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CLEAN - Clean Science

📊 NSE: CLEAN 🏢 Chemicals 📅 Last Updated: 12/13/2025 21:06

📢 Recent Corporate Announcements

Clean Science Independent Director Madhu Dubhashi Completes Tenure on Feb 19, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 19 Feb 2026, 06:42 PM

Clean Science and Technology Limited has announced that Ms. Madhu Dubhashi has completed her term as a Non-Executive Independent Director. Her cessation from the board was effective from the close of business hours on February 19, 2026. This change is a routine transition following the completion of her scheduled tenure as per SEBI regulations. The company has formally acknowledged her contributions and guidance during her association with the board.

Ms. Madhu Dubhashi (DIN: 00036846) ceased to be an Independent Director effective February 19, 2026.
The cessation is due to the completion of her official term and not a resignation.
The disclosure was made in compliance with Regulation 30 of the SEBI Listing Regulations.
The board and management placed on record their appreciation for her contributions during her tenure.

💡 No action is required as this is a routine board transition. Investors should monitor for future appointments to ensure the board maintains its required independent composition.

Clean Science Independent Director Prof. Ganapati Yadav Completes Tenure on Feb 5, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 07 Feb 2026, 05:35 PM

Clean Science and Technology Limited has announced that Prof. Ganapati Dadasaheb Yadav has completed his term as a Non-Executive Independent Director. The cessation was effective from the close of business hours on February 5, 2026. This is a routine regulatory disclosure following the completion of a scheduled board term. The company has formally acknowledged his contributions and guidance provided during his tenure.

Prof. Ganapati Dadasaheb Yadav (DIN: 02235661) completed his term as a Non-Executive Independent Director.
The cessation of his role was effective from the end of business hours on February 5, 2026.
The disclosure was made in compliance with Regulation 30 of the SEBI Listing Regulations.
The company has placed on record its appreciation for his valuable contributions during his association.

💡 This is a routine administrative update and does not impact the company's fundamentals. No immediate action is required from investors.

Clean Science Q3 FY26 PAT Declines 13.6% YoY to ₹54.1 Cr; ₹2 Interim Dividend Declared

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 05:17 PM

Clean Science and Technology Limited reported a consolidated revenue of ₹2,163.6 million for Q3 FY26, marking an 11.5% growth YoY but an 8.2% decline sequentially. Net profit for the quarter fell to ₹541.2 million, down from ₹626.4 million in the previous year, reflecting margin pressure. The company declared an interim dividend of ₹2 per share (200%) with a record date of February 5, 2026. The results indicate a challenging quarter with both YoY and QoQ profit contraction despite higher annual revenue.

Consolidated Revenue from operations stood at ₹2,163.6 million, up 11.5% YoY but down 8.2% QoQ.
Consolidated Net Profit (PAT) decreased by 13.6% YoY to ₹541.2 million.
Interim Dividend of ₹2 per equity share (200% of face value) declared for FY 2025-26.
Basic EPS for the quarter fell to ₹5.09 from ₹5.90 in the corresponding quarter of the previous year.
Total expenses for the quarter were ₹1,438.2 million, showing significant pressure on operating margins compared to the previous year.

💡 Investors should be cautious due to the sequential and year-on-year decline in profitability and margin compression. Monitor management commentary regarding raw material costs and demand outlook in the specialty chemicals segment.

Clean Science Q3 FY26: Revenue Declines 21% Y-o-Y Amid Pricing Pressure; HALS Business Grows 55%

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 04 Feb 2026, 11:21 AM

Clean Science reported a challenging Q3 FY26 with consolidated revenue declining 10% sequentially to INR 216 crores and a 21% Y-o-Y drop in sales. The performance was hit by pricing pressure from Chinese competitors in the MEHQ segment and the loss of a key FMCG customer for 4-MAP due to backward integration. However, the HALS business showed strong momentum with 55% Y-o-Y growth and achieved EBITDA breakeven in its subsidiary, Clean Fino Chem. The company also commercialized its new hydroquinone and catechol plant in December, which is expected to improve margins for downstream products like TBHQ.

