Clean Science and Technology (CLEAN IN) – Q1FY27 Result Update – Strategic partnership to accelerate HALS growth – HOLD
Published on 01 Aug 2026
Clean Science and Technology reported revenue of INR2.7bn in Q1FY27, up 10.5% YoY and 7.7% QoQ, driven by higher realisations and higher contribution from the HALS business. The HALS segment delivered volumes of ~1,000tn during the quarter. Product mix improved towards higher-grade HALS, resulting in average realizations increasing to INR550/kg from INR440/kg, while exports now account for 50% of HALS sales. Management guided of INR2.5–3.0bn in HALS revenue. The company also announced a strategic collaboration with Geneus, which is expected to contribute INR3.0–3.5bn in cumulative revenue over the next four years. In addition, Clean Science signed a five-year strategic supply agreement with Kemin Industries, with capex for this project expected to be announced shortly. At the current market price, the stock trades at 22x FY28E EPS. We maintain our HOLD rating with a target price of INR745, based on 22x FY28E EPS.
