Ultratech Cement Ltd.
NSE: ULTRACEMCO
Basic Materials · Building Materials
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Research updated
Clean Science & Technology Ltd.
NSE: CLEANBasic MaterialsSpecialty Chemicals
- Last close
- ₹715.60
- Day change
- −₹24.60 (−3.32%)vs
- Market cap
- ₹8,331 crIndian rupees
- Research updated
- 1 report
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About Clean Science & Technology
Clean Science & Technology Ltd. is a leader in the specialty chemicals sector, operating primarily in India but with a significant global impact. The company's key purpose is to manufacture high-quality specialty chemicals with a focus on cleaner and environmentally sustainable techniques, which is increasingly critical in today's climate-conscious market. Clean Science & Technology caters to various industries, including pharmaceuticals, FMCG, agrochemicals, and personal care, providing essential components that enhance product effectiveness and sustainability. Known for its commitment to technology-driven innovation, the company invests heavily in research and development to optimize product performance while minimizing environmental impact. Its market role is particularly significant due to the growing demand for green chemistry solutions and its capability to supply essential components that major corporations rely on. As sustainable practices become a more integral part of industrial operations globally, Clean Science & Technology stands at the forefront, offering solutions that align with the evolving regulations and consumer expectations regarding environmental responsibility.
- Sector
- Basic Materials
- Industry
- Specialty Chemicals
- Listing
- NSE: CLEAN
- Employees
- 396
- Headquarters
- Pune, India
- ISIN
- INE227W01023
- Website
- cleanscience.co.in
Public research · Report of
Business model & financial foundation
Clean Science & Technology (NSE: CLEAN), Specialty chemicals: revenue of ₹956.5 crore in FY26 (-1.0% on FY25), an EBITDA margin of 37.1%, net profit of ₹229.7 crore and net cash of ₹430.8 crore.
- Revenue, FY26 (₹ crore)
- 956.5
- consolidated
- Revenue growth, FY26
- -1.0%
- on FY25
- EBITDA margin, FY26
- 37.1%
- EBITDA (Operating EBITDA excluding Other Income) / revenue
- Net profit, FY26 (₹ crore)
- 229.7
- to owners
- Return on equity, FY26
- 15.3%
- on average equity
- Net debt, FY26 (₹ crore)
- -430.8
- Borrowings plus leases less treasury liquidity
- Market capitalisation (₹ crore)
- 8,715
- at the close of 18 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | Clean Science and Technology Limited |
| Exchange and ticker | NSE: CLEAN; BSE: 543318 |
| ISIN | INE227W01023 |
| Sector | Basic Materials |
| Industry | Specialty chemicals |
| Headquarters | Pune, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Price Waterhouse Chartered Accountants LLP (since 2024) |
| Market capitalisation | ₹8,715 crore (18 Oct 2026) |
| Shares outstanding | 10.63 crore shares (FY26) |
| Price | ₹783.8 (close, 18 Oct 2026) |
| 52-week range | ₹652.0 - ₹1,070 (to 18 Oct 2026) |
| Website | https://cleanscience.co.in/ |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Clean Fino-Chem Limited | 100% | HALS, hydroquinone/catechol and new specialty chemicals manufacturing |
| Clean Science Private Limited | 100% | Business not specified in retrieved AOC-1 |
| Clean Organics Private Limited | 100% | Business not specified in retrieved AOC-1 |
| Clean Aromatics Private Limited | 100% | Business not specified in retrieved AOC-1 |
| Clean Science International B.V. | 100% | Netherlands distribution and trading; wholly owned through CFCL, incorporated Aug 2026 |
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 50.96% | 51.29% | 51.29% | 51.29% |
| Promoter holding pledged | 0.00% | 0.64% | 0.00% | |
| Foreign institutions | 10.00% | 13.39% | 13.37% | |
| Domestic institutions | 19.76% | 17.14% | 16.23% | |
| of which mutual funds | 13.53% | 12.49% | 12.00% | |
| Retail | 12.45% | 11.24% | 12.39% | |
| Other | 6.82% | 6.93% | 6.72% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Clean Science (NSE CLEAN), consolidated INRcr, fiscal year March; cutoff18Oct2026. Proprietary catalytic-process legacy MEHQ/BHA/anisole/guaiacol and pharma/FMCG ingredients in listed parent; CFCL houses HALS, HQ/catechol and new performance chemicals. One audited segment; product mix KPIs are not separate segment EBIT.
