1. IPO Snapshot
| Particular | Details |
|---|
| Company Name | Prasol Chemicals Limited |
| IPO Type | Fresh Issue and Offer for Sale; 100% book built |
| Fresh Issue | ₹800 Mn |
| Offer for Sale | ₹4,200 Mn |
| Total Issue Size | ₹5,000 Mn |
| Face Value | ₹2 per Equity Share |
| Price Band | ₹643–₹676 per Equity Share |
| Lot Size | 22 Equity Shares |
| Opening Date | September 8, 2026 |
| Closing Date | September 10, 2026 |
| Listing Exchange | BSE Limited and National Stock Exchange of India Limited; NSE is the Designated Stock Exchange |
| Registrar | KFin Technologies Limited |
| Lead Manager | DAM Capital Advisors Limited |
2. IPO Details
| Particular | At ₹643 (Lower Price) | At ₹676 (Upper Price) |
|---|
| Fresh Issue | ₹800.00 million | ₹800.00 million |
| Fresh Issue Shares | 1,244,168* | 1,183,432* |
| Offer for Sale (OFS) | ₹4,200.00 million | ₹4,200.00 million |
| OFS Shares | 6,531,882* | 6,213,018* |
| Total Offer | ₹5,000.00 million | ₹5,000.00 million |
| Total Offer Shares | 7,776,050* | 7,396,450* |
| Pre-Issue Share Capital | ₹116.00 million | ₹116.00 million |
| Pre-Issue Shares | 58,000,000 | 58,000,000 |
| Post-Issue Share Capital | ₹118.37 million* | ₹118.37 million* |
| Post-Issue Shares | 59,244,168* | 59,183,432* |
| Market Capitalisation | ₹38,093.00 million* | ₹40,008.00 million* |
3. Issue Reservation
| Category | Reservation / Allocation |
|---|
| QIB | Not more than 50% of the Offer |
| Anchor Investors | Up to 60% of the QIB Portion may be allocated on a discretionary basis |
| Mutual Funds within Net QIB | 5% of Net QIB Portion available proportionately to Mutual Funds |
| NII | Not less than 15% of the Offer; one-third for applications >₹0.20 million and up to ₹1.00 million; two-thirds for applications >₹1.00 million |
| Retail | Not less than 35% of the Offer |
4. IPO Lot Size
| Application Category | Lots | Shares | Amount at ₹643 | Amount at ₹676 |
|---|
| Retail – Minimum | 1 | 22 | ₹14,146 | ₹14,872 |
| Retail – Maximum | 13 | 286 | ₹1,83,898 | ₹1,93,336 |
| S-HNI – Minimum | 14 | 308 | ₹1,98,044 | ₹2,08,208 |
| S-HNI – Maximum | 67 | 1,474 | ₹9,47,782 | ₹9,96,424 |
| B-HNI – Minimum | 68 | 1,496 | ₹9,61,928 | ₹10,11,296 |
5. About the Company
Prasol Chemicals Limited was originally incorporated as Prachi Poly Products Private Limited on January 24, 1992. It became Prachi Poly Products Limited in 1995, changed its name to Prasol Chemicals Limited in 2007, was reconverted to a private company in 2017 and became a public company again in 2022. The company manufactures and trades specialty chemicals and operates manufacturing facilities at Khopoli and Mahad in Maharashtra.
The company describes itself as a forward-integrated manufacturer of acetone-based, phosphorous-based and other specialty chemicals involving complex and differentiated chemistries. As of June 30, 2026, its portfolio comprised more than 150 products: 21 acetone-based, 53 phosphorous-based and 76 other specialty products. The products serve performance chemicals, PICA (paints, inks, construction and adhesives), pharmaceuticals, agrochemicals, and home and personal care.
| Facility | FY2026 Installed Capacity (MT) | FY2026 Production (MT) | FY2026 Utilisation |
|---|
| Khopoli | 78,784 | 63,256 | 80.29% |
| Mahad | 19,860 | 8,756 | 44.09% |
The company states that it is a Government of India-certified 3 Star Export House. Its RHP describes a global distribution network and sales to multiple geographies. The company also has an in-house R&D team of 37 members as of June 30, 2026, including four members holding PhDs and 25 chemists. Since April 1, 2023, it states that 13 new products had been developed and commercialised as of June 30, 2026.
