BASF
BASF
ChemicalsKey Fundamentals
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Key Insights
Strengths
2- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 18.3%
Weaknesses
2- The company has delivered a poor sales growth of 9.41% over past five years.
- Company has a low return on equity of 13.9% over last 3 years.
Growth Rate
AI Analysis — Bull vs Bear
BASF India has a market capitalisation of about ₹15,357 Cr and trades at 23.7x earnings and 3.85x book value. Trailing-twelve-month profit grew 50% and sales grew 8%, but over three years sales compounded at only 3% and profit at 2%, and ROE fell to 11% last year from a 5-year average of 16%. The stock has fallen 22% over the past year, and its 5-year CAGR is 1%.
- TTM profit growth of 50% is much faster than the 3-year profit CAGR of 2%, which may point to a recovery in operations or margins after a flat stretch.
- TTM sales growth of 8% is well above the 3-year sales CAGR of 3%, which suggests demand for the company's products is picking up again.
- The company is described as almost debt free, so it carries little financial risk and has room to fund capex or ride out a cyclical chemicals downturn.
- Over 10 years, profit compounded at 15% and sales at 12%, which shows the business has grown steadily through several chemical cycles.
- The P/E of 23.7 is modest for the Indian specialty chemicals peer group, which often trades at higher multiples. Combined with the 22% fall in the stock over the past year, part of the earlier valuation premium has already come out of the price.
- The company keeps a dividend payout of 18.3% (yield of 0.71%) and still retains most of its earnings to reinvest.
- The 10-year stock CAGR of 11% shows that long-term holders have compounded wealth, even with weaker returns more recently.
- Growth over 3 years has been weak, with sales compounding at 3% and profit at 2%. That is below typical nominal GDP growth, which raises doubts about how strong the business is structurally.
- ROE has fallen steadily. It was 16% over 5 years, 14% over 3 years and 11% last year, so capital efficiency is getting worse.
- A P/B of 3.85 against an ROE of 11% means investors are paying a premium to book value for fairly low returns on equity. At that price, shareholders earn only about 2.9% on the book value they are paying for.
- The stock's 5-year CAGR of only 1% means shareholders have seen almost no price appreciation over half a decade.
- The stock fell 22% over the past year even though TTM profit grew 50%. The market may be treating the profit jump as a low-base or one-off effect rather than a lasting recovery.
- The 50% TTM profit growth comes off a weak base, since the 3-year profit CAGR is 2%, so it may not reflect lasting earnings power.
- At 0.71%, the dividend yield offers little income support compared with fixed-income alternatives.
- The 5-year sales CAGR of 9.41% has been flagged as poor, which is below what many specialty chemical peers have delivered over the same period.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Investment decision still conditional Sep 21
The 21 September 2026 exchange filing says the final investment decision depends on finishing the feasibility study and getting all regulatory approvals. This is a pre-investment disclosure, not a committed capex.
- Capex size and impact undisclosed Sep 21
No financial figure or balance sheet impact has been disclosed, and none is expected until the study ends and approvals come through. Earnings visibility is limited for now.
- Value to listed entity unclear Sep 21
The Dahej land was secured through BASF India Polyurethanes Private Limited, a separate Indian subsidiary. How much of the economic benefit flows to listed BASF India Ltd has not been specified.
- MDI complex planned at Dahej Sep 21
BASF has secured an industrial land parcel in Dahej, Gujarat, and is in advanced feasibility stages for an MDI production complex. MDI is a key input for polyurethanes used in insulation, refrigeration, auto parts, furniture and consumer goods.
- Parent calls India priority market Sep 21
BASF SE CTO Stephan Kothrade said India is among the most attractive growth markets globally, with strong demand expected across many industries. He said the investment would expand BASF's manufacturing footprint in a key growth market.
- Builds on existing Dahej site Sep 21
BASF India already runs an MDI splitter and polyurethane facilities at its integrated Dahej complex. Local MDI production could add backward integration and support import substitution.
- Adds to global MDI network Sep 21
BASF currently makes MDI in Geismar (US), Antwerp (Belgium), Chongqing and Caojing (China), and Yeosu (South Korea). Dahej would be its sixth MDI production site.
