/
Sign inStart free
Menu
Blog

Saturday, 19 September 2026

the specialty chemicals maker that grew revenue 44.1%, doubled profit & added 566 bps of margin in a year

Post No. 56 min readResultsMembers

Net profit up 107.7% YoY, all 3 business engines growing together, operating cash running ahead of profit. & the number management itself says will come down.

HV InvestingIndependent analysis of Indian companies, in plain language

Since 2019, the world has been legislating the refrigerant gases inside air conditioners out of existence. Under the Kigali Amendment, rich countries are cutting production of the current generation of cooling gases, while India's own cuts begin only in 2032. For the Indian specialty chemicals makers that produce these cooling gases, that timetable is a business model: make the gas the world still needs, at home, & sell into the shortage.

Well, hold that against a 59-year-old specialty chemicals maker I've been studying this quarter. Its June-quarter net profit more than doubled, up a staggering 107.7% year on year, on revenue growth of 44.1%, per its Q1FY27 results filing, with its operating margin expanding 566 basis points to 34.2%. Of course, it's not all rosy, & the main wrinkle is that management's own guidance puts the normal margin at 32-33%, below the number just printed.
The company I'm referring to is . . .

Go Premium

The rest of this post is for Premium members

  • Every blog post in full, the day it is published
  • The Corporate Intelligence Brief, every trading day: the filings that matter, sized & explained
  • The full Company File for every listed company, every screen & Market Scans
  • Watchlist alerts for up to 50 companies

Plans from ₹499 a month or ₹4,999 a year. Already a member? Sign in

About the authorHV Investing

Independent analysis of Indian companies, results, industries & macro, built from primary filings & official data, explained without shorthand. The daily Corporate Intelligence Brief covers what changed before the open; the blog is where one story gets the room it needs.

More from the blog

All posts
Every trading day

The blog goes deep. The brief goes daily.

The Corporate Intelligence Brief covers what changed: company developments, results, industry shifts & macro, fact-checked & explained in plain language.

Read the brief
Or get Monday's brief free, every week

The complete Corporate Intelligence Brief in your inbox every Monday, free. Unsubscribe anytime.

← All posts

HV Investing Premium

Every listed company, explained in plain language

See Premium plans

₹499 a month or ₹4,999 a year. Cancel anytime.

or start free, no card needed

Already a member?Sign in