CLEAN
Large CapClean Science and Technology Limited
Industrials
Clean Science and Technology Ltd. is a zero-debt global specialty chemical manufacturer, known for in-house developed, sustainable catalytic processes. It is among the largest producers of certain specialty chemicals, with 61% consolidated revenues from exports, serving diverse end-user industries from 4 manufacturing units.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -6% YoY · PAT -22% YoY · margin compression · +13% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹249 Cr | -5.7% | +13.2% |
| EBITDA | ₹96 Cr | -8.6% | +33.3% |
| Operating margin | 38.0% | -200 bps | +500 bps |
| PAT | ₹58 Cr | -21.6% | +26.1% |
| PAT margin | 23.3% | -474 bps | +238 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 consolidated revenue grew 14% QoQ to INR 249 Cr, with PAT up 28% QoQ to INR 58 Cr, driven by HALS momentum and base business rebound. However, FY26 consolidated revenue declined 1% YoY to INR 957 Cr, and PAT fell 13% YoY to INR 230 Cr, despite resilient EBITDA margins of 37.7%.
While Q4 FY26 showed sequential recovery in revenue and PAT, full-year results reflect a YoY decline in both. Management highlights resilient EBITDA margins and momentum in new launches (HALS), but challenging market conditions persist. The ability to sustain sequential growth and convert new product launches into significant revenue will be key.
HALS Sales Momentum
HALS’ sales momentum continues, contributing to Q4 revenue rebound.
New Product Development
Strategic investments towards developing products for new range of speciality chemicals across diverse and fast-growing end user industries.
Greenfield Capex
Planned capex on track for commercialising new series of products.
Global Expansion & Import Substitution
Focus on import substitution opportunities in India and adding new export customers across geographies.
FY26 Capex
Incurred total capex of ~ Rs. 220 crores during FY2026 primarily towards investment in Clean Fino Chem Ltd. (CFCL).
HALS Facility (Unit 4)
Commercialized in March 2024, it is the largest facility for HALS from India, housed in Clean Fino Chem Ltd.
HALS Sales Momentum
HALS’ sales momentum continues, contributing to Q4 revenue rebound.
Base Business Rebound
Rebound in base business visible in Q4 FY26.
New Product Contribution
Robust EBITDA margins underpinned by increased contribution from new launches.
Sustainable Chemistry Shift
Capitalise on core philosophy of clean and green chemistry to address opportunities from shift in demand to sustainable chemistry.
Challenging Market Conditions
EBITDA margins resilient in challenging market conditions, implying external pressures.
YoY Revenue/Profit Decline
Consolidated revenue and PAT declined YoY in FY26, indicating a difficult operating environment.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
QoQ comparison is crucial to assess sequential momentum, utilization, and the impact of new product launches like HALS. YoY comparison provides a broader view of annual performance and market conditions.
Consolidated Total Revenue
Q4 FY26: INR 249 Cr (14% QoQ, -6% YoY). FY26: INR 957 Cr (-1% YoY).
Consolidated EBITDA Margin
Q4 FY26: 38.9%. FY26: 37.7%.
Consolidated PAT Margin
Q4 FY26: 23.7%. FY26: 24.4%.
Capex Incurred
Incurred total capex of ~ Rs. 220 crores during FY2026 primarily towards investment in Clean Fino Chem Ltd. (CFCL).
Margin Resilience
EBITDA margins remained resilient in challenging market conditions.
New Product Impact
Robust EBITDA margins underpinned by increased contribution from new launches.
Capex Progress
Planned capex is on track for commercialising new series of products.
Market Focus
Focus on import substitution opportunities in India and adding new export customers across geographies.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| HALS Sales Growth | momentum continues | sustained growth and increasing contribution to overall revenue |
| Base Business Recovery | rebound visible in Q4 | continued sequential improvement and return to YoY growth |
| New Product Commercialization | capex on track | successful launch and revenue ramp-up from new series of products |
| EBITDA Margin Stability | resilient at ~38-45% | maintenance of high margins amidst market conditions and new product mix |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
45NeutralSMA20 -4.1% / mo
Technical chart
CLEANdaily · 6M-13.1%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 46.
- SMA20 falling (~4.4% over last month) — short-term momentum negative.
- RSI(14) at 46 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 16% off 52W high · 18% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Cash flow contributes 6/10 to the score.
- Balance sheet contributes 7/15 to the score.
Main drags
- Fair-value margin of safety is negative at -231.0%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 8/25; verify the latest quarterly trend.
IT valuation: PE and EV/EBITDA against growth and margins
Asset-light IT companies deserve valuation support only when growth, margins, and cash conversion hold up.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 53rd percentile of the scored universe and 49th percentile within Industrials. Main check: results consistency is weak at 34/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Promoter holding fell 23.7%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 49th pctile, median 68 · Large: 30th pctile, median 74
99 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.9%.
- ▸8 years of positive FCF.
- ▸Debt/equity is 0.00.
Trust risks
- ▸Promoter holding fell 23.7%.
- ▸ROCE trend is -5.1%.
- ▸1/4 latest quarters had positive YoY PAT growth.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 35.50
- P/B
- 5.16
- EV/EBITDA
- 18.82
- Market Cap
- 8145.00Cr
Profitability
- ROE
- 15.30%
- ROCE
- 20.60%
- ROA
- 12.90%
- Dividend Y
- 0.78%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- 3.00%
- Revenue 3Y
- 1.00%
- EPS 3Y
- -8.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- —
- Altman Z
- 8.75
- Book Value
- 149.00
Cash Flow
- FCF Yield
- 0.88%
- FCF Positive Y
- 8/5
- OCF
- 275.00 Cr
- EPS TTM
- 21.61
Shareholding
- Promoter Hold
- 51.29%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 13%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.