October 2026
Largest Advanced Materials Public Companies in India
Benchmark revenue and EBITDA valuation multiples for public comps like
Pidilite, Himadri Speciality, Grindwell Norton, Carborundum Universal and Garware Hi-Tech Films.
 | Pidilite Industries Ltd manufactures and sells paints, adhesives, and sealants in two segments based on the customer: The Branded Consumer & Bazaar segment, which generates the majority of revenue, sells adhesives and sealants, construction and paint chemicals, art and craft materials, and others. These products are widely used by carpenters, painters, plumbers, mechanics, households, students, offices, etc. The Business to Business segment sells industrial products such as industrial adhesives, resins, and organic pigments and preparations, etc., and caters to various industries like packaging, joineries, textiles, paints, printing inks, paper, leather, etc. Pidilite Industries sells its products through dealers and distribution networks. The vast majority of its revenue comes from India. | $16 | -4% | $16B | $16B | 10.2x | 39.5x | ||
| Himadri Speciality Chemical Ltd is an Indian Coal Tar Pitch manufacturer with supplies to aluminium and graphite manufacturers. The company operates its business through two segments, which include Carbon Materials and chemicals; and Power. Through its operating segments, the company serves coal tar pitch to various industries to help manufacture aluminum, graphite electrodes, warhead missiles, lithium-ion batteries, and sulfonated naphthalene formaldehyde. Himadri also generates power through the windmills, which are marketed to the state electricity grid. The majority of its revenue is derived from the Carbon materials and chemicals segment. The group has a business presence in India and Outside India. | $5 | -5% | $2.6B | $2.7B | 5.4x | 23.5x | ||
| Grindwell Norton makes abrasives, ceramics, and silicon carbide products for automotive, steel, and engineering buyers. It is a subsidiary of Saint-Gobain. Headquartered in Mumbai. | $20 | +3% | $2.2B | $2B | 6.3x | 29.7x | ||
| Carborundum Universal makes abrasives, ceramics and electrominerals, and industrial ceramic products for steel, auto, power and other industries. Part of the Murugappa Group. Headquartered in Chennai. | $11 | +7% | $2.1B | $2B | 3.8x | 38.8x | ||
| Garware Hi-Tech Films makes polyester films, including solar control, paint protection and specialty films for automotive, architectural and industrial use. It sells in India and abroad. Headquartered in Mumbai. | $74 | +93% | $1.7B | $1.6B | 7.4x | 31.5x | ||
| Graphite India Ltd is an industrial products manufacturer in India. It manufactures graphite electrodes and graphite-based products. Its segments are Graphite and Carbon segment, which is engaged in the production of Graphite Electrodes, Other Miscellaneous Graphite and Carbon Products, and related Processing/Service Charges; Steel segment, which is engaged in manufacturing of High Speed Steel and Alloy Steel; and Other segment, is engaged in manufacturing/laying of GRP Pipes and Power Generating Unit exclusively for outside sale. The company also manufactures other products like Impervious Graphite Equipment and Spares, steel and alloy steel, reinforced plastic pipes, and many more. It generates the majority of its revenue from the Graphite and Carbon segment. | $7 | +4% | $1.4B | $1.2B | 3.8x | 37.2x | ||
| PCBL Chemical, formerly Phillips Carbon Black, is among India's largest carbon black makers, selling to tyre and specialty chemical customers. It has added specialty blacks, conductive additives for batteries and an acquired chemicals business. It also generates power. Headquartered in Kolkata. | $3 | -29% | $1.1B | $1.6B | 1.9x | 15.0x | ||
| ELANTAS Beck India makes electrical insulation materials such as wire enamels, impregnating resins and varnishes. Customers are makers of motors, transformers, and electrical equipment. It is a subsidiary of the German ELANTAS group (Altana) and is based in Pune. | $129 | +19% | $1B | $949M | 10.7x | 41.6x | ||
| Kingfa Science and Technology (India) makes modified plastics and polymer compounds for automotive, appliance and electrical uses. It is a subsidiary of China-based Kingfa Sci. & Tech. Based in Pune. | $68 | +30% | $921M | $878M | 4.2x | 30.9x | ||
