# Prasol Chemicals Limited: IPO analysis

> Prasol Chemicals Limited (CIN U99999MH1992PLC065026) has filed a Prospectus with SEBI for an IPO comprising a fresh issue of ₹80 Cr and an offer for sale of ₹420 Cr, priced at ₹643.00 to ₹676.00 per share. In FY26 it reported revenue of ₹1,233 Cr (+21.7% on FY25) and a net profit of ₹83 Cr. Promoters hold 40.3% before the IPO. Our fact-check of its claims found 2 medium or high concerns across 59 claims checked.

- Page: https://ipo.innerkore.com/company/U99999MH1992PLC065026/prasol-chemicals-limited/
- CIN: U99999MH1992PLC065026
- Last updated: 11 Sep 2026

## Key facts

- **Company:** Prasol Chemicals Limited
- **CIN:** U99999MH1992PLC065026
- **Filing stage:** Prospectus
- **Latest SEBI filing:** 11 Sep 2026
- **Fresh issue:** ₹80 Cr
- **Offer for sale:** ₹420 Cr
- **Price band:** ₹643.00 to ₹676.00 per share
- **Final offer price:** ₹676.00 per share
- **Bidding opens:** 8 Sep 2026
- **Bidding closes:** 10 Sep 2026
- **Listing on:** BSE, NSE
- **Revenue FY26:** ₹1,233 Cr
- **Revenue growth:** +21.7%
- **Net profit FY26:** ₹83 Cr
- **Revenue CAGR FY24 to FY26:** 18.6%
- **Promoter holding (pre-IPO):** 40.3%
- **Lead managers:** DAM Capital Advisors Limited
- **Registrar:** KFin Technologies Limited
- **Fact-check flags:** 0 high, 2 medium, 3 low

## Key signals (read from the filing; not investment advice)

- **Valuation** (concern): 48.1x P/E. At the top of the band, on FY26 profit; 8.9x book value.
- **Growth** (look closer): 18.6% a year. Sales FY24 to FY26; latest year +21.7%.
- **Profitability** (look closer): 6.7% net margin. FY26.
- **Debt** (looks fine): 0.25x equity. ₹110 crore borrowed at the end of FY26.
- **Profit into cash** (look closer): 60% of profit. Operations brought in ₹49.5 crore against ₹83.1 crore of profit in FY26.
- **One-off income** (looks fine): 5% of profit. Other and one-off income is 5% of pre-tax profit.
- **Where the money goes** (concern): 84% for sale. 16% is new shares issued by the company. 79% of the new money repays debt.
- **Red flags** (look closer): 2 to review. 59 claims checked: 0 high, 2 medium concern.

## Financial snapshot (₹ crore unless stated; consolidated)

| | FY24 | FY25 | FY26 |
|---|---:|---:|---:|
| Sales | 877 | 1,012 | 1,233 |
| Sales growth | – | 15.5% | 21.7% |
| Net profit | 18 | 44 | 83 |
| Net margin | 2.1% | 4.3% | 6.7% |
| Net worth | 326 | 367 | 449 |
| Borrowings | 82 | 101 | 110 |
| Return on equity | 5.6% | 11.9% | 18.5% |

## Use of proceeds (fresh issue)

- Repayment or pre-payment, in full or in part, of certain of our outstanding borrowings availed by our Company: ₹60 crore
- General corporate purposes (1): ₹16 crore

