🔍

Paushak Limited (PAUSHAKLTD)

₹826.35 +4.60% last close, 16 Oct

📊 NSE: PAUSHAKLTD 🏢 Specialty Chemicals 📢 Latest filing: 16 Oct 2026 📝 Analysis written: 13 Nov 2025

Q2 FY27 results

Paushak Limited reported Q2 FY27 results on 16 Oct 2026: revenue ₹89.3 Cr (+51.4% year on year, +6.9% on the previous quarter), and net profit ₹13.5 Cr (+50.1% year on year); the operating margin was 29.5%.

Q2 FY27 (₹ Cr)	Value	YoY vs Q2 FY26	QoQ
Revenue	₹89.3	+51.4%	+6.9%
Operating profit	₹26.4	+75.7%	+2.8%
Net profit	₹13.5	+50.1%	-10.5%
EPS (₹)	5.48	+56.6%	-10.6%
Operating margin	29.5%	—	—

Profit +58% above its own trend
Operating margin expanded 409 bps YoY

Quality of profit: of pre-tax profit of ₹18.6 Cr, ₹16.6 Cr (89%) came from the core business and the rest from other income and one-off items. Core profit (operating profit less interest and depreciation) moved +50.6% year on year.

Against its own trend: net profit of ₹13.5 Cr was +57.9% against the ₹8.6 Cr its recent growth pointed to (above trend). This is a statistical baseline, not an analyst estimate.

Full quarterly financials → Margins & quality of profit → All Q2 FY27 results → Results calendar →

PAUSHAKLTD delivery percentage and bulk deals

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 11.57% of the PAUSHAKLTD shares traded on NSE were taken to delivery, against the stock's own 20-session average of 52.36%. The price rose 4.60% on unusually low delivery, so more of the move than usual was intraday trading. It traded 4.7 times its average daily volume. 6 bulk or block deals were reported in PAUSHAKLTD in the last 60 days: ₹38 Cr bought and ₹38 Cr sold.

11.57%Delivery, 16 Oct

52.36%Own 20-session average

4.7×Volume vs its average

₹826.35NSE close · +4.60%

Delivery in the last 5 sessions: 48.3% · 55.4% · 49.6% · 4.3% · 11.6%

Date	Side	Counterparty	Value	Price	Quantity	Type
15 Oct	Sell	Junomoneta Finsol Private Limited	₹13.32 Cr	₹838.44	158,882	Bulk
15 Oct	Buy	Junomoneta Finsol Private Limited	₹13.28 Cr	₹838.22	158,388	Bulk
15 Oct	Sell	Nk Securities Research Private Limited	₹12.45 Cr	₹843.12	147,653	Bulk
15 Oct	Buy	Nk Securities Research Private Limited	₹12.44 Cr	₹842.73	147,653	Bulk
15 Oct	Sell	Microcurves Trading Private Limited	₹12.00 Cr	₹850.19	141,151	Bulk

Delivery across the market →Unusual volume today →All bulk and block deals →

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

Paushak Q2 FY27 PAT Rises 57% YoY to ₹13.51 Cr; Revenue Up 52% YoY to ₹89.32 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 16 Oct 2026, 05:32 PM

Paushak reported strong Q2 FY27 performance with revenue from operations growing 52.0% YoY to ₹89.32 Cr compared to ₹58.78 Cr in Q2 FY26. Profit after tax rose 56.9% YoY to ₹13.51 Cr from ₹8.61 Cr, though it moderated 10.5% sequentially from ₹15.10 Cr in Q1 FY27. For H1 FY27, net profit expanded 38.6% YoY to ₹28.62 Cr on revenue of ₹172.87 Cr. The company's basic EPS for the quarter stood at ₹5.48, and net cash generated from operations strengthened to ₹40.72 Cr in H1 FY27.

Revenue from operations grew 51.96% YoY to ₹8,932 lacs (₹89.32 Cr) in Q2 FY27
Profit after tax increased 56.91% YoY to ₹1,351 lacs (₹13.51 Cr)
H1 FY27 revenue reached ₹17,287 lacs (₹172.87 Cr), up 50.77% YoY
Net cash inflow from operating activities reached ₹4,071.98 lacs in H1 FY27 vs ₹2,468.45 lacs in H1 FY26
Quarterly basic EPS stood at ₹5.48 compared to ₹3.49 in Q2 FY26

💡 Track capacity ramp-up from recent capital expenditure (CWIP reduced to ₹16.16 Cr) and monitor if operating margins hold up against chemical raw material price fluctuations.

