Institutional Alpha Dossier
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MAINBOARD
SYNCING
GMP: ₹-
Est. Listing: Calculating...
01
Bidding Opens
-
Issue Open
02
Bidding Closes
-
Closing Date
03
Basis of Allotment
-
Registrar Finalization
04
Exchange Listing
-
Secondary Debut
Issue Price Valuation
₹-
Upper Cap Price
Price Band Cap:
Book Built / Fixed
Lot Size & Retail Matrix
- Shares
Minimum Market Lot
Min Capital:
₹-
Application Size:
-
Quant Grade & Moat Score
Proprietary Multi-Factor Moat Model
Synthesizing institutional thesis...
💼 MINIMUM INVESTMENT
Capital Matrix
Retail (Min Lot)
Up to ₹2 Lakhs Category
₹0
HNI (Min Lot)
sNII / High Net-Worth Tier
₹0
HNI Capital Multiple:
Institutional Lot Sizing
🍩 RESERVATION QUOTA (%)
Issue Allocation
100%
Total Issue
Anchor
30%
Market Maker
0%
QIB
20%
NII / HNI
15%
Retail
35%
Institutional Corporate Dossier
Prasol Chemicals
COMPANY PROFILE & DNA
Incorporation / Founded
24-01-92
Active Vintage
Corporate Headquarters
Navi Mumbai, Maharashtra
Registered Hub
👔 Leadership & Promoter Group
Key Management
Nishith Rajnikant Shah, Gaurang Natwarlal Parikh, Dhaval Nalin Parikh, Pankil Nishith Dharia, Sachin Jatin Parikh, Rakesh Gupta, Nishith Rasiklal Dharia, Kunal Tushar Dharia, Suketu Navinchandra Parikh, Usha Rajnikant Shah
⚙️ Business Overview & Portfolio
Core Offerings
A forward integrated manufacturer of acetone and phosphorus-based specialty chemicals.
🎯 Target Market & End-Use
Revenue Drivers
Used in pharmaceuticals, agrochemicals, home and personal care, paints, and performance chemicals.
🛡️
★ Unique Selling Proposition (Core Economic Moat)
Amongst the largest forward-integrated manufacturers of acetone and phosphorus-based specialty chemicals in India with diversified product applications.
Objects of the Issue (Use of Proceeds & Allocation)
🎯 Objective 01
Repayment and/or pre-payment of certain borrowings availed by our Company
₹60.00
Allocation
🎯 Objective 02
General Corporate Purposes
Balance
Allocation
🎯 Objective 03
Not Mentioned
Not Mentioned
Allocation
🎯 Objective 04
Not Mentioned
Not Mentioned
Allocation
Financial Performance & Multi-Year Trajectory
All Figures in ₹ Crores
Latest Total Income📊
₹-
Top-Line
EBITDA Margin⚡
-%
Operating
Net Profit (PAT) Margin📈
-%
Bottom-Line
Debt / Net Worth🛡️
-x
Leverage
📊 Income, EBITDA & Profit Growth Trajectory
Income
EBITDA
PAT Trend
🏛️ Balance Sheet: Net Worth vs Debt
Net Worth
Borrowing
| Particulars | FY26 | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Total Income | 1237.85 | 1015.54 | 887.56 | 0 |
| EBITDA | 119.88 | 67.53 | 44.4 | 0 |
| Profit After Tax (PAT) | 83.12 | 43.57 | 18.13 | 0 |
| Net Worth | 448.5 | 367.45 | 325.83 | 0 |
| Total Borrowing | 110.06 | 101.05 | 82.07 | 0 |
Growth Engine & Compounding Velocity (KPIs)
Multi-Year Trajectory
1015.54
₹ Cr
YoY Growth
1442.00%
3-Year CAGR
0.00%
67.53
₹ Cr
YoY Growth
5211.00%
3-Year CAGR
0.00%
43.57
₹ Cr
YoY Growth
14030.00%
3-Year CAGR
0.00%
Capital Efficiency & Return Ratios (ROE vs ROCE)
Capital Allocation Audit
◈ ROE (Return on Equity)
Calculating...
-%
Current ROE
◈ ROCE (Capital Employed)
Calculating...
-%
Current ROCE
| MetricMetric | Current (%)Curr% | Last Year (%)Last% | 3-Yr Avg (%)3Y Avg | Trend StatusTrend |
|---|---|---|---|---|
| ROE (Return on Equity)ROE | 1186.00% | 556.00% | 1198.00% | Good |
| ROCE (Capital Employed)ROCE | 1441.00% | 1088.00% | 1666.00% | Good |
Forensic Analysis & Reality Check
Earnings Quality & Dilution Audit
0.33
CFO / EBITDA
Cash Flow Conversion Efficiency
Checking...
