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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 32/100margin compression · Rev +10% YoY · PAT +4% YoY · +8% QoQ
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
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.
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.
Shift to Sustainable Chemistry
Capitalizing on core philosophy of clean and green chemistry to address opportunities from demand shift to sustainable chemistry.
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
Management accountability
What management said, and what results must prove
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.
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.
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).
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.
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.
Trend score and candlestick chart
60BullishSMA20 +10.4% / mo · MACD −
Technical chart
CLEANdaily · 1Y · AUTO+8.2%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 56. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~9.4% over last month) — short-term momentum positive.
- RSI(14) at 56 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 31% off 52W high · 28% 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.
Relative Strength & Trend Stage
- 30.1% below the 52-week closing high after prior strength.
- The 30-week proxy has stalled (-0.3% over 20 sessions).
- Price has not yet confirmed a full Stage 4 downtrend.
Valuation & score drivers
U-Score 38 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 38 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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 -289.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 8/25; verify the latest quarterly trend.
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.
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.
Score history
12 stored score snapshots. Latest stored move: -1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
Healthy Trust Lite: Promoter pledge is zero. Key concern: ROCE trend is -5%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Chemicals: 40th pctile, median 73 · Large: 41st pctile, median 73
84 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 38.20
- P/B
- 5.61
- EV/EBITDA
- 20.58
- Market Cap
- 8887.00Cr
Profitability
- ROE
- 15.30%
- ROCE
- 20.70%
- ROA
- 13.16%
- Dividend Y
- 0.72%
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
- 0.82%
- FCF Positive Y
- 8/5
- OCF
- 275.00 Cr
- EPS TTM
- 21.92
Shareholding
- Promoter Hold
- 51.29%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 33%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Chemicals, ranked by similarity
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.