Chemicals -Sector Update – Global commentaries- stress continues unabated
Published on 26 Nov 2025
Global chemical companies delivered a mixed performance in Q3CY25. Top 10 global players reported a 5% sequential and 3% YoY decline in revenue, reflecting continued weakness in underlying demand. In contrast, our coverage companies recorded a slight rebound, with revenue rising 2% QoQ and 2% YoY.
Production in the EU remained largely stagnant due to muted demand across major end-use segments. Additionally, plant shutdowns and industry-wide overcapacity continued to weigh on realization. Recent management commentaries from leading global players suggest that demand softness is likely to persist in Q4CY25, driven by subdued demand conditions and ongoing pricing pressures.
However, we remain positive on Navin Fluorine as well as Fine Organics. Fine Organics continues to offer strong growth visibility through its Rs7.5bn SEZ project and expanding global presence. Navin’s outlook is supported by a robust CDMO pipeline, steady agchem momentum, and upcoming HF and refrigerant capacity addition, positioning the company for sustained multi-year expansion.
