CLEAN · Chemicals
Clean Science and Technology Ltd. reported revenue of ₹220 cr for October to December 2025, −8.7% on the year and −10.2% on the quarter. Over the last four quarters revenue comes to ₹972 cr, +4.4% on the four before.
Operating profit (EBITDA) was ₹72.0 cr, a margin of 32.7%, −794 bps on the year and −278 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 32.7% to 42.4%). Operating costs grew +3.5%, faster than revenue at −8.7%, so operating profit grew less than sales.
Net profit was ₹46.0 cr, −30.3% on the year and −16.4% on the quarter, with earnings per share of ₹4.32. Profit before other income, one-offs and tax fell 33.8%, so 3 points of the headline growth came from outside the core business. The tax rate of 27% is in line with its recent average. Profit over the last four quarters totals ₹245 cr, −6.1% on the four before.
Speciality chemicals are read on volumes and pricing, with Chinese supply a recurring swing factor; inventory destocking can hit a quarter without a change in demand. The quarterly statements do not carry volumes against prices, capacity utilisation and new molecules; those come with the filing read.
On earnings per share of ₹23.10 over the last four quarters, the stock at ₹784.55 trades at 34.0 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 32.7%, −794 bps on the year (−278 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Finance cost rising, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹181 cr | ₹195 cr | ₹228 cr | ₹224 cr | ₹238 cr | ₹241 cr | ₹264 cr | ₹243 cr | ₹245 cr | ₹220 cr | ₹249 cr | ₹268 cr |
| YoY | — | — | — | +19% | +31% | +24% | +16% | +8% | +3% | −9% | −6% | +10% |
| EBITDA margin | 41.4% | 44.6% | 41.7% | 42.4% | 37.8% | 40.7% | 39.8% | 41.2% | 35.5% | 32.7% | 38.6% | 35.8% |
| Other income, % of PBT | 9% | 10% | 15% | 11% | 13% | 6% | 12% | 14% | 9% | 16% | 4% | 22% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 25% | 26% | 26% | 29% | 23% | 26% | 26% | 26% | 27% | 25% | 25% |
| Net profit | ₹52.0 cr | ₹63.0 cr | ₹70.0 cr | ₹66.0 cr | ₹59.0 cr | ₹66.0 cr | ₹74.0 cr | ₹70.0 cr | ₹55.0 cr | ₹46.0 cr | ₹58.0 cr | ₹73.0 cr |
| YoY | — | — | — | +12% | +13% | +5% | +6% | +6% | −7% | −30% | −22% | +4% |
| Core profit YoY | — | — | — | +20% | +14% | +7% | +9% | +4% | −6% | −34% | −15% | −7% |
| EPS | ₹4.91 | ₹5.89 | ₹6.61 | ₹6.20 | ₹5.53 | ₹6.18 | ₹6.97 | ₹6.59 | ₹5.22 | ₹4.32 | ₹5.48 | ₹6.90 |
| Flags | · | · | · | ✓ | 1 | 1 | ✓ | ✓ | ✓ | 1 | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Clean Science and Technology Ltd. reported revenue of ₹220 cr (−8.7% on the year) and net profit of ₹46.0 cr (−30.3% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved −33.8% on the year, against −30.3% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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