Hindcon Chemical

: HINDCON · Specialty Chemicals

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Snapshot

Unlock Hindcon Chemical's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Hindcon Chemicals Limited is an Indian manufacturer specialising in construction chemicals, cement additives, and sodium silicate. The company offers a diverse product portfolio including waterproofing agents, mortar, sealants, tile adhesives, and protective paints.

Business Model

The company generates revenue through the manufacturing and sale of chemical products for the construction industry, complemented by trading activities. Its business model focuses on providing specialised chemical solutions for infrastructure and building maintenance.

Growth Outlook

Growth is primarily driven by the increasing demand for specialised construction chemicals in India's expanding infrastructure and real estate sectors. The company continues to broaden its product range to cater to evolving building material requirements.

Key Risks

  • Raw Material Price Volatility. Fluctuations in the cost of chemical raw materials can significantly impact the company's operating margins.
  • Sectoral Cyclicality. The company's performance is highly dependent on the cyclical nature of the Indian construction and real estate industries.
  • Competitive Intensity. The construction chemicals market is highly fragmented, leading to intense price competition from both organised and unorganised players.
  • Regulatory Compliance. Changes in environmental regulations regarding chemical manufacturing processes may necessitate additional capital expenditure.

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Key Metrics

P/E

25.3x

Q4 FY26 · consolidated

25.3 vs 30.5x5Y avg

EV/EBITDA

15.7x

Q4 FY26 · consolidated

15.7 vs 16.6x5Y avg

NET PROFIT MARGIN

3.7%

Q4 FY26 · consolidated

+0.1 ppYoY

DEBT TO EQUITY

0.2x

Q4 FY26 · consolidated

+0.18xYoY

Peers · Specialty Chemicals

CompanyMkt CapP/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Hindcon ChemicalHINDCON
₹117 Cr27.2520.449.1%5.6%9.8%-28.3%
Kronox Lab Sciences LimitedKRONOX
₹666 Cr23.0516.306.1%38.7%27.7%35.9%+11.2%
Black Rose IndusBLACKROSE
₹584 Cr26.0116.4011.0%13.9%18.9%+19.1%
Vipul OrganicsVIPULORG
₹506 Cr63.1130.627.7%10.4%8.9%13.4%+29.6%
Plastiblends India LimitedPLASTIBLEN
₹493 Cr11.546.835.5%9.2%9.7%12.8%+0.5%
Aarti SurfactantAARTISURF
₹458 Cr24.919.8025.2%6.1%7.7%12.4%+19.0%

As of Q4 FY26

Financials