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Swing Capital

Primo Chemicals Ltd

NSE: PRIMO BSE: 506852

Incorporated in 1975, Primo Chemicals Ltd (formerly Punjab Alkalies & Chemicals Ltd) is in the business of manufacturing & selling of chemicals[1]

₹22.9
52W: ₹16.1 — ₹31.4
PE 52 · Book ₹16.2 · +41% vs book
Market Cap₹555 Cr
Stock P/E52Price to Earnings
ROCE6.6%Return on Capital
ROE2.75%Return on Equity
Div. Yield0%Face Value ₹2

Strengths

  • +Company has reduced debt.
  • +Debtor days have improved from 27.2 to 20.7 days.

Weaknesses

  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has low interest coverage ratio.
  • −Promoter holding is low: 32.4%
  • −Company has a low return on equity of -1.16% over last 3 years.

Shareholding Pattern

Promoters32.4%
FIIs0.09%
DIIs1.92%
Public65.61%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters31.35%31.35%31.35%31.35%31.35%31.35%32.4%▲1.032.4%
FIIs0.23%0.11%▼0.10.12%▲0.00.11%▼0.00.11%0.08%▼0.00.08%0.09%▲0.0
DIIs1.92%1.92%1.92%1.92%1.92%1.92%1.92%1.92%
Public66.5%66.61%▲0.166.61%66.61%66.61%66.65%▲0.065.61%▼1.065.61%

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales91.43102.48121.93134.36143.85155.42141.94134.74140.14144.86
Expenses88.64101.05106.82123.76125.2131.44121.55119.44126.56125.84
Operating Profit2.791.4315.1110.618.6523.9820.3915.313.5819.02
OPM %3.05%1.4%12.39%7.89%12.96%15.43%14.37%11.36%9.69%13.13%
Net Profit-15.356.78-11.7113.261.92-1.123.062.75-0.345.09
EPS ₹-0.630.28-0.480.550.08-0.050.130.11-0.010.21

AI Insights

Revenue Trend

Mar 2026 revenue at ₹562Cr, up 2.4% YoY. OPM at 12%.

Debt Position

Borrowings at ₹131Cr. Debt-to-equity ratio: 0.38x. Healthy balance sheet.

Capex Cycle

CWIP at ₹12Cr (3% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 1.92% (+0.00pp change). FIIs: 0.09% (+0.08pp change). Promoters hold 32.4%.

Margin & Efficiency

ROCE improving from -9% (Mar 2015) to 7% (Mar 2026). Working capital days: -58.

Valuation

PE 52x with 6.6% ROCE. Price is 41% above book value of ₹16.2. Dividend yield: 0%.

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