Sector: Chemicals & Materials
Industry: Chemical Distribution / Import & Trading
Status: Private, Unlisted Company
CIN: U51434MH2000PTC129290
Headquarters: Mumbai, Maharashtra
Incorporated: 20 October 2000
FY2025 Revenue: ~₹3,200 Cr
FY2025 EBITDA: ~₹54 Cr
FY2025 Net Profit: ~₹10.3 Cr
Important: There are multiple businesses using the name “Sanjay Chemicals.” This report is specifically on Sanjay Chemicals (India) Private Limited (SCIPL), the Mumbai-based unlisted chemical importer/distributor, CIN U51434MH2000PTC129290. It is not the Ahmedabad-based Sanjay Chemicals Works Unit-A fragrance business.
1. Company Overview
Sanjay Chemicals (India) Pvt. Ltd. is a chemical trading and distribution company with roots going back to 1977, when Sanjay Dye Chem Corporation was established. Sanjay Chemicals was subsequently established for solvent trading, and the current company was incorporated in 2000 through the merger of the earlier businesses.
The company operates primarily as an importer, distributor, exporter and sourcing/indenting partner for chemicals, solvents, polymers and speciality chemicals.
The company has a network spanning Mumbai, Hyderabad, Gujarat and Dubai.
Business Model
SCIPL is primarily an asset-light chemical distribution and trading business, rather than a conventional chemical manufacturer.
Its activities include:
- Import & distribution
- Export
- International trade
- Indenting
- Chemical sourcing
- Warehousing
- Domestic distribution
- Polymer imports
- Bulk solvent distribution
- Specialty chemical sourcing
2. Product Portfolio
🧪 Solvents
Examples include:
- Acetone
- Acetic Acid
- IPA
- Methanol
- Toluene
- MEK
- MIBK
- Butyl Acetate
- Xylene
- Ethylene Dichloride
- Phenol
The company supplies solvents in both bulk quantities and packaged formats.
🏭 Polymers
SCIPL imports and distributes polymers such as:
- PVC Resin
- PET Resin
- EVA
The company sources polymers from markets including China, Taiwan, Korea and Russia.
⚗️ Chemicals & Intermediates
The portfolio includes acids, alcohols, amines, solvents, specialty intermediates and other industrial chemicals used across pharmaceutical, agrochemical and industrial applications.
🔬 Specialty Chemicals
The company also sources specialised chemicals used as critical inputs in manufacturing processes.
3. End-Market Exposure
The company serves a diversified range of industries:
| Industry |
|---|
| Pharmaceuticals |
| Agrochemicals |
| Paints & Coatings |
| Plastics |
| Rubber |
| Construction |
| Oil & Gas |
| Lubricants & Automobiles |
| Textile |
| Food & Beverages |
| Personal Care |
| Packaging |
| Paper |
| Resins |
| Polyurethane |
| Water Treatment |
| Soaps & Detergents |
| Fiberglass |
| Flavours & Fragrances |
This diversified customer base reduces dependence on a single end market.
4. History & Expansion
Key Milestones
1977 — Sanjay Dye Chem Corporation founded.
1980 — Sanjay Chemicals established for solvent trading.
1988 — Business diversified into bulk drugs, solvents and chemicals.
2000 — Sanjay Chemicals (India) Pvt. Ltd. incorporated through merger of the earlier businesses.
2002 — Expanded warehousing and product portfolio.
2005 — Export division established.
2012 — Entered polymer importing.
2013 — Expanded warehouse network.
2017 — Company reported turnover of ₹1,000 Cr from imports and distribution.
2018 — Company reported supply of around 2 million metric tonnes.
2019 — Dubai office inaugurated and company reported approximately ₹1,500 Cr turnover from imports and distribution.
5. Financial Performance
Latest available financial data for FY2025 indicates strong revenue scale but relatively thin profitability.
| ₹ Crore | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales | 1,948 | 3,041 | 2,651 | 2,740 | 3,189 |
| Operating Profit | 26.6 | 84.5 | 54.9 | 50.7 | 54.0 |
| Net Profit | 24.3 | 59.0 | 31.3 | 13.7 | 10.3 |
| Net Worth | 168.5 | 278.5 | 309.7 | 322.6 | 332.8 |
| Borrowings | 292.8 | 221.1 | 228.4 | 284.1 | 506.5 |
| Assets | 766.2 | 1,033.4 | 1,061.6 | 1,018.2 | 1,411.1 |
Source: publicly available corporate financial databases.
Another corporate-data source reports FY2025 revenue of approximately ₹3,222 Cr, indicating a small difference between databases depending on revenue classification.
Key FY2025 Ratios
- EBITDA: ~₹54 Cr
- Net Profit: ~₹10.3 Cr
- Net Margin: ~0.3%
- ROE: ~3.1%
- ROCE: ~14.2%
- Debt/Equity: ~1.5x
- Current Ratio: ~1.2x
6. What the Financials Tell Us
Revenue increased from approximately ₹2,740 Cr in FY24 to ₹3,189 Cr in FY25, representing roughly 16% growth.
However, profitability has declined:
FY23 PAT: ₹31.3 Cr
FY24 PAT: ₹13.7 Cr
FY25 PAT: ₹10.3 Cr
This means the company has experienced significant revenue growth without a corresponding increase in bottom-line profitability.
