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Primo Chemicals Ltd (PRIMO)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 506852 NSE: PRIMO Chemicals | Small Cap | Primo Chemicals Share Price

₹22.02 -0.26 (-1.17%)

As on 04-Jun'26 16:59

Primo Chemicals Ltd (PRIMO)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 506852 NSE: PRIMO Chemicals | Small Cap | Primo Chemicals Share Price

₹22.02 -0.26 (-1.17%)

As on 04-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹534 Cr.
Current Price
₹22
52-Week Low / High
₹16 / 31
TTM EPS
₹0.4
TTM Sales
₹562 Cr.
Book Value per Share
₹14.9
P/E Ratio
50.52
Higher than its 5-year historical median
Industry PE
50.2
Price to Book (P/B)
1.48
Lower than its 5-year historical median
Price to Sales (P/S)
0.95
Lower than its 5-year historical median
EV/EBITDA
7.49
Lower than its 5-year historical median
Dividend Yield
0.00%
Profitability Efficiency
Return on Equity (ROE)
0.69%
Underperforms industry median
Return on Capital Employed (ROCE)
7.40%
Underperforms industry median
Return on Assets (ROA)
0.33%
Operating Profit Margin
12.3%
Net Profit Margin
0.42%
Gross Profit Margin
11.9%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
39.95%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
887.57%
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
32.40%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹312 Cr.
Equity
₹48.5 Cr.
Face Value
₹2
All Time Low / High
₹0.43 / 100.90

Primo Chemicals stock performance

Key Ratios
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Check Before You Invest

Valuation

Fair

Price Trend

Semi Strong
Q.1 Is Primo Chemicals Ltd a good quality company?
Primo Chemicals Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Primo Chemicals Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Primo Chemicals Ltd vs industry peers?
Primo Chemicals Ltd revenue CAGR is 13.85%, compared to the industry median CAGR of 7.53%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Primo Chemicals Ltd?
Promoters hold 32.40% of the Primo Chemicals Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Primo Chemicals Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 23.4% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Primo Chemicals Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % -31.9%-424.5%26.7%122.6%41.6%42.2%47.6%48.5%-2.6%7.4%-
Value Creation
Index
NANA0.97.82.02.02.42.5-1.2-0.5-

Growth Parameters

Sales 241268334376290226454707397556562
Sales YoY Gr.-11.2%24.5%12.6%-22.7%-22.1%100.6%55.8%-43.9%40%-
Adj EPS -1.4-1.80.24.10.102.35.5-1.10.10.4
YoY Gr.-NANA2063.2%-97.1%-75%7700%136.3%-119.5%NA-
BVPS (₹) -2.4-32.11.52.23.89.7151414.314.9
Adj Net
Profit
-14.4-24.32.555.81.60.556.6134-26.21.811
Cash Flow from Ops. 22.78.543.154.427.352.870.215013.764.4-
Debt/CF from Ops. 23.50.70.61.200.9112.92.6-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 9.7%13.9%7%40%
Adj EPS NA-7.8%-67.5%NA
BVPSNA45.4%13.8%1.8%
Share Price 22.6% 4.3% -30.4% -12.1%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
-23.1-52.66.7109.52.40.730.639.4-6.70.53
Op. Profit
Mgn %
-3.1-5.88.620.95.5-5.519.127.21.712.312.2
Net Profit
Mgn %
-6-9.10.814.90.60.212.518.9-6.60.31.9
Debt to
Equity
-1.8-0.81.11.51.100.30.40.50.50.1
Working Cap
Days
47433229385757691389740
Cash Conv.
Cycle
-20-18-14-17-22-13-6-32410-29

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales241268334376290226454707397556
Operating Expenses + 249284305297274239367515390487
Manufacturing Costs170195201185167133180232207246
Material Costs4343475949447414177119
Employee Cost 23302927342317233541
Other Costs 121627272439961187281
Operating Profit -7-15297816-1287192768
Operating Profit Margin (%) -3.1%-5.8%8.6%20.9%5.5%-5.5%19.1%27.2%1.7%12.3%
Other Income + 5375215515261921
Exceptional Items 00-110000000
Interest 5420855981823
Depreciation 78916131717244051
Profit Before Tax -14-24-559182076186-3115
Tax 00039121953-613
Profit After Tax -14-24-5569857134-262
PAT Margin (%) -5.9%-9.1%-1.5%14.9%3.0%3.6%12.5%18.9%-6.5%0.4%
Adjusted EPS (₹)-1.4-1.8-0.44.10.70.52.35.5-1.10.1
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%

Valuation of Primo Chemicals - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 543936657097274407381383
Share Capital 20272727273148484848
Reserves 33129384366225358332335
Debt +443030303053123149140
Long Term Debt43282728005312310680
Short Term Debt123230004360
Minority Interest0000000000
Trade Payables29262130312844433164
Others Liabilities 558511391120121115181147148
Total Liabilities 182180201217225246486754708735

Fixed Assets

Net Fixed Assets +11411110689168156155278468497
Gross Block346351354361408411425570796851
Accumulated Depreciation232240248271241255270292328354
CWIP 2551615351772134910
Investments 00000030535353
Inventories118988617182234
Trade Receivables555661633523543
Cash Equivalents 21195570128253118
Others Assets 293221271724491097990
Total Assets 182180201217225246486754708735

