Laxmi Organic Industries Limited (LXCHEM)
Micro CapChemicals stocks · Micro cap · NSE
Laxmi Organic Industries Ltd. is a leading Indian chemical company with 50+ products, 700+ active customers, and 4 manufacturing sites, serving 55+ countries. It operates in Essentials (e.g., Ethyl Acetate, Acetic Anhydride) and Specialties (e.g., Ketene/Diketene, Fluorination) segments, emphasizing R&D and sustainable practices.
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
Excellent · 100/100Rev +40% YoY · PAT +224% YoY · margin expansion · +32% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹968 Cr | +39.7% | +31.7% |
| EBITDA | ₹114 Cr | +267.7% | +111.1% |
| Operating margin | 12.0% | +760 bps | +500 bps |
| PAT | ₹68 Cr | +223.8% | +209.1% |
| PAT margin | 7.0% | +399 bps | +403 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
Q4FY26 revenue grew 4% YoY, but PAT declined 1% YoY. For FY26, revenue declined 5% YoY, and PAT dropped 30% YoY. Adjusted EBITDA margins compressed significantly YoY for both Q4 and FY26.
While Q4FY26 showed sequential profitability improvement, full-year FY26 results indicate significant revenue and profit contraction. The company attributes Q4 revenue growth to higher price realizations, but overall margins are under pressure. Management's mention of a 'subdued chemical environment' suggests external challenges impacting performance.
Revenue by Segment (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Strategic Acquisitions
Foray into fluorospecialties, acquired Ketene/Diketene business, acquired know-how of pigment derivatives.
New Products
Achieving >20%+ Revenue Contribution from New Products launched in last 5 years.
Customer Centricity
Strategic shift to Customer Centric Business Approach helped gain market and increase wallet share.
Fluorine Assets
Fluorine assets started delivering revenue in FY26.
Dahej Site 4 Commissioning
CTO received for production (first phase) and commercial delivery started in Q3FY26. Chemical charging expected in Q1FY27.
Dahej Site 4 Approvals
Inorganic EC received (May 2024), Organic CTE received (June 2024), EC and Factory License received (Q1FY26).
Biobased Products Readiness
Essentials strategy includes being 'Future ready for biobased products'.
Sustainability Certifications
ISCC Plus Certification audit successfully completed at Site 4 without non-conformity.
Subdued Chemical Environment
Company gained market share 'even during the subdued chemical environment'.
Inflationary Pressures
Disclaimer mentions 'inflationary pressures and general economic conditions affecting demand / supply and price conditions in domestic and international markets'.
Fiscal Policy & Competition
Disclaimer mentions 'risks and uncertainties regarding fiscal policy, competition'.
Demand/Supply & Price Conditions
Disclaimer mentions 'general economic conditions affecting demand / supply and price conditions in domestic and international markets'.
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.
YoY comparison is crucial to assess annual performance and account for seasonality in the chemical industry. QoQ comparison is important to track sequential momentum, especially given the stated 'improvement in Profitability on sequential basis' in Q4FY26.
Gross Margin
Q4FY26 Gross Margin 33.6% (-100 bps YoY), FY26 Gross Margin 32.9% (-190 bps YoY).
Revenue Growth Driver
Q4FY26 revenue growth 'mainly driven by higher price realizations'.
Market Share (Essentials)
Management aims to 'Retain India market share' and 'Grow exports'.
Cost Leadership (Essentials)
Achieved through 'Raw Material, logistics' and 'Operational efficiencies'.
Strategic Shift
Pivoted for the next growth phase with a strategic shift to a customer-centric business approach.
Essentials Strategy
Grow in existing products, enter new products, retain India market share, grow exports, focus on operational efficiencies.
Specialties Strategy
Expand & optimize incumbents, enter new products, grow market share, focus on global customers, improve cost leadership.
New Product Sales Target
Aim to have minimum 20% sales from new products in Specialties.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Specialties Revenue Growth | -18% YoY in FY26 | Recovery and growth in Specialties segment, especially from new products and fluorine assets. |
| EBITDA Margin | FY26 EBITDA Margin 6.0% (-330 bps YoY) | Improvement in EBITDA margins, indicating better cost control and pricing power. |
| Dahej Capacity Ramp-up | CTO received, commercial delivery started Q3FY26, chemical charging Q1FY27 | Timely commissioning and utilization ramp-up of Dahej facilities. |
| New Product Contribution | >20% revenue from new products (last 5 years) | Continued strong contribution from new products, especially in Specialties. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
50NeutralSMA20 -3.8% / mo · MACD −
Technical chart
LXCHEMdaily · 1Y · AUTO+47.3%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 49. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~4.0% over last month) — short-term momentum negative.
- RSI(14) at 49 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 29% off 52W high · 60% 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.
Valuation & score drivers
U-Score 26 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 26 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Balance sheet contributes 11/15 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Fair-value margin of safety is negative at -837.9%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
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.
Mixed Trust: Claim history is still being built. It ranks around the 38th percentile of the scored universe and 23rd percentile within Chemicals. Main check: financial discipline is weak at 30/100.
Healthy Trust Lite: Promoter holding is 69.3%. Key concern: ROCE is low at 4.7%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Chemicals: 23rd pctile, median 73 · Micro: 21st pctile, median 73
90 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
Mixed 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 holding is 69.3%.
- ▸Promoter pledge is zero.
- ▸6 years of positive FCF.
Trust risks
- ▸ROCE is low at 4.7%.
- ▸ROE is low at 4.1%.
- ▸ROCE trend is -2.9%.
- ▸1/4 latest quarters had positive YoY PAT growth.
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
- 38.00
- P/B
- 2.40
- EV/EBITDA
- 15.85
- Market Cap
- 4781.00Cr
Profitability
- ROE
- 4.11%
- ROCE
- 4.72%
- ROA
- 3.66%
- Dividend Y
- 0.17%
Growth (CAGR)
- Revenue 5Y
- 10.00%
- EPS 5Y
- -9.00%
- Revenue 3Y
- 1.00%
- EPS 3Y
- -14.00%
Balance Sheet
- Debt/Equity
- 0.28
- Interest Coverage
- 12.14×
- Altman Z
- 3.97
- Book Value
- 71.60
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 6/5
- OCF
- 175.00 Cr
- EPS TTM
- 4.54
Shareholding
- Promoter Hold
- 69.34%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 49%
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.