One Level Deeper

Specialty chemicals ladder 3 of 4 · this quarter

What's going on in specialty chemicals

Seven findings from the latest earnings calls of the specialty chemicals companies covered here. Quarter to June 2026 · eight listed Indian specialty chemicals companies. Each opens on its own page.

They doubled the factories

And earn less than before.

Gross block growth · FY22 to FY26

Nobody is worried about China

One of them is opening an office there.

China, any use22

Times said · 71,460 words

Quietly becoming CDMOs

Four talk like the sector next door. Four never say the word.

“CDMO” or “CRAMS”, times said

Then the quarter turned

The worst of five years just had the best quarter of its life.

Margin change vs year-ago quarter, points

What the plants are actually for

Chemours. Data centres. The Ministry of Defence.

Guj Fluoro1 of 3

Chemours 2 · data centres 3 · DRDO 1

The market pays most for the least

The dearest two earn the least on capital.

Aether100× / 12%

Guj Fluoro93× / 10%

Acutaas75× / 32%

Navin66× / 21%

Deepak44× / 11%

Price/earnings · return on capital, FY26

Small shareholders are leaving

Foreigners are buying.

Guj Fluoro−10.7%

Change in shareholder count, four quarters

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Not advice. No target prices, no ratings. Every figure is from a filing or a call transcript, and each finding names the companies it is about.