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PRIMO CHEMICALS LIMITED (PRIMO)

Process Industries · Chemicals: Specialty · figures to Nov '26

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.55 / 100
Profitability 46Balance sheet 63
Momentum scoreHow strong the recent trend is: 3-month price change, 12-month improvement in earnings and the rise in FII + DII holding, among companies above ₹500 cr.46 / 100
Price 38Earnings 38FII/DII 62

Passes these screensCash Rich

Compare withLINDE INDIACOROMANDEL INTERNATIONAL LIMITGUJARAT FLUOROCHEMICALS

Share price

Closing priceAdjusted for splits and bonus issues.

₹21.48 latest close · −12.1% over the last 90 sessions

₹20₹23₹25₹28Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹20₹23₹25₹28Jul 3Sep 4Nov 9

₹21.48 month-end · −16.5% over 12 months

₹20₹25Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹20₹25Nov '25May '26Nov '26

₹21.48 month-end · −16.9% since Apr '25

₹20₹25Apr '25Aug '25Dec '25Mar '26Jul '26Nov '26 ₹20₹25Apr '25Feb '26Nov '26

52-week range ₹16.10 to ₹29.80 · 1-year volatility 52.8%

Was the rally earned?

-17%share price, 1 yearEarnings-driven

Mostly earnings.

  • Per-share earnings took off 15 points, while the multiple moved less (P/E 33.4x to 33.0x).
  • The share count barely moved.
Net profit growth: −17 pts. Points of the price return explained by net profit growing (or shrinking).−17 ptsNet profit growthP/E change: −1 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−1 ptsP/E changeShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1 ptsShare count changeShare price: −16%−16%Share priceNet profit growth: −17 pts. Points of the price return explained by net profit growing (or shrinking).−17ProfitP/E change: −1 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−1P/EShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1SharesShare price: −16%−16%Share price
Net profit growth-17 ptsNet profit fell about 17%, which lowers the price.
P/E change-1 ptsThe P/E fell from 33.4x to 33.0x, which lowers the price.
Share count change+1 ptsShare count was little changed. More shares would count against the price.
What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 3 years and 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with LINDE INDIA

How rough has the ride been?

Maximum drawdown-44.6%not yet recovered
1-year volatility52.8%annualised
Volume spikes6last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2026−43.1% 0%−20%−40%2026−43.1%
Largest drawdowns

-44.6% (2025-07 peak to 2026-03 low, not yet recovered)

Most recent volume spikes

2026-09-29: 10.4x the 50-day median, price -2.7% that day

2026-09-28: 33.6x the 50-day median, price +11.3% that day

2026-09-25: 11.4x the 50-day median, price +13.4% that day

Where does it rank among Process Industries peers?

Each cell is the company's percentile rank among its Process Industries peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

  • ROCE26th▼ 3 pts vs a year ago
  • Op. margin67th▼ 9 pts vs a year ago
  • Revenue growth16th
  • EPS growth25th
  • Debt/equity ↓54th▲ 7 pts vs a year ago
  • Cash cycle ↓89th▼ 8 pts vs a year ago
  • P/E ↓25th▼ 5 pts vs a year ago
  • 12M momentum38th

Rank history

ROCE
Op. margin
Revenue growth
EPS growth
Debt/equity ↓
Cash cycle ↓
P/E ↓
12M momentum
Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26
Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Process Industries sector page Watch it move against Process Industries in the Observatory

What is the price implying?

~11%annual earnings growth implied by the price

At a P/E of 13.9x, the price would imply about 11.1%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Fewer than six years of annual earnings are available, which is too little to measure delivered growth.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Process Industries The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹21.48
P/E
33.0x
ROCE
6.0%
Market Cap
₹521 cr
Revenue (TTM)
₹560 cr
P/S
0.9x
P/B
1.3x
ROE
3.9%
Operating Margin
14.8%
Debt / Equity
0.3x
Promoter Holding
32.4%
12M Momentum
-16.4%

52-week range

₹16.10₹29.80
39% of the way from its 52-week low to its high

Price risk

1Y volatility
52.8%
Beta vs sector
1-year daily
0.73

Balance sheet & cash

Interest cover
operating profit ÷ interest
2.1x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.97x
Share count, 1Y
unchanged

Are profits backed by cash?

1 of 4checks within range2 beyond a threshold
Other income reliance105%Beyond threshold

Other income as a share of pre-tax profit (trailing twelve months): 105.3%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate57%Beyond threshold

Median quarterly effective tax rate over about 2.5 years: 56.8%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion—Not enough data

Not enough reported data to compute this.

Free cash flow2 of 5 yrsNear threshold

Fiscal years with positive free cash flow in the last 5: 2. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history—Not enough data

Not enough reported data to compute this.