6. Restated Financial Information
| Particulars (₹ million) | FY2026 | FY2025 | FY2024 |
|---|
| Revenue from Operations | 12,325.93 | 10,124.94 | 8,765.65 |
| Other Income | 52.52 | 30.46 | 109.97 |
| Total Income | 12,378.45 | 10,155.40 | 8,875.62 |
| EBITDA / Operating EBITDA* | 1,393.20 | 877.66 | 605.28 |
| EBIT | 1,118.99 | 592.87 | 392.86 |
| PBT | 1,118.99 | 592.87 | 335.10 |
| PAT | 831.24 | 435.69 | 181.31 |
| Basic EPS (₹) | 14.33 | 7.51 | 3.13 |
| Diluted EPS (₹) | 14.33 | 7.51 | 3.13 |
| Net Worth / Total Equity | 4,485.05 | 3,674.70 | 3,258.35 |
| Borrowings | 1,100.64 | 1,010.52 | 820.68 |
| Total Assets | 8,392.75 | 7,230.87 | 6,263.57 |
| Total Liabilities | 3,907.70 | 3,556.17 | 3,005.22 |
| Finance Costs | 79.77 | 82.48 | 108.89 |
| Depreciation & Amortisation | 246.96 | 232.77 | 213.62 |
| CFO | 494.70 | 222.60 | 1,156.06 |
| CFI | (384.32) | (224.75) | (178.96) |
| CFF | 1.36 | 102.30 | (1,151.14) |
| Capex – Purchase of PPE | (389.99) | (225.82) | (191.38) |
| Inventory | 1,532.38 | 1,517.00 | 998.29 |
| Trade Receivables | 2,786.86 | 1,972.68 | 1,603.41 |
| Trade Payables | 2,082.35 | 1,968.68 | 1,712.61 |
7. Key Performance Indicators
| KPI | FY2026 | FY2025 | FY2024 |
|---|
| Revenue from Operations (₹ mn) | 12,325.93 | 10,124.94 | 8,765.65 |
| Operating EBITDA (₹ mn) | 1,393.20 | 877.66 | 605.28 |
| Operating EBITDA Margin | 11.30% | 8.67% | 6.91% |
| PAT (₹ mn) | 831.24 | 435.69 | 181.31 |
| PAT Margin | 6.74% | 4.30% | 2.07% |
| Adjusted RoAE | 20.37% | 12.57% | 5.71% |
| Adjusted RoCE | 22.43% | 14.95% | 12.61% |
| Net Debt to Equity | 0.19x | 0.23x | 0.22x |
| Countries Served | 56 | 50 | 50 |
| Export Revenue | 27.29% | 28.35% | 25.32% |
| Number of Customers | 1,618 | 1,586 | 1,560 |
| Top 10 Customers | 23.68% | 21.96% | 18.46% |
8. IPO Valuation
| Metric | RHP Disclosure |
|---|
| Basic EPS FY2026 | ₹14.33 |
| Diluted EPS FY2026 | ₹14.33 |
| Weighted Average EPS, FY2024–FY2026 | ₹10.19 |
| NAV per Equity Share, March 31, 2026 | ₹77.33 |
| RoNW FY2026 | 18.53% |
| Weighted Average RoNW | 14.15% |
| Industry P/E – Highest | 206.68x; Yasho Industries Limited |
| Industry P/E – Lowest | 17.12x; Excel Industries Limited |
| Industry P/E – Average | 61.74x |
9. Peer Comparison
| Company | Face Value (₹) | FY26 Revenue (₹ mn) | FY26 Total Income (₹ mn) | Basic EPS (₹) | Diluted EPS (₹) | NAV (₹) | P/E Diluted | RoNW |
|---|
| Prasol Chemicals Limited | 2 | 12,325.93 | 12,378.45 | 14.33 | 14.33 | 77.33 | [●] | 18.53% |
| Aarti Industries Limited | 5 | 82,860.00 | 82,910.00 | 11.56 | 11.55 | 164.27 | 46.79x | 7.04% |
| Atul Limited | 10 | 62,735.40 | 64,764.40 | 230.25 | 230.25 | 2,136.46 | 28.04x | 10.95% |
| Laxmi Organic Industries Limited | 2 | 28,466.67 | 28,619.72 | 2.87 | 2.86 | 71.66 | 59.95x | 4.00% |
| Vinati Organic Limited | 1 | 22,268.90 | 22,795.30 | 42.80 | 42.80 | 304.99 | 30.95x | 14.03% |
| Privi Speciality Chemicals Limited | 10 | 25,636.86 | 25,829.21 | 81.08 | 81.08 | 368.79 | 42.67x | 21.99% |
| Yasho Industries Limited | 10 | 8,300.28 | 8,313.14 | 20.95 | 20.95 | 368.18 | 206.68x | 5.69% |
| Excel Industries Limited | 5 | 10,945.22 | 11,218.47 | 60.19 | 60.19 | 1,354.74 | 17.12x | 4.44% |
10. Shareholding & Capital Structure
| Particular | RHP Disclosure |
|---|
| Authorised Share Capital | 190,000,000 Equity Shares of ₹2 each; nominal value ₹380.00 million |
| Issued / Subscribed / Paid-up Before Offer | 58,000,000 Equity Shares of ₹2 each; nominal value ₹116.00 million |
| Offer | Fresh Issue up to ₹800.00 million plus OFS up to ₹4,200.00 million |
| Promoters' Pre-Offer Holding | 23,930,000 shares; 41.26% as first holders |
| Promoter Group Pre-Offer Holding | 27,805,560 shares; 47.94% |
| Additional Top 10 Shareholders | 6,095,596 shares; 10.51% |
