Aksharchem India Limited (AKSHARCHEM)

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Aksharchem India Limited (AKSHARCHEM) · mywealthgrid

About

Aksharchem India Limited operates in dyes and pigments within the Materials sector. With a market capitalization of ₹242.46 Cr and latest quarterly revenue of ₹140.87 Cr, it is a mid-cap specialty chemicals manufacturer. The company has demonstrated sharp operating margin recovery to 16.05% in its latest quarter after reporting losses in the prior two quarters.

Face value: ₹10

Market cap

₹303 Cr

P/E

21.6×

P/B

1.2×

Dividend yield

0.1%

ROE

-0.2%

ROCE

0.2%

Debt / equity

0.41

OPM

4.6%

EPS (TTM)

₹17.5

Book value

₹325.7

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin and profitability volatility: OPM ranged from -5.75% (Dec 2025) to 16.05% (Jun 2026), with net losses of ₹4.62 Cr (Dec 2025) and ₹1.37 Cr (Sep 2025) followed by ₹15.21 Cr profit (Jun 2026), indicating underlying fragility
Negative ROE of -0.17% despite recent recovery; prior losses may have eroded retained earnings and capital efficiency
Moderate leverage at D/E 0.41, but cyclical pressure could stress debt service; verify ability to maintain profitability through sector downturns
Dyes and pigments are commodity-linked inputs; verify raw material cost exposure and pricing power to pass through inflation

Generated analysis · source review pending

Growth drivers

Jun 2026 revenue ₹140.87 Cr represents 45% YoY growth from ₹96.96 Cr (Jun 2025); verify if volume-driven or price-driven and whether sustainable
Operating margin recovered to 16.05% (Jun 2026) from 6.61% (Jun 2025); identify whether driven by cost discipline or pricing
Consistent dividend payout history spanning at least five fiscal years, supported by ₹15.21 Cr Jun 2026 net profit; verify sustainability of recovery
PE multiple of 17.24 prices in recovery; validate whether recent profitability represents a structural inflection or cyclical peak

Generated analysis · source review pending

2,347 historical price candles were omitted because the exchange source has not been verified.

₹379.1+0.7%1Y

Quick read

rule-based

Pros

+High promoter holding of 62.7% with no pledge

Cons

−Low return on equity of -1.8% (3-yr avg)
−Thin operating margin of 4.6%
−Modest revenue growth of 8.6% a year over the last 5 years
−Weak interest coverage of 0.1×
−Low dividend payout of 2.8% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

53/100

Business quality: 16
Growth: 72
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	188	47	47	323	260	246	380	335	302	346	372
COGS	-109	23	23	205	149	142	230	218	181	198	223
Gross profit	—	23	23	118	111	104	150	116	121	148	149
	265	16	16	84	85	80	119	101	119	123	132
	32	8	8	34	26	24	32	15	2	25	17
OPM %	17.2%	16.7%	16.7%	10.7%	10%	9.7%	8.3%	4.6%	0.5%	7.2%	4.6%
Depreciation	4	1	1	6	7	7	12	13	14	14	17
Interest	3	1	1	1	1	1	2	3	4	5	7
	1	7	7	5	1	1	1	0	0	0	2
Profit before tax	26	12	12	33	19	18	18	-1	-16	6	-4
Tax	9	3	3	11	3	5	2	0	3	1	-4
Tax %	35.9%	24.4%	24.4%	32.4%	17.4%	29%	11.3%	88%	20.1%	18.2%	-90.1%
	17	9	9	23	16	13	16	-1	-19	5	-0
PAT margin %	8.9%	20.3%	20.3%	7%	6%	5.1%	4.2%	-0.3%	-6.2%	1.4%	-0.1%
EPS (₹)	22.8	12.9	12.9	27.5	19.2	15.2	19.5	-1.2	-23.3	5.9	-0.6
EPS adjusted (₹)	—	—	—	—	19.2	15.2	19.8	-1.2	-23.3	5.9	-0.6
	15.4%	27.1%	27.1%	12.7%	18.3%	23%	2.6%	—	—	12.6%	—
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	8	8	8	8	8	8	8
Reserves	—	271	272	270	251	256	254
Minority interest	—	—	—	—	0	—	—
	—	15	50	25	52	67	108
	—	62	76	62	69	85	82
Total equity & liabilities	—	356	406	365	381	415	452
	128	229	231	225	235	232	287
CWIP	—	6	16	17	11	45	8
Investments	—	0	0	0	0	0	0
	—	121	158	122	135	139	156
Total assets	—	356	406	365	381	415	452

