Prasol Chemicals Ltd

NSE: PRASOLCHEM · BSE: 544912 · Main board · Listed 16 Sep 2026 · ISIN INE455U01024 · CIN L99999MH1992PLC065026 (changed from U99999MH1992PLC065026 on listing; intimated 5 Oct 2026) · Data as of 6 Oct 2026 close

Data provenance — read first. The RHP (2 Sep 2026, >10 MB), the 2025 and 2022 DRHPs, the Q1 FY27 earnings-call transcript (NSE filing of 5 Oct 2026) and the Q1 FY27 investor-presentation PDFs could not be machine-read. Many figures below therefore come from secondary write-ups quoting the RHP (multibagg RHP series, Chittorgarh, IPO Watch, Groww, InCred Money, Trade Brains, Paytm Money, SP Tulsian, Bajaj Broking, Samco and two Substack reviews). Tags used: [secondary] = RHP figure via a third party; [single-source] = one weak source; [unverified] = not tied to a primary filing. Still needs a manual RHP read: (1) related-party transaction amounts FY24–FY26; (2) the litigation summary table (the Abridged Prospectus gives 16 statutory/regulatory and 9 tax proceedings against the company, Rs 6.18 Cr where quantifiable, plus 6 criminal proceedings against promoters — the case-by-case Rs table is still missing); (3) cost of acquisition (WACA) for the top sellers Usha R. Shah, Bhisham K. Gupta and Nishith R. Dharia; (4) the "Group Companies" list; (5) whether the 8 family voting pacts survive listing. Also open: seller-wise share table, ESOP status, term-loan schedule, the non-fund-based limit anomaly, Basis-for-Offer-Price peer table date, Acuité surveillance after Nov 2024.

Market data

Item	Value	Note / source
CMP (6 Oct 2026 close)	Rs 831.00	Screener; Investing.com tape (open 791.95, high 846.30, low 788.65)
Previous close (5 Oct)	Rs 789.05 / Rs 822	Conflict: Investing.com close 789.05 (matches Groww +Rs 42.45 move on 6 Oct) vs share.market/Univest Rs 822 (likely an open/LTP snapshot)
Post-issue shares	5,91,83,431	5.80 Cr pre-issue + 11,83,431 fresh
Market cap	Rs 4,918 Cr	Screener Rs 4,917 Cr
Enterprise value (pro-forma)	~Rs 4,927 Cr	Net debt ~Rs 8.8 Cr = RHP-basis Rs 85.2 Cr less net fresh proceeds Rs 76.4 Cr [Est.]
Issue price / band	Rs 676 (643–676)	Book built 8–10 Sep 2026; lot 22 shares
Listing open (16 Sep)	NSE Rs 610 (−9.76%) · BSE Rs 611 (−9.62%)	Closed at 10% upper circuit Rs 671 NSE / 672.05 BSE (−0.7% vs issue)
All-time high / low	Rs 914.90 (30 Sep) / Rs 601.00 (16 Sep, NSE; BSE 600.50)	CMP −9.2% from ATH, +38.3% from low
Return vs issue / vs listing	+22.9% / +36.2%	Derived
P/E FY26 · TTM · TTM ex one-off	~59x · 41.1x · 49.0x	FY26 58.0x on pre-issue EPS 14.33; 59.2x post-issue EPS 14.04
EV/EBITDA FY26 · TTM · FY27 guidance	35.4x · 26.1x · 19.7–20.5x	TTM ex one-off 30.2x
P/B	9.3x post-issue NAV Rs 89.30 (10.7x Mar-26 NAV Rs 77.33)	~8.4x on pro-forma book (Mar-26 NW + Q1 PAT + net IPO proceeds, pre-dividend) [Est.]
Dividend yield	0.14%	FY26 DPS Rs 1.20 (60% of FV Rs 2)
Index membership	None identified	Listed <1 month; not sourced — BSE IPO/all-cap indices may include new listings [inference]
Free float / holders	24.75% / 1,19,467	Listing-date SHP

Company overview

Field	Detail
Headquarters	Prasol House, Plot A-17/2/3, TTC Industrial Area, Khairne MIDC, Navi Mumbai 400710
Founded	24 Jan 1992 as Prachi Poly Products Pvt Ltd; later Prasol Chemicals Pvt Ltd; public company 23 Dec 2021
Plants	Khopoli/Honad, Raigad (1995; 78,784 MTPA) and Mahad MIDC, Raigad (2020; 19,860 MTPA); Dheku repack/storage site; total 98,644 MTPA
Employees	724 (Mar-26, Annual Report) · 656 (FY25, CareEdge) · "600+" (website)
Promoters	10 individuals across Shah, Parikh, Dharia, Gupta families; Chairman Nishith R. Shah; MD Gaurang N. Parikh; Jt MD Dhaval N. Parikh
Sector	Specialty chemicals — acetone- and yellow-phosphorus-based derivatives; 150 products; 1,618 customers; exports 27.29%
Auditor / rating	CNK & Associates LLP / Acuité A+ (Stable), A1+ — reaffirmed 8 Nov 2024 (no later action located)
BRLM / registrar	DAM Capital Advisors (sole) / KFin Technologies

Plain-English description. Prasol imports acetone and yellow phosphorus — it is India's largest acetone importer and a top-5 user of yellow phosphorus — and converts them into about 150 intermediates: solvents and coalescents (diacetone alcohol, isophorone, hexylene glycol, mesityl oxide), lubricant additives (P₂S₅, ZDDP, dithiophosphates), agro and pharma intermediates (DETC, phosphorus chlorides, P₂O₅/PPA) and mining reagents. It is India's only isophorone maker. It earns a conversion spread over volatile imported feedstock, sells about 90% direct to end users and exports to 56 countries in FY26. It listed on 16 Sep 2026 through a Rs 500 Cr IPO that was 84% offer for sale.

Quick verdict scorecard

Business

Medium

Management

Weak

Financial

Medium

Valuation

Expensive

Overall

Neutral

FY26 Revenue (ops)

Rs 1,232.6 Cr

+21.7% YoY · total income 1,237.85

FY26 PAT

Rs 83.1 Cr

FY25 43.57 · FY24 18.13 (restated)

FY26 EBITDA margin

11.3%

Q1 FY27 20.8% reported · ~15.8% normalised

RoE / RoCE FY26

20.4% / 22.4%

RHP adjusted RoAE / RoCE

Q1 FY27 revenue

Rs 433.65 Cr

+35.7% YoY

Q1 FY27 PAT

Rs 61.02 Cr

+151% · ~Rs 41.6 Cr normalised

FY27 guidance

Rs 1,550–1,650 Cr

EBITDA Rs 240–250 Cr

OCF / PAT FY26

0.60x

FY25 0.51x · FCF Rs 10.9 Cr

Freshness: prices to 6 Oct 2026 close; financials to Q1 FY27 (Jun-26, results 28 Sep 2026); Q2 FY27 not yet reported (due by 14 Nov 2026). Labels: [Fact] sourced · [Est.] calculated · [Analyst View] Aamara judgement.

Analyst Notes

[Analyst View] Prasol came to market on 16 Sep 2026 with a Rs 500 Cr IPO, of which Rs 420 Cr was promoter-family selling. It opened 10% below issue. Twelve days later a Q1 FY27 print — revenue +36%, PAT +151% to Rs 61 Cr, EBITDA margin 20.8% — took it to Rs 914.90. At Rs 831 it sits 23% above issue. The market has moved from "fully priced IPO" to "growth compounder" in three weeks. My view is that the reality is between those two, and the price is closer to the optimistic end.

What is real. India's only isophorone maker (9,000 MTPA), the largest acetone importer (CY22–CY25), a top-5 yellow-phosphorus user. 1,618 customers and the largest is under 5% of revenue. EBITDA margin climbed 6.9% → 8.7% → 11.3% over FY24–FY26. Phosphorus revenue grew 35% in FY26 on the Mahad ramp (utilisation 12.7% → 44.1%), and Mahad turned EBITDA-positive in Q1 FY27. Gross debt was only Rs 110 Cr at Mar-26 (Rs 116 Cr fund-based at 15 Jul 2026), or about Rs 56 Cr on the July basis after the Rs 60 Cr IPO repayment. FY26 RoE was 20%. Management pre-emptively stripped about Rs 25.9 Cr of windfall out of Q1. That is a credibility positive.

What is priced. About 59x FY26 EPS, 41x TTM (49x excluding the one-off) and roughly 30–35x guided FY27 earnings. EV/EBITDA is about 20x on the guidance midpoint. That only works if the guide is delivered in full. Clean Q1 EBITDA was about Rs 64 Cr. The guide then needs about Rs 58–62 Cr a quarter for Q2–Q4. FY26 averaged Rs 35 Cr a quarter and Q4 FY26 was about Rs 32 Cr at a 9.6% margin. That is a 1.7–1.9x step-up, sustained for three quarters, with no new capacity before FY29. It is unproven.

Earnings quality is the weak link. FY26 PAT of Rs 83 Cr only regains the FY22 peak. Much of the FY26 margin came from a 27% fall in acetone cost. Much of Q1 came from a West-Asia price spike. Cash has not followed profit. OCF was 0.51x PAT in FY25 and 0.60x in FY26. Receivables rose 41% against 22% revenue growth, and FCF has been about zero for two years. The auditor has modified its internal-controls opinion for three straight years on inventory quantity, valuation and overhead allocation — the same line that produced Q1's gains — and the ERP fix has no date.

Safety and conduct. Four workers have died in three incidents since 2020. Both plants have been closed by the pollution board (Khopoli for 55 days in 2018; Mahad from Oct-2023 to May-2024). Show-cause notices ran through 2025. Sources count 4 or 5 criminal proceedings against MD Gaurang Parikh, and the Abridged Prospectus counts 6 against promoters as a group. The board's EHS director is an IT/CISA professional. Within eight days of listing, a CFO relative breached the trading window, and the VP R&D retired two weeks after a pitch built on "quadrupling" R&D.

Capital allocation signal. Promoters sold 84% of the issue at historical costs that start at Rs 0.09 a share; disclosed WACAs run Rs 2.47–62.50. The RHP said no committed capacity additions. Thirteen days after listing, management announced a Rs 500–600 Cr two-phase capex funded by accruals and debt. So the company used IPO money to repay debt and will now re-lever. A fresh issue sized for the capex would have been the cleaner structure.

Feedstock is turning. DGTR opened an anti-dumping probe on acetone from Singapore, Korea, Taiwan and Thailand on 19 Mar 2026; final findings are likely around Mar-2027. Haldia Petrochemicals' phenol-acetone complex (about 185–215 KTPA acetone) is due to commission on 14 Oct 2026, and Deepak plans another 185 KTA and already runs a 40 KTA MIBK plant. More domestic acetone may lower Prasol's freight and FX costs. It also hands leverage to integrated rivals who could move into Prasol's derivatives.

Flow. 50% of the anchor book (about 11.09 lakh shares, roughly Rs 92 Cr at CMP) unlocks on 10 Oct and is tradable from 12 Oct. The rest unlocks on 9 Dec. Anchors are 23% in profit, FII ownership is 0.18%, and the BRLM's quiet period runs to about 26 Oct.

Bottom line. A genuine but narrow niche franchise at a full price, with weak cash conversion and a poor safety record. I would not chase it at Rs 831. I would revisit after the Q2 FY27 print (needs about Rs 58–62 Cr of clean EBITDA) and the two anchor unlocks. At about 20–25x clean FY27E EPS of Rs 26–28, entry would be around Rs 520–700 [Est., illustrative — not a target price].

What the market is paying for vs what must happen

Pricing assumption	Evidence for	Evidence against	Test date
Clean EBITDA steps up ~1.7x vs FY26	Q1 clean ~Rs 64 Cr; Mahad profitable; mix shift to secondary/tertiary derivatives	Q4 FY26 ~Rs 32 Cr (9.6%); FY26 quarterly range Rs 32–41 Cr; no new capacity until FY29	Q2 FY27 (~mid-Nov 2026)
Margins are structural	Gross margin averages 23% → 26% → 30% across FY11–26	EBITDA margin 6.9% → 20.8% in ~2.5 yrs tracks acetone; Rs 25 Cr Q1 windfall	Q2–Q3 FY27
Profits convert to cash	FY22–FY26 cumulative OCF/PAT ~1.07x	FY25 0.51x, FY26 0.60x; receivables +41%; IFC modified 3 yrs	H1 FY27 cash flow
Safety record normalised	ISO 45001, scrubbers, detectors, Responsible Care Feb-2026	4 deaths/3 incidents; notices Mar, Jul, Aug, Sep 2025; criminal cases pending	Ongoing
Feedstock access stays cheap	New domestic supply (Haldia Oct-2026)	Acetone anti-dumping probe; Deepak forward integration	DGTR ~Mar-2027

Business Deep-Dive

Model. Prasol is a forward-integrated converter of two mostly imported commodities, acetone and yellow phosphorus (YP). Its 150 products split into 21 acetone-based, 53 phosphorus-based and 76 "other" specialty products (surfactants, performance additives, ethers, esters, polymers, acids). Many of the "other" products are distributed or traded. [Fact — Abridged Prospectus] Primary/basic products are about 50% of revenue and secondary/tertiary about 30–35%; the rest is distribution (earnings call). Management claims a 60–70% share in "targeted acetone derivatives" [management estimate].

