Chemfab Alkalis Limited (CHEMFAB)
₹328.85 +0.15% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Chemfab Alkalis' revenue was ₹73.2 Cr (-20.1% year on year, -2.2% on the previous quarter), and net profit ₹5.7 Cr (+124.9% year on year); the operating margin was 13.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹73.2 | -20.1% | -2.2% |
| Operating profit | ₹10.1 | -10.4% | +18.9% |
| Net profit | ₹5.7 | +124.9% | — |
| EPS (₹) | 3.99 | +125.4% | — |
| Operating margin | 13.8% | — | — |
CHEMFAB delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 79.94% of the CHEMFAB shares traded on NSE were taken to delivery, against the stock's own 20-session average of 72.69%. That is close to its usual level. Turnover was only ₹4 lakh, so a handful of trades can move this figure. Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 74.2% · 86.2% · 84.6% · 86.4% · 79.9%
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
Chemfab Alkalis Limited has submitted the quarterly certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, issued by Registrar and Share Transfer Agent Cameo Corporate Services Limited on October 1, 2026, confirms that security certificates received for dematerialisation were processed and confirmed to depositories within stipulated limits. The physical share certificates were mutilated and cancelled, with the depository listed as the registered owner. This is a standard quarterly compliance filing with no impact on business operations or financials.
- Compliance certificate submitted for the quarter ended September 30, 2026
- Issued by Cameo Corporate Services Limited dated October 1, 2026
- Confirms securities received for dematerialisation were accepted/rejected and listed on stock exchanges within prescribed limits
- Physical security certificates were verified, mutilated, and cancelled
India Ratings has affirmed Chemfab Alkalis' bank loan facilities worth INR 170 Cr at 'IND BBB+' while maintaining a Negative outlook. The negative stance is driven by slower-than-expected recovery in consolidated performance and prolonged weakness in the OPVC pipe segment due to low Jal Jeevan Mission demand. However, the rating notes nascent recovery with an OPVC order book of around INR 17 Cr as of end-September 2026 and operational cost savings of INR 15 Cr annually from a recently commissioned hybrid power project. The company also secured INR 55.5 Cr of incremental capex reimbursement borrowings in 1HFY27, bolstering liquidity.
- India Ratings affirmed bank loan facilities of INR 170 Cr at 'IND BBB+/Negative/IND A2'
- Secured incremental capex reimbursement term loans of INR 55.5 Cr in 1HFY27 (INR 40 Cr drawn)
- Commissioned hybrid power project in May 2026, delivering expected annual cost savings of INR 15 Cr
- OPVC pipe order book stood at INR 17 Cr at end-September 2026 vs Q1FY27 pipe revenue of INR 5.75 Cr
- Chemicals share surged to 92% (INR 67.4 Cr) in Q1FY27 revenue as pipe revenue plummeted to INR 5.7 Cr
Chemfab Alkalis Limited has published the Scrutinizer's report following its 17th Annual General Meeting held on September 9, 2026. All resolutions were approved by shareholders with near-unanimous majorities exceeding 99.98%. Key approvals include an ordinary dividend declaration of Rs 1.25 per share (12.50%), the reappointment of director Mr. Suresh Krishnamurthi Rao, and the appointment of M/s M S K C & Associates LLP as statutory auditors for a 5-year term. Shareholders also approved cost auditor remuneration of Rs 1,90,000 and commissions for non-executive directors.
- Dividend of Rs 1.25 per equity share (12.50%) approved with 9,731,519 votes in favour (100.00%)
- M/s M S K C & Associates LLP appointed as Statutory Auditors for 5 years until the 22nd AGM
- Cost auditor remuneration ratified at Rs 1,90,000 for FY 2026-27
- Special resolution passed approving non-executive director commission up to 1% net profits with 99.98% votes in favour (9,729,109 votes)
Chemfab Alkalis Limited has approved the appointment of M/s. MSKC & Associates LLP as its Statutory Auditors for a 5-year term at its 17th AGM held on September 9, 2026. This appointment will last until the conclusion of the 22nd AGM. The change follows the standard tenure expiry of the preceding auditor, Deloitte Haskins & Sells LLP. This is a routine statutory rotation with no operational disruptions indicated.
