How did Navin Fluorine, Deepak Nitrite and three other chemical stocks perform in the third quarter?

Overview: Indian chemical majors posted mixed third quarter 2026 results. Some companies reported strong profit growth and margin expansion, while others showed moderate revenue growth and pressure on bottom line performance.

India’s chemical industry largely operates in an off-license environment, with restrictions mainly limited to a small number of hazardous substances. This regulatory flexibility creates a favorable ecosystem for expansion and investment. Within the sector, alkaline chemicals form the backbone, accounting for nearly 73% of total production.

India today is the sixth largest chemical producer in the world and the third largest chemical producer in Asia, with the industry accounting for approximately 7% of the country’s GDP. It is worth about Rs. The sector is expected to reach USD 21.5 billion (approximately USD 250 billion) in 2024 and grow to USD 300 billion in 2028, reaching approximately Rs. 86 billion ($1 trillion) by 2040, highlighting long-term growth potential despite periodic global headwinds.

In the world trade sector, India ranks 14th in exports of chemical products and 8th in imports (excluding pharmaceuticals). The specialty chemicals sector, valued at USD 64.5 billion in 2024, is expected to grow at a CAGR of 3.8% to USD 92.6 billion by 2033. This growth is being fueled by increasing demand from agriculture, construction, automotive and other industrial sectors, along with rapid urbanization and continued product innovation.

Within this sector, pesticides remain a major growth driver. Estimated at $15.5 billion in 2024, the sector is expected to reach $23.3 billion by 2033, driven by technological advancements and development of next-generation formulations. Listed below are notable chemical stocks that have reported financial results for the third quarter of FY26.

SRF limits

With a market capitalization of Rs. 76,783 crores, the stock started in the red at Rs. The BSE was down about 0.4% on Friday at 2,606.7. In the third quarter of FY26, SRF reported operating revenue of Rs. 3,713 crores reflects marginal growth of about 2% QoQ over Rs. 364 billion in the second quarter of fiscal 2026, an increase of over 6% year-on-year from Rs. It reached $349.1 billion in the third quarter of 2025.

Net profit recorded 160 million won. Sales amounted to 43.3 billion won, an increase of approximately 12% compared to the previous quarter. 38.8 billion in the second quarter of FY26, with year-on-year profit up nearly 60% from Rs. $271 million was reported in the third quarter of FY25.

SRF limits It is primarily engaged in the business of manufacturing, purchasing and selling industrial fibers, chemicals, packaging films and other polymers. The Chemicals segment consists of specialty chemicals and fluorine chemicals. In the specialty chemicals segment, SRF manufactures intermediates for pesticide, pharmaceutical and specialty applications along with providing contract development and manufacturing services. The Fluorochemicals portfolio includes refrigerants, industrial chemicals, pharmaceutical inputs, propellants and fluoropolymers.

Deepak Nitrite Limited

With a market capitalization of Rs. 21,497 crores, the stock started in the red at Rs. BSE recorded 1,589 cases, down about 0.2% on Friday. During the quarter, the company recorded operating revenue of KRW 50 billion. 1,975 crores reflects sequential growth of about 4% QoQ over Rs. In the second quarter of 2026, it is $190.2 billion. Similarly, year-on-year sales also increased by nearly 4% at Rs. It stood at $190.3 billion in the third quarter of FY25.

Net profit for the quarter was 130 million won. Sales amounted to KRW 10 billion, a decrease of approximately 16% compared to the previous quarter. 11.9 billion in the second quarter of FY26, an increase of about 2% year-on-year from Rs. $9.8 billion was reported in the third quarter of 2025.

Deepak Nitrite Limitedone of India’s leading advanced intermediates and phenolic chemicals manufacturers, is engaged in the business of manufacturing a wide range of products including Sodium Nitrite, Phenol, Acetone, IPA, Xylidine, Oxime, Toluidine, Cumedine, etc. Our products are applied in pharmaceuticals, pesticides, dyes and pigments, paints, laminates, plywood and other important sectors.

Naveen Fluoride Limited

With a market capitalization of Rs. 32,444 crores, the stock started in the red at Rs. BSE was down about 0.2% on Friday at 6,473.5. Navin Fluorine posted consolidated revenue from operations of Rs. Third quarter fiscal 2026 revenue was $892 million, reflecting approximately 18% QoQ growth over Rs. 758 million in the second quarter of fiscal 2026, an increase of over 47% year-on-year from Rs. It hit $660 million in the third quarter of 2025.

Net profit recorded 160 million won. Sales amounted to 18.5 billion won, an increase of approximately 25% compared to the previous quarter. 148 million in the second quarter of fiscal 2026, with year-on-year profit soaring nearly 120% from Rs. $8.4 billion was reported in the third quarter of fiscal 2025.

Navin Fluoride International Limited It has one of the largest integrated fluorochemical complexes in India. Primarily focusing on fluorine chemistry, we produce refrigeration gases, inorganic fluorides, specialty organic fluorides, and provide contract research and manufacturing services.

Aarti Industries Limited

With a market capitalization of Rs. 16,447 crores, the stock started in the red at Rs. For BSE it is 455.50. During the quarter, the company recorded operating revenue of KRW 50 billion. 2,318 crores reflects sequential growth of about 10% QoQ compared to Rs. 210 billion in the second quarter of FY26. Similarly, year-on-year revenue grew by nearly 26% at Rs. It hit $184.3 billion in the third quarter of 2025.

Net profit for the quarter was 130 million won. Sales amounted to 13.3 billion won, an increase of approximately 25% compared to the previous quarter. 160 million in the second quarter of fiscal 2026, an impressive year-on-year increase of over 189% from Rs. It reported $4.6 billion in the third quarter of fiscal 2025.

Aarti Industries Limited We are engaged in the business of manufacturing and handling specialty chemicals and intermediates. It has a strong market position in the NCB-based specialty chemicals segment.

Himadri Specialty Chemicals Limited

With a market capitalization of Rs. 24,260 crores, the stock opened in the green at Rs. 483.10 on BSE compared to previous closing price of Rs. 483.05. During the quarter, the company recorded consolidated operating revenue of KRW 50 billion. 1,184 crores reflects sequential growth of about 11% QoQ compared to Rs. $107.1 billion in the second quarter of fiscal 2026. Compared to the same period last year, sales increased by nearly 4% from 440 million won. 114.1 billion in the third quarter of FY25.

Profitability improved meaningfully during the quarter. Net profit in the third quarter of fiscal 2026 was 50 billion won. This amounted to KRW 19.2 billion, an increase of approximately 9% compared to the previous quarter. 17.6 billion in the second quarter of fiscal 2026, an increase of over 36% year-on-year from Rs. $14.1 billion was reported in the third quarter of 2025.

Himadri Specialty Chemicals Limited It is one of the leading manufacturers of specialty carbon blacks, specialty oils, naphthalenes and sulfonated naphthalene formaldehyde (SNF). We are mainly engaged in the business of manufacturing carbon materials and chemicals.

The company’s diverse portfolio includes critical materials such as anode and cathode components for lithium-ion batteries, specialty carbon blacks used in tires, coatings, textiles, wires, cables, hoses, etc., and purified naphthalene. We also offer specialty materials such as coal tar pitch, specialty oils and clean power solutions designed to meet the diverse needs of modern industries.

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