Prasol Chemicals IPO

Mainboard • Equity • Fresh capital cum OFS

LISTEDMAINBOARDEquity

Prasol Chemicals

Price band

₹643 – ₹676

Lot size

22 shares

Min investment

₹14,872

Issue size

₹500 Cr

About the company

Prasol Chemicals was started in 1992 and works in the specialty chemicals industry. Specialty chemicals are made in smaller quantities for a specific use, unlike bulk commodity chemicals. The company makes more than 150 different specialty chemicals. Its range covers 21 acetone based chemicals, 53 phosphorous based chemicals and 76 other products such as surfactants, esters and acids. These products go into five main industries. These are performance chemicals such as lubricant and mining additives, the group known as PICA which covers paint, inks, construction and adhesives, pharmaceuticals, agrochemicals, and home and personal care. Its customers include Alembic Pharmaceuticals, Lubrizol India, Rossari Biotech, Clean Science, Gharda Chemicals, Croda India, Supriya Lifescience and Yasho Industries. As on 31 July 2026 it served about 1,600 customers and exported to 69 countries, and it is certified as a 3 Star Export House by the Government of India. It runs two plants, at Khopoli covering 1,20,604 square metres and at Mahad covering 1,19,423 square metres, with a combined capacity of 98,644 tonnes a year.

Prasol Chemicals makes more than 150 specialty chemicals, including 21 acetone-based, 53 phosphorous-based and 76 other products used in performance chemicals, paints and adhesives, pharmaceuticals, agrochemicals and personal care. Running since 1992, it serves 1,600 customers and exports to 69 countries from two Maharashtra plants.

IPO details

Issue price: ₹676
Price band: ₹643 – ₹676
Face value: ₹2
Lot size: 22
Min investment: ₹14,872
Issue size: ₹500 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE, NSE
BSE scrip code: 7947
NSE symbol: PRASOLCHEM.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	22	₹14,872
Retail (Max)	13	286	₹1,93,336
S-HNI (Min)	14	308	₹2,08,208
B-HNI (Min)	68	1,496	₹10,11,296

Investor reservation

CATEGORY	RESERVED
QIB	Not more than 50% of the Offer
Retail	Not less than 35% of the Offer
NII	Not less than 15% of the offer

Objects of the issue

1Repayment and/ or pre-payment, in full or part, of certain borrowings availed by the company60.00

2General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	839.28	723.09	626.36
Total Income	1,237.85	1,015.54	887.56
Profit After Tax	83.12	43.57	18.13
EBITDA	139.32	87.77	60.53
NET Worth	448.51	367.46	325.84
Reserves and Surplus	436.91	355.87	314.24
Total Borrowing	110.06	101.05	82.07

Key performance indicators

RoE

20.37%

RoCE

22.43%

RoNW

18.53%

PAT Margin

6.74%

EBITDA Margin

11.30%

Debt / Equity

0.19

NAV (₹)

77.33

✓ Strengths

• Profit has grown more than four times in two years, from Rs 18.13 crore in FY2024 to Rs 43.57 crore in FY2025 and Rs 83.12 crore in FY2026.

• Sales have grown steadily, from Rs 887.56 crore in FY2024 to Rs 1,015.54 crore in FY2025 and Rs 1,237.85 crore in FY2026.

• EBITDA more than doubled over the same period, from Rs 60.53 crore to Rs 139.32 crore.

• The product range is very wide at more than 150 chemicals, spread across five different end industries, so it does not depend on one sector.

• The customer base is large and reputed, with about 1,600 customers including Alembic Pharmaceuticals, Lubrizol India, Rossari Biotech, Clean Science and Croda India.

• It exports to 69 countries and is certified as a 3 Star Export House, with distribution across Asia Pacific, the Americas and Europe.

• It has a long record of more than 30 years and two plants with a combined capacity of 98,644 tonnes a year.

• RoCE was 22.43% and RoNW was 18.53% in FY2026.

⚠ Risks

• The P/E and EPS are not stated in the data available to us, so the issue cannot be compared with chemical peers on earnings from here.

• The profit margin is thin at 6.74%, which is low for a company describing itself as a specialty chemicals maker.

• Very little of the money is going into the business. Only Rs 60 crore of the Rs 500 crore issue is earmarked for repaying borrowings, with the rest to general corporate purposes and to the selling shareholders.

• Borrowing has gone up every year, from Rs 82.07 crore in FY2024 to Rs 101.05 crore in FY2025 and Rs 110.06 crore in FY2026.

• Raw material prices drive this business. Acetone and phosphorus feedstock are linked to crude and to global chemical cycles, and a sharp rise cannot always be passed on.

• Both plants are in Maharashtra, at Khopoli and Mahad, so there is regional concentration, and chemical plants carry pollution control and environmental compliance risk.

• Exporting to 69 countries brings currency risk and exposure to anti-dumping duties and trade rules in those markets.

• This is a fresh issue combined with an offer for sale, and promoter holding falls from 89.2% to 77.51% after the issue.

Promoters & holding

Nishith Rajnikant Shah, Gaurang Natwarlal Parikh, Dhaval Nalin Parikh, Pankil Nishith Dharia, Sachin Jatin Parikh, Rakesh Gupta, Nishith Rasiklal Dharia, Kunal Tushar Dharia, Suketu Navinchandra Parikh and Usha Rajnikant Shah

Pre-issue promoter holding

89.2%

Post-issue promoter holding

77.51%

Data refreshed 07 Nov 2026, 04:59 pm IST. GMP is unofficial market sentiment, not investment advice.