Established in 2003, Clean Science & Technology is a specialty chemicals company and a global leader in most of its product segments, driven by niche, high-value offerings spanning polymer inhibitors, super-absorbents, antioxidants, and performance chemicals used across food, pharma, and personal care industries. Leveraging strong R&D capabilities in process innovation and plant engineering, the company has consistently delivered superior margins and robust growth. With ongoing capacity expansion and a widening portfolio of differentiated chemistries, Clean Science is well positioned to sustain its leadership and accelerate growth momentum.
| CMP (Rs) | Target (Rs) | Upside |
|---|---|---|
| 1,072 | 1,220 | 14% |
| Key Data | Value |
|---|---|
| Bloomberg Code | CLEAN IN |
| Curr Shares O/S (mn)* | 106.3 |
| Market Cap (Rs bn / USD mn) | 114 / 1,285 |
| 52 Wk High / Low (Rs)* | 1,640 / 1,033 |
| 5 Year High / Low (Rs)* | 2,705 / 1,033 |
| Daily Vol. 3M Avg. (‘000) | 1,866.8 |
Source: ACE Equity, MNCL Research
| % | 1M | 6M | 1Yr |
|---|---|---|---|
| CLEAN | -7.3 | -6.3 | -31.2 |
| NIFTY | 1.3 | 12.9 | 1.1 |
Source: ACE Equity, MNCL Research
| % | Jun-25 | Mar-25 | Dec-24 |
|---|---|---|---|
| Promoter | 75.0 | 75.0 | 75.0 |
| Inst./Govt. | 12.1 | 11.8 | 11.4 |
| Others | 12.9 | 13.2 | 13.6 |
Source: ACE Equity, MNCL Research
Clean Science has set the stage for its next growth phase, driven primarily by its entry into Hindered Amine Light Stabilizers (HALS), where it stands as the sole Indian manufacturer with an estimated ~10% global market share. In addition, the company plans to introduce two new performance chemical products over the coming quarters to expand its portfolio. To support these initiatives, Clean Science is expected to invest around Rs6,000mn during FY24–26e, with the projects likely to achieve a peak asset turnover of 1.5–2x. While legacy products continue to inch upwards and enable superior margin performance; these new products will drive the next phase of growth for the company.
Clean Science enjoys a strong competitive advantage driven by its deep focus on process innovation and development of eco-friendly chemistries through proprietary catalytic technologies — many of which are niche and highly specialized. The company’s global leadership across multiple product categories, complemented by backward integration into key raw materials such as anisole, enhances cost competitiveness and operational efficiency. This integration, combined with differentiated manufacturing processes, robust R&D capabilities, higher yields, and minimal effluent generation, underpins Clean Science’s superior profitability and reinforces its dominant industry position.
Clean Science is expected to deliver revenue CAGR of ~25% over FY25–28e, driven by HALS and new products. EBITDA margins are expected to moderate to ~37% as product mix evolves while EBITDA is expected to grow at ~21% CAGR during the same period. ROE is expected to bottom at 18.6% in FY26e and then rise to ~23% by FY28e. Robust cash flows are expected to drive free cash generation, with net cash projected at around ₹6.9 billion by FY28E. The healthy balance sheet and consistent cash accretion provide ample flexibility to fund both organic capacity expansions and potential inorganic growth opportunities.
Clean Science stands at the cusp of its next growth cycle, with HALS commercialization and new product launches driving meaningful portfolio diversification and revenue acceleration. Backed by consistent innovation, prudent capital allocation, and high operating leverage, the company is expected to sustain strong profitability. Its structurally high RoE profile (20%+) and robust cash generation reinforce long-term value creation potential. We assign a DCF-based fair value of ₹1,220 per share, implying a 14% upside from current levels.
| Y/E Mar (Rs mn) | FY24 | FY25 | FY26E | FY27E | FY28E |
|---|---|---|---|---|---|
| Sales | 7,915 | 9,666 | 10,924 | 14,357 | 18,836 |
| YoY (%) | -15.4 | 22.1 | 13 | 31.4 | 31.2 |
| EBIDTA | 3,324 | 3,880 | 4,246 | 5,385 | 6,846 |
| YoY (%) | -17.4 | 16.7 | 9.4 | 26.8 | 27.1 |
| PAT | 2,440 | 2,644 | 2,855 | 3,759 | 4,896 |
| YoY (%) | -17.3 | 8.4 | 8.0 | 31.6 | 30.3 |
| EPS (Rs) | 23.0 | 24.9 | 26.9 | 35.4 | 46.1 |
| Y/E Mar | FY24 | FY25 | FY26E | FY27E | FY28E |
|---|---|---|---|---|---|
| EBIDTAM (%) | 42.0 | 40.1 | 38.9 | 37.5 | 36.3 |
| NPM (%) | 30.8 | 27.4 | 26.1 | 26.2 | 26.0 |
| PER (x) | 57.8 | 46.9 | 39.1 | 29.7 | 22.8 |
| EV/ EBITDA (x) | 41.5 | 31.0 | 25.3 | 19.8 | 15.3 |
| RoE (%) | 22.1 | 20.2 | 18.6 | 20.9 | 22.8 |
| RoIC (%) | 36.7 | 32.8 | 29.6 | 32.8 | 36.6 |
| Pre-Tax OCF/EBITDA (%) | 94.0 | 79.7 | 93.1 | 80.5 | 80.0 |
Source: Company Clean Science & Technology Ltd, MNCL Research
| Stock Details | Industry | Buying Range (₹) | CMP* (₹) | Target Price (₹) | Upside Potential % |
|---|---|---|---|---|---|
| Bharat Electronics Ltd | Defence | 407-420 | 414 | 463 | 12% |
| Brigade Enterprises Ltd | Real-estate | 920-970 | 943 | 1341 | 42% |
| Clean Science & Technology Ltd | Specialty Chemical | 1045-1100 | 1072 | 1220 | 14% |
| Elecon Engineering Company Ltd | Capital Goods | 540-580 | 557 | 733 | 32% |
| ICICI Bank Ltd | BFSI | 1360-1400 | 1380 | 1700 | 23% |
| National Aluminium Company Ltd | Metals | 215-235 | 224 | 280 | 25% |
| Sai Life Sciences Ltd | Healthcare | 840-885 | 861 | 1055 | 22% |
| TBO Tek Ltd | Hospitality | 1520-1600 | 1562 | 1853 | 19% |
| TCPL Packaging Ltd | Packaging | 3300-3500 | 3402 | 4303 | 26% |
| Vesuvius India Ltd | Metals | 490-520 | 505 | 585 | 16% |
| Windlas Biotech Ltd | Healthcare | 890-940 | 915 | 1225 | 34% |
*Closing Price as on 10-10-2025
Celebrate Diwali Samvat 2082 by owning the stocks of your dreams – Open your MNCL Demat Account today!