Paushak Q2 FY27 PAT Rises 57% YoY to ₹13.51 Cr; Revenue Up 52% YoY to ₹89.32 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 16 Oct 2026, 05:13 PM

Revenue from operations grew 51.96% YoY to ₹8,932 lacs (₹89.32 Cr) in Q2 FY27
Profit after tax increased 56.91% YoY to ₹1,351 lacs (₹13.51 Cr)
H1 FY27 revenue reached ₹17,287 lacs (₹172.87 Cr), up 50.77% YoY
Net cash inflow from operating activities reached ₹4,071.98 lacs in H1 FY27 vs ₹2,468.45 lacs in H1 FY26
Quarterly basic EPS stood at ₹5.48 compared to ₹3.49 in Q2 FY26

💡 Track capacity ramp-up from recent capital expenditure (CWIP reduced to ₹16.16 Cr) and monitor if operating margins hold up against chemical raw material price fluctuations.

Paushak Submits Dematerialisation Certificate for Quarter Ended September 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Oct 2026, 07:29 PM

Paushak Limited 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 Registrar and Share Transfer Agent MUFG Intime India Private Limited on October 3, 2026. It confirms that securities received for dematerialisation during the quarter were processed, confirmed or rejected, and listed on the respective stock exchanges within prescribed timelines. This is a standard quarterly administrative filing with no financial or operational impact.

Compliance certificate filed for the quarter ended 30th September, 2026
Issued by RTA MUFG Intime India Private Limited dated 03-10-2026
Regulation 74(5) confirmation of dematerialisation and cancellation of certificates completed within timelines

💡 No action needed; this is a routine regulatory compliance filing. Investors should look out for upcoming quarterly financial results for Q2 FY27.

Paushak Ltd Concludes 53rd AGM; Votes on Dividend and Rs 240 Cr Expansion Strategy

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 30 Jul 2026, 09:54 PM

Paushak Limited conducted its 53rd Annual General Meeting (AGM) on July 30, 2026, via video conferencing. Shareholders considered five resolutions, including the adoption of FY26 financial statements and the declaration of a dividend for the fiscal year. A special resolution was presented for the payment of commission to Non-Executive Director Mr. Udit Amin. While the meeting was procedural, it supports the company's ongoing strategy to invest Rs 240 Cr in downstream capacities, a significant outlay representing approximately 110% of its TTM revenue of Rs 219 Cr.

53rd Annual General Meeting successfully held on July 30, 2026, with 92 members in attendance.
Shareholders voted on the declaration of dividend for the financial year 2025-26.
Special resolution proposed for payment of commission to Non-Executive Director Mr. Udit Amin.
Voting results and scrutinizer's report to be officially declared on or before August 1, 2026.
Management addressed shareholder queries regarding the company's operations and financial performance.

💡 Investors should monitor the upcoming disclosure of the final voting results and the specific dividend amount. The primary focus remains on the execution timeline of the Rs 240 Cr capacity expansion project.

Paushak Limited Concludes 53rd AGM; Approves Dividend and FY26 Financials

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 30 Jul 2026, 09:50 PM

Paushak Limited conducted its 53rd Annual General Meeting on July 30, 2026, covering five key resolutions including the adoption of FY26 financial statements and dividend declaration. The company is currently navigating a strategic shift toward semi-specialized products supported by a Rs 240 Cr capacity expansion plan, which represents approximately 110% of its TTM revenue of Rs 219 Cr. Management addressed shareholder queries regarding global supply chain positioning and the 'China Plus One' strategy. Final voting results are expected to be disclosed by August 1, 2026.

53rd Annual General Meeting successfully held on July 30, 2026, with 92 members in attendance.
Shareholders voted on the declaration of dividend for the financial year 2025-26.
Company is executing a Rs 240 Cr investment in downstream capacities to capture higher market volumes.
Special resolution proposed for the payment of commission to Non-Executive Director Mr. Udit Amin.
Management confirmed a strategic focus on becoming a global partner for phosgene-based intermediates.

💡 Investors should monitor the formal declaration of voting results by August 1, 2026, and track the execution timeline of the Rs 240 Cr expansion project, which is the primary driver for future volume growth.