- Shareholders approved the appointment of MSKC & Associates LLP (FRN. 001595S/S000168) at the 17th AGM on September 9, 2026
- Appointed for a consecutive term of 5 years, concluding at the 22nd AGM
- Change occurs due to the tenure expiry of existing auditor Deloitte Haskins & Sells LLP
Chemfab Alkalis Limited concluded its 17th Annual General Meeting on 9th September 2026 via video conferencing with 35 shareholders in attendance. Key agenda items transacted included the adoption of FY26 financial statements and approval of a final dividend of ₹1.25 per equity share (12.50%). The company also voted on appointing M/s. M S K C & Associates LLP as statutory auditors and paying commission to non-executive directors. The final consolidated e-voting results are scheduled to be disclosed within two working days.
- 17th AGM successfully concluded on 9th September 2026 with 35 shareholders present
- Transacted approval of final dividend of ₹1.25 per equity share (12.50%)
- Appointment of M/s. M S K C & Associates LLP as new Statutory Auditors put to vote
- Voting cut-off date was 02nd September 2026, with consolidated results expected within 2 working days
Chemfab Alkalis Limited has issued a corrigendum to the notice convening its 17th Annual General Meeting (AGM) scheduled for September 9, 2026. The revision rectifies minor typographical errors in the serial numbering of special business items, renumbering the Cost Auditor remuneration to Item No. 5 and Non-Executive Directors' commission to Item No. 6. The meeting will also consider a dividend of ₹1.25 per equity share (12.5% on face value ₹10) and the appointment of statutory auditors. This is a purely administrative correction with zero operational or financial impact.
- AGM scheduled for September 9, 2026, at 10:00 AM IST via Video Conferencing
- Typographical correction renumbers Cost Auditor remuneration ratification to Item 5 and Director Commission to Item 6
- Cost Auditor remuneration proposed for FY 2026-27 is ₹1,90,000
- Dividend under ordinary business proposed at ₹1.25 per equity share (face value ₹10)
Chemfab Alkalis Limited has dispatched letters containing the web link to its FY 2025-26 Annual Report to shareholders whose email IDs are not registered with the company or depositories. The company's 17th Annual General Meeting (AGM) is scheduled for Wednesday, September 9, 2026, at 10:00 AM IST via Video Conferencing. Electronic copies of the AGM notice and Annual Report were sent to shareholders on record as of August 7, 2026. This is a routine procedural disclosure under Regulation 36(1)(b) of SEBI LODR Regulations.
- 17th Annual General Meeting scheduled for September 9, 2026, at 10:00 AM IST via VC/OAVM
- Electronic dispatch of FY26 Annual Report sent to shareholders registered as of August 7, 2026
- Weblink dispatched to unregistered shareholders pursuant to SEBI LODR Regulation 36(1)(b)
- Shareholders urged to complete KYC updates via RTA Cameo Corporate Services Limited
Chemfab Alkalis Limited has fixed Wednesday, September 02, 2026, as the record date to determine shareholder eligibility for the FY2025–26 final dividend. The final dividend declaration is subject to shareholder approval at the company's 17th Annual General Meeting (AGM) scheduled for Wednesday, September 09, 2026. The specific dividend amount per share was not stated in this intimation.
- Record date fixed as September 02, 2026 for FY26 final dividend eligibility
- 17th Annual General Meeting scheduled for September 09, 2026
- Dividend payout remains subject to approval at the upcoming AGM
Chemfab Alkalis Limited has issued the notice convening its 17th Annual General Meeting (AGM) on September 09, 2026, through video conferencing. The company has fixed September 02, 2026, as the record date and cut-off date for AGM voting and dividend entitlement. Key agenda items include the adoption of FY26 financial statements, declaration of dividend, appointment of M/s. M S K C & Associates LLP as Statutory Auditors for a 5-year term, and ratification of ₹1,90,000 remuneration for cost auditors.