Company-stated value chain (Q1 FY27 deck, slide 13)

Platform	Primary	Secondary	Tertiary
Acetone	IPH (isophorone), DAA (diacetone alcohol)	HG (hexylene glycol), MO (mesityl oxide), TMC-nol, TMC-none, MX (likely 3,5-xylenol [inference])	MPD, MPOL (not expanded in any source)
Phosphorus	P₂S₅, P₂O₅, PPA (polyphosphoric acid)	Thio acids, DETC, phosphates, phosphites	ZDDP, mining chemicals

Product-by-product verification

Product	End use	Manufacturing evidence	Status
Diacetone alcohol (DAA)	Coatings/ink solvent; intermediate to MO, HG, MIBK	EIA 2020: 9,000 TPA consented; Acuité 2020 "one of India's leading manufacturers of DAA and P₂S₅"	Made (Khopoli)
Isophorone (IPH)	High-boiling solvent (coatings, inks, agro); precursor to TMC, 3,5-xylenol	RHP: sole Indian maker, 9,000 MTPA [secondary]; AR "only manufacturer in India"; EIA 3,600 TPA consented	Made (Khopoli)
Mesityl oxide (MO)	Solvent; MIBK/MIBC intermediate	EIA 750 TPA; REACH-numbered TDS	Made
Hexylene glycol (HG)	Coalescent; HPC; hydraulic fluids	EIA "HG, TMC-ol, TMC-one" 1,800 TPA	Made
TMC-none / TMC-nol	Solvents; fragrance/HPC intermediates	EIA; deck; website	Made
3,5-Xylenol ("MX")	Antiseptics, resins, agro	New product per Acuité 2020; EIA 3,000 TPA proposed	Likely made [inference]
MIBK	Coatings solvent; rubber antioxidant precursor	TDS Jan-2026; EIA 2020: 5,000 TPA proposed, none existing; not in deck tree	Sold; in-house production not proven
MIBC	Mining frother	Website; EIA 3,000 TPA proposed	Production unverified
DIBK/DIBC, methyl pentadiene, benzylidene acetone, cumene hydroperoxide, dicumyl peroxide, resorcinol, Bisphenol-S	Various	Only proposed lines in EIA 2020; Bisphenol-S on website "core competencies"	Unverified
Acetone, PM, PMA, DPMA, IPAc, DBE, sec-butyl acetate	Solvents	Website; consistent with Rs 175 Cr FY26 traded purchases	Traded [inference]
P₂S₅	Thionation; feedstock for dithiophosphoric acids → ZDDP and OP insecticides	AR MD&A; EIA 6,000 TPA (Khopoli); Mahad EC 12,000 TPA	Made (both plants)
DETC	Organophosphate-insecticide intermediate	AR MD&A; Mahad EC DETC/DMTC 12,000 TPA	Made (Mahad)
DMTC, DMPAT	OP agro intermediates (DMPAT → acephate)	Mahad EC: DMPAT 1,000 TPA	Permitted; status undisclosed
PCl₃ / POCl₃ / PCl₅ / PSCl₃	Chlorinating agents (glyphosate, OP chains, cephalosporins); flame retardants	Mahad EC chlorinated products 10,000 TPA; website pages	In portfolio; made vs traded undisclosed
P₂O₅, PPA, phosphorous acid (food grade), dilute acid	Pharma/agro cyclisations; food/feed	EIA consented: 500 / 600 / 624 TPA	Made
Dithiophosphates (incl. sodium salts), thio acids	Lube additives; mining flotation collectors	Deck; EIA; Mahad EC 6,000 TPA	Made
ZDDP	Engine-oil anti-wear/antioxidant	Deck (recent new product); EIA 1,500 TPA	Made
Phosphate esters, alkyl phosphites, amine phosphates	Lube additives, flame retardants, surfactants	Deck; EIA proposed	In portfolio
Red phosphorus	Flame retardants, matches	Mahad EC 2,000 TPA	Permitted; not confirmed
"Other specialty" (76 SKUs)	Surfactants, lube packages, bitumen/construction emulsifiers, mining reagents	Abridged Prospectus; lubricants and mining web pages	Mix of blends and traded
Antibacterial active (under NDA, for an MNC)	Wound care / mouthwash-type antiseptic	Call: new 3–3.5-step route replacing a 10-step route; sample approved; mechanical completion ~Jan-2027; >100 t/month initial	Pipeline (PCMX fit is pure inference)

"Technical distribution" playbook and history

Trade a product for 5–7 years, build >50% of the Indian market, then manufacture. Distribution earns about 5–6% EBITDA vs about 15% for manufactured goods. "Others" is to shrink from 18% to about 10% within 5 years (about 30% seven to eight years ago). The model started from job work for Rallis India (~2000), which later gave a "Make in India Partnering Award".

Year	1992	1995	1996	2003	2007	2010	2019	2020	2022	2025
Milestone	Incorporated	Khopoli plant	Phosphorus	Acetone derivatives	Pharma	Lube antioxidants / anti-wear	5 MW co-gen	Mahad	Construction chemicals	Mining

Process technology

Unit processes: aldol condensation, hydrogenation (batch and fixed-bed), thio-acid synthesis, chlorination, esterification, oxidation, chelation, vapour-phase alkyl rearrangement. Khopoli runs 5 hydrogenation reactors and a 6th is being built for a cosmetics application. One lube-additive product runs on 9–10 dedicated streams holding ±0.05% against the customer's ±0.2% spec; an agitator redesign could add 50–70% capacity. Recent additions (AR): an imported continuous process plant with heat integration, an imported compressor, DCS/PLC automation, an "SS3 / 100 TPM" project. By-products: AMS, acetophenone, di-nonyl phenol. Utilities: 5 MW co-gen, zero liquid discharge, power and fuel Rs 59.6 Cr (4.8% of revenue). Legacy 2019 Honad consent rows ("Phenol 20,000; Acetone 12,000 TPA") are not evidence of backward integration.

Facilities

Site	Location	Land	Est.	Capacity FY26	Utilisation FY24/25/26	Made
Khopoli (Honad)	Survey 08, 13–16, 25, 75, Takai-Adoshi Rd, Khalapur, Raigad	~29.8 acres, 11.98 spare (deck); call "4 to ~32 acres"	1995	78,784 MTPA	71.73% / 68.60% / 80.29%	Acetone chain; P₂S₅; ZDDP; P₂O₅/acids; co-gen; pilots
Mahad	Plot FS-30, Mahad Five Star MIDC, Amshet, Raigad	~29.5 acres, 18.4 spare (deck); call "10+10+10", last 10 bought ~1 month ago	2020	19,860 MTPA (15,000 → 17,000 → 19,860)	12.72% / 25.18% / 44.09%; 60%+ Q1 FY27; target 70%+ FY27-end	P₂S₅, DETC/DMTC, dithiophosphates, chlorides. Output 1,908 → 4,281 → 8,756 t
Dheku	Survey 74, 146, 150–154, Khalapur (30,110 sqm)	n.d.	n.d.	Repack, storage, dispatch	n.a.	Can be re-purposed
R&D centre	Prasol House, TTC MIDC, Navi Mumbai	n.d.	n.d.	DSIR-recognised	n.a.	New pilot plants (~Rs 15 Cr); 4,000 sq ft application lab (Rs 15–20 Cr)
Sayakha, Gujarat	Bharuch district	n.d.	n.d.	n.a.	n.a.	AR "started process to expand"; call "small distribution setup"; Master Capital cites expansion [unverified]
Consignment stocks	Houston, Rotterdam, Shanghai	—	—	Warehousing	—	Partners: Skyhawk Chemicals, Rotterdam Chemicals Group

Conflicts: Mahad FY26 utilisation 44.09% (RHP via multibagg) vs ~27% and "~100%+" (two InCred readings). Arithmetic supports ~44%: 0.80×78,784 + 0.44×19,860 ≈ 71,770 t = 72.8% blended, matching the 70–73% company figure. Land: deck and call acreages do not reconcile; both are shown. Phase I base: deck 98,844 MTPA vs RHP 98,644 (200 MTPA unreconciled). All plant land is MIDC leasehold (95–99-year leases per AR); a lease-dispute hearing has been pending since Apr 2026 (Tijori). About 74% of import shipments clear at Nhava Sheva [secondary, Eximpedia snippet].

Certifications, IP, R&D, exports

Item	Detail
ISO 9001:2015 / 14001:2015 / 45001:2018	Bureau Veritas multi-site (IND.25.365/IM/U) — Honad, Dheku, Mahad; valid to 26 Apr 2028
ICC Responsible Care	Feb-2026 to Jan-2029
DGFT Export House	3-Star, 16 Aug 2023 to 16 Aug 2028 (Acuité Nov-24 says 2-Star — certificate used)
EcoVadis / TfS	Rated / member (ScanX "93" omitted: unclear if score or percentile)
EU REACH	6–7 products; first obtained by 2020
Patents	None disclosed; IP is process know-how. Product-registration intangibles Rs 6.37 Cr gross (Mar-26)
R&D team	37 (4 PhDs, 25 chemists) per deck/Kotak Neo vs 18 per CareEdge FY25
R&D pipeline	40 → 31 → 9 at pilot; 13 products commercialised Apr-23 to Jun-26 (ZDDP, IPH, PPS); expected conversion 15–20%
R&D spend	Rs 3.28 Cr FY26 (~0.27% of revenue); Rs 1.92 Cr FY25; R&D expense disallowed for AY2018-19
Exports	FY26 Rs 336.4 Cr (27.29%); FY25 Rs 287.0 Cr (28.35%); FY24 25.32% (~Rs 222 Cr [Est.])
Countries	56 sold to in FY26 (50 in FY24/25) · 63 network at 30 Jun 2026 · 69 distribution network · "65+" deck; 23 Indian states
Forex flows FY26	Inflow Rs 303.1 Cr vs outflow Rs 583.9 Cr — net importer

Segment Analysis

Prasol reports a single operating segment under Ind AS 108, so there is no segment EBITDA. Product-family revenue is from the Abridged Prospectus. FY26 is standalone; FY24–FY25 are restated consolidated (immaterial subsidiary). Q1 FY27 family split is "nearly 40/40/20" per management; no family figures were given.

Rs Cr	FY24	FY25	FY26	YoY FY25	YoY FY26	2-yr CAGR	FY26 mix
Acetone-based	411.7	483.3	526.9	+17.4%	+9.0%	13.1%	42.75%
Phosphorus-based	278.9	349.0	472.0	+25.1%	+35.3%	30.1%	38.30%
Other specialty	182.6	174.5	225.9	−4.4%	+29.4%	11.2%	18.33%
Other operating revenue	3.4	5.7	7.8	n.m.	n.m.	n.m.	0.63%
Total	876.6	1,012.5	1,232.6	+15.5%	+21.7%	18.6%	100%

Revenue by product family, Rs Cr (other includes other operating revenue). Source: Abridged Prospectus.

Company-level margins (RHP restated EBITDA excludes other income)

Rs Cr	FY24	FY25	FY26	Q1 FY26	Q1 FY27
Gross margin	228.7 (26.1%)	288.1 (28.5%)	378.7 (30.7%)	95.8 (30.0%)	164.5 (37.9%)
EBITDA	60.5 (6.9%)	87.8 (8.7%)	139.3 (11.3%)	40.6 (12.7%)	90.3 (20.8%)
PAT	18.1	43.6	83.1	24.3	61.0
EBITDA ex Mahad losses	75.5	94.9	143.3	n.d.	Mahad EBITDA- and PBT-positive

Annual-report EBITDA (Rs 70.9 / 90.0 / 144.6 Cr) includes other income; RHP figures are used. Long-run gross margins averaged 23% (FY11–15), 26% (FY16–19) and 30% (FY20–26). Guidance: normalised gross margin 30–32%; FY27 EBITDA margin 15–16%.

Mahad plant economics

Mahad	FY24	FY25	FY26	Q1 FY27
Capacity (MT)	15,000	17,000	19,860	19,860
Production (MT)	1,908	4,281	8,756	Record
Utilisation	12.7%	25.2%	44.1%	60%+
Loss before tax (RHP, Rs Cr)	(22.8)	(15.8)	(12.2)	Positive
EBITDA loss (deck, Rs Cr)	(14.9)	n/a	(3.9) — InCred ~(4)	Positive
Khopoli utilisation (context)	71.7%	68.6%	80.3%	"optimum"

Fastest grower — phosphorus (+35.3%): Mahad ramp, ZDDP, DETC and mining collectors; YP price +8.79% to Rs 353.81/kg [secondary, Samco]. Under pressure — acetone (+9.0%): the acetone price fell 26.89% (Rs 81.81 → 59.81/kg), so volume grew well above 9% while realisations tracked feedstock down [inference]. Share of revenue fell 47.7% → 42.75%. Pressure from Chinese dumping (Acuité 2024) and Deepak's integrated MIBK. Management focus: raise secondary/tertiary phosphorus derivatives from ~35% to ~50%; shrink "Others" to ~10%.

End-industry split FY26 (management estimate, top 200 customers)

Industry	Share	Prasol products
Performance chemicals (lubricants, mining)	20–25%	ZDDP, dithiophosphates, frothers/collectors
PICA (paints, inks, construction, adhesives)	20–25%	DAA, IPH, HG, MO, TMC; emulsifiers
Pharmaceuticals (API intermediates)	20–25%	Phosphorus chlorides, PPA, P₂O₅, solvents
Agrochemicals	15–20%	P₂S₅, DETC/DMTC, PCl₃ chain
HPC (fragrances)	10–15%	TMC derivatives, HG

Financials: P&L

Basis. Revenue = revenue from operations (FY26 Rs 1,232.59 Cr), not total income (Rs 1,237.85 Cr), which several aggregators label "revenue". FY26 restated is standalone; FY24–FY25 restated consolidated (subsidiary appears immaterial — identity unconfirmed; verify in RHP). FY21–FY23 are Screener standalone, not restated.

Restated P&L FY24–FY26 (Rs Cr)

Line	FY24	FY25	FY26	CAGR FY24–26
Revenue from operations	876.57	1,012.49	1,232.59	18.6%
Total income	887.56	1,015.54	1,237.85	18.1%
Gross profit (margin)	228.7 (26.1%)	288.1 (28.5%)	378.7 (30.7%)
Operating EBITDA (ex other income)	60.53	87.77	139.32	51.7%
EBITDA margin	6.91%	8.67%	11.30%
Depreciation (Screener)	~21	~23	~25
Finance cost	10.89	~8	7.98
EBIT (PBT + finance cost)	44.40	~67.3	119.88
EBIT margin	5.07%	~6.6%	9.73%
Exceptional item	(5.76)	–	–
PBT	33.51	59.29	111.90	82.7%
PBT margin	3.82%	5.86%	9.08%
Tax (rate)	15.38 (45.9%)	15.72 (26.5%)	28.78 (25.7%)
PAT	18.13	43.57	83.12	114.1%
PAT margin	2.07%	4.30%	6.74%
EPS (Rs, 5.80 Cr shares)	3.13	7.51	14.33

Sources: Trade Brains; Paytm Money (Rs mn: 8,765.65/10,124.94/12,325.93 revenue; 605.28/877.66/1,393.20 EBITDA; 181.31/435.69/831.24 PAT); scanx (PBT); InCred (finance cost, exceptional, FY26 other income 5.25); Screener (D&A). Tie-outs: FY26 EBIT 119.88 + D&A ~25 − OI 5.25 ≈ 139.6 vs 139.32; FY24 44.40 + 21 − 11.00 + 5.76 ≈ 60.2 vs 60.53. Conflicts: FY24 PAT Rs 23.75 Cr (deathgamersolo, likely pre-restatement) vs restated Rs 18.13 Cr (Acuité 18.14) — 18.13 used. FY25 PAT Rs 39.38 Cr (InCred) vs restated Rs 43.57 Cr — 43.57 used. SBI Securities cites PAT CAGR 97.8%; restated arithmetic gives 114.1%.

Longer history (Screener standalone, not restated)

Rs Cr	FY21	FY22	FY23	FY24	FY25	FY26
Sales	592	896	930	877	1,012	1,233
Operating profit	49	133	87	62	88	140
OPM	8%	15%	9%	7%	9%	11%
Other income	9	7	2	4	3	4
Interest	12	12	12	11	8	8
Depreciation	13	17	19	21	23	25
PBT	34	111	58	34	59	112
Tax %	26%	26%	17%	46%	27%	26%
PAT	25	83	49	18	44	83
EPS (Rs)	86.52* (~4.33 adj.)	14.24	8.38	3.13	7.51	14.33
Dividend payout	2%	0%	0%	10%	4%	8%

*Pre Dec-2021 5:1 split and Jan-2022 3:1 bonus. Cross-checks: Acuité FY23 operating income Rs 931.40 Cr, PAT Rs 48.59 Cr; 2022 DRHP FY20 revenue Rs 531.24 Cr / PAT Rs 37.77 Cr, FY21 Rs 595.54 / 25.08 Cr, 9M FY22 Rs 626.93 / 50.10 Cr.

Revenue, Rs Cr. FY21–23 Screener standalone; FY24–26 restated.

EBITDA margin (black) and PAT margin (gold), %. Red circle: Q1 FY27 normalised EBITDA margin.

Quarterly results — 8-quarter history: Not Available — listed Sep 2026

The RHP contains no quarterly or stub periods. The quarters below are those disclosed (Q1 FY27 results with comparatives; Screener). Q2 FY27 is not yet released (due by 14 Nov 2026).

