Clean Science & Technology Ltd Q3 FY26 – 40% OPM, ₹300 Cr Capex, HALS Ramp-up vs 30% QoQ Profit Drop: Premium Chemistry or Cyclical Hangover?

1. At a Glance – The Lab Coat with a Gucci Belt

Let’s get this straight. Clean Science & Technology Ltd is not your random commodity chemical bhaiyya. This is a 40%+ OPM, near-zero debt, export-heavy, global rank-holder chemical nerd wearing a premium valuation suit.
Current price sits at ₹861, market cap ~₹9,150 Cr, ROCE 29%, ROE 21.9%, and then—plot twist—Q3 FY26 shows sales down ~20% YoY and profit down ~30% YoY.
So what’s happening? Is the chemistry broken or just digestion issues after a big HALS meal?

Performance Chemicals still rule the roost at ~69% of revenue, HALS has finally entered the chat, capex is peaking, China exposure is reducing, and promoters… well… they pressed the wrong sell button in Aug 2025.

This stock is behaving like a topper who suddenly scored 85 instead of 95. Still good, but parents are angry. Ready to dissect? 🧪

2. Introduction – From Darling to Doubt

Clean Science was once the poster child of “capital-efficient Indian specialty chemicals”.
IPO investors saw margins that made European peers jealous, a balance sheet cleaner than a pharma audit, and products where Clean was No.1 or No.2 globally.

Then came FY25–FY26:

• China demand wobble
• Inventory correction globally
• HALS ramp-up pain
• Promoter stake drama
• And quarterly numbers that made Twitter analysts cry

But here’s the thing: this company still prints ~₹40 EBITDA on every ₹100 revenue. That doesn’t vanish overnight unless someone spills acid on the