- 17th Annual General Meeting scheduled for September 09, 2026, at 10:00 AM IST via Video Conferencing
- Record date and cut-off date for dividend and AGM e-voting fixed as September 02, 2026
- Remote e-voting window open from September 05, 2026 (9:00 AM IST) to September 08, 2026 (5:00 PM IST)
- Appointment of M/s. M S K C & Associates LLP as Statutory Auditors proposed for a 5-year tenure (17th AGM to 22nd AGM)
- Ratification of ₹1,90,000 remuneration for Cost Auditor M/s. Madhavan, Mohan & Associates for FY 2026-27
Chemfab Alkalis has announced a special one-year window for the transfer and dematerialization of physical shares, running from February 5, 2026, to February 4, 2027. This facility is specifically for shares purchased or sold before April 1, 2019, which were previously rejected or not lodged. Transferred shares will be subject to a mandatory one-year lock-in period from the date of registration. This is a procedural regulatory compliance measure following a SEBI circular and has no impact on the company's business operations or financial performance.
- Special window for dematerialization is open for a period of one year from February 05, 2026, to February 04, 2027
- Applicable only to physical securities sold or purchased prior to April 01, 2019
- Mandatory lock-in period of 1 year for all securities transferred through this special window
- Excludes cases involving disputes between transferor and transferee or shares already moved to IEPF
Chemfab Alkalis reported a consolidated revenue of ₹73.16 Cr for Q1FY27, a 20% YoY decline driven by a sharp 85% drop in OPVC segment revenue to ₹5.75 Cr due to Jal Jeevan Mission funding delays. Despite lower revenue, operational EBITDA grew 18.9% sequentially to ₹10.13 Cr, aided by improved ECU realizations of ₹39,600/MT in the Chlor-Alkali business. The company commenced its 10 MW Captive Hybrid Power plant on May 25, 2026, which is expected to structurally lower production costs. Management maintains a positive outlook with OPVC capacity expanding to 20,000 TPA by FY26.
- Chlor-Alkali ECU realizations improved sequentially to ₹39,600 per MT from ₹39,100 in Q4FY26.
- OPVC segment revenue plummeted 85.14% YoY to ₹5.75 Cr due to lack of fund flows under the Jal Jeevan Mission.
- Commenced 10 MW Captive Hybrid Power supply on May 25, 2026, to drive long-term cost savings in energy-intensive operations.
- OPVC segment maintained a high operational EBITDA margin of 41.57% despite the volume drop.
- Consolidated Profit Before Tax (PBT) rose 80.49% QoQ to ₹2.22 Cr, though it remains down 52.77% YoY.
Chemfab Alkalis reported a 125% YoY increase in consolidated net profit to ₹5.73 Cr for Q1 FY27, despite a 20% decline in revenue to ₹73.16 Cr. The profit growth was significantly aided by a one-time deferred tax credit of ₹3.80 Cr as the company transitioned to a lower tax regime. Operationally, the Chemicals segment contributed ₹67.41 Cr in revenue, while the PVC-O Pipes segment saw a sharp decline to ₹5.75 Cr from ₹38.70 Cr YoY. The company also initiated a 5-year auditor rotation, appointing MSKA & Associates to replace Deloitte.
- Consolidated Net Profit increased 125% YoY to ₹5.73 Cr in Q1 FY27
- Revenue from operations declined 20% YoY to ₹73.16 Cr from ₹91.54 Cr
- Recognized a ₹3.80 Cr deferred tax credit following a shift to a lower tax rate regime
- Invested ₹14.91 Cr in a hybrid power plant to optimize energy costs
- PVC-O Pipes segment revenue dropped 85% YoY to ₹5.75 Cr
Chemfab Alkalis reported a weak Q1 FY27 with consolidated Net Profit dropping 81% YoY to ₹0.48 Cr from ₹2.55 Cr. While the core Chemicals segment revenue grew 27.6% YoY to ₹67.41 Cr, the PVC-O Pipes segment experienced a massive 85% revenue collapse, falling to ₹5.75 Cr from ₹38.70 Cr. Profitability was supported by a one-time deferred tax credit of ₹3.80 Cr; without this, the company would have likely reported a consolidated loss. To address high energy costs, the company invested ₹14.91 Cr (approx. 3.6% of net worth) in a hybrid power plant.
- Consolidated Revenue from Operations declined 20% YoY to ₹73.16 Cr in Q1 FY27.
