Chemicals – Jul-Sep’26 Earnings Preview – Steady YoY growth amid sequential moderation
Published on 07 Oct 2026
Specialty chemical companies within our coverage universe are expected to deliver revenue growth of 11.2% YoY, although revenue is likely to decline 2% QoQ. Volumes are expected to improve across most coverage companies, except those with exposure to the domestic agricultural segment. EBITDA margins are expected to increase by 84bps YoY, but decline by 198bps QoQ, as most companies benefited from low-cost inventory in Q1FY27, which supported margins. Companies with exposure to the Middle East are likely to face near-term disruptions during the quarter, as geopolitical tensions affected trade flows, leading to shipment delays and higher freight costs. Key refrigerant gas prices remained elevated and broadly flat QoQ, continuing to support earnings for companies exposed to the fluorochemicals value chain.
