Indian chemicals: From market darlings to a slow recovery - The HinduBusinessLineSENSEX 73,033.78+ 1,109.10NIFTY 22,721.95+ 358.60CRUDEOIL 8,933.00 -47.00GOLD 148,536.00 -1,007.00SILVER 219,778.00 -3,099.00SENSEX 73,033.78+ 1,109.10NIFTY 22,721.95+ 358.60NIFTY 22,721.95+ 358.60CRUDEOIL 8,933.00 -47.00CRUDEOIL 8,933.00 -47.00GOLD 148,536.00 -1,007.00'; } document.getElementById("lgdv").innerHTML = htmlElements; } function numberformat(i) { return Number(parseFloat(i).toFixed(2)).toLocaleString('en', { minimumFractionDigits: 2 }) } async function gatherResponse(response) { const { headers } = response; const contentType = headers.get('content-type') || ''; if (contentType.includes('application/json')) { return await response.json() } return response.text(); } function getWidth() { if (Math.max(document.body.scrollWidth,document.documentElement.scrollWidth,document.body.offsetWidth,document.documentElement.offsetWidth,document.documentElement.clientWidth) > 991) { document.getElementById("mob").style.display = "none"; document.getElementById("lgdv").style.display = "block"; } else { document.getElementById("mob").style.display = "block"; document.getElementById("lgdv").style.display = "none"; } } getWidth();]]>Important StoriesFollow UsFOLLOW US ON WHATSAPPHomeGO BACK TO HOMEIndia’s specialty chemicals sector is emerging from a downturn marked by excess capacity, weak demand and margin pressure, according to Equirus Capital. Capex doubled between FY21 and FY26, even as returns on capital fell sharply, weighing on investor sentiment. Listed companies’ revenue rebounded in FY26, with CRAMS/CSM/CDMO leading revenue CAGR over FY20–26. Margins are now recovering and inventories normalising. Momentum strengthened further in Q1FY27, with broader revenue growth and sequential margin improvement. Despite the recent challenges, the market is projected to grow from $36 billion in 2025 to $61 billion by 2030.Published on October 13, 2026Sign into Unlock benefits!Access 10 free stories per monthAccess to comment on every storySign up/Manage to our newslettersGet notified by email for early preview to new features, discounts & offers${ ind + 1 } ${ device }Last active - ${ la }