Paushak Q1 FY27: Revenue Jumps 49.5% YoY to ₹83.55 Cr; PAT Up 25.5%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 30 Jul 2026, 06:13 PM

Paushak Limited delivered a strong performance for the quarter ended June 30, 2026, with revenue from operations surging 49.5% YoY to ₹83.55 Cr. Net profit grew 25.5% YoY to ₹15.10 Cr, despite a sharp 167% increase in raw material costs. The quarterly revenue is highly significant, representing approximately 38% of the company's total TTM revenue of ₹219 Cr. This scale-up suggests that the company's ₹240 Cr capacity expansion is beginning to reflect in the top-line performance.

Revenue from operations increased to ₹83.55 Cr, up 49.5% from ₹55.88 Cr in the same quarter last year.
Net Profit (PAT) rose to ₹15.10 Cr compared to ₹12.03 Cr in Q1 FY26.
Cost of materials consumed spiked to ₹28.99 Cr from ₹10.86 Cr YoY, indicating higher volume or input cost pressure.
Earnings Per Share (EPS) improved to ₹6.13 from a restated ₹4.88 in the year-ago period.
Quarterly revenue of ₹83.55 Cr is ~38% of the previous TTM revenue of ₹219 Cr.

💡 Investors should monitor the sustainability of this higher revenue run-rate and observe if operating margins stabilize as the company integrates its new downstream capacities.

49.5% YoY Revenue Growth to ₹83.55 Cr; Paushak Q1 PAT Rises to ₹15.10 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 30 Jul 2026, 04:27 PM

Paushak Limited reported a robust Q1 FY27 with revenue from operations surging 49.5% YoY to ₹83.55 Cr, significantly exceeding the previous four-quarter average of approximately ₹55 Cr. Net profit grew 25.5% YoY to ₹15.10 Cr, even as depreciation and finance costs rose sharply to ₹8.42 Cr and ₹1.36 Cr respectively, reflecting the capitalization of its ₹240 Cr expansion project. Operating margins remained healthy at approximately 30.7%, an improvement over the TTM average of 27.9%. EPS for the quarter stood at ₹6.13, compared to ₹4.88 in the corresponding quarter of the previous year.

Revenue from operations grew 49.5% YoY to ₹83.55 Cr from ₹55.88 Cr.
Net Profit (PAT) increased 25.5% YoY to ₹15.10 Cr from ₹12.03 Cr.
Depreciation expense rose 107% YoY to ₹8.42 Cr, signaling significant new capacity commissioning.
Finance costs increased to ₹1.36 Cr from just ₹0.04 Cr in the year-ago period.
Earnings Per Share (EPS) improved to ₹6.13 from ₹4.88 YoY.

💡 Watch for management commentary on the utilization levels of the new ₹240 Cr downstream capacity and whether the current 30%+ operating margins are sustainable as the product mix shifts toward semi-specialized products.

Paushak Limited Submits Quarterly Share Dematerialization Certificate for June 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jul 2026, 03:13 PM

Paushak Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The document, issued by MUFG Intime India Private Limited, confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, were processed and the register of members was updated. This is a standard administrative filing required by SEBI and does not impact the company's financial performance or business operations.

Compliance certificate submitted for the quarter ended 30th June, 2026
Registrar MUFG Intime India Private Limited confirmed processing of dematerialization requests
Security certificates were mutilated and cancelled after due verification as per SEBI norms
Company is currently executing a Rs 240 Cr investment in downstream capacities as per financial context

💡 This is a routine administrative filing; investors should focus on the execution timeline of the Rs 240 Cr capacity expansion and upcoming quarterly financial results.

July 23 set as Record Date for Paushak Ltd Final Dividend; 53rd AGM on July 30

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 02 Jul 2026, 07:27 PM

Paushak Limited has announced its 53rd Annual General Meeting (AGM) for July 30, 2026. The company has fixed July 23, 2026, as the record date for determining eligibility for the final dividend of FY2025-26. Dividend payments are scheduled to commence on or after August 3, 2026. The filing also provides a critical update for physical shareholders to claim shares resulting from the 1:2 stock split and 3:1 bonus issue executed in October 2025.

53rd Annual General Meeting scheduled for July 30, 2026, via video conferencing.
Record date for Final Dividend and e-voting eligibility fixed for July 23, 2026.
Dividend payment cycle to begin from August 3, 2026, for eligible shareholders.
Reminder of past corporate actions: 1:2 stock split and 3:1 bonus issue effective October 3, 2025.
Deadline for submission of TDS exemption forms for dividend is July 14, 2026.