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	30	49	4	38	-7	35	2
	-20	-49	-24	-8	-16	-44	-36
	-7	1	18	-30	23	9	34
Net cash flow	-0	1	-1	0	0	-0	0
Free cash flow	-10	-2	-21	29	-23	-9	-34
CFO / Operating profit %	117.2%	206.1%	13.6%	245.9%	-436.7%	140.2%	9.8%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	36.7%	42.8%	42.3%	39.5%	34.8%	40%	42.8%	40.1%
EBITDA margin %	10.7%	10%	9.7%	8.3%	4.6%	0.5%	7.2%	4.6%
EBIT margin %	9%	7.4%	6.8%	5.1%	0.8%	-4.1%	3.1%	0.1%
PAT margin %	7%	6%	5.1%	4.2%	-0.3%	-6.2%	1.4%	-0.1%
Working capital
Receivable days	—	—	42	51	39	57	43	61
Inventory days	—	—	149	115	99	131	130	119
Payable days	—	—	97	80	64	88	106	88
NWC days	—	—	93	86	75	100	67	92
Leverage
Current ratio	—	—	1.9	1.78	2.25	1.59	1.16	0.99
Debt to EBITDA	—	—	0.62	1.58	1.6	34.55	2.69	6.38
Debt to equity	—	—	0.05	0.18	0.09	0.2	0.25	0.41
Interest coverage	37.3	18.2	26.1	9.1	0.8	-3.2	2.1	0.1
Asset turnover	—	—	0.69	0.94	0.92	0.79	0.83	0.82
Return ratios
Return on assets %	—	—	3.5%	3.9%	-0.3%	-4.9%	1.1%	-0.1%
Return on capital employed %	—	—	6.1%	6.5%	0.9%	-3.9%	3.7%	0.2%
Return on equity %	—	—	4.5%	5.7%	-0.3%	-7.2%	1.8%	-0.2%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	62.7%	62.7%	62.7%	62.7%	62.7%	62.7%	62.7%	62.7%	62.7%	62.7%	62.7%	62.7%
	0.68%	0.68%	0.43%	0.39%	0.07%	0%	0%	0.03%	0.02%	0%	0%	0%
	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	36.56%	36.56%	36.81%	36.85%	37.17%	37.24%	37.24%	37.21%	37.22%	37.24%	37.24%	37.24%
No. of shareholders	—	—	—	—	—	—	—	—	13,139	12,060	11,843	11,715

Promoter holding up 0 percentage points since Sep 2023.

16 deals · 5 Oct 2021 – 2 Sept 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
2 Sept 2025	RAKESH BALURAM LAHOTI	Bulk	NSE	Sell	49,000	₹250.73	₹1.23 Cr
28 Aug 2025	RAKESH BALURAM LAHOTI	Bulk	NSE	Buy	49,491	₹301.63	₹1.49 Cr
28 Aug 2025	RAKESH BALURAM LAHOTI	Bulk	NSE	Sell	491	₹322.31	₹0.02 Cr
17 Dec 2024	TARAK VINAYKUMAR VORA	Bulk	NSE	Sell	74,000	₹368.10	₹2.72 Cr
27 Feb 2024	SILVER LINE VENTURES PRIVATE LIMITED	Bulk	NSE	Buy	51,598	₹360.25	₹1.86 Cr
27 Feb 2024	SILVER LINE VENTURES PRIVATE LIMITED	Bulk	NSE	Sell	46,110	₹359.83	₹1.66 Cr
27 Feb 2024	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	44,036	₹354.74	₹1.56 Cr
27 Feb 2024	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	44,036	₹354.33	₹1.56 Cr
21 Feb 2024	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	48,570	₹306.54	₹1.49 Cr
21 Feb 2024	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	48,570	₹305.93	₹1.49 Cr

1–10 of 16

1 / 2

Mrs. Paru Mrugesh JaykrishnaExecutive Director-Chairperson related to Promoter-MD
Mr. Munjal Mrugesh JaykrishnaExecutive Director-CEO-MD
Mr. Sachin Munjal JaykrishnaExecutive Director
Mr. Devalkumar Indrabal SutharExecutive Director
Mr. Keyur Dhanvantlal GandhiNon-Executive - Independent Director
Mr. Jigar Mukesh PatelNon-Executive - Independent Director
Mr. Sameer Surendranarayan SinhaNon-Executive - Independent Director
Ms. Maitri Kirankumar MehtaNon-Executive - Independent Director
Mr. Nirav Kalyanbhai ShahNon-Executive - Independent Director
Mr. Amit D. SoniChief Financial Officer
Mr. Mehul C. NaliyadharaCompany Secretary & Compliance Officer

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F&O

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Aksharchem India Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

16

Final dividend15 Sept 2026 · ex-date₹0.5
Final dividend4 Sept 2025 · ex-date₹0.75
Final dividend23 Sept 2024 · ex-date₹0.5
Final dividend20 Sept 2023 · ex-date₹0.5
Final dividend20 Sept 2022 · ex-date₹0.5
Final dividend20 Sept 2021 · ex-date₹3.5
Interim dividend20 Mar 2020 · ex-date₹3.5
Final dividend20 Sept 2019 · ex-date₹3.5
Final dividend19 Sept 2018 · ex-date₹3.5
Interim dividend23 Mar 2017 · ex-date₹3.5
Interim dividend22 Mar 2016 · ex-date₹3.5
Final dividend18 Sept 2015 · ex-date₹3.5
Final dividend16 Sept 2014 · ex-date₹2
Interim dividend3 Feb 2014 · ex-date₹0.5
Interim dividend27 Nov 2013 · ex-date₹2.5
Final dividend17 Sept 2013 · ex-date₹0.5