Quarter	Revenue	YoY	QoQ	EBITDA	EBITDA %	PAT	PAT YoY	PAT QoQ	EPS
Q1 FY27 (Jun-26)	433.65	+35.7%	+29.4%	90.3	20.8%	61.02	+150.7%	+212%	10.52
Q4 FY26 (Mar-26)	~335 (sales 334.05)	NA	NA	~32	~9.6%	19.56	NA	NA	3.37 (Screener 3.42)
Q2+Q3 FY26 (derived)	~578.0	NA	NA	~66.7	~11.5%	~39.22	NA	NA	–
Q1 FY26 (Jun-25)	319.6 (sales 318.81)	NA	NA	40.6 (scanx 40.7)	12.7%	24.34	NA	NA	4.20
Q4 FY25 and earlier	Not Available — listed Sep 2026

EBITDA YoY Q1 FY27 +122%. Q1 detail: total income 435.36; other operating income 1.56; other income 1.71; total expenses 351.80; PBT 83.56 (+155% vs 32.78); tax 22.54 (current 22.16, deferred 0.38); OCI (0.15); TCI 60.87; PAT margin 14.1%; gross profit 164.5 vs 95.8 (37.9% vs 30.0%). scanx margin 20.85% vs 12.74%. Q2+Q3 FY26 is derived (FY26 − Q1 − Q4), not reported. Limited review unmodified; Rs 3.186 Cr IPO expenses to be adjusted against securities premium. Stock +9.7–9.8% on 29 Sep (upper circuit Rs 840.15 NSE; cited as Rs 838–839 by Trade Brains/cruxal).

Q1 FY27 normalisation (Rs 25 Cr geopolitical price gain + Rs 0.92 Cr FX gain)

Rs Cr	Reported	One-offs	Normalised	YoY normalised
Revenue	433.65	−25 (if gain sits in price)	~408.65	+27.9%
EBITDA	90.3	−25.92	~64.4	+59%
EBITDA margin	20.8%	—	~15.8% on 408.65 · ~14.8% on 433.65	vs 12.7%
PAT	61.02	−25.92 × (1−25.2%)	~41.6	+71%
Gross margin	37.9%	—	30–32% guided	vs 30.0%

[Est.] Whether the full Rs 25 Cr flowed to EBITDA is unconfirmed. Whalesbook/scanx call it "inventory gains"; company language is "sharp increase in average selling price due to geopolitical-led supply chain issues".

FY27 guidance: implied Q2–Q4 run-rate vs FY26 run-rate

Basis	Revenue / qtr	EBITDA / qtr	EBITDA %	Step-up vs FY26 avg EBITDA
FY26 average quarter	308.1	34.8	11.3%	1.0x
Q2+Q3 FY26 average	~289	~33.4	~11.5%	—
Q4 FY26	~335	~32	~9.6%	—
Q1 FY27 normalised	~408.65	~64.4	~15.8%	1.85x
Required Q2–Q4 — Reading A (guide excludes one-offs; subtract clean Q1 64.4)	372–405	58.5–61.9	~15–16%	1.68–1.78x (1.83–1.93x vs Q4 FY26)
Required Q2–Q4 — Reading B (subtract reported Q1 90.3)	372–405	49.9–53.2	~13%	1.43–1.53x
Revenue step-up vs FY26 average	1.21–1.32x	FY27 revenue guide +26–34% on FY26; Phase I capacity not online until ~FY29

[Analyst View] Reading A is consistent with management's 15–16% margin guide, so the guide is internally coherent. It still requires a sustained 1.7–1.9x step-up over every FY26 quarter, with Khopoli already at 80% utilisation. Revenue growth must come from price, mix, the Mahad ramp and Khopoli debottlenecking.

Earnings quality and drivers

Volume vs price: revenue/tonne fell Rs 1.91 → 1.71 lakh (FY25→FY26); material cost/tonne Rs 1.37 → 1.19 lakh; spread ~Rs 0.52–0.54 lakh/t, near-full pass-through. Adjusted EBITDA/tonne Rs 13,213 (FY24) → Rs 19,347 (FY26) [secondary, InCred]. Growth is organic; no acquisitions.
Material spread proxy: ~28.3% (FY25) → ~30.4% (FY26). FY26 raw-material consumed Rs 688.47 Cr = 61.15% of total expenses Rs 1,125.95 Cr; excludes traded goods, so 44% is not a valid gross margin.
Feedstock: acetone Rs 81.81 → 59.81/kg (−26.9%) in FY26 — a critic called the FY26 profit doubling "an unearned gift".
One-offs: FY24 exceptional Rs 5.76 Cr (Mahad closure; tax rate 45.9%); Q1 FY27 Rs 25.92 Cr windfall.
Cash backing: FY26 OCF 0.60x PAT; FY25 0.51x — see Tab 6.
Cycle: FY26 PAT Rs 83 Cr only regains FY22's Rs 83 Cr. Revenue CAGR FY21–26 ~15.8%; FY22–26 ~8.3%.

Balance Sheet, Cash Flow & Ratios

Rs Cr (Mar)	FY21	FY22	FY23	FY24	FY25	FY26
Net fixed assets	267	293	291	326	326	314
CWIP	20	25	60	22	21	47 (AR 47.1)
Goodwill	Not separately disclosed; no acquisitions
Inventory	NA	NA	~132 (derived)	99.8	151.7	153.2
Trade receivables	NA	NA	~167.7 (derived)	160.34	197.27	278.69
Trade payables	NA	NA	NA	~72.2 (derived)	~97.8 (derived)	109.11 / 208.2 ⚠
Cash & equivalents	NA	NA	NA	~10.0	~16.6	~24.8 (implied)
Total borrowings	162	162	186	82.07	101.05	110.06
— LT / ST				43.37 LT (Acuité)	43.6 / 57.5 (Tofler)	NA
Net debt (RHP basis)				~71.7	~84.5	~85.2
Net worth	180	263	310	325.84	367.46	448.51
Reserves	177	251	298	314.24	355.87	436.91
Total assets	550	677	688	626.36	723.09	839.28
NAV/share (Rs)						77.33

⚠ Payables conflict: Rs 109.11 Cr (deathgamersolo) vs Rs 208.2 Cr (Annual Report, management cites supplier credit; payables vs inventory Rs 153.2 Cr). FY24/FY25 inventory and cash rest on search summaries of RHP data, corroborated by Acuité (FY24 cash Rs 10.04 Cr) and cash-flow movements. Net-debt tie-out: 0.22×325.84 = 71.7 → cash ~10.4; 0.23×367.46 = 84.5 → 16.5; 0.19×448.51 = 85.2 → 24.8. Tijori shows lower net debt (Rs 61.72 Cr Mar-26; 67.64 Mar-25), likely netting FDs — not used. Receivables jumped 41% YoY vs 22% revenue growth; company WC days 37 → 50.

Cash flow and PAT-to-OCF conversion

Rs Cr	FY21	FY22	FY23	FY24	FY25	FY26
PAT	25	83	49	18.13	43.57	83.12
Cash before WC changes				59.66	101.33	148.31
WC change: receivables / inventory / payables				−7.41 / −32.25 / +8.83	+37.41 / +51.87 / +25.61	+81.68 / +1.34 / +11.33
Cash generated from ops				120.29	37.56	79.55
Income tax paid				4.68	15.29	30.08
OCF	20	81	29	115.61	22.26	49.47
Capex (implied)	~47	~48	~52	~19	~22.6	38.61
FCF	−27	33	−23	~97	−0.32	10.86
Investing CF	−41	−42	−54	−12	−26	−42
Financing CF	14	−12	11	−115	10	0
OCF / PAT	0.8x	0.98x	0.59x	6.4x	0.51x	0.60x
OCF / EBITDA				191%	25%	36%
FCF yield at Rs 4,918 Cr						0.22%

PAT vs operating cash flow, Rs Cr. FY24 OCF was a one-off working-capital release during the Mahad shutdown.

Flag — PAT does not convert to cash in the two latest years. FY26: pre-WC cash Rs 148.3 Cr, Rs 68.8 Cr absorbed by working capital (receivables +81.7), tax Rs 30.1 Cr → OCF Rs 49.5 Cr (0.60x PAT, 36% of EBITDA). FY25: WC absorbed Rs 63.8 Cr → OCF 0.51x. FY24's 6.4x was a one-time release used to repay ~Rs 104 Cr of debt. Cumulative OCF/PAT: FY25–26 0.57x; FY24–26 1.29x; FY22–26 ~1.07x. FCF averaged ~Rs 23.5 Cr/yr FY22–26 (~0.48% yield). The upswing has been funded by receivables, and the auditor has modified its IFC opinion on inventory for three years.

Working-capital days

Days	FY21	FY22	FY23	FY24	FY25	FY26
Debtor days (Screener)	90	71	66	67	71	83
Debtor days (closing / rev ops)				66.8	71.1	82.5
Receivable days (RHP/Groww, avg basis)				68	64	70
Inventory days (Screener)	68	85	74	58	79	67
Inventory days (Acuité)			57	45
Payable days (Screener)	143	133	91	99	102	91
Payable days (Acuité)			90	95
CCC (Screener)	15	22	49	25	48	58
CCC own calc on RM cost, payables 109.11						~106 (DIO 81, DPO 58, DSO 83)
CCC own calc, payables 208.2 (AR)						~53 (DPO ~110) [Est.]
CCC deathgamersolo						100 (supplier days 45)
WC days (Screener)	−25	−7	5	14	28	42
WC days (company)				41	37	50
GCA days (Acuité)			131	114

Under every method the cycle lengthened from FY24/FY25 to FY26. Management describes a typical 60–70-day cycle; inventory historically 40–45 days.

Return and leverage ratios

Ratio	FY24	FY25	FY26
RoAE (RHP adjusted)	5.71%	12.57%	20.37%
RoNW (closing NW)	~5.6%	~11.9%	18.53%
RoCE (RHP adjusted)	12.61%	14.95%	22.43%
Gross D/E	0.25x	0.28x	0.25x (Groww 0.23x)
Net D/E (RHP)	0.22x	0.23x	0.19x
TOL/TNW (Acuité)	0.93x (FY23 1.25x)
EBITDA / interest	5.6x (Acuité 6.04x; FY23 7.44x)	~11x	17.5x
EBIT / interest	4.1x	~8.4x	15.0x
DSCR (Acuité)	1.32x (FY23 2.16x)
Debt / EBITDA	1.36x	1.15x	0.79x
Current ratio	1.19x	NA	NA
Asset turnover	1.40x	1.40x	1.47x
Fixed-asset turnover	2.7x	3.1x	3.9x
Bank-limit utilisation (6m to Sep-24)	FB 28.3%; NFB 51.7%

Debt structure (RHP "Financial Indebtedness", 15 Jul 2026)

Facility	Sanctioned	Outstanding	Terms
Fund-based WC (CC/WCDL)	274.50	52.00	7.05–7.65%, 12m, on demand
Non-fund-based (LC/BG)	120.00	227.245*	—
Term loans	256.40	64.421	6.27–7.75%, 5–7 yr amortising
Total	650.90	343.666	Fund-based only = Rs 116.4 Cr (= SP Tulsian "gross debt Rs 116 Cr")

*NFB outstanding exceeds sanction as printed — likely interchangeable limits or a transcription error; verify. IPO Watch "Rs 242.57 Cr at 31 Dec 2025" is likely total indebtedness incl. NFB. Security: charge on current, movable and immovable assets. No defaults/covenant breaches disclosed. Acuité estimated repayments ~Rs 14–15 Cr/yr FY25–26; FY24 maturities Rs 27.30 Cr vs accruals Rs 39.50 Cr. A transcript extract says "post-IPO… paid off all debt" [unverified — contradicts Rs 116 Cr fund-based debt less Rs 60 Cr repayment].

Lender (Acuité-rated Rs 429.29 Cr, Nov-24)	CC	WCDL	Term loan	LC
Citi	36.50	20.00
Kotak	24.00	36.00	9.75
DBS	5.00	52.50
IDBI	0.50			30.00
ICICI		70.00
HDFC			8.16 + 10.80 + 15.84	40.00
Proposed	70.24

MCA charges (Tofler): Axis Trustee Rs 454.1 Cr; HDFC 144.6 (4 charges); ICICI 100.0; Kotak 74.2; DBS 57.5; Citibank 56.5; IDBI 50.5 — charge amounts, not outstanding debt.

Credit rating

Acuité Ratings: LT ACUITE A+/Stable (Rs 359.29 Cr) and ST ACUITE A1+ (Rs 70 Cr), reaffirmed 8 Nov 2024; A+/Stable reaffirmed 11 Aug 2023; Positive outlook 19 May 2022; rated since at least Feb 2020. Downgrade trigger: elongation of the working-capital cycle — which has since happened (37 → 50 days). Conflict / gap: the Nov-2025 surveillance was not found; an aggregator claims a Sep-2026 reaffirmation [unverified]; Screener links only a June 2015 CRISIL document, so the company may now be unrated or the rating withdrawn. No CRISIL, ICRA, CARE or India Ratings rating found.

Use of IPO proceeds and forward capex

Object	Rs Cr
Repayment/prepayment of borrowings	60.00
General corporate purposes	16.39
Net proceeds	76.39
Company share of issue expenses (80 − 76.39)	~3.61
Total offer expenses (mostly borne by sellers)	21.95

Chittorgarh's "total 98.34" wrongly adds expenses to net proceeds. ScanX's "Rs 60 Cr fresh issue" confuses the debt object. deathgamersolo's "100% to working capital" contradicts the RHP — disregarded. Pro-forma: fund-based debt ~Rs 116 → ~56 Cr; RHP-basis net debt ~Rs 9 Cr. Deployment in FY27.

Capex (announced 29 Sep 2026)	Rs Cr	Scope	Timing
Phase I	250–300 (incl. 50–60 land/infra; Rs 25 Cr floating-roof acetone storage)	Debottleneck Khopoli/Mahad; 10–14 product projects; +60,000 MTPA → 1,58,844 MTPA; peak revenue Rs 500–550 Cr	~2 yrs; FY29 capacity
Phase II	250–300 (+50–60 infra per cruxal)	New R&D-pipeline products; ECs pending (9–12 months)	From H2 FY28
Total	500–600	Funded by internal accruals + debt
Capital commitments Mar-26	99.11 (IPO Watch/scanx) vs 16.4 (Annual Report) ⚠	Conflict unresolved; verify in RHP

Cruxal's "Phase I Rs 300–360 Cr" superseded by deck. Capex intensity ~Rs 4,600/tonne. Annual spend would be 2–3x the historical Rs 21.8–41.4 Cr. [Analyst View] Gross debt will rise again from FY27–FY28.

Equity and share-count history

Date	Event	Shares after
Feb 1993	Initial subscription 150,000 shares (FV Rs 10)	1.5 lakh
2002–2004; Jul 2017	Four buy-backs (~561,743 shares, incl. 1 Mar 2004) + Jul-2017 buy-back of 200,000 shares	—
Dec 2021	Split Rs 10 → Rs 2 (1:5)	14.50 mn
Jan 2022	3:1 bonus (+43.5 mn); paid-up Rs 11.60 Cr; authorised Rs 38 Cr	58.0 mn
Sep 2026	IPO fresh issue 11,83,431 shares (dilution 2.0%)	5,91,83,431
Other	No QIP, preferential, warrants, pre-IPO placement or ESOP found (verify ESOP in RHP). No buyback since listing.	—

Capital-record gap: the RHP says certain historical records cannot be traced — the 21 Feb 1995 allotment, the 1 Mar 2004 and 12 Jul 2017 buy-backs, some transfers and promoter acquisitions — reconstructed from registers and a PCS certificate dated Sep–Oct 2026.