💡 Shareholders should ensure their bank account and KYC details are updated with their Depository Participant or RTA by July 23 to ensure seamless dividend credit. Physical shareholders must submit ISR-1/2/4 forms to claim split and bonus shares currently held in escrow.

July 23 Fixed as Record Date for Dividend Payment

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 02 Jul 2026, 03:32 PM

Paushak Limited has announced July 23, 2026, as the record date to determine shareholder eligibility for the dividend for the financial year ended March 31, 2026. The dividend is subject to approval at the 53rd Annual General Meeting (AGM) scheduled for July 30, 2026. If approved, the company plans to commence dividend payments on or after August 3, 2026. This is a routine procedural announcement following the conclusion of the fiscal year.

Record date for dividend eligibility set for July 23, 2026
53rd Annual General Meeting (AGM) to be held on July 30, 2026
Dividend payment scheduled to commence on or from August 3, 2026
Announcement pertains to the financial year ended March 31, 2026

💡 Investors should monitor the AGM results on July 30 for the final approval of the dividend. To be eligible for the payout, shares must be held in the demat account by the record date of July 23.

Paushak Ltd sets July 23 as Record Date for Dividend; AGM scheduled for July 30, 2026

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 02 Jul 2026, 02:24 PM

Paushak Limited has issued the notice for its 53rd Annual General Meeting (AGM) to be held on July 30, 2026. The company has fixed July 23, 2026, as the record date for determining dividend eligibility for FY25-26, with payments starting August 3, 2026. A significant agenda item is a special resolution to pay a commission of ₹135 Lacs to Non-Executive Director Mr. Udit Amin, which represents 2.92% of the company's net profits for FY26. This follows the company's 2025 corporate actions involving a 1:2 stock split and a 3:1 bonus issue.

53rd Annual General Meeting scheduled for July 30, 2026, via Video Conferencing.
Record date for FY25-26 dividend entitlement fixed as July 23, 2026.
Proposed commission of ₹135 Lacs for Non-Executive Director Mr. Udit Amin, amounting to 2.92% of net profits.
Ratification of Cost Auditor remuneration for FY26-27 set at ₹0.40 Lacs plus expenses.
Dividend payment to be disbursed on or after August 3, 2026, subject to shareholder approval.

💡 Investors should ensure their KYC and bank details are updated with the RTA by July 23, 2026, to receive dividends. Monitor the voting results for the special resolution regarding director commission levels.

Paushak Limited to Close Trading Window from July 1, 2026 for Q1 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Jun 2026, 05:18 PM

Paushak Limited has announced the closure of its trading window for all designated persons starting July 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, for the quarter ending June 30, 2026. The window will remain shut until 48 hours after the company officially declares its unaudited financial results. The specific date for the board meeting to approve these results will be communicated at a later time.

Trading window closure commences on July 1, 2026.
Closure is related to the unaudited financial results for the quarter ended June 30, 2026.
The window will reopen 48 hours after the financial results are declared to the exchanges.
Complies with SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 This is a routine regulatory announcement and does not impact the company's fundamentals. Investors should monitor for the upcoming board meeting date to assess the Q1 financial performance.

Paushak Ltd Reminds Shareholders to Claim Split & Bonus Shares from Escrow Demat Account

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 11 Jun 2026, 06:09 PM

Paushak Limited has issued a reminder to shareholders holding physical shares regarding the credit of split and bonus shares to an Escrow Demat Account. Following a 1:2 stock split and a 3:1 bonus issue in October 2025, all new shares were allotted in dematerialized form as per SEBI regulations. Physical shareholders must now submit KYC documents and demat account details to the Registrar, MUFG Intime India, to claim their shares. Failure to update KYC details will result in dividends being withheld and released only via electronic mode once compliant.

Reminder sent to shareholders regarding shares held in a designated Escrow Demat Account post-corporate actions.
Company executed a 1:2 stock split (₹10 to ₹5) and a 3:1 bonus issue with a record date of October 3, 2025.
Shareholders must provide PAN, KYC, and Nomination details to MUFG Intime India Private Limited to claim shares.
Dividends for non-compliant physical folios will be withheld until KYC details are updated as per SEBI Master Circular.
Claim process requires submission of original old share certificates (₹10 face value) along with ISR forms and a Client Master List.

