Devson CatalystShare price, financial results, shareholding and management
- Market cap
- ₹482 cr
- Stock P/E
- 37.1peers 12.1
- Book value
- ₹24.3
- Price to book
- 14.59
- EV / operating profit
- -
- Market cap to sales
- 8.60
- ROCE · FY26
- 57.4%
- ROE · FY26
- 47.9%
- ROE, 3-year average
- 43.3%
- Operating margin · FY26
- 30.0%peers 17.4%
- Sales growth, 3 years
- 19.3%
- Profit growth, 3 years
- 86.6%
- Debt to equity
- 0.06peers 0.17
- Borrowings
- ₹2 cr
- Interest cover
- No interest
- Cash from business / op. profit
- 29%
- Debtor days
- 110
- Pledged
- 0.00%
- Promoter holding
- 73.59%
- Change in promoter holding
- -
- Shareholders
- 731
- 52-week high / low
- ₹423 / ₹186
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Devson Catalyst share price chart
Close on 6 Nov 2026 · +3.37% on the day · Vol 60,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -9.3%
- 3 months
- +46.7%
- Traded a day, 20 days
- ₹1.78 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +6% | +63% |
| 3 years, a year | +19% | +87% |
About Devson Catalyst: business, products and customers
Devson Catalyst makes catalysts, drying materials and ceramic balls that go inside the reactors of oil refineries, chemical, fertilizer and steel plants, and sells them in India and abroad. Its shares trade on BSE SME.
Devson makes three kinds of process materials at one plant in the GIDC estate at Wadhwan, Surendranagar, Gujarat. Catalysts speed up reactions or trap sulphur and chloride in refinery and gas streams; adsorbents such as activated alumina and molecular sieves dry and clean gases and liquids; and inert ceramic balls and tower packing hold catalyst beds in place and spread the flow evenly. The company began in 2004 making electrical insulators and moved step by step into these products.
Its buyers are refineries, petrochemical, fertilizer, steel and gas plants, and most business comes through tenders where pre-qualified suppliers compete on price. Getting approved takes testing and plant trials, so customers tend to stay with suppliers they know, but each order still has to be won, and selling prices are often fixed while raw material and energy costs move. Catalysts earn much more per tonne than ceramic balls, so the product mix moves revenue and margins as much as volume does, and about a third of sales are exports, which also bring foreign exchange gains or losses.
Read more about the business
In FY26 sales grew slowly but profit rose sharply: the company credits better prices and order execution, and it bought in far fewer goods for resale than in FY25, when traded adsorbents had lifted sales. The plant ran close to full, and the IPO of July 2026 funds a new unit on a leased plot nearby that would roughly triple catalyst and adsorbent capacity.
The prospectus says no listed Indian company runs the same business, so it gives no peer comparison. The annual report names BASF, Johnson Matthey, Honeywell UOP, Clariant, W.R. Grace and Haldor Topsoe as the global leaders in specialised catalysts such as sulphur guard, Claus and chloride guard, the same product families Devson makes, and says Indian makers compete mainly on lead time, price and local support.
From the prospectus (14 July 2026), the FY26 annual report and the investor presentation of July 2026.
Read the deeper study ↓In its favour
- It earns a high return on the money it uses: ROCE 57% in FY26.
- It has little debt for its size: debt to equity 0.06.
- The promoters own a large part of the company: 73.59%.
To watch
- Whether the FY26 margin holds in the half to September 2026: the company credits better prices and order execution, while stock nearly tripled during FY26 (prospectus, p.273; annual report FY26, p.52).
- Progress on the new unit, with the IPO money scheduled to be spent in FY27 and no production date given (prospectus, p.98 and p.107).
- Two statutory auditor resignations in 2025, P.B. Nandola & Associates in June and O.M.M.S & Associates in August before being re-appointed, and secretarial audit findings on ROC filings for FY15 to FY22, since corrected (annual report FY26, p.40).
- The largest customers: the top ten gave 76.03% of FY26 revenue with no long term contracts (prospectus, p.27).