Consolidated revenue moderated by 10% Q-o-Q to INR 216 crores with PAT margins at 21% and EBITDA at INR 72 crores.
HALS business delivered robust 55% Y-o-Y growth and achieved EBITDA breakeven in the subsidiary Clean Fino Chem Limited.
9-month revenue declined 10% Y-o-Y to INR 602 crores, attributed to pricing pressure and lower offtake in the Agchem segment.
Commercialized hydroquinone and catechol plant in Dec 2025; Performance Chemical 2 capex on track for Q1 FY27.
Board approved an interim dividend of INR 2 per share and welcomed two new independent directors.

💡 Investors should monitor the ramp-up of the HALS segment and the margin recovery from the new hydroquinone plant to offset pricing pressures in core products. While the HALS breakeven is positive, the loss of a key FMCG customer and Chinese competition remain significant near-term headwinds.

Clean Science and Technology Releases Q3 FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 31 Jan 2026, 06:59 PM

Clean Science and Technology Limited has submitted the audio recording of its Q3 FY26 earnings conference call held on January 31, 2026. This filing is a routine compliance requirement under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The recording provides investors and analysts with access to the management's discussion on the company's financial performance and future outlook. The link to the audio file is available on the company's official website for public review.

Earnings conference call for Q3 FY26 conducted on January 31, 2026
Audio recording made available to the public via the company's website
Compliance with SEBI (LODR) Regulations regarding timely disclosure of investor meets
Provides transparency into management's commentary on quarterly business operations

💡 Investors should listen to the recording to understand management's perspective on margin trends and demand outlook in the specialty chemicals segment.

Clean Science Declares ₹2 Interim Dividend; Q3 Revenue Grows 12% YoY to ₹218.5 Cr

🟡 NEUTRAL ⭐ 8/10

EARNINGS 📅 31 Jan 2026, 02:38 PM

Clean Science and Technology reported a 12.2% YoY growth in consolidated revenue from operations, reaching ₹2,185.5 million for Q3 FY26. However, consolidated net profit saw a decline of approximately 11% YoY, coming in at ₹459.3 million compared to ₹516.1 million in the same quarter last year. The Board has declared an interim dividend of ₹2 per share (200% of face value) with a record date of February 6, 2026. The decline in profit despite revenue growth suggests pressure on margins or increased operational costs during the period.

Consolidated Revenue from Operations grew 12.2% YoY to ₹2,185.5 million in Q3 FY26.
Consolidated Net Profit decreased by 11% YoY to ₹459.3 million from ₹516.1 million.
Declared an interim dividend of ₹2 per equity share (200% on face value of ₹1).
Record date for dividend eligibility is February 6, 2026, with payment by February 23, 2026.
Consolidated EPS for the quarter declined to ₹4.32 from ₹4.86 in the year-ago period.

💡 Investors should monitor the margin compression as net profit fell despite double-digit revenue growth. While the dividend provides a yield, the bottom-line performance suggests rising input or operational costs that need further investigation.

Clean Science Declares ₹2 Interim Dividend; Q3 PAT Declines to ₹45.8 Crore

🟡 NEUTRAL ⭐ 8/10

DIVIDEND 📅 31 Jan 2026, 02:33 PM

Clean Science and Technology has announced an interim dividend of ₹2 per share (200% of face value) for FY 2025-26, with the record date set for February 6, 2026. The company's consolidated revenue for Q3 FY26 stood at ₹249.6 crore, showing growth over the ₹194.7 crore reported in the same quarter last year. However, net profit saw a decline to ₹45.8 crore from ₹56.7 crore YoY and ₹65.7 crore sequentially. The dividend payment is scheduled to be completed by February 23, 2026.

