ET Intelligence Group: Prasol Chemicals, a specialty chemicals company, plans to raise ₹80 crore through a fresh issue towards repayment of debt. It will also raise ₹420 crore through an offer for sale. The promoter group’s stake will fall to 77.5% after the IPO from 89.2%. The company operates two manufacturing facilities in Maharashtra. While it manufactures over 150 specialty chemicals, over 40% revenue is contributed by a single product category. It exports to 69 countries and derives over a quarter of revenue from international markets. Top 10 customers accounted for 23.7% of revenue while top 10 suppliers account for nearly 69% of raw material purchases. The capacity utilisation at Mahad plant improved to 44.1% in FY26 from 12.7% in FY24 but remained relatively low. Given these factors, investors with high-risk appetite may apply.

Business
Incorporated in 1992, Prasol Chemicals is focused on manufacturing acetone-based and phosphorus-based derivatives, catering to diverse end-use industries such as performance chemicals (including lubricant additives and mining chemicals), pharmaceuticals, agrochemicals, paints, inks, construction & adhesives (PICA), and home and personal care. Its product portfolio includes 21 acetone-based chemicals, 53 phosphorous-based chemicals, and 76 other specialty chemicals. In FY26, acetone-based specialty chemicals contributed 42.8% of revenue, phosphorus-based specialty chemicals 38.3%, and other specialty chemicals 18.3%.

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Financials

Revenue from operations grew 18.6% annually to ₹1,232.6 crore and net profit surged 114.1% annually to ₹83.1 crore between FY24 and FY26. Operating profit before interest, tax, depreciation and amortization (EBITDA) jumped 51.7% to ₹139.3 crore during the same period. EBITDA margin improved to 11.3% in FY26 from 6.9% in FY24. Cash flow from operations dropped to ₹49.5 crore in FY26 from ₹115.6 crore in FY24, largely due to working-capital swings, rising receivables and inventory as the company scaled up operations and expanded sales. Working capital days increased to 49 days in FY26 from 35 days in FY24.

Valuation

Considering the post-IPO equity and net profit for FY26, the company demands a price-earnings (P/E) multiple of 48, compared with 27-197 for its peers such as Aarti Industries, Atul, Laxmi Organic Industries, Vinati Organics, Privi Specialty Chemicals, Yasho Industries and Excel Industries.

Amazon said it is cooperating with authorities after a cargo plane operating on behalf of Amazon Air crashed while attempting to land at Miami International Airport on Sunday, killing at least five people and injuring five others.

The company confirmed to FOX Business that the aircraft involved in the crash was operated by cargo carrier 21 Air, which flies for Amazon Air. 

Amazon Air is Amazon’s air cargo network, helping move packages between the company’s facilities, according to its website.

“We’re heartbroken to learn that five people lost their lives in today’s incident at Miami International Airport. Our deepest sympathies go out to the families, loved ones, and all those affected by this devastating loss,” an Amazon spokesperson said.

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“The airplane, which was operated by 21 Air, was attempting to land when this incident occurred. We’re working closely with local authorities and officials to learn more and will cooperate fully with any investigation,” the spokesperson added.

Prime Air Flight 7598 — a Boeing 767-300 operated by 21 Air — overran the runway while attempting to land at Miami International Airport around 2 p.m. local time after departing San Juan, Puerto Rico, according to authorities.

Miami-Dade officials said the aircraft struck multiple vehicles and caught fire. 

At least five people were killed, and five others were injured. Three victims were transported to a trauma center in critical condition, while two others were taken to a local hospital, authorities said.

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The Federal Aviation Administration (FAA) and National Transportation Safety Board (NTSB) are investigating the crash.

Boeing told Fox News that the aircraft was first delivered as a passenger plane in 1994 before later being converted to a freighter.

“Boeing extends our deepest condolences to the families and loved ones of those who lost their lives in the accident in Miami,” the company said.

“Our hearts go out to those injured and affected by this tragedy. Boeing is supporting the investigation led by the U.S. National Transportation Safety Board.”

It was not immediately clear whether the crash would affect Amazon Air operations or package deliveries.

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Previous cargo aircraft accidents have prompted heightened regulatory scrutiny and, in certain cases, resulted in temporary operational disruptions. 

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The last fatal crash involving Amazon’s air cargo network occurred in 2019, when an Atlas Air Boeing 767 operating for Amazon Air crashed in Texas, killing all three people aboard, officials said at the time.

21 Air could not immediately be reached by FOX Business for comment.

Fox News Digital’s Bonny Chu contributed to this report.