What Paushak does

Paushak Limited is a publicly listed Indian specialty chemicals manufacturer (BSE: 532742, NSE listing since November 2025) and part of the Alembic Group, founded in 1968 and headquartered in Vadodara, Gujarat. The company operates India's only pure-play phosgene chemistry platform, manufacturing phosgene gas and a portfolio of 60+ downstream derivatives across four families — chloroformates, isocyanates, chlorides/carbamoyl chlorides, and carbonates/carbamates. Its Panelav manufacturing site hosts a 14,400 MT per annum phosgene plant (the largest in India for specialty derivatives, tripled from 4,800 MT in 2021) with DCS-controlled multi-purpose reactors ranging from 1KL to 10KL, supported by a kilo lab, R&D infrastructure with 30+ scientists, and Responsible Care-certified safety systems. The company sells to pharmaceutical, agrochemical, polymer, and personal care customers in 60+ countries, with exports contributing 17.54% of turnover.

Paushak runs a hybrid B2B revenue model combining direct sales of standard phosgene derivatives with a contract development and manufacturing organization (CDMO) service that handles custom synthesis, process development, and scale-up from gram to commercial quantities under NDA. Pricing is quote-based and not publicly disclosed, reflecting a consultative enterprise sales motion supported by 'Inquire Now' and 'Get a Quote' CTAs. The customer base of 300+ global accounts is spread across at least four major vertical industries, with pharmaceutical and agrochemical applications treated as primary segments and polymer/personal care as secondary. In FY26 (year ended March 2026), Paushak reported Rs 218.60 crore in sales (up 3.63% YoY) and Rs 39.33 crore in net profit (down 20.35% YoY), while Q1 FY27 showed a sharp rebound with sales of Rs 83.55 crore (up 49.52% YoY) and a 30.70% operating margin. The company filed an anti-dumping petition against Chinese ethyl chloroformate imports in 2026 and is executing a new multipurpose plant, R&D, and pilot facility in 2025, indicating continued capacity-led growth investment.

Name

Paushak

Legal name

Paushak Limited

Website

https://paushak.com

Company type

Public

Founded year

1968

Operating status

Operating

Headcount range

251–500 employees

Short description

Paushak Limited, founded 1968 in Vadodara, India, is India's only pure-play phosgene specialty chemicals producer. It manufactures 60+ derivatives — chloroformates, isocyanates, chlorides, and carbonates/carbamates — and offers CDMO services to global pharmaceutical, agrochemical, polymer, and personal care customers.

Ownership category

akta.pro rank

Product category

Specialty Chemicals

NAICS

Chemical Manufacturing (325), Medicinal and Botanical Manufacturing (325411)

SIC

Industrial Organic Chemicals (2860), Medicinal Chemicals & Botanical Products (2833)

akta.pro primary industry

Small-Molecule API & Intermediates CDMO (HLAGABAA)

akta.pro secondary industry

Drug Substance–Drug Product Integrated CDMO (HLAGABAG)

Keywords

• Specialty phosgene chemicals
• Pharmaceutical intermediates manufacturing
• Agrochemical intermediates supply
• Custom synthesis CDMO services
• Chloroformates isocyanates production

Headquarters

HQ city

Vadodara

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Specialty Phosgene Chemicals Manufacturing & Sales: Paushak manufactures and sells specialty phosgene derivatives (chloroformates, isocyanates, chlorides, carbonates/carbamates) directly to pharmaceutical, agrochemical, polymer, and personal care companies globally. Revenue is generated through product sales, with exports accounting for approximately 17.54% of total turnover. The company reported Rs 218.60 crore in annual sales for FY26.
2. Custom Synthesis & CDMO Services: Paushak provides contract custom synthesis and full CDMO services for proprietary molecule development, handling everything from feasibility studies to commercial-scale manufacturing. Revenue is project-based, with flexible timelines ranging from 2 months to a year per engagement, serving as a trusted manufacturing partner for innovator companies requiring confidentiality and exclusive production.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Paushak manufactures and sells specialty phosgene-based chemical intermediates (chloroformates, isocyanates, chlorides, carbonates/carbamates) and provides custom synthesis and contract development and manufacturing (CDMO) services. The company serves pharmaceutical, agrochemical, polymer, and personal care companies globally, operating India's largest specialty phosgene plant at 14,400 MT/year capacity.

Product overview

Paushak is India's largest specialty phosgene-based chemical manufacturer offering a portfolio of four core chemical derivative product lines—Chloroformates, Isocyanates, Chlorides and Carbamoyl Chlorides, and Carbonates and Carbamates—alongside Custom Synthesis and CDMO services. The company operates a cutting-edge 14,400 MT per annum phosgene plant and provides contract manufacturing from grams to multi-metric tonnes scale, serving pharmaceutical intermediates, agrochemicals, polymers, and personal care industries globally.

Differentiator

Problem solved

Functional benefit

Products and services

• Chloroformates
• Isocyanates Specialty isocyanate compounds including Phenyl Isocyanate, 3,4-Dichloro Phenyl Isocyanate, 4-Chlorophenyl Isocyanate, Trans-4-Methyl Cyclohexyl Isocyanate, 2-Phenyl Ethyl Isocyanate, and Cyclohexyl Isocyanate, serving pharmaceutical, agrochemical, and industrial sectors.
• Chlorides and Carbamoyl Chlorides Specialty chlorides and carbamoyl chlorides including Diethyl Carbamoyl Chloride and N Methyl Piperazine Carbamoyl Chloride Hydrochloride, used as intermediates in pharmaceuticals and agrochemicals.
• Carbonates and Carbamates Advanced carbonate and carbamate derivatives including Chloromethyl Isopropyl Carbonate, Bis-(4 Nitrophenyl) Carbonate, and N-Butyl Propargyl Carbamate, serving pharmaceutical, paints, and personal care industries.
• Custom Synthesis and CDMO Services Contract development and manufacturing organization services offering custom phosgene chemistry synthesis, process development, scale-up from kilo lab to commercial production, and full CDMO capabilities for exclusive molecule development with confidentiality protection.

Quantifiable outcome

• Zero safety incidents reported in FY26 BRSR filing
• +4 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

One partnership is on record.

• Alembic GroupcoreOthersPaushak is an integral part of the Alembic Group, which has an illustrious history spanning 118 years. The Alembic Group, founded in 1907 in Vadodara, Gujarat, is India's oldest pharmaceutical company with operations across healthcare, real estate, engineering, and chemicals. Paushak leverages the Group's 118-year legacy of trust, scientific excellence, ethical business practices, and long-term vision. The Group has a market capitalization of over $3 billion and an employee base of over 12,000.

Scale indicators17 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Aarti Industries: Leading Indian specialty chemicals manufacturer producing intermediates for pharma, agro, and polymers. Comparable in scale and customer segments, though broader portfolio than Paushak's phosgene-focused offering.
• Atul Limited: Indian diversified specialty chemicals and intermediates manufacturer serving pharma, agro, and performance chemicals. Domestic Indian peer with overlapping customer base and end-markets.
• Vertellus: US-based specialty chemicals manufacturer with significant phosgene-based intermediates for pharma and personal care. Competes directly with Paushak in chloroformates