Interim dividend of ₹2 per equity share of face value ₹1 each
Consolidated Revenue from operations at ₹2,496.4 million for Q3 FY26
Consolidated Net Profit (PAT) fell to ₹458.3 million vs ₹567.5 million YoY
Basic EPS for the quarter decreased to ₹4.32 from ₹5.35 YoY
Record date for dividend eligibility is February 6, 2026

💡 Investors seeking the dividend must hold shares before the February 6 record date. While the dividend is a positive payout, the sequential and year-on-year decline in profitability suggests monitoring margin pressures in the specialty chemicals segment.

Clean Science Q3 FY26: Revenue Falls 9% YoY; Interim Dividend of ₹2 Declared

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 31 Jan 2026, 02:22 PM

Clean Science and Technology reported a weak Q3 FY26 with consolidated revenue declining 9% YoY to ₹219 crore and PAT dropping 30% YoY to ₹46 crore. EBITDA margins faced significant pressure, contracting to 33.4% from 41.5% in the year-ago period. Despite the slowdown, the company commercialized new capacities for Hydroquinone and Catechol and declared an interim dividend of ₹2 per share. The Performance Chemicals segment now contributes 76% of total revenue, driven by growth in the HALS series.

Consolidated Q3 FY26 Revenue at ₹219 crore, down 9% YoY and 11% QoQ.
Consolidated PAT for the quarter stood at ₹46 crore, a 30% decline compared to Q3 FY25.
EBITDA margins compressed to 33.4% in Q3 FY26 from 41.5% in Q3 FY25 and 36.4% in Q2 FY26.
Incurred ₹165 crore capex in 9M FY26, primarily for the Clean Fino Chem Ltd (CFCL) subsidiary.
Successfully commercialized Hydroquinone and Catechol capacities during Q3 FY26.

💡 Investors should exercise caution as profitability margins have significantly compressed despite new product launches. Monitor the utilization rates of the newly commercialized Hydroquinone and Catechol plants for signs of recovery in the coming quarters.

Clean Science Declares ₹2 Interim Dividend; Q3 Net Profit Rises 25.5% YoY to ₹45.8 Cr

🟢 POSITIVE ⭐ 8/10

DIVIDEND 📅 31 Jan 2026, 02:17 PM

Clean Science and Technology reported a robust performance for Q3 FY2025-26, with consolidated revenue growing 28.2% YoY to ₹249.6 crore. Net profit for the quarter increased by 25.5% to ₹45.8 crore, up from ₹36.5 crore in the previous year. Alongside the earnings, the board declared an interim dividend of ₹2 per share (200% of face value). The company maintains a healthy balance sheet with an EPS improvement to ₹4.32 for the quarter.

Declared interim dividend of ₹2 per equity share (200%) with a record date of February 6, 2026
Consolidated Revenue from operations rose 28.2% YoY to ₹2,496.14 million
Consolidated Net Profit (PAT) increased 25.5% YoY to ₹458.41 million
Basic and Diluted EPS improved to ₹4.32 from ₹3.44 in the corresponding quarter last year
Nine-month consolidated PAT stands at ₹1,211.12 million on a revenue of ₹6,769.30 million

💡 The combination of double-digit growth and a steady dividend payout reflects strong operational efficiency. Investors should hold for long-term gains while monitoring the record date of February 6 for dividend eligibility.

Clean Science Q3 FY26 Results: Consolidated Revenue Up 28%, Declares ₹2 Interim Dividend

🔵 WATCH ⭐ 8/10

EARNINGS 📅 31 Jan 2026, 02:16 PM

Clean Science and Technology reported a 28% year-on-year growth in consolidated revenue from operations, reaching ₹2,496.44 million for Q3 FY26. However, consolidated net profit declined significantly to ₹458.41 million from ₹633.29 million in the previous year's corresponding quarter, indicating margin pressure. On a standalone basis, the company maintained stability with a net profit of ₹651.25 million. To reward shareholders, the board declared an interim dividend of ₹2 per share (200% of face value) with a record date of February 6, 2026.

