Every listed Indian specialty chemicals company covered here — Aarti, Acutaas, Aether, Deepak Nitrite, Gujarat Fluorochemicals, Navin Fluorine, SRF — against PI Industries, 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 | ₹75.2k Cr | 41.0× | 7.4% | 21.6% | 14.1% | 1.6× | 0.4× | -12.9% | |
| 2 | ₹49.3k Cr | 87.8× | 5.5% | 25.8% | 9.7% | 1.4× | 0.3× | 15.4% | |
| 3 | ₹43.3k Cr | 65.2× | 41.1% | 32.6% | 21.2% | 1.8× | 0.3× | 79.0% | |
| vs | 4PI Industries | ₹36.6k Cr | 27.7× | -15.8% | 25.8% | 15.9% | 0.8× | 0.0× | -34.3% |
| 5 | ₹26.3k Cr | 73.9× | 33.0% | 35.9% | 32.3% | 1.0× | 0.0× | 120.1% | |
| 6 | ₹22.0k Cr | 40.0× | -4.8% | 12.5% | 11.4% | 1.0× | 0.3× | -10.9% | |
| 7 | ₹21.8k Cr | 99.4× | 38.3% | 31.3% | 11.6% | 0.5× | 0.2× | 118.7% | |
| 8 | ₹18.0k Cr | 42.9× | 14.0% | 14.1% | 6.9% | 2.8× | 0.8× | 27.3% |
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 | PIIND | SRF |
|---|---|---|
| What you pay22 Sept 2026 | ||
| Share price | ₹2,410.00 | ₹2,538.30 |
| Market cap | ₹36,560 Cr | ₹75,235 Cr |
| P/E | 27.68× | 41.00× |
| P/B | 3.26× | 5.36× |
| P/S | 5.45× | 4.77× |
| 12-month return | -34.3% | -12.9% |
| SizeFY26 | ||
| Revenue | ₹6,714 Cr | ₹15,787 Cr |
| PAT | ₹1,321 Cr | ₹1,835 Cr |
| Net worth | ₹11,231 Cr | ₹14,043 Cr |
| Gross block | ₹4,620 Cr | ₹13,926 Cr |
| GrowthFY26 | ||
| Revenue growth | -15.8% | 7.4% |
| Revenue CAGR (3y) | 1.1% | 2.0% |
| PAT CAGR (3y) | 2.4% | -5.3% |
| What it keepsFY26 | ||
| EBITDA margin | 25.8% | 21.6% |
| PAT margin | 19.7% | 11.6% |
| ROCE | 15.9% | 14.1% |
| ROE | 11.8% | 13.1% |
| CFO / PAT (3y) | 0.84× | 1.61× |
| What it owesFY26 | ||
| Net debt | ₹-1,840 Cr | ₹4,472 Cr |
| Debt / equity | 0.03× | 0.36× |
| CWIP | ₹1,030 Cr | ₹1,889 Cr |
| Debtor days | 88 days | 59 days |
| Who owns itFY26 | ||
| Promoter holding | 46.1% | 50.3% |
| Institutional holding | 46.5% | 37.9% |
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.
PI synthesises agrochemical active ingredients to order for the innovators who own the patents, and sells its own brands to Indian farmers — ₹6,416 crore of ₹6,714 crore of revenue, earning ₹1,321 crore. Its revenue follows its customers' launch calendars rather than its own effort, and FY26 showed what that does in a down year: exports fell 19% on 14% lower volumes, while gross margin rose about five points to 58% because five new molecules were commercialised. What the mix could not offset was the volume — return on capital fell from 22.8% to 15.9%.
SRF is four businesses, and one of them earns three-quarters of the profit. Chemicals — refrigerants, industrial chemicals, fluoropolymers and made-to-order intermediates — was ₹7,779 crore of ₹15,787 crore of revenue, 49.3% of the total and 75.2% of segment profit at a 29.1% EBIT margin. Performance films and foil was ₹5,764 crore at 8.8%. Sixteen plants across India, Thailand, South Africa and Hungary, half of turnover earned overseas, and 14.1% on capital employed for the group as a whole.
The business that earns the money was built; the newest ones were bought. Agrochemicals, 96% of revenue, is organic, grown from a single plant in 1976. What is new arrived by acquisition — Isagro's horticulture business, then PI Health Sciences assembled from purchases in America, India and Italy, and in FY26 Plant Health Care, now PI AgSciences, bringing peptide technology and registrations in five countries. The bought half is not yet paying: pharma lost ₹48 crore in FY26.
No acquisitions at all, and most of last year's spending has not started earning. It spent about ₹1,820 crore while gross block moved 1.5% — the money went into capital work in progress, which more than doubled to ₹1,889 crore. At a new site in Odisha: a 20,000-tonne plant for fourth-generation refrigerants, a 30,000-tonne anhydrous hydrogen fluoride plant, a specialty fluoropolymers facility, and HFC capacity beyond 65,000 tonnes.
A founder family in its second generation, with a professional chairman and a board that lost an executive during the year. Mayank Singhal is vice chairperson and managing director, his tenure running to September 2030, with Salil Singhal of the founding generation chairperson emeritus. Narayan K Seshadri, formerly KPMG India's managing partner, chairs the board as a non-executive but non-independent director. The board is ten, four of them independent — 40% under a non-independent chair.
Two brothers run it, with their father as chairman emeritus, and the stake that controls it sits in a separately listed company above them. Ashish Bharat Ram is chairman and managing director, Kartik Bharat Ram joint managing director, Arun Bharat Ram chairman emeritus. The board is ten with six independents. The group underneath is simple for its size — eight subsidiaries, every one wholly owned — while above it KAMA Holdings is the holding company and the ABR Family Trust the ultimate holding entity.
Five molecules were commercialised in FY26, and molecules of the last three years are now 18% of export sales.
PI Industries · FY26
In the June quarter management chose volume over price, and said so, while peers were taking the price.
PI Industries management · Q1 FY27
Planned capital spending for FY27 is ₹2,500 crore, with 75% to 80% of it in chemicals.
SRF management · Q1 FY27
A ₹490 crore BOPP expansion has been deferred indefinitely.
SRF management · Q1 FY27
Closing prices to 22 Sept 2026, adjusted for bonuses and splits. Dividends are not counted. This is what happened, not what will.
A sector, read end to end, and the companies as they are published. Roughly monthly. Nothing else, and one click to stop.