Patel Chem SpecialitiesShare price, financial results, shareholding and management
- Market cap
- ₹308 cr
- Stock P/E
- 24.5peers 13.5
- Book value
- ₹40.2
- Price to book
- 3.08
- EV / operating profit
- -
- Market cap to sales
- 2.24
- ROCE · FY26
- 21.8%
- ROE · FY26
- 18.5%
- ROE, 3-year average
- 35.9%
- Operating margin · FY26
- 12.4%peers 11.4%
- Sales growth, 3 years
- 25.8%
- Profit growth, 3 years
- 61.1%
- Debt to equity
- 0.15peers 0.40
- Borrowings
- ₹15 cr
- Interest cover
- 18.5×
- Cash from business / op. profit
- 59%
- Debtor days
- 79
- Pledged
- 0.00%
- Promoter holding
- 68.64%
- Change in promoter holding
- +0.28 pts
- Shareholders
- 1,089
- 52-week high / low
- ₹167 / ₹56
- 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.
Patel Chem Specialities share price chart
Close on 6 Nov 2026 · -1.24% on the day · Vol 49,600
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
- -13.7%
- 3 months
- +34.5%
- 6 months
- +39.0%
- 1 year
- +38.6%
- Traded a day, 20 days
- ₹0.55 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +31% | +14% |
| 3 years, a year | +26% | +61% |
| Latest half, H2 FY26 | +38% | +28% |
About Patel Chem Specialities: business, products and customers
Patel Chem Specialities makes cellulose and starch based powders that drug makers mix into tablets to bind them and help them break up, and also supplies food, cosmetic and industrial users. Its shares trade on BSE SME.
Patel Chem Specialities was set up in Ahmedabad in 2008 to make pharmaceutical excipients, the inactive ingredients that give a tablet its body and make it dissolve. Its products include microcrystalline cellulose (MCC), croscarmellose sodium, sodium starch glycolate, calcium and sodium CMC, and sodium monochloro acetate, a chemical used to make some of them. Customers are mainly tablet and nutraceutical makers, along with food, cosmetics, textile, paper and other industrial users.
The company makes everything itself at two plants in Gujarat: Vatva in Ahmedabad for most products and Talod near Himmatnagar for MCC. It buys starch, cellulose and chemicals, about a third of them imported from China, and earns the gap between those costs and its selling prices, so swings in raw material prices and the rupee move its margins. The offer document showed Vatva running almost full in FY25, which is why new capacity matters.
Read more about the business
Talod's yearly capacity has been raised from 720 tonnes to 4,500 tonnes and trial batches have started. A third plant at Indrad in Mehsana district, paid for with the IPO money, is under construction to make croscarmellose sodium, sodium starch glycolate and calcium CMC. The products reach more than twenty countries and the plants hold GMP, Kosher, Halal and US FDA approvals.
The offer document named two listed companies in the same industry as its peers: Accent Microcell and Sigachi Industries.
From the offer document (Red Herring Prospectus, July 2025) and the annual report for FY2025-26.
Read the deeper study ↓In its favour
- Sales have grown fast: 26% a year over three years.
- It earns a high return on the money it uses: ROCE 22% in FY26.
- It has little debt for its size: debt to equity 0.15.
- The promoters own a large part of the company: 68.64%.
To watch
- Start of commercial production from the expanded Talod plant, which the company expects shortly (Annual Report FY2025-26, p.18).
- Completion of the Indrad plant, which the offer document said would be ready by March 2026 (Offer document, p.87).
- Sales to Patel Chem North America and other promoter-linked firms, for which shareholders were asked to approve limits (Annual Report FY2025-26, p.17).
- Customers take longer to pay than before: 79 days in FY26, against 56 in FY21.
- It paid no dividend in the past year.
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.
