Avinash Gorakshakar@AvinashGoraksha
Company Visit Note –
Kemistar Corporation Limited is an India-based chemical company that has carved a niche for itself in the manufacturing, import, and export of a wide array of chemicals, dyes, pigments, and related products
Kemistar’s diverse product range includes – Colors and Pigments: Catering to several industrial customers Agrochemicals: Including pesticides, leveraging the acquisition of AGR EH Technologies Pvt Ltd., which holds numerous licenses for pesticide manufacturing. Specialty Chemicals: Catering to several industrial customers Chemical Intermediates: Such as PNTOSA, DNSDA, and DASDA, which are crucial raw materials for various chemical processes Recycling: Such as e-waste, solar panel recycling, battery and metal recycling
Kemistar operates a manufacturing unit in the GIDC (Gujarat Industrial Development Corporation) estate in Dahej, a key industrial hub in Gujarat. This facility is managed through its wholly-owned subsidiary, K.P. International Private Limited.
Kemistar has established a significant international presence, with business networks spanning across Africa, Turkey, the USA, Mexico, and Colombia
Some large customers for Kemistar include UPL Ltd, Coromandel International Ltd, Gharda Chemicals Ltd, Bharat Rasayan Ltd, Meghmani Organics Ltd, Epigral Ltd, GACL, DCM Shriram Ltd, Bodal Chemicals Ltd, Kiri Industries Ltd, etc
Mr. Ketan Patel is managing director of the company. He is a engineer with MBA degree with over thirty years of industry experience.
Kemistar has already received new permission of E-waste, Solar Panel and Battery Recycling permission from Gujarat Pollution Control Board
For the Recycling business the company’s suppliers include Reliance Industries, Adani Group, Tata Chemical, etc. For recycling vertical key sectors are electrical & Consumer electronics , Big IT companies, BPO, Data center, large Corporations like electricity boards, ONGC, Oil companies, etc
The company has 27000 MT/annum consent capacity of recycling which is significant and bigger compared to peer group companies. This capacity attracts large and big size corporates and institutes to tie up with the company for their E-waste and recycling needs. Company has already tied up with Reliance Industries, Reliance Retail, Reliance Jio, Solex Industries and Others
In August 2025 K P International Private Limited, Wholly owned subsidiary of the Company has received the Consent to Operate (CTO) from the Gujarat Pollution Control Board (GPCB). The plant is already commenced & trials have also been taken.
The facility has received E-waste, Li-ion Battery, Solar Panel, Metal & Precious Metal recovery of total 27,000 MT/Annum out of its consented qty of 42,000 MT/ Annum in this phase
The management is very upbeat on its performance going ahead especially with the growth expected in the recycling segment
One good part is that the management has invested significantly in fixed assets in the last 3 years which means that there is significant operating leverage possibility once the plant runs on higher capacity utilization levels going ahead
We believe that this could be a good long term story as the recycling story is looking strong but only for those players which execute well and therefore investors need to keep a long term time frame here of 18 to 24 months ahead
