अFunda Observatory

Process Industries: implied vs delivered earnings growth

151 ranked companies · Oct 2026 · prices as of 9 Oct 2026

Discount rate 12% · 10-year horizon · exit P/E 15x · dividends at each company's own payout

In Process Industries, the median price implies 18.6%/yr earnings growth against 9.1%/yr delivered over the past decade, a gap of +10.6 pts, higher than 10 of 17 other sectors. Treated as one company (aggregate market cap over aggregate profit), the sector's price implies 21.1%/yr.

These figures are a mechanical translation of each company's current price-to-earnings ratio into the earnings growth that would be consistent with it, under fixed assumptions we chose (12% annual return, 10 years, exit P/E 15x). They are not forecasts, price targets or recommendations, and change materially with the assumptions. Delivered growth is historical and does not predict future results. ApnaFunda is not a SEBI-registered research analyst or investment adviser. Data may contain errors; verify with company filings before relying on it.

0%0%10%10%20%20%30%30%40%40%50%50%60%60% Delivered growth, per year → Implied growth → JGCHEM · delivered −30.0% · implied 39.3%BORORENEW · delivered −30.0% · implied 35.8%SIRCA · delivered −30.0% · implied 24.9%AYMSYNTEX · delivered −17.1% · implied 35.6%LXCHEM · delivered −30.0% · implied 21.7%TATVA · delivered −15.7% · implied 35.2%ACUTAAS · delivered −6.6% · implied 43.0%TARSONS · delivered −30.0% · implied 19.4%PLATIND · delivered −30.0% · implied 19.0%RAIN · delivered −3.7% · implied 43.7%AETHER · delivered −1.0% · implied 43.4%MANALIPETC · delivered −27.5% · implied 12.5%OAL · delivered −12.2% · implied 27.3%MOL · delivered −30.0% · implied 8.4%COMSYN · delivered −5.9% · implied 30.8%SFL · delivered −10.0% · implied 24.6%CLEAN · delivered −13.2% · implied 19.6%SHK · delivered −6.4% · implied 24.1%RPEL · delivered 22.1% · implied 51.9%GRAPHITE · delivered −11.8% · implied 17.9%BHAGERIA · delivered −7.0% · implied 22.5%RUBYMILLS · delivered −5.3% · implied 22.9%NAVINFLUOR · delivered 11.2% · implied 39.1%PREMEXPLN · delivered 14.7% · implied 41.5%KITEX · delivered −9.3% · implied 16.8%SHREEPUSHK · delivered 0.2% · implied 25.7%NEOGEN · delivered 14.7% · implied 39.2%SHAILY · delivered 22.1% · implied 45.6%NFL · delivered −11.3% · implied 11.5%FLUOROCHEM · delivered 6.7% · implied 29.3%TIMETECHNO · delivered 3.9% · implied 26.3%POLYPLEX · delivered −12.5% · implied 9.6%BALRAMCHIN · delivered −0.7% · implied 21.3%JINDWORLD · delivered 5.0% · implied 26.0%SOLARINDS · delivered 28.3% · implied 49.2%GANECOS · delivered 2.2% · implied 22.7%HSCL · delivered 12.6% · implied 32.7%VENKEYS · delivered −5.5% · implied 14.3%NOCIL · delivered −5.7% · implied 14.0%BHAGCHEM · delivered 14.7% · implied 34.3%RALLIS · delivered −2.9% · implied 16.6%FOSECOIND · delivered 11.1% · implied 30.5%DHAMPURSUG · delivered −12.5% · implied 6.8%IOLCP · delivered 4.2% · implied 23.4%AARTIIND · delivered −0.2% · implied 18.9%AVADHSUGAR · delivered −5.7% · implied 13.4%IGPL · delivered −10.0% · implied 8.8%PIDILITIND · delivered 12.7% · implied 31.5%ANDHRSUGAR · delivered −11.2% · implied 7.4%TATACHEM · delivered −6.6% · implied 12.0%FINEORG · delivered 5.9% · implied 23.8%SANGAMIND · delivered 2.2% · implied 20.1%IPL · delivered −7.1% · implied 9.9%BANARISUG · delivered 4.0% · implied 20.6%ARVIND · delivered 8.6% · implied 25.1%COSMOFIRST · delivered −5.4% · implied 10.3%BERGEPAINT · delivered 10.5% · implied 26.2%CARBORUNIV · delivered 14.1% · implied 29.3%AVANTIFEED · delivered 1.9% · implied 16.9%DCMSHRIRAM · delivered −1.6% · implied 13.4%EXCELINDUS · delivered −5.0% · implied 9.8%ATUL · delivered 6.1% · implied 20.5%SUDARSCHEM · delivered 11.7% · implied 25.3%ICIL · delivered 7.3% · implied 20.5%SUMICHEM · delivered 11.1% · implied 24.2%BALAMINES · delivered 6.5% · implied 19.6%DEEPAKNTR · delivered 15.1% · implied 27.5%ASIANPAINT · delivered 12.3% · implied 24.6%TRIDENT · delivered 2.2% · implied 14.3%VTL · delivered −0.5% · implied 11.7%APCOTEXIND · delivered 8.1% · implied 20.0%JUBLINGREA · delivered 9.0% · implied 20.5%GRINDWELL · delivered 15.3% · implied 26.5%ROSSARI · delivered 5.2% · implied 16.4%SPORTKING · delivered 1.0% · implied 11.8%SOTL · delivered 6.9% · implied 17.5%PCBL · delivered 6.7% · implied 17.0%UFLEX · delivered 6.0% · implied 16.0%ALKYLAMINE · delivered 14.6% · implied 24.3%CENTENKA · delivered −1.4% · implied 8.1%MAYURUNIQ · delivered 9.1% · implied 17.7%AWL · delivered 12.2% · implied 20.2%DEEPAKFERT · delivered 18.6% · implied 26.4%LTFOODS · delivered 23.1% · implied 30.9%VEEDOL · delivered 3.3% · implied 10.7%KRBL · delivered 4.0% · implied 11.2%FCL · delivered 25.4% · implied 32.5%SRF · delivered 17.8% · implied 24.8%VINATIORGA · delivered 11.7% · implied 18.6%FILATEX · delivered 12.7% · implied 19.3%SANATHAN · delivered 9.3% · implied 15.8%INSECTICID · delivered 6.1% · implied 11.8%BHARATRAS · delivered 4.4% · implied 9.7%BAYERCROP · delivered 7.3% · implied 12.1%GODREJAGRO · delivered 12.3% · implied 16.9%KANSAINER · delivered 9.6% · implied 13.2%PARADEEP · delivered 15.5% · implied 18.6%GNFC · delivered −0.6% · implied 2.5%SESHAPAPER · delivered 0.9% · implied 3.4%ARROWGREEN · delivered 21.7% · implied 23.1%COROMANDEL · delivered 16.9% · implied 18.0%DALMIASUG · delivered 8.1% · implied 8.9%EPL · delivered 18.0% · implied 17.8%GRWRHITECH · delivered 30.9% · implied 30.0%KINGFA · delivered 33.2% · implied 32.1%INDOAMIN · delivered 17.8% · implied 16.6%JKPAPER · delivered 8.6% · implied 7.3%MBAPL · delivered 35.0% · implied 33.5%NITINSPIN · delivered 14.7% · implied 13.0%GSFC · delivered 3.3% · implied 1.5%UTTAMSUGAR · delivered 8.5% · implied 6.6%KSCL · delivered 11.9% · implied 9.8%DHANUKA · delivered 14.2% · implied 11.9%PANAMAPET · delivered 16.6% · implied 13.6%GRMOVER · delivered 22.3% · implied 19.1%INDIAGLYCO · delivered 10.6% · implied 7.1%SIYSIL · delivered 10.5% · implied 6.8%EPIGRAL · delivered 15.4% · implied 11.1%GANDHAR · delivered 19.8% · implied 15.4%ANDHRAPAP · delivered 5.2% · implied 0.2%PIIND · delivered 21.1% · implied 15.9%BASF · delivered 24.8% · implied 19.0%RCF · delivered 12.4% · implied 6.3%TRIVENI · delivered 9.2% · implied 3.1%CLSEL · delivered 16.5% · implied 10.3%UPL · delivered 22.7% · implied 15.9%ELLEN · delivered 39.7% · implied 32.6%HUHTAMAKI · delivered 14.8% · implied 6.6%BEPL · delivered 16.8% · implied 8.2%KRISHANA · delivered 43.1% · implied 32.8%GHCL · delivered 8.4% · implied −1.9%PRIVISCL · delivered 43.8% · implied 33.2%VISHNU · delivered 37.6% · implied 25.8%PUNJABCHEM · delivered 27.7% · implied 15.2%AGI · delivered 26.4% · implied 13.2%SULA · delivered 24.5% · implied 10.6%CHAMBLFERT · delivered 19.8% · implied 5.8%SPLPETRO · delivered 34.1% · implied 18.6%SPIC · delivered 19.6% · implied 2.4%LINDEINDIA · delivered 53.1% · implied 34.9%BOMDYEING · delivered 17.6% · implied −2.0%STYRENIX · delivered 26.5% · implied 6.6%PICCADIL · delivered 51.8% · implied 30.6%SANSTAR · delivered 47.4% · implied 25.6%JAICORPLTD · delivered 37.6% · implied 15.4%GOKULAGRO · delivered 46.1% · implied 22.5%INDIGOPNTS · delivered 52.2% · implied 21.9%XPROINDIA · delivered 60.0% · implied 28.5%DDEVPLSTIK · delivered 47.8% · implied 13.0%KIRIINDUS · delivered 36.0% · implied −4.4%GOCLCORP · delivered 56.5% · implied −4.1%JGCHEMBORORENEWSIRCAAYMSYNTEXLXCHEMINDIGOPNTSXPROINDIADDEVPLSTIKKIRIINDUSGOCLCORP −30 pts0+50 pts