| Other Public Shareholders | 168,844 shares; 0.29% |
| Total Pre-Offer | 58,000,000 shares; 100.00% |
11. Objects of the Issue
| Object | Amount (₹ million) | Timeline / Funding Source |
|---|
| Repayment / Pre-payment of Certain Borrowings | ₹600.00 million | Proposed deployment in FY2027 from Net Proceeds |
| General Corporate Purposes | [●] | To be finalized; amount cannot exceed 25% of Gross Proceeds |
| Total Net Proceeds | [●] | Gross Fresh Issue proceeds less Fresh Issue-related expenses |
12. OFS / Selling Shareholders
| Selling Shareholder | Category | Maximum OFS Amount (₹ mn) | WACA / Share (₹) |
|---|
| Usha Rajnikant Shah (jointly held) | Promoter | ₹1,200.00 mn | ₹9.77 |
| Tushar Natverlal Dharia (HUF) | Promoter Group | ₹515.19 mn | ₹4.68 |
| Gaurang Natwarlal Parikh HUF | Promoter Group | ₹185.39 mn | ₹15.23 |
| Bhisham Kumar Gupta (jointly held) | Promoter Group | ₹390.30 mn | ₹5.64 |
| Nishith Rasiklal Dharia (jointly held) | Promoter | ₹320.00 mn | ₹6.16 |
| Sonal Nishith Dharia (jointly held) | Promoter Group | ₹352.00 mn | ₹3.28 |
| Sachin Jatin Parikh (jointly held) | Promoter | ₹320.00 mn | ₹50.13 |
| Suketu Navinchandra Parikh (jointly held) | Promoter | ₹60.00 mn | ₹2.54 |
| Gaurang Natwarlal Parikh (jointly held) | Promoter | ₹353.55 mn | ₹4.81 |
| Jignasha Jay Kantawala (jointly held) | Promoter Group | ₹40.00 mn | ₹21.25 |
| Kinjal Pankil Dharia (jointly held) | Promoter Group | ₹48.00 mn | ₹15.85 |
| Lina Suketu Parikh (jointly held) | Promoter Group | ₹5.10 mn | ₹2.23 |
| Pushpa Navinchandra Parikh (jointly held) | Promoter Group | ₹55.00 mn | ₹2.78 |
| Shruti Sachin Parikh (jointly held) | Promoter Group | ₹79.00 mn | ₹62.50 |
| Sundeep Navinchandra Parikh (jointly held) | Promoter Group | ₹35.00 mn | ₹2.47 |
| Tushar Natverlal Dharia (jointly held) | Promoter Group | ₹5.20 mn | ₹3.13 |
| Dipak Amarshi (jointly held) | Other | ₹90.00 mn | ₹18.97 |
| Heta T Parikh | Other | ₹64.82 mn | ₹0.09 |
| Namita Tushar Parikh | Other | ₹76.45 mn | ₹0.88 |
| Sheetal Sandeep Parikh (jointly held) | Other | ₹5.00 mn | ₹2.54 |
13. Key Risks Highlighted in the RHP
| Category | Risk | Potential Impact |
|---|
| Business / Operational | Manufacturing facilities are critical to the business; the RHP records past shutdowns and operational disruptions at Khopoli and Mahad. | Disruption, under-utilisation or shutdowns could affect operations, cash flows and financial condition. |
| Safety / Hazardous Materials | Certain raw materials, by-products and finished products are hazardous, corrosive or flammable and require expert handling and storage. | Accidents could cause injury, loss of life or property damage and disrupt operations. |
| Customer | Demand depends on the success of customers' end products in pharmaceuticals, agrochemicals, paints, construction, lubricants and other applications. | A decline in customers' end-market demand could affect sales and financial performance. |
| Supplier / Raw Materials | Acetone and yellow phosphorous are key raw materials; the company does not have long-term procurement agreements and a large portion is sourced from key suppliers. | Price or supply disruption could increase product costs or affect production. |
| Financial / Cash Flow | Net cash from operating activities has fluctuated materially across the disclosed years. | Future adverse cash-flow movements could affect growth, liquidity and financial condition. |
| Regulatory / Environmental | The RHP records show-cause notices, closure directions and other regulatory matters involving manufacturing operations. | Adverse regulatory outcomes could affect operations, reputation and financial condition. |