💡 Shareholders holding physical certificates of Paushak Limited should immediately contact the RTA to update KYC and provide demat details to receive their split and bonus shares. For other investors, this is a routine regulatory update with no impact on company fundamentals.

Paushak Ltd Issues Notice for Share Transfer to IEPF for Unclaimed Dividends since FY 2018-19

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 22 May 2026, 04:40 PM

Paushak Limited has issued a formal notice to shareholders who have not claimed their dividends for seven consecutive years, starting from the final dividend of FY 2018-19. Under Section 124(6) of the Companies Act, 2013, such shares are mandatory to be transferred to the Investor Education and Protection Fund (IEPF). Shareholders have until August 31, 2026, to claim their unpaid dividends to prevent the transfer of their shares. The notice clarifies that while split shares (face value Rs. 5) are liable for transfer, bonus shares are currently excluded from this specific transfer process.

Shares with unclaimed dividends for 7 consecutive years starting from FY 2018-19 are liable for IEPF transfer.
The deadline for shareholders to claim unpaid dividends is August 31, 2026.
Transfer applies to split shares with a face value of Rs. 5, but excludes bonus shares.
Shareholders can reclaim transferred shares from the IEPF Authority by filing web form IEPF-5.
Unclaimed dividends for periods prior to FY 2018-19 have already been transferred to the IEPF.

💡 Long-term shareholders should immediately verify their dividend records and update KYC details with the RTA, MUFG Intime India, to ensure their holdings are not transferred to the IEPF.

Paushak Limited Promoters Confirm Zero Share Encumbrance for FY 2025-26

🟢 POSITIVE ⭐ 4/10

REGULATORY 📅 18 May 2026, 03:56 PM

Chirayu Amin, representing the promoter group of Paushak Limited, has filed a declaration under SEBI (SAST) Regulations. The disclosure confirms that the promoters and 34 Persons Acting in Concert (PAC) did not create any direct or indirect encumbrance on their shareholding during the financial year 2025-26. This annual compliance filing indicates that promoter shares remain unpledged, which is a positive sign of financial stability for the group. The list of PAC includes major entities like Alembic Pharmaceuticals Ltd and Alembic Ltd.

Promoters and 34 Persons Acting in Concert (PAC) reported zero share encumbrance for FY 2025-26.
Declaration filed in compliance with Regulation 31(4) of SEBI (SAST) Regulations, 2011.
Major entities involved include Alembic Pharmaceuticals Ltd, Alembic Ltd, and Shreno Ltd.
The filing confirms that no new pledges or liens were created on the promoter's stake during the year.

💡 This is a routine but positive confirmation that promoter shares are not pledged; investors can maintain their current outlook on the stock.

View All PAUSHAKLTD Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Overall revenue declined by 2.8% from INR 212 Cr in FY23 to INR 206 Cr in FY24 due to pricing corrections and macroeconomic headwinds. However, H1 FY25 revenue grew 7.9% YoY to INR 109 Cr from INR 101 Cr, driven by a recovery in demand for phosgene-based intermediates.

Geographic Revenue Split

Domestic sales dominate the profile, while foreign exchange earnings for FY25 were INR 21.78 Cr, contributing approximately 10% to the total income, reflecting a global footprint in specialty chemical solutions.

Profitability Margins

PAT margins improved from 25.4% in FY23 to 26.2% in FY24 despite lower revenue. Operating margins moderated from 35% in FY23 to 31% in FY24 and further to 25.4% in early FY24 due to a shift toward high-volume semi-specialized products with lower margins.

EBITDA Margin

Operating EBITDA margins stood at 31% in FY24, a decrease from 35% in FY23. This 400 bps compression resulted from pricing pressure caused by the resurgence of Chinese manufacturers and customer destocking in the agrochemical and pharma sectors.

Capital Expenditure

The company is undertaking a significant capital expenditure of INR 240 Cr over FY25 and FY26 to expand downstream capacities and diversify into semi-specialized products, compared to a more modest INR 50-60 Cr spent in previous cycles.

Credit Rating & Borrowing

CRISIL reaffirmed a 'CRISIL A/Stable' rating. The company maintains a debt-free status (Adjusted debt/networth of 0) with an exceptional interest coverage ratio of 528.41 times in FY24.

⚙️ Operational Drivers

Raw Materials

Phosgene gas (manufactured in-house), Chlorine, and Carbon Monoxide are primary inputs. The company benefits from a low import bill as most raw materials are sourced domestically, insulating it from global supply chain volatility.

