The Margin Note · Saturday, 19 September 2026

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

Note 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 . . .

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About the author HV 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 Margin Note is where one story gets the room it needs.

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the abs maker that grew revenue 53% & profit 43% while its plant was already full

revenue up 53.3% yoy, profit up 42.9% yoy, zero debt since 2018 & a plant at 96% utilisation for five years. the growth came from prices & traded material, not tonnes. new capacity is due this month, & the benefit lands in fy28.

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