Prasol Chemicals
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 7.22×
- Big non-institutionalbNII · above ₹10 lakh
- 1.16×
- Small non-institutionalsNII · ₹2–10 lakh
- 2.98×
- Retail individualRII · up to ₹2 lakh
- 1.66×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 11 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 13 Sept 2026 | -₹15 | -2.22% | ₹0 | ₹661 | ₹-330 |
| 12 Sept 2026 | -₹15 | -2.22% | ₹0 | ₹661 | ₹-330 |
| 11 Sept 2026 | -₹15 | -2.22% | ₹0 | ₹661 | ₹-330 |
| 10 Sept 2026 | ₹0 | 0.00% | ₹0 | ₹676 | ₹0 |
| 09 Sept 2026 | ₹0 | 0.00% | ₹0 | ₹676 | ₹0 |
| 08 Sept 2026 | ₹30 | +4.44% | ₹500 | ₹706 | ₹660 |
| 07 Sept 2026 | ₹55 | +8.14% | ₹900 | ₹731 | ₹1,210 |
| 06 Sept 2026 | ₹115 | +17.01% | ₹1,900 | ₹791 | ₹2,530 |
| 05 Sept 2026 | ₹125 | +18.49% | ₹2,100 | ₹801 | ₹2,750 |
| 04 Sept 2026 | ₹165 | +24.41% | ₹2,800 | ₹841 | ₹3,630 |
| 03 Sept 2026 | ₹14 | +2.07% | ₹200 | ₹690 | ₹308 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 08 Sept 2026 – 10 Sept 2026
- Listing date
- 16 Sept 2026
- Face value
- ₹2 per share
- Price band
- ₹643 – ₹676
- Lot size
- 22 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹500 Cr
- Fresh issue
- ₹80 Cr 11,83,431 shares
- Offer for sale
- ₹420 Cr 62,13,006 shares
- Promoter holding
- 86.89% → 75.25% pre-issue → post-issue
- ISIN
- INE455U01024
- CIN
- U99999MH1992PLC065026
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Dam Capital Advisors Ltd.
- Registered office
- Prasol House, Plot No A - 17/2/3, T. T. C, Industrial Area, Khairne M.I.D.C., Navi Mumbai, Thane, Maharashtra – 400710, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 15,55,209 | 28.57% | 28.57% |
| Anchor investor · within QIB | 22,18,930 | — | 40.76% |
| NII (HNI) | 11,66,406 | 21.43% | 21.43% |
| bNII > ₹10L · within NII | 7,77,604 | — | 14.29% |
| sNII < ₹10L · within NII | 3,88,802 | — | 7.14% |
| Retail (RII) | 27,21,614 | 50.00% | 50.00% |
| Employee | 0 | — | 0.00% |
| Market maker | 0 | — | 0.00% |
| Total issue | 54,43,229 | — | 100.00% |
Net offer to the public of 54,43,229 shares, out of a total issue of 54,43,229. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 22 shares per lot, in multiples, at ₹676
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 22 | ₹14,872 |
| Retail (max) | 13 | 286 | ₹1,93,336 |
| S-HNI (min) | 14 | 308 | ₹2,08,208 |
| S-HNI (max) | 67 | 1,474 | ₹9,96,424 |
| B-HNI (min) | 68 | 1,496 | ₹10,11,296 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹676 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 14.33 | — |
| P/E (×) | 47.17 | — |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 18.53%
- ROCE
- 24.00%
- Debt / equity
- 0.19
- PAT margin
- 6.74%
- EBITDA margin
- 11.30%
- NAV per share
- ₹77.33
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 1,237.85 | 1,015.54 | 887.56 |
| Revenue from operations | 1,232.59 | 1,012.49 | 876.57 |
| Other income | 5.25 | 3.05 | 11 |
| Total expenses | 1,125.95 | 956.25 | 848.28 |
| Operating profit | 111.9 | 59.29 | 39.28 |
| Operating margin | 9.04% | 5.84% | 4.43% |
| Profit before tax | 111.9 | 59.29 | 33.51 |
| Profit after tax | 83.12 | 43.57 | 18.13 |
| PAT margin | 6.71% | 4.29% | 2.04% |
| Balance sheet | |||
| Total assets | 839.28 | 723.09 | 626.36 |
| Current assets | 474.21 | 372.98 | 275.53 |
| Current liabilities | 307.71 | 278.55 | 230.78 |
| Total liabilities | 390.77 | 355.62 | 300.52 |
| Net worth | 448.51 | 367.47 | 325.84 |
| Current ratio | 1.54× | 1.34× | 1.19× |
| Return on equity | 18.53% | 11.86% | 5.56% |
| Cash flow | |||
| Operating cash flow | 49.47 | 22.26 | 115.61 |
| Investing cash flow | -38.43 | -22.48 | -17.9 |
| Financing cash flow | 0.14 | 10.23 | -115.11 |
| Net cash flow | 7.42 | 6.69 | -11.07 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Repayment and/or pre-payment of certain borrowings, in full or part, availed by the Company ₹60 Cr
The company proposes to utilize funds towards full or partial repayment or pre-payment of certain term loans to help deleverage the company, maintain optimal debt-equity ratio, reduce debt servicing costs, and improve return on capital employed.
