Chemicals Industry in India

Chemicals reach almost every factory in India, from the acids, alkalis and solvents that process other materials to the dyes, resins and speciality molecules that go into textiles, medicines and construction. This page measures listed and unlisted chemical makers together, from statutory filings, so a reader sees the whole industry and not only the stocks.

Top chemicals companies in India (listed and private)

Frequently asked questions

How large is the chemicals industry in India?

1167 chemicals companies with statutory filings (119 listed, 1048 private) reported combined revenue of ₹3.16 lakh crore in FY2025, +8.6% on the same companies, and aggregate EBITDA of ₹44,008 crore. As filed each year, combined revenue was ₹1.20 lakh crore in FY2018, reached ₹3.16 lakh crore in FY2025, the highest in the period; year-on-year changes are measured on the same companies. The 86 listed companies with an exchange price are worth ₹6.14 lakh crore in market capitalisation. Size here is measured in revenue, profit and market value, from statutory filings and exchange prices, not in physical volume of output.

Is profitability improving or deteriorating?

Deteriorating. The aggregate EBITDA margin of chemicals companies was 13.9% in FY2025, 0.2 pts below FY2024, against a peak of 19.3% in FY2021. Profit after tax margin was 6.8% (+0.8 pts on FY2024). Aggregate EBITDA of listed and private chemicals companies moved −4% from FY2022 to FY2025 on a same-company basis; FY2025 EBITDA was ₹44,008 crore (+9.7% on FY2024).

Which companies are leading the chemicals industry?

By FY2025 revenue the largest chemicals companies are Tata Chemicals (₹14,887 crore, 14.6% EBITDA margin); SRF (₹14,693 crore, 19.4% EBITDA margin); Haldia Petrochemicals (₹14,294 crore, 5.3% EBITDA margin, private); Pidilite Industries (₹13,140 crore, 24.8% EBITDA margin); MCPI (purified terephthalic acid) (₹10,490 crore, 8.2% EBITDA margin, private). Among the ten largest, Deccan Fine Chemicals (India) (29.3%) and Pidilite Industries (24.8%) earn the widest EBITDA margins and Haldia Petrochemicals (5.3%) the thinnest. 9 of the 25 largest are private companies, which a listed-only view leaves out.

Where is demand or investment changing?

In the news: Supply chain carried 7.2% of chemicals stories in 2025-06 to 2026-05, up 2.9 pts (+68%) on the prior 12 months; net tone +56 vs +43 for all chemicals stories. In buyer searches: Search interest in mineral and organic acids queries (sulfuric acid price, sulphuric acid price, hydrochloric acid price) was +798% in the 12 months to 2026-09 vs the prior 12, led by “citric acid price” (+1024%), followed by solvents and alcohols (+406%); industrial gases and dry ice moved +17%. The common anchor, “caustic soda price”, moved +14% over the same 12 months.

What should I investigate next?

These are the findings that fired on the data, negative signals first, each with the topic that holds the evidence: Chemicals EBITDA shrank 4% since FY2022 (Industry financials). 36 private chemicals manufacturers pass an IPO-readiness screen (Top chemicals companies in India). Supply chain is gaining the most ground in chemicals news (Chemicals in the news). Mineral and organic acids searches rose most in the last year (Search & demand signals). Median EV/EBITDA is 17.3× and median P/E 32.0× across 86 priced chemicals companies. (Market capitalisation & valuation).

How are chemicals stocks valued?

The median trailing P/E is 32.0× and the median EV/EBITDA 17.3× across 86 priced companies.

What is the chemicals industry?

The chemicals industry turns raw materials such as salt, minerals, natural gas and crude-oil derivatives into basic chemicals like acids, caustic soda and soda ash, solvents and intermediates, dyes and pigments, resins and polymers, and speciality chemicals made to a customer's performance need. Its products go into textiles, medicines, farming, construction, packaging and almost every manufactured good.

What does this page cover?

This page covers listed and unlisted companies that make basic, industrial and speciality chemicals. Petrochemicals and speciality chemicals are part of this page and have no separate page: petrochemical intermediates and polymers, dyes and pigments, fluorochemicals, resins and adhesives, industrial gases and man-made fibre producers coded to the chemical industry are all included. Pharmaceutical and drug-ingredient makers, paint and coating makers, fertiliser and crop-protection companies, soap and cosmetic makers, refiners and oil marketers, traders and distributors, and subsidiaries whose revenue already sits inside a listed parent's consolidated accounts are left out.

Research information, not investment advice.