- Sector FDI and policy tailwinds Sep 21
India's specialty chemicals sector has drawn significant FDI in recent years, helped by government support for domestic manufacturing and import substitution. This backdrop supports the case for the project, but it isn't specific to BASF.
TL;DR: The Sep 21 disclosure shows BASF SE has strategic commitment to India: land is secured at Dahej and the MDI feasibility study is well advanced, which fits well with BASF India's existing polyurethane operations. The main risks are that the investment decision is still conditional, the capex amount is undisclosed, and the project sits in a separate private subsidiary, so the direct benefit to listed BASF India Ltd is uncertain. The sentiment trend is improving, though it rests on intent rather than committed capital. The next catalysts are a final investment decision, details on the investment size, and clarity on how listed BASF India Ltd would participate.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,375 | 3,707 | 3,326 | 3,360 | 3,967 | 4,248 | 3,635 | 3,189 | 3,752 | 3,904 | 3,877 | 3,453 | 4,837 |
| Expenses | 3,177 | 3,473 | 3,114 | 3,114 | 3,654 | 4,047 | 3,465 | 3,126 | 3,530 | 3,750 | 3,707 | 3,341 | 4,333 |
| Operating Profit | 198 | 234 | 212 | 246 | 312 | 201 | 170 | 63 | 222 | 154 | 169 | 112 | 505 |
| OPM % | 6% | 6% | 6% | 7% | 8% | 4.7% | 4.7% | 2% | 6% | 3.9% | 4.4% | 3.2% | 10% |
| Other Income | 9 | 16 | 27 | 25 | 36 | 18 | 18 | 43 | 21 | 27 | 11 | 12 | 41 |
| Interest | 8 | 2 | 3 | 3 | 5 | 3 | 4 | 4 | 5 | 8 | 5 | 2 | 5 |
| Depreciation | 47 | 47 | 49 | 48 | 47 | 45 | 45 | 38 | 38 | 37 | 34 | 37 | 41 |
| PBT | 152 | 200 | 187 | 219 | 297 | 171 | 138 | 64 | 201 | 136 | 141 | 85 | 499 |
| Tax % | 26% | 26% | 25% | 26% | 26% | 25% | 25% | 27% | 27% | 25% | 26% | 25% | 27% |
| Net Profit | 113 | 149 | 140 | 162 | 221 | 128 | 104 | 47 | 147 | 101 | 105 | 64 | 362 |
| EPS in Rs | 26.03 | 34.45 | 32.36 | 37.31 | 50.96 | 29.56 | 23.93 | 10.88 | 34 | 23.34 | 24.29 | 14.69 | 83.64 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,706 | 4,749 | 5,073 | 5,583 | 6,026 | 7,595 | 9,558 | 13,100 | 13,645 | 13,767 | 14,811 | 14,985 | 16,071 |
| Expenses | 4,572 | 4,642 | 4,802 | 5,238 | 5,861 | 7,316 | 8,926 | 12,188 | 12,958 | 12,878 | 14,069 | 14,329 | 15,132 |
| Operating Profit | 133 | 107 | 271 | 346 | 165 | 279 | 633 | 911 | 687 | 890 | 742 | 656 | 939 |
| OPM % | 2.8% | 2.3% | 5% | 6% | 2.7% | 3.7% | 7% | 7% | 5% | 6% | 5% | 4.4% | 6% |
| Other Income | 39 | 173 | 27 | 182 | 139 | -4 | 419 | 37 | 53 | 76 | 114 | 70 | 90 |
| Interest | 96 | 148 | 142 | 113 | 85 | 83 | 38 | 17 | 14 | 16 | 16 | 20 | 20 |
| Depreciation | 142 | 163 | 169 | 153 | 147 | 181 | 174 | 171 | 182 | 191 | 170 | 145 | 149 |
| PBT | -66 | -30 | -12 | 261 | 72 | 10 | 840 | 760 | 543 | 759 | 671 | 562 | 861 |
| Tax % | 2% | 0% | 13% | 6% | -14% | -131% | 34% | 22% | 26% | 26% | 26% | 26% | — |
| Net Profit | -67 | -30 | -14 | 246 | 82 | 23 | 553 | 595 | 403 | 563 | 499 | 417 | 632 |
| EPS in Rs | -15.46 | -7.02 | -3.26 | 56.95 | 18.88 | 5.28 | 128 | 137 | 93.08 | 130 | 115 | 96.32 | 146 |