| Industry / Competition | The company operates in specialty chemicals and competes with domestic and international manufacturers. | Changes in competition, product substitution or end-market conditions could affect demand and margins. |
| Technology / Cybersecurity | The company relies on SAP on HANA, CRM systems, network security and third-party technology support. | System disruption or cybersecurity events could affect business operations. |
| Debt / Liquidity | The company had total outstanding borrowings of ₹3,436.66 million as of July 15, 2026 and proposes ₹600.00 million of IPO proceeds for repayment/pre-payment. | Debt servicing, refinancing and interest-rate conditions may affect liquidity. |
| IPO / Market | There was no formal market for the Equity Shares before the Offer and the RHP does not assure an active or sustained trading market. | The post-listing market price and liquidity may differ materially from the Offer Price. |
14. Litigation & Contingent Liabilities
| Area | Disclosure / Amount | Status / Note |
|---|
| Company – Regulatory Matters | Multiple MPCB and MIDC notices and proceedings are disclosed | Includes matters concerning pollution control, hazardous waste, plant incidents and a MIDC project |
| Company – Tax Proceedings | 9 cases; ₹43.42 million total | 4 direct-tax and 5 indirect-tax litigations |
| Promoters – Criminal Proceedings | Multiple proceedings involving Gaurang Natwarlal Parikh; one appeal involving Pankil Nishith Dharia | Proceedings relate principally to alleged factory/safety-law matters; the RHP reports them as pending unless otherwise stated |
| Promoters – Tax Proceedings | 4 cases; ₹28.02 million | Direct-tax litigation; the RHP includes a note on a ₹27.73 million TDS credit matter |
| Other Directors – Tax Proceedings | 2 cases; ₹6.00 million | Direct-tax litigation |
| Contingent Liabilities | ₹100.17 million as of March 31, 2026 | Includes claims not acknowledged as debt and guarantees excluding financial guarantees |
| Commitments | ₹991.05 million as of March 31, 2026 | Capital-account contracts ₹163.91 million; letters of credit ₹827.14 million |
| Outstanding Creditor Dues | ₹2,082.35 million | 101 MSME creditors ₹35.02 million; 4 material creditors ₹1,028.61 million; other creditors ₹1,018.72 million |
15. Registrar
| Particular | Details |
|---|
| Name | KFin Technologies Limited |
| Address | Selenium Tower B, Plot No. 31 and 32, Gachibowli, Financial District, Nanakramguda, Serilingampally, Hyderabad – 500 032, Telangana, India |
| Telephone | +91 40 6716 2222 / 1800 309 4001 |
| Email | prasol.ipo@kfintech.com |
| Investor Grievance Email | einward.ris@kfintech.com |
| Website | www.kfintech.com |
| Contact Person | M. Murali Krishna |
| SEBI Registration No. | INR000000221 |
16. Lead Manager(s)
| Particular | Details |
|---|
| BRLM | DAM Capital Advisors Limited |
| Address | Altimus 2202, Level 22, Pandurang Budhkar Marg, Worli, Mumbai – 400018, Maharashtra, India |
| Telephone | +91 22 4202 2500 |
| Email | prasol.ipo@damcapital.in |
| Website | www.damcapital.in |
| Investor Grievance Email | complaint@damcapital.in |
| Contact Persons | Chandresh Sharma / Puneet Agnihotri |
| SEBI Registration No. | MB/INM000011336 |
| Syndicate Member | Sharekhan Limited |
17. Company Contact Details
| Particular | Details |
|---|
| Registered and Corporate Office | Prasol House, Plot No. A–17/2/3, T. T. C, Industrial Area, Khairne M.I.D.C., Navi Mumbai, Thane, Maharashtra – 400710, India |
| Telephone | +91 22 6195 2500 |
| Email | investorservices@prasolchem.com |
| Website | www.prasolchem.com |
| Company Secretary & Compliance Officer | Kiran Rajendra Agrawal |
| Investor Grievance Contact | Kiran Rajendra Agrawal; investorservices@prasolchem.com |
| CIN | U99999MH1992PLC065026 |
