Primo Chemicals Limited (PRIMO)

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Primo Chemicals Limited (PRIMO) · mywealthgrid

About

Primo Chemicals operates in commodity chemicals, ₹620.77 Cr market cap, ₹134–145 Cr quarterly revenue. Business shows typical commodity dynamics: stable revenue but volatile margins (OPM 9.69%–14.83% recently). Company maintains low leverage (D/E 0.32) but generates weak shareholder returns (ROE 3.86%).

Face value: ₹2

Market cap

₹616 Cr

P/E

38.6×

P/B

1.5×

Dividend yield

ROE

3.9%

ROCE

7.1%

Debt / equity

0.32

OPM

12.2%

EPS (TTM)

₹0.7

Book value

₹16.8

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Earnings volatile; Dec 2025 near-zero profit (-0.34 to 1.05 Cr) despite steady ₹140 Cr revenue signals cost/operational vulnerability
ROE 3.86% weak, suggests persistent capital inefficiency or margin pressure
Valuation stretched at PE 38.9; significant earnings risk if growth disappoints or commodity cycle turns negative
OPM swung 505 bps (Dec 2025: 9.69% → Jun 2026: 14.83%), indicating margin pressure cycles create profitability uncertainty

Generated analysis · source review pending

Growth drivers

OPM improved from 9.69% (Dec 2025) to 14.83% (Jun 2026); verify what drove 505-bp gain and if sustainable
Revenues steady ₹140–145 Cr; growth needs volume expansion in commodity segments (verify demand trends)
D/E 0.32 low; provides balance-sheet capacity for growth investments if pursued (verify management capex/M&A plans)

Generated analysis · source review pending

1,152 historical price candles were omitted because the exchange source has not been verified.

₹25.4-7.2%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 19.9% over the last 5 years

Cons

−Low return on equity of -0.5% (3-yr avg)
−Weak interest coverage of 1.9×

Research score

Structured signal from quality, growth, valuation and momentum.

33/100

Business quality: 24
Growth: 17
Valuation: 59

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.

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Financials

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

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	226	454	707	397	556	562
COGS	44	74	141	77	355	357
Gross profit	183	380	566	320	200	204
	195	293	374	314	131	131
	-12	87	192	7	70	73
OPM %	-5.5%	19.1%	27.2%	1.7%	12.5%	13%
Depreciation	17	17	24	40	51	53
Interest	5	9	8	18	23	19
	55	15	26	19	21	20
Profit before tax	20	78	190	-31	16	22
Tax	12	19	53	-6	13	6
Tax %	58.9%	24.1%	27.7%	-18%	78.1%	28.9%
	8	59	137	-25	4	15
PAT margin %	3.6%	13%	19.4%	-6.4%	0.6%	2.7%
EPS (₹)	—	—	—	-1.1	0.2	0.6
EPS adjusted (₹)	0.5	2.3	5.5	-1.1	0.2	0.6
Annual report	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	27	31	48	48	48	48	48
Reserves	—	66	228	364	339	342	358
	—	1	61	144	177	169	131
	—	148	141	175	150	181	156
Total equity & liabilities	—	246	478	731	714	741	692
	168	156	155	278	468	497	469
CWIP	—	35	177	213	49	10	12
Investments	—	0	33	59	59	61	65
	—	55	114	181	138	173	145
Total assets	—	246	478	731	714	741	692

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Ratios

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

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	80.7%	83.7%	80%	80.7%	36%	36.4%
EBITDA margin %	-5.5%	19.1%	27.2%	1.7%	12.3%	12.2%
EBIT margin %	-13.1%	15.2%	23.8%	-8.2%	3.1%	2.8%
PAT margin %	3.6%	13%	19.4%	-6.4%	0.6%	2.7%
Working capital
Receivable days	26	26	27	32	28	21
Inventory days	52	84	47	106	35	34
Payable days	231	216	179	147	65	34
NWC days	-152	-106	-106	-8	-3	21
Leverage
Current ratio	0.31	0.76	0.83	0.52	0.61	0.56
Debt to EBITDA	—	0.7	0.75	25.6	2.47	1.91
Debt to equity	0.01	0.22	0.35	0.46	0.43	0.32
Interest coverage	4.8	9.6	24.1	-0.7	1.7	1.9
Asset turnover	0.92	0.95	0.97	0.56	0.75	0.81
Return ratios
Return on assets %	3.4%	12.4%	18.8%	-3.5%	0.5%	2.2%
Return on capital employed %	22%	36.4%	42.8%	-2.5%	7.5%	7.1%
Return on equity %	8.5%	21.4%	33.3%	-6.5%	0.9%	3.8%

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
	31.35%	31.35%	31.35%	31.35%	31.35%	31.35%	31.35%	31.35%	31.35%	32.4%	32.4%	32.4%
	2.11%	1.77%	0.73%	0.23%	0.11%	0.12%	0.11%	0.1%	0.08%	0.08%	0.08%	0.32%
	1.92%	1.92%	1.92%	1.92%	1.92%	1.92%	1.92%	1.92%	1.92%	1.92%	1.92%	1.92%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	64.62%	64.96%	66%	66.5%	66.62%	66.61%	66.62%	66.63%	66.65%	65.6%	65.6%	65.36%
No. of shareholders	—	—	—	—	—	—	—	—	49,930	49,272	47,997	48,308

Promoter holding up 1.05 percentage points since Sep 2023.

