Prasol Chemicals Limited

listedRefreshing

NSE · Source: SEBI

DRHP3 Sept 2026completed
RHP3 Sept 2026completed
Price band3 Sept 2026completed
Opened8 Sept 2026completed
Closed10 Sept 2026completed
Allotted11 Sept 2026completed
Listed16 Sept 2026completed

Price band

₹643–₹676

Issue size

₹500 Cr

Fresh issue

₹80 Cr

Offer for sale

₹420 Cr

GMP ₹-13 (-1.92%)grey-market · 37 days ago

Governance observations

Supported by the filing.

The proposed IPO is dominated by secondary selling: the Offer for Sale is up to Rs 4,200.00 million against a Fresh Issue of up to Rs 800.00 million, and the Company receives no OFS proceeds. (p.1, 3, 178)
The Fiscal 2025 auditor report identified a need to strengthen inventory-related internal financial controls, specifically quantitative item-wise records, year-end values, inventory stages and overhead allocation. (p.60)
The Company states that certain historical corporate records relating to share-capital changes and other corporate actions are unavailable or contain discrepancies. (p.59)
Managerial remuneration exceeded statutory limits by Rs 22.37 million in Fiscal 2024 and Rs 4.82 million in Fiscal 2023, although the prospectus states that members approved the excess. (p.413)
Promoter Pankil Nishith Dharia was convicted in a motor-vehicle-related criminal proceeding on April 29, 2022 and has an appeal pending before the Sessions Court. (p.442)
The Company has disclosed multiple outstanding MPCB communications and an MIDC land-related matter at Mahad, including a Rs 17.93 million demand notice. (p.440, 441)
Because the Fresh Issue is below Rs 1,000 million, the Company states that it is not required to appoint and will not appoint a monitoring agency for utilization of the Fresh Issue proceeds; utilization is instead subject to the stated Audit Committee, Board and stock-exchange disclosure framework. (p.187)
Fiscal 2024 included a Rs 57.64 million charge for expenditure on an earlier IPO process, while the Fiscal 2025 audited consolidated statements carried Rs 3.27 million of expenditure for the current proposed IPO in Other Current Assets pending the IPO process. (p.60, 353, 400)

Counterparty	Nature	Amount	% of revenue	Pages
Maxima FRP Product	Sale of finished goods; purchase of equipment including freight; outstanding debit balance	Sale of finished goods: Rs 0.08 million in 3M June 2025, Rs 0.25 million in Fiscal 2025, Rs 0.32 million in Fiscal 2024 and Rs 0.19 million in Fiscal 2023. Equipment purchase: Rs 0.60 million in 3M June 2025.	Sales were negligible in all disclosed periods; equipment purchase was 0.02% in 3M June 2025.	30
Galaxy Chemicals Firm	Sale of finished goods and outstanding debit balance	Sale of finished goods of Rs 0.53 million in Fiscal 2024; outstanding debit balance of Rs 0.63 million in Fiscal 2024.	0.01% for both Fiscal 2024 amounts	30
Heat Fabs Firm	Purchase of stores and consumables and purchase of equipment	Stores and consumables: Rs 0.29 million, Rs 4.48 million, Rs 0.32 million and Rs 2.13 million for 3M June 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023 respectively. Equipment: Rs 0.94 million in 3M June 2025, Rs 8.75 million in Fiscal 2024 and Rs 18.35 million in Fiscal 2023.	Individual disclosed transaction ratios ranged from negligible to 0.20% of revenue from operations.	30
Consolidated Chemequip Mfr Private Limited	Purchase of MEIS and RODTEP licences	Rs 0.38 million in 3M June 2025, Rs 0.48 million in Fiscal 2025, Rs 0.38 million in Fiscal 2024 and Rs 1.29 million in Fiscal 2023.	0.01% in 3M June 2025, negligible in Fiscal 2025 and Fiscal 2024, and 0.01% in Fiscal 2023.	31
Wiyo Travel Firm	Vehicle hire charges and outstanding credit balance	Vehicle hire charges of Rs 3.28 million in Fiscal 2025, Rs 1.52 million in Fiscal 2024 and Rs 1.55 million in Fiscal 2023.	0.03% in Fiscal 2025, 0.02% in Fiscal 2024 and 0.02% in Fiscal 2023.	31
Nishith R Shah	Director remuneration, interest, loans taken and repaid, and remuneration payable	Director remuneration was Rs 7.35 million in 3M June 2025, Rs 61.72 million in Fiscal 2025, Rs 26.73 million in Fiscal 2024 and Rs 26.70 million in Fiscal 2023. Loans of Rs 20.00 million in Fiscal 2025 and Rs 19.00 million in Fiscal 2024 were both taken and repaid.	Director remuneration represented 0.23%, 0.61%, 0.30% and 0.29% of revenue from operations for 3M June 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023 respectively.	31
Dhaval N Parikh	Director remuneration and remuneration payable	Director remuneration was Rs 3.94 million in 3M June 2025, Rs 25.62 million in Fiscal 2025, Rs 14.31 million in Fiscal 2024 and Rs 14.28 million in Fiscal 2023.	0.12%, 0.25%, 0.16% and 0.15% respectively.	31, 32
Gaurang N Parikh	Director remuneration and remuneration payable	Director remuneration was Rs 5.20 million in 3M June 2025, Rs 38.35 million in Fiscal 2025, Rs 18.90 million in Fiscal 2024 and Rs 18.88 million in Fiscal 2023.	0.16%, 0.38%, 0.22% and 0.20% respectively.	32
Pankil N Dharia	Director remuneration and remuneration payable	Director remuneration was Rs 2.52 million in 3M June 2025, Rs 14.44 million in Fiscal 2025, Rs 8.66 million in Fiscal 2024 and Rs 8.62 million in Fiscal 2023.	0.08%, 0.14%, 0.10% and 0.09% respectively.	32
Rakesh S Jadhav	Director remuneration and remuneration payable	Director remuneration of Rs 0.72 million and remuneration payable of Rs 0.36 million in 3M June 2025.	0.02% and 0.01% respectively.	32
Rahul Ashit Shroff	Salary paid	Rs 1.95 million in 3M June 2025, Rs 7.18 million in Fiscal 2025 and Rs 5.91 million in Fiscal 2024.	0.06%, 0.07% and 0.07% respectively.	32
Kiran Agrawal	Salary paid and outstanding credit balance	Salary paid was Rs 0.33 million in 3M June 2025, Rs 1.36 million in Fiscal 2025, Rs 1.24 million in Fiscal 2024 and Rs 1.14 million in Fiscal 2023.	0.01% in each disclosed period.	33

