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POLYCHEM LTD. (POLYCHEM) fair value: what the stock is really worth

As of Oct 1, 2026: fair value of POLYCHEM LTD. ₹2,337, price ₹1,832, upside +27.6%, quality 54 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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Basic Materials · IN · ISIN INE752B01024

PL Some data Oct 3, 2026

POLYCHEM LTD.

POLYCHEM · BSE

UndervaluedThe stock appears undervalued with acceptable quality.

Fair value ₹2,337 · Undervalued (+27.6%)
Highly profitable · 30.9% net margin (TTM)
Quality 54/100
Mixed vs. peers (7/12)
Moderate moat 59/100
Some data
Weak Growth (revenue 5y +11.7 %/yr in INR)
Negative free cash flow
⟳ Cyclical
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

Price vs Fair Value

₹3,532 ₹443.79 Fair Value ₹2,337 Apr 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 3, 2026.

How to read this chart

60‑month range ₹443.79 – ₹3,532 · fair‑value band ₹1,914 – ₹3,305 · the ₹1,832 price screens below the ₹2,337 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 3, 2026.

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Company profile

Polychem Limited, together with its subsidiary, Gujarat Poly Electronics Limited, engages in the specialty chemicals and property development businesses in India and internationally. It operates in three segments: Property Development, Specialty Chemicals, and Manufacturing and Trading in Capacitors segments.

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Polychem Limited, together with its subsidiary, Gujarat Poly Electronics Limited, engages in the specialty chemicals and property development businesses in India and internationally. It operates in three segments: Property Development, Specialty Chemicals, and Manufacturing and Trading in Capacitors segments. The company offers cross linked polystyrenes, low molecular weight polystyrenes, styrene ethyl acrylate co-polymers, and styrene butyl acrylate co-polymers. It also manufactures, outsources, markets, and sells ceramic capacitors; and develops properties. The company also exports its products to the United Kingdom, the United States, the Netherlands, Germany, Japan, and Hungary. Polychem Limited was incorporated in 1955 and is headquartered in Mumbai, India.

Stock analysis

POLYCHEM LTD. (POLYCHEM) currently trades at ₹1,832, while our model-based Fair Value estimate is ₹2,337, implying the stock looks roughly 21.6% undervalued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of ₹5,660 per share, and 6 of the 14 models we run sit above the ₹1,832 price.

Bear case: the Economic Profit group reads lowest at ₹432.99, and 8 of the 14 models stay below the price. Evidence for this calculation is medium.

Scenario range: ₹1,914 (bear) to ₹3,305 (bull), the price of ₹1,832 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 54/100 (solid quality), in the Basic Materials sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

POLYCHEM LTD. reported revenue of ₹428M in FY2025 versus ₹358M in FY2021, a compound +4.6%/yr. Reported net income was ₹163M in FY2025, compounding +138.3%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.

Key figures

Market cap ₹740M (≈ $7.7M) · P/E ratio 5.6 · P/S ratio 2.12 · EPS (TTM) ₹329.20 · Dividend yield 1.1% · Net margin 38.1% · Return on equity 46.6% · Return on assets (EBIT) 7.2%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (medium confidence).

What moves the price

The share trades about 25% below its 52-week high and at its 52-week low, currently below its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at −39% fair-value upside, at 28%, POLYCHEM screens cheaper than that median.

Fair Value models

Bear ₹1,914 Fair Value ₹2,337 Bull ₹3,305
Price ₹1,832 · Upside +27.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (₹249.83 per share) are deliberately not added. 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Residual Income ₹2,245 ₹2,725 ₹4,176 72
Owner Earnings ₹3,701 ₹5,229 ₹7,317 71
EPV ₹377.68 ₹432.99 ₹480.70 69
All 14 models by family
DCF Models
Owner Earnings ₹3,701 ₹5,229 ₹7,317 71
Earnings-Based
Graham-Dodd ₹2,746 ₹6,461 ₹8,316 63
PEG = 1.0 ₹1,111 ₹1,587 ₹2,063 55
EPV ₹377.68 ₹432.99 ₹480.70 69
Multiples
P/E Multiple ₹5,149 ₹6,866 ₹8,582 63
P/S Multiple ₹652.19 ₹869.59 ₹1,087 57
P/B Multiple ₹3,334 ₹4,446 ₹5,557 55
EV/EBIT ₹531.21 ₹699.14 ₹867.08 62
EV/EBITDA ₹475.84 ₹625.31 ₹774.79 64
EV/Revenue ₹464.04 ₹651.16 ₹838.29 50
Asset-Based
NCAV (Graham) ₹740.96 ₹992.89 ₹1,482 51
Economic Profit
Residual Income ₹2,245 ₹2,725 ₹4,176 72
ROIC Compounder ₹377.68 ₹432.99 ₹480.70 67
Growth Earnings
Growth-Adj P/E ₹3,962 ₹5,660 ₹7,358 65

