Multibase India

BSE: MULTIBASE · Specialty Chemicals

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Snapshot

Unlock Multibase India's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Multibase India Limited is a specialty chemicals company that manufactures thermoplastic elastomers and silicone-based products. As a subsidiary of DuPont, it leverages global research capabilities to supply high-performance compounds to the automotive, construction, and consumer goods sectors.

Business Model

The company generates revenue through the manufacturing and sale of niche polymer compounds from its facility in Daman. It operates with a lean structure, focusing on delivering durable and flexible material solutions to industrial clients in the Indian market.

Management Commentary

Management focuses on integrating global material science expertise with local manufacturing to maintain a competitive edge in the Indian specialty chemicals market.

Growth Outlook

Growth is driven by the increasing demand for high-performance materials in the domestic automotive and construction industries. The company continues to benefit from its strategic affiliation with DuPont to enhance its product portfolio.

Key Risks

  • Raw Material Price Volatility. Fluctuations in the cost of petrochemical feedstocks can significantly impact the company's operating margins.
  • Parent Company Dependency. The company's reliance on DuPont for research, development, and technology transfer creates strategic dependency.
  • Cyclical Industry Exposure. Demand for specialty polymers is closely tied to the performance of the automotive and construction sectors, which are inherently cyclical.
  • Regulatory and Environmental Compliance. Stringent environmental regulations regarding chemical manufacturing processes in India could increase operational costs.

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Key Metrics

REVENUE

₹67 Cr

TTM · standalone

-5.9%YoY

NET PROFIT

₹10 Cr

TTM · standalone

-28.9%YoY

EPS

₹8.26

TTM · standalone

-28.9%YoY

RETURN ON EQUITY

12.9%

TTM · standalone

+0.7 ppYoY

RETURN ON CAPITAL EMPLOYED

16.8%

TTM · standalone

+0.7 ppYoY

P/E

21.7x

Q4 FY26 · standalone

21.7 vs 23.8x5Y avg

EV/EBITDA

9.5x

Q4 FY26 · standalone

9.5 vs 8.1x5Y avg

EBITDA MARGIN

22.7%

TTM · standalone

-6.8 ppYoY

NET PROFIT MARGIN

11.2%

Q4 FY26 · standalone

-14.3 ppYoY

DEBT TO EQUITY

0.0x

Q4 FY26 · standalone

+0.00xYoY

Peers · Specialty Chemicals

CompanyMkt CapP/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Multibase IndiaMULTIBASE
₹223 Cr21.4010.66-5.9%22.7%12.9%16.8%-25.0%
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