Capital work in progress3% of fixed assetsWithin range

Capital work-in-progress is 3% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days—Not enough data

Not enough reported data to compute this.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

  • Since Dec 2024, promoters added 1.0 pts.
  • The number of shareholders fell from 51,481 to 48,308 (-6%) between Dec 2024 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '24Jun '26Change
Promoters31.4%32.4%+1.0 pts
FIIs0.1%0.3%+0.2 pts
DIIs1.9%1.9%0.0 pts
Public and others66.6%65.4%-1.3 pts

Number of shareholders

48,308shareholders-6% since Dec '24
48k49k50k51k Dec '24Mar '25Sep '25Dec '25Mar '26Jun '26
Dec '24: 51,481
Mar '25: 50,404
Sep '25: 49,930
Dec '25: 49,272
Mar '26: 47,997
Jun '26: 48,308
 48k49k50k51k Dec '24Sep '25Mar '26Jun '26
Dec '24: 51,481
Mar '25: 50,404
Sep '25: 49,930
Dec '25: 49,272
Mar '26: 47,997
Jun '26: 48,308

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

+21.4%typical 12-month return vs the marketAbove the base rate
  • We found 50 past situations where a non-financial company looked like PRIMO CHEMICALS LIMITED today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
  • Over the following 12 months the middle half of them returned −11% to +47% vs the market, against +1% for all non-financial companies in the same months.
  • The analogs' median sat above that base rate (gap +20.2%, 80% range +3.0% to +26.7%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
SHIGAN · Oct 2024: −45.0% vs market
RICOAUTO · Jun 2024: −44.5% vs market
BODALCHEM · Feb 2022: −39.7% vs market
APEX · Jun 2022: −31.4% vs market
DMCC · Jan 2025: −30.8% vs market
OAL · Sep 2024: −28.6% vs market
LAMBODHARA · Aug 2024: −28.0% vs market
COASTCORP · Jan 2024: −27.2% vs market
SUNDARAM · May 2020: −24.3% vs market
ZIMLAB · Mar 2025: −23.1% vs market
AHLADA · May 2023: −16.7% vs market
GENUSPAPER · Jan 2020: −13.4% vs market
HITECHCORP · Jun 2022: −11.2% vs market
SKMEGGPROD · May 2021: −10.3% vs market
NAHARPOLY · Nov 2024: −9.9% vs market
ORICONENT · Oct 2020: −9.3% vs market
KCPSUGIND · Mar 2023: −6.4% vs market
LIBERTSHOE · Jan 2024: −1.3% vs market
EVERESTIND · Nov 2020: +0.7% vs market
HPIL · Jul 2023: +1.8% vs market
SURANASOL · Jul 2023: +6.5% vs market
MANORG · Apr 2025: +7.7% vs market
ACLGATI · Jan 2020: +9.9% vs market
TPLPLASTEH · Aug 2022: +11.7% vs market
ORIENTCER · Sep 2025: +20.8% vs market
SWELECTES · Feb 2020: +22.0% vs market
ASPINWALL · Mar 2020: +22.7% vs market
SHANKARA · Oct 2021: +25.5% vs market
KCP · Feb 2021: +26.4% vs market
BYKE · Jan 2021: +31.3% vs market
NIPPOBATRY · Nov 2022: +33.2% vs market
VASCONEQ · Mar 2020: +37.4% vs market
HPL · Feb 2022: +37.5% vs market
SHIVATEX · May 2020: +38.6% vs market
THEINVEST · Nov 2023: +38.9% vs market
ALICON · Sep 2020: +42.4% vs market
SUNFLAG · Jun 2024: +45.5% vs market
RUCHIRA · Sep 2021: +46.8% vs market
TALBROAUTO · Jun 2020: +48.4% vs market
SEMAC · Dec 2021: +51.9% vs market
LOVABLE · Nov 2020: +61.4% vs market
SUTLEJTEX · Jan 2021: +65.8% vs market
HBLENGINE · Mar 2020: +68.6% vs market
SANGHIIND · Sep 2022: +71.5% vs market
ARTEMISMED · Oct 2021: +101.3% vs market
ORIENTBELL · Sep 2020: +118.6% vs market
APOLLO · May 2022: +133.5% vs market
TIRUMALCHM · Jul 2020: +134.3% vs market
TEXRAIL · Mar 2023: +161.3% vs market
IGPL · Jul 2020: +181.9% vs market
Similar setups +21.4%All companies +1.2%← worse than the marketbetter than the market →

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 6 beyond the range shown, drawn at the edge

Similar setups' median
+21.4%
All companies' median
+1.2%
Beat the market
64% vs 51%

