India chemicals: Takeaways from specialty chemicals webinar

Research evidence excerpt

India chemicals: Takeaways from specialty chemicals webinar

27 July 2026

India chemicals EquitiesChemicals

Takeaways from specialty chemicals webinar India

◆ Expert is optimistic on CDMO, battery chemicals and Saurabh Jain*

semiconductors segments Analyst, India Materials and Energy HSBC Securities and Capital Markets (India) Private

◆ Disruptions in Middle East could impact procurement/pricing. Limitedsaurabh2jain@hsbc.co.in

Cautious in refrigerant gases, agro-chemicals, LiPF6, +91 22 6164 0691

phenols and PVC * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

◆ We have Buy ratings on SRF, UPLL, RALI, DAGRI and

BYRCS; Hold on PI and TTCH. Target prices unchanged

We hosted a virtual webinar with Mr Ajay Joshi, chemicals advisor, on 21 July. We

provide key takeaways from the event, below are strictly based on expert views.

The Middle East conflict is a concern as chemicals value chain is lean on inventories

and procurement/pricing can be a challenge. Freight costs are likely to rise again.

Agrochemicals: Downstream demand is weak in India and export markets, leading

to a fall in pesticide pricing from May. Concerns remain in LatAm on higher inventory

and constrained liquidity as downstream demand is still weak. Mr Joshi sees ongoing

procurement challenges for suplhur/sulphuric acid given export restrictions from China

and Russia raising costs for pesticides, fertilizers and dyes/pigments value chain.

Refrigerant gases: He maintained caution on pricing of R32 on upcoming capacities

and expects prices to fall to ~USD5-5.5/t by year end. New companies in the

segment highlight major volume offtake commitments at hand.

Contract Development and Manufacturing Organisation (CDMO) Per Mr Joshi,