| Peer | Why the dossier compares them |
|---|---|
| Vinati Organics (VINATIORGA) | Specialty monomers and antioxidants; process-chemistry exporter. |
| Fine Organic Industries (FINEORG) | Process-led specialty additives, asset-light know-how and export customers. |
| Navin Fluorine International (NAVINFLUOR) | High-value specialty chemistry and new-capacity ramp; different fluorine end markets. |
| Aarti Industries (AARTIIND) | Export specialty chemicals, cyclical feedstock spreads and heavy capex. |
| Galaxy Surfactants (GALAXYSURF) | Specialty FMCG ingredients; lower margins and a more diversified customer base. |
| Deepak Nitrite (DEEPAKNTR) | Phenol/feedstock and intermediates exposure; larger commodity/downstream arm. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 677.5 | 926.5 | 791.5 | 966.6 | 956.5 |
| Cost of revenue (vendor classification) * | 225.9 | 327.6 | 280.1 | 350.7 | 362.2 |
| Other operating costs (vendor classification) * | 113.0 | 144.8 | 113.5 | 195.6 | 168.0 |
| EBITDA (vendor classification) * | 321.6 | 420.4 | 349.2 | 426.2 | 366.9 |
| Operating EBIT excluding Other Income | 304.9 | 395.8 | 286.1 | 318.6 | 277.5 |
| Finance costs | 0.15 | 0.20 | 0.93 | 0.42 | 0.35 |
| Profit before tax | 304.8 | 395.6 | 326.5 | 356.7 | 309.7 |
| Total income tax expense | 76.3 | 100.5 | 82.5 | 92.3 | 80.0 |
| Consolidated profit after tax | 228.5 | 295.2 | 244.0 | 264.4 | 229.7 |
| Diluted EPS (₹) | 21.51 | 27.78 | 22.96 | 24.88 | 21.60 |
| Cost of materials consumed | 282.7 | 368.3 | 359.7 | ||
| Purchases of stock in trade | n.d. | n.d. | n.d. | ||
| Changes in finished goods and work-in-progress inventories | -5.63 | -17.6 | -2.44 | ||
| Materials consumed plus inventory change | 277.1 | 350.7 | 357.2 | ||
| Employee benefits expense | 48.5 | 56.4 | 47.9 | ||
| Other expenses excluding employee benefits | 133.9 | 171.9 | 196.4 | ||
| Operating EBITDA excluding Other Income | 332.1 | 387.6 | 355.0 | ||
| Other Income (outside revenue from operations) | 41.3 | 38.6 | 32.6 | ||
| Depreciation and amortisation | 45.9 | 69.1 | 77.6 | ||
| Current tax expense | 76.0 | 96.7 | 88.4 | ||
| Deferred tax expense/(credit) | 6.52 | -4.39 | -8.36 | ||
| PAT attributable to equity shareholders | 244.0 | 264.4 | 229.7 | ||
| Basic EPS (₹) | 22.97 | 24.88 | 21.61 | ||
| Separately disclosed exceptional items | n.d. | n.d. | n.d. | ||
| Separately disclosed share of associates | n.d. | n.d. | n.d. | ||
| Total income including Other Income | 832.8 | 1,005 | 989.1 | ||
| Total expenses including depreciation and finance costs | 506.3 | 648.5 | 679.4 | ||
| OCI remeasurement of post-employment obligations | -0.10 | 0.09 | 0.29 | ||
| Income tax on OCI remeasurement | 0.03 | -0.02 | -0.07 | ||
| Other comprehensive income/(loss) net of tax | -0.08 | 0.07 | 0.22 | ||
| Total comprehensive income | 244.0 | 264.5 | 229.9 | ||
| Operating expenses ex-materials (employee + other expenses) | 182.3 | 228.3 | 244.3 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total consolidated equity | 768.5 | 1,010 | 1,203 | 1,416 | 1,584 |
| Financial borrowings excluding lease liabilities | 0.33 | 2.06 | 0.00 | 0.00 | 0.00 |
| Cash and cash equivalents | 57.9 | 12.5 | 10.4 | 19.5 | 28.0 |
