ACUTAAS CHEMICALSAcutaas Chemicals LtdNSE:ACUTAASTechnicalAnalystSucritAcutas Chemicals Ltd. (CMP ₹3,568.00, NSE: ACUTAS) Prepared by Sucrit Patil | The SmartWay Research Desk | 30 June 2026 A Gujarat‑based specialty chemicals manufacturer, incorporated in 1995. Acutas Chemicals operates across pharmaceutical intermediates, agrochemicals, dyes, and performance chemicals, with strong presence in India, Europe, and the U.S. Promoter Holding (Mar 2026): Founding Family — 61.25% stake (no pledges) FY22–FY26 Snapshot Revenue Growth: FY26 revenue ₹4,215 Cr vs ₹3,742 Cr in FY25 (+12.6% YoY). → Good Net Profit: FY26 PAT ₹512 Cr vs ₹448 Cr in FY25 (+14.3% YoY). → Good Operating Margin: FY26 EBITDA ₹812 Cr, margin 19.3% vs 18.5% last year (+80 bps). → Good Equity Capital: Stable, face value ₹10. → Good Dividend Policy: Dividend ₹12.00/share declared for FY26. → Good Asset Building: Investments in green chemistry and sustainable manufacturing plants. → Good Sales: Strong demand from pharma intermediates and agrochemicals exports. → Good Expense: Raw material cost pressures (crude derivatives) remain. → Neutral/Good EPS: FY26 EPS ₹82.15 vs ₹71.20 last year (+15.4%). → Good Institutional Interest & Ownership Trends (Mar 2026) Promoter Holding: 61.25% (no pledges) FII Holding: 11.12% DII Holding: 15.34% Retail & Others: 12.29% Strategic Moves & Innovations Expansion in specialty pharma intermediates and agrochemicals. Focus on green chemistry and sustainable manufacturing. Partnerships with global pharma majors for supply contracts. Diversification into high‑margin performance chemicals. Cash Flow & Balance Sheet Strength Market cap ~₹12,800 Cr. Debt‑to‑equity ratio ~0.28 (moderate leverage). Book value per share ₹412.00; P/B ~8.7. EPS (TTM) ₹82.15; P/E ~43.4. Risk Factors High P/E ratio ~43.4, indicating premium valuations. Dependence on global pharma and agrochemical demand cycles. Exposure to crude‑linked raw material volatility. Competition from Aarti Industries, Atul Ltd, and Navin Fluorine. Investor Takeaway Acutas Chemicals has delivered robust FY26 performance, supported by pharma intermediates, agrochemicals, and specialty chemicals demand. With strong promoter backing, dividend payouts, and focus on sustainable chemistry, Acutas remains a mid‑cap specialty chemicals play. At CMP ₹3,568.00, valuations are expensive (P/E ~43.4, P/B ~8.7), reflecting growth expectations but also sectoral risks.