50 past situations · 50 companies · 35 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
THEINVEST
Finance		 Nov 2023 51x5% +19%−6% +39%
NIPPOBATRY
Producer Manufacturing		 Nov 2022 43x7% +3%−14% +33%
VASCONEQ
Industrial Services		 Mar 2020 19x3% −52%−59% +37%
IGPL
Process Industries		 Jul 2020 23x5% −18%−23% +182%
ORIENTCER
Non-Energy Minerals		 Sep 2025 39x6% −29%−32% +21%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
ORIENTBELL
Producer Manufacturing		 Sep 2020 20x4% −23%−30% +119%
ORICONENT
Producer Manufacturing		 Oct 2020 13x3% −13%−21% −9%
GENUSPAPER
Process Industries		 Jan 2020 18x5% −19%−29% −13%
How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, P/S and drawdown from 12-month high. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to PRIMO CHEMICALS LIMITED. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

FeatureWeightNon-financialFinancial
P/E1yesyes
P/S1yes—
P/B1—yes
ROCE1yes—
operating margin1yes—
ROE1—yes
debt/equity0.75yes—
interest cover0.5yes—
revenue growth0.75yesyes
12-month momentum1yesyes
drawdown from 12-month high0.75yesyes
size0.75yesyes
volatility0.5yesyes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

  • One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
  • Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
  • Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
  • Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
  • Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

SIGACHI INDUSTRIESSIGACHI
Health Technology
78%similar
ROCEdebt/equity
KOPRANKOPRAN
Health Technology
62%similar
volatilitydebt/equity
ASIAN HOTELS (NORTH)ASIANHOTNR
Consumer Services
59%similar
debt/equitypromoter holding
SPECIALITY RESTAURANTSSPECIALITY
Consumer Services
59%similar
revenuemarket cap
SEPCSEPC
Industrial Services
53%similar
ROCEpromoter holding
VALIANT ORGANICSVALIANTORG
Process Industries
60%similar
debt/equityROCE
GANESHA ECOSPHEREGANECOS
Process Industries
51%similar
ROCEoperating margin
BEST AGROLIFEBESTAGRO
Process Industries
47%similar
market capROCE

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

13 events since Jun '25

  1. SepResultsYear-on-year EPS growth turned negative.
  2. SepPeer rankSlipped to the bottom quartile of Process Industries on EPS growth (from the top quartile).
  3. SepPriceVolume reached 33.6x its 50-day median on 2026-09-28; price +11.3% that day.
  4. JunResultsYear-on-year EPS growth turned positive.
  5. JunPeer rankMoved into the top quartile of Process Industries on EPS growth (from the 3rd quartile).
  6. JunPriceVolume reached 15.2x its 50-day median on 2026-06-05; price +18.8% that day.
  7. MarPriceFell 45% from the Jul 2025 peak to the Mar 2026 low.
  8. MarPriceVolume reached 9.3x its 50-day median on 2026-03-27; price +2.4% that day.
Show 5 earlier events
  1. DecPeer rankSlipped to the 2nd quartile of Process Industries on operating margin (from the top quartile).
  2. NovPriceVolume reached 10.0x its 50-day median on 2025-11-28; price +1.5% that day.
  3. JulPriceVolume reached 10.3x its 50-day median on 2025-07-23; price +3.0% that day.
  4. JunPeer rankMoved into the 3rd quartile of Process Industries on ROCE (from the bottom quartile).
  5. JunPriceVolume reached 11.2x its 50-day median on 2025-06-12; price +5.7% that day.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history20 months · 2025-04 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1133.0x₹560 cr3.9%6.0%0.3x
2026-1034.8x₹560 cr3.9%6.0%0.3x
2026-0941.0x₹560 cr3.9%6.0%0.3x
2026-0833.5x₹562 cr3.8%6.0%0.3x
2026-0740.1x₹562 cr3.8%6.0%0.3x
2026-0638.6x₹562 cr3.8%6.0%0.3x
2026-0563.9x₹572 cr2.3%7.0%0.4x
2026-0463.8x₹572 cr2.3%7.0%0.4x
2026-0350.1x₹572 cr2.3%7.0%0.4x
2026-0245.7x₹576 cr2.6%7.0%0.4x
2026-0148.9x₹576 cr2.6%7.0%0.4x
2025-1258.4x₹576 cr2.6%7.0%0.4x
2025-1133.4x₹576 cr4.8%7.0%0.4x
2025-1030.4x₹576 cr4.8%7.0%0.4x
2025-0930.8x₹576 cr4.8%7.0%0.4x
2025-08182.6x₹556 cr0.9%7.0%0.4x
2025-07199.6x₹556 cr0.9%7.0%0.4x
2025-06183.9x₹556 cr0.9%7.0%0.4x
2025-0557.7x₹503 cr2.9%-2.0%0.5x
2025-0457.5x₹503 cr2.9%-2.0%0.5x

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

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