Every listed Indian specialty chemicals company covered here — Deepak Nitrite, Acutaas, Aether, Gujarat Fluorochemicals, Navin Fluorine, PI Industries, SRF — against Aarti, on the same numbers from the same filings. Click a column to rank by it. Tick up to three and press Compare for the full side-by-side.
| Company | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 1 | ₹72.9k Cr | 30.9× | 7.4% | 21.6% | 14.6% | 1.6× | 0.4× | -15.1% | |
| 2 | ₹51.2k Cr | 82.9× | 5.5% | 25.8% | 9.7% | 1.4× | 0.3× | 27.9% | |
| 3 | ₹46.2k Cr | 58.2× | 41.1% | 32.6% | 21.2% | 1.8× | 0.3× | 48.2% | |
| 4 | ₹31.0k Cr | 70.6× | 33.0% | 35.9% | 31.6% | 1.0× | 0.0× | 113.9% | |
| 5 | ₹26.3k Cr | 24.4× | -15.8% | 25.8% | 15.9% | 0.8× | 0.0× | -53.7% | |
| 6 | ₹20.9k Cr | 19.6× | -4.8% | 12.5% | 11.4% | 1.0× | 0.3× | -11.5% | |
| 7 | ₹20.7k Cr | 86.3× | 38.3% | 31.3% | 11.6% | 0.5× | 0.2× | 108.0% | |
| vs | 8Aarti Industries | ₹16.1k Cr | 30.8× | 14.0% | 14.1% | 6.9% | 2.8× | 0.8× | 13.7% |
Market cap, P/E and the 12-month return move with the market and are dated to the last close. Every other column is the last full financial year. n/m — loss-making, so the multiple means nothing. A dash means not recorded, which is not the same as nil.
| Metric | AARTIIND | DEEPAKNTR |
|---|---|---|
| What you pay6 Nov 2026 | ||
| Share price | ₹444.05 | ₹1,533.60 |
| Market cap | ₹16,101 Cr | ₹20,918 Cr |
| P/E | 30.85× | 19.57× |
| P/B | 2.70× | 3.58× |
| P/S | 1.94× | 2.65× |
| 12-month return | 13.7% | -11.5% |
| SizeFY26 | ||
| Revenue | ₹8,286 Cr | ₹7,887 Cr |
| PAT | ₹419 Cr | ₹551 Cr |
| Net worth | ₹5,955 Cr | ₹5,837 Cr |
| Gross block | ₹6,556 Cr | ₹3,270 Cr |
| GrowthFY26 | ||
| Revenue growth | 14.0% | -4.8% |
| Revenue CAGR (3y) | 7.8% | -0.4% |
| PAT CAGR (3y) | -8.4% | -13.5% |
| What it keepsFY26 | ||
| EBITDA margin | 14.1% | 12.5% |
| PAT margin | 5.1% | 7.0% |
| ROCE | 6.9% | 11.4% |
| ROE | 7.0% | 9.4% |
| CFO / PAT (3y) | 2.77× | 0.99× |
| What it owesFY26 | ||
| Net debt | ₹4,357 Cr | ₹1,369 Cr |
| Debt / equity | 0.83× | 0.27× |
| CWIP | ₹2,030 Cr | ₹1,828 Cr |
| Debtor days | 62 days | 70 days |
| Who owns itFY26 | ||
| Promoter holding | 41.8% | 49.4% |
| Institutional holding | 28.1% | 28.9% |
Every figure comes from the same filings the company pages are built from. A dash means the figure is not recorded, which is not the same as nil.
Aarti makes benzene- and toluene-based intermediates and sulphuric acid derivatives — more than a hundred products from sixteen plants in western India, sold to over 1,100 customers in 60 countries and ending up in agrochemicals, dyes, fuel additives, pharmaceuticals and polymers. It is fully backward integrated on benzene, and India Ratings ranks it among the top three globally in that chain's chlorination, nitration, ammonolysis and hydrogenation chemistry. Revenue grew 14% to ₹8,286 crore; the return on it did not follow, at 6.9% on capital.
Deepak Nitrite runs two businesses: phenolics, where it is India's largest producer of phenol, acetone and isopropyl alcohol, and advanced intermediates — sodium nitrite, nitro chemicals, amines and specialty products for agrochemical, pharma, dye, paper and personal care companies. Seven plants at five locations, 88% of Jul–Sep 2026 sales in India. That quarter was its best ever: sales up 62% to ₹3,076 crore and profit up 235% to ₹398 crore, with phenolics earning ₹515 crore of EBIT against ₹49 crore from advanced intermediates — on volumes roughly the same as a year earlier.
No acquisitions — growth has come from plants. Fuel additives capacity went from 200 to 290 KTPA and on to 360 KTPA in July 2026, alongside DCB debottlenecking and the Zone IV complex of five chemistry blocks, with FY27 capital spending guided at ₹700–800 crore. The newer pattern is joint ventures: Augene Chemical, 50:50 with Superform, commissioning with steady-state revenue projected at ₹300–400 crore, and Re-Aarti for chemical recycling of plastics behind it.
By building, on a scale bigger than its own net worth. A first round of chemical plants — nitric acid, nitration, hydrogenation, fluorination, MIBK, MIBC, acetophenone, and, at the end of Jul–Sep 2026, chlorination and specialty plants at Dahej — cost ₹3,016 crore by ICRA's count, up from an earlier ₹2,400 crore. The second round is the ₹11,700 crore polycarbonate complex at Dahej, using a plant bought from Trinseo and dismantled at Stade in Germany: resin due in FY29, the full chain from propylene by the close of FY2030, mostly paid for with bank loans.
A family business that has given away the chief executive's job and half the boardroom. The board is fourteen, seven of them independent; of six executive seats three are Gogris — Rajendra as chairman and managing director, Rashesh as vice chairman and managing director, Renil as vice chairman — with founder Chandrakant Gogri chairman emeritus. Suyog Kotecha became chief executive in June 2024 and runs the earnings calls. The chairman is also a managing director, so those roles are not separated.
A family company handing over to the next generation. Deepak C. Mehta is chairman and managing director — both roles, one person — and his sons Maulik and Meghav Mehta became deputy managing directors on 9 May 2026; Maulik leads the results calls. Sanjay Upadhyay, with the company since 1994, is director of finance and group CFO. The annual report lists six independent directors, and Deloitte signed FY26 with no qualification, reservation or adverse remark.
Zone IV has slipped three to six months on labour shortages, with 97% of equipment erected and 85% of piping done — “a pure product execution challenge”, not a demand one.
Aarti management · Q1 FY27
On the PDA chain: “we structurally remain weak because of our technological disadvantage.”
Suyog Kotecha · Q1 FY27
On the record quarter: “right now, there is no super cycle … What you are seeing is the result of a buoyant domestic demand, coupled with the general disruptions which take place with geopolitical material movement.”
Maulik Mehta, deputy managing director · Q2 FY27
Capex of “INR 2,200 crore-INR 2,400 crore next year, INR 2,500 crore in the second year”, and the shareholders' part almost paid in: “now bank will have to start funding”.
Sanjay Upadhyay, director (finance) and group CFO · Q2 FY27
Closing prices to 6 Nov 2026, adjusted for bonuses and splits. Dividends are not counted. This is what happened, not what will.
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