Primo Chemicals Limited (PRIMO)
₹25.32 -2.50% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Primo Chemicals' revenue was ₹140 Cr (-1.2% year on year, -3.2% on the previous quarter), and net profit ₹4.7 Cr (+14.7% year on year); the operating margin was 14.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹140 | -1.2% | -3.2% |
| Operating profit | ₹20.8 | +2.0% | +9.4% |
| Net profit | ₹4.7 | +14.7% | -22.9% |
| EPS (₹) | 0.19 | +11.8% | -24.0% |
| Operating margin | 14.8% | — | — |
PRIMO delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 55.01% of the PRIMO shares traded on NSE were taken to delivery, against the stock's own 20-session average of 57.41%. That is close to its usual level. Turnover was only ₹45 lakh, so a handful of trades can move this figure. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 52.6% · 63.5% · 50.1% · 56.5% · 55.0%
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
Primo Chemicals Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 2026. The certificate issued by Registrar and Share Transfer Agent, Beetal Financial & Computer Services (P) Ltd, dated October 5, 2026, confirms that securities received for dematerialization were processed within 15 days. Security certificates received were confirmed, rejected, or mutilated/cancelled as per rules, and depositories were updated in the member register. This is a standard quarterly administrative filing with no impact on business operations or financials.
- Compliance certificate under Regulation 74(5) submitted for the quarter ended September 2026
- Issued by RTA Beetal Financial & Computer Services (P) Ltd on October 5, 2026
- Securities received for dematerialization were processed and member registers updated within 15 days
- Filed with BSE and NSE on October 12, 2026
Primo Chemicals Limited has received a credit rating review from CRISIL Ratings Limited for its ₹180 crore total bank loan facilities. CRISIL assigned a 'Crisil BBB/Stable' rating to the company's long-term credit facilities and 'Crisil A3+' to its short-term facilities. The total rated bank facilities of ₹180 crore represent approximately 63.8% of the company's TTM revenue of ₹282 crore. The stable outlook indicates adequate creditworthiness and financial stability to service its debt obligations.
- CRISIL reviewed credit ratings for ₹180 crore in total bank loan facilities
- Long-term facilities assigned 'Crisil BBB/Stable' rating
- Short-term facilities assigned 'Crisil A3+' rating
- Communication received from CRISIL on September 30, 2026
Primo Chemicals Limited has approved a draft scheme of amalgamation to merge its wholly owned subsidiary, Flow Tech Chemicals Private Limited, into itself with an appointed date of October 1, 2026. Flow Tech reported a net worth/turnover figure of Rs 2,019.27 lakhs as of March 31, 2026, compared to Primo's Rs 34,166.14 lakhs. Because Flow Tech is a wholly owned subsidiary, no cash consideration or shares will be issued, leaving Primo's equity shareholding pattern completely unchanged. The transaction aims to integrate downstream Chlorinated Paraffin and Hydrochloric Acid manufacturing, consolidating operations and reducing overheads.
- Board approved draft Scheme of Amalgamation of Flow Tech Chemicals Private Limited with Primo Chemicals Limited
- Appointed date for the merger is set as October 1, 2026
- No cash consideration or equity shares issued as Flow Tech is a 100% wholly owned subsidiary
- Flow Tech figures reported at Rs 2,019.27 lakhs vs Primo Chemicals at Rs 34,166.14 lakhs as of March 31, 2026
Primo Chemicals Limited's Board has approved a Scheme of Amalgamation to merge its wholly owned subsidiary, Flow Tech Chemicals Private Limited, into itself. As of March 31, 2026, Flow Tech recorded a turnover of Rs 341.66 crore (Rs 34,166.14 lakhs) and net worth of Rs 20.19 crore (Rs 2,019.27 lakhs), compared to Primo's turnover of Rs 561.69 crore and net worth of Rs 87.89 crore. Because Flow Tech is a 100% subsidiary, no cash consideration or fresh equity shares will be issued, leaving Primo's shareholding pattern unchanged. The appointed date for the proposed amalgamation is October 1, 2026, subject to NCLT and regulatory approvals.
- Board approved Scheme of Amalgamation of wholly owned subsidiary Flow Tech Chemicals into Primo Chemicals
- Appointed date set as October 1, 2026, subject to NCLT and regulatory clearances
- Flow Tech reported turnover of Rs 34,166.14 lakhs (Rs 341.66 cr) and net worth of Rs 2,019.27 lakhs as of March 31, 2026
- No cash consideration or fresh share issuance; Primo's shareholding pattern remains unchanged
Primo Chemicals Limited's Board has approved a Scheme of Amalgamation to merge its wholly owned subsidiary, Flow Tech Chemicals Private Limited, into itself. As of March 31, 2026, Flow Tech recorded a turnover of Rs 341.66 crore (Rs 34,166.14 lakhs) and net worth of Rs 20.19 crore (Rs 2,019.27 lakhs), compared to Primo's turnover of Rs 561.69 crore and net worth of Rs 87.89 crore. Because Flow Tech is a 100% subsidiary, no cash consideration or fresh equity shares will be issued, leaving Primo's shareholding pattern unchanged. The appointed date for the proposed amalgamation is October 1, 2026, subject to NCLT and regulatory approvals.