- Customers take longer to pay than before: 110 days in FY26, against 57 in FY23.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Devson Catalyst revenue and profit growth
Half-yearly results · Profit and lossSales have grown steadily. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
Devson Catalyst profit and loss
Full years to March, FY23 to FY26 · ₹ crore, consolidated where reported
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Sales | 33 | 43 | 53 | 56 |
| Expenses | 29 | 37 | 42 | 39 |
| Operating profit | 4 | 7 | 11 | 17 |
| OPM | 11.0% | 15.0% | 21.0% | 30.0% |
| Other income | 0 | 0 | 0 | 1 |
| Interest | 0 | 1 | 0 | 0 |
| Depreciation | 0 | 0 | 1 | 1 |
| Exceptional and other items | -1 | · | · | · |
| Profit before tax | 3 | 6 | 10 | 17 |
| Tax rate | 33.3% | 33.3% | 20.0% | 23.5% |
| Net profit | 2 | 4 | 8 | 13 |
| EPS ₹ | 93.60 | 163.20 | 306.80 | 12.21 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Earnings per share before FY26 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Devson Catalyst profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Operating margin | 11.0% | 15.0% | 21.0% | 30.0% |
| Tax rate | 33.3% | 33.3% | 20.0% | 23.5% |
| ROCE | · | 50.9% | 48.2% | 57.4% |
| ROE | · | 35.6% | 46.4% | 47.9% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
Devson Catalyst debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It cut its borrowings last year. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Devson Catalyst balance sheet
At each 31 March · ₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Equity capital | 0.25 | 0.25 | 0.25 | 10 |
| Reserves | 9 | 13 | 21 | 23 |
| Net worth | 9.25 | 13.25 | 21.25 | 33 |
| Borrowings | 1 | 4 | 3 | 2 |
| Other liabilities | 5.75 | 3.75 | 2.75 | 7 |
| Total liabilities | 16 | 21 | 27 | 42 |
| Fixed assets | 5 | 7 | 7 | 12 |
| Capital work in progress | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 2 | 0 |
| Other assets | 11 | 14 | 18 | 30 |
Devson Catalyst cash flow
₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Cash from operations | 2 | 0 | 4 | 5 |
| Cash from investing | -1 | -3 | -2 | -3 |
| Cash from financing | 0 | 3 | -2 | -1 |
| Net cash flow | 1 | 0 | 0 | 1 |
Working capital
Days
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Debtor days | 57 | 67 | 87 | 110 |
| Inventory days | 61 | 27 | 31 | 104 |
| Days payable | 66 | 21 | 24 | 44 |
| Cash conversion cycle | 52 | 73 | 94 | 170 |
| Working capital days | 36 | 41 | 70 | 128 |
Devson Catalyst peers and competitors
Listed SME companies in the same industryBy sales, Devson Catalyst is number 33 of the 44 listed SME companies in chemicals & petrochemicals.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Shanti Inorganics | 364 | 36.4 | 71 | 10 | 22.0% | 0.63 |
| Saroja Pharma Industries India | 16 | 10.1 | 70.1 | 1.6 | 5.3% | 0.83 |
| Deepak Chemtex | 103 | 12.1 | 67.3 | 8.5 | 16.8% | 0.01 |
| Technichem Organics | 76 | 28.0 | 56.6 | 2.7 | 7.8% | 0.38 |
| Devson Catalyst | 482 | 37.1 | 56 | 13 | 30.0% | 0.06 |
| Prolife Industries | 33 | 7.7 | 54.5 | 4.3 | 7.5% | 0.01 |
| Speb Adhesives | 192 | 28.0 | 50.6 | 6.9 | 17.9% | 0.00 |
| Snehaa Organics | 41 | 5.1 | 49.4 | 8.1 | 23.8% | 0.07 |
| Vadivarhe Speciality Chemicals | 31 | - | 45.8 | -1.6 | 1.3% | - |
| Vahh Chemicals | 38 | 7.5 | 43.2 | 5.1 | 19.4% | 0.76 |
| Amtech Esters | 95 | 22.2 | 40.7 | 4.3 | 18.4% | 0.17 |
| Median of the 10 others | 59 | 12.1 | 52.5 | 4.7 | 17.4% | 0.17 |
Devson Catalyst shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Foreign and Indian funds own a noticeable share.