- PVC-O Pipes segment revenue plummeted 85% YoY to ₹5.75 Cr from ₹38.70 Cr in the previous year.
- Invested ₹14.91 Cr in a hybrid power plant to source power under a long-term agreement.
- Consolidated Net Profit of ₹0.48 Cr was aided by a ₹3.80 Cr deferred tax credit following a shift to a lower tax regime.
- Chemicals and Related Products segment revenue grew 27.6% YoY to ₹67.41 Cr.
Chemfab Alkalis reported a weak Q1 FY27 with consolidated revenue declining 20% YoY to ₹73.16 Cr. The primary drag was the PVC-O Pipes segment, where revenue plummeted 85% YoY to ₹5.75 Cr from ₹38.70 Cr. Consolidated Net Profit fell 81% YoY to ₹0.48 Cr, a figure that was supported by a one-off deferred tax credit of ₹3.80 Cr following a shift to a lower tax regime. Operationally, the company invested ₹14.91 Cr in a hybrid power plant to mitigate high energy costs in its energy-intensive Chlor-Alkali business.
- Consolidated Revenue from Operations decreased 20.1% YoY to ₹73.16 Cr.
- PVC-O Pipes segment revenue saw a sharp contraction of 85% YoY, falling to ₹5.75 Cr.
- Net Profit dropped 81.2% YoY to ₹0.48 Cr, despite a ₹3.80 Cr deferred tax credit.
- Invested ₹14.91 Cr in a hybrid power plant, representing ~3.6% of Net Worth.
- Chemicals segment provided a partial hedge, with revenue growing 27.6% YoY to ₹67.41 Cr.
Chemfab Alkalis Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the period ended June 30, 2026. The certificate, issued by Cameo Corporate Services Limited, confirms that share certificates received for dematerialization were processed, mutilated, and cancelled as per regulations. This is a standard administrative filing ensuring that the company's share registry is updated and compliant with depository norms. There are no financial implications or changes to business operations arising from this document.
- Compliance certificate issued for the quarter ended June 30, 2026
- Confirmation provided by Registrar and Share Transfer Agent, Cameo Corporate Services Limited
- Verification that dematerialization requests were processed within stipulated time limits
- Confirmation that physical certificates were mutilated and cancelled after processing
Financial Performance
Revenue Growth by Segment
Chlor Alkali segment revenue for Q2FY26 was INR 43.66 Cr, a decrease of 1.82% YoY from INR 44.47 Cr. The OPVC segment revenue for Q2FY26 was INR 27.00 Cr, a significant decline of 21.81% YoY from INR 34.53 Cr. Overall standalone revenue for FY25 was INR 322.09 Cr, down 1.59% from INR 327.29 Cr in FY24.
Geographic Revenue Split
Not disclosed in available documents, though operations are concentrated in Puducherry (Chlor-Alkali), Sricity, Andhra Pradesh (OPVC), and Karaikal (Subsidiary).
Profitability Margins
Standalone PAT margin for FY25 was 4.72% (INR 15.22 Cr), down from 9.16% (INR 29.99 Cr) in FY24. The decline is attributed to lower ECU realizations in the chemical segment and higher finance costs which rose 429% YoY to INR 4.92 Cr.
EBITDA Margin
Standalone Operational EBITDA margin for FY25 was 16.54%, a decrease of 107 bps from 17.61% in FY24. For Q2FY26, the OPVC segment maintained a high EBITDA margin of 35.96%, while the Chlor Alkali segment reported a negative EBITDA margin of -2.91% due to pricing pressures.
Capital Expenditure
The company is investing INR 60 Cr in technology modernization for the Chlor-Alkali business to improve power efficiency by July 2025. Additionally, INR 107.16 Cr was utilized in investing activities during FY25, primarily for capacity enhancements.
Credit Rating & Borrowing
CARE Ratings assigned a 'CARE A-; Stable' rating for long-term bank facilities (INR 69.50 Cr) and 'CARE A2+' for short-term facilities (INR 50.00 Cr). Borrowing costs are impacted by a 429% increase in finance costs to INR 4.92 Cr in FY25 due to increased debt for expansion.
