India’s chemical industry is highly diverse, encompassing over 80,000 commercial products utilized across various industries. The top chemical companies in India cover a broad range of products, including bulk chemicals, specialty chemicals, agrochemicals, petrochemicals, polymers, and fertilizers. As of 2022, the industry was valued at USD 220 billion, and it is anticipated to grow at a healthy rate of 9%, reaching USD 300 billion by 2025, highlighting its substantial and expanding contribution to the country’s economy.

Under the Interim Budget 2024-25 the government allocated INR 192.21 crore to the Department of Chemicals and Petrochemicals.

Agrochemicals take the forefront among various chemical productions in India, where the country holds the fourth position globally in terms of production, boasting a market size of nearly USD 4.5 billion. India is also a significant contributor to the world’s dyestuffs and dye intermediates, producing a substantial 16%. With a noteworthy global market share of 15%, the nation’s colorant industry has established itself as a pivotal player. India’s chemical industry stands out on the international stage, ranking 14th in exports and 8th in imports, solidifying its position as a global leader in both outbound and inbound chemical trade.

The outlook for top chemical companies in India has improved lately as a result of the China+1 strategy, global companies de-risking their supply chains, strong demand from end-use industries, and high prices.

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Top 10 Chemical Companies in India

Having understood the quantum of the chemical industry, it is time to take a look at the top chemical companies in India. It is interesting to note that most of the big and fastest-growing players are listed chemical companies in India. The list is prepared based on Market Capitalization.

#1 Pidilite Industries – Biggest Among Top Chemical Companies in India

Founded in 1959, Pidilite Industries is a leading player in India’s specialty chemicals sector, best known for its adhesives and sealants. Its product lineup includes popular brands like Fevicol, Dr. Fixit, and M-Seal, serving industries such as construction, automotive, and arts and crafts. Pidilite has also expanded globally, with operations in countries like Sri Lanka, Bangladesh, and Brazil.

The company operates in two key segments: Branded Consumer & Bazaar (contributing 82.5% to total sales) and Business to Business (17%), and others (0.5%). This strategic diversification solidifies Pidilite’s stature in the chemical industry, showcasing its influence across diverse segments.

Pidilite has an established & extensive pan-India network, comprising over 4,800 distributors, servicing 2,00,000 dealers, retailers, and contractors across India.

Financial Report of Pidilite Industries

Market Cap – INR 1,58,840 crore
Revenue – INR 12,503 crore
Net Income – INR 1,845 crore
5-Year CAGR (%) – 11.84
P/E Ratio – 88.6
ROCE (%) – 29.7

#2 SRF

Founded in 1970, SRF is a leading Indian multi-business conglomerate based in Gurgaon, Haryana. The company has diversified into various sectors, including fluorochemicals, specialty chemicals, packaging films, and technical textiles. With an annual turnover of approximately INR 14,870 crore (USD 1.8 billion) and over 8,000 employees, SRF operates 11 manufacturing plants in India, along with additional facilities in Thailand, South Africa, and Hungary.

The company expects its Chemicals Business to grow by approximately 20% in FY 2025, setting a strong foundation for continued momentum in the coming years.

Financial Report of SRF Limited

Market Cap – INR 68,808 crore
Revenue – INR 13,264 crore
Net Income – INR 1,229 crore
5-Year CAGR (%) – 13.1
P/E Ratio – 56.0
ROCE (%) – 12.7

#3 Gujarat Fluorochemicals

Founded in 1987, Gujarat Fluorochemicals (GFL) is a leading manufacturer of refrigerants, fluoropolymers, and specialty chemicals in India. The company is part of the INOX Group. The company operates two major manufacturing plants in Ranjitnagar and Dahej, Gujarat. GFL is one of the world’s largest producers of chloromethane and polytetrafluoroethylene (PTFE), with a strong export presence in Europe, the Americas, Japan, and Asia.

Currently, approximately 40% of the company’s revenue is generated from the domestic market, which includes the following segments: Bulk chemicals contribute around 20%, Fluorochemicals account for about 27%, and Fluoropolymers make up approximately 54%.

Financial Report of Gujarat Fluorochemicals

Market Cap – INR 45,065 crore
Revenue – INR 4,248 crore
Net Income – INR 342 crore
5-Year CAGR (%) – 9.42
P/E Ratio – 132.0
ROCE (%) – 9.76

#4 Deepak Nitrite

Established in 1970, Deepak Nitrite is a leading company in the Indian chemicals sector, focusing on the production of basic intermediates, fine chemicals, and specialty chemicals. The company boasts a diverse product portfolio with over 30 offerings and more than 56 applications, serving over 1,000 clients across various industries.

Deepak Nitrite has been recognized as the largest producer of phenol and acetone in India since 2019 and continues to leverage its strong market position to drive growth in specialty chemicals. Deepak Nitrite has been a known compounder in the stock market, delivering a revenue CAGR of 23.26% over FY 19-24. The company is expected to achieve a topline growth of 29.2%, slightly lower than in the past but still impressive.

Financial Report of Deepak Nitrite

Market Cap – INR 37,996 crore
Revenue – INR 8,080 crore
Net Income – INR 864 crore
5-Year CAGR (%) – 23.26
P/E Ratio – 47.15
ROCE (%) – 21.65

#5 BASF India

Established in 1989 and based in Mumbai, BASF India, a subsidiary of the German company BASF, is a key player in the Indian chemical market. The company’s extensive portfolio encompasses six segments, including Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition and Care, and Agricultural Solutions, with active involvement in the marketing and sale of these products. The company operates 8 production sites and has established 42 offices throughout India.