Counterparty

Nature

Amount

% of revenue

Pages

Maxima FRP Product

Sale of finished goods; purchase of equipment including freight; outstanding debit balance

Sale of finished goods: Rs 0.08 million in 3M June 2025, Rs 0.25 million in Fiscal 2025, Rs 0.32 million in Fiscal 2024 and Rs 0.19 million in Fiscal 2023. Equipment purchase: Rs 0.60 million in 3M June 2025.

Sales were negligible in all disclosed periods; equipment purchase was 0.02% in 3M June 2025.

Galaxy Chemicals Firm

Sale of finished goods and outstanding debit balance

Sale of finished goods of Rs 0.53 million in Fiscal 2024; outstanding debit balance of Rs 0.63 million in Fiscal 2024.

0.01% for both Fiscal 2024 amounts

Heat Fabs Firm

Purchase of stores and consumables and purchase of equipment

Stores and consumables: Rs 0.29 million, Rs 4.48 million, Rs 0.32 million and Rs 2.13 million for 3M June 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023 respectively. Equipment: Rs 0.94 million in 3M June 2025, Rs 8.75 million in Fiscal 2024 and Rs 18.35 million in Fiscal 2023.

Individual disclosed transaction ratios ranged from negligible to 0.20% of revenue from operations.

Consolidated Chemequip Mfr Private Limited

Purchase of MEIS and RODTEP licences

Rs 0.38 million in 3M June 2025, Rs 0.48 million in Fiscal 2025, Rs 0.38 million in Fiscal 2024 and Rs 1.29 million in Fiscal 2023.

0.01% in 3M June 2025, negligible in Fiscal 2025 and Fiscal 2024, and 0.01% in Fiscal 2023.

Wiyo Travel Firm

Vehicle hire charges and outstanding credit balance

Vehicle hire charges of Rs 3.28 million in Fiscal 2025, Rs 1.52 million in Fiscal 2024 and Rs 1.55 million in Fiscal 2023.

0.03% in Fiscal 2025, 0.02% in Fiscal 2024 and 0.02% in Fiscal 2023.

Nishith R Shah

Director remuneration, interest, loans taken and repaid, and remuneration payable

Director remuneration was Rs 7.35 million in 3M June 2025, Rs 61.72 million in Fiscal 2025, Rs 26.73 million in Fiscal 2024 and Rs 26.70 million in Fiscal 2023. Loans of Rs 20.00 million in Fiscal 2025 and Rs 19.00 million in Fiscal 2024 were both taken and repaid.

Director remuneration represented 0.23%, 0.61%, 0.30% and 0.29% of revenue from operations for 3M June 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023 respectively.

Dhaval N Parikh

Director remuneration and remuneration payable

Director remuneration was Rs 3.94 million in 3M June 2025, Rs 25.62 million in Fiscal 2025, Rs 14.31 million in Fiscal 2024 and Rs 14.28 million in Fiscal 2023.

0.12%, 0.25%, 0.16% and 0.15% respectively.

31, 32

Gaurang N Parikh

Director remuneration and remuneration payable

Director remuneration was Rs 5.20 million in 3M June 2025, Rs 38.35 million in Fiscal 2025, Rs 18.90 million in Fiscal 2024 and Rs 18.88 million in Fiscal 2023.

0.16%, 0.38%, 0.22% and 0.20% respectively.

Pankil N Dharia

Director remuneration and remuneration payable

Director remuneration was Rs 2.52 million in 3M June 2025, Rs 14.44 million in Fiscal 2025, Rs 8.66 million in Fiscal 2024 and Rs 8.62 million in Fiscal 2023.

0.08%, 0.14%, 0.10% and 0.09% respectively.

Rakesh S Jadhav

Director remuneration and remuneration payable

Director remuneration of Rs 0.72 million and remuneration payable of Rs 0.36 million in 3M June 2025.

0.02% and 0.01% respectively.

Rahul Ashit Shroff

Salary paid

Rs 1.95 million in 3M June 2025, Rs 7.18 million in Fiscal 2025 and Rs 5.91 million in Fiscal 2024.

0.06%, 0.07% and 0.07% respectively.

Kiran Agrawal

Salary paid and outstanding credit balance

Salary paid was Rs 0.33 million in 3M June 2025, Rs 1.36 million in Fiscal 2025, Rs 1.24 million in Fiscal 2024 and Rs 1.14 million in Fiscal 2023.

0.01% in each disclosed period.

Governance observations

Governance observations

Related-party transactions