| Subsidiary of a global refractory group. It makes flow control and other refractory products used in steel plants, such as slide gates, nozzles and ladle linings, plus technical services. Customers are Indian steel makers. Based in Kolkata. | $4 | -26% | $840M | $780M | 3.5x | 18.9x | ||
| Makes and trades silica ramming mass and other quartz-based refractory products. Steel and foundry customers use ramming mass to line induction furnaces. It sells mainly in India and is planning a silica ramming mass plant in Odisha with a refractories partner. Based in Jaipur. | $17 | +95% | $791M | $786M | 29.3x | 96.6x | ||
| Makes technical textiles such as synthetic fishing nets, aquaculture cages, ropes, sports turf and geotextiles. Sells to fishing, farming, sport and infrastructure customers worldwide. Based in Pune. | Textiles+1 | $8 | -9% | $763M | $724M | 4.5x | 24.9x | |
| State-owned maker of superalloys, titanium alloys and special steels. Main customers are defence, aerospace, space and nuclear programmes. It is one of the few Indian producers of such materials, sold as bars, forgings, sheets and castings. Based in Hyderabad. | $4 | -12% | $715M | $738M | 5.9x | 26.3x | ||
| Rain Industries produces calcined petroleum coke, coal tar pitch, carbon products and advanced materials such as resins and specialty chemicals. Customers are aluminium smelters, graphite electrode makers and chemical users. It operates in India, North America and Europe, and is headquartered in Hyderabad. It also held a small cement business that has been wound down. | $2 | +39% | $704M | $1.7B | 1.0x | 7.5x | ||
| Makes graphite electrodes for electric arc furnaces used by steel makers. It sells in India and around the world, and also runs a power generation business. Part of the LNJ Bhilwara group. Based in Noida. | $2 | -69% | $692M | $701M | 2.6x | 10.7x | ||
| Borosil Renewables makes solar glass and borosilicate glass used in solar modules and other products. It sells to module makers in India and abroad. It is headquartered in Mumbai with a plant in Gujarat. | $4 | -44% | $597M | $546M | ||||
| CMR Green Technologies makes aluminium alloys, ingots and products from recycled aluminium scrap. It supplies automotive, industrial and electrical customers in India. Public detail on the company is limited, so the profile is based on its stated business. | $2 | -- | $453M | $622M | ||||
| Styrenix Performance Materials makes ABS, SAN and other styrenic plastics used in appliances, auto parts, luggage and electronics. It sells to moulders and manufacturers in India and abroad. It is part of the Ineos Styrolution group and is headquartered in Mumbai. | $20 | -23% | $360M | $401M | ||||
| Mayur Uniquoters makes synthetic leather and coated fabrics used in footwear, car interiors, furniture and fashion goods. It sells to OEMs and brands in India and abroad. It is headquartered in Jaipur. | Textiles+2 | $7 | +21% | $323M | $290M | |||
| Apcotex Industries makes synthetic latex and synthetic rubbers, including nitrile and styrene-butadiene products for gloves, paper, tyre cord, and automotive uses. It sells in India and abroad. It is headquartered in Mumbai. | $5 | +38% | $285M | $289M | ||||
| Maker of ABS and SAN plastic resins, and engineering polymers used in appliances, automotive parts and consumer goods. Customers are plastics processors and OEMs. Based in Mumbai with a plant in Gujarat. | $1 | +3% | $284M | $259M | ||||
| Monolithisch India makes refractory products, including monolithic refractories, for steel and other heavy industry users in India. | $12 | +138% | $270M | $271M | ||||
| Manufacturer of PVC compounds and polymer compounds, plus polypropylene and polyethylene compounds and masterbatches, for cables, footwear, pipes and automotive uses. Sells to manufacturers across India and export markets. Plants are in Gujarat and Maharashtra. | $3 | -25% | $265M | $264M | ||||
| Maker of electron-beam cross-linked polyolefin films and specialty polymer films for packaging, insulation and industrial uses. Sells to manufacturers in India and abroad, with a plant in Haldia, West Bengal and an office in Kolkata. | $10 | -18% | $239M | $246M | ||||
| Median | $7 | +3% | $739M | $759M | 3.8x | 24.2x |
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