The FY25 net margin of approximately 0.3% highlights the thin-margin nature of the chemical distribution business.
7. Balance Sheet
The company’s balance sheet expanded significantly in FY25.
Total Assets
FY24: ~₹1,018 Cr
FY25: ~₹1,411 Cr
Borrowings
FY24: ~₹284 Cr
FY25: ~₹507 Cr
Net Worth
FY24: ~₹323 Cr
FY25: ~₹333 Cr
Borrowings increased substantially alongside the expansion in assets.
The debt-to-equity ratio increased to approximately 1.5x in FY25.
8. Management
The company is associated with the Parmar family.
Current directors include:
- Dilip Vijayraj Parmar — Managing Director
- Sanjay Vijayraj Parmar — Director
- Manoj Vijayraj Parmar — Director
- Vijayraj Multanmal Parmar — Director
The business has remained under the promoter family across its long operating history.
9. Business Strengths
1. Long Operating History
The company’s business roots date back to 1977, giving it several decades of experience in chemical trading and distribution.
2. Diversified Product Portfolio
The company operates across:
Solvents + Polymers + Chemicals + Intermediates + Specialty Chemicals
3. Diversified End Markets
Its products are used across pharmaceutical, agrochemical, automotive, construction, paint, plastics, textile, packaging and several other industries.
4. International Sourcing Network
The company has developed relationships with international suppliers and operates across multiple Indian locations as well as Dubai.
5. Large Revenue Scale
FY2025 revenue was above ₹3,000 Cr, making the company a sizeable participant in chemical distribution.
10. Key Risks
⚠️ 1. Very Thin Margins
FY2025 net margin was only around 0.3%.
A relatively small deterioration in gross margins, financing costs or operating expenses can have a significant impact on profitability.
⚠️ 2. Higher Leverage
Borrowings increased to approximately ₹506.5 Cr in FY25, with debt-to-equity reaching around 1.5x.
⚠️ 3. Commodity Price Exposure
A significant portion of the portfolio consists of solvents and polymers. Global chemical-price volatility can impact inventory values and trading margins.
⚠️ 4. Working Capital Intensity
A chemical distribution business of this scale requires substantial inventory and receivables.
⚠️ 5. Import Dependence
International sourcing exposes the company to:
- Currency fluctuations
- Freight costs
- Global chemical prices
- Import regulations
- Geopolitical disruptions
- Supplier concentration
11. Unlisted Investment Perspective
Sanjay Chemicals is primarily a chemical-distribution and trading business rather than a chemical-manufacturing company.
Therefore, investors should pay close attention to:
Revenue Growth → Margin Stability → Working Capital → Debt → ROCE → Cash Flow
rather than focusing only on topline growth.
The FY25 numbers illustrate the business model:
₹3,189 Cr Sales
₹54 Cr Operating Profit
₹10.3 Cr Net Profit
Consequently, valuation is particularly important when evaluating the company’s unlisted shares.
A high valuation based purely on its ₹3,000+ Cr revenue could be misleading because the company’s current net margin is very low.
12. IPO / Listing Status
Sanjay Chemicals (India) Pvt. Ltd. is currently classified as an active private unlisted company.
The latest available corporate information includes financial statements for the year ended 31 March 2025.
There is no reliable current public announcement confirming a specific IPO timetable. Therefore, an IPO should not be assumed simply because the company’s shares are being traded in the unlisted market.
13. Key Data at a Glance
| Particular | Details |
|---|---|
| Company | Sanjay Chemicals (India) Pvt. Ltd. |
| CIN | U51434MH2000PTC129290 |
| Incorporation | 20 Oct 2000 |
| Business Roots | 1977 |
| Status | Private / Unlisted |
| Headquarters | Mumbai |
| Sector | Chemicals & Materials |
| Business | Chemical Import, Distribution & Trading |
| Major Products | Solvents, Polymers, Chemicals, Intermediates, Specialty Chemicals |
| FY25 Revenue | ~₹3,200 Cr |
| FY25 EBITDA | ~₹54 Cr |
| FY25 PAT | ~₹10.3 Cr |
| FY25 Net Margin | ~0.3% |
| FY25 Net Worth | ~₹333 Cr |
| FY25 Borrowings | ~₹507 Cr |
| Debt/Equity | ~1.5x |
| Management | Parmar Family |
| Listing Status | Unlisted |
14. Important Links
Official Website:
Sanjay Chemicals (India) Pvt. Ltd.
Company History:
Company Journey & Milestones
Product Portfolio:
Products
Industries Served:
Industries Served
Services:
Business & Distribution Services
Corporate Information:
Sanjay Chemicals — Corporate Details
Financial Information:
Sanjay Chemicals — Financials
Disclaimer
This report is prepared solely for informational and educational purposes and should not be construed as investment advice, an offer to buy or sell securities, or a recommendation to invest in Sanjay Chemicals (India) Pvt. Ltd.
Unlisted securities can involve high liquidity risk, limited price discovery, limited publicly available information, valuation risk and transfer restrictions. Financial figures have been compiled from publicly available corporate databases and company disclosures and may differ depending on accounting classification and subsequent filings.
Investors should independently verify the latest MCA filings, audited financial statements, shareholding, outstanding charges, transaction price, valuation and transferability before making any investment decision.
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