SRF, Pidilite, HSCL: NIFTY Chemicals index soars nearly 3% on May 6; key details

Chemical stocks: Shares of chemical companies were trading in the positive territory on Wednesday, May 4, with the NIFTY Chemicals index surging as much as 2.62% to hit a six-month high of 29,527.55.

The index gained amid an overall positive sentiment, with NIFTY50 and SENSEX surging 1%. Furthermore, at the time of writing, 18 out of 20 constituents, including SRF, Sumitomo Chemical, Himadri Speciality Chemical, Gujarat Fluorochemicals, and more, were trading in the green.

However, the remaining two, comprising PCBL Chemical and Solar Industries India, declined.

Here is how individual stocks are faring

Shares of chemical-based manufacturing firm SRF rallied as much as 9.48% to hit an intraday high of ₹2,762 apiece on the National Stock Exchange (NSE), as it reported an 11% year-on-year (YoY) surge in its consolidated net profit to ₹582.02 crore for the quarter ended March. Its net profit stood at ₹526.06 crore in the year-ago period.

SRF said its board had approved a capital expenditure of ₹1,100 crore for the new generation refrigerants project in October 2024, according to a regulatory filing dated May 5.

“Following the acquisition of land in Odisha, the scope of the project has been revised. The company now plans to invest approximately ₹2,300 crore in this project,” it added.

The stock of Himadri Speciality Chemical (HSCL) advanced as much as 6.08% to hit a 52-week high of ₹652.10 per equity share.

The company had posted a 29% YoY increase in its net profit to ₹201 crore in the March FY26 quarter, as against ₹155.6 crore in the same period last year.

Its revenue from operations stood at ₹1,287.8 crore for the reporting quarter, marking a 13.5% YoY rise from ₹1,134.6 crore in Q4 FY25.

Furthermore, its board of directors also approved a final dividend of ₹0.80 per equity share with a face value of ₹1 each, at 80% of face value, for FY26, subject to shareholder approval.

Shares of Pidilite Industries jumped as much as 4.32% to touch an intraday high of ₹1,423.20 apiece, compared to the closing price of ₹1,364.20 per unit in the previous session.

The company will report its earnings for the fourth quarter of the 2025-26 financial year (Q4 FY26) on Thursday, May 7. The board of directors is also expected to recommend a final dividend.

Last week, Pidilite Industries informed the exchanges that its wholly owned subsidiary, Pidilite Ventures Pvt. Ltd (PVPL), entered into a share swap agreement with JSW One Platforms and Buildnext Construction Solutions.

Under the agreement, it agreed to transfer its entire shareholding in Buildnext, an associate company of PVPL, to JSW One.

India’s chemical market projected to expand

India’s chemical market is projected to expand at a compound average growth rate (CAGR) of 8 to 9% over the next five to six years, reaching $230 billion to $255 billion from the current $155 billion to $165 billion, according to a McKinsey report.

The report stated that the industry could potentially outpace the gross domestic product (GDP) growth rate over the period.

Trends indicate a significant growth opportunity for companies willing to look beyond domestic demand and scale capabilities to compete as global suppliers, it added.