Mukul Agrawal’s Portfolio Stock Zooms Over 5% In 5 Sessions, Analysts Bet For 70% Upside; Target Raised

Last week, Tatva Chintan Pharma Chem Ltd, a small-cap company in the specialty chemical industry, got attention from D-Street, as seen by the stock's 5.17% gain over the previous five sessions. This came after Tatva Chintan Pharma Chem delivered a strong turnaround performance in Q3 FY26, signalling a steady recovery in both revenue growth and profitability. Looking ahead, the company expects 20-30% annual revenue growth over FY26-FY27. After profitability witnessed a sharp rebound during the quarter, the research analysts of ICICI Securities have recommended buying the stock for a target price of Rs 1,955, which implies a potential upside of 70.4% from the current market price of Rs 1,147.50.

Tatva Chintan Pharma Chem Q3 Highlights

The company's net sales climbed 64.99% from Rs. 84.00 crore in the quarter ended in December 2024 to Rs. 138.59 crore in the quarter ended in December 2025. From Rs. 1.17 crore in Q3FY25 to Rs. 15.98 crore in Q3FY26, the quarterly net profit jumped by 1472.02%. In the quarter that ended in December 2025, EBITDA was Rs. 28.36 crore, growing 399.3% from Rs. 5.68 crore in the quarter that ended in December 2024. Tatva Chintan's earnings per share (EPS) climbed from Rs. 0.50 in the year-ago quarter to Rs. 6.84 in the quarter under review.

Tatva Projects 20-30% CAGR For FY26-27; New Facility Can Support Rs 9,000 Cr Revenue

"TATVA believes revenue growth of 20-30% p.a. is achievable for FY26/27, and current facility could support revenue of INR 8.5-9bn in three years. EBITDA margin is expected to stabilise in the range of 20-22%. Company anticipates acceleration in revenue to be visible in CY26, with supplies beginning for a large agro-chemical product and its photo-chlorination product; build-up is likely in CY27 with ramp-up of pharma intermediate," said the research analysts of ICICI Securities.

"TATVA anticipates electrolyte salt contribution to rise in FY27 to 7-8% of total revenue. In semi-conductor, TATVA has received its first plant scale production order from a customer and batch production is expected to start in Feb'26. It has another product in pilot stage. The new product produced by TATVA could replace an established product which has higher toxicity; it is likely to start the commercial production in CY28, they further added.

Tatva Chintan Pharma Chem Target Price

"Tatva Chintan Pharma Chem's (TATVA) Q3FY26 print showed further signs of recovery, particularly in two key segments - SDA and PASC. Revenue in SDA grew 132% YoY driven by volumes while prices were stable. TATVA expects SDA revenue growth to sustain, with new customers' offtake in CY26 and likely demand for Euro-7 norms. PASC is likely to benefit from the commencement of supplies of two large agro-intermediates, with modest volumes, which could scale up in next two years," commented the research analysts of ICICI Securities.

"Pharma intermediate is on course for commercialisation in H2FY27. Electrolyte salts' orders for existing products have become frequent, with ramp-up in revenue likely in FY27. New agro-intermediate for domestic import substitution has been approved by customers, and may be an anchor for Jolva expansion. We cut FY26-27E EBITDA by 2-3% but raise TP to INR 1,955 (from INR 1,710) with an unchanged P/E multiple of 40x as we roll over valuation to FY28E. Retain BUY," they further recommended.

Mukul Agrawal's Stake In Tatva Chintan Pharma Chem

As of the December 2025 or Q3FY26 quarter, major investor Mukul Agrawal owns 2.14% stake in Tatva Chintan Pharma Chem Ltd. 5,00,000 equity shares make up his holding. In July 2024, Agrawal initially revealed a 1.28% stake (3,00,000 shares), then, at the end of the December 2025 quarter, he raised this position to the current 2.14%. His holding is worth around Rs 57.38 crore based on the current market price of about Rs 1,147.

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