Investor presentationJun 2026
Jun 2026 · PPT
Source: Nse
Paragon Fine and Speciality Chemical Ltd. (PARAGON)
SME CapIndustrials stocks · SME cap · NSE
Paragon Fine & Speciality Chemical Ltd. is an Indian manufacturer of specialty intermediates, serving industries like specialty pigments & dyes, agrochemicals, cosmetics, pharmaceuticals, and electronics. The company has over 20 years of experience, exports over 40% of its products, and manufactures 50+ products under NDA.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals20 Oct 2026 · screener
Latest result01 Jun, 08:55 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
53NeutralMACD −
Stock trend: 55
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
PARAGOND candles · FIT view+23.6%Latest close ₹50.25 on 2026-10-19
Bar
+0.5%
RSI
47
MACD hist
-0.15
52W pos
52%
2026-10-19O ₹50.00H ₹50.90L ₹50.00C ₹50.25Vol 7,200 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
PARAGONNifty India ManufacturingNifty 500
- PARAGON
- +0.9%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -6.3%
- Vs Nifty 500
- +6.5 pp
Chart stats
19 Oct 2026- From 52W high
- -22.6%
- 52W range position
- 52%
- ATR (14)
- 5.4%
- Volume vs 20D
- 0.66x
- Avg traded value
- ₹0.1 Cr
- 20D price channel
- ₹48.1 - ₹57.4
₹64.9
₹34.1 - ₹64.9
₹2.7
Latest completed session
20-session average
65.2% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, 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 · FAIR VALUE58
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad15
Revenue +13.1% · PAT -12.5% YoY
Technical
Neutral53
Price trend and sector-relative-strength timing.
Valuation
Legacy model+72.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence68
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 31 Mar 2026
Bad · 15/100PAT -13% YoY · Rev +13% YoY · margin expansion · +68% QoQ
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹69 Cr | +13.1% | +68.3% |
| EBITDA | ₹10 Cr | NDF | +233.3% |
| Operating margin | 14.0% | NDF | +700 bps |
| PAT | ₹7 Cr | -12.5% | +250.0% |
| PAT margin | 10.1% | NDF | +526 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 10.90
- P/B
- 1.00
- EV/EBITDA
- 7.09
- Market Cap
- 98.30Cr
Profitability
- ROE
- 9.64%
- ROCE
- 12.80%
- ROA
- 8.33%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 6.00%
- EPS 5Y
- 15.00%
- Revenue 3Y
- 2.00%
- EPS 3Y
- -3.00%
Balance Sheet
- Debt/Equity
- 0.01
- Interest Coverage
- —
- Altman Z
- 8.77
- Book Value
- 50.30
Cash Flow
- FCF Yield
- 5.09%
- FCF Positive Y
- 3/5
- OCF
- 5.00 Cr
- EPS TTM
- 4.63
Shareholding
- Promoter Hold
- 74.87%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 52%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 110-5.2% vs prev
Net Profit
₹ CrLatest: 9.0+50.0% vs prev
Return on Equity
%Latest: 9.1+36.3% vs prev
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
NeutralTrend is undirectional — long-term uptrend intact. RSI 47.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 47 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 23% off 52W high · 47% 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
66
RS percentile
Stage 2 UptrendEstablished S2
1M return
-9.5%
3M return
+4.7%
6M return
+25.6%
1Y return
-12.8%
RS 1D
+1
RS 20D
+3
Sector rank
#2
Industry rank
#9
Stage evidence
- Price is 6.2% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +1.8%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
22 Jul 2026
S2 age
57 trading sessions
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
247 observations
19 Oct 2026Value 97.44+0.93%
RS vs Nifty 50097
Valuation & peers
U-Score 58 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 58 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · FAIR VALUEValuation27/30
Growth16/25
Quality1/20
Balance Sheet11/15
Cash Flow6/10
Piotroski
7/9 (+5)
Penalties
-8
Raw sum
58
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
58/100 · legacy band FAIR VALUE
Positive drivers
- FCF yield is supportive at 5.1%.
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 72.4%.
Main drags
- Penalty bucket subtracts 8 points.
- Quality is weaker at 1/20; verify the latest quarterly trend.
- Cash flow is weaker at 6/10; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
10.9
PB
1.0
EV/EBITDA
7.1
ROE
9.6%
ROCE
12.8%
FCF Yield
5.1%
Debt/Equity
0.0
MoS
+72.4%
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
58
Previous: 58
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+72.4%
Previous: +72.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
58
58
58
58
58
58
58
58
58
58
58
58
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
₹72.39
+30.6% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹181.96
+72.4% MoS
PEG
0.73
Comparable companies
Peers
Business-comparable peers in Industrials — 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
RNPL
SME
Renol Polychem Ltd.
Specialty Chemicals
match 166
67
10.6
13.6%
+75%
UNDERVALUED
SNEHAA
SME
Snehaa Organics Ltd.
Specialty Chemicals
match 161
77
5.6
24.2%
+87%
DEEP VALUE
MCON
SME
Mcon Rasayan India Ltd.