Consolidated Revenue from Operations rose 28% YoY to ₹2,496.44 million in Q3 FY26.
Consolidated Net Profit fell to ₹458.41 million compared to ₹633.29 million in Q3 FY25.
Declared an interim dividend of ₹2 per equity share (200%) for the financial year 2025-26.
Standalone Net Profit remained steady at ₹651.25 million versus ₹630.48 million YoY.
The record date for dividend eligibility is February 6, 2026, with payment scheduled by February 23, 2026.

💡 Investors should investigate the cause of the sharp decline in consolidated profit despite strong revenue growth, focusing on subsidiary performance and raw material costs. While the dividend is positive, the margin compression warrants a cautious approach until cost-efficiency improves.

Clean Science to Host Q3 FY26 Earnings Conference Call on January 31, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 17 Jan 2026, 03:29 PM

Clean Science and Technology Limited has scheduled a conference call for analysts and investors on Saturday, January 31, 2026, at 4:00 PM IST. The call will focus on the company's unaudited financial results for the third quarter and nine months ended December 31, 2025. Key management personnel, including the Promoter/Executive Director and the CFO, will be present to discuss performance and answer queries. This is a standard regulatory procedure following the end of the financial quarter.

Conference call scheduled for January 31, 2026, at 4:00 PM IST.
Discussion to cover unaudited financial results for Q3 and 9M FY2025-26.
Management representation includes Mr. Siddhartha Sikchi (ED) and Mr. Sanjay Parnerkar (CFO).
Universal dial-in numbers provided: +91 22 6280 1145 and +91 22 7115 8046.

💡 Investors should monitor the earnings release on or before January 31 to evaluate the company's margin performance and growth in the specialty chemicals segment.

Clean Science Invests ₹50 Crore in Subsidiary Clean Fino-Chem for Project Funding

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 08 Jan 2026, 03:42 PM

Clean Science and Technology Limited (CSTL) has invested ₹50 crore in its wholly-owned subsidiary, Clean Fino-Chem Limited (CFCL), via a rights issue. The investment involved subscribing to 8,36,121 equity shares at a price of ₹598 per share (including a ₹588 premium). CFCL is a specialty chemicals manufacturer that has shown rapid growth, with turnover increasing from ₹1.92 crore in FY24 to ₹46.77 crore in FY25. This capital infusion is specifically earmarked to fund ongoing projects, indicating a focus on capacity expansion.

Investment of ₹50.00 crore in wholly-owned subsidiary Clean Fino-Chem Limited.
Acquisition of 8,36,121 equity shares at ₹598 per share (₹10 face value + ₹588 premium).
CFCL turnover grew significantly from ₹1.92 crore in FY24 to ₹46.77 crore in FY25.
Capital will be utilized primarily for funding specialty chemical projects within the subsidiary.

💡 Investors should monitor the execution of CFCL's projects as the subsidiary is scaling rapidly and becoming a meaningful contributor to consolidated revenue. The continued investment signals management's confidence in the specialty chemicals growth pipeline.

Clean Science Submits SEBI Regulation 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jan 2026, 12:23 PM

Clean Science and Technology Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, confirms that all dematerialization and rematerialization requests for the quarter ended December 31, 2025, were processed within prescribed timelines. This filing ensures that the company's shareholding records are accurately maintained with the depositories. As a routine administrative disclosure, it has no impact on the company's financial performance or business operations.

Compliance certificate submitted for the quarter ended December 31, 2025.
Confirmation provided by Registrar and Share Transfer Agent, MUFG Intime India Private Limited.
Verification that security certificates received for dematerialization were mutilated and cancelled.
Confirmation that the name of depositories has been substituted in the register of members as the registered owner.

💡 No action is required from investors as this is a standard regulatory filing confirming procedural compliance regarding share certificates.