- Board approved Scheme of Amalgamation of wholly owned subsidiary Flow Tech Chemicals into Primo Chemicals
- Appointed date set as October 1, 2026, subject to NCLT and regulatory clearances
- Flow Tech reported turnover of Rs 34,166.14 lakhs (Rs 341.66 cr) and net worth of Rs 2,019.27 lakhs as of March 31, 2026
- No cash consideration or fresh share issuance; Primo's shareholding pattern remains unchanged
Primo Chemicals Limited has executed a commercial supply agreement with National Fertilizers Limited (NFL) on September 24, 2026. Under the contract, Primo will supply between 1,000 NM3/hr to 2,500 NM3/hr of hydrogen gas via a dedicated pipeline. The agreement spans a tenure of 5 years, with options for further mutual extensions. While total contract value was not disclosed, this agreement allows Primo (TTM revenue ₹282 Cr) to monetize byproduct hydrogen gas efficiently.
- Executed supply agreement with National Fertilizers Limited (NFL) on September 24, 2026
- Supply volume specified at 1,000 NM3/hr to 2,500 NM3/hr of hydrogen gas
- Contract duration is fixed for 5 years with provision for mutual extension
- Delivery mechanism to be routed through a dedicated pipeline
Primo Chemicals has executed the 2nd Supplementary Share Purchase Agreement on September 16, 2026, to acquire the remaining 51% equity stake in Flow Tech Chemicals Private Limited. Shareholder approval for the transaction had previously been secured on August 5, 2026, via postal ballot. Following this acquisition, Flow Tech Chemicals has become a wholly owned subsidiary of Primo Chemicals. Transaction consideration and valuation figures were not disclosed in the filing.
- Acquired the balance 51% equity stake in Flow Tech Chemicals Private Limited
- Flow Tech Chemicals has now become a 100% wholly owned subsidiary
- Executed the 2nd Supplementary Share Purchase Agreement on September 16, 2026
- Shareholder approval was secured via Postal Ballot e-voting on August 5, 2026
Primo Chemicals Limited has issued an intimation under SEBI LODR Regulations regarding the dispatch of physical letters to shareholders whose email addresses are not registered. These letters provide web links to access the FY2025-26 Annual Report and the Notice for the 51st Annual General Meeting (AGM). The AGM is scheduled to take place on September 30, 2026, at 14:00 IST via video conference.
- 51st Annual General Meeting scheduled for September 30, 2026, at 14:00 hours via video conference
- Physical letters dispatched to shareholders without registered emails pursuant to SEBI circular dated December 12, 2024
- Pertains to the Annual Report and financials for the year ended March 31, 2026
Primo Chemicals Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY2025-26 under Regulation 34(2)(f) of SEBI LODR Regulations. The filing forms part of the company's 51st Annual Report for FY26 and details ESG performance, operational metrics, and workforce statistics. The company reported standalone paid-up capital of ₹48.46 crore and net worth of ₹347.51 crore under CSR reporting. Operations remain concentrated domestically with one manufacturing plant serving 8 states in North India and zero export revenue.
- Paid-up capital reported at ₹48.46 crore and net worth under CSR disclosures at ₹347.51 crore
- Turnover reported under CSR section at ₹561.69 crore, with 100% of revenue coming from chemicals
- Company operates 1 manufacturing plant and 2 offices, serving 8 states in North India with NIL export turnover
- Total workforce stands at 125 employees (117 permanent) and 646 workers (267 permanent)
Primo Chemicals Limited has notified the exchanges that its 51st Annual General Meeting (AGM) will be held on September 30, 2026, at 14:00 IST via Video Conferencing. The company has fixed September 23, 2026, as the cut-off date to determine shareholder eligibility for remote e-voting and voting at the AGM. Additionally, the Register of Members and Share Transfer Books will remain closed for 7 days, from September 24 to September 30, 2026.
- 51st Annual General Meeting scheduled for September 30, 2026, at 14:00 IST via VC/OAVM
- Cut-off date for e-voting eligibility fixed as September 23, 2026
- Register of Members and Share Transfer Books to remain closed from September 24 to September 30, 2026 (7 days)
Primo Chemicals Limited has scheduled its 51st Annual General Meeting (AGM) for September 30, 2026, at 14:00 IST via Video Conferencing. The company has fixed September 23, 2026, as the cut-off / record date to determine shareholder eligibility for remote e-voting and voting during the AGM. Additionally, the Register of Members and Share Transfer Books will remain closed from September 24, 2026, to September 30, 2026 (both days inclusive).