Patel Chem Specialities revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Patel Chem Specialities half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 50 | 55 | 61.16 | 76.11 |
| Expenses | 42 | 47 | 52.76 | 67.42 |
| Operating profit | 8 | 8 | 8.39 | 8.68 |
| OPM | 15.0% | 14.0% | 13.7% | 11.4% |
| Interest | 0 | 0 | 0.52 | 0.45 |
| Depreciation | 0 | 0 | 0.36 | 0.59 |
| Profit before tax | 7 | 7 | 8.01 | 8.98 |
| Net profit | 5 | 5 | 6.13 | 6.42 |
Patel Chem Specialities profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 42 | 60 | 69 | 82 | 105 | 137.26 |
| Expenses | 40 | 56 | 64 | 71 | 90 | 120.19 |
| Operating profit | 2 | 4 | 5 | 12 | 15 | 17.07 |
| OPM | 6.0% | 7.0% | 8.0% | 14.0% | 15.0% | 12.4% |
| Other income | 0 | 0 | 0 | 0 | 0 | 1.82 |
| Interest | 0 | 1 | 1 | 1 | 1 | 0.97 |
| Depreciation | 0 | 0 | 1 | 1 | 1 | 0.94 |
| Exceptional and other items | · | 1 | 1 | · | 1 | · |
| Profit before tax | 2 | 4 | 4 | 10 | 14 | 16.98 |
| Tax rate | 50.0% | 50.0% | 25.0% | 20.0% | 21.4% | 26.1% |
| Net profit | 1 | 2 | 3 | 8 | 11 | 12.55 |
| EPS ₹ | · | · | · | · | 5.91 | 6.63 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
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.
Patel Chem Specialities profitability
Margins and returns on capitalLast year the company kept less 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
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 6.0% | 7.0% | 8.0% | 14.0% | 15.0% | 12.4% |
| Tax rate | 50.0% | 50.0% | 25.0% | 20.0% | 21.4% | 26.1% |
| ROCE | · | 33.3% | 24.4% | 37.3% | 35.3% | 21.8% |
| ROE | · | 25.0% | 28.6% | 50.0% | 39.3% | 18.5% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Patel Chem Specialities debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. 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. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Patel Chem Specialities balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 1 | 18 | 25 |
| Reserves | 6 | 8 | 11 | 19 | 18 | 75 |
| Net worth | 7 | 9 | 12 | 20 | 36 | 100 |
| Borrowings | 6 | 8 | 12 | 15 | 14 | 15 |
| Other liabilities | 5 | 6 | 13 | 12 | 15 | 27 |
| Total liabilities | 18 | 23 | 37 | 47 | 65 | 142 |
| Fixed assets | 6 | 10 | 14 | 14 | 14 | 30 |
| Capital work in progress | 0 | 0 | 0 | 2 | 12 | 15 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 12 | 13 | 23 | 31 | 39 | 97 |
Patel Chem Specialities cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | -24 | 2 | 2 | 6 | 2 | 10 |
| Cash from investing | -1,978 | -4 | -3 | -6 | -7 | -19 |
| Cash from financing | 332 | 0 | 1 | 0 | 5 | 45 |
| Net cash flow | -1,670 | -2 | 0 | 0 | 0 | 36 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 56 | 58 | 79 | 68 | 73 | 79 |
| Inventory days | 15 | 12 | 45 | 64 | 61 | 61 |
| Days payable | 47 | 35 | 77 | 52 | 51 | 67 |
| Cash conversion cycle | 25 | 35 | 47 | 79 | 83 | 73 |
| Working capital days | -1 | 6 | 19 | 29 | 57 | 51 |
Patel Chem Specialities peers and competitors
Listed SME companies in the same industryBy sales, Patel Chem Specialities is number 17 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 |
|---|---|---|---|---|---|---|
| Indian Emulsifiers | 72 | 4.4 | 160 | 16.3 | 16.2% | 0.37 |
| Bhatia Colour Chem | 34 | 8.4 | 155 | 4 | 5.0% | 0.02 |
| Sacheerome | 1,030 | 36.8 | 152 | 28 | 24.0% | 0.00 |
| Aureate Tradde | 62 | 12.4 | 150 | 5 | 6.0% | 1.89 |
| Unilex Colours and Chemicals | 42 | 5.1 | 145 | 8.2 | 2.6% | 0.31 |
| Ushanti Colour Chem | 278 | - | 139 | -5 | 0.2% | 1.08 |
| Patel Chem Specialities | 308 | 24.5 | 137 | 12.6 | 12.4% | 0.15 |
| Ducol Organics And Colours | 219 | 30.2 | 136 | 7.3 | 10.4% | 0.43 |
| Rajputana Biodiesel | 142 | 13.5 | 122 | 10.5 | 12.3% | 0.56 |
| Neochem Bio Solutions | 186 | 15.1 | 111 | 12.3 | 17.9% | 0.23 |
| Silkflex Polymers (India) | 284 | 23.6 | 110 | 12 | 20.0% | 1.29 |
| Median of the 10 others | 164 | 13.5 | 142 | 9.4 | 11.4% | 0.40 |
Patel Chem Specialities shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Patel Chem Specialities 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.
