Ratnagiri Chemicals
Ratnagiri Speciality Chemicals Limited
- CIN
- U24100MH1996PLC098214
- ISIN
- —
- Incorporated
- 3 Dec 1996
- Registered state
- Maharashtra
Prices shown are indicative, dealer-quoted and updated periodically — they are not exchange-traded prices and may differ from the price at which a transaction is finally executed.
Business overview
Ratnagiri Speciality Chemicals Limited produces performance intermediates and custom-synthesis molecules for agrochemical and pharmaceutical customers, from two plants in coastal Maharashtra and a pilot facility in Gujarat, with 26 commercial molecules and 71% of revenue from export contracts. A three-year de-stocking cycle at European agrochemical customers has compressed margins; the customer contracts themselves are intact, so a restocking cycle would flow through quickly. The company is currently unlisted with no publicly announced listing timeline, and shares change hands only through negotiated off-market transfers.
Key highlights
- EBITDA margin fell from 18.1% in FY2024 to 11.3% in FY2026
- Volumes held flat; the decline is price-led
- Capex paused until utilisation recovers
- Net debt to EBITDA has risen to 2.8x
Financial snapshot
FY2026 · Audited · Source: Audited annual report
- Revenue FY2026
- ₹2,180.00 Cr
- EBITDA
- ₹246.00 Cr
- PAT
- ₹84.00 Cr
- Net worth
- ₹1,640.00 Cr
- Total debt
- ₹820.00 Cr
- Cash & equivalents
- ₹140.00 Cr
- Operating cash flow
- ₹168.00 Cr
- EPS
- ₹1.60
Management & board
- KDSince 2019
Kavita Deshpande
Managing Director & CEO
Has led Ratnagiri Chemicals since 2019 and previously held senior operating roles in the same sector.
- RSSince 2014
Rakesh Sinha
Chief Financial Officer
- MRSince 2008
Mohan Rao
Executive Director — Operations
- INSince 2019
Ira Nair
Company Secretary & Compliance Officer
Reported financials · FY2024–FY2026
Figures in ₹ crore unless stated. Every column carries its own source and audit status.
| Particulars | FY2026Audited | FY2025Audited | FY2024Audited | YoY |
|---|---|---|---|---|
| Profit & loss | ||||
| Revenue | ₹2,180 Cr | ₹2,460 Cr | ₹2,680 Cr | -11.4% |
| EBITDA | ₹246 Cr | ₹392 Cr | ₹486 Cr | -37.2% |
| Profit after tax | ₹84 Cr | ₹186 Cr | ₹248 Cr | -54.8% |
| Earnings per share | ₹1.60 | ₹3.55 | ₹4.73 | — |
| Balance sheet | ||||
| Net worth | ₹1,640 Cr | ₹1,580 Cr | ₹1,440 Cr | +3.8% |
| Total debt | ₹820 Cr | ₹760 Cr | ₹700 Cr | — |
| Cash & equivalents | ₹140 Cr | ₹186 Cr | ₹212 Cr | — |
| Total assets | ₹3,120 Cr | ₹3,040 Cr | ₹2,940 Cr | — |
| Book value per share | ₹31.30 | ₹30.15 | ₹27.48 | — |
| Cash flow | ||||
| Operating cash flow | ₹168 Cr | ₹284 Cr | ₹342 Cr | — |
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- FY2026 · Audited annual report · period ended 31 Mar 2026 · last updated in the back office 14 Sep 2026
- FY2025 · Audited annual report · period ended 31 Mar 2025
- FY2024 · Audited annual report · period ended 31 Mar 2024
Revenue, EBITDA and PAT
₹ crore. A year with no reported figure is left out rather than drawn as zero.
- Revenue
- EBITDA
- PAT
Every ratio on this tab is derived from the reported figures in the Financials tab and the indicative price in the header — nothing here is a stored value. A ratio that cannot be justified is shown as — with the reason, rather than as a negative or a zero. Ratios move when the indicative price moves.