Devson Catalyst shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Jul 26 | |
|---|---|
| Promoters | 73.59% |
| Foreign investors (FIIs) | 3.87% |
| Indian institutions (DIIs) | 8.37% |
| Number of shareholders | 731 |
Devson Catalyst study: the business from its own documents
Read from 4 of the company's own documentsDevson Catalyst key facts from the filings
Each figure with the document it comes from
- Plant use
- 86.83%
- FY26 use of 6,205 MT a year of capacity; catalysts and adsorbents 81.01%, ceramic balls 90.88%.Prospectus, p.170
- New unit
- +5,088 MT a year
- Catalyst and adsorbent capacity the new unit would add, taking the total from 6,205 to 11,293 MT a year.Prospectus, p.107; annual report FY26, p.11
- Cost of new unit
- ₹19.3 cr
- Land, building, machinery and a rooftop solar plant; ₹17.4 cr comes from the IPO, to be spent in FY27.Prospectus, p.98 to 99
- Exports
- 37.30% of sales
- FY26 product sales abroad, to more than fifteen countries, up from 25.13% in FY25.Prospectus, p.153
- Top ten customers
- 76.03%
- Share of FY26 revenue, up from 63.87% in FY24; the largest single customer gave 17.21%.Prospectus, p.27
Show 5 more facts
- Repeat customers
- 79.33% of revenue
- FY26 revenue from customers who had ordered before.Investor presentation, July 2026, p.15
- Catalysts share
- 50.56% of sales
- FY26 product sales from catalysts; ceramic balls 38.59%, adsorbents 10.85%, down from 35.43% in FY25.Investor presentation, July 2026, p.9
- EBITDA margin
- 29.49%
- FY26, against 20.42% in FY25 and 15.29% in FY24, on revenue that grew 4.86% in FY26.Prospectus, p.115; annual report FY26, p.30
- Cash from operations
- ₹4.6 cr
- FY26 operating cash flow against profit after tax of ₹12.5 cr, as stock and money owed by customers rose.Annual report FY26, p.53
- IPO
- ₹42.3 cr at ₹118
- Shares sold in July 2026, ₹39.4 cr of it new money for the company; listed on 16 July 2026.Investor presentation, July 2026, p.28; annual report FY26, p.32
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company plans a new manufacturing unit on a plot in the GIDC estate at Wadhwan, taken on a fifty seven year lease in December 2025, because the new machines cannot fit in the existing plant. The prospectus puts the use of the IPO money for the unit, for working capital and for general purposes in FY27, and says the unit would add 5,088 MT a year of catalyst and adsorbent capacity. It gives no date for the start of production and no sales guidance.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Devson Catalyst earns by making materials that refineries and chemical plants must replace from time to time, and once a plant approves its product it tends to come back.
Its weak spots are a few large customers, price based tenders against big global makers, and a plant that is almost full until the new unit is built.
AverageCan it set its own prices?Partly. Prices are set in tenders among approved suppliers, but the company says better prices drove its latest year.
AverageHow strong is it against rivals?Approvals and plant trials keep new entrants out, but large global makers lead the specialised catalysts and the simpler products face price competition.
WatchWho are its customers?Large refineries and process plants that come back often, but a handful of them give most of the sales and none is under a long term contract.
AverageDoes it need a lot of money?The plant and the new unit are modest in cost, but growth ties up cash in stock and in money owed by customers.
StrongCan it keep finding new work?It sells to many process industries in India and more than fifteen countries, and Indian state refiners are increasingly favouring local makers.
WatchDo good and bad years swing a lot?Sales have been fairly steady, but the mix between products and the margin have moved a lot from year to year.
Who runs Devson Catalyst?
Promoters, directors and officers; tap a name for the background
PDPrahladbhai Devjibhai ShiyaniyaPromoter, Chairman and Whole-Time Director · holds 16.04% pre IPO
Diploma in Ceramic Technology from the Technical Examinations Board, Gujarat (1983); over 34 years in the ceramic and catalyst industries. With the company since its incorporation in 2004 and responsible for large scale manufacturing. Earlier a partner in Max Well Ceramics (2003 to 2015); a partner in Cera Tech Product and Kalyan Insulators and a designated partner in Devson Ventures LLP. The prospectus states Prahladbhai Devjibhai Shiyaniya is the brother of Pratapbhai Devjibhai Siyania and the father of Patel Savan Prahladbhai.
