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Kanoria Chemicals & Industries Limited (KANORICHEM) Fair Value & Analysis

Basic Materials · IN · Market cap ₹6.6B (≈ $70.0M) · ISIN INE138C01024

What is Kanoria Chemicals & Industries Limited really worth?

KC Kanoria Chemicals & Industries Limited KANORICHEM · BSE
Price₹158.20
Fair Value₹226.68
Upside+43.3%
Quality59/100

A solid business, trading 30% below our fair value of ₹226.68.

As of Aug 21, 2026, the fair value of Kanoria Chemicals & Industries Limited is ₹226.68 per share against a price of ₹158.20, so the fair value sits 43% above the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

Solidly profitable · 12.5% net margin
Low debt · generates free cash flow

Risks

!Weak Growth (revenue 5y −2.9 %/yr)
!Narrow moat 36/100
Evidence: High Range ₹160.07 – ₹405.40

Fair value as of: Aug 21, 2026

From 26 valuation models · updated 16 days ago

Share price +7.8% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (₹160.07 to ₹405.40) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

₹211.11 ₹56.10 Fair Value ₹226.68 May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 21, 2026.

How to read this chart

60‑month range ₹56.10 – ₹211.11 · fair‑value band ₹160.07 – ₹405.40 · the ₹158.20 price screens below the ₹226.68 fair value. Dashed = 300-day average. As of Aug 21, 2026.

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Analysis

Kanoria Chemicals & Industries Limited (KANORICHEM) currently trades at ₹158.20, while our model-based Fair Value estimate is ₹226.68, implying the stock looks roughly 30.2% undervalued today. The Quality Score stands at 59/100 (solid quality), in the Basic Materials sector. Bull case: the Growth Earnings group reads highest at a median of ₹406.12 per share, and 9 of the 26 models we run sit above the ₹158.20 price. Bear case: the Economic Profit group reads lowest at ₹39.32, and 17 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Kanoria Chemicals & Industries Limited generated revenue of ₹12.4B at a net margin of 12.5%. Revenue grew 1.5% year over year. It earns a return on equity of 6.0%. Net debt stands at ₹2.8B. Fundamentals as of Aug 21, 2026

Our scenario range runs from ₹160.07 (bear case) to ₹405.40 (bull case); at ₹158.20, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 6% below its 52-week high and 184% above its 52-week low, currently above its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at −48% fair-value upside, at 43%, KANORICHEM screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly ₹5.91 per share, which is 6.6 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF ₹4.35 ₹24.05 77
Owner Earnings ₹192.55 ₹300.77 ₹453.65 76
Growth DCF ₹3.57 ₹20.39 75
All 26 models by family
DCF Models
FCF DCF ₹4.35 ₹24.05 77
Owner Earnings ₹192.55 ₹300.77 ₹453.65 76
5Y Revenue Exit ₹16.62 ₹54.79 ₹103.23 68
5Y EBITDA Exit ₹39.76 ₹96.96 ₹162.82 72
5Y P/E Exit ₹167.37 ₹329.48 ₹496.77 69
10Y Revenue Exit ₹4.15 ₹35.95 ₹77.86 59
10Y EBITDA Exit ₹20.56 ₹64.17 ₹121.25 64
10Y P/E Exit ₹99.29 ₹219.78 ₹364.43 61
Earnings-Based
Graham-Dodd ₹187.96 ₹510.27 ₹668.74 65
Lynch FV ₹100.42 ₹143.46 ₹186.50 61
PEG = 1.0 ₹100.42 ₹143.46 ₹186.50 57
EPV ₹28.57 ₹39.32 ₹48.59 73
Dividend Discount
Gordon GGM ₹8.78 ₹17.50 ₹26.50 67
DDM Multi-Stage ₹8.78 ₹13.49 ₹18.28 66
Multiples
P/E Multiple ₹352.43 ₹469.91 ₹587.38 63
P/S Multiple ₹243.24 ₹324.32 ₹405.40 58
P/B Multiple ₹295.02 ₹393.37 ₹491.71 55
EV/EBIT ₹47.85 ₹76.97 ₹106.08 64
EV/EBITDA ₹83.27 ₹124.19 ₹165.11 66
EV/Revenue ₹36.21 ₹68.65 ₹101.09 52
Asset-Based
NCAV (Graham) ₹65.56 ₹87.85 ₹131.12 54
Growth DCF
Growth DCF ₹3.57 ₹20.39 75
Rev-Margin DCF ₹16.62 ₹54.37 ₹95.89 68
Economic Profit
Residual Income ₹179.46 ₹255.43 ₹1,382 64
ROIC Compounder ₹28.57 ₹39.32 ₹48.59 72
Growth Earnings
Growth-Adj P/E ₹284.28 ₹406.12 ₹527.95 67

Widest divergence: Growth Earnings (₹406.12) versus Growth DCF (₹3.57). Highest evidence: FCF DCF (77).

