India’s chemical industry is vast and varied, comprising over 80,000 products used in different sectors. The industry includes a mix of bulk chemicals, specialty chemicals, agrochemicals, petrochemicals, and fertilizers. Currently valued at around USD 220 billion, it is projected to reach USD 300 billion by 2030 and USD 1 trillion by 2040, with an annual growth rate of 9% expected until 2025.
In the latest budget for 2024-25, the Indian government allocated INR 192.21 crore (about USD 23.13 million) to the Department of Chemicals and Petrochemicals.
Globally, India ranks as the fourth-largest producer of agrochemicals, following the U.S., Japan, and China. The country contributes 16-18% of the world’s production of dyestuffs and dye intermediates. In 2024, agrochemical exports reached USD 661.18 million, with dyestuff exports at USD 379.61 million. India has established itself as a significant player in the colorant market, holding around a 15% global market share.
India maintains a strong position in the international chemical trade, ranking 14th in exports and 8th in imports, excluding pharmaceuticals. Between April and September 2024, dye exports reached USD 1.26 billion.
The landscape for top chemical companies in India has improved recently, driven by the China+1 strategy and an increase in domestic demand. Revenue growth for these companies is expected to be significant, projected at 18-20% for 2022 and 14-15% for 2023.
Top 10 Chemical Companies in India
Now, let’s explore the major players in India’s chemical industry, focusing on those with the highest market capitalization as of March 2025.
#1 Pidilite Industries
Founded in 1959, Pidilite Industries is well-known for its specialty chemicals, particularly adhesives and sealants. Popular brands like Fevicol and Dr. Fixit are part of its extensive product line. Pidilite’s operations span globally, with a strong network of over 4,800 distributors in India and manufacturing units in several countries.
Financial Snapshot: Market Cap – INR 1,38,075 crore; Revenue – INR 12,901 crore; Net Income – INR 1,973 crore; 5-Year CAGR – 11.84%.
#2 SRF
Established in 1970, SRF is another leading name in the chemical sector. Based in Gurgaon, it has diversified into various fields such as fluorochemicals and technical textiles. With a workforce of over 9,000 people, SRF reported an annual turnover of approximately INR 12,910 crore.
Financial Snapshot: Market Cap – INR 86,713 crore; Revenue – INR 13,949 crore; Net Income – INR 1,147 crore; 5-Year CAGR – 13.1%.
#3 Linde India
Linde India is a key player in the industrial gases sector, serving industries like steel and healthcare. With a revenue of INR 2,768.7 crore in FY 2023-24, Linde India focuses on sustainability and innovation.
Financial Snapshot: Market Cap – INR 51,850 crore; Revenue – INR 2,524 crore; Net Income – INR 442 crore; 5-Year CAGR – 4.79%.
#4 Gujarat Fluorochemicals
Founded in 1987, Gujarat Fluorochemicals specializes in refrigerants and specialty chemicals. As a leader in chloromethane and PTFE production, GFL has a strong export presence worldwide.
Financial Snapshot: Market Cap – INR 41,977 crore; Revenue – INR 4,645 crore; Net Income – INR 456 crore; 5-Year CAGR – 9.42%.
#5 Godrej Industries
As one of the largest manufacturers in India, Godrej Industries operates across various sectors, including chemicals and agriculture. Headquartered in Mumbai, it places a strong emphasis on sustainability in its products.
Financial Snapshot: Market Cap – INR 38,115 crore; Revenue – INR 18,445 crore; Net Income – INR 1,417 crore; 5-Year CAGR – 8.88%.
#6 Deepak Nitrite
Deepak Nitrite, established in 1970, is known for its production of specialty chemicals. With a focus on phenols and acetones, it has delivered consistent growth and innovation.
Financial Snapshot: Market Cap – INR 26,480 crore; Revenue – INR 8,228 crore; Net Income – INR 749 crore; 5-Year CAGR – 23.3%.
#7 Castrol India
As a subsidiary of bp plc, Castrol India specializes in lubricants. With multiple manufacturing plants, it produces over 220 million liters annually and focuses on sustainability.
Financial Snapshot: Market Cap – INR 23,240 crore; Revenue – INR 5,365 crore; Net Income – INR 927 crore; 5-Year CAGR – 6.71%.
#8 Tata Chemicals
Founded in 1939, Tata Chemicals is part of the Tata Group. It focuses on fertilizers and inorganic chemicals, operating India’s largest inorganic chemical plant in Mithapur.
Financial Snapshot: Market Cap – INR 20,744 crore; Revenue – INR 14,853 crore; Net Income – INR -405 crore; 5-Year CAGR – 8.33%.
#9 Himadri Speciality Chemical
Originally a coal tar pitch manufacturer, Himadri has evolved into a leader in specialty chemicals. It focuses on sustainability and performance enhancement through innovative products.
Financial Snapshot: Market Cap – INR 20,275 crore; Revenue – INR 4,655 crore; Net Income – INR 515 crore; 5-Year CAGR – 11.6%.
#10 BASF India
BASF India, a subsidiary of the German giant BASF, operates in multiple sectors including agriculture and industrial solutions. It has a solid presence with eight production sites and numerous offices across India.
Financial Snapshot: Market Cap – INR 20,223 crore; Revenue – INR 15,333 crore; Net Income – INR 613 crore; 5-Year CAGR – 17.97%.
With a promising outlook and numerous companies leading the way, India’s chemical industry remains a key player on the global stage, showing strong potential for growth and innovation.
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