Operational Drivers
Raw Materials
Key raw materials include Salt and Power for Chlor-Alkali and PVC Resin for the OPVC segment. Power is a critical cost driver, with the company targeting 45% renewable energy sourcing to mitigate costs.
Capacity Expansion
The company is expanding OPVC pipe presence across new geographies with benefits expected from Q4FY26. A new subsidiary, Chemfab Hiitech Piping Limited, was incorporated in October 2025 to further expand the piping business.
Raw Material Costs
Not disclosed as a specific percentage of revenue, but the company noted that falling caustic soda prices (ECU realizations) since Q4FY23 have adversely impacted the margin spread against raw material inputs.
Manufacturing Efficiency
The company is focusing on 'cutting-edge green technologies' and technology modernization to improve power efficiency in the Puducherry division by July 2025.
Strategic Growth
Expected Growth Rate
15-20%
Growth Strategy
Growth will be driven by reaching a Total Operating Income (TOI) target of over INR 500 Cr through the expansion of the OPVC segment and the commencement of the Karaikal subsidiary's projects. The strategy includes geographic expansion of OPVC pipes, technology modernization to lower Chlor-Alkali production costs, and the incorporation of Chemfab Hiitech Piping Limited for specialized piping products.
Products & Services
Caustic Soda Lye, Chlorine, Hydrogen, Hydrochloric Acid, Sodium Hypochlorite, and OPVC (Oriented Polyvinyl Chloride) pipes and fittings.
Brand Portfolio
CHEMFAB
New Products/Services
Expansion into high-quality OPVC pipes of all sizes and varieties through the newly incorporated subsidiary Chemfab Hiitech Piping Limited (October 2025).
Market Expansion
Expanding OPVC pipe presence into new geographies with visible results expected by Q4FY26.
External Factors
Industry Trends
The Chlor-Alkali industry is facing a downturn in caustic soda prices since Q4FY23. Conversely, the OPVC pipe industry is growing due to government infrastructure projects and the adoption of PVC-O over traditional materials.
Competitive Landscape
The company competes in the fragmented caustic soda market and the growing plastic pipes market, specifically targeting the high-performance OPVC niche.
Competitive Moat
The company's moat is built on its diversified product profile (Chemicals + OPVC) and a strong relationship with government EPC contractors. The shift to renewable energy (45%) provides a sustainable cost advantage in a power-intensive industry.
Macro Economic Sensitivity
Highly sensitive to government infrastructure spending, particularly the Jal Jeevan Mission, which drives 70-80% of the OPVC order book.
Consumer Behavior
Increased adoption of PVC-O pipes by state government boards for infrastructure projects due to superior technical properties.
Regulatory & Governance
Industry Regulations
Operations are subject to SEBI (Prohibition of Insider Trading) Regulations, with the company recently amending its Code of Conduct in October 2025. Manufacturing is subject to chemical industry safety and environmental norms.
Environmental Compliance
The company is implementing 'Green Technologies' and increasing renewable energy sourcing to 45% to comply with environmental goals and reduce costs.
Taxation Policy Impact
The effective tax expense for FY25 was INR 6.63 Cr on a consolidated basis.
Legal Contingencies
The auditors reported no qualifications or adverse remarks in the CARO reports for the Parent or its subsidiary for the period ended March 31, 2025.
Risk Analysis
Key Uncertainties
The primary risk is a sustained drop in ECU realizations which could significantly reduce cash accruals. Inordinate delays in executing the INR 60 Cr modernization project or Karaikal projects also pose risks.
Geographic Concentration Risk
Manufacturing is concentrated in Puducherry and Andhra Pradesh, making it sensitive to regional industrial policies and power tariffs.
Third Party Dependencies
High dependency on power utilities and EPC contractors for the majority of the OPVC segment's revenue (70-80%).
Technology Obsolescence Risk
The company is mitigating technology risk by investing INR 60 Cr in modernization to replace older, less efficient production technologies.
Credit & Counterparty Risk
Provision for Expected Credit Loss (Net) was reduced by INR 71.35 Lakhs in FY25, suggesting stable receivables quality, though bad receivables of INR 78.27 Lakhs were written off.
