PRIVISCL - Privi Speci.

📊 NSE: PRIVISCL 🏢 Chemicals 📅 Last Updated: 12/14/2025 11:18

💰 Financial Performance

Revenue Growth by Segment

Consolidated total income grew 19.3% in FY25 to INR 2,121.84 Cr. In H1 FY26, revenue grew 24% YoY to INR 1,246.08 Cr, driven by a 20% QoQ growth between Q2 and Q1 FY26 from flagship and newly introduced products.

Geographic Revenue Split

Exports account for over 65% of total revenue, reaching customers in more than 30 countries. Domestic sales contribute the remaining balance of less than 35%.

Profitability Margins

Profit After Tax (PAT) for FY25 grew 92.6% to INR 184.61 Cr from INR 95.84 Cr. H1 FY26 PAT grew 94% YoY to INR 147.76 Cr, reflecting improved management of raw material costs and higher volumes.

EBITDA Margin

EBITDA margin for FY25 was approximately 22.3%. H1 FY26 EBITDA margin improved to 25.94%, with Q2 FY26 reaching a record high of 26.83% (up 59% YoY in absolute terms to INR 182.14 Cr) due to byproduct value addition and de-bottlenecking.

Capital Expenditure

Total capital expenditure of INR 178 Cr is allocated for the PRIGIV joint venture and a greenfield facility in Mahad, Maharashtra. Phase-1 expansion was completed ahead of schedule.

Credit Rating & Borrowing

CRISIL Ratings monitors gearing with a downward sensitivity factor if it sustains above 1.15 times. Upward rating factors include strengthening the business profile and maintaining a working capital cycle below 150 days.

⚙️ Operational Drivers

Raw Materials

Specific raw materials include pinene-based, citral-based, and phenol-based chemicals, as well as various crude oil derivatives.

Import Sources

Over 55% of raw materials are imported from global markets to ensure supply continuity and cost-effectiveness.

Capacity Expansion

Current installed capacity is 48,000 MTPA. Planned expansion will increase available capacity to 54,000 MTPA by January 2026. Long-term vision targets a '5K, 1K' goal over the next 3-4 years.

Raw Material Costs

Raw material costs are stabilized through long-term contracts and strategic hedging. Management of these costs was a primary driver for the 92.6% increase in PAT during FY25.

Manufacturing Efficiency

Capacity utilization reached 92% in H1 FY26. Efficiency is driven by continuous innovation and value addition through byproducts.

📈 Strategic Growth

Expected Growth Rate

20%

Growth Strategy

Growth will be achieved through the '5K, 1K' vision (targeting INR 5,000 Cr revenue and INR 1,000 Cr EBITDA), the PRIGIV JV which will manufacture 42 exclusive products for Givaudan SA, and increasing capacity to 54,000 MTPA by Jan 2026.

Products & Services

Aroma and fragrance chemicals (over 75 specialized products) used as ingredients for manufacturing fragrances for the global FMCG and flavor industries.

Brand Portfolio

Privi, PRIGIV (Joint Venture).

New Products/Services

The PRIGIV JV is ramping up to manufacture 42 high-end products exclusively for Givaudan SA, which is expected to provide meaningful contributions in the coming years.

Market Expansion

Expansion is focused on high-end product lines for global leaders and increasing reach beyond the current 30+ countries.

Market Share & Ranking

India's leading manufacturer, supplier, and exporter of aroma and fragrance chemicals.

Strategic Alliances

Strategic partnership and 51% Joint Venture (PRIGIV) with Givaudan SA for exclusive product manufacturing.

🌍 External Factors

Industry Trends

The aroma chemicals market is shifting toward sustainable and advanced solutions. Privi is positioned in the top 5% of global manufacturers for sustainability with an EcoVadis Gold Certification.

Competitive Landscape

Key dynamics involve competing with Chinese manufacturers and global aroma chemical firms by leading with purpose and responsible growth.

Competitive Moat

Durable advantages include the strategic JV with Givaudan SA, process intensification capabilities, and a 'Gold' sustainability rating which acts as a high entry barrier for competitors.

Macro Economic Sensitivity

Highly sensitive to crude oil price volatility and USD/INR exchange rate fluctuations due to the high volume of imports (55%) and exports (65%).

Consumer Behavior

Increasing consumer and regulatory demand for sustainable and transparently sourced fragrance ingredients.

Geopolitical Risks

Competition from China is a noted threat, which the company mitigates through its sustainability differentiator and long-standing global FMCG relationships.

⚖️ Regulatory & Governance

Industry Regulations

Operations comply with Indian Accounting Standards (Ind AS) and relevant provisions of the Companies Act, 2013. Adheres to global manufacturing standards for aroma chemicals.

Environmental Compliance

Compliant with ISO 14001:2015 and ISO 45001:2018. Holds EcoVadis Gold Certification for sustainability performance.

Taxation Policy Impact

Received INR 9 Cr in state incentives during H1 FY26 from Gujarat and Maharashtra. The company is pursuing 'Ultra Mega' status to extend incentive eligibility to a 20-year period.

Legal Contingencies

Statutory auditors reported no instances of fraud by officers or employees during the year under Section 143(12) of the Act.

⚠️ Risk Analysis

Key Uncertainties

Foreign exchange rate risk (USD/INR) and raw material price volatility (crude derivatives) are the primary uncertainties impacting financial performance.