Most demanding in Process Industries

  1. #1J.G.CHEMICALS LTD JGCHEM · Process Industries · normalised P/E 132.9x · ₹2,472 cr
    price implies 39.3%/yr · delivered −55.2%/yr (avg-to-avg) · gap +69.3 pts
    cyclical: normalised earnings used
  2. #2BOROSIL RENEWABLES LIMITED BORORENEW · Process Industries · normalised P/E 102.7x · ₹6,000 cr
    price implies 35.8%/yr · delivered −39.5%/yr (avg-to-avg) · gap +65.8 pts
    cyclical: normalised earnings used · trailing P/E far below normalised
  3. #3SIRCA PAINTS INDIA LIMITED SIRCA · Process Industries · normalised P/E 47.8x · ₹2,285 cr
    price implies 24.9%/yr · delivered −32.5%/yr (avg-to-avg) · gap +54.9 pts
    cyclical: normalised earnings used · earnings history unstable
  4. #4AYM SYNTEX LIMITED AYMSYNTEX · Process Industries · normalised P/E 101.3x · ₹1,601 cr
    price implies 35.6%/yr · delivered −17.1%/yr (avg-to-avg) · gap +52.7 pts
    cyclical: normalised earnings used
  5. #5LAXMI ORGANIC INDUSTRIES LTD LXCHEM · Process Industries · normalised P/E 35.9x · ₹5,021 cr
    price implies 21.7%/yr · delivered −31.3%/yr (avg-to-avg) · gap +51.7 pts
    cyclical: normalised earnings used
  6. #6TATVA CHINTAN PHARMA CHEM LTD TATVA · Process Industries · normalised P/E 102.5x · ₹4,184 cr
    price implies 35.2%/yr · delivered −15.7%/yr (avg-to-avg) · gap +50.9 pts
    cyclical: normalised earnings used
  7. #7ACUTAAS CHEMICALS LIMITED ACUTAAS · Process Industries · normalised P/E 178.7x · ₹25,915 cr
    price implies 43.0%/yr · delivered −6.6%/yr (avg-to-avg) · gap +49.6 pts
    cyclical: normalised earnings used · trailing P/E far below normalised
  8. #8TARSONS PRODUCTS LTD TARSONS · Process Industries · normalised P/E 28.5x · ₹1,705 cr
    price implies 19.4%/yr · delivered −57.6%/yr (avg-to-avg) · gap +49.4 pts
    cyclical: normalised earnings used · over half of profit is other income
  9. #9PLATINUM INDUSTRIES LTD PLATIND · Process Industries · normalised P/E 27.6x · ₹1,091 cr
    price implies 19.0%/yr · delivered −49.7%/yr (avg-to-avg) · gap +49.0 pts
    cyclical: normalised earnings used
  10. #10RAIN INDUSTRIES LIMITED RAIN · Process Industries · normalised P/E 221.4x · ₹7,139 cr
    price implies 43.7%/yr · delivered −3.7%/yr (avg-to-avg) · gap +47.4 pts
    cyclical: normalised earnings used · pays out over half of earnings · over half of profit is other income