9 deals · 16 Nov 2021 – 28 Nov 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
28 Nov 2025	FLOWTECH INDUSTRIAL PROJECTS PVT. LTD.	Bulk	BSE	Buy	25,25,000	₹25.60	₹6.46 Cr
28 Nov 2025	NAVEEN CHOPRA	Bulk	BSE	Sell	25,00,000	₹25.60	₹6.40 Cr
12 Jul 2023	SOCIETE GENERALE	Bulk	BSE	Buy	47,97,345	₹60.10	₹28.83 Cr
25 Oct 2022	QUANT MUTUAL FUND	Bulk	BSE	Buy	45,56,962	₹79.00	₹36.00 Cr
25 Oct 2022	PARAMONE CONCEPTS LIMITED	Bulk	BSE	Sell	21,00,000	₹79.18	₹16.63 Cr
25 Oct 2022	BONANZA COMMODITY BROKERS PRIVATE LIMITED	Bulk	BSE	Buy	17,36,970	₹79.23	₹13.76 Cr
25 Oct 2022	BONANZA COMMODITY BROKERS PRIVATE LIMITED	Bulk	BSE	Sell	17,31,969	₹79.67	₹13.80 Cr
25 Jan 2022	SMEATON DEVELOPERS PRIVATE LIMITED	Bulk	BSE	Buy	3,51,000	₹342.58	₹12.02 Cr
16 Nov 2021	PLUTUS WEALTH MANAGEMENT LLP	Bulk	BSE	Buy	2,50,000	₹194.24	₹4.86 Cr

1–9 of 9

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. Sukhbir Singh DahiyaNon-Executive - Non Independent Director-Chairperson
Mr. Jagbir Singh AhlawatNon-Executive - Non Independent Director
Mr. Jatin DahiyaExecutive Director
Mr. Tilak Raj BajaliaNon-Executive - Independent Director
Mr. Ashok GoyalNon-Executive - Independent Director
Mr. Naveen ChopraExecutive Director-MD
Mr. Dipti JainNon-Executive - Independent Director
Mrs. Dibakar SarkarNon-Executive - Independent Director
Mr. Sobhag Mal JainNon-Executive - Independent Director
Mr. Anoop Kumar KabraChief Financial Officer
Ms. Sugandha KukrejaCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

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Fund holders

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

Portfolio month

Schemes holding

across 1 fund houses

Held by these funds

1.88%

of the company's equity

All mutual funds

1.9%

shareholding pattern, Jun 2026

Portfolios as of

July 2026

compared with June 2026

1 schemes

		Shares
Small Cap Fund	quant Mutual Fund	45.57 L	11.5	0.03%	1.881%	-0

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Documents

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

Announcements

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Events

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

1

Board meeting to consider results14 Aug 2026

1

Face value ₹10 → ₹227 Jan 2022 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