Contingencies

Item	Rs Cr	Source / note
Contingent liabilities + commitments FY24 / FY25 / FY26	67.60 / 46.81 / 109.12	Groww: 20.75% / 12.74% / 24.33% of NW
FY26 split version A	10.02 contingent + 99.11 commitments	IPO Watch review; scanx
FY26 split version B	~83 of 109.12 = open LCs	IPO Watch recommendation / RHP search summary ⚠ conflicts with A
Disputed tax & customs	~18.42	deathgamersolo [single-source]
DRI MEIS show-cause	14.85 vs 0.68	Substack vs Annual Report contingent liability ⚠
Abridged Prospectus count	6.18 quantifiable	16 regulatory + 9 tax proceedings vs company

Management, Promoters & Governance

Governance grade: Weak [Analyst View]. Board composition is compliant and leverage is low. Against that: 4 deaths in 3 incidents with criminal exposure for the MD; three years of modified IFC opinions; family voting pacts; an 84% OFS at very low cost; and a trading-window breach within 8 days of listing.

Promoters (10 individuals; no corporate promoter)

Promoter	Role	Background	Other interests
Nishith Rajnikant Shah (~67)	Founder; Chairman & WTD since 1992; Rs 3.126 Cr p.a.	BSc Cal State Northridge; MS Engg Cal Poly; returned 1985 to family businesses	Heatreaters & Engineers, Heat Fabs (RPT counterparties); Friends Fab Form (director since 1 Sep 2021); past Pratech association; Prasol Aromatics (struck off)
Gaurang Natwarlal Parikh (~53)	MD; director since 9 Aug 2001; Rs 2.210 Cr p.a.	BE Chem Pune; MS ChemE Toledo; Owens Brockway, Rostone, Budd Co.	Accused as "occupier" in Factories Act criminal complaints (count conflict below); Pratech (past); Prasol Aromatics
Dhaval Nalin Parikh (~45)	Joint MD; joined 31 May 2007; Rs 1.672 Cr p.a.	BTech Polymer ICT; MS UMass Lowell; GE Plastics	Groww labels him "MD/CEO" (inconsistent); Prasol Aromatics from 24 Jan 2025
Pankil Nishith Dharia	WTD Strategy & BD since 11 Nov 2010	BS EE + LAS UIUC; Medtronic	—
Sachin Jatin Parikh	Promoter, not on board	—	Director, Pratech Brands Pvt Ltd (VC-backed D2C; ~$9.3 mn raised)
Suketu Navinchandra Parikh	Promoter, not on board	—	Partner Heatreaters & Engineers and Heat Fabs; WTD Friends Fab Form
Kunal Tushar Dharia	Promoter, not on board	—	Partner Maxima FRP Product (RPT counterparty)
Nishith Rasiklal Dharia	Promoter, not on board	—	Electrical switchgear distribution; entity name not confirmed — "Nishith Electric" link is an inference (a web directory instead ties a Nishith Dharia to Sentinel Electric Co.) [inference]
Rakesh Gupta	Promoter, not on board (≠ WTD Rakesh S. Jadhav)	—	[gap]
Usha Rajnikant Shah	Promoter; largest OFS seller	Joint holder with N.R. Shah, Sandhya Shah	—

Track record: organic growth from 1992 to Rs 1,233 Cr revenue; no acquisitions; no promoter defaults, insolvency or SEBI action found. Acuité describes promoters as "metallurgical engineers". Jatin Parikh (promoter group) reportedly died on 24 Aug 2026; his shares are not yet transmitted [unverified — uncited in one input]. Top-3 fixed pay ~Rs 7 Cr ≈ 8.4% of FY26 PAT [unverified vs RHP, IPO360]; CFO Rs 0.98 Cr FY26.

Family voting pacts (8 agreements, 2017, amended 2022)

Voting head	Members represented
Dhaval N. Parikh	Dipti, Nihir, Suhagi, Jhanvi Parikh
Sachin J. Parikh	Jatin, Shamak, Shruti Parikh
Suketu N. Parikh	Sundeep, Lina, Sheetal, Pushpa, Heta, Namita Parikh
Kunal T. Dharia	Tushar, Ami, Mansi, Bhairavi Dharia; Tushar Dharia HUF
Rakesh Gupta	Bhisham Kumar, Raksha, Veenu Gupta
Gaurang N. Parikh	"Tanyj" Parikh (as transcribed); Gaurang N. Parikh HUF
Nishith R. Shah	Sandhya, Anvi, Ashna, Usha Shah
Pankil N. Dharia & Nishith R. Dharia	Sonal, Kinjal, Riddhi Dharia

Executed 20–26 Sep 2017, amended 30 Mar 2022 (another of 18 Nov 2017 amended 9 Apr 2022). Voting arrangements, ROFO, non-compete, deed of adherence; ROFO waived for IPO transfers. Company not a party. Status at listing: [gap — manual RHP read required].

Key management and board (10 directors: 5 executive, 5 independent; executive chair)

Name (DIN)	Role	Since	Background / notes
Nishith R. Shah (00381267)	Chairman & WTD, promoter	1992	Founder
Gaurang N. Parikh (00190701)	MD, promoter	9 Aug 2001	Criminal complaints as occupier
Dhaval N. Parikh (01636199)	Joint MD, promoter	2007	Ex-GE Plastics
Pankil N. Dharia (03309485)	WTD, promoter	11 Nov 2010	Ex-Medtronic
Rakesh Shivaji Jadhav (07508734)	WTD — EHS, Governance & Business Process; professional	~2025	BCA; IIM Indore exec cert; CISA; ~22 yrs IT (Nitya Computers, MRC Logistics, LP Logiscience, Elde Info). No stated process-safety background.
G. Ramakrishnan (00264760)	Independent	1 Mar 2022	FCA, FCMA; Galaxy Surfactants director since 1986 — check Prasol–Galaxy trade [gap]
Prof. Lakshmi Kantam Mannepalli (07831607)	Independent	1 Mar 2022	PhD Chem; ex-CSIR-IICT; ICT professor; FINSA, FRSC; also ID at Vinati Organics, Godavari Biorefineries, NACL
Srinivasan Subramanian (09439443)	Independent	1 Mar 2022	CA, CS; ex-Indian Bank, Indian Bank MF, WCL, Indal, IOB, Lloyd Finance
Ajay Motilal Jain (02815416)	Independent	1 Mar 2022 (Tofler implies ~2 yrs)	BTech Chem IIT-B; Waaree Instruments, Vasavadatta Cement, Neuland Labs, Hindustan Shipyard
Narayanan Pulukhool Nair (11124568)	Independent	18 Jun 2025 (website: Sep 2025)	~28 yrs supply chain: ADAMA, Gharda, Makhteshim-Agan, SD Fine Chem, Ranbaxy
Rahul Ashit Shroff	CFO (not on board; website "Finance Director")	1 Jun 2023	MBA NYU Stern; MS USC; PepsiCo, EssilorLuxottica, General Mills; no prior listed-CFO or chemicals role
Hitesh Sheth	Former CFO	From 1 Sep 2021	Reason for 2023 change [gap]
Kiran Rajendra Agrawal	CS & Compliance Officer	1 Feb 2022	ACS A13188
Dr Chitra Vaidya	VP R&D	—	Retired 30 Sep 2026

Four of five IDs inducted 1 Mar 2022, ~6 weeks before the first DRHP; first terms may end ~Feb-2027. One woman ID. No nominee director. Committee composition [gap]. Past directors: Arun Keshav Dudhane (to 31 Mar 2020); Jatin Narendra Parikh (WTD to 1 Apr 2013; director to 12 Aug 2021).

Shareholding

Date	Promoter	FII	DII	Public	Holders
Pre-IPO (RHP)	89.20% (51,735,560 sh)	—	—	10.80%	—
17 Sep 2026 listing SHP	75.25%	0.18%	6.69% (MFs 2.93%, 17,33,089 sh)	17.88%	1,19,467
30 Sep 2026 (Q2)	Not yet filed/retrieved (due ~21 Oct). 4-quarter trend Not Available — listed Sep 2026.

Post-IPO promoter % — conflict	Value	Source
Exchange SHP (primary)	75.25%	Screener / exchange filing; Chittorgarh
RHP arithmetic (45,522,554 / 59,183,431)	76.92%	IPO Watch
Pre-pricing estimate	77.51% (also 78%)	Ipoji / A2Z / deathgamersolo
Pre-IPO alternative	86.89% (vs 89.20%)	Chittorgarh (likely promoters ex-group)

Shareholding pre- and post-IPO.

IPO360 pre-IPO stakes: Usha R. Shah 11.86%, Gaurang N. Parikh 8.97%, Nishith R. Dharia 8.59%, Sachin J. Parikh 3.45% [unverified]. Holder count ≈ retail lots allotted, so this SHP is likely the allotment-date filing. Pledge 0% [single-source]; OFS shares certified free of encumbrance. A pre-IPO transfer at Rs 360 within the last year is cited without a source in one input [unverified — not traced to the Abridged Prospectus]. A "Rs 27.44 Cr pre-IPO placement at Rs 343" is contamination from another IPO — rejected. Non-promoter 10.8% pre-IPO holders [gap].

Offer for sale — Rs 420 Cr, 62,13,006 shares, all promoter/promoter group (19 holders)

Seller	Shares	Rs Cr @676	WACA (Rs/sh)
Usha Rajnikant Shah (jt N.R. Shah, Sandhya Shah)	17,75,147	120.00	[gap]
Tushar Natverlal Dharia (HUF)	7,62,115	51.52	4.68
Bhisham Kumar Gupta (jt Raksha Gupta)	~5,77,370–5,77,400 (derived)	39.03	[gap]
Nishith Rasiklal Dharia (jt Sonal Dharia) ⚠	~5,42,750 (derived) vs 4,73,372	36.69 vs 32.00	[gap]
Sonal Nishith Dharia (jt N.R. Dharia)	5,20,710	35.20	—
Gaurang Natwarlal Parikh (HUF)	2,74,245	18.54	15.23
Pushpa Navinchandra Parikh	[gap]	[gap]	2.78
Shruti Sachin Parikh (jt Sachin Parikh)	[gap]	[gap]	62.50
Sundeep N. Parikh (jt Sheetal Parikh)	[gap]	[gap]	2.47
Tushar N. Dharia (jt Ami Dharia)	[gap]	[gap]	3.13
Others (incl. Sachin J. Parikh, Gaurang N. Parikh, Suketu N. Parikh)	balance ~17.6 lakh	~119.0 (Substack: "others" 158.91)	—
Total	62,13,006	420.00

Seller WACA range in the RHP: Rs 0.09, 0.88, 2.23, 2.47, 2.54, 2.78, 3.13, 3.28, 4.68, 4.81, 5.64, 6.16, 9.77, 15.23, 15.85, 18.97, 21.25, 62.50 (IPO Watch) → 10.8x to ~7,500x at Rs 676. Per-seller attribution only partially available (above). IPO360 shows "others selling Rs 24 Cr" [unverified]. All sellers certified ≥1-year holding.

Anchor investors — Rs 149.99 Cr, 22,18,930 shares, 14 domestic anchors (7 Sep 2026)

Anchor	Type	Shares	% anchor	Rs Cr	% equity
Aditya Birla Sun Life Insurance	Insurer	2,95,878	13.33%	20.00	0.50%
Tata AIA Life – Small Cap Discovery (ULIF)	Insurer	2,95,878	13.33%	20.00	0.50%
ITI Small Cap Fund	MF	2,21,914	10.00%	15.00	0.37%
Turnaround Opportunities Fund	AIF	2,21,892	10.00%	15.00	0.37%
Clarus Capital I – LVF 1	AIF	1,77,352	7.99%	11.99	0.30%
Tata India Pharma & Healthcare	MF	1,47,950	6.67%	10.00	0.25%
Tata India Innovation	MF	1,47,928	6.67%	10.00	0.25%
Edelweiss Aggressive Hybrid	MF	1,47,950	6.67%	10.00	0.25%
Nuvama Multi Asset Strategy Return	AIF	1,47,950	6.67%	10.00	0.25%
Kotak Special Opportunities	MF	1,17,898	5.31%	7.97	0.20%
Kotak Healthcare	MF	1,17,876	5.31%	7.97	0.20%
360 ONE Equity Opportunity – S4	AIF	73,986	3.33%	5.00	0.13%
Kotak Rural Opportunities	MF	60,104	2.71%	4.06	0.10%
Edelweiss Recently Listed IPO Fund	MF	44,374	2.00%	3.00	0.07%
Total		22,18,930	100%	149.99	3.75%

MFs (4 AMCs, 8 schemes) 45.34% / Rs 68.0 Cr; insurers 26.67% / Rs 40.0 Cr; AIFs ~28%. No FPIs (Paterson's "FPIs" mention not supported by the filing). MF ownership (17.33 lakh) exceeds MF anchor (10.06 lakh) — MFs also took non-anchor QIB stock.

Lock-in calendar

Tranche	Expiry	Basis
Anchor 50% (~11.09 lakh sh; ~Rs 92 Cr at 831; ~1.9% equity)	10 Oct 2026 (Sat; tradable 12 Oct) — IPO Watch 11 Oct; Paterson 12 Oct	30 days from 11 Sep allotment (Chittorgarh)
Anchor balance 50%	9 Dec 2026 — IPO Watch 10 Dec; Paterson 11 Dec	90 days
Pre-IPO non-promoter; promoter excess over minimum	~11 Mar 2027 (computed)	SEBI ICDR 6 months
Promoter minimum contribution (20%, ~1.18 Cr sh)	~11 Mar 2028 (computed)	ICDR 18 months

Insider / SAST

24 Sep 2026: PIT-code violation — a relative of CFO Rahul Shroff bought 300 shares (~Rs 1.91 lakh, ~Rs 637/sh) during the trading-window closure; warning issued, called inadvertent [secondary — Groww/Sahi summaries; exchange filing not opened]. Trading window closed again from 1 Oct until 48 hours after Q2 results. No promoter buy/sell, SAST Reg 29 or Reg 31 disclosures post-listing.

Related-party transactions — amounts [gap: manual RHP read]

Counterparty	Relationship	Nature	Amount
Heat Fabs	Suketu Parikh partner; N.R. Shah family firm	Stores & consumables	"Up to Rs 18.35 Cr" — likely Rs mn unit error [unverified]
Heatreaters & Engineers	As above	Stores & consumables	"Smaller amounts" [unverified]
Maxima FRP Product	Kunal Dharia partner	Sales ~0.08–0.32/period; purchases ~0.60 (Rs Cr or mn)	Small [unverified]
Pratech Brands Pvt Ltd (2021)	Directors Sachin Parikh, Anvi Shah, Neehar Modi; once at Prasol House address	Unknown — check rent, ICDs, guarantees	[gap]
Friends Fab Form Pvt Ltd (1989)	Directors N.R. Shah, Sandhya Shah, Suketu Parikh, Dipti Parikh	Not seen as RPT	—
KMP / directors	Remuneration; sitting fees	—	Top-3 ~Rs 7 Cr fixed

Auditor

Item	Detail
Statutory auditor	CNK & Associates LLP, Mumbai (est. 1936); joint with S.V. Shanbhag & Co. at the 2022 DRHP, now sole; exit reason and first appointment date [gap]
IFC opinion	Modified FY24, FY25, FY26 — item-wise inventory quantity/value, stage of completion, manual overhead allocation; "system design and limitation"; ERP fix with no date, vendor or budget. Restated financials unqualified.
Emphasis of matter FY26	Rs 2.922 Cr IPO expenses held in other current assets
Q1 FY27 review	Unmodified
NFRA	Inspection report on CNK dated 27 Mar 2026 (inspection Oct–Nov 2025): firm-wide gaps (independence documentation, file assembly, post-signing changes); no penalty; not Prasol-specific
Certifying CA (IPO)	Shah Mulewa & Associates (FRN shown "0143170W" — malformed)

Criminal proceedings against MD Gaurang Parikh (as occupier)

Count conflict: 4 pending complaints from Mahad incidents (multibagg RHP digest; also used by market commentary) · 5 including the separate SCC/1004/2025 Factories Act case (multibagg case list) · 6 criminal proceedings against promoters (Abridged Prospectus §12 / IPO Watch). All three shown; RHP litigation table needed.