| Net trade receivables | 153.5 | 146.2 | 163.7 | 203.4 | 206.4 |
| Inventories | 88.1 | 108.8 | 123.7 | 149.4 | 153.7 |
| Total trade payables | 102.1 | 80.5 | 105.7 | 98.9 | 115.7 |
| Net PPE excluding ROU and intangible assets | 295.3 | 459.5 | 598.7 | 675.3 | 719.4 |
| Capital work-in-progress excluding capital advances | 54.7 | 33.0 | 57.3 | 30.2 | 118.0 |
| Total consolidated assets | 924.7 | 1,152 | 1,399 | 1,608 | 1,783 |
| Current treasury investments | 302.4 | 344.0 | 347.2 | ||
| Non-current treasury bond investments | 37.0 | 36.9 | 57.8 | ||
| Current investments: mutual funds | 265.9 | 321.8 | 347.2 | ||
| Current investments: India Grid Trust units | 8.76 | 22.2 | 0.00 | ||
| Current investments: market-linked debentures | 27.7 | 0.00 | 0.00 | ||
| Other bank balances (not netted in net debt) | 0.19 | 0.20 | 0.19 | ||
| Bank deposits remaining maturity below12 months | 0.16 | 0.16 | 0.15 | ||
| Earmarked unpaid dividend bank balances | 0.03 | 0.04 | 0.04 | ||
| Current bank-guarantee margin money (restricted) | 0.33 | 0.79 | 6.65 | ||
| Non-current bank-guarantee margin money (restricted) | 0.62 | 0.51 | 0.21 | ||
| Total lease liabilities | 2.03 | 2.13 | 2.14 | ||
| Current lease liabilities | 0.16 | 0.16 | 0.17 | ||
| Non-current lease liabilities | 1.87 | 1.96 | 1.97 | ||
| Borrowings plus leases less treasury liquidity | -347.8 | -398.4 | -430.8 | ||
| Cash plus current and non-current treasury investments | 349.8 | 400.5 | 433.0 | ||
| Trade payables to micro and small enterprises | 5.04 | 3.79 | 4.70 | ||
| Other trade payables | 100.6 | 95.1 | 111.0 | ||
| Right-of-use assets | 36.6 | 36.0 | 35.4 | ||
| Net intangible assets | 0.74 | 3.26 | 5.18 | ||
| Equity share capital | 10.6 | 10.6 | 10.6 | ||
| Other equity | 1,193 | 1,406 | 1,573 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash inflow from operating activities | 137.4 | 368.5 | 236.4 | 213.8 | 274.5 |
| Free cash flow (vendor definition) * | -12.4 | 96.0 | 4.80 | 71.9 | 73.5 |
| Cash dividends paid (positive outflow) | -55.8 | 53.1 | 53.1 | 63.8 | |
| Cash purchases of PPE and intangible assets (positive outflow) | -139.6 | -183.1 | 231.7 | 142.0 | 201.0 |
| Interest paid (positive outflow) | 0.90 | 0.32 | 0.34 | ||
| Net investing cash flow (signed) | -185.2 | -152.2 | -202.5 | ||
| Net financing cash flow (signed) | -53.2 | -52.5 | -63.6 | ||
| CFO less cash capex | 4.78 | 71.9 | 73.5 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Year-end issued ordinary shares | 10.62 | 10.62 | 10.63 | 10.63 | 10.63 |
| Weighted-average basic ordinary shares | 10.62 | 10.63 | 10.63 | ||
| Weighted-average diluted ordinary shares | 10.63 | 10.63 | 10.63 | ||
| Raw material purchases (not stock-in-trade purchases) | 291.1 | 375.6 | 356.6 | ||
| Board report EBITDA including Other Income | 373.4 | 426.2 | 387.6 | ||
| FY25 cash as originally presented in FY25 annual report | 20.0 | ||||
| FY25 investing CF originally presented in FY25 report | -151.7 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations (including other operating income) | 238.1 | 240.8 | 263.7 | 242.9 | 244.6 | 219.7 | 249.3 | 268.4 |
| Cost of revenue (vendor classification) * | 89.5 | 87.9 | 95.8 | 83.9 | 86.2 | 91.1 | 104.9 | |