71 announcementsExport CSV

1 Oct 2026, 5:42 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

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Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	80.7%	83.7%	80%	80.7%	36%	36.4%
EBITDA margin %	-5.5%	19.1%	27.2%	1.7%	12.3%	12.2%
EBIT margin %	-13.1%	15.2%	23.8%	-8.2%	3.1%	2.8%
PAT margin %	3.6%	13%	19.4%	-6.4%	0.6%	2.7%
Working capital
Receivable days	26	26	27	32	28	21
Inventory days	52	84	47	106	35	34
Payable days	231	216	179	147	65	34
NWC days	-152	-106	-106	-8	-3	21
Leverage
Current ratio	0.31	0.76	0.83	0.52	0.61	0.56
Debt to EBITDA	—	0.7	0.75	25.6	2.47	1.91
Debt to equity	0.01	0.22	0.35	0.46	0.43	0.32
Interest coverage	4.8	9.6	24.1	-0.7	1.7	1.9
Asset turnover	0.92	0.95	0.97	0.56	0.75	0.81
Return ratios
Return on assets %	3.4%	12.4%	18.8%	-3.5%	0.5%	2.2%
Return on capital employed %	22%	36.4%	42.8%	-2.5%	7.5%	7.1%
Return on equity %	8.5%	21.4%	33.3%	-6.5%	0.9%	3.8%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Deepak Fertilizers And Petrochemicals Corporation LimitedDEEPAKFERTDEEPAKFERT	₹16,417 Cr	₹21,903 Cr	₹12,104 Cr	₹2,016 Cr	14.6%	₹984 Cr	6.4%	12.6%	11.3%	55
Tata Chemicals LimitedTATACHEMTATACHEM	₹15,487 Cr	₹23,488 Cr	₹15,120 Cr	₹1,711 Cr	12.4%	₹-2,165 Cr	-11.8%	2.9%	-8.9%	113
Gujarat Narmada Valley Fertilizers And Chemicals LimitedGNFCGNFC	₹8,655 Cr	₹8,655 Cr	₹8,410 Cr	₹1,241 Cr	11.3%	₹1,037 Cr	10.4%	10.6%	9.1%	81
TANFAC Industries LtdTANFACINDTANFACIND	₹6,909 Cr	₹7,002 Cr	₹711 Cr	₹112 Cr	15.8%	₹70 Cr	9.9%	27.7%	20.5%	112
Gujarat Alkalies And Chemicals LimitedGUJALKALIGUJALKALI	₹4,430 Cr	₹4,998 Cr	₹4,498 Cr	₹510 Cr	9.3%	₹66 Cr	-0.1%	1.6%	-0%	25
Grauer & Weil India LimitedGRAUWEILGRAUWEIL	₹3,709 Cr	₹3,717 Cr	₹1,134 Cr	₹188 Cr	16.6%	₹69 Cr	13.9%	23%	18%	72
Ghcl LimitedGHCLGHCL	₹3,700 Cr	₹3,762 Cr	₹3,064 Cr	₹689 Cr	22.5%	₹472 Cr	15.4%	17%	13.4%	126
J.g.chemicals LimitedJGCHEMJGCHEM	₹2,392 Cr	₹2,399 Cr	₹1,071 Cr	₹96 Cr	8.4%	₹75 Cr	7.1%	18.2%	13.3%	101
Thirumalai Chemicals LimitedTIRUMALCHMTIRUMALCHM	₹1,764 Cr	₹3,857 Cr	₹1,832 Cr	₹20 Cr	-2%	₹-152 Cr	-9.7%	-3.3%	-12.3%	14
Ig Petrochemicals LimitedIGPLIGPL	₹1,754 Cr	₹2,110 Cr	₹2,073 Cr	₹207 Cr	4.9%	₹82 Cr	0.1%	3.2%	0.2%	23
Indo Borax & Chemicals LimitedINDOBORAXINDOBORAX	₹1,507 Cr	₹1,507 Cr	₹232 Cr	₹52 Cr	20.5%	₹56 Cr	23.3%	15.5%	15.1%	110
Innovassynth Technologies (India) LtdINOVSYNTHINOVSYNTH	₹1,462 Cr	₹1,466 Cr	₹0 Cr	₹-0 Cr	—	₹-5 Cr	—	-1.1%	-12%	—

Date	Category	Subject	Filing
1 Oct 2026, 5:42 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
30 Sept 2026, 10:28 pm	Company Update Credit Rating	Announcement under Regulation 30 (LODR)-Credit Rating	PDF
30 Sept 2026, 7:00 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
28 Sept 2026, 5:06 pm	Company Update Revision of outcome	Board Meeting Outcome for Outcome Of The Board Meeting Held On 25Th September, 2026, Pursuant To The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 €The 'SEBI LODR'- Revised	PDF
16 Sept 2026, 4:59 pm	Company Update Acquisition	Announcement under Regulation 30 (LODR)-Updates on Acquisition	PDF
8 Sept 2026, 7:46 pm	Company Update General	Intimation Under Regulations 30 And 36(1)(B) Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015	PDF
8 Sept 2026, 7:34 pm	Others Business Responsibility and Sustainability Reporting (BRSR)	Business Responsibility and Sustainability Reporting (BRSR)	PDF
8 Sept 2026, 6:48 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	53	70	150	14	64	65
	-24	-191	-233	-56	-43	-18
	-34	137	81	21	-22	-46
Net cash flow	-5	16	-3	-21	-0	1
Free cash flow	28	-87	-33	-54	24	39
CFO / Operating profit %	—	81%	77.8%	197.5%	94.3%	94.7%

Primo Chemicals Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

1

1

Announcements

Not in the F&O segment

1

1

Announcements

Annual reports

Credit ratings

Compounded sales growth

Compounded profit growth

Return on equity

Primo Chemicals Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Board meetings1

Stock splits1

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Not in the F&O segment

Board meetings1

Stock splits1

Announcements

Annual reports

Credit ratings

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

1

1

1

1