Financial Report of BASF India

Market Cap – INR 36,887 crore
Revenue – INR 14,360 crore
Net Income – INR 671 crore
5-Year CAGR (%) – 17.97
P/E Ratio – 55.83
ROCE (%) – 24.99

BASF‘s low P/E ratio suggests a stock price advantageous for investors. With promising 5-year returns and a debt-free status, the company demonstrates efficient capital use, reflected in its notable 25% ROCE ratio. This financial strength positions BASF as an appealing investment with growth potential and sound financial management.

#6 Godrej Industries

Godrej Industries, part of the Godrej Group, is a leading company involved in manufacturing and marketing a wide range of consumer goods and related products. The company operates across sectors including chemicals, agriculture, real estate, and financial services. Headquartered in Mumbai, Maharashtra, Godrej Industries has manufacturing facilities in Wadala, Ambernath, Valia, and Dombivali, and an international presence in markets like Indonesia and Singapore.

Godrej Chemicals manufactures over 100 chemicals used in various industries such as home care, personal care, pharmaceuticals, and food. The company is focused on sustainability and innovation in its chemical formulations.

Financial Report of Godrej Industries

Market Cap – INR 36,489 crore
Revenue – INR 16,343 crore
Net Income – INR 945 crore
5-Year CAGR (%) – 8.88
P/E Ratio – 74.33
ROCE (%) – 5.59

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#7 Himadri Speciality Chemical

Himadri Speciality Chemical is a key player in the global specialty chemicals industry, known for its focus on innovation, sustainability, and robust research and development. Initially a coal tar pitch manufacturer, the company has evolved into a leader in various specialty chemical products, including materials used in lithium-ion batteries. It is also the largest player in Naphthalene and Superplasticizers (SNF) in India.

Himadri employs around 1,986 individuals, demonstrating its dedication to building a skilled workforce through comprehensive training programs. In FY 2024, the company introduced 16 new product grades designed to improve performance across various applications.

Financial Report of Himadri

Market Cap – INR 29,728 crore
Revenue – INR 4,434 crore
Net Income – INR 447 crore
5-Year CAGR (%) – 11.6
P/E Ratio – 66.5
ROCE (%) – 19.1

#8 TATA Chemicals

Founded in 1939 and headquartered in Mumbai, Tata Chemicals (TCL) is a key player in the Tata Group, focusing on two main sectors: Fertilizers and Inorganic chemicals, including soda ash and sodium bicarbonate. Operating India’s largest inorganic chemical plant in Mithapur, TCL produces a diverse range of products, from salt licks for cattle and fertilizers to cement, glass, processed steel, and detergents. TCL holds a significant market share in the country’s soda ash industry, contributing about one-third of the total market.

It is among the largest manufacturers of chemical products in India and many other European countries, North America, and Africa.

Financial Report of TATA Chemicals

Market Cap – INR 27,723 crore
Revenue – INR 15,421 crore
Net Income – INR 435 crore
5-Year CAGR (%) – 8.33
P/E Ratio – 35.7
ROCE (%) – 7.81

Its CMP/Sales ratio is healthy and the 0.25 Debt/Equity ratio shows that the company is not dependent on other sources of investment which shows that the company is independent and in a stable financial condition.

#9 Vinati Organics

Incorporated in 1989, Vinati Organics is a leading manufacturer of specialty chemicals and organic intermediates, catering to clients in over 35 countries. As of FY 2024, the company reported a revenue of INR 5.2 billion, reflecting a 20% year-on-year growth. However, it faced a 5% quarter-on-quarter decline due to operational challenges such as logistics issues and rising raw material costs.

In 2024, the company’s robust research and development capabilities ensure continuous advancement in chemical processes and products, contributing to its strong foothold in the global market. With state-of-the-art manufacturing facilities and a commitment to green chemistry, Vinati Organics remains at the forefront of the specialty chemicals industry, providing value-added solutions to its diverse clientele.

Financial Report of Vinati Organics

Market Cap – INR 20,374 crore
Revenue – INR 1,986 crore
Net Income – INR 338 crore
5-Year CAGR (%) – 10.99
P/E Ratio – 59.91
ROCE (%) – 18.54

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#10 Aarti Industries

Incorporated in 1984, Aarti Industries (AIL) is one of the top 10 chemical companies in India and makes specialty chemicals and pharmaceuticals with a global footprint. It combines process chemistry competence with a scale-up engineering competence (asset utilization).

Based in India, the company serves both domestic and global markets and offers over 100 products to more than 700 domestic and over 400 international customers, exporting to over 60 countries, including major markets like the USA, Europe, Asia, and the rest of the world. Its presence also spans various chemistries, utilizing base raw materials such as benzene, toluene, nitric acid, chlorine, methanol, aniline, Sulphur, etc.

Financial Report of Aarti Industries

Market Cap – INR 19,977 crore
Revenue – INR 6,814 crore
Net Income – INR 484 crore
5-Year CAGR (%) – 8.86
P/E Ratio – 40.0
ROCE (%) – 7.47