- 51st AGM scheduled for September 30, 2026, at 14:00 hours via VC/OAVM
- Cut-off / Record date for e-voting set as September 23, 2026
- Share transfer books closed for 7 days from September 24 to September 30, 2026
Primo Chemicals' Board has granted in-principle approval to formulate a Scheme of Amalgamation to merge Flow Tech Chemicals Private Limited into Primo. This follows shareholder approval obtained on August 5, 2026, to acquire the balance 51% equity stake in Flow Tech to make it a wholly owned subsidiary. The merger aims to simplify group corporate structure, reduce compliance overheads, and give direct operational control over Flow Tech's assets. The restructuring is subject to completing the 51% buyout, formal board approval of the scheme, and regulatory clearances including NCLT and SEBI.
- In-principle approval granted for the amalgamation of Flow Tech Chemicals into Primo Chemicals.
- Primo is finalizing the acquisition of the remaining 51% stake in Flow Tech, approved by shareholders on August 5, 2026.
- The 51st Annual General Meeting is scheduled for September 30, 2026, via video conferencing.
- Share transfer books and register of members will be closed from September 24 to September 30, 2026.
- M/s Kabra & Associates re-appointed as Cost Auditor for FY 2026-27.
Primo Chemicals reported a significant 71.6% YoY decline in standalone revenue to Rs 40.28 Cr for Q1 FY27. Despite the top-line contraction, net profit grew 31.7% YoY to Rs 4.03 Cr, aided by a sharp reduction in total expenses from Rs 138.89 Cr to Rs 33.46 Cr. The company is also moving forward with the acquisition of the remaining 51% stake in its associate, Flow Tech Chemicals, following shareholder approval on August 5, 2026.
- Standalone revenue fell sharply to Rs 40.28 Cr from Rs 141.94 Cr in the year-ago quarter.
- Net profit increased to Rs 4.03 Cr, up from Rs 3.06 Cr in Q1 FY26.
- Total expenses decreased by 75.9% YoY to Rs 33.46 Cr, significantly impacting margins.
- Shareholders approved the transition of Flow Tech Chemicals from a 49% associate to a 100% subsidiary on August 5, 2026.
- Earnings per share (EPS) for the quarter stood at Rs 0.17, compared to Rs 0.13 in the previous year's corresponding quarter.
Shareholders of Primo Chemicals have approved the acquisition of the remaining 51% stake in Flow Tech Chemicals Private Limited, which will now become a wholly-owned subsidiary. The resolution was passed with 99.98% of valid votes in favor (8,26,54,322 votes). Additionally, the board secured approval for the appointment of two Independent Directors and the remuneration for the Managing Director and Executive Director for their remaining two-year terms. This consolidation aligns with the company's stated strategy of downstream integration to improve margins.
- Approval to acquire the balance 51% stake in Flow Tech Chemicals Private Limited with 99.98% majority.
- Appointment of Shri Dibakar Sarkar and Shri Sobhag Mal Jain as Independent Directors approved via special resolutions.
- Remuneration for MD Naveen Chopra and ED Jatin Dahiya approved for the remaining 2 years of their current terms.
- Total of 49,055 shareholders were on record as of the July 3, 2026, record date for the postal ballot.
- The acquisition resolution received 8,26,54,322 votes in favor versus only 15,570 votes against.
Primo Chemicals Limited has announced the withdrawal of its credit ratings by CareEdge Ratings Limited effective July 21, 2026. This action was taken at the company's request after obtaining No Objection Certificates (NOCs) from its lending banks. The company had previously informed the exchanges on June 26, 2026, regarding the assignment of new credit ratings for its bank loan facilities. This transition appears to be a procedural switch between rating agencies rather than a change in credit quality.
- CareEdge Ratings Limited withdrew outstanding ratings for bank facilities on July 21, 2026
- Withdrawal was initiated at the request of Primo Chemicals Limited
- Company obtained requisite No Objection Certificates (NOCs) from concerned banks for the withdrawal
- New credit ratings were previously assigned and disclosed on June 26, 2026
- Company maintains a market capitalization of Rs 557 Cr with TTM revenue of Rs 282 Cr
Financial Performance
Revenue Growth by Segment
Revenue from operations reached INR 707.4 Cr in FY23, representing a 56% YoY growth. In FY25, the company reported a further ~35% YoY growth in the scale of operations, driven by improved realizations and operational efficiencies.
Geographic Revenue Split
Not disclosed in available documents, though the manufacturing facility is strategically located in Naya Nangal, Punjab, serving regional industrial demand.
