01 — At a Glance
Detective’s Notebook: The MNC Chemical Case That Refuses to Crack
- 52-Week High / Low₹5,424 / ₹2,907
- Q3 FY26 Revenue₹3,877 Cr
- Q3 FY26 PAT₹105 Cr
- TTM EPS₹92.51
- Annualised EPS (Q3 × 4)₹97.16
- Book Value / Share₹881
- Price to Book3.92x
- Debt / Equity0.04x
- Promoter Holding73.33%
- Return 3 Months-11.4%
Flash Summary: BASF India posted Q3 FY26 revenue of ₹3,877 Cr (+6.64% YoY) and PAT ₹105 Cr (+0.12% YoY). OPM steady at 4%. TTM sales ₹14,721 Cr, PAT ₹386 Cr. Stock at ₹3,462, market cap ₹14,988 Cr, trades at 38.8x P/E vs industry 27.2x. Agri demerger (13.6% turnover) approved, new dispersions line at Mangalore by end-2027 greenlit. BASF SE parent sells global coatings but India impact negligible. The MNC cousin is playing it cool while the chemicals world spins.
02 — Introduction
The Case File Nobody Reads But Every Portfolio Has
Picture this: you’re a detective in the Indian chemical underbelly. Your suspect is BASF India — 73.33% owned by the German giant BASF SE, operating six slippery segments from agri solutions to nutrition & care. No flashy EV pivot, no crypto angle. Just polyurethanes, crop protection, and care chemicals that quietly keep Indian factories, farms, and shampoo bottles running.
TTM sales ₹14,721 Cr, PAT ₹386 Cr, ROCE 18.0%, debt/equity a laughable 0.04x. Four manufacturing plants in Gujarat, Karnataka, Maharashtra. And now the plot twist: demerger of the 13.6% turnover Agricultural Solutions business into a new listed entity called BASIL. NSE gave no-objection on 2 Feb 2026. The board is moving faster than a bureaucrat on chai break.
Q3 FY26 results dropped 13 Feb 2026: revenue up 6.64% YoY to ₹3,877 Cr, PAT flat at ₹105 Cr. OPM 4%. Meanwhile parent BASF SE inks €7.7 bn global coatings deal with Carlyle — India coatings (just 3.1% of revenues) transferred to a 100% subsidiary earlier. Crisil ratings unchanged. This case has more moving parts than a Mumbai local at 8 am.
Board Note (13 Feb 2026): New dispersions production line at Mangalore approved — startup end-2027. Because when you’re BASF, you don’t just sell chemicals; you keep adding capacity like your German parent keeps adding zeros to the global sales figure.
03 — Business Model: WTF Do They Even Do?
They Sell Invisible Glue That Holds India Together
BASF India is the local arm of the world’s largest chemical company. Six segments, no drama. Materials (23% revenues): polyurethanes, engineering plastics for cars, construction, packaging. Nutrition & Care (25%): personal care chemicals, animal nutrition, pharma solutions. Chemicals (18%): oxo-alcohols, acrylic acid. Agricultural Solutions (15%): insecticides, herbicides — now heading to demerger. Industrial Solutions (15%): dispersions, resins, additives. Surface Technologies (4%): process catalysts.
They buy raw materials, blend at four plants, sell to OEMs, farmers, FMCG giants. Royalty to group companies: ₹36 Cr in FY21 (latest visible). Significant intra-group purchases/sales. Sovereign-style backing from BASF SE — technical, financial, operational support. Almost debt-free at ₹144 Cr borrowings on ₹7,500 Cr assets. Classic MNC subsidiary: stable, boring, profitable until crude or forex throws a tantrum.
Nutrition & Care25%revenues
Materials23%revenues
Agri (demerging)15%revenues
Chemicals18%revenues
Fun fact: BASF India once sold construction chemicals (FY21 divestment ₹595 Cr, ₹400 Cr profit). Acquired engineering plastics business 2020 for ₹300 Cr. Now demerging agri. This company changes shape faster than a suspect in a lineup — but the chemicals keep flowing.
💬 At 73.33% promoter holding and near-zero debt, is BASF India the safest chemical play in India or just a boring MNC proxy? Detective wants your theory in comments.
04 — Financials Overview
Q3 FY26: The Numbers That Won’t Confess
Result type: Quarterly Results | Q3 FY26 EPS: ₹24.29 | Annualised EPS: ₹97.16
| Metric (₹ Cr) |
Q3 FY26
Dec 2025 |
Q3 FY25
Dec 2024 |
Q2 FY26
Sep 2025 |
YoY % |
QoQ % |
| Revenue | 3,877 | 3,635 | 3,904 | +6.64% | -0.69% |
| Operating Profit | 169 | 170 | 154 | -0.59% | +9.74% |
| OPM % | 4% | 5% | 4% | -100 bps | 0 bps |
| PAT | 105 | 104 | 101 | +0.12% | +3.96% |
| EPS (₹) | 24.29 | 23.93 | 23.34 | +1.50% | +4.07% |
P/E Check: TTM EPS ₹92.51. CMP ₹3,462. P/E 37.42x (dump shows 38.8x minor rounding). Industry median 27.2x. BASF trades at 42% premium — justified? MNC backing, near-zero debt, diversified segments. But OPM stuck at 4-5% and agri demerger will shave 13.6% turnover. Market is pricing in the German efficiency premium.
💬 Flat PAT on 6.64% revenue growth — is this the calm before the demerger storm or just typical MNC margin compression? Spill your deduction below.
05 — Valuation: Fair Value Range
What Is This Chemical Empire Actually Worth?
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