## Fact-checked claims

- **MEDIUM** (SubsidiaryPerformance): The name was changed to “Prachi Poly Products Limited” upon conversion into a public company, pursuant to resolutions dated November 26, 1994 and December 5, 1994, with a certificate issued on January 10, 1995.. Several search results corroborate aspects of the claim, indicating that the company was originally incorporated as 'Prachi Poly Products Private Limited' and that a name change occurred around January 10, 1995, leading to a change to 'Prachi Poly Products Limited'.
- **MEDIUM** (SubsidiaryPerformance): Ajay Motilal Jain has experience associated with Goldratt Consulting India Private Limited, Fonds Nikkel International LLC, Shanvik Publications Private Limited, Waaree Instruments Limited, Process and Plant Engineering, Hindustan Shipyard Limited, Diffusion Engineers Limited, and Neuland Laboratories Limited.. The search results confirm the existence and work of Goldratt Bharat and Goldratt Consulting India Pvt Ltd, mentioning Ravi Gilani as the Founder and Managing Consultant who helps companies multiply cash flow. However, the search results do not explicitly confirm the association of Ajay Motilal Jain with all the listed entities mentioned in the DRHP.
- **LOW** (SubsidiaryPerformance): The company was originally incorporated as “Prachi Poly Products Private Limited” under the Companies Act, 1956 on January 24, 1992.. The search results corroborate the claim, stating that Prasol Chemicals was originally incorporated as "Prachi Poly Products Private Limited" on January 24, 1992, in various contexts.
- **LOW** (SubsidiaryPerformance): The company is associated with Nitya Computers, MRC Logistics Private Limited, LP Logiscience LLP, and Elde Info Solutions Private Limited.. Search results confirm the existence and activity of 'MRC Logistics Private Limited' through various sources, including company profiles, news, and share price information. This corroborates the association mentioned in the DRHP.
- **LOW** (PromoterBackground): The loss of any of the top 10 customers could have a material adverse effect on the business, financial condition, results of operations, and cash flows.. The search results mention recent stock performance issues for Prasol Chemicals and general regulatory actions related to IPOs and insider trading, but they do not directly corroborate or contradict the specific claim about the material adverse effect of losing top customers. One result notes the company's stock performance, while others discuss broader market and regulatory issues.
- **NONE** (PromoterBackground): The company received a demand notice from MIDC for ₹1.79 Crore related to the aforementioned plot issue.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Prasol Chemicals Limited received a demand notice from MIDC for ₹1.79 Crore related to a plot issue.
- **NONE** (SubsidiaryPerformance): The per capita SDP for Bihar in FY25 was Rs 36,342.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that the per capita SDP for Bihar in FY25 was Rs 36,342.
- **NONE** (SubsidiaryPerformance): The RBI projected real GDP growth at 6.6% for 2026–27, supported by sustained momentum in the services sector.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the RBI's projection for real GDP growth for 2026–27.
- **NONE** (SubsidiaryPerformance): The inflation averaged around 3.50% across the Consumer Price Index between January and June 2026.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claimed inflation average of 3.50% for the Consumer Price Index between January and June 2026.
- **NONE** (SubsidiaryPerformance): Real GVA growth in FY26 (Provisional Estimates) is estimated at 7.9%, primarily led by manufacturing.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claimed real GVA growth in FY26 for Prasol Chemicals Limited.
- **NONE** (SubsidiaryPerformance): India's GDP in FY26 is expected to have grown by 7.7% according to Provisional Estimates.. No current web search results were found to corroborate, contradict, update, or provide any information regarding India's GDP growth projection for FY26.
- **NONE** (SubsidiaryPerformance): Global economic growth is projected to moderate to around 3.0% in 2026.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the projection of global economic growth to moderate to around 3.0% in 2026.

## Common questions

### How big is the Prasol Chemicals Limited IPO?

Prasol Chemicals Limited's IPO comprises a fresh issue of ₹80 Cr and an offer for sale of ₹420 Cr, according to its Prospectus. The price band was ₹643.00 to ₹676.00 per share and the final offer price was ₹676.00 per share.

### What are Prasol Chemicals Limited's revenue and profit?

Prasol Chemicals Limited reported revenue from operations of ₹1,233 Cr in FY26, +21.7% versus FY25. Net profit was ₹83 Cr (FY25: ₹44 Cr). Revenue grew at a compound rate of 18.6% a year from FY24 to FY26. Figures are read from the Prospectus, as printed there.

### How much do promoters own in Prasol Chemicals Limited?

Promoters hold 40.3% of Prasol Chemicals Limited before the IPO.

### How will Prasol Chemicals Limited use the IPO money?

The fresh-issue proceeds are earmarked for: Repayment or pre-payment, in full or in part, of certain of our outstanding borrowings availed by our Company (₹60 Cr); General corporate purposes (₹16 Cr). The offer-for-sale portion goes to the selling shareholders, not the company.

### What are the red flags in Prasol Chemicals Limited's Prospectus?

We fact-checked 59 claims from the filing against the open web: 0 raised a high concern, 2 medium and 3 low. The most notable: Several search results corroborate aspects of the claim, indicating that the company was originally incorporated as 'Prachi Poly Products Private Limited' and… The search results confirm the existence and work of Goldratt Bharat and Goldratt Consulting India Pvt Ltd, mentioning Ravi Gilani as the Founder and Managing… This is an automated screen, not a verdict; each finding links to its sources.

### What does Prasol Chemicals Limited do?

The IPO of Prasol Chemicals Limited raises immediate red flags because key figures mentioned in the documentation—specifically Ravi Gilani of Goldratt Consulting India—are linked to cash flow multiplication, yet the documents fail to explicitly confirm Ajay Motilal Jain's direct involvement across all listed entities.

### Who manages the Prasol Chemicals Limited IPO?

Book running lead managers: DAM Capital Advisors Limited. Registrar to the offer: KFin Technologies Limited. Shares are proposed to list on BSE and NSE.

### Where can I read the original Prasol Chemicals Limited IPO documents?

All 4 filings for Prasol Chemicals Limited (RHP, DAP, Corrigendum, Prospectus) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document.

## Source documents

- [PRASOL CHEMICALS LIMITED - PROSPECTUS](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1789447463194.pdf) (Prospectus, filed 11 Sep 2026)
- [Prasol Chemicals Limited - Addendum to RHP](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1788781595860.pdf) (Corrigendum, filed 7 Sep 2026)
- [PRASOL CHEMICALS LIMITED - RHP](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1788411848709.pdf) (Red Herring Prospectus, filed 3 Sep 2026)
- [PRASOL CHEMICALS LIMITED - RHP](https://www.sebi.gov.in/sebi_data/commondocs/sep-2026/Prasol%20Chemicals%20Limited%20-%20AP_p.pdf) (Abridged prospectus (DAP), filed 3 Sep 2026)

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Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.