Chemicals – Jul-Sep’25 Earnings Preview – Modest growth amid export uncertainty
Published on 07 Oct 2025
Specialty chemical companies within our coverage universe are expected to post a modest revenue growth of 3.8% YoY and 3.1% QoQ, accompanied by a 36bps QoQ contraction in margins. This marginal improvement in topline and softening in margin is due to weak demand, export uncertainty amid tariff-related issues, and lower realizations across most product segments. Refrigerant gas prices, which were at all-time high, also moderated towards the end of the quarter. We do not anticipate a further uptick in view of slowdown in Chinese AC sales going forward.