| Sep 25 | Mar 26 | |
|---|---|---|
| Promoters | 68.36% | 68.64% |
| Foreign investors (FIIs) | 8.19% | - |
| Indian institutions (DIIs) | 1.81% | - |
| Number of shareholders | 924 | 1,089 |
Patel Chem Specialities study: the business from its own documents
Read from 2 of the company's own documentsPatel Chem Specialities key facts from the filings
Each figure with the document it comes from
- FY26 sales
- ₹137.3 cr
- Revenue from operations, up 30.6% from ₹105.1 cr on higher volumes.Annual Report FY2025-26, p.8
- Export sales
- ₹21.4 cr
- Export revenue in FY26, up 18.15%; domestic sales grew faster, by 33.20% to ₹115.9 cr.Annual Report FY2025-26, p.29
- Largest customer
- Below 10%
- No customer or group of customers gave 10% or more of revenue in FY26.Annual Report FY2025-26, p.51
- Talod capacity
- 720 → 4,500 tonnes
- Yearly MCC capacity after the expansion; trial batches have begun and commercial output is expected shortly.Annual Report FY2025-26, p.18
- Vatva plant use
- 99.05%
- Share of capacity used at the main Vatva plant in FY25, so it had little room left to grow.Offer document, p.87
Show 5 more facts
- Indrad plant
- 6,012 tonnes a year
- Planned capacity of the new plant under construction for three excipients; budgeted at ₹43.1 cr from the IPO.Annual Report FY2025-26, p.18; Offer document, p.86
- Imported raw materials
- ₹35.8 cr
- Value of raw materials imported in FY26, up from ₹28.5 cr; the offer document says all imports come from China.Annual Report FY2025-26, p.50; Offer document, p.35
- EBITDA margin
- 14.97% → 13.58%
- Margin slipped in FY26 even as sales grew, with raw material prices and pricing pressure cited.Annual Report FY2025-26, p.7 and p.29
- Sales to promoter group firm
- ₹5.0 cr
- FY26 exports to Patel Chem North America, a related concern; shareholders were asked to allow up to ₹25 cr.Annual Report FY2025-26, p.17 and p.49
- IPO
- ₹58.8 cr
- Fresh issue at ₹84 a share, subscribed 155.63 times; listed on BSE SME on 1 August 2025.Annual Report FY2025-26, p.20
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 says the Talod expansion is complete, trial batches have begun and commercial production from it is expected shortly. It has started building the Indrad plant, which the offer document said would be ready by March 2026; the FY26 annual report describes it as under construction. The chairman's letter says the focus now is on filling the new capacity and adding more.
| What management said | When | What happened |
|---|---|---|
| Indrad plant to start commercial production by March 2026 | Offer document, July 2025 | Still under construction in the September 2026 annual report |
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.
Patel Chem makes tablet ingredients in its own plants and earns the gap between raw material costs and what drug makers pay, with sales spread over many customers.
Its weak spots are thin room on price when raw materials rise, reliance on China for imports, and the need to fill large new capacity.
AverageCan it set its own prices?Once a grade is approved in a drug maker's formula it tends to be reordered, but the company competes on price and could not hold its margin when costs rose.
AverageHow strong is it against rivals?Its approvals let it serve regulated markets, but it is a small maker that aims to compete with established global suppliers.
StrongWho are its customers?Sales are spread over more than two hundred customers, mostly drug makers in India, with none large.
AverageDoes it need a lot of money?Growth needs new plants, and the latest one is being paid for with the IPO money rather than heavy borrowing.
StrongCan it keep finding new work?Demand from drug makers has kept the old plants almost full, and the new capacity is meant to meet more of it.
AverageDo good and bad years swing a lot?Tablet ingredients are bought steadily, but imported raw material prices and the rupee can squeeze margins in some years.
Who runs Patel Chem Specialities?
Promoters, directors and officers; tap a name for the background
BPBhupesh PatelPromoter and Managing Director
Holds a Diploma in Chemical Engineering from D.D. Institute of Technology, Gujarat, with over 25 years across product development, marketing, plant set up and policy matters. A founder promoter who set up the company's plants; oversees offshore marketing and product development.
Annual Report FY2025-26, p.10; Offer document, p.183APAnshu PatelPromoter and Whole-Time Director
Holds a Bachelor of Homeopathic Medicine and Surgery from the Council of Homoeopathic System of Medicine, Gujarat, with over 15 years in planning and operations; oversees administration, finance, human resources, banking and collections. The offer document states that Bhupesh Patel and Anshu Patel are married to each other.