Case	Filed	Law	Incident	Status
RCC/15/2023	4 Feb 2023	MFR 1963 r.73N(1)(f),(h)	14 Nov 2022 (1 death)	Pending; summons 15 Dec 2023
SCC/1157/2023	27 Oct 2023	Factories Act 1948	9 Aug 2023 chlorine leak	Pending; bail 31 Jan 2025
RCC/177/2023	20 Nov 2023	MFR r.73H(1)	5 Oct 2023 H₂S leak	Pending; bail 31 Jan 2025
SCC/1208/2023	21 Nov 2023	FA s.7A(2)(a)	5 Oct 2023	Pending; bail application 24 Jan 2025
SCC/1004/2025	14 Oct 2025	FA s.7A(2)(a) r/w s.92	Likely Aug-2025 show-cause	Pending; listed 14 Aug 2026; summons not received

Plant incidents and regulator actions

Date	Plant	Event
27 Feb 2018	Khopoli	MPCB closure ~55 days (to 23 Apr 2018) — chemicals above limits in sewage-pipe samples
21 Sep 2020	Khopoli	2 contract workers died dismantling an acetone-recovery reboiler
17 Feb 2021	Khopoli	Fire during dismantling; Rs 25,000 fine (DISH)
14 Nov 2022	Mahad	1 death, 1–2 others affected; described as caustic-lye tanker transfer or H₂S event; MPCB notice 16 Nov 2022; odour-control directive 16 Feb 2023
9 Aug 2023	Mahad	Chlorine leak (failed rupture disc) — 4 exposed; no fatality
5 Oct 2023	Mahad	H₂S/SO₂ leak in DETP — 1 death, 4 hospitalised (ThePrint)
27 Oct 2023 – 3 May 2024	Mahad	MPCB closure; restart on scrubbers, detectors, bank guarantee
Oct 2024	Mahad	Show-cause: untreated effluent into Savitri River, coal-ash dumping [single-source]
27 Mar 2025	Mahad	Show-cause: hazardous waste, coal ash, BG, aeration tank
19/25 Jul 2025	Mahad	Fire (no injury); show-cause on ETP sludge, spent HCl; reply 2 Aug
22 Aug 2025	Mahad	DISH show-cause s.7A(2)(a); reply 10 Sep 2025
22 Sep 2025	Mahad	Safety-audit directive (audit 4 Oct, report 4 Nov 2025); P255 drum-flaker notice fixed 4 Nov
Totals	—	4 deaths in 3 incidents (Khopoli Sep-2020: 2; Mahad Nov-2022: 1; Mahad Oct-2023: 1); 2 closures; ~5 MPCB notices at Mahad

Other: Labour Court Thane IDA/0000052/2026 (8 May 2026) pending. No SEBI/MCA/RBI actions found. RHP reportedly states no material group-company litigation.

Subsidiaries & group

Entity	Status	Notes
Prasol Aromatics Pvt Ltd (U20114GJ2023PTC145925, Vatva)	Subsidiary, inc. 1 Nov 2023, Rs 15 lakh; struck off 22 Jul 2025	Co-directors Mamania and Dalwani families; nil contribution
Sahyog Aromatics Pvt Ltd (2021)	Promoter-family linked	Directors S.H. Dalwani, Anvi Shah — adjacent business; check non-compete
Pratech Brands; Friends Fab Form; Heat Fabs; Heatreaters; Maxima FRP; Nishith Electric (owner unconfirmed [inference])	Promoter entities	Non-competing businesses
Current status	Standalone; no operating subsidiaries/associates; no acquisitions	RHP Group Companies list [gap]

IPO history: 2022 vs 2026

Item	2022 DRHP	2025 DRHP / 2026 RHP
Filed	13–22 Apr 2022	14–15 Oct 2025; RHP 2 Sep 2026; RoC 3 Sep
SEBI observation	23 Aug 2022 (lapsed ~Aug 2023, never launched; no stated reason)	~27 Mar 2026 (reported)
Size	~Rs 700–800 Cr	Rs 500 Cr
Fresh / OFS	Rs 250 Cr / 90 lakh sh (pre-IPO placement up to Rs 50 Cr)	Rs 80 Cr / 62.13 lakh sh (Rs 420 Cr, 84%)
Debt object	Rs 160 Cr (+Rs 30 Cr WC)	Rs 60 Cr
BRLMs	JM Financial + DAM	DAM only (some outlets list JM/Axis/DAM for 2025 DRHP [unverified])
Valuation	Not disclosed	Rs 4,001 Cr at Rs 676 (Chittorgarh Rs 3,971 Cr does not reconcile; "Rs 6,001 Cr" wire error)
Context	Exports 21.24%; top-10 17.78%	Lapse coincided with 2022–23 IPO slump, FY24 trough, Mahad incidents — causation not established

Governance red-flag register

#	Flag	Severity
1	4 deaths/3 incidents; 2 closures; notices into 2025	High
2	Criminal complaints vs MD (4/5; 6 vs promoters per AP)	High
3	IFC modified 3 yrs on inventory; manual processes	Med-High
4	DRI MEIS ~Rs 14.85 Cr; contingents Rs 109 Cr (24% NW)	Medium
5	84% OFS at very low WACA; listed −10%	Medium
6	Family voting pacts; 4 promoter-family EDs; executive chair	Medium
7	OCF/PAT ~0.6x; receivables +41%	Medium
8	CFO change 2023; CFO lacks listed/chemicals experience; VP R&D exit	Low-Med
9	PIT breach by CFO relative	Low
10	Struck-off subsidiary; NFRA findings on auditor firm; 2022 IPO lapse unexplained	Low

Mitigants: Acuité A+/A1+ (2024); D/E 0.19–0.25x; no pledge; no SEBI/MCA action; established auditor; experienced IDs; 30+ yr record; ~75% promoter ownership.

Supply Chain

↑ Upstream — what Prasol depends on

Input	Use	Source / dependence	Price
Acetone	Whole acetone chain	Largest Indian importer CY22–25 [secondary]; domestic supply: Deepak Phenolics Dahej (~200–220 kta), HOCL; new east-coast source emerging	FY26 Rs 59.81/kg (−26.9%); India Rs 55.7 (Jan-26) → 103.3 (Mar) → 123–126 (Jun); CIF US$928/t Jul, $1,068 Aug. Deepak Dahej shutdown from 3 Apr 2026; customs duty nil 2 Apr–30 Jun 2026
Yellow phosphorus	P₂S₅, P₂O₅, PCl₃ chains	Top-5 Indian user; Prasol imports from Vietnam (Volza); India sources Vietnam, Kazakhstan, China, US	Rs 353.81/kg FY26 (+8.79%); China YP +15.5% in Q2-2026 to ~US$4,909/t
Chlorine, sulphur	Chlorides, P₂S₅, PSCl₃	Not disclosed (likely local chlor-alkali / refinery)	n.d.
Alcohols (ethanol, methanol, isobutanol, octanol, IPA)	Dithiophosphates, DETC/DMTC, esters	Suppliers not disclosed	n.d.
Hydrogen	Hydrogenation	Captive (EIA proposed 5,000 Nm³/day)	—
Energy	Boilers, co-gen (coal ash implies coal-fired utilities)	Power & fuel Rs 59.6 Cr	—
Traded goods	Distribution	Rs 175.1 Cr FY26 (Rs 134.3 Cr FY25), ~14% of revenue	—

Import / supplier metric	Value	Source
Imports % of RM procurement FY26	65.96% (~71% FY19)	Kotak Neo, Bajaj [secondary]; Acuité 2020
Implied imported RM	~Rs 432 Cr of Rs 655.1 Cr purchases [Est.] · ~Rs 550 Cr (SP Tulsian)	Different bases
Import shipments by country	China ~37%, Thailand ~10%, Vietnam 4%, Saudi 4%, Singapore 4% (counts)	Eximpedia snippet [secondary]
Top-3 suppliers	39.75% of material; no long-term contracts	Samco [secondary]
Named suppliers	Not found	—
Payables by currency Mar-26	CNY Rs 4.2 Cr (Mar-25 10.2); USD ~Rs 108.5 Cr	AR
RM at port / LCs outstanding	Rs 26.2 Cr / Rs 82.7 Cr	AR
Net forex short	~Rs 200 Cr (imports ~550 vs exports ~350); hedging policy undisclosed	SP Tulsian

Pass-through: spread-based with a lag → inventory gains in rising markets (Q1 FY27 ~Rs 25 Cr), compression in falling/dumping markets (FY24 6.9% margin). Formula clauses not disclosed. Management "does not speculate in raw material". Mitigants: floating-roof storage (Rs 25 Cr), multi-geography sourcing, imports stocked from January, supplier credit in both chains. Single-source risks: YP oligopoly (Vietnam, Kazakhstan, China); one large domestic acetone producer whose 2026 outage moved prices.

↓ Downstream — who depends on Prasol

Concentration	FY24	FY25	FY26
Customers	1,560	1,586 (CareEdge 1,584; one article 1,107)	1,618
Top-1	n.d.	n.d.	4.88% [secondary]; mgmt: largest ~Rs 55–60 Cr of FY27E ~Rs 1,550 Cr (3.5–3.9%)
Top-5	10.32% (Rs 90.4 Cr)	14.18% (Rs 143.6 Cr)	15.41% (Rs 190.0 Cr) — blog 15.69%
Top-10	18.46%	21.96%	23.68% (9M FY22: 17.78%; Q1 FY27 deck ~25%)
Repeat-customer revenue	93.28% [secondary, Samco]; ~90% sold direct to end users

Named customer	Source	Confidence
Coromandel International, PI Industries, Lubrizol India, BPCL	Acuité 2024	High
Lubrizol, UPL, Clean Science & Technology, Yasho Industries, Supriya Lifescience	Company website	Medium
Rallis India	Historical job work; award	High
Bayer CropScience, Dr. Reddy's (and PI)	Planify unlisted-share portal	Low — not in RHP

End-products: engine oils (ZDDP), packaging inks and coatings (DAA/IPH/HG), shampoos and surfactants, fragrances (a "lemon" note), antiseptics (pipeline), OP insecticides, API chlorination steps, mineral flotation, bitumen emulsions and concrete admixtures, flame retardants. Stickiness: approval cycles 1–4 years (a lube MNC took 2–2.5 years); eight customers of 10–16 years grown from 1 to 4–9 products; dedicated streams; US-lab approval for a mining reagent; "nobody has left us". Contract tenor: not disclosed; dedicated streams only after 3–4 years of demand visibility; short-term POs (ICICI Direct risk note).

Value-chain map

Crude/naphtha → benzene + propylene → cumene → PHENOL + ACETONE
  (Deepak Phenolics, HOCL; Asian/ME producers: China, Thailand, Korea)      [price-setter]
Phosphate rock + coke + power → YELLOW PHOSPHORUS (Vietnam, Kazakhstan, China) [oligopoly]
Chlor-alkali → Cl2 ; refineries → S ; alcohols, ZnO ; captive H2
                │  ~66% of RM imported, mostly via JNPT
                ▼
PRASOL (Khopoli 78.8 kt + Mahad 19.9 kt; ~73% utilised) — conversion spread, GM 26→31% FY24–26
  Acetone: DAA → MO → (MIBK/MIBC); DAA → HG; acetone → IPH → TMC-one/-ol → 3,5-xylenol
  P: P4 → P2S5 → thio acids → ZDDP / Na-DTP; P4 → PCl3/POCl3/PCl5/PSCl3 → DETC/DMTC; P4 → P2O5 → PPA
  + technical distribution (~14% of revenue traded)
                ▼
Formulators/MNCs: Lubrizol; UPL, PI, Coromandel, Rallis; Supriya; paints/inks; HPC; miners; BPCL
                ▼
End users: engine oils, crop protection, APIs/antiseptics, coatings, personal care, mining, construction

Where pricing power sits. (1) Upstream global acetone/YP producers set price — Prasol is a price-taker exposed to INR/USD. (2) Prasol has moderate niche power: sole Indian isophorone maker, 60–70% claimed share in targeted acetone derivatives, leading P₂S₅/DETC supplier → import-parity pricing plus approval switching costs. (3) Large MNC buyers have procurement leverage, offset by top-1 <5%. (4) Threats: Chinese overcapacity; Deepak's 40 kta MIBK; new domestic acetone (cheaper feed but integrated rivals). Revenue/tonne −10% FY26 indicates pass-through, not pricing power.

Competitive Position

Peer relevance screen

Company	Relevance	Verdict
Excel Industries	World No.1 DETC; top-5 phosphonates; makes P₂S₅, PCl₃, PCl₅, TPC; named by CareEdge	Closest listed direct competitor
Deepak Nitrite (Deepak Phenolics)	Largest phenol/acetone maker (200 KTA); supplier; first Indian MIBK (40 KTA, 2025); anti-dumping petitioner	Supplier and partial competitor
Aarti Industries	Benzene chain; no acetone/P overlap	RHP valuation peer
Atul	1,300 products; end-market overlap	RHP valuation peer
Laxmi Organic	Acetyls, fluoro; solvent overlap	RHP valuation peer
Vinati Organics	Niche monomers; high-margin template	RHP valuation peer
Privi Speciality	Pinene aroma chemicals; HPC/F&F overlap	RHP valuation peer
Yasho Industries	Lube additives, antioxidants	Partial end-market peer
Navin Fluorine; Camlin Fine; Bhagiradha	No feedstock/product overlap (Bhagiradha a potential customer class)	Not peers
Global/unlisted	Acetone: Evonik, Arkema, Solvay, Altivia, Monument, TASCO. P: Italmatch, Perimeter, Hubei Xingfa, Liaoning Ruixing. India P₂O₅ leader Sandhya Organic	Product-level competitors

Peer comparison (Screener consolidated, peers at 5 Oct 2026; Prasol restated to CMP Rs 831)

Company	Mcap	FY26 Rev	Growth	EBITDA%	PAT%	RoE	RoCE	P/E TTM	EV/EBITDA	Moat
Prasol	4,918	1,232.6	+21.7%	11.3%	6.7%	20.4% (Scr 20.6%)	22.4% (Scr 23.5%)	41.1x	26.1x (30.2x ex one-off)	Sole isophorone maker; 150+ products; permits
Aarti Inds	17,649	8,286	+14.0%	14.1%	5.1%	7.1%	6.9%	33.8x	16.8x	Benzene scale; MNC contracts
Atul	17,637	6,274	+12.4%	16.5%	11.0%	11.5%	14.9%	22.2x	12.8x (15.0x gross)	1,300 products; integration
Laxmi Organic	5,228	2,847	−4.6%	6.0%	2.8%	4.1%	4.7%	41.6x	22.5x	Acetyls scale
Vinati Organics	12,264	2,227	−0.9%	29.4%	19.9%	14.9%	19.8%	27.3x	18.2x	Niche leadership; debt-free
Privi Speciality	13,666	2,564	+22.0%	25.4%	12.4%	26.0%	22.3%	39.1x	22.0x	>20% global share in 10 products
Excel Industries	1,156	1,095	+12.0%	10.4%	6.9%	4.6%	6.2%	16.2x	n.m. (~10.2x gross)	World No.1 DETC
Deepak Nitrite	21,329	7,887	−4.8%	12.5%	7.0%	9.8%	11.4%	26.9x	17.1x	~50% phenol/acetone share
Yasho Industries	5,013	830	+22.8%	17.2%	3.0%	5.9%	9.0%	87.0x	30.3x	Lube additive niches

EV = mcap + Mar-26 borrowings − investments. Prasol EV uses pro-forma net debt ~Rs 8.8 Cr (pre-repayment net debt Rs 85 Cr would give ~26.5x TTM).