Lowest expectations in Process Industries

  1. #151GOCL CORPORATION LIMITED GOCLCORP · Process Industries · normalised P/E 4.6x · ₹1,772 cr
    price implies −4.1%/yr · delivered 56.5%/yr (avg-to-avg) · gap −60.6 pts
    cyclical: normalised earnings used · over half of profit is other income
  2. #150KIRI INDUSTRIES LIMITED KIRIINDUS · Process Industries · normalised P/E 3.1x · ₹3,279 cr
    price implies −4.4%/yr · delivered 36.0%/yr (avg-to-avg) · gap −40.4 pts
    cyclical: normalised earnings used · trailing P/E far below normalised · over half of profit is other income
  3. #149DDEV PLASTIKS INDUSTRIES LTD DDEVPLSTIK · Process Industries · normalised P/E 17.4x · ₹2,534 cr
    price implies 13.0%/yr · delivered 47.8%/yr (avg-to-avg) · gap −34.7 pts
    cyclical: normalised earnings used
  4. #148XPRO INDIA LTD XPROINDIA · Process Industries · normalised P/E 61.5x · ₹2,570 cr
    price implies 28.5%/yr · delivered 133.2%/yr (avg-to-avg) · gap −31.5 pts
    cyclical: normalised earnings used
  5. #147INDIGO PAINTS LIMITED INDIGOPNTS · Process Industries · normalised P/E 37.2x · ₹4,864 cr
    price implies 21.9%/yr · delivered 52.2%/yr (avg-to-avg) · gap −30.3 pts
    cyclical: normalised earnings used
  6. #146GOKUL AGRO RESOURCES LIMITED GOKULAGRO · Process Industries · normalised P/E 36.6x · ₹6,086 cr
    price implies 22.5%/yr · delivered 46.1%/yr (avg-to-avg) · gap −23.6 pts
    cyclical: normalised earnings used · trailing P/E far below normalised
  7. #145JAI CORP LIMITED JAICORPLTD · Process Industries · normalised P/E 22.1x · ₹1,531 cr
    price implies 15.4%/yr · delivered 37.6%/yr (avg-to-avg) · gap −22.2 pts
    cyclical: normalised earnings used
  8. #144SANSTAR LIMITED SANSTAR · Process Industries · normalised P/E 47.0x · ₹1,900 cr
    price implies 25.6%/yr · delivered 47.4%/yr (avg-to-avg) · gap −21.8 pts
    cyclical: normalised earnings used
  9. #143PICCADILY AGRO INDUSTRIES LTD PICCADIL · Process Industries · normalised P/E 69.9x · ₹5,743 cr
    price implies 30.6%/yr · delivered 51.8%/yr (avg-to-avg) · gap −21.2 pts
    cyclical: normalised earnings used · trailing P/E far below normalised
  10. #142STYRENIX PERFOM. MATERIALS LTD STYRENIX · Process Industries · normalised P/E 15.3x · ₹3,508 cr
    price implies 6.6%/yr · delivered 26.5%/yr (avg-to-avg) · gap −19.9 pts
    cyclical: normalised earnings used · pays out over half of earnings

Process Industries sector fundamentals → · All sectors

How this works

An investor buys at today's trailing P/E, receives dividends equal to a fixed share of earnings for 10 years, then sells at an exit P/E of 15x. We solve for the constant annual earnings-per-share growth that makes that sequence worth exactly today's price at a 12% required return: P/E = payout × Σ xᵗ + exit P/E × xᴺ, with x = (1 + growth) / (1 + required return). With no dividends it reduces to growth = (1 + r) × (P/E ÷ exit P/E)^(1/N) − 1. Each company uses its own median payout over its last five fiscal years (zero if unknown).

Delivered growth is the fitted annual growth of net profit per share over the last up to ten fiscal years known at the time (a 60-day reporting lag is applied), or a first-three-versus-last-three-years average where earnings are cyclical or a loss year interrupts the series. Cyclical companies are valued on their five-year average earnings rather than trailing ones. The gap is implied growth minus delivered growth, in percentage points.

Sensitivity at a P/E of 40x and a 30% payout (exit P/E down, required return across):

Exit P/E / return11%12%13%
12x23.3%24.4%25.5%
15x20.8%21.9%23.0%
20x17.7%18.7%19.8%

Because a change in the required return or exit multiple moves every company's implied growth by nearly the same amount, the ranking is stable under the assumptions; only the levels move. The curve is also concave: doubling a P/E from 40x to 80x adds only about seven points of implied growth, so a 200x P/E does not mean ten times the growth. There is no consensus forecast in this data, so the comparison is with history only. Sector indices and "sector as one company" use today's constituents and are survivorship-biased.