Clean Science Subsidiary Director Parth Ashok Maheshwari Resigns Effective Jan 1, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 02 Jan 2026, 12:33 PM

Mr. Parth Ashok Maheshwari has resigned from his position as Director of Clean Fino-Chem Limited, a wholly-owned subsidiary of Clean Science and Technology Limited. The resignation became effective from the close of business hours on January 1, 2026. He cited the pursuit of personal interests as the primary reason for his departure and confirmed there are no other material reasons. The Board of the subsidiary accepted the resignation via a circular resolution on January 2, 2026.

Mr. Parth Ashok Maheshwari (DIN: 09774080) resigned as Director of Clean Fino-Chem Limited
Resignation is effective from the closing of business hours on January 1, 2026
Clean Fino-Chem Limited is a 100% wholly-owned subsidiary of Clean Science and Technology Limited
The outgoing director confirmed there are no material reasons for resignation other than personal interest

💡 This is a routine management update at the subsidiary level and does not impact the core operations of the parent company. No immediate action is required from investors.

Clean Science Executive Director Parth Ashok Maheshwari Resigns Effective Dec 31, 2025

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 31 Dec 2025, 04:40 PM

Mr. Parth Ashok Maheshwari has resigned from his position as Whole-Time Director at Clean Science and Technology Limited, effective from the close of business on December 31, 2025. The resignation is attributed to personal interests, and the director has confirmed there are no material reasons for his departure. The Board has accepted the resignation via a circular resolution dated December 31, 2025. The company confirmed that the Board's composition remains compliant with SEBI Regulation 17 following this change.

Resignation of Mr. Parth Ashok Maheshwari (DIN: 09774080) as Whole-Time Director effective December 31, 2025.
The director cited personal interests as the reason for departure with no material concerns reported.
Board composition remains in compliance with SEBI Listing Regulations and the Companies Act, 2013.
The resignation was accepted by the Board of Directors through a resolution passed by circulation on December 31, 2025.

💡 This appears to be a routine management exit with no immediate impact on operations; investors should monitor for any new executive appointments.

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💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 16.8% to INR 922.3 Cr in FY25 from INR 789.4 Cr in FY24. By H1 FY26, Performance Chemicals increased its share to 75% (up from 70% in H1 FY25), Pharma & Agro Intermediates contributed 16% (down from 17%), and FMCG Chemicals contributed 9% (down from 13%).

Geographic Revenue Split

As of H1 FY26, the revenue split is: China 38% (up from 36% YoY), Americas 20% (down from 21%), India 19% (up from 17%), Europe 14% (down from 16%), and Rest of World 9% (down from 10%).

Profitability Margins

Net Profit Margin improved to 32.3% in FY25 from 31.8% in FY24, driven by higher sales volumes. Gross margins in the subsidiary are targeted at 35-40%, though they fluctuated to 26% in Q2 FY26 due to inventory accounting (change in stock optics).

EBITDA Margin

EBITDA margin stood at 44% in FY25 (INR 399.1 Cr), a slight increase from 43.4% in FY24 (INR 337.2 Cr). The margin is supported by integrated operations but faces pressure from the ramp-up of new products and raw material volatility.

Capital Expenditure

The company incurred INR 235 Cr capex in FY24 (including INR 215 Cr in subsidiaries). Planned capex for FY26 is approximately INR 300 Cr, focused on the performance chemicals segment and funded entirely through internal accruals and surplus liquidity.

Credit Rating & Borrowing

CRISIL AA-/Stable for long-term and CRISIL A1+ for short-term. The company is debt-free with no long-term borrowing costs; interest coverage ratio improved to 493x in FY25 from 282x in FY24.

⚙️ Operational Drivers

Raw Materials

Key raw materials include Phenol (used to produce Anisole, MEHQ, and BHA) and various crude oil derivatives. Raw material expenses accounted for 40.1% of revenue in Q2 FY26 on a consolidated basis.

