cr, with the Materials segment contributing the largest share at 30% (₹4,625 Cr).
- New dispersions line groundbreaking at Mangalore occurred in February 2026 to serve architectural paints and construction chemicals.
BASF India has approved the acquisition of a 14.18% equity stake in Clean Max Galapagos Private Limited, a Special Purpose Vehicle (SPV) for renewable energy. The investment, capped at INR 9.45 million (approx. Rs 0.945 Cr), is intended to secure ~4,240 MWh of solar power annually for the company's Navi Mumbai manufacturing site. This arrangement operates under the Group Captive Power Generation Mechanism and includes a 25-year Power Purchase Agreement (PPA). While the financial outlay is negligible compared to BASF's Rs 15,100 Cr TTM revenue, it represents a strategic move toward renewable energy adoption.
- Acquisition of 14.18% equity stake in Clean Max Galapagos Private Limited for solar power procurement.
- Total investment amount not to exceed INR 9.45 million (approx. Rs 0.945 Cr).
- Secures ~4,240 MWh per year of renewable solar power for the Navi Mumbai manufacturing site.
- Includes a 25-year long-term Power Purchase Agreement (PPA) and a Shareholders’ Agreement.
- Transaction is subject to the prevailing renewable energy policy of Maharashtra and the Electricity Act 2003.
BASF India's Board has approved the closure of sulfation and low-temperature reactor plants at its Dahej manufacturing site, part of the Care Chemicals business. These operations contributed ₹542 crore to the company's revenue in FY25-26, representing approximately 4% of total turnover. The decision is driven by a highly competitive landscape in India, characterized by overcapacity and significant margin pressure. The closure is expected to be completed by the end of calendar year 2026, subject to regulatory approvals.
- Closure of sulfation and low-temperature reactor plants at the Dahej site approved on August 4, 2026.
- Impacted operations generated ₹542 crore in revenue during the 2025-26 financial year.
- The revenue from these plants accounts for 4% of BASF India's total annual revenue.
- Closure is targeted for completion by December 31, 2026.
- Company will continue to manufacture and import other chemical products for the Indian market.
BASF India reported a robust performance for Q1 FY27 (quarter ended June 30, 2026), with standalone revenue growing 29% YoY to ₹4,837.44 cr. Net profit surged 146% to ₹362.05 cr, significantly exceeding the ₹147.15 cr reported in the same quarter last year. Profitability was bolstered by a ₹18.15 cr exceptional gain from the divestment of its coatings subsidiary. The Agricultural Solutions segment, a key driver, saw revenue grow 45% YoY to ₹983.97 cr.
- Standalone Revenue from operations increased 29% YoY to ₹4,837.44 cr from ₹3,751.78 cr.
- Net Profit for the quarter rose 146% YoY to ₹362.05 cr, compared to ₹147.15 cr in Q1 FY26.
- Agricultural Solutions segment revenue grew 45% YoY to ₹983.97 cr, reflecting strong seasonal demand.
- Completed the sale of 100% equity in BASF India Coatings Private Limited for ₹230.16 cr on June 30, 2026.
- Earnings Per Share (EPS) for the quarter stood at ₹83.64, up from ₹34.00 in the year-ago period.
BASF India Limited has initiated the dispatch of physical letters to shareholders whose email addresses are not registered, providing access to the Annual Report for FY 2025-26. The company's 82nd Annual General Meeting (AGM) is scheduled for August 12, 2026. This is a procedural regulatory filing under SEBI Listing Regulations. Investors should look for the full Annual Report on the company's website for detailed management commentary on the upcoming Agricultural Solutions demerger planned for 2027.
- 82nd Annual General Meeting (AGM) scheduled for August 12, 2026
- Annual Report for the Financial Year 2025-26 made available via web link
- Letters dispatched on July 17, 2026, to shareholders without registered email IDs
- Compliance filing under Regulation 30 and 36(1)(b) of SEBI Listing Regulations
BASF India has filed its Business Responsibility & Sustainability Report (BRSR) for FY 2025-26, notably obtaining a 'Reasonable Assurance' certificate from TUV SUD for 9 core attributes. The company reported a turnover of ₹14,985.4 crore for the fiscal year, with Polyurethanes Systems (13%) and Aroma Ingredients (9%) as top revenue contributors. Exports remain a minor part of the business at 2.3% of turnover. The report confirms zero pending grievances from shareholders, customers, or employees for the period.