IPO-date valuation set ("Basis for Offer Price", FY26)

Company	EPS	P/E	RoNW	NAV	Alt. set 3 Sep P/E
Prasol @676	14.33	47.17x (48.13x diluted)	18.53%	77.33	—
Aarti	11.56	46.75x	7.04%	164.27	34.8x
Atul	230.25	28.04x	10.95%	2,136.46	24.0x
Laxmi	2.87	59.74x	4.00%	71.66	38.8x
Vinati	42.80	30.95x	14.03%	304.99	27.3x
Privi	81.08	42.67x	21.99%	368.79	37.7x
Yasho	20.95	206.68x	5.69%	368.18	93.2x
Excel	60.19	17.12x	4.44%	1,354.74	18.2x

Premium at IPO — conflict by method: ~16% vs the 5-peer RHP average 41.6x; ~10% vs the 7-peer median 42.7x (mean 61.7x incl. Yasho, 37.5x ex); ~36% vs the 3-Sep set median 34.8x. INDmoney's "peer average 61.74x" does not reconcile — rejected. Which set is the RHP's is unverified.

Market position and share

Claim / market	Value	Basis
Only Indian isophorone maker	9,000 MTPA	RHP/CareEdge; MPCB EC
Largest Indian acetone importer	CY22–CY24 (CareEdge) / CY22–CY25 (RHP)	Volume for processing
Top-5 YP importer/user	CY22–CY24 / CY22–CY25	CareEdge / RHP
Share of Indian "other" acetone derivatives (Rs 13.5 bn CY24)	~26–36% [Est.]	FY25 acetone revenue Rs 4,833 mn; ~26% ex exports
Share of total Indian acetone derivatives (Rs 68.1 bn 2024)	~7% (deck basis ~6% of Rs 84 bn)	Diluted by BPA/MMA/IPA
Phosphorus share	Not computable (~0.4% of Rs 1,221 bn, 87% fertiliser)	—
Global isophorone	Evonik integrated leader (Marl/Herne, Mobile, Shanghai 50 kt/yr)	Prasol 9 kt niche
Global P₂S₅	US$607 mn 2024 → 732 mn 2032; Perimeter ~44%, top-5 ~75%	Low-grade aggregator

CareEdge FY25	Prasol	Atul	Aarti	Laxmi	Privi	Vinati	Excel	Yasho
Customers	1,584	4,000+	1,100+	750+	n/a	40+	700+	2,000+
Products	150+	1,300	100+	50+	75+	38	30+	148+
Export %	28%	44%	52%	36%	70%	55%	16%	65%
Employees	656	3,359	6,000+	1,000+	1,000	1,279	503	820+
R&D team	18 (Kotak Neo 37)	242	n/a	100	116	n/a	32	30

Industry size (CareEdge Oct-2025; CAGRs recomputed)

Market	Historical	Forecast	CAGR
Global specialty chemicals	US$721 bn (CY19) → 1,190 bn (CY24)	US$1,748 bn CY29P	10.5% / 8.0%
Indian specialty chemicals	Rs 2,240 bn (FY19) → 5,046 bn (FY25)	Rs 7,474 bn FY29P (RHP: 5,563 FY26 → 7,541 FY29)	14.5% / 10.3%
Global acetone derivatives	US$20.7 bn → 22.7 bn (2024)	US$28.5 bn 2029P	1.9% / 4.6%
Indian acetone derivatives	Rs 35.6 bn → 68.1 bn (2024)	Rs 102.6 bn 2029P; RHP Rs 83.9 bn FY26	13.8% / 8.5%
…"other" (DAA, IPH, HG, MIBK)	Rs 12.1 bn → 13.5 bn	Rs 18.2 bn	6.2%
Global phosphorus derivatives	US$80.1 bn → 126.4 bn	US$175.0 bn (deck US$144 bn)	6.7%
Indian phosphorus derivatives (87% fert.)	Rs 514 bn → 998 bn	Rs 1,597.5 bn (deck Rs 1,221 bn)	9.9% (CareEdge 11.1%)
Indian P₂O₅	Rs 34.7 bn → 38.3 bn	Rs 47.5 bn	4.4%
Global P₂S₅	US$0.48 bn	US$0.60 bn	4.6%
Indian performance chemicals	Rs 141.1 bn → 297.7 bn	Rs 448.4 bn	10.8%
Indian pesticides	~US$6 bn FY24	US$13–15 bn FY28	8–10%
Indian API intermediates	Rs 564 bn FY25	Rs 952 bn	14.0%
Indian HPC chemicals	Rs 67.2 bn → 151.4 bn	Rs 224.2 bn	10.3%

Acetone supply shift

Producer	Capacity	Timing	Implication
Deepak Phenolics	200 KTA acetone	Existing	Supplier; petitioner
Haldia Petrochemicals (Adplus)	~185–215 KTPA acetone (phenol upgraded to 345 KTPA); Rs 6,000 Cr	Commissioning 14 Oct 2026	Domestic option; leverage shift if duty imposed
Deepak Chem Tech	+300 KTA phenol, 185 KTA acetone, 100 KTA IPA (Rs 3,500 Cr)	No timeline	Forward-integration risk
Deepak MIBK	40 KTA (~52 KTA captive acetone)	2025	Direct competition in MIBK-type products

Policy and regulation

Policy	Status	Direction
Acetone anti-dumping probe (Singapore, Korea, Taiwan, Thailand); petitioners Deepak, HOCL; POI CY2025	Initiated 19 Mar 2026; final findings likely ~Mar-2027; prior sunset-review history	Negative — raises landed cost
Acetone QCO (IS 170) eff. 13 Mar 2024	Not on Jul/Nov-2025 withdrawal lists; status unconfirmed	Negative-neutral
Anti-dumping on derivatives (IPH, DAA, MIBK, P₂S₅)	None; DGTR P₂O₅ (China) case status unverified	No output protection
PLI chemicals	Proposed, not notified	None
RoDTEP/MEIS	DRI MEIS show-cause (~Rs 14.85 Cr)	Negative
MSIHC → CAEPPR; Factories Act; MFR 73H/73N	Ongoing	Higher compliance; basis of prosecutions
Pesticides Management Bill 2020; proposal to ban 27 pesticides	Pending	OP intermediate demand risk
US tariffs	50% (2025) → 18% (deal 2 Feb 2026); Americas ~5% of revenue	Low direct risk

Porter's five forces

Force	Intensity	Rationale
Supplier power	High	Two commodity feeds; RM ~61% of opex; 66% imported; domestic producers seek duty
Buyer power	Moderate	Fragmented but rising concentration; MNCs dual-source; realisation/t −10%
New entrants	Moderate	Permits and approvals deter; integrated producers and China can enter; capex only ~Rs 4,600/t
Substitutes	Low-Mod	Solvent substitution; EVs erode ZDDP long-run; VOC rules
Rivalry	High exports / moderate domestic	Evonik, Arkema, Solvay, Italmatch, Perimeter, China; domestic Excel, Sandhya

Barriers: 1–4 yr qualification; hazardous-chemistry permits; process know-how (aldol, hydrogenation, oxidation, pyrolysis, halogenation, high pressure); feedstock logistics scale. Moat: narrow, moderately durable (~3–5 years) [Analyst View]. China+1 (Dual Control, wage gap US$9.4 vs 2.13/day, US tariffs; India ~11% vs China ~5% growth 2025–29) is offset by Chinese overcapacity/dumping (2023–24 glut). Agro destocking after the 2023 El Niño (exports Rs 432 → 347 → 361 bn FY23–25) is "broadly complete"; ICRA saw subdued FY26 agro margins.

Strengths and weaknesses vs each peer

Peer	Prasol stronger	Prasol weaker
Excel	Growth +21.7% vs +12%; RoE 20% vs 4.6%; 150+ vs 30+ products	Excel debt-free with Rs 1,126 Cr investments; DETC leader; 16x P/E
Deepak Nitrite	Downstream mix; RoE 20% vs 9.8%	Controls feedstock; ~6x size; petitioner; integrating forward
Aarti	~3x RoE/RoCE; net D/E 0.19 vs ~0.6	6.7x revenue; MNC contracts; 14% margin
Atul	RoE 20% vs 11.5%; growth	16.5% margin; 1,300 products; 22x P/E
Laxmi	Growth, margin, RoE	Scale
Vinati	Growth, RoE	29% margin; debt-free; 27x
Privi	Lower leverage (Privi borrowings Rs 1,021 Cr)	25% margin; 26% RoE; similar P/E
Yasho	RoE, PAT margin, leverage	17% EBITDA; 65% exports

Common weaknesses: worst disclosed safety record in the set (peer data not quantified); leased MIDC land; two plants in one state; Mahad under-utilised.

Risks & Red Flags

#	Risk	Category	Severity	Explanation	Mitigant
1	Process safety and fatalities	ESG/Execution	High	4 deaths in 3 incidents (Khopoli Sep-2020: 2; Mahad Nov-2022: 1; Mahad Oct-2023: 1); fires Feb-2021, Jul-2025; chlorine leak Aug-2023	Scrubbers, detectors, DCS, ISO 45001, EHS WTD
2	Regulatory plant closure	Regulatory	High	Khopoli 55 days 2018; Mahad Oct-2023 to May-2024; notices Oct-24, Mar-25, Jul-25, Aug-25, Sep-25; Khopoli ~80% of capacity	Restart conditions met; two sites; Dheku
3	Criminal proceedings vs MD	Governance	High	4/5 cases vs MD; 6 vs promoters (AP) — conflict; Factories Act and MFR 73H/73N	Penalties typically fines; no SEBI action
4	Feedstock spread volatility	Business/Macro	High	EBITDA margin 6.9%–20.8% in ~2.5 yrs; FY26 aided by −27% acetone; Q1 Rs 25 Cr windfall	150+ products; pass-through; 15–16% guide
5	Acetone anti-dumping duty	Regulatory	High	Findings ~Mar-2027; raises landed cost; petitioners are potential rivals	Domestic supply; Advance Authorisation; China not named
6	Domestic forward integration	Business	Med	Deepak MIBK + 185 KTA; HPL from Oct-2026	21 acetone derivatives; approvals
7	Import / China dependence	Macro	Med	66% imported; Hormuz-type disruption; Chinese P policy	Multi-country sourcing; LC lines
8	Currency	Financial	Med	Net USD short ~Rs 200 Cr; hedging undisclosed	27% exports
9	Cash conversion / WC	Financial	Med-High	OCF 115.6 / 22.3 / 49.5; receivables +Rs 81.7 Cr; 2-yr FCF ~Rs 10.5 Cr; Acuité WC trigger	IPO debt repayment; ~Rs 307 Cr unused lines
10	Re-leveraging for capex	Financial/Execution	Med	Rs 500–600 Cr vs NW Rs 448.5 Cr; NFB Rs 227 Cr; lender consent on change of control	Net D/E 0.19; A+ rating
11	Mahad under-utilisation	Execution	Med	44% FY26; PBT losses 22.8/15.8/12.2	Q1 FY27 turnaround claimed
12	Capex execution (+60 KTPA by FY29)	Execution	Med	2–3x historical spend; ECs in closure-history state	Spare land; know-how
13	IFC modification on inventory	Governance	Med	FY24–26; ERP undated	Audit committee
14	Rising contingents	Financial	Med	Rs 109.1 Cr (24.33% NW) vs 46.8 FY25; composition conflict	Mostly commitments/LCs
15	Tax/DRI MEIS	Regulatory	Med	Rs 14.85 Cr (Substack) vs Rs 0.68 Cr (AR); 9 tax + 16 regulatory proceedings, Rs 6.18 Cr quantifiable	Under appeal
16	Promoter exit; lock-in overhang	Governance/Market	Med	84% OFS; WACA Rs 0.09–62.50; Rs 360 pre-IPO transfer [unverified, uncited]; anchor unlocks 10 Oct / 9 Dec; ~Mar-2027 6-month unlock	No pledge; 75% retained
17	Family control / succession	Governance	Low-Med	8 voting pacts; 10 promoters; Jatin Parikh reportedly died 24 Aug 2026, shares untransmitted [unverified]	Company not party; 5 IDs
18	Customer concentration creep	Business	Low-Med	Top-10 18.46 → 23.68%; only 58 net adds in 2 yrs	Top-1 <5%
19	Agro/lube end-market cycles; EVs vs ZDDP	Business/Macro	Med	FY24 trough with destocking	Five end-markets
20	Leasehold MIDC land	Regulatory	Low-Med	Lease-dispute hearing pending since Apr 2026	95–99 yr leases
21	Key-person / R&D depth	Execution	Low-Med	VP R&D retired 30 Sep 2026; team 18–37	13 launches in 3 yrs
22	Q2–Q4 step-down vs valuation	Market	Med	Needs Rs 58–62 Cr clean EBITDA/qtr vs Q1 Rs 90 Cr reported	+26–34% revenue guide
23	ESG — effluent, coal ash, GHG	ESG	Med	Savitri River allegation; no BRSR yet	ISO 14001; ETP upgrades
24	Labour dispute	Regulatory	Low	IDA/52/2026 Thane	Isolated
25	Compliance culture	Governance	Low	CFO-relative PIT breach 24 Sep 2026	Warning issued

RHP top-10 internal risk factors mapped

RF	Theme	Register
(a)	Dependence on facilities; past MPCB shutdowns; under-utilisation	#2, #11
(b)	Hazardous materials; accidents may cause loss of life	#1
(c)	Outstanding litigation (company, promoters, directors)	#3, #15
(d)	Volatile OCF; risk of negative OCF	#9
(e)	DISH Raigad show-cause vs G.N. Parikh	#3
(f)	Emphasis of matter FY24–26; IFC modified	#13
(g)	Contingent liabilities Rs 109.1 Cr (24.33% NW)	#14
(h)	Demand depends on customers' end-products	#18, #19
(i)	Approvals, licences, permits	#2
(j)	Capacity/utilisation data are estimates	#11, #12

Red-flag checklist

Red flag	Status	Evidence
Rising debt	Watch	82.1 → 101.1 → 110.1 Cr; capex to re-lever
Margin deterioration	Watch	20.8% → 15–16% guided
Auditor concerns	Yes	IFC modified 3 yrs
Related-party abuse	Not evidenced	Amounts unread
Promoter selling	Yes	Rs 420 Cr OFS
Dilution	Low	2% fresh
Customer loss	Not evidenced	Concentration rising
Litigation/tax	Yes	Criminal, DRI, contingents
Commodity/FX/rates	Yes	Spreads; USD short; on-demand WC loans
Technology obsolescence	Low-Med	EVs; VOC rules
Key-person	Med	Promoter-run; VP R&D exit
Safety/ESG	Critical	Items 1–3, 23

Concall Highlights & Guidance

Coverage limits. One earnings call exists: the maiden Q1 FY27 call on 29 Sep 2026, 11:00 IST, hosted by DAM Capital (the BRLM; analyst Nitin Agarwal, contact Karan Talwar). Speakers: Nishith Shah (Chairman), Dhaval Parikh (Jt MD), Rahul Shroff (CFO). The transcript was filed on 5 Oct 2026 but timed out on NSE (five attempts) and returned as undecodable binary from the company site. Analyst Q&A was NOT retrieved, and call quotes below come from secondary write-ups (cruxal, multibagg, whalesbook, scanx, Trade Brains). Q1–Q4 FY26: no calls (unlisted). A 4–6-quarter guidance-vs-actual record does not exist.