Specialty Chemicals
match 161
60
9.8
8.8%
+75%
UNDERVALUED
UNILEX
SME
Unilex Colours and Chemicals Ltd.
Specialty Chemicals
match 160
36
5.0
10.4%
+32%
WATCHLIST
RITEZONE
SME
Rite Zone Chemcon India Ltd.
Specialty Chemicals
match 158
53
21.2
2.2%
+43%
FAIR VALUE
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 2026-08-21T05:11:09.911Z
Management commentary snapshot
H2 FY26 revenue grew 7.4% YoY with PAT up 67.7% YoY, driven by improved margins. However, full year FY26 revenue declined 5.3% YoY, despite PAT increasing 52.9% YoY.
While H2 FY26 showed strong revenue and profit growth, the full year FY26 revenue declined. This, coupled with a significant increase in receivable days and net working capital days, raises concerns about operational efficiency and cash conversion, despite improved margins. The capacity expansion and new product focus are positive, but execution on working capital management is critical.
Current business mix
Revenue by Segment (FY26)
Latest issuer-disclosed distribution across 6 reported categories.
Dyes68.6%
Agro15.5%
Cosmetics8.7%
Pharma4.8%
Pigment2.5%
Speciality0.6%
Growth engines
Operational Expansion
Increasing production capacity with current capacity at 650 MTPA and expansion underway while the plant is functioning.
New Product Introduction
Introduction of HALQUINOL, targeting an addressable market of 10,000 MTPA, with projected production of at least 150 MTPA. Reached 100 MTPA of HALQUINOL.
Product Diversification
New intermediates in agro chemicals & cosmetics segments are introduced, expected to commercialize by next year.
Market Penetration
Future GMP Certification to be acquired and a Clean Room Facility to be developed for specialty products.
Capacity and execution
Current Capacity & Expansion
Current capacity is 650 MTPA, with expansion underway while the plant is functioning.
HALQUINOL Production
Reached 100 MTPA of HALQUINOL production, targeting at least 150 MTPA.
Clean Room Facility
A Clean Room Facility for multi-purpose use (Pharma, Cosmetics & Electronics) will be available once expansion is completed.
Tailwinds
Global and Regional Leadership
India ranks as the 6th largest producer worldwide and 3rd largest in Asia in the chemical industry.
Growing Domestic Demand
Rising demand from sectors like Textiles (projected $350B by FY25), Automotive (growth to $300B by 2026), and Construction (reaching $1.4T by 2025).
Strong Policy Support
Government initiatives like PCPIRs, National Petrochemical Awards, and Centres of Excellence foster innovation and investment.
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
H2 YoY comparison provides insight into recent operational momentum and margin expansion, while the full year (FY26 vs FY25) comparison offers a broader view of annual performance, which shows a revenue decline despite H2 strength.
Sector KPIs management disclosed
EBITDA Margin
H2 FY26 EBITDA Margin was 14.27% vs H2 FY25 at 9.5%. FY26 EBITDA Margin was 11.62% vs FY25 at 7.3%.
PAT Margin
H2 FY26 PAT Margin was 10.25% vs H2 FY25 at 6.6%. FY26 PAT Margin was 8.23% vs FY25 at 5.1%.
Net Working Capital Days
Net Working Capital Days increased to 149 in FY26 from 89 in FY25.
Receivable Days
Receivable Days increased significantly to 116 in FY26 from 48 in FY25.
Management forward view
Cost Optimization
Development of in-house spray drying capabilities to enhance operational efficiency, optimize costs, and improve margins.
IPO Proceeds Utilization
Utilization of IPO proceeds for scaling up operational and product expansion activities.
Dichlone Market Growth
Despite global challenges, demand for Dichlone surged to 120MT in 2023, with the company prepared for ongoing demand and new market opportunities.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Full Year Revenue Growth | FY26 revenue declined 5.3% YoY. | Reversal of the full-year revenue decline and sustained growth in subsequent periods. |
| Receivable Days | Increased to 116 days in FY26 from 48 days in FY25. | Improvement in collection efficiency and reduction in receivable days to historical levels. |
| Net Working Capital Days | Increased to 149 days in FY26 from 89 days in FY25. | Effective working capital management to reduce the overall cycle. |
| HALQUINOL Production Ramp-up | Reached 100 MTPA. | Progress towards the targeted production of at least 150 MTPA and its contribution to revenue. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
68Limited 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 56th percentile of the scored universe and 52nd percentile within Industrials. Main check: results consistency is weak at 27/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
6 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
56th percentile
overall median 67 · Industrials: 52nd pctile, median 68 · SME: 70th pctile, median 64
Evidence depth
Financial-only
6 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
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
88
strong · leverage and solvency
Discipline
50
watch · capital discipline
Results
27
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 74.9%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 5.3%.
- ▸Debt/equity is 0.01.
Trust risks
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -4.2%.
- ▸0/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Paragon Fine and Speciality Chemical Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual report
Annual Report 2026
Source: Nse
Investor presentationDec 2025
Dec 2025 · PPT
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Annual Report 2025
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Investor presentationDec 2024
Dec 2024 · PPT
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All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.