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Quality Score breakdown

Overall quality 54/100

Of which business quality 54 · Market factors (momentum, volatility) 30

Profitability 74
Margins and returns on capital today
Quality Growth 59
Are margins and returns improving?
Cashflow 4
Earnings quality: real cash, not paper profit
Fin. Strength 82
Balance sheet, leverage, solvency risk
Investment 20
Disciplined investing over empire-building
Low Volatility 73
Calm price path (market factor)
Momentum 19
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+2.8%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−5.8%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+11.7%
Start year 2020 (pandemic)
Revenue growth 9 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+4.6%
What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis. 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.
≈ +18.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+17.0%
Dividend (yield on the price)1.1%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.81.6% vs 35.1%, picking up
Profit margin 2020 to 2025 ⓘ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.−1% → 8%
Start year 2020 (pandemic)
⚠ Rate on operating basis: 2025 sits 127% above its own trend.

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Peer Groupⓘ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.Specialty Chemicals · 705 stocks

Beats the industry median on 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 54 · Above median
Fair Value upside +27.6% · Top 25%
Profitability
Return on equity (TTM) 46.6% · Top 25%
Return on assets 6.0% · Top 25%
Net margin (TTM) 56.6% · Top 25%
Operating margin (TTM) −1.8% · Bottom 25%
Growth and dividend
Revenue growth −7.2% · Bottom 25%
Dividend yield (TTM) 1.1% · Below median

Valuation Multiplesvs Specialty Chemicals median · lower = cheaper

P/E (TTM) 5.6× · Cheapest 25%
P/B 1.24× · Cheaper than median
P/S (TTM) 3.15× · Priciest 25%
EV/EBITDA 77.2× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)70 · sector 0
FUTURE (revenue growth)0 · sector 59
PAST (return on equity)100 · sector 26
HEALTH (low debt)0 · sector 95
DIVIDEND (yield)22 · sector 28

Context: sector, industry, market

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

Similar stocks

10 more Specialty Chemicals stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Linde plc LIN $474.65 $441.72 −7%
The Sherwin-Williams Company SHW $330.44 $151.68 −54%
Ecolab Inc ECL $274.58 $96.56 −65%
Air Products and Chemicals, Inc APD $279.19 $121.30 −57%
Nan Ya Plastics Corporation 1303 238.00 TWD 234.23 TWD −2%
Givaudan SA GIVN CHF 3,360 CHF 1,527 −55%
Wanhua Chemical Group 600309 ¥69.45 ¥68.03 −2%
DSM-Firmenich AG DSFIR CHF 92.30 CHF 29.70 −68%
Asian Paints Limited ASIANPAINT ₹2,444 ₹1,479 −39%
PPG Industries, Inc PPG $104.67 $76.98 −26%