- Reported FY 2025-26 turnover of ₹14,985.4 crore, closely matching the TTM revenue context.
- Polyurethanes Systems identified as the largest product segment, contributing 13% to total turnover.
- Exports accounted for only 2.3% of total turnover for the financial year ended March 31, 2026.
- Total workforce stands at 2,989 individuals, with 1,250 being permanent employees.
- Obtained 'Reasonable Assurance' from TUV SUD South Asia Pvt Ltd, a higher standard of verification for ESG data.
BASF India's FY26 Annual Report shows a marginal revenue growth of 1.1% to Rs 14,944 cr, while PBT (before exceptional items) declined 10% to Rs 561.26 cr due to volatile input costs. The Board has recommended a dividend of Rs 25 per share (250%), reflecting steady shareholder returns despite margin pressure. A key strategic focus remains the demerger of the Agricultural Solutions business into a separate listed entity, targeted for completion by January 2027. The company continues to expand capacity at its Dahej and Mangalore sites to serve domestic automotive and construction demand.
- Consolidated Revenue from continuing operations reached Rs 14,944 cr in FY26, up from Rs 14,780.3 cr.
- Profit Before Tax (before exceptional items) decreased by 10% to Rs 561.26 cr from Rs 623.24 cr in the previous year.
- Recommended a final dividend of Rs 25 per equity share for the financial year ended March 31, 2026.
- Demerger of the Agricultural Solutions business into BASF Agricultural Solutions India Limited is in progress to align with global strategy.
- Expansion of dispersions capacity at Mangalore and progress at the Dahej Cellasto plant to support 'local-for-local' manufacturing.
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 10.8% YoY to INR 15,260 Cr in FY25. Segment contributions: Materials (32%), Nutrition and Care (19%), Industrial Solutions (18%), Agricultural Solutions (14%), Chemicals (13%), Surface Technologies (3%), and Others (1%). The Agricultural Solutions segment specifically contributed INR 2,006 Cr in FY24.
Geographic Revenue Split
Not disclosed in available documents, though the company operates as the flagship Indian subsidiary of the German parent BASF SE, with significant raw material sourcing from group companies outside India.
Profitability Margins
Profit After Tax (PAT) margin declined from 4.1% in FY24 to 3.1% in FY25. This 100 bps compression was driven by volatility in crude-linked raw material costs and forex fluctuations. PAT decreased 14.9% YoY from INR 563 Cr to INR 479 Cr.
EBITDA Margin
Operating profitability is sensitive to a 2.5-3% threshold for credit rating stability. In FY24, the Agricultural Solutions segment alone contributed 53.9% of total EBIT (INR 435 Cr), highlighting its disproportionate impact on core profitability compared to its 14.6% revenue share.
Capital Expenditure
The company maintains a strong liquidity profile with cash and bank balances of INR 820 Cr as of March 31, 2025. While specific planned capex for FY26 is not disclosed, the company has no large debt-funded capex plans, focusing on prudent working capital management.
Credit Rating & Borrowing
Maintains a 'Stable' outlook from CRISIL. Borrowing costs are optimized through a working capital limit of INR 1,511 Cr carved out from the parent's global lines of credit. Interest coverage ratio stood at 23.25x in FY25, down from 29.16x in FY24.
Operational Drivers
Raw Materials
Crude oil derivatives (primary feedstock), chemical intermediates, and active ingredients for crop protection. Crude-based derivatives represent the majority of input costs for the Materials and Chemicals segments.
Import Sources
Primarily imported from Germany and other global locations where BASF SE group companies operate.
Key Suppliers
BASF SE and its various global subsidiaries serve as the primary suppliers for specialized chemical inputs and traded products.