| Div. Payout % | -26% | -14% | -31% | 5% | 26% | 57% | 8% | 4% | 9% | 12% | 17% | 26% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 43 | 43 | 43 | 43 | 43 | 43 | 43 | 43 | 43 | 43 | 43 | 43 |
| Reserves | 1,119 | 1,073 | 1,059 | 1,301 | 1,370 | 1,201 | 1,743 | 2,293 | 2,658 | 3,180 | 3,614 | 3,934 |
| Borrowings | 1,600 | 1,349 | 1,275 | 868 | 912 | 822 | 286 | 122 | 106 | 156 | 157 | 132 |
| Other Liabilities | 1,406 | 1,311 | 1,498 | 1,635 | 1,524 | 2,764 | 3,072 | 3,652 | 3,758 | 3,853 | 4,517 | 4,072 |
| Total Liabilities | 4,168 | 3,777 | 3,875 | 3,846 | 3,849 | 4,830 | 5,144 | 6,110 | 6,565 | 7,233 | 8,330 | 8,181 |
| Fixed Assets | 1,351 | 1,289 | 1,222 | 1,117 | 957 | 965 | 817 | 763 | 793 | 759 | 694 | 725 |
| CWIP | 74 | 55 | 33 | 27 | 42 | 23 | 53 | 100 | 19 | 61 | 84 | 160 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 213 | 8 |
| Other Assets | 2,743 | 2,433 | 2,619 | 2,702 | 2,850 | 3,842 | 4,274 | 5,247 | 5,753 | 6,413 | 7,339 | 7,288 |
| Total Assets | 4,168 | 3,777 | 3,875 | 3,846 | 3,849 | 4,830 | 5,144 | 6,110 | 6,565 | 7,233 | 8,330 | 8,181 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -96 | 199 | 221 | 290 | -77 | 572 | 483 | 330 | 531 | 807 | 389 | -101 |
| Investing | -163 | 199 | -66 | 158 | 177 | -21 | 182 | -120 | -199 | -450 | -111 | 377 |
| Financing | 372 | -425 | -133 | -465 | -95 | -464 | -592 | -257 | -91 | -102 | -137 | -170 |
| Net Cash Flow | 113 | -27 | 22 | -16 | 5 | 87 | 73 | -47 | 241 | 255 | 141 | 106 |
| Free Cash Flow | -268 | 195 | 143 | 251 | -148 | 516 | 417 | 206 | 468 | 708 | 221 | -292 |
| CFO/OP | -61 | 201 | 85 | 97 | -18 | 210 | 87 | 64 | 100 | 114 | 78 | -5 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 72 | 80 | 77 | 71 | 63 | 68 | 79 | 73 | 63 | 67 | 62 | 67 |
| Inventory Days | 106 | 85 | 93 | 94 | 99 | 93 | 73 | 66 | 71 | 68 | 82 | 79 |
| Days Payable | 98 | 117 | 120 | 117 | 103 | 133 | 126 | 112 | 108 | 114 | 120 | 107 |
| Cash Conversion Cycle | 80 | 49 | 50 | 48 | 59 | 28 | 25 | 26 | 26 | 21 | 24 | 40 |
| Working Capital Days | 43 | 43 | 36 | 28 | 32 | 10 | 26 | 34 | 37 | 44 | 41 | 51 |
| ROCE % | 0% | -2% | 5% | 9% | 1% | 6% | 23% | 34% | 20% | 25% | 18% | 15% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY11–FY27.
Documents
Frequently Asked Questions about BASF
What does BASF India Ltd do?
Where is BASF India Ltd (BASF) listed?
Which sector does BASF India Ltd belong to?
What is the market capitalisation of BASF India Ltd?
What is the PE ratio of BASF India Ltd?
What is the 52-week high and low of BASF India Ltd?
Does BASF India Ltd pay dividends?
What is the Return on Equity (ROE) of BASF India Ltd?
Company Information
BASF India Ltd's portfolio consists of six segments: Agricultural Solutions, Materials, Industrial solutions, Surface Technologies, Nutrition & Care and Chemicals.[1] It is a part of BASF group which have ~110,000 employees globally in almost every country in the world. It generated sales of ~59 billion euros in 2020.[2]
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