AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Dividend Updates 12 Sep - 23rd AGM on 12 Sep 2026 approved audited statements, dividends, and WTD appointment.
Source: Bse
Clean Science and Technology Limited (CLEAN)
Large CapChemicals stocks · Large cap · NSE
Clean Science and Technology Ltd. (CSTL) is a global specialty chemical manufacturer, known for in-house developed, sustainable catalytic processes. It is a zero-debt company with 61% consolidated revenues from exports, serving diverse end-user industries with flagship products like MEHQ, BHA, and HALS.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:50 pm ISTDetails
Quote21 Oct, 03:50 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result01 Aug, 07:08 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Chemicals P/E 32.2 (n=45)
Technical timing lens
Trend score and candlestick chart
33BearishSMA20 -4.4% / mo · MACD − · sector -5.7pp vs Nifty 500 (3M)
Stock trend: 29
Sector RS: 39
Sector 3M: -11.3% vs Nifty 500 -5.6%
Chemicals FPI tailwindBuilding
Latest FPI flow is positive, but a second consecutive positive fortnight is still required. View sector evidence
Technical chart
CLEAND candles · FIT view-8.5%Latest close ₹741.10 on 2026-10-21
Bar
-2.6%
RSI
33
MACD hist
-5.58
52W pos
21%
2026-10-21O ₹761.10H ₹765.50L ₹734.40C ₹741.10Vol 1.6L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
CLEANNifty ChemicalsNifty 500
- CLEAN
- -2.0%
- Nifty 500
- -6.5%
- Nifty Chemicals
- -12.2%
- Vs Nifty 500
- +4.5 pp
Chart stats
21 Oct 2026- From 52W high
- -32.5%
- 52W range position
- 20%
- ATR (14)
- 3.5%
- Volume vs 20D
- 0.77x
- Avg traded value
- ₹16 Cr
- 20D price channel
- ₹734.4 - ₹850
₹1,097.2
₹652 - ₹1,097.2
₹25.6
Latest completed session
20-session average
30.0% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · WATCHLIST39
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average32
Revenue +10.3% · PAT +4.3% YoY
Technical
Bearish33
Price trend and sector-relative-strength timing.
Valuation
Legacy model-254.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence70
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 32/100margin compression · Rev +10% YoY · PAT +4% YoY · +8% QoQ
Filed 01 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹268 Cr | +10.3% | +7.6% |
| EBITDA | ₹96 Cr | -4.0% | +0.0% |
| Operating margin | 36.0% | -500 bps | -200 bps |
| PAT | ₹73 Cr | +4.3% | +25.9% |
| PAT margin | 27.2% | -157 bps | +395 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 37.30
- P/B
- 5.48
- EV/EBITDA
- 20.11
- Market Cap
- 8685.00Cr
Profitability
- ROE
- 15.30%
- ROCE
- 20.70%
- ROA
- 13.16%
- Dividend Y
- 0.73%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- 3.00%
- Revenue 3Y
- 1.00%
- EPS 3Y
- -8.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- —
- Altman Z
- 8.78
- Book Value
- 149.00
Cash Flow
- FCF Yield
- 0.84%
- FCF Positive Y
- 8/5
- OCF
- 275.00 Cr
- EPS TTM
- 21.92
Shareholding
- Promoter Hold
- 51.29%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 39%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 268+7.6% vs prev
Net Profit
₹ CrLatest: 73.0+25.9% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 33.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~4.6% over last month) — short-term momentum negative.
- RSI(14) at 33 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 31% off 52W high · 14% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
30
RS percentile
Stage 1 Base / Transition
1M return
-11.2%
3M return
-2.0%
6M return
-7.4%
1Y return
-29.4%
RS 1D
-6
RS 20D
-5
Sector rank
#15
Industry rank
#16
Stage evidence
- Price is within 5.2% of the 30-week proxy.
- The 30-week proxy changed +1.2% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 69.84-1.55%
RS vs Nifty 50070
Valuation & peers
U-Score 39 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 39 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation1/30
Growth8/25
Quality11/20
Balance Sheet8/15
Cash Flow6/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
39
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
39/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Cash flow contributes 6/10 to the score.
- Quality contributes 11/20 to the score.
Main drags
- Fair-value margin of safety is negative at -254.0%.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
- Growth is weaker at 8/25; verify the latest quarterly trend.
Sector valuation model
IT valuation: PE and EV/EBITDA against growth and margins
Asset-light IT companies deserve valuation support only when growth, margins, and cash conversion hold up.
Primary lens
PE and EV/EBITDA relative to revenue growth, margins, and cash conversion.
Secondary checks
Deal pipeline, attrition, dollar revenue growth, FCF yield.
Main risk check
Low PE can reflect weak growth or margin pressure.
PE
37.3
PB
5.5
EV/EBITDA
20.1
ROE
15.3%
ROCE
20.7%
FCF Yield
0.8%
Debt/Equity
0.0
MoS
-254.0%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
39
Previous: 39
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-254.0%
Previous: -254.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
38
38
38
38
38
38
38
39
39
39
39
39
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹271.08
-180.3% MoS
Growth-justified P/E
9.8
Growth-justified Value
₹214.6
-254.0% MoS
PEG
12.43
Comparable companies
Peers
Business-comparable peers in Chemicals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
JUBLINGREA
Large
Jubilant Ingrevia Limited
Specialty Chemicals
match 161
51
32.0
9.5%
+28%
FAIR VALUE
ATUL
Large
Atul Limited
Specialty Chemicals
match 158
38
22.1
11.5%
-179%
WATCHLIST
ANURAS
Large
Anupam Rasayan India Limited
Specialty Chemicals
match 157
25
77.4
5.5%
-61%
OVERVALUED
ALKYLAMINE
Micro
Alkyl Amines Chemicals Limited
Specialty Chemicals
match 155
63
49.5
41.4%
-1%
UNDERVALUED
BALAMINES
Micro
Balaji Amines Limited
Specialty Chemicals
match 154
25
30.5
8.7%
-574%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-12T08:07:46.490Z
Management commentary snapshot
Q4 FY26 consolidated revenue grew 14% QoQ to INR 249 Cr, but declined 6% YoY. Full-year FY26 consolidated revenue was INR 957 Cr, down 1% YoY, with PAT down 13% YoY to INR 230 Cr. Management noted resilient EBITDA margins despite challenging market conditions.