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Key figures & financial health

P/E ratio 11.7
P/S ratio 1.49 P/E × margin
EPS (TTM) ₹13.57 price ÷ EPS = P/E 11.7
Dividend yield 0.7% payout 7.7%
Net margin 12.8% FY2026
Return on equity 6.0% TTM
More key figures
Profitability
Return on assets (EBIT) 1.1% avg 5y
Operating margin 7.8% TTM
Growth
Revenue (TTM) ₹12.4B TTM
Revenue growth (YoY) +1.5% 3y avg −15.7%
Balance sheet & cash flow
Free cash flow ₹125M FY2026
Net debt ₹2.8B FY2026 · ≈ 22.4 yrs of FCF

Figures from reported company fundamentals · as of Aug 21, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 59/100

Of which business quality 55 · Market factors (momentum, volatility) 88

Profitability 59
Margins and returns on capital today
Quality Growth 68
Are margins and returns improving?
Cashflow 16
Earnings quality: real cash, not paper profit
Fin. Strength 44
Balance sheet, leverage, solvency risk
Investment 92
Disciplined investing over empire-building
Low Volatility 62
Calm price path (market factor)
Momentum 100
Price trend over the last 3–12 months (market factor)
52W Momentum 96
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Kanoria Chemicals & Industries Limited engages in the manufacture and sale of chemical intermediates and specialties in India. It operates through Alco Chemicals and Solar Power segments.

Full company description

Kanoria Chemicals & Industries Limited engages in the manufacture and sale of chemical intermediates and specialties in India. It operates through Alco Chemicals and Solar Power segments. The company provides chemicals, such as acetaldehyde, di-pentaerythritol, formaldehyde, hexamine, pentaerythritol, phenolic resins, and sodium formate; and performance chemicals, including phenolic resins. It also develops and sells electronic and mechatronic modules, and control devices for the automotive, consumer goods, power tool electronics, and building automation industries. In addition, the company operates a solar power plant with a generation capacity of 5 MW in Jodhpur district, Rajasthan; and manufactures and sells yarn and denim. It also exports its products. The company was incorporated in 1960 and is based in New Delhi, India. Kanoria Chemicals & Industries Limited is a subsidiary of Vardhan Limited.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Kanoria Chemicals & Industries Limited reported revenue of ₹9.4B in FY2026 versus ₹13.7B in FY2022, a compound −8.9%/yr. Reported net income was ₹1.2B in FY2026, compounding +105.1%/yr from FY2022.

Growth Quality 37/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2026)
₹9.4B
Latest YoY
+27.6%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−15.7%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−2.9%
Avg. revenue growth/yr (9Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+3.4%
Value creation/yr (5Y, in INR) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+63.2% · in INR
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+62.5%
Dividend yield0.7%
Operating margin (EBIT) Operating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.3.3% (2021) → 3.8% (2026) · steady
Worst earnings drop300% (2020) (loss year, drop beyond 100%) · in INR
Revenue −8.9%/yr
FY22 ₹13.7B
FY23 ₹15.8B
FY24 ₹14.5B
FY25 ₹7.4B
FY26 ₹9.4B
Net income +105.1%/yr
FY22 ₹68.3M
FY23 −₹87.7M
FY24 −₹384M
FY25 −₹836M
FY26 ₹1.2B

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Cite: Fair Value Calculator (2026). "Kanoria Chemicals & Industries Limited Fair Value". https://www.fairvalue-calculator.com/stock/KANORICHEM.BSE

Peer Group

Chemicals · 340 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 59 · Above median
Fair Value upside +43% · Top 25%
Return on equity (TTM) 6% · Above median
Return on assets 2% · Below median
Net margin (TTM) 12% · Top 25%
Operating margin (TTM) 8% · Below median
Revenue growth 2% · Below median
Dividend yield (TTM) 0.7% · Below median
Debt / equity 0.32× · Higher than median

Valuation Multiples vs Chemicals median · lower = cheaper

P/E (TTM) 11.7× · Cheaper than 75% of peers
P/B 1.15× · Cheaper than median
P/S (TTM) 0.53× · Cheaper than median
P/FCF 0.6× · Cheaper than median
EV/EBITDA 8.5× · Cheaper than median

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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10 more Chemicals stocks, each showing price versus our Fair Value estimate (as of Aug 21, 2026).

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Ganfeng Lithium Group 002460 ¥52.53 ¥16.17 −69%
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Frequently asked questions

Is Kanoria Chemicals & Industries Limited (KANORICHEM) overvalued or undervalued?
As of Aug 21, 2026, our model estimates a fair value of ₹226.68 versus a price of ₹158.20, about +43% upside (undervalued).
What is the fair value of KANORICHEM?
Our model-based fair value for Kanoria Chemicals & Industries Limited is ₹226.68 (as of Aug 21, 2026), built from audited fundamentals. The current price: ₹158.20.
What is the quality score of KANORICHEM?
Kanoria Chemicals & Industries Limited has a Quality Score of 59/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Kanoria Chemicals & Industries Limited (KANORICHEM)?
Our model-based price target is the fair value of ₹226.68 (as of Aug 21, 2026) from 26 valuation models. Cautious scenario ₹160.07, optimistic scenario ₹405.40. It is a calculation from audited fundamentals, not an analyst target.
What is the Kanoria Chemicals & Industries Limited stock forecast for 2026?
Our models put fair value at ₹226.68, about +43% upside versus a price of ₹158.20 (undervalued). Cautious scenario ₹160.07, optimistic scenario ₹405.40. The calculation is refreshed regularly with new filings.
What is the revenue of Kanoria Chemicals & Industries Limited (KANORICHEM)?
Kanoria Chemicals & Industries Limited reported trailing-twelve-month revenue of about ₹12.4B (latest available figure, as of Aug 21, 2026).
What is the net profit margin of KANORICHEM?
The net profit margin of Kanoria Chemicals & Industries Limited is about 12.5%, meaning it keeps roughly 12.5% of revenue as net income. Based on the latest reported figures.
Does Kanoria Chemicals & Industries Limited pay a dividend?
Kanoria Chemicals & Industries Limited currently shows a dividend yield of about 0.66% relative to its recent price (as of Aug 21, 2026).
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