# Prasol Chemicals Limited: IPO analysis

> Prasol Chemicals Limited (CIN U99999MH1992PLC065026) has filed a Red Herring 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 41.3% before the IPO. Our earlier look-up of its claims found no medium or high concerns across 39 claims looked up.

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

## Key facts

- **Company:** Prasol Chemicals Limited
- **CIN:** U99999MH1992PLC065026
- **Filing stage:** RHP
- **Latest SEBI filing:** 11 Sep 2026
- **Fresh issue:** ₹80 Cr
- **Offer for sale:** ₹420 Cr
- **Price band:** ₹643.00 to ₹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):** 41.3%
- **Lead managers:** DAM Capital Advisors Limited
- **Registrar:** KFin Technologies Limited
- **Earlier look-up flags:** 0 high, 0 medium, 0 low

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

- **Valuation** (concern): 48.1x P/E. From NSE's price 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** (look closer): 5% of profit. Other and one-off income is 5% of pre-tax profit; management describes 5 one-off items.
- **Where the money goes** (concern): 84% for sale. 16% is new shares issued by the company. 100% of the new money repays debt.
- **Red flags** (looks fine): None serious. 39 claims looked up earlier: 0 high, 0 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% |

## Non-recurring items (as described by management)

- Cost of goods sold aggregated ₹853.91 Crore for Fiscals 2026, ₹724.35 Crore for Fiscal 2025, and ₹647.83 Crore for Fiscal 2024, constituting 68.98%, 71.33%, and 72.99% of total income. (p.457)
- Other income increased by 72.46% to ₹5.25 Crore in Fiscal 2026 from ₹3.05 Crore in Fiscal 2025, primarily due to a provision no longer required written back from nil in Fiscal 2025 to ₹82.60 Lakh in Fiscal 2026, increase in export incentives to ₹2.72 Crore in Fiscal 2026 as compared to ₹2.22 Crore in Fiscal 2025 and increase in miscellaneous income of ₹79.50 Lakh in Fiscal 2026 as compared to ₹33.80 Lakh in Fiscal 2025. (p.461)
- Cost of goods sold increased by 17.89% to ₹853.91 Crore for Fiscal 2026 from ₹724.35 Crore for Fiscal 2025 due to higher sales volume however our cost of goods as percentage of total income reduced from 71.33% for Fiscal 2025 to 68.98% for Fiscal 2026. (p.461)
- Other income decreased by (72.30)% to ₹3.05 Crore in Fiscal 2025 from ₹11.00 Crore in Fiscal 2024, primarily due to a gain on foreign exchange fluctuations aggregating ₹6.34 Crore in Fiscal 2024 to nil in Fiscal 2025, a decrease in interest received to ₹4.90 Lakh in Fiscal 2025 as compared to ₹1.21 Crore in Fiscal 2024, and a decrease in insurance claim received of ₹4.30 Lakh in Fiscal 2025 as compared to ₹2.00 Crore in Fiscal 2024. (p.462)
- Our cost of goods sold increased by 11.81% to ₹724.35 Crore for Fiscal 2025 from ₹647.83 Crore for Fiscal 2024 due to higher sales volume and raw material prices. (p.462)

## 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): amount not fixed yet

## Claims looked up earlier

- **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.
- **NONE** (PromoterBackground): The company received closure directions from the MPCB on October 27, 2023, for a gas leakage incident at the Mahad Manufacturing Facility, which resulted in one fatality and four hospitalizations.. No current web search results were found to corroborate, contradict, update, or provide any new information regarding the claim about closure directions from the MPCB on October 27, 2023, for a gas leakage incident at the Mahad Manufacturing Facility.
- **NONE** (PromoterBackground): A fire started in the Khopoli Manufacturing Facility's diacetone alcohol recovery plant on February 17, 2021, during the dismantling of plant parts.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim about a fire at the Khopoli Manufacturing Facility's diacetone alcohol recovery plant on February 17, 2021.
- **NONE** (PromoterBackground): The Mahad Manufacturing Facility was non-operational from October 27, 2023, to May 3, 2024, due to closure directions from the MPCB following a gas leakage incident involving H2S and SO2 gases.. No current web search results were found to corroborate, contradict, update, or provide any new information regarding the claim about the non-operational status of the Mahad Manufacturing Facility due to a gas leakage incident.
- **NONE** (SubsidiaryPerformance): The company was originally incorporated as “Prachi Poly Products Private Limited” under the Companies Act, 1956 pursuant to a certificate of incorporation dated January 24, 1992.. No web search results were found to corroborate, contradict, update, or provide any information regarding the claim that the company was originally incorporated as “Prachi Poly Products Private Limited” under the Companies Act, 1956 pursuant to a certificate of incorporation dated January 24, 1992.
- **NONE** (SubsidiaryPerformance): The company has entered into a non-binding memorandum of understanding with Industrial Promotion and Investment Corporation of Odisha Limited and the Government of Odisha for setting up a specialty chemicals unit in Odisha.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that Prasol Chemicals Limited has entered into a non-binding memorandum of understanding with the Industrial Promotion and Investment Corporation of Odisha Limited and the Government of Odisha for setting up a specialty chemicals unit in Odisha.

## 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 Red Herring Prospectus. The price band is ₹643.00 to ₹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 RHP, as printed there.

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

Promoters hold 41.3% 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 (amount not fixed yet). The offer-for-sale portion goes to the selling shareholders, not the company.

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

Earlier, we looked up 39 claims from the filing on the open web (we no longer do this, since SEBI reviews the filing): 0 raised a high concern, 0 medium and 0 low. This is an automated screen, not a verdict; each finding links to its sources.

### What does Prasol Chemicals Limited do?

Prasol Chemicals Limited के IPO की DRHP में एक detail है जो अक्सर नज़रअंदाज़ कर दिया जाता है: कंपनी को MIDC से ₹1.79 Crore का demand notice मिला था, जो plot issue से related था।

### 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, DLoF) 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) (Draft letter of offer, 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.