Analyzing operating cash flow conversion...
| Parameter | Pre-IPO | Post-IPO | View |
|---|---|---|---|
| Debt / Equity | 0.28 | 0.11 | Low |
| EPS (₹) | 7.36 | 14.05 | Accretive |
| ROE (%) | 1186.00% | 974.00% | Bad |
| ROCE (%) | 1441.00% | 1211.00% | Bad |
| P/E (Valuation) | 91.83 | 48.13 | Reasonable |
⏳ Debtor Days Trend (Receivables Cycle)
Analyzing...
FY23
FY24
FY25
Lower receivable days indicate faster cash collection from clients.
⚠️ Contingent Liabilities
Off-Balance Sheet
₹ 10.02 Cr
*Potential hidden obligations & legal/tax claims
Peer Comparison Analysis & Competitive Matrix
Industry Benchmarking
| Company NameComp | Revenue (Cr)Rev | P/E RatioP/E | ROCE (%)ROCE | ROE (%)ROE | OPM (%)OPM |
|---|---|---|---|---|---|
| Prasol Chemicals Limited IPO CANDIDATE | 1015.54 | 48.13 (Ask) | 1441.00% | 9.74 (Post Issue) | 6.65% |
| Aarti Industries Limited | ₹ 8286.00 Cr | 46.79 | 687.00% | 704.00% | 14.17% |
| Atul Limited | ₹ 6273.54 Cr | 28.04 | 1438.00% | 1095.00% | 16.53% |
| Laxmi Organic Industries Limited | ₹ 2846.67 Cr | 59.95 | 445.00% | 400.00% | 6.01% |
| Vinati Organics Limited | ₹ 2226.89 Cr | 30.95 | 1886.00% | 1403.00% | 29.36% |
| Privi Speciality Chemicals Limited | ₹ 2563.69 Cr | 42.67 | 2185.00% | 2199.00% | 25.21% |
▲ Positive Catalysts (Strengths + Opportunities):
8 Factors
▼ Risk Vectors (Weaknesses + Threats):
8 Factors
Strengths
Internal Competitive Moat
- Diversified portfolio of over 150 specialty chemicals with B2B clients in 56 countries.
- Sole manufacturer of isophorone in India with 9,000 MTPA domestic monopoly capacity.
- Strong in-house R&D team of 37 members driving product pipeline and customization.
- Highly efficient pre-IPO Return on Net Worth of 18.53% outperforming peer group.
Weaknesses
Internal Operational Constraints
- Recent fatal industrial accidents and gas leaks led to 188-day Mahad plant closure.
- Substantial capacity under-utilization with Mahad plant operating at only 44.09%.
- Vendor concentration risk with top 10 suppliers accounting for 68.87% of raw materials.
- Historical payment of managerial remuneration in excess of Companies Act statutory limits.
Opportunities
External Growth Tailwinds
- Government's Make in India campaign promotes domestic substitution of imported derivatives.
- Capital expansion at new Saykha Gujarat site will drive future capacity and growth.
- Using Fresh Issue to retire term loans will yield annual interest savings of ₹4.41 Crore.
- Global supply chain shifts away from China favor Indian exporters of specialty derivatives.
Threats & Risks
External Macro & Sector Headwinds
- Deteriorating cash flow metrics with operating cash flows covering only 60% of stand profit.
- Volatility in global acetone and yellow phosphorus prices impacts cost of materials consumed.
- Pending criminal complaints against Promoters and Directors regarding the factory fatality.
- Physical RoC/share register records relating to past buybacks and share transfers are untraceable.
Top 10 Anchor Investors & Smart-Money Allocation
INSTITUTIONAL BOOK
Top 10 Anchor Commitment
₹- Cr
Smart-Money Quality Score
- / 5.0 ★
Marquee Conviction
SEBI Anchor Lock-In Schedule
30D (50%) • 90D (50%)
Mandatory Lock-In
Anchor Book Allocation Pending Exchange Filing
Institutional anchor investor bidding & allocation disclosures are officially filed with NSE/BSE 1 working day prior to the IPO opening date.
| Rank | Marquee Anchor Institution | Smart-Money Grade | Amount Invested | Anchor Share (%) |
|---|
610
Strong Moat of 9/10 driven by high entry barriers (1-4 year qualification cycle), niche market leadership as India's sole isophorone manufacturer, consistent EBITDA margin expansion, and high B2B client stickiness (10-16 year relationships), with no major client concentration or working capital concerns.
30
0
QIB Quota
Qualified Institutional Buyers
Smart Money
-x
Institutional Book
Inst. Conviction:
Evaluating
NII / HNI Quota
sNII (₹2L-10L) & bNII (₹10L+)
HNI Desk
-x
Non-Institutional
HNI Competition Ratio:
-
Retail (RII) Quota
Individual Investors (Up to ₹2L)
SEBI Lottery
-x
Retail Book
Retail Allotment Odds:
-