Import Sources

Primarily sourced from India (Gujarat region) to leverage the local chemical ecosystem. Foreign exchange outgo was minimal at INR 0.98 Cr in FY25, indicating high domestic procurement.

Key Suppliers

Not specifically named, but the company relies on domestic industrial gas and chemical suppliers for chlorine and carbon precursors.

Capacity Expansion

Current downstream capacities are running at optimal/high utilization. The planned INR 240 Cr expansion over FY25-26 aims to increase throughput and enable the production of semi-specialized products to capture higher market volume.

Raw Material Costs

Raw material costs are susceptible to pricing fluctuations in the specialty chemicals industry. Backward integration into phosgene gas manufacturing provides a cost advantage and supports robust margins of 25-31%.

Manufacturing Efficiency

Efficiency is driven by automated operations in new facilities, which have improved process safety, quality consistency, and throughput.

Logistics & Distribution

Not disclosed as a specific percentage, but the company caters to global customers, implying a robust logistics network for hazardous chemical transport.

📈 Strategic Growth

Expected Growth Rate

Growth Strategy

Growth will be achieved through an INR 240 Cr investment in downstream capacities and a strategic shift toward semi-specialized products. The company is leveraging the 'China Plus One' strategy to become a dependable global partner for phosgene-based intermediates.

Products & Services

Phosgene-based specialty chemicals including Chloroformates, Isocyanates, Carbonates, and Phosgene gas sold to pharmaceutical and agrochemical industries.

Brand Portfolio

Operates under the corporate brand 'Paushak' and is part of the established 'Alembic' group.

New Products/Services

Expansion into semi-specialized products is expected to drive volume growth, although these products typically carry lower margins than pure specialty intermediates.

Market Expansion

Targeting global supply chain diversification by positioning as a 'China Plus One' alternative for multinational pharmaceutical and agrochemical companies.

Market Share & Ranking

One of the few players in India licensed to manufacture phosgene gas, creating a significant regulatory moat and a leading position in this niche segment.

Strategic Alliances

Benefits from strong parentage and financial support from Nirayu Limited (holding 53% stake), which has a market value of holdings exceeding INR 15,200 Cr.

🌍 External Factors

Industry Trends

The specialty chemicals industry is evolving toward sustainable and seamless solutions. Paushak is positioning itself to benefit from the 'China Plus One' trend by modernizing facilities and increasing operational efficiency.

Competitive Landscape

Competes with global and domestic specialty chemical players, with competition intensifying from Chinese manufacturers post-lockdown.

Competitive Moat

The primary moat is the government license for phosgene gas manufacturing, which is highly restricted. This regulatory barrier, combined with backward integration, is highly sustainable and prevents new entrants.

Macro Economic Sensitivity

Sensitive to global GDP (3.2% growth) and Indian manufacturing sector growth (6.3% GDP growth), which drives demand for end-user pharmaceutical and agrochemical products.

Consumer Behavior

Shift toward dependable and sustainable supply chain partners among global pharmaceutical companies favors Paushak's long-term engagement strategy.

Geopolitical Risks

Resurgence of Chinese manufacturing and global trade shifts are primary risks that influence domestic pricing and demand sentiments.

⚖️ Regulatory & Governance

Industry Regulations

Operations are strictly governed by the Chemical Weapon Convention Act, 2000 and the Disaster Management Act, 2005 due to the hazardous nature of phosgene gas.

Environmental Compliance

Compliant with The Environment (Protection) Act, 1986 and The Chemical Accident (Emergency) Planning Preparedness & Response Rules, 1998. CSR spend was INR 1.06 Cr in FY25.

Taxation Policy Impact

Effective tax rate is consistent with Indian corporate standards; PAT of INR 54 Cr on healthy margins suggests stable fiscal management.

Legal Contingencies

Secretarial audit reports compliance with applicable acts; no major pending litigation or material court cases with specific INR values were disclosed.

⚠️ Risk Analysis

Key Uncertainties

Fluctuations in input prices and demand sentiments in the agrochemical sector could impact operating profitability by over 5% if margins fall below the 20% threshold.

Geographic Concentration Risk

Manufacturing is concentrated in Vadodara, Gujarat, making it sensitive to regional industrial policies and environmental regulations.

Third Party Dependencies

Low dependency on third-party raw material suppliers due to high backward integration, but dependent on the parent company Nirayu for potential financial support for large capex.