Capacity Expansion
Not disclosed in available documents; however, the company recently incorporated BASF Agricultural Solutions India Ltd (BASIL) as a wholly-owned subsidiary on May 2, 2025, to facilitate the global business separation strategy.
Raw Material Costs
Raw material costs are highly volatile due to their link to crude oil prices. Profitability is susceptible to these shifts as most inputs are sourced from group companies outside India, creating a dual risk of commodity pricing and currency translation.
Manufacturing Efficiency
Lost time injury frequency rate for workers was 0.32 in FY25, which is noted as higher than peers, indicating a specific area for operational improvement.
Strategic Growth
Growth Strategy
Growth is pursued through a global 'separation' strategy. This includes the demerger of the Agricultural Solutions business by January 2027 to align with a global IPO plan by BASF SE. Additionally, the company is divesting its Coatings business (3.1% of revenue) to Carlyle and QIA as part of a EUR 7.7 billion global transaction to focus on core high-growth segments.
Products & Services
Crop protection products (fungicides, herbicides), performance polymers, automotive OEM coatings, refinish coatings, care chemicals for personal/home care, and industrial chemicals for refining and petrochemicals.
Brand Portfolio
BASF, and specific segment brands like BASF Agricultural Solutions.
New Products/Services
The company is currently focused on the legal and ERP separation of the Agricultural Solutions business, which is expected to be completed by 2027, potentially leading to new product pipelines under the standalone entity.
Market Expansion
The company is evaluating the impact of the global divestment of the automotive coatings business to Carlyle/QIA, which is expected to close in Q2 CY2026.
Strategic Alliances
Binding agreement with Carlyle and Qatar Investment Authority (QIA) for the divestment of automotive OEM and refinish coatings. BASF SE will retain a 40% equity stake in this global business.
External Factors
Industry Trends
The industry is shifting toward specialized, standalone entities for agricultural chemicals, evidenced by BASF's plan to IPO its global agri-business by 2027. The coatings industry is also consolidating, as seen in the Carlyle/QIA acquisition.
Competitive Landscape
Competes with other global and domestic chemical majors across diversified segments; safety performance (0.32 injury rate) is currently lagging behind peers.
Competitive Moat
Moat is derived from 73.33% parent ownership by BASF SE, providing access to global proprietary technology, a diversified product portfolio that mitigates cyclicality, and a strong financial risk profile with zero debt.
Macro Economic Sensitivity
Highly sensitive to monsoon patterns (affecting 14% of revenue) and global crude oil price cycles (affecting 45%+ of revenue).
Consumer Behavior
Demand is driven by growth in the Indian automotive, construction, and agricultural sectors.
Geopolitical Risks
Trade barriers or supply chain disruptions affecting the parent company in Germany would directly impact BASF India's ability to source key chemical intermediates.
Regulatory & Governance
Industry Regulations
Operations are governed by pollution norms and specific registration requirements for crop protection chemicals. The company is currently undergoing a complex legal demerger process to comply with global corporate restructuring.
Environmental Compliance
The Agricultural Solutions sector is subject to stringent registration processes and environmental regulations in India, which impacts the timeline for product launches.
Legal Contingencies
The company has constituted a committee of independent directors to examine the demerger of the agri-business. No specific pending court case values were disclosed in the provided text.
Risk Analysis
Key Uncertainties
The primary uncertainty is the impact of the bifurcation of assets and liabilities during the 2027 agri-business demerger, which currently contributes 53.9% of EBIT.
Geographic Concentration Risk
Revenue is primarily domestic (India), but sourcing is concentrated in Europe/Global BASF hubs.
Third Party Dependencies
High dependency on BASF SE for 73.33% equity, technical know-how, and global credit lines.
Technology Obsolescence Risk
The company is undergoing an 'Enterprise Resource Planning' (ERP) separation for its agri-business to ensure digital and operational independence by 2027.
Credit & Counterparty Risk
Receivables quality is considered high, supported by a strong financial risk profile and the ability to extend INR 510 Cr in ICDs to group companies.
