ICICI Securities said that specialty chemicals prices experienced severe volatility in April and May 2021 due to volatile raw material prices and logistical issues. As a result, communication became distorted and unrepresentative.

ICICI Securities said that R-22 prices have started rising as demand normalized and SRF management indicated better pricing scenario as reference price. Gas. Just like SRFF.  highlighted, the NTCF-Caprolactam spread is low and may improve in the coming months.

Meanwhile, ICICI Securities said, "Rosari Biotech has seen a significant increase in prices of key raw materials, which can also be seen in the decline in gross margins." This is a good thing for Sudarshan Chemicals. It's great, but it's unclear how much of the raw material increment will be passed on to customers.

Price increases are good for Sudarshan Chemicals, but it remains to be seen how much of the raw material increase will be passed on to customers.

SRF Ltd: Quarterly trend distorted due to commodity volatility /strong

R-22 prices rose 9.9% YoY (down 2.4% YoY) in Q1 FY2022 Rs. Fluorite (acid crystalline stone) prices declined by 8.8% YoY and 17% YoY to Rs. R-22 spread (Fluorite and Chloroform) at Rs. 109 against Rs. 114 in Q4 2021.

Methylene dichloride (MDC) prices rose 18% YoY/32% YoY to Rs 46%, methanol prices spiked and chlorine prices declined on the back of higher prices. Our analysis suggests that SRF's MDC spreads/margins should improve significantly. May 2021 MDC prices rose 2.7% YoY to Rs 47%.

NTCFF prices declined 20.8% YoY/ 29.2% YoY to Rs 139% in Q1 FY2022 NTCFF. Caprolactam grew 20.2% YoY/39.2% YoY to Rs 137. The NTCF-lactam spread declined by 2x Rs. to Rs. 62 in 1QFY2022. This is in sharp contrast to management's comments on SRF in Technical Textiles business regarding achieving significant margin expansion and structural margin expansion in Q1FY2022. We believe the difference is more of a timing difference and in line with the company's comments on trade data, we believe spreads will improve in the coming months.

BOPET prices rose 13.1% YoY/ 8.2% YoY to Rs 135%. PTA prices rose 28.4%/42.1% YoY to Rs 54 and MEG prices rose 15.2%/68% YoY to Rs 51. BOPET-PTA/MEG increased 4.5% YoY and declined 12.9% YoY to Rs 71% (Rs 68 in Q4 FY2021). However, on a month-on-month basis, the spread declined by 10.5% in May 2021, year-on-year.

BOPP prices rose by 20.4% YoY/ 44.3% Y-o-Y to Rs 180%, while polypropylene (PP) prices rose by 19.5% YoY/ 85% Y-o-Y to Rs 107%. The BOPP-PP spread stood at Rs 73, up 21.6% MoM and 9.2% YoY. On a YoY basis, the spread on May 21 was Rs 88 on April 21st.

NFIL: Fluorspar price trend favorable for the company

R-22 prices rose by 9.9% YoY but declined by 2.4% YoY to Rs 195%. Fluorite (acid crystalline stone) prices declined 8.8% YoY and 17% YoY to Rs. The R-22 spread (fluorite and chloroform) stood at Rs 109 against Rs 114 in Q4 2021. NFIL revenues should come down due to higher chloroform prices, doubling to Rs 35 per quarter.

Sudarshan Chemical (SCIL): organic pigments achieve 8.3% YoY growth

p Organic pigments prices rose 7.2% YoY/8.3% YoY to Rs. 545% in Q1 FY2022 as compared to Rs. 509 Cr in Q4 FY2021. Organic pigments include all colors including CPC. Exports reached 22,000 units in Q1 FY2022, up 54% YoY.

Prices of azo pigment blends rose by 4.6% YoY but declined by 6.8% YoY to Rs 427% in Q4 FY2021 (Rs 408) in the same quarter last year).

Inorganic pigments prices rose 3.5% YoY and 16% YoY to Rs 103% in Q4 FY2021 as compared to Rs 1,000 in Q4 FY2021.

Galaxy Surfactants (GSL): Lauryl Alcohol prices rise sharply at higher LAB Lauryl Alcohol prices rose 27.7% YoY and 60.8% Y-o-Y to Rs. 156% as compared to Rs. 1,222 in Q4 FY2021.

Straight Chain Alkyl Benzene (LAB), a petroleum based surfactant, increased by 24.7%/32.4% YoY to Rs 110%. The solubility of petroleum based surfactants is significantly lower than that of grease chemical surfactants.

Rossari Biotech: Investment material prices continue to remain high

Rossari has four main raw materials: surfactants, acetic acid, acrylic acid and silicone oil.

Prices of key raw materials for lauryl surfactant rose 27.7% YoY and 60.8% YoY to Rs. 156cr. 122cr in Q4 2021.

Acetic acid prices rose 52% YoY/176% YoY to Rs 69 cr in Q1 FY2022% (Rs 46 cr in Q4 FY21). For the month of May 2021, prices rose 14% YoY to Rs. 74 This means that inflation is likely to remain high in Rs. 2022, the second quarter of the financial year.

Acrylic prices rose 19% YoY and 45% YoY to Rs 112 (Rs 94) in the same period last year). However, in May 2021, acrylic prices rose 15.5% to Rs 122 from the previous month.

Silicone oil prices at Rs. 294, FY22/FY21 Q1 (FY22, FY21, FY21, 237) quarter-on-quarter increase of 23.6% (year-on-year increase of 29.1%).

EPL Ltd: Higher polymer price inflation

-LLDPE (the main raw material for laminates) prices were at Rs 89, up 20.3% YoY and 38.8% YoY from Q4 2021 74 Rs. Prices were at Rs 93 on May 21, up 6.8% YoY.

Vinati Organics.

Ibuprofen prices declined by 41.6% YoY and 62.9% YoY to Rs. 1,268% (Rs. 2,171 in Q4 FY2021).

IBB prices increased by 16.8% YoY (11% YoY) Rs. 126 as compared to Rs. 126 in Q4 FY2021.

Atul Ltd.

2,4-D prices rose 17.8% MoM and 31.3% YoY to Rs.

Cresol prices were up 14.6% YoY and down 10.3% YoY to Rs.

Epoxy resin prices rose 38.3% YoY and 99% YoY to Rs. Epoxy spreads were at Rs 98 in Q1 FY2022 (Rs 124 in Q4 FY2021).

-Resorcinol prices declined 0.3% MoM and 0.1% YoY to Rs 662.

Gujarat Fluorochemicals.

PTFE prices rose 6.0% YoY and 6.2% YoY to Rs. 735% (Rs. 693 in Q4 FY2021).

PTFE (as compared to Fluorite) spreads increased by 7.8% YoY and 9.3% YoY to Rs. 667% (Rs. 619 in Q4 FY2021).