Profitability Margins
Gross Profit Margin stood at 51% in FY23. Net Profit Margin improved by 645 bps to 18.7% in FY23 (INR 137.4 Cr). FY25 saw a 775 bps improvement in profit margins due to better operational performance.
EBITDA Margin
EBITDA Margin was 29.8% in FY23, an improvement of 850 bps YoY. Absolute EBITDA reached INR 218.5 Cr in FY23, a 115% increase from the previous year.
Capital Expenditure
The company has no major debt-funded capex plans in the near-to-mid-term as of July 2025. Previous investments include a 35 MW captive power plant and upgrades to wastewater management systems.
Credit Rating & Borrowing
CARE Ratings reaffirmed 'CARE BBB-; Stable' in July 2025, an upgrade in outlook from 'Negative'. Total rated bank facilities include INR 102.71 Cr (Long-term) and INR 75.00 Cr (Short-term). Average working capital utilization was ~87% for the 12 months ending May 2025.
Operational Drivers
Raw Materials
Primary raw materials include Salt, Coal (for power generation), and Aluminum metal. Salt and energy are the most critical cost components for the chlor-alkali process.
Import Sources
Not specifically disclosed, but the company manages procurement through negotiations with suppliers for salt and coal.
Capacity Expansion
Current operations include a 35 MW captive power plant at Naya Nangal. Planned expansions include Paracetamol API and Hydrogen Peroxide plants to strengthen the downstream portfolio and increase chlorine consumption.
Raw Material Costs
Raw material risks are managed through supplier negotiations. The company has successfully reduced raw water consumption by 5% to 6% through technology upgrades in wastewater management.
Manufacturing Efficiency
The company achieved the 'Punjab State Safety Award' for the largest reduction in accident frequency. Attrition rate is maintained at a low 1% to 2%.
Strategic Growth
Expected Growth Rate
35%
Growth Strategy
Growth is targeted through downstream integration into Paracetamol API and Hydrogen Peroxide. This strategy aims to increase internal chlorine consumption, which currently limits caustic soda production capacity, thereby improving overall Electro-Chemical Unit (ECU) profitability.
Products & Services
Caustic Soda Lye, Hydrogen Gas, Liquid Chlorine, Hydrochloric Acid, and Sodium Hypochlorite.
Brand Portfolio
Primo Chemicals (formerly Punjab Alkalies & Chemicals Limited).
New Products/Services
Paracetamol API and Hydrogen Peroxide are in the pipeline, expected to enhance product profitability by utilizing byproduct chlorine.
Market Expansion
The company is expanding its downstream portfolio to reduce dependence on commodity caustic soda sales and improve value-added product contribution.
External Factors
Industry Trends
The caustic soda industry is currently cyclical. The trend is moving toward integrated players who can consume chlorine internally to produce value-added downstream chemicals, mitigating the risks of chlorine disposal.
Competitive Landscape
Competes with established integrated chemical players in the chlor-alkali sector.
Competitive Moat
The company's moat is built on its favorable plant location in Punjab and its 35 MW captive power plant, which provides a cost advantage over non-integrated competitors. The experienced promoters (Flow Tech Group) provide operational stability.
Macro Economic Sensitivity
Highly sensitive to industrial growth and energy prices. A 1% change in power costs significantly impacts margins due to the energy-intensive nature of electrolysis.
Consumer Behavior
Demand is driven by industrial users in textiles, paper, and alumina sectors.
Regulatory & Governance
Industry Regulations
Subject to stringent Punjab Pollution Control Board (PPCB) norms. Compliance with BIS licenses for Caustic Soda (IS 252:2013) and SBP (IS 1065:2019) is mandatory for market access.
Environmental Compliance
The company maintains ISO 14001:2015 (EMS) and ISO 50001:2018 (EnMS) certifications. It uses an Online Monitoring System connected to the Central Pollution Control Board (CPCB) for real-time data reporting.
Legal Contingencies
Litigation claims are pending regarding environmental, social, or ethical grounds. No specific case values were disclosed in the provided documents.
Risk Analysis
Key Uncertainties
Volatility in ECU realizations and potential regulatory bans on major products are the primary business risks. Environmental non-compliance could lead to heavy fines or plant closure.
Geographic Concentration Risk
Operations are concentrated at a single site in Naya Nangal, Punjab, making the company vulnerable to regional regulatory or logistical disruptions.
Third Party Dependencies
Dependency on third-party suppliers for salt and coal; any disruption in the supply chain would impact production continuity.
Technology Obsolescence Risk
The company is mitigating technology risks by upgrading to new-age wastewater treatment and energy-efficient systems.
Credit & Counterparty Risk
Receivables quality is supported by a diversified client base across multiple end-user industries.