| Other operating costs (vendor classification) * | 44.7 | 40.2 | 48.1 | 44.0 | 46.2 | 58.6 | 50.5 | |
| EBITDA (vendor classification) * | 100.8 | 103.7 | 117.2 | 113.3 | 82.0 | 98.6 | 118.6 | |
| EBIT * | 83.3 | 85.4 | 99.7 | 94.6 | 62.7 | 77.7 | 97.6 | |
| Finance costs (rounded presentation figures) | 0.05 | 0.13 | 0.14 | 0.07 | 0.07 | 0.17 | 0.05 | 0.05 |
| Profit before tax | 83.2 | 85.3 | 99.6 | 94.6 | 74.9 | 62.6 | 77.7 | 97.6 |
| Tax | 24.5 | 19.6 | 25.5 | 24.5 | 19.4 | 16.7 | 19.4 | 24.2 |
| Profit after tax (consolidated, presentation) | 58.8 | 65.6 | 74.1 | 70.1 | 55.4 | 45.9 | 58.3 | 73.4 |
| Diluted EPS (₹) | 5.53 | 6.18 | 6.97 | 6.59 | 5.21 | 4.32 | 5.48 | 6.90 |
| Other Income (non-operating, below EBITDA) | 11.1 | 5.22 | 12.4 | 13.4 | 6.67 | 9.82 | 2.80 | 22.2 |
| Raw material expenses (company presentation) | 89.5 | 87.9 | 95.8 | 83.9 | 96.1 | 86.2 | 91.0 | 104.9 |
| Other operating expenses (company aggregate; unsplit) | 58.9 | 54.4 | 63.1 | 59.2 | 61.4 | 61.3 | 62.5 | 67.1 |
| Operating EBITDA (excludes non-operating Other Income) | 89.7 | 98.5 | 104.8 | 99.9 | 87.1 | 72.2 | 95.8 | 96.4 |
| Depreciation expenses | 17.5 | 18.3 | 17.4 | 18.7 | 18.8 | 19.3 | 20.8 | 21.0 |
| Operating expenses ex-materials (employee + other expenses) | 58.9 | 54.4 | 63.1 | 59.2 | 61.4 | 61.3 | 62.5 | 67.1 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 33.7% | 36.7% | -14.6% | 22.1% | -1.0% |
| EBITDA margin | 42.0% | 40.1% | 37.1% | ||
| Net margin | 30.8% | 27.4% | 24.0% | ||
| Return on equity | 22.1% | 20.2% | 15.3% | ||
| Return on capital employed | 46.6% | 44.5% | 25.8% | 24.3% | 18.5% |
| Return on assets | 19.1% | 17.6% | 13.5% | ||
| Net debt (₹ crore) | -347.8 | -398.4 | -430.8 | ||
| Net debt / EBITDA | -1.05x | -1.03x | -1.21x | ||
| Interest cover | 2,032.9x | 1,979.1x | 309.3x | 765.8x | 783.8x |
| Asset turnover | 0.86x | 0.89x | 0.62x | 0.64x | 0.56x |
| Receivable days | 83 | 58 | 76 | 77 | 79 |
| Inventory days (on revenue) | 47 | 43 | 57 | 56 | 59 |
| Payable days (on revenue) | 55 | 32 | 49 | 37 | 44 |
| Cash conversion | 0.97x | 0.81x | 1.20x | ||
| Capex intensity | 20.6% | 19.8% | 29.3% | 14.7% | 21.0% |
| Free cash flow (₹ crore) | -2.19 | 185.4 | 4.78 | 71.9 | 73.5 |
| Dividend payout | 21.8% | 20.1% | 27.8% | ||
| EPS, diluted (₹) | 21.51 | 27.78 | 22.96 | 24.88 | 21.60 |
| Book value per share (₹) | 72.35 | 95.08 | 113.2 | 133.3 | 149.0 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding Other Income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Borrowings plus leases less treasury liquidity; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding Other Income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 18 Oct 2026); market data at the close of 18 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Clean Science & Technology includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
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- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Clean Science & Technology
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 18 Oct 2026; page updated 2 Nov 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.