Where we looked	Result
NSE announcements	Transcript filed 5 Oct 2026; fetch timed out
Company IR page	Transcript, deck, board outcome, call intimation, trading-window notices (16 and 30 Sep), AGM notices 30th–34th; PDFs undecodable
Trendlyne	Index page; YouTube recording link
Screener	Only Q1 FY27 (transcript, PPT, recording)
BSE	Results cover letter 28 Sep (HTTP 403)
earningspulse.ai	Call announcement (403)

Q1 FY27 — results 28 Sep, call 29 Sep 2026

Rs Cr	Q1 FY27	Q1 FY26	YoY	Q4 FY26
Revenue from ops	433.65	319.6	+35.7%	~335
Gross profit (margin)	164.5 (37.9%)	95.8 (30.0%)	+71.7%	n/a
EBITDA (margin)	90.3 (20.8%)	40.6 (12.7%)	+122%	~32 (~9.6%)
PBT	83.56	32.78	+155%	n/a
PAT (margin)	61.02 (14.1%)	24.34 (7.6%)	+151%	19.56
EPS (Rs)	10.52	4.20		3.37–3.42

Theme	What management said (as reported)	Source
Growth	"Healthy year-on-year revenue growth, driven by better realisations, higher volumes and an improving product mix"; "highest ever on many key parameters"	cruxal (Chairman's message)
Mix	"Product mix improved as secondary and tertiary derivatives grew in both value chains"; Q1 mix ~40/40/20; acetone ~40–43%, P ~38–40%, others ~19–20%; domestic 73/exports 27; top-10 ~25%	multibagg
Mahad	"Record levels of production"; utilisation ~13% FY24 → 44% FY26; "has now turned sustainably profitable"; Khopoli at "optimum utilisation" ~78,800 TPA	Trade Brains; transcript extract via scanx
Margin caution	"The unusually high margin seen during the quarter might not be entirely sustainable"; ~Rs 25 Cr from "sharp increase in average selling price due to geopolitical-led supply chain issues" + Rs 0.92 Cr FX; normalised GM 30–32%; EBITDA 15–16% for rest of FY27	Trade Brains; whalesbook; scanx
Exports	Grew YoY but "shipments were held back by geopolitical tensions related to the West Asia conflict"; Africa/Dubai hit, Europe offset; still exporting to US and China; Houston/Rotterdam/Shanghai points	scanx; call
Guidance	FY27 revenue Rs 1,550–1,650 Cr; EBITDA Rs 240–250 Cr "excluding price fluctuations due to geopolitical-led supply chain issues and forex gains/losses"; 5-yr Rs 2,800–3,000 Cr	multibagg; whalesbook
Capex (new)	Phase I Rs 250–300 Cr + 50–60 infra; Phase II Rs 250–300 Cr from H2 FY28; funding accruals + debt; "antibacterial drug facility" mechanical completion Jan-2027; mining chemicals, lube additives	multibagg; scanx
R&D	37-member team; 40-product pipeline, 9 past pilot; 13 commercialised Apr-23 to Jun-26	multibagg
Balance sheet	"Post-IPO… paid off all debt" [unverified — contradicts disclosed borrowings]	Transcript extract
Working capital	50 days FY26 vs 37 FY25; receivables Rs 278.7 Cr; inventory Rs 153.2 Cr	multibagg
Omissions	No QoQ (Q4 FY26) comparison; no numeric domestic/export split for the quarter; no order-book visibility	cruxal
Management change	VP R&D Dr Chitra Vaidya retired 30 Sep 2026 (noted at 28 Sep board)	multibagg; scanx

Open questions for the transcript Q&A: (a) why Q4 FY26 was weak; (b) how much of the Rs 25 Cr reverses in Q2; (c) debt quantum for capex; (d) Mahad MPCB status; (e) VP R&D exit; (f) the CFO-relative trade; plus management views on acetone anti-dumping and China competition.

IPO roadshow and media commentary

Date	Venue	Speaker	What was said
3 Sep 2026	Price-band release	—	No management quotes; no PTI press-conference quotes found
7 Sep 2026	Business Today TV "What's Hot"	Nishith Shah, Rahul Shroff	33-year legacy; 69 export markets; proceeds to debt reduction and "expanding the acetone and phosphorus value chains"; RoCE maintained (paraphrase only)
~8 Sep 2026	CNBC-TV18 YouTube	Unnamed	Title only: "Margin Expansion, New Products & Capex Plans"
17 Sep 2026	Trade Brains	Management (unnamed)	~Rs 1,900 Cr revenue from existing assets; ~Rs 3,200 Cr long-term potential; secondary/tertiary P derivatives ~35% → ~50%; capex 50–60% existing / ~40% new molecules; R&D to be "quadrupled" in 6 months; top-10 <24%; ~90% direct
—	Equitypandit (404; snippet)	Shah	"expects margins to expand alongside rising utilisation"
—	ET Now / Moneycontrol	—	No interview found

Guidance-target migration (credibility tracker)

When	Target / claim
19 Nov 2025	Debottlenecking (DAA, 3,5-xylenol, P₂S₅, intermediates); no tonnage or capex; 64,000+ sq m unused land
RHP Sep 2026	Spare land (Khopoli 11.98 acres, Mahad 18.4 acres, Dheku 30,110 sqm, Mahad parcels 34,423 and 40,000 sqm); "no committed capacity additions announced"
17 Sep 2026	Rs 1,900 Cr from existing assets (~1.5x FY26 with utilisation already ~72%); Rs 3,200 Cr long-term
28–29 Sep 2026	FY27 Rs 1,550–1,650 Cr / EBITDA Rs 240–250 Cr; 5-yr Rs 2,800–3,000 Cr; capex Rs 500–600 Cr (13 days after listing)

[Analyst View] Tone: confident (roadshow) → confident-but-hedged (Q1 call); not defensive. Pre-emptive disclosure of the one-off is a positive. Contradictions: "debt-free" vs disclosed borrowings; roadshow "expansion" vs RHP objects with no capex; R&D "quadrupling" vs VP R&D retirement; Rs 3,200 Cr vs Rs 2,800–3,000 Cr targets unreconciled. Recurring themes: Mahad ramp, spread volatility, derivative mix shift, debottlenecking before greenfield, pipeline conversion.

Media, influencers and forums

Voice	Stance	Thesis
S.P. Tulsian	Bearish-cautious	Safety notices; inventory controls; USD short; sub-peer margins; "fully priced for average fundamentals"; 39x FY27E EPS Rs 17
IPO Analysis Substack	Neutral-cautious	Bull: PAT ~4.6x FY24–26, EBITDA/t ~2x, China+1. Bear: two shutdowns; Mahad losses; customers +1.9%/yr; receivable days 64 → 70; leased land
deathgamersolo Substack	Critical	Bear/base/bull values Rs 440 / 580 / 720; acetone "unearned gift"
Chanakya Nipothi	Selective Apply (4/5)	Quality but 47x and 84% OFS
Business Standard	Balanced	"Growth, margins impress but experts split"
FPJ / Upstox / IIFL	Negative on listing	"Stumbles"; "lost Rs 1,452 per lot"
5paisa	Positive turn	Upper circuit recovery
Whalesbook / ScanX / Multibagg / Cruxal	Results-led positive	"Profit surges 151%"; cruxal has errors ("NIFTY +10.6%", "Khad")
ValuePickr / Reddit	—	No thread / not accessible
X; YouTube	Informational	GMP alerts (Mint, ET Now, Jainam, IPOwiz, Capital Insight); 7 review/listing videos; company channel

Sentiment timeline

Window	Sentiment	Marker
To 4 Sep	Euphoric (grey market)	GMP Rs 165 (+24%)
5–10 Sep	Deflating	GMP → 0; retail 1.79x, bNII 1.22x
11–16 Sep	Negative	GMP −13/−15; −9.8% open
16–28 Sep	Recovering	Upper circuit day 1; Rs 764 by 28 Sep
29–30 Sep	Euphoric (results)	UC; ATH 914.90 on 3.82M/2.13M volume
1–6 Oct	Consolidating	Rs 789–831; ~0.3M/day; unlock ahead

Growth, Outlook & Valuation

Order book: not applicable. Prasol sells against purchase orders; no order book, book-to-bill or % contracted is disclosed. Visibility proxies: 1,618 customers (+58 net in 2 years), 93.28% repeat revenue, 1–4 yr approvals, top-10 23.68%. No export deals, supply agreements, acquisitions or JVs found in 36 months.

Catalyst calendar

Date	Event	Why it matters
10 Oct 2026 (Sat; tradable 12 Oct)	Anchor 50% unlock (~11.09 lakh sh, ~Rs 92 Cr, ~1.9% equity; ~2.3 sessions of median NSE volume)	Anchors +23% in money
~10 Oct	Sep MF portfolio disclosures	Did anchors hold?
14 Oct 2026	Haldia phenol-acetone complex commissioning	Domestic acetone supply
~21 Oct	Q2 SHP	Promoter reclassification check
~26 Oct	BRLM research quiet period ends (indicative)	DAM likely first initiator — haircut for banker link
~mid-Nov (≤14 Nov)	Q2 FY27 results	Clean EBITDA ~Rs 58–62 Cr in line; >65 beat; ~50 miss
9 Dec 2026	Anchor balance unlock	Second supply wave
Jan 2027	Antibacterial facility mechanical completion	First capex milestone
~Feb 2027	ID first terms end (if 5-year)	Re-appointment
~11 Mar 2027	6-month lock-in ends	Larger float
~Mar 2027	DGTR acetone final findings	Landed cost
H2 FY28 / FY29	Phase II start / 1,58,844 MTPA	Growth delivery

Long-term drivers (3–5y): derivative mix shift; Mahad to 70%+; Phase I peak revenue Rs 500–550 Cr; R&D pipeline (15–20% conversion); China+1; pharma, HPC, mining growth. Tailwinds: Indian specialty chemicals 10.3% CAGR to FY29; API intermediates 14%; acetone derivatives 8.5%. No PLI benefit. Analyst consensus FY27/FY28: Not Available — no post-listing initiations or target prices as of 6 Oct 2026.

Valuation at CMP Rs 831 (Mcap Rs 4,918.1 Cr; EV ~Rs 4,927 Cr)

Multiple	At Rs 676	At Rs 831	Basis
P/E FY26 (pre-issue EPS 14.33)	47.2x	58.0x	RHP basis
P/E FY26 (post-issue EPS 14.04)	48.1x	59.2x	83.12 / 5.918 Cr
P/E TTM (PAT 119.8; EPS 20.24)	33.4x	41.1x	Screener 40.8x
P/E TTM ex one-off (PAT ~100.4)	39.9x	49.0x	[Est.]
P/E FY27 guidance — bridge method (PAT ~155–165; EPS 26.2–27.9)	24–26x	29.8–31.7x	[Est.] FY26 EBITDA→PBT bridge ~Rs 27 Cr, tax 25.7%
P/E FY27 guidance — alternative (PAT ~140–150)	27–29x	32.8–35.1x	[Est.]
P/E FY27E SP Tulsian EPS Rs 17	39.8x	48.9x	Third-party
EV/EBITDA FY26 (139.32)	28.8x	35.4x	Pro-forma EV
EV/EBITDA TTM (189.0)	21.2x	26.1x
EV/EBITDA TTM ex one-off (~163)	24.6x	30.2x
EV/EBITDA FY27 guidance (240–250)	16.0–16.7x	19.7–20.5x	Guidance, not estimate
P/B Mar-26 NAV 77.33 / post-issue 89.30 / pro-forma post-IPO incl. Q1 PAT ~99 (pre-dividend)	8.7x / 7.6x / 6.8x	10.7x / 9.3x / ~8.4x
EV/Sales TTM (1,346.6)	3.0x	3.7x
Dividend yield (DPS 1.20) / FCF yield	0.18% / 0.27%	0.14% / 0.22%

Guidance-basis PAT excludes the Q1 one-off and assumes the FY26 bridge holds while capex lifts depreciation and interest. 3-year average multiples: not meaningful (listed 3 weeks). Dividends: FY24 and FY25 Rs 0.30/sh (payout 9.6%, 4.0%); FY26 Rs 1.20 (Rs 6.96 Cr, 8.4%); none paid since listing. Five pre-listing buy-backs; none listed. Third-party value range: Rs 440 / 580 / 720 (deathgamersolo bear/base/bull).

Price performance since listing (NSE closes)

Daily close (Investing.com). Day-1 close 671 (upper circuit); 29 Sep 840.15 upper circuit on Q1.

Date	Open	High	Low	Close	Chg %	Volume
16 Sep	610.00	671.00	601.00	671.00	–	2.21M
17 Sep	653.95	691.50	621.00	678.80	+1.16	2.21M
18 Sep	679.00	734.90	675.30	703.40	+3.62	1.15M
21 Sep	697.05	708.90	671.80	681.40	−3.13	0.44M
22 Sep	685.05	710.40	676.00	704.75	+3.43	0.41M
23 Sep	710.00	747.50	707.25	740.90	+5.13	0.71M
24 Sep	737.00	750.90	713.10	720.70	−2.73	0.25M
25 Sep	721.00	769.00	718.05	756.00	+4.90	0.48M
28 Sep	758.70	773.90	731.00	763.80	+1.03	0.48M
29 Sep	799.90	840.15	692.80†	840.15	+10.00	3.82M
30 Sep	868.25	914.90	812.30	839.10	−0.12	2.13M
1 Oct	825.00	829.00	792.60	814.05	−2.99	0.56M
5 Oct	822.70	827.25	782.15	789.05	−3.07	0.29M
6 Oct	791.95	846.30	788.65	831.00	+5.32	0.30M

†Anomalous low, unverified. BSE listing: open 611, low 600.50, close 672.05. Listing mcap ~Rs 3,610–3,616 Cr (FPJ Rs 3,746 Cr does not reconcile). 22 Sep combined NSE+BSE 3.69 lakh sh; ~709 intraday +4.8%, no trigger. Liquidity: ~15.4M NSE shares in 14 sessions vs ~14.65M free float (1.05x turnover); median ~0.48M/day (~Rs 35–38 Cr); October ~0.3M (~Rs 24–25 Cr). No bulk/block deals (Trendlyne). Backdrop: Nifty −14.25% / Sensex −15.6% YTD; 69 IPOs raised Rs 90,500 Cr in Q3 2026.

IPO structure, subscription and grey market

Item	Detail
Issue	Rs 500 Cr = 73,96,437 sh; fresh Rs 80 Cr (11,83,431); OFS Rs 420 Cr (62,13,006)
Reservation	QIB 50% (36,98,218 incl. anchor), NII 15% (11,09,466), retail 35% (25,88,753); no employee quota
Dates	Anchor 7 Sep; bid 8–10 Sep; allotment 11 Sep; listing 16 Sep
Valuation at issue	Rs 4,001 Cr; P/E 47.2x; P/B 8.74x

Category	Shares bid	Exchange basis (54,43,229)	Ex-anchor quota (51,77,508)
QIB	1,12,28,140	7.22x	7.59x
NII	20,94,994–20,95,302	1.80x	1.89x (bNII 1.22x / sNII 3.23x)
Retail	46,39,206	1.70x	1.79x
Total	1,79,62,648	3.29–3.30x	3.47x
Applications	1,82,737 (Chittorgarh) / ~1,81,603 (IPOji); bids ~Rs 1,214 Cr ex-anchor (Paterson); Kotak Neo QIB 5.58x variant
Day 1 / 2 / 3 (ex-anchor)	0.44x / 0.76x / 3.47x — QIB 0.00 / 0.06 / 7.59; retail 0.73 / 1.19 / 1.79. Exchange basis 0.41–0.42 / 0.72 / 3.29. Multibagg "final 0.76x" is Day 2.