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 23943542753701501464
PBT -14-24-559182076186-3115
Adjustment 75131963962245161
Changes in Working Capital 302835-205-7-54-278-12
Tax Paid -0-0-0-3-21-14-33-140
Cash Flow From Investing Activity + -3-11-3-36-82-24-191-233-56-43
Capex 0-00-3111-4-182-65-38
Net Investments -3-7-0-4-0-0-34-379-8
Others -1-3-4-29-93-24-153-1404
Cash Flow From Financing Activity + -6-0-4-3-3-341378121-22
Net Proceeds from Shares 015000077000
Net Proceeds from Borrowing -1-15400-316083-11-25
Interest Paid 00-8-3-3-3-0-2-11-12
Dividend Paid 0000000000
Others -5-0000-00-04316
Net Cash Flow 13-23616-58-516-3-21-0

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)00-17.33229.5435.0118.6838.6744.82-7.360.69
ROCE (%)-31.89-424.4826.7122.6341.5942.2147.5548.46-2.587.4
Asset Turnover Ratio1.551.671.81.81.320.961.241.140.540.77
PAT to CFO Conversion(x)N/AN/AN/A0.9636.631.231.12N/A32
Working Capital Days
Receivable Days8.10655.207.2017.7019.6021.7039.8025.60
Inventory Days13.2011.509.108.3010.1011.409.409.1018.5018.50
Payable Days243.90233.90179.70157.60228.60245.30176.20112.80176.40144.60

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Primo Chemicals Ltd FAQs

The current trading price of Primo Chemicals on 04-Jun-2026 16:59 is ₹22.02.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 03-Jun-2026 the market cap of Primo Chemicals stood at ₹533.6 Cr

The latest P/E ratio of Primo Chemicals as of 03-Jun-2026 is 50.52.

The latest P/B ratio of Primo Chemicals as of 03-Jun-2026 is 1.48.

The 52-week high of Primo Chemicals is ₹31.44 and the 52-week low is ₹16.21.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Primo Chemicals is ₹562 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Primo Chemicals Ltd is a good quality company.

The key valuation ratios of Primo Chemicals Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Primo Chemicals Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About Primo Chemicals Ltd

Primo Chemicals (formerly known as Punjab Alkalies & Chemicals) is one of the prominent Indian manufacturers of essential industrial chemicals. Since beginning commercial production in January 1984, they have become a leading producer of Caustic Soda, with a daily capacity of over hundreds of tonnes. Caustic Soda is a crucial chemical used in industries such as paper, soap and aluminium production.

Beyond Caustic Soda, the company offers a diverse range of products, including Hydrochloric Acid, Liquid Chlorine, Hydrogen Gas, Aluminium Chloride, Stable Bleaching Powder and Caustic Soda Flakes. This broad portfolio serves various sectors, including water treatment, textiles and aquaculture. Committed to sustainability, the company employs ecofriendly and cost-effective technologies. Their dedication to safety and a highly skilled workforce makes them a dependable supplier for businesses in need of high-quality industrial chemicals.

Business area of the company

The company is a prominent producer of Caustic Soda. It also produces valuable by-products such as Hydrochloric Acid, Liquid Chlorine, and Hydrogen gas, etc.

Products of the company 

  • Caustic Soda Lye 
  • Caustic Soda Flakes 
  • Hydrochloric Acid
  • Liquid Chlorine
  • Sodium Hypochlorite
  • Hydrogen Gas 
  • Stable Bleaching Powder
  • Aluminium Chloride

Awards and recognition

  • Jawaharlal Nehru Memorial National Award' for excellence in Industry, National Award for Excellence in Energy Conservation
  • Punjab State Safety Award for Largest Reduction in Frequency Rate of Accidents in Chemical Industry (more than 5 lac manhour group).
  • Their employees have got 'Vishwakarma Rashtriya Puruskar' from Government of India
  • 'Kirt Shromani' & 'Kirt Veer' Awards in the field of Safety & Productivity from Government of Punjab.

History and milestones:

  • 1975: Incorporated as Punjab Alkalies Limited
  • 1983: Company was renamed, Company’s equity shares issued to public.
  • 1984: Commenced operations with an installed capacity of 37,059 TPA of Caustic Soda and 16,500 TPA of Liquid Chlorine.
  • 1988: Transition from graphite anodes to dimensionally stable metal anodes, with the installation of an anode control and protection device.
  • 1991: The installed capacities for Caustic Soda Lye and Liquid Chlorine have been raised to 41,152 TPA and 29,700 TPA, respectively.
  • 1992: The installed capacity of Caustic Soda Lye has been increased to 50,820 TPA.
  • 1995: A 100 TPD grassroots plant using HOECHSTUHDE Membrane Cell Technology was commissioned (now Unit-I). The installed capacity of Caustic Soda Lye increased to 83,820 TPA and Chlorine production rose to 52,800 TPA.
  • 1998: Conversion of the existing 170 TPD Mercury Cell Plant to 200 TPD Membrane Cell Plant (now Unit-II).
  • 2019: Conversion of the existing 200 TPD Membrane Cell Plant (Unit-II) from generation 3 to a new 6th generation Membrane Cell Plant.
  • 2020: Appointment of new management.
  • 2022: Manufacturing capacity increased from 300 TPD to 500 TPD.
  • 2022: The company was renamed ‘Primo Chemicals Ltd’ effective December 19, 2022.
  • 2022: Additionally, a 49% stake was acquired in Flow Tech Chemicals.
  • 2023: Commissioned 100 TPD SBP Plant, 35 MW Captive Power Plant, 50 TPD Aluminium Chloride Plant and 200 TPD Caustic Soda Flaker Plant at its Naya Nangal facility in Punjab.
  • 2024: Listed on the National Stock Exchange.

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