1

Board meeting to consider results12 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

9 announcementsExport CSV

28 Sept 2026, 9:52 amInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

22 Sept 2026, 12:52 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

30 Aug 2026, 12:22 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

29 Aug 2026, 11:39 amCompany Update

Letter To Shareholders

General PDF

29 Aug 2026, 11:38 amCorp. Action

Intimation Of Record Date

Record Date PDF

29 Aug 2026, 11:23 amOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

29 Aug 2026, 11:19 amAGM/EGM

Notice Of 37Th Annual General Meeting

AGM PDF

11 Aug 2026, 12:06 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

Date	Category	Subject	Filing
28 Sept 2026, 9:52 am	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
22 Sept 2026, 12:52 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	36.7%	42.8%	42.3%	39.5%	34.8%	40%	42.8%	40.1%
EBITDA margin %	10.7%	10%	9.7%	8.3%	4.6%	0.5%	7.2%	4.6%
EBIT margin %	9%	7.4%	6.8%	5.1%	0.8%	-4.1%	3.1%	0.1%
PAT margin %	7%	6%	5.1%	4.2%	-0.3%	-6.2%	1.4%	-0.1%
Working capital
Receivable days	—	—	42	51	39	57	43	61
Inventory days	—	—	149	115	99	131	130	119
Payable days	—	—	97	80	64	88	106	88
NWC days	—	—	93	86	75	100	67	92
Leverage
Current ratio	—	—	1.9	1.78	2.25	1.59	1.16	0.99
Debt to EBITDA	—	—	0.62	1.58	1.6	34.55	2.69	6.38
Debt to equity	—	—	0.05	0.18	0.09	0.2	0.25	0.41
Interest coverage	37.3	18.2	26.1	9.1	0.8	-3.2	2.1	0.1
Asset turnover	—	—	0.69	0.94	0.92	0.79	0.83	0.82
Return ratios
Return on assets %	—	—	3.5%	3.9%	-0.3%	-4.9%	1.1%	-0.1%
Return on capital employed %	—	—	6.1%	6.5%	0.9%	-3.9%	3.7%	0.2%
Return on equity %	—	—	4.5%	5.7%	-0.3%	-7.2%	1.8%	-0.2%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Sudarshan Chemical Industries LimitedSUDARSCHEMSUDARSCHEM	₹9,758 Cr	₹11,877 Cr	₹9,922 Cr	₹656 Cr	6%	₹72 Cr	0.4%	4.7%	0.6%	129
Kiri Industries LimitedKIRIINDUSKIRIINDUS	₹3,551 Cr	₹3,591 Cr	₹950 Cr	₹-189 Cr	-26.3%	₹5,847 Cr	663%	-1.7%	115%	-62
Bodal Chemicals LimitedBODALCHEMBODALCHEM	₹2,389 Cr	₹3,189 Cr	₹2,267 Cr	₹183 Cr	8%	₹69 Cr	2.4%	8.4%	4.2%	105
Bhageria Industries LimitedBHAGERIABHAGERIA	₹1,666 Cr	₹1,767 Cr	₹1,003 Cr	₹116 Cr	10.4%	₹69 Cr	5.1%	9.9%	8%	56
Shree Pushkar Chemicals & Fertilisers LimitedSHREEPUSHKSHREEPUSHK	₹1,588 Cr	₹1,715 Cr	₹1,002 Cr	₹102 Cr	10.2%	₹72 Cr	7.2%	14.2%	12.2%	53
Ultramarine & Pigments LimitedULTRAMARULTRAMAR	₹1,186 Cr	₹1,265 Cr	₹775 Cr	₹124 Cr	16%	₹81 Cr	10.4%	10.7%	8.8%	—
Sudarshan Colorants India LimitedSUDARCOLORSUDARCOLOR	₹850 Cr	₹850 Cr	₹791 Cr	₹72 Cr	9.1%	₹41 Cr	5.2%	12.2%	9.1%	—
Asahi Songwon Colors LimitedASAHISONGASAHISONG	₹438 Cr	₹579 Cr	₹575 Cr	₹71 Cr	9.3%	₹34 Cr	3.3%	10.4%	7.1%	85
Aksharchem India LimitedAKSHARCHEMAKSHARCHEM	₹303 Cr	₹412 Cr	₹416 Cr	₹33 Cr	4.6%	₹14 Cr	-0.1%	0.2%	-0.2%	92
Poddar Pigments LimitedPODDARMENTPODDARMENT	₹269 Cr	₹275 Cr	₹374 Cr	₹22 Cr	6.3%	₹15 Cr	3.9%	5.7%	4.1%	137
Hindprakash Industries LimitedHPILHPIL	₹130 Cr	₹161 Cr	₹100 Cr	₹4 Cr	2.6%	₹2 Cr	1.6%	8.2%	3.2%	—

Aksharchem India Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Credit ratings

Events

Dividends16

Board meetings1

Announcements

Dividends16

Board meetings1

Ratio timeline

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Credit ratings

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Return on equity

16

1

16

1