Annual Report FY2025-26, p.10; Offer document, p.183 and p.186VPVini PatelPromoter and Non-Executive Director
Holds a Master of Science in Molecular Pharmacology and Toxicology from the University of Southern California and works on expansion into international markets. The offer document states that Vini Patel is the daughter of Bhupesh Patel and Anshu Patel.
Annual Report FY2025-26, p.10; Offer document, p.183 and p.186KPKalpesh PrajapatiChief Financial Officer
Holds a Bachelor of Commerce and has over eight years in finance and accounting; heads accounts and finance, including reporting and cash flow management. CFO since September 2024.
Offer document, p.193; Annual Report FY2025-26, p.19ATAshish TripathiIndependent Director
A practising company secretary with commerce and law degrees from Gujarat University and over 12 years in corporate governance, legal compliance and secretarial work. On the board since September 2024.
Offer document, p.182 to 183VSVaishakhi ShuklaIndependent Director
A company secretary with commerce and law degrees from Gujarat University and over 10 years in secretarial compliance and securities law; also an independent director of Infinium Pharmachem.
Offer document, p.182 to 183Patel Chem Specialities latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹76.1 cr (+38%), net profit ₹6.4 cr (+28%) on H2 FY25.
- Shareholding, 31 March 2026: promoters 68.36% to 68.64%.
Patel Chem Specialities announcements
8 on record, latest first; each opens the filing on the exchange
- Company UpdateCompliance Certificate under Regulation 74(5)of SEBI (DP) Regulation, 2018 for the Quarter Ended on 30th September, 2026PDF ↗
- Company UpdateCommencement of the trial batches at Talod PlantPDF ↗
- Company UpdateCommercial Production from the Expanded Facility to Commence ShortlyPDF ↗
- Company UpdateOutcome of Investor ConferencePDF ↗
- Company UpdateAcquisition of Share by the Promoter GroupPDF ↗
- AGM/EGMVoting Result along with Scrutinizer Report for the 18th AGM , 2026PDF ↗
- Insider Trading / SASTClosure of Trading Window for the Half Year Ended on September, 2026PDF ↗
- Company UpdateBharat Connect Conference - Rising Stars is schedule on 30th September 2026PDF ↗
Patel Chem Specialities annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- FY25 ↗read
Patel Chem Specialities 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 Patel Chem Specialities' 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.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,48,70,000 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Patel Chem Specialities
What does Patel Chem Specialities do?
Patel Chem Specialities makes cellulose and starch based powders that drug makers mix into tablets to bind them and help them break up, and also supplies food, cosmetic and industrial users. Its shares trade on BSE SME.
What is the share price of Patel Chem Specialities?
₹124 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Patel Chem Specialities?
₹308 cr at the close on 6 Nov 2026, on 2,48,70,000 shares.
What is the P/E of Patel Chem Specialities?
24.5 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Patel Chem Specialities' revenue and profit?
Revenue ₹137 cr and profit after tax ₹13 cr in FY26.
Who are the promoters of Patel Chem Specialities?
Bhupesh Patel, Anshu Patel, Vini Patel; promoters held 68.64% at 31 March 2026.
What is Patel Chem Specialities' website?
www.patelchem.com
More SME companies like Patel Chem Specialities
Other listed SME companies in chemicals & petrochemicals, the closest in size first, each read from its own documents.
- Bhavik EnterprisesBHAVIK · BSE SME · Chemicals & PetrochemicalsMarket cap ₹309 cr
- Shanti InorganicsSHANTIINOR · NSE Emerge · Chemicals & Petrochemicals · listed 2026Market cap ₹315 cr
- Mahickra ChemicalsMAHICKRA · NSE Emerge · Chemicals & Petrochemicals · listed 2018Market cap ₹297 cr
- Silkflex Polymers (India)SILKFLEX · NSE Emerge · Chemicals & Petrochemicals · listed 2024Market cap ₹338 cr
- Shiv TexchemSHIVTEXCHEM · BSE SME · Chemicals & PetrochemicalsMarket cap ₹249 cr
- Ushanti Colour ChemUCL · NSE Emerge · Chemicals & Petrochemicals · listed 2018Market cap ₹246 cr
Built from 1 offer document, 1 annual report, 8 exchange announcements, 2 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.