Disclaimer - Investments in securities market are subject to market risk, read all the related document carefully before investing.
https://www.mnclgroup.com/
Empower your finances with ReSach – the stock trading apptrusted by serious investors. Whether you're planning to invest in stocks, explore commodity trading, or need a financial advisor to guide you, Resach brings it all under one platform.
Start trading today with ReSach and unlock seamless investing on the go.
Name of the Company has changed from Networth Stock Broking Limited to Monarch Networth Capital Limited upon Certification of Incorporation received from Registrar of Companies, Mumbai vide certificate dated 13th October, 2015.
If you are not satisfied with the resolution provided, you can lodge your complaint online at: https://scores.sebi.gov.in/link
In case of grievance client can log on to the SMART ODR Portal, if they are unsatisfied with the response provided by us. Your attention is drawn to the SEBI circular no. SEBI/HO/OIAE/OIAE_IAD-1/P/CIR/2023/131 dated July 31, 2023, on “Online Resolution of Disputes in the Indian Securities Market”.
Purchase of REs only gives buyer the right to participate in the ongoing Rights Issue of the concerned company by making an application with requisite application money or renounce the REs before the issue closes. REs which are neither subscribed by making an application with requisite application money nor renounced, on or before the Issue closing date shall lapse and shall be extinguished after the Issue closing date. Please check your dp account for further details.
Please do not share your online trading password with anyone as this could weaken the security of your account and lead to unauthorized trades or losses.
Monarch Networth Capital Limited (‘MNCL’) | CIN No.: L64990GJ1993PLC120014
Unit No. 803-804A, 8th Floor, X-Change Plaza, Block No. 53, Zone 5, Road-5E, Gift City, Gandhinagar - 382050, Gujarat
Ahmedabad
“Monarch House”, Opp Prahladbhai Patel garden, Near Ishwar Bhuvan, Commerce Six Roads, Navrangpura, Ahmedabad - 380009
Mumbai
Monarch Networth Capital Limited, G Block, Laxmi Tower, B Wing, 4th Floor, Bandra Kurla Complex, Bandra East, Mumbai - 400051.
Email for Grievance: grievances@mnclgroup.com
Investors are requested to note that Stock broker (Monarch Networth Capital Ltd) is permitted to receive money from investors through designated bank accounts only named as Up streaming Client Nodal Bank Account (USCNBA). Stock broker (Monarch Networth Capital Ltd) is also required to disclose these USCNB accounts to Stock Exchange. Hence, you are requested to use following USCNB accounts only (Click to View) for the purpose of dealings in your trading account with us. The details of these USCNB accounts are also displayed by Stock Exchanges on their website under “Know/ Locate your Stock Broker".
Mechanism for addressing grievances and information about SCORES.
Mechanism for addressing grievances and information about SCORES.
Monarch Networth Capital Limited (‘MNCL’) | CIN No.: L64990GJ1993PLC120014
(As per LODR Regulations and Companies Act, 2013)
Contact information of the designated officials of the listed entity who are responsible for assisting and handling investor grievances : Mr. Nitesh Tanwar
Monarch Networth Capital Limited
Unit No. 803-804A, 8th Floor, X-Change Plaza, Block No. 53, Zone 5, Road-5E, Gift City, Gandhinagar - 382050, Gujarat
Ahmedabad
“Monarch House”, Opp Prahladbhai Patel garden, Near Ishwar Bhuvan, Commerce Six Roads, Navrangpura, Ahmedabad – 380009
Mumbai
Monarch Networth Capital Limited, G Block, Laxmi Tower, B Wing, 4th Floor, Bandra Kurla Complex, Bandra East, Mumbai - 400051.
Phone: 022 - 66476400 / 66476405
Email: cs@mnclgroup.com
Email for Grievance: cs@mnclgroup.com
Listing of Equity Shares on Stock Exchange at
BSE
NSE
(Formerly known as Link Intime India Private Limited)
For any queries related to broking please contact helpdesk@mnclgroup.com.
‘Investments in securities market are subject to market risks, read all the related documents carefully before investing.’