2 General corporate purposes —
The company proposes to utilize funds for general corporate purposes including ongoing business requirements, strategic initiatives, business development, corporate contingencies, organic or inorganic growth, and other expenses as approved by the Board.
1 of 2 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Prasol Chemicals
Prasol Chemicals Limited is a forward integrated manufacturer of acetone and phosphorous based specialty chemicals with over 33 years of experience in the industry. The company operates through two manufacturing facilities in Maharashtra with an aggregate installed capacity of 98,644 metric tonnes per annum, producing over 150 specialty chemical products across five key segments: performance chemicals, PICA (paints, inks, construction & adhesives), pharmaceuticals, agrochemicals, and home and personal care. The company serves over 1,600 customers globally and exports to 69 countries, with revenue from operations of ₹12,325.93 million in Fiscal 2026.
Management
Nishith Rajnikant Shah
MD
Gaurang Natwarlal Parikh
CEO
Strengths
As stated in the offer document
Highly diversified product portfolio used across various Application Industries
The company is a highly diversified specialty chemical player with over 150 specialty chemical products and over 1,600 customers and exports to 69 countries. The diverse applications across multiple industries insulate the company from changes in business cycles or disruptions in any one industry.
Well established R&D capabilities driving innovation with strong pipeline of products to address customised customer requirements
The company has a dedicated in-house R&D team of 37 members comprising 4 members holding PhD and 25 chemists. The company has a pipeline of 40 products at various stages of development and has developed and commercialised 13 new products since April 1, 2023.
Long standing relationships with a diversified customer base and strong global presence
The company catered to 1,618, 1,586, and 1,560 customers during Fiscals 2026, 2025 and 2024 respectively. The company is a Government of India certified 3 Star Export House with a robust global distribution network extending to 69 countries.
Experienced, Qualified and Professional Leadership Team with a focus on business sustainability
The company is led by well-qualified and experienced Board of Directors and key managerial personnel with extensive domain knowledge. The company has achieved EcoVadis sustainability rating with a score of 93% and received various awards including 'Make in India' partnering award.
Robust financial performance
The company has over 3 decades of track record with sustained growth in financial indicators. Revenue from Operations grew from ₹8,765.65 million in Fiscal 2024 to ₹12,325.93 million in Fiscal 2026, with Operating EBITDA Margin improving from 6.91% to 11.30%.
Risk factors
As stated in the offer document
Manufacturing Facility Dependency and Regulatory Shutdowns
The company is dependent on two manufacturing facilities in Maharashtra, which have been subject to regulatory shutdowns by MPCB in the past. The Mahad facility was shut down from October 27, 2023 to May 3, 2024 due to gas leakage incidents, resulting in decreased revenue and capacity underutilization.
Hazardous Materials and Safety Incidents
The company handles hazardous, corrosive and flammable raw materials and finished products requiring expert handling. Past incidents include fatalities from gas leakage (H₂S and SO₂) and chemical exposure, resulting in regulatory action and operational shutdowns.
Outstanding Litigation and Legal Proceedings
The company faces various legal proceedings including 16 statutory/regulatory proceedings against it, 6 criminal proceedings against promoters, and tax proceedings totaling ₹61.83 million in aggregate amount involved, which could result in financial liabilities and management distraction.
Significant Cash Flow Volatility
Net cash from operating activities has fluctuated significantly from ₹1,156.06 million in Fiscal 2024 to ₹222.60 million in Fiscal 2025 and ₹494.70 million in Fiscal 2026, indicating potential liquidity and working capital management challenges.
Substantial Contingent Liabilities
As of March 31, 2026, aggregate contingent liabilities and commitments were ₹1,091.22 million, constituting 24.33% of net worth, compared to 12.74% in Fiscal 2025. Materialization of these liabilities could significantly impact financial condition.
Customer Dependency and Market Demand Risk
The company's business relies on success of customers' end products, with top 10 customers contributing 23.68% of revenue in Fiscal 2026. Any decline in demand for end products or loss of key customers could adversely impact business operations.
Regulatory Approvals and Compliance Risk
The company requires numerous approvals, licenses and permits to operate, with one material approval pending renewal as of the prospectus date. Failure to obtain or renew licenses could disrupt operations and affect business continuity.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Prasol Chemicals Ltd. THIS ISSUE | 14.33 | 77.33 | — | — | 18.53% |
| 11.56 | 164.27 | 46.75 | — | 7.04% | |
| 230.25 | 2136.46 | 28.04 | — | 10.95% | |
| 2.87 | 71.66 | 59.74 | — | 4.00% | |
Vinati Organic Ltd. | 42.80 | 304.99 | 30.95 | — | 14.03% |
| 81.08 | 368.79 | 42.67 | — | 21.99% | |
| 20.95 | 368.18 | 206.68 | — | 5.69% | |
| 60.19 | 1354.74 | 17.12 | — | 4.44% |
Blank cells are figures the offer document does not publish. An unlisted issue has no market price, so it has no price-based multiple until it lists.