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Frequently asked questions

Is POLYCHEM LTD. (POLYCHEM) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of ₹2,337 versus a price of ₹1,832, about +28% upside (undervalued).
What is the fair value of POLYCHEM?
Our model-based fair value for POLYCHEM LTD. is ₹2,337 (as of Oct 3, 2026), built from audited fundamentals. The current price: ₹1,832.
What is the quality score of POLYCHEM?
POLYCHEM LTD. has a Quality Score of 54/100. 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 POLYCHEM LTD. (POLYCHEM)?
Our model-based price target is the fair value of ₹2,337 (as of Oct 3, 2026) from 14 valuation models. Cautious scenario ₹1,914, optimistic scenario ₹3,305. It is a calculation from audited fundamentals, not an analyst target.
What is the POLYCHEM LTD. stock forecast for 2026?
Our models put fair value at ₹2,337, about +28% upside versus a price of ₹1,832 (undervalued). Cautious scenario ₹1,914, optimistic scenario ₹3,305. The calculation is refreshed regularly with new filings.
What is the revenue of POLYCHEM LTD. (POLYCHEM)?
POLYCHEM LTD. reported trailing-twelve-month revenue of about ₹430M (latest available figure, as of Oct 3, 2026).
Does POLYCHEM LTD. pay a dividend?
POLYCHEM LTD. currently shows a dividend yield of about 1.09% relative to its recent price (as of Oct 3, 2026).
What is the intrinsic value of POLYCHEM LTD. (POLYCHEM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For POLYCHEM LTD. it is ₹2,337 per share (as of Oct 3, 2026), against a price of ₹1,832. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is POLYCHEM LTD. stock overvalued or undervalued in 2026?
As of Oct 3, 2026, POLYCHEM trades below its calculated fair value: price ₹1,832, fair value ₹2,337, a gap of about +28% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of POLYCHEM?
No. The price is what the market pays today (₹1,832); the fair value is what the company's own numbers justify (₹2,337). For POLYCHEM LTD. the two are ₹505.47 per share apart. That gap is exactly why we show both numbers side by side.
How much is POLYCHEM LTD. worth?
The market values POLYCHEM LTD. at about ₹740M (market capitalisation, as of Oct 3, 2026). Per share that is ₹1,832; our models calculate a fair value of ₹2,337 per share.
What do the bullish and bearish scenarios say about POLYCHEM?
Our models span a range for POLYCHEM LTD.: cautious scenario ₹1,914, base ₹2,337, optimistic ₹3,305 per share (as of Oct 3, 2026, price ₹1,832). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of POLYCHEM?
POLYCHEM LTD. trades at a price-to-earnings ratio of 5.6 (as of Oct 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹2,337 is built from several models across several years. Other multiples: P/B 1.2, P/S 3.1, EV/EBITDA 77.2.
How solid is the balance sheet of POLYCHEM LTD. (POLYCHEM)?
Balance-sheet figures for POLYCHEM LTD. (as of Oct 3, 2026): return on equity 46.6%. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is POLYCHEM from its 52-week high?
POLYCHEM LTD. trades at ₹1,832, about 25% below its 52-week high of ₹2,433 and at the low of ₹1,832 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹2,337 is for.
Which stocks are comparable to POLYCHEM LTD.?
From the same area (Basic Materials) we also value Linde plc, The Sherwin-Williams Company, Ecolab Inc, Air Products and Chemicals, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is POLYCHEM LTD. stock attractive at the current price?
The data as of Oct 3, 2026: price ₹1,832, calculated fair value ₹2,337 (+28%), Quality Score 54/100, from 14 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of POLYCHEM calculated?
We run POLYCHEM LTD. through 14 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹2,337, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.0 % above its aggregate fair value. POLYCHEM LTD. currently trades 22 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of POLYCHEM LTD. (POLYCHEM)?
The closing price on Oct 1, 2026 was ₹1,832. Our model-based fair value is ₹2,337, about +28% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with POLYCHEM LTD. right now?
The price is below even our cautious bear case (₹1,914). The market is more pessimistic than our downside scenario. Solid quality (54/100) at a price below fair value, the discount is the argument here, not the business quality.

Key figures of POLYCHEM LTD.

How large is the market capitalisation of POLYCHEM LTD. (POLYCHEM)?
The market capitalisation of POLYCHEM LTD. is ₹740M (≈ $7.7M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of POLYCHEM LTD. (POLYCHEM)?
The price-to-sales ratio of POLYCHEM LTD. is 2.12 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of POLYCHEM LTD. (POLYCHEM)?
Earnings per share at POLYCHEM LTD. are ₹329.20 (price ÷ EPS = P/E 5.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of POLYCHEM LTD. (POLYCHEM)?
The dividend yield of POLYCHEM LTD. is 1.1% (payout 6.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of POLYCHEM LTD. (POLYCHEM)?
The net margin of POLYCHEM LTD. is 38.1% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of POLYCHEM LTD. (POLYCHEM)?
The return on equity (ROE) of POLYCHEM LTD. is 46.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of POLYCHEM LTD. (POLYCHEM)?
On an EBIT basis the return on assets of POLYCHEM LTD. is 7.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of POLYCHEM LTD. (POLYCHEM)?
The operating margin of POLYCHEM LTD. is −1.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at POLYCHEM LTD. (POLYCHEM)?
Revenue at POLYCHEM LTD. is growing −7.2% versus a year earlier (3y avg −5.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at POLYCHEM LTD. (POLYCHEM)?
Earnings per share at POLYCHEM LTD. are growing −88.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does POLYCHEM LTD. (POLYCHEM) generate?
The free cash flow of POLYCHEM LTD. is −₹49.4M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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