While Q4 FY26 showed a sequential rebound in revenue and PAT, full-year performance indicates a decline in both top-line and bottom-line compared to FY25. Management's claim of resilient EBITDA margins and continued HALS momentum needs to be weighed against the overall contraction, suggesting the core thesis is under pressure from market challenges.
Growth engines
New Product Development
Strategic investments towards developing products for new range of speciality chemicals across diverse and fast-growing end-user industries.
HALS Sales Momentum
HALS’ sales momentum continues, contributing to robust EBITDA margins from new launches.
Greenfield Capex
Planned capex on track for commercialising new series of products.
Global Expansion & Import Substitution
Focus on import substitution opportunities in India and adding new export customers across geographies.
Capacity and execution
HALS Facility Commercialization
Largest facility for HALS from India commercialized in March 2024 at Unit 4 (1,32,700 sq.mtrs.).
New Product Launches
Launched HQ & Catechol in 2026.
Tailwinds
Shift to Sustainable Chemistry
Capitalizing on core philosophy of clean and green chemistry to address opportunities from demand shift to sustainable chemistry.
Headwinds
Challenging Market Conditions
EBITDA margins were resilient in challenging market conditions, implying external pressures.
Revenue & Profit Contraction
Consolidated revenue declined 1% YoY and PAT declined 13% YoY for FY26.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
QoQ comparison is crucial to assess the "rebound in base business" and HALS sales momentum, indicating sequential recovery. YoY comparison is necessary to understand the impact of "challenging market conditions" on overall growth and profitability trends over a longer period.
Sector KPIs management disclosed
Consolidated Total Revenue
Q4 FY26: INR 249 Cr (-6% YoY, +14% QoQ). FY26: INR 957 Cr (-1% YoY).
Consolidated EBITDA Margin
ResilientQ4 FY26: 38.9% (vs 41.0% YoY, 33.4% QoQ). FY26: 37.7% (vs 40.8% FY25).
Consolidated PAT
Q4 FY26: INR 58 Cr (-22% YoY, +28% QoQ). FY26: INR 230 Cr (-13% YoY).
Capex Incurred
~INR 220 Cr during FY2026, primarily for Clean Fino Chem Ltd. (CFCL).
Management forward view
Capex for New Products
Planned capex is on track for commercializing new series of products.
Focus on High-Value Products
Adding new chemistries and process technologies with significant focus on high-value products that limited manufacturers produce globally.
Executive Compensation Adjustment
Executive Directors voluntarily elected to forgo a substantial portion of their performance bonus entitlement for FY 2026.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| HALS Sales Momentum | HALS’ sales momentum continues. | Sustained growth and increasing contribution from HALS products. |
| New Product Contribution | Robust EBITDA margins underpinned by increased contribution from new launches. | Further revenue and margin accretion from recently launched products like HQ & Catechol. |
| Capex Execution & Commercialization | Planned capex on track for commercialising new series of products. | Timely commissioning and ramp-up of new facilities and product lines. |
| Market Conditions | Challenging market conditions. | Signs of improvement in overall market demand and pricing environment. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
70Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 63rd percentile of the scored universe and 40th percentile within Chemicals. Main check: results consistency is weak at 34/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
85 docs text-extracted · 40 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
63rd percentile
overall median 67 · Chemicals: 40th pctile, median 73 · Large: 40th pctile, median 73
Evidence depth
Financial-only
85 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
88
strong · leverage and solvency
Discipline
64
acceptable · capital discipline
Results
34
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.8%.
- ▸8 years of positive FCF.
- ▸Debt/equity is 0.00.
Trust risks
- ▸ROCE trend is -5%.
- ▸1/4 latest quarters had positive YoY PAT growth.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Clean Science and Technology Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportSep 2026
Sep 2026 · Notice Of 23Rd Annual General Meeting ('AGM') And Annual Report For The Financial Year 2025-26. 17 Aug - 23rd AGM on 12 Sep 2026; annual report issued, dividend proposed, book closure 6-12 Sep.
Source: Bse
Annual reportSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 12 Aug - Submission of Pre dispatch of Annual Report Newspaper publication regarding 23rd Annual General Meeting to be held on Saturday, 12th September, 2026 at 12:00 Noon …
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 24 Sep - CRISIL reaffirmed Clean Science's ratings: AA-/Stable long term, A1+ short term.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Change in Directorate 12 Sep - Clean Science AGM approved FY26 statements, Rs.2 interim and Rs.4 final dividend, and director appointments.
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 31 Aug - Enclosed are the details for the allotment of 1601 equity shares under ESOP on 31st August, 2026.
Source: Bse
Annual reportAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 19 Aug - Enclosed is the copy of the post dispatched of Annual Report Newspaper Advertisement Published on 19th August, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 15 May - Enclosed is the Newspaper Publication of the Audited Financial Results (Standalone and Consolidated) for the quarter and year ended 31st March, 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026 from bse
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.