Size
Balance-sheet items as at FY2026
- Market cap
- ₹17,187 Cr
- Enterprise value
- ₹17,867 Cr
- Indicative price
- ₹328
- Shares outstanding
- 52,40,00,000
Indicative price × shares outstanding
Market cap + debt − cash
Valuation multiples
- P/E
- 204.6x
- P/B
- 10.5x
- EV / EBITDA
- 72.6x
- EPS
- ₹1.60
- Book value / share
- ₹31.30
- Debt / equity
- 0.5x
On FY2026 PAT
Returns & margins
- ROE
- 5.1%
- ROCE (EBITDA basis)
- 10.0%
- EBITDA margin
- 11.3%
- PAT margin
- 3.9%
- Revenue growth
- -11.4%
- Cash / market cap
- 0.8%
EBITDA ÷ (net worth + debt)
Indicative price snapshots
Each point is a dated dealer-quote average. There is no continuous trading behind these numbers, so no daily series is drawn.
Prices shown are indicative, dealer-quoted and updated periodically — they are not exchange-traded prices and may differ from the price at which a transaction is finally executed.
Snapshot log
| Date | Indicative price | Change | Source |
|---|---|---|---|
| 20 Sep 2026 | ₹328 | -6.58% | Dealer desk average, 3 quotes |
| 20 Aug 2026 | ₹351 | -4.95% | Dealer desk average |
| 20 Jul 2026 | ₹369 | -4.68% | Dealer desk average |
| 20 Jun 2026 | ₹388 | +0.21% | Dealer desk average |
| 20 May 2026 | ₹387 | -1.26% | Dealer desk average |
| 20 Apr 2026 | ₹392 | -3.53% | Dealer desk average |
| 20 Mar 2026 | ₹406 | +0.60% | Dealer desk average |
| 20 Feb 2026 | ₹404 | -2.48% | Dealer desk average |
| 20 Jan 2026 | ₹414 | -0.52% | Dealer desk average |
| 20 Dec 2025 | ₹416 | -1.68% | Dealer desk average |
| 20 Nov 2025 | ₹423 | +2.07% | Dealer desk average |
| 20 Oct 2025 | ₹415 | -3.57% | Dealer desk average |
| 20 Sep 2025 | ₹430 | — | Dealer desk average |
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Change is measured against the previous snapshot, not against a calendar period, because snapshots are not collected on a fixed schedule. The header percentages use fixed windows and may not tie exactly to this column.
Corporate actions & events
Dated events sourced from company filings and registrar records.
- Dividend10 Aug 2026
Final dividend declared
Dividend recommended by the board, subject to shareholder approval at the AGM.
Company filing / RoC
- Fund raise27 Jul 2026
Preferential allotment to institutional investors
Fresh equity issued to a small group of institutional investors at a board-approved price.
Company filing / RoC
IPO / listing status
- Current stage
- Unlisted
- DRHP filed
- —
- RHP filed
- —
- Expected window
- —
- Registrar
- —
- Book-running managers
- —
No listing application has been made. Any exit before a listing depends on finding a counterparty in the off-market.
Research
1 published on this company
Documents
Public documents open directly. Private documents are released to verified clients on request.
| Document | Type | FY / date | Source | Access |
|---|---|---|---|---|
| Annual Report FY20264.2 MB | Annual report | FY2026 | Company | Download |
| Annual Report FY20253.8 MB | Annual report | FY2025 | Company | Download |
| Audited financial statements — three-year summary620 KB | Financials | FY2024–FY2026 | Statutory filings | Download |
| Investor presentation9.1 MB | Presentation | 2026-07-15 | Company | On request |
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Risk assessment
Our own reading of the disclosed information. Treat the levels as judgement, not as fact.
Margin cycle
HighEarnings are down three consecutive years on price erosion.
Leverage
HighNet debt to EBITDA of 2.8x leaves little headroom.
Customer de-stocking
MediumRecovery timing is outside management control.
Environmental compliance
MediumCoastal plants carry a higher consent burden.
Risks common to every unlisted holding. You may not find a buyer when you want one, at any price. A listing may be delayed indefinitely or may never happen, and shares can list below the price at which they changed hands in the unlisted market. Disclosure by unlisted companies is thinner than by listed ones, and the indicative price is based on infrequent dealer quotes rather than continuous trading.