Import Sources

Not explicitly disclosed by country, but the company utilizes a mix of local and foreign currency transactions to manage its 60-65% export exposure.

Capacity Expansion

Unit 4, a 34-acre (1,32,700 sq. mtrs) facility for HALS, was commercialized in March 2024. Future expansion includes a INR 300 Cr investment in performance chemicals for FY26.

Raw Material Costs

Raw material expenses were INR 325.8 Cr in FY25, representing 35.3% of total revenue. Costs are sensitive to crude oil fluctuations, with a pass-through mechanism that operates with a time lag.

Manufacturing Efficiency

Efficiency is driven by 'Clean Technology' and integrated operations where Phenol is converted into multiple value-added products like MEHQ and BHA, maintaining operating margins above 40%.

Logistics & Distribution

The company uses a hybrid model of direct sales to large accounts and a distributor network for broader market reach in India and international markets.

📈 Strategic Growth

Expected Growth Rate

25%

Growth Strategy

Growth is targeted through the ramp-up of the HALS (Hindered Amine Light Stabilizers) series (770, 944, 119), adding new chemistries and process technologies, and executing greenfield capex (INR 300 Cr in FY26) to diversify the performance chemicals basket.

Products & Services

Specialty chemicals including Monomethyl Ether of Hydroquinone (MEHQ), Guaiacol, Butylated Hydroxyanisole (BHA), 4-Methoxy Acetophenone (4-MAP), and HALS series (770, 944, 119).

Brand Portfolio

Clean Science and Technology Limited (CSTL), Clean Fino Chem Ltd (Subsidiary).

New Products/Services

Recent launches include higher grades of HALS (944 and 119) which offer better realizations and contributed to a 34% value growth in the HALS portfolio in recent quarters.

Market Expansion

Expansion is focused on increasing direct sales to large global accounts and diversifying the product basket to reduce dependence on core products like MEHQ.

Market Share & Ranking

CSTL is a leading global player in MEHQ, Guaiacol, BHA, and 4-MAP.

Strategic Alliances

Collaborations with academic institutions and industry experts are used to enhance technological capabilities and prevent obsolescence.

🌍 External Factors

Industry Trends

The specialty chemicals industry is shifting toward 'clean' and sustainable manufacturing. CSTL is positioned as a leader in catalytic chemistry, which reduces waste and improves cost-efficiency compared to traditional methods.

Competitive Landscape

Operates in a highly competitive industry requiring constant technological upgrades. Competitors are not named, but CSTL focuses on niche products where it can maintain a dominant global position.

Competitive Moat

Moat is built on proprietary catalytic processes and integrated manufacturing (Phenol to BHA), which are difficult to replicate and provide a significant cost advantage. This is sustained by continuous R&D and a debt-free balance sheet.

Macro Economic Sensitivity

Highly sensitive to global crude oil prices and international trade policies, as 60-65% of revenue is derived from exports.

Consumer Behavior

Increased demand for stabilizers in polymer and plastic industries is driving the growth of the HALS segment.

Geopolitical Risks

Exposure to 35+ countries makes CSTL vulnerable to trade barriers and geopolitical shifts, specifically mentioned is the monitorable impact of US tariff hikes.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to environmental pollution norms and international manufacturing standards for specialty chemicals used in pharma and food (BHA).

Environmental Compliance

The company focuses on 'Clean Technology' to ensure regulatory compliance and operational efficiency, though specific ESG spend in INR is not disclosed.

Taxation Policy Impact

Tax expenses for FY25 were INR 98.2 Cr. The subsidiary Clean Fino Chem Ltd benefits from tax incentives related to its location in the Kurkumbh Industrial Area.

⚠️ Risk Analysis

Key Uncertainties

Volatility in raw material prices (crude derivatives) and sharp fluctuations in foreign exchange rates could impact margins by more than 5% if pass-throughs are delayed.