Prospectus, p.194 and p.196PSPatel Savan PrahladbhaiPromoter and Managing Director · holds 29.04% pre IPO
Bachelor of Pharmacy from the University of Pune (2008). Trainee Officer at Intas Pharmaceuticals and Production Officer at Mepro Pharmaceuticals (2009 to 2011), then joined the company in 2012 as Technical Director; on the board since 2015 and Managing Director from 10 December 2025. Oversees technical and production work, research and development, and business development. The prospectus states Patel Savan Prahladbhai is the spouse of Patel Krishna Savanbhai.
Prospectus, p.194 and p.196PDPratapbhai Devjibhai SiyaniaPromoter and Whole-Time Director · holds 35.60% pre IPO
Mechanist Certification from ITI Gujarat (1986); over 25 years making ceramics, alumina and catalysts. With the company since 2004; earlier a partner in Micro Industrial Ceramics (2001 to 2015) and Max Well Ceramics (2003 to 2015).
Prospectus, p.195PKPatel Krishna SavanbhaiPromoter and Non-Executive Director · holds 2.52% pre IPO
Bachelor of Pharmacy from the University of Pune (2008); over 9 years in the ceramic and catalyst industries. General Manager of the company from March 2016 and on the board from 10 December 2025; an independent director of Ceramax Granito Limited from 2021 to 2023.
Prospectus, p.195KUKanani Upen HimmatbhaiChief Financial Officer
Bachelor of Commerce from Saurashtra University (2005); 20 years of experience. Accountant at Max-well Ceramic (2005 to 2008), with the company since May 2008 handling accounts, and Chief Financial Officer from 3 January 2026.
Prospectus, p.207ZAZalak Ankitkumar ShahCompany Secretary and Compliance Officer
Member of the Institute of Company Secretaries of India since 2018 and a commerce graduate of Gujarat University; Company Secretary of Inflame Appliance Limited from 2020 to January 2026. Appointed from 3 January 2026.
Prospectus, p.207DPDr. Prakashkumar VermaIndependent Director
Ph.D. in Chemistry from Maharshi Dayanand University (1995). Assistant Vice President in research and development at Reliance Industries, working on adsorbents and surface chemistry, from 1991 to 2021. Appointed from 15 December 2025.
Prospectus, p.195PHPrashant Harivallbhabhai JaniIndependent Director
Bachelor of Commerce from Saurashtra University (1983); over 30 years in life insurance, mutual funds and financial planning. Appointed from 10 December 2025.
Prospectus, p.195Devson Catalyst latest news and announcements
Announcements · Documents · Corporate actionsDevson Catalyst announcements
5 on record, latest first; each opens the filing on the exchange
- Company UpdateCertificate under regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended on September 30, 2026PDF ↗
- AGM/EGMVoting results and scrutiniser''s report for 22nd Annual General MeetingPDF ↗
- AGM/EGMProceedings of 22nd Annual General MeetingPDF ↗
- Insider Trading / SASTClosure of trading window for the insiders of the companyPDF ↗
- Company UpdateIntimation of change in name of secretarial auditorPDF ↗
Devson Catalyst annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 31 July 2026 ↗read
Devson Catalyst share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Devson Catalyst's data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- iThe shares traded on only 63 days in the past year, so the price, its range and the returns here rest on few trades.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,35,88,000 shares).
- !The FY26 results imply 1,00,00,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !Earnings per share changes basis between FY25 (₹306.80) and FY26 (₹12.21) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY23 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Devson Catalyst
What does Devson Catalyst do?
Devson Catalyst makes catalysts, drying materials and ceramic balls that go inside the reactors of oil refineries, chemical, fertilizer and steel plants, and sells them in India and abroad. Its shares trade on BSE SME.
What is the share price of Devson Catalyst?
₹355 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Devson Catalyst?
₹482 cr at the close on 6 Nov 2026, on 1,35,88,000 shares.
What is the P/E of Devson Catalyst?
37.1 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Devson Catalyst's revenue and profit?
Revenue ₹56 cr and profit after tax ₹13 cr in FY26.
Who are the promoters of Devson Catalyst?
Prahladbhai Devjibhai Shiyaniya, Patel Savan Prahladbhai, Pratapbhai Devjibhai Siyania, Patel Krishna Savanbhai; promoters held 73.59% at 31 July 2026.
What is Devson Catalyst's website?
www.devsongroup.com
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Built from 2 annual reports, 1 offer document, 1 investor presentation, 5 exchange announcements, 1 shareholding patterns and 4 years of reported results. Every figure carries its source; where the documents are silent, the page says so.