Top 20 Chemical Companies in India

India has over 80,000 commercial products across various industries. The top 20 chemical companies in India produce bulk chemicals, specialty chemicals, agrochemicals, petrochemicals, polymers, and fertilizers. India’s chemical industry is worth USD 220 billion now and is expected to reach USD 300 billion by 2030 and USD 1 trillion by 2040. Chemicals demand is expected to grow at 9% per annum by 2025. In the Interim Budget 2024-25, the government allocated INR 192.21 crore (USD 23.13 million) to the Department of Chemicals and Petrochemicals.

India is the fourth largest producer of global dyestuffs and dyestuffs after the US, Japan, and China. India produces 16-18% of the world’s dyestuffs and dyestuffs. From 2024 onwards, the value of dyes was USD 661.18 million, dyes USD 379.61 million, and other products USD 27.87 million. The Indian dye industry has been discovered to be a major player with ~15% world market share. India’s chemical industry has been de-licensed from some dangerous documents. India is a leader in generics and biosimilars and is a major vaccine manufacturer contributing more than 50% of the global vaccine supply.

India is a major player in exports and imports of chemicals globally and is 14th in exports and 8th in imports (excluding pharmaceuticals). In April-September 2024, India’s dye exports (Dyes and Dye Intermediates) were USD 1.26 billion.

The outlook for top chemical companies in India has improved due to the China+1 strategy and domestic end-user demand is expected to drive revenue growth of 18-20% in 2022 and 14-15% in 2023.

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Top 10 Chemical Companies in India

Having understood the quantum of the chemical industry, it is time to take a look at the top chemical companies in India. It is interesting to note that most of the big and fastest-growing players are listed chemical companies in India. The list is prepared based on Market Capitalization as of 10 March 2025.

#1 Pidilite Industries – Biggest Among Top 20 Chemical Companies in India

Established in 1959, Pidilite Industries is a leading company in the specialty chemicals sector in India and is best known for its adhesives and sealants. The company has a wide range of products under its brands such as Fevicol, Dr. Fixit, and M-Seal that serve industries such as construction, automotive, and arts and crafts. Pidilite also has a presence in international markets in countries such as Sri Lanka, Bangladesh, and Brazil.

The company operates in two main segments: Branded Consumer and Bazaar (82.5% of total sales) and Business to Business (17%) and Others (0.5%). This diversification helps Pidilite to establish itself as a major player in the chemical industry and show its presence in various segments.

Pidilite has an established and extensive pan-India network of over 4800 distributors and 68 manufacturing units, serving 200,000 dealers, retailers, and contractors across India.

Financial Report of Pidilite Industries

Market Cap – INR 1,38,075 crore
Revenue – INR 12,901 crore
Net Income – INR 1,973 crore
5-Year CAGR (%) – 11.84
P/E Ratio – 69.0
ROCE (%) – 29.7

#2 SRF

Founded in 1970, SRF is a multi-business conglomerate based in Gurgaon, Haryana and is the second biggest chemical industry in India. The company has diversified into fluorochemicals, specialty chemicals, packaging films and technical textiles. With an annual turnover of around Rs 12,910 crore (USD 1.6 billion) and over 9,000 employees, SRF has 10 manufacturing units in India and additional facilities in Thailand, South Africa and Hungary.

The company expects its Chemicals Business to grow by 20% in FY 2025 thereby laying a strong foundation for future growth.

Financial Report of SRF Limited

Market Cap – INR 86,713 crore
Revenue – INR 13,949 crore
Net Income – INR 1,147 crore
5-Year CAGR (%) – 13.1
P/E Ratio – 75.6
ROCE (%) – 12.7

#3 Linde India

Linde India is a subsidiary of Linde PLC, a leading industrial gases and engineering company in India. Headquartered in Kolkata, the company provides services to industries such as steel, chemicals, refineries and healthcare through its gases and related products and project engineering divisions. The company is focused on sustainability, digital transformation and operational excellence. In FY 2023-24, it reported a revenue of INR 2,768.7 crore with strong profitability. Linde India is expanding its presence while maintaining high safety and environmental standards.

Linde India has multiple manufacturing units including air separation and cylinder filling plants. With over 1,000 employees it ensures efficient gas supply while focusing on innovation, sustainability and operational excellence.

Financial Report of SRF Limited

Market Cap – INR 51,850 crore
Revenue – INR 2,524 crore
Net Income – INR 442 crore
5-Year CAGR (%) – 4.79
P/E Ratio – 119
ROCE (%) – 17.4

#4 Gujarat Fluorochemicals

Established in 1987, Gujarat Fluorochemicals (GFL) is a leading manufacturer of refrigerants, fluoropolymers and specialty chemicals in India. The company is part of the INOX Group. The company operates two major manufacturing plants at Ranjitnagar and Dahej in Gujarat. GFL is one of the world’s largest producers of chloromethane and polytetrafluoroethylene (PTFE), with a strong export presence in Europe, the US, Japan and Asia.

Currently, about 40% of the company’s revenue is generated from the domestic market, which includes the following segments: Bulk chemicals contribute about 20%, fluorochemicals make up about 27% and fluoropolymers about 54%.

Financial Report of Gujarat Fluorochemicals

Market Cap – INR 41,977 crore
Revenue – INR 4,645 crore
Net Income – INR 456 crore
5-Year CAGR (%) – 9.42
P/E Ratio – 92.21
ROCE (%) – 9.76

#5 Godrej Industries

Godrej Industries, part of the Godrej Group, is a leading company involved in the manufacturing and marketing of a wide range of consumer goods and related products. The company operates in various sectors including chemicals, agriculture, real estate, and financial services. Headquartered in Mumbai, Maharashtra, Godrej Industries has manufacturing facilities in Wadala, Ambarnath, Valia, and Dombivali, and has an international presence in markets such as Indonesia and Singapore.

Godrej Chemicals manufactures over 100 chemicals used in various industries such as home care, personal care, pharmaceuticals, and food. The company focuses on sustainability and innovation in its chemical formulations.

Financial Report of Godrej Industries

Market Cap – INR 38,115 crore
Revenue – INR 18,445 crore
Net Income – INR 1,417 crore
5-Year CAGR (%) – 8.88
P/E Ratio – 49.1
ROCE (%) – 5.59

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#6 Deepak Nitrite

Established in 1970, Deepak Nitrite is a leading company in the Indian chemicals sector, focused on the production of basic intermediates, fine chemicals and specialty chemicals. The company has a diverse product portfolio with over 30 offerings and over 56 applications, serving over 1,000 customers across various industries.

Deepak Nitrite has been recognized as the largest producer of phenol and acetone in India since 2019 and continues to leverage its strong market position to drive growth in specialty chemicals. Deepak Nitrite has been a known compounder in the stock market, delivering a revenue CAGR of 23.3% over FY 20-25. The company is expected to achieve a topline growth of 29.2%, slightly lower than in the past but still impressive.

Financial Report of Deepak Nitrite

Market Cap – INR 26,480 crore
Revenue – INR 8,228 crore
Net Income – INR 749 crore
5-Year CAGR (%) – 23.3
P/E Ratio – 38.3
ROCE (%) – 21.65

#7 Castrol India

Castrol India, a subsidiary of bp plc, is a leading lubricants and industrial fluids provider in India. With three manufacturing plants in Silvassa, Patalganga, and Paharpur, it produces 220+ million liters annually. The company serves automotive, industrial, and marine sectors through 143,000+ outlets and 600+ service workshops.

In FY 2024, Castrol India reported INR 5,365 crore in revenue and INR 927 crore in profit, growing 6% YoY. With 630+ employees, it focuses on sustainability, EV-compatible lubricants, and market expansion to drive future growth.

Financial Report of SRF Limited

Market Cap – INR 23,240 crore
Revenue – INR 5,365 crore
Net Income – INR 927 crore
5-Year CAGR (%) – 6.71
P/E Ratio – 25.3
ROCE (%) – 55.2

#8 TATA Chemicals

Founded in 1939 and headquartered in Mumbai, Tata Chemicals (TCL) is a flagship company of the Tata Group, focusing on two core sectors: fertilizers and inorganic chemicals, including soda ash and sodium bicarbonate. Operating India’s largest inorganic chemicals plant in Mithapur, TCL produces a wide range of products ranging from salt licks for cattle and fertilizers to cement, glass, processed steel and detergents. TCL holds a significant market share in the country’s soda ash industry, accounting for about a third of the total market.

It is one of the largest manufacturers of chemical products in India and several other European countries, North America and Africa.

Financial Report of TATA Chemicals

Market Cap – INR 20,744 crore
Revenue – INR 14,853 crore
Net Income – INR -405 crore
5-Year CAGR (%) – 8.33
P/E Ratio – 42.6
ROCE (%) – 7.81

Its CMP/Sales ratio is healthy and the 0.29 Debt/Equity ratio shows that the company is not dependent on other sources of investment which shows that the company is independent and in a stable financial condition.

#9 Himadri Speciality Chemical

Himadri Specialty Chemical is a leading player in the global specialty chemical industry, known for its focus on innovation, sustainability and strong research and development. Initially a coal tar pitch manufacturer, the company has become a leader in a variety of specialty chemical products, including materials used in lithium-ion batteries. It is also the largest player in naphthalene and superplasticizers (SNF) in India.

Himadri employs approximately 1,986 individuals, demonstrating its dedication to building a skilled workforce through extensive training programs. In FY 2024, the company introduced 16 new product grades designed to improve performance in various applications.

Financial Report of Himadri

Market Cap – INR 20,275 crore
Revenue – INR 4,655 crore
Net Income – INR 515 crore
5-Year CAGR (%) – 11.6
P/E Ratio – 39.4
ROCE (%) – 18.8

#10 BASF India

Founded in 1989 and based in Mumbai, BASF India, a subsidiary of German company BASF, is a major player in the Indian chemical market. The company’s comprehensive portfolio comprises six segments including chemicals, materials, industrial solutions, surface technology, nutrition and care, and agricultural solutions, with active participation in the marketing and sales of these products. The company operates 8 production sites and has set up 42 offices across India.

Financial Report of BASF India

Market Cap – INR 20,223 crore
Revenue – INR 15,333 crore
Net Income – INR 613 crore
5-Year CAGR (%) – 17.97
P/E Ratio – 33.6
ROCE (%) – 25.0

BASF‘s low P/E ratio suggests a stock price advantageous for investors. With promising 5-year returns and a debt-free status, the company demonstrates efficient capital use, reflected in its notable 25% ROCE ratio. This financial strength positions BASF as an appealing investment with growth potential and sound financial management.

Top 20 Chemical Companies in India

#11 Navin Fluorine International (Market Cap – INR 20,168 crore)
#12 Atul Ltd (Market Cap – INR 16,782 crore)
#13 Vinati Organics (Market Cap – INR 16,360 crore)
#14 PCBL Chemical (Market Cap – INR 14,381 crore)
#15 Aarti Industries (Market Cap – INR 14,167 crore)
#16 Deepak Fertilizers & Petrochemicals Corp (Market Cap – INR 13,850 crore)
#17 Clean Science & Technology (Market Cap – INR 13,059 crore)
#18 Aether Industries (Market Cap – INR 12,092 crore)
#19 Fine Organic Industries (Market Cap – INR 11,264 crore)
#20 Jubilant Ingrevia (Market Cap – INR 10,546 crore)

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