GMP date	3 Sep	4 Sep	5 Sep	6 Sep	7 Sep	8 Sep	9 Sep	10 Sep	11–13	14–16	Actual
Rs	14	165	125	115	55	30	15	0	−15	−13	−66 (610)

Broker views

House	Rating	Reason
SBI Securities	Subscribe (LT)	"Reasonably valued alongside relatively better return ratios"; D/E ~0.1x post repayment; Mahad recovery
Anand Rathi	Subscribe (LT)	Entry barriers; R&D; "48x… fully priced"; flags shutdowns
Master Capital	Subscribe (LT)	Largest acetone importer; Saykha expansion [unverified]
Ventura	Subscribe	150+ products
Mangal Keshav, Kantilal Chhaganlal, Sushil Finance	Apply	Aggregator [unverified]
Capital Market; IPO Watch	May Apply	Flags Rs 109.1 Cr contingents
Swastika; SMC Global	Neutral	"limited room for error"
GEPL Capital	Avoid ⚠	Conflicts with Chittorgarh tally of 0 Avoid — unconfirmed
ICICI Direct	No rating	Fact sheet: 40-product pipeline; short-term POs
Chittorgarh tally	6 Subscribe / 1 May Apply / 1 Neutral / 0 Avoid. Post-listing initiations, targets, upgrades/downgrades: none.

Final Verdict

Business Quality

Medium

Real niche; spread-driven

Management

Weak

Safety, criminal cases, IFC

Financial

Medium

Low debt; poor OCF

Valuation

Expensive

59x FY26 · 41x TTM

Overall

Neutral

Do not chase at Rs 831

Bull case

Scarce assets: sole Indian isophorone, largest acetone converter, 1,618 customers with top-1 under 5%, 1–4-year approvals.
Guide delivered: Mahad at 70%+, phosphorus +35%, mix shift; FY27 EBITDA Rs 240–250 Cr → ~20x EV/EBITDA, compounding into Phase I (Rs 500–550 Cr peak revenue) and the Rs 2,800–3,000 Cr aspiration.
Clean balance sheet (net debt ~0 post-IPO), 20%+ RoE, and a domestic acetone glut from Haldia/Deepak cuts feed cost.

Bear case

Margins revert: Q1 was a Rs 25 Cr windfall on top of an FY26 helped by acetone −27%; anti-dumping duty and integrated rivals squeeze spreads; Q2–Q4 fall short of the 1.7–1.9x step-up.
Another EHS incident or closure (4 deaths, 2 closures, live notices, MD criminal cases) hits revenue and working capital, as in FY24.
Cash does not follow profit (OCF 0.5–0.6x), capex re-levers the balance sheet, and anchor/6-month unlocks meet a stock at 41x TTM with no FII bid.

Base case (12–18 months)

[Analyst View] Clean EBITDA lands at or slightly below the bottom of the guide (~Rs 225–245 Cr) as spreads normalise and Q4 seasonality repeats. Reported numbers stay noisy from feedstock swings. OCF improves only modestly. Capex lifts debt from FY28. The multiple compresses toward the peer median (high-20s to low-30s on FY27–28E) as unlocks clear. The stock is range-bound around current levels, with downside skew into the Q2 print and the December unlock.

5 things to remember

FY26 PAT Rs 83 Cr only equals FY22; margins are spread-driven (6.9% → 20.8%).
Clean Q1 EBITDA ~Rs 64 Cr (~15.8%); the guide needs ~Rs 58–62 Cr a quarter vs an FY26 average of Rs 35 Cr.
OCF/PAT 0.51x and 0.60x; receivables +41%; IFC modified three years.
4 deaths / 3 incidents; 4–5 criminal cases against the MD (6 against promoters per the Abridged Prospectus).
84% OFS, then Rs 500–600 Cr capex 13 days later; anchor unlocks 10 Oct and 9 Dec.

5 questions before investing

What exactly reversed in Q2 — and does clean EBITDA clear Rs 58 Cr?
What are the RPT amounts, the litigation table and the top sellers' WACA (RHP)?
When will the ERP fix inventory controls, and why has OCF lagged PAT?
How much debt will Phase I/II need, and why was the fresh issue not sized for it?
What is the plan if DGTR imposes acetone duty — and who now owns process safety at board level?

What would change my view	Direction
Q2 FY27 clean EBITDA >Rs 65 Cr with OCF ≥0.8x PAT	Upgrade toward Positive
Stock at 20–25x clean FY27E (~Rs 520–700) [Est., illustrative]	Valuation to Fair
IFC modification removed in FY27 audit	Management upgrade
Any new fatality, closure or conviction	Downgrade to Negative
Acetone anti-dumping duty imposed without pass-through	Downgrade
Clean Q2 EBITDA ~Rs 50 Cr	Downgrade

Final opinion: Prasol is a genuine but narrow, spread-driven niche franchise. Its Q1 beat is real but flattered by a windfall. At Rs 831 (≈59x FY26, 41x TTM, ~30–35x guided FY27) the price already assumes an unproven guidance step-up and looks past weak cash conversion, a poor safety record and heavy promoter selling. Neutral — avoid chasing; reassess after the Q2 FY27 print and the anchor unlocks.

Sources

Data provenance. All URLs accessed 6 Oct 2026. RHP, DRHPs, transcript and deck PDFs could not be machine-read; RHP figures are via secondary sources and tagged. Manual RHP read still required for: related-party transaction amounts; the litigation table (Abridged Prospectus gives counts: 16 regulatory + 9 tax proceedings, Rs 6.18 Cr quantifiable, 6 criminal vs promoters); cost of acquisition for the top sellers (Usha Shah, Bhisham Gupta, N.R. Dharia); the group-companies list; and voting-pact status at listing. Also: seller-wise shares, ESOP status, term-loan schedule, NFB-limit anomaly, peer-table date, capital-commitments figure (99.11 vs 16.4), payables (109.11 vs 208.2), DRI amount (14.85 vs 0.68), Acuité surveillance status, transcript Q&A, PIT filing.

Conflict register

Item	Values (source)	Used
Post-IPO promoter %	75.25 (exchange SHP) / 76.92 (IPO Watch) / 77.51 (Ipoji, A2Z)	75.25
Criminal cases vs MD	4 (multibagg digest) / 5 (incl. SCC/1004/2025) / 6 (Abridged Prospectus)	All shown
Revenue	1,232.59 ops / 1,237.85 total income	Ops
FY24 / FY25 PAT	18.13 vs 23.75 / 43.57 vs 39.38	Restated
5 Oct close	789.05 (Investing.com) / 822 (share.market)	Both
Listing open	NSE 610 / BSE 611 / Chittorgarh 671–672 (close)	610 NSE
Anchor unlock	10/11/12 Oct; 9/10/11 Dec	10 Oct, 9 Dec
Subscription	3.47x / 3.29–3.30x / 0.76x (Day 2)	Both bases
Capital commitments	99.11 / 16.4	Both
Payables FY26	109.11 / 208.2	Both
DRI MEIS	14.85 / 0.68	Both
Mahad utilisation FY26	44.09 / ~27 / ~100%+	44.09
Top-5 customers	15.41 / 15.69	15.41
Countries	56 / 63 / 65+ / 69	All
R&D team / employees	37 vs 18 / 724 vs 656 vs 600+	All
Peer premium at IPO	~16% (avg) / ~10% (median) / ~36% (3-Sep set); 61.74x rejected	All
Normalised Q1 margin	15.8% / 14.8% (denominator)	Both
Rating	Acuité A+ (Nov-24) / possibly unrated-withdrawn	Both

Company, filings and regulators

Source	URL
Offer documents	prasolchem.com/offer-documents/
RHP 2 Sep 2026	https://www.prasolchem.com/wp-content/uploads/2026/09/RHP-With-RFS-BP.pdf
Abridged Prospectus (SEBI)	https://www.sebi.gov.in/sebi_data/commondocs/sep-2026/Prasol%20Chemicals%20Limited%20-%20AP_p.pdf
SEBI RHP filing page	https://www.sebi.gov.in/filings/public-issues/sep-2026/prasol-chemicals-limited-rhp_104222.html
DRHP Oct 2025 (SEBI)	https://www.sebi.gov.in/sebi_data/attachdocs/oct-2025/1761550204673_1023.pdf
DRHP Oct 2025 (NSE)	https://nsearchives.nseindia.com/corporate/trampariya_16102025172325_PrasolChemicalsDRHP.pdf
DRHP Apr 2022 (BSE)	https://www.bseindia.com/corporates/download/322750/Prasol%20Chemicals%20Limited%20DRHP_20220422161426.pdf
NSE board outcome 28 Sep 2026	https://nsearchives.nseindia.com/corporate/8591996826_28092026213438_BMOUTCOME28092026.pdf
NSE Q1 FY27 transcript (5 Oct)	https://nsearchives.nseindia.com/corporate/8591996826_05102026173651_TranscriptAnalystsMeetQ1FY27results.pdf
Company transcript	https://www.prasolchem.com/wp-content/uploads/2026/10/Prasol-Q1FY27-Earnings-Call-Transcript-Final.pdf
Q1 FY27 investor presentation	https://www.prasolchem.com/wp-content/uploads/2026/09/Prasol-Q1FY27-IP-Final.pdf
Annual Report FY26	https://www.prasolchem.com/wp-content/uploads/2026/09/Annual-Report-25-26.pdf
Call intimation	https://www.prasolchem.com/wp-content/uploads/2026/09/Intimation-of-Earnings-Call-29-09-2026.pdf
Trading-window closure	https://www.prasolchem.com/wp-content/uploads/2026/09/Trading-Window-Closure_30.09.2026.pdf
Investor relations	https://www.prasolchem.com/investor-relations/
Investor contacts	https://www.prasolchem.com/wp-content/uploads/2025/11/Investor-Contacts.pdf
Leadership	https://www.prasolchem.com/leadership-team/
Website / product pages	prasolchem.com; solvents; POCl₃; P₂S₅; lubricants; mining
TDS MIBK / MO	MIBK; MO
CareEdge industry report 7 Oct 2025	https://www.prasolchem.com/wp-content/uploads/2025/10/PRASOL_07.10.25_Industry-Report-Chemical-Industry_Prasol_Final_v3.pdf
BSE Q1 cover letter (403)	https://www.bseindia.com/xml-data/corpfiling/AttachLive/bd23db2f-c791-4b2f-836d-22b69022675b.pdf
Anchor allocation letter 7 Sep	https://www.chittorgarh.net/reports/anchor-investor/prasol-chemicals-anchor-book.pdf
MPCB EIA Honad 2020	https://www.mpcb.gov.in/sites/default/files/public_hearing/exe_summary/2020-03/Prasol-Honad-Executive-Summary_05032020.pdf
Mahad EC brief 2017	https://environmentclearance.nic.in/writereaddata/Online/TOR/28_Feb_2017_12514021775R5S3D6PrasolBriefSummary.pdf
DGTR P₂O₅ case	https://www.dgtr.gov.in/anti-dumping-cases/phosphorus-pentoxide-or-p2o5-originating-or-exported-china-pr
Company YouTube	https://www.youtube.com/@PrasolChemicalsLtd/videos

Ratings

Source	URL
Acuité rationale 8 Nov 2024	https://www.acuite.in/documents/ratings/revised/28853-RR-20241108.pdf
Acuité company page	connect.acuite.in — Prasol 8th_Nov_24
Acuité rationale Feb 2020	https://www.acuite.in/documents/ratings/revised/9912-RR-20200220.pdf

Financial databases and registries

Source	URL
Screener Prasol	https://www.screener.in/company/PRASOLCHEM/
Screener peers	Aarti; Atul; Laxmi; Vinati; Privi; Excel; Deepak; Yasho
Tijori	overview; financials
Tofler Prasol / Pratech	Prasol; Pratech
Falcon Ebiz (Prasol Aromatics)	falconebiz.com
ClearTax (Friends Fab Form)	cleartax.in
Groww stock / IPO	stock; IPO
IndMoney	https://www.indmoney.com/stocks/prasol-chemicals-ltd-share-price
Value Research (403)	valueresearchonline.com
share.market	https://www.share.market/stocks/prasol-chemicals-ltd-share
Investing.com history	https://in.investing.com/equities/prasol-chemicals-historical-data
Trendlyne deals / call	deals; call post
Indira Trade board	indiratrade.com
mind2markets	mind2markets.com
IPO360	ipo360.in
Eximpedia (402; snippet)	eximpedia.app
Volza YP imports	1; 2
OEC phosphorus	oec.world
earningspulse (403)	earningspulse.ai

IPO aggregators, brokers and RHP extracts

Source	URL
Chittorgarh IPO / recommendations	IPO; recommendation
IPO Watch	IPO; review; recommendation
Ipoji / A2Z / investorgain / ipoindex	Ipoji; A2Z; investorgain; ipoindex
Kotak Neo / Bajaj / ICICI Direct / Paytm Money	Kotak Neo; Bajaj; ICICI Direct; Paytm Money
InCred / Samco / SP Tulsian	InCred; Samco; SP Tulsian
Trade Brains	IPO; 17 Sep; 29 Sep
Chanakya Nipothi / INDmoney / Planify / Equitypandit (404)	Chanakya; INDmoney; Planify; Equitypandit
Paterson Capital	anchors; subscription
multibagg RHP series	isophorone; Mahad shutdown; promoter cases; voting pacts; inventory controls; OFS; issue/listing; borrowings; OCF; capital records; Mahad losses; Q1 results; Q1 deck/call; 22 Sep move; IPO page
Substacks / independent	deathgamersolo; ipoanalysis; abhinavmishra; inxits

News and media

Source	URL
cruxal Q1	cruxal.in
Whalesbook	1; 2; 3
ScanX	Q1; call; DRHP; Day 3
Sahi	1; 2
Upstox	listing; Day 3
Business Today	listing; BT TV; brokers; Q3 IPOs
Business Standard	experts split (403); 2022 DRHP; amp; 2022 approval
IIFL	2022 DRHP; 2022 article; GMP Day 1; listing
Indian Chemical News	2022; 2025 filing; expansion; SEBI nod; Deepak capex; HPL–Lummus
Outlook Business	2022; price band
Other IPO news	hdfcsky; India TV; 5paisa; FPJ; inkl/Mint; Goodreturns
Safety / governance news	ThePrint (Oct-2023 leak); TaxGuru (NFRA on CNK); Times of Bengal (trading window)

Industry, commodity and policy

Source	URL
Anti-dumping (acetone)	ICIS; ChemNet; taxguru sunset review
Acetone QCO	Aleph QCO; Aleph Dec-2025
Customs duty nil	GreenCross
Haldia / Deepak	Hydrocarbon Processing; Machine Maker; ICIS Deepak; OPIS MIBK
Prices	ProcurementResource; Price-Watch; ChemAnalyst YP; Brownfield
Markets / peers	24ChemicalResearch P₂S₅; Evonik; Excel products
Agro / trade	cnchemicals; AlchemPro/ICRA; nexizo tariffs

Social and video

Platform	URL
X	Jainam; Capital Insight; Mint; ET Now; IPOwiz
YouTube	1; 2; 3; 4; listing live; CNBC-TV18; GMP