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Primo Chemicals

PRIMO.NS
33
Chemicals · Basic Materials
Price
₹23.56
+1.86 (+8.57%)
Market Cap
₹5.71B
Exchange
National Stock Exchange of India
Winston Score
33
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Sep 13, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
Growth
Weak
Cash Flow
Strong
Stability
Mixed
Valuation
Weak

§Winston Score History

The full picture

Headquartered in Chandigarh, India, Primo Chemicals Limited, established in 1975, is actively involved in the production and distribution of various chemical compounds across the country. The company's extensive product line encompasses industrial staples such as caustic soda (both lye and flake forms), hydrochloric acid, liquid chlorine, aluminum chloride, sodium hypochlorite, hydrogen gas, and stable bleaching powder. These versatile chemicals cater to a broad spectrum of industries and applications, including pulp and paper manufacturing, soap and detergent production, textile processing, dyestuff and aluminum sectors, fertilizer production, oil refining, viscose and rayon manufacturing, water demineralization and treatment, power generation, metal pickling, pharmaceutical and agro-chemical industries. Furthermore, Primo Chemicals' products are utilized in specialized areas like preparing various metal chlorides, chloromethanes, chlororganic chemicals, textile bleaching, laundry services, disinfecting drinking water, hydrogenating oils, creating optical fiber units, and as coolants, fuels, oxidizers, and disinfecting agents in aquaculture and sewage treatment. The company, formerly known as Punjab Alkalies & Chemicals Limited, officially changed its name to Primo Chemicals Limited in December 2022.

Share count broadly stable

+0.7% over 1y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 242.3M (2025) → 244.0M (2026)

Score breakdown

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Quality

Profit per sale
Gross Margin
21.4%
Thin — 21.4% gross margin
Profit after running costs
Operating Margin
5.2%
Thin — 5.2% operating margin
Return on the money invested
ROCE
2.9%
Weak — 2.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
-2.7%
Shrinking sales (-2.7% YoY)
Profit growth
EPS YoY
-15.5%
Earnings shrinking (-15.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
2/4 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
316%
Turns 316% of profit into real cash
Spare cash per sale
FCF Margin
2.9%
Thin free cash flow (2.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.32
Conservative — low debt load (0.32)
Covers its interest
Interest Cover
0.94x
Dangerous — barely covers interest (0.9x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit
P/E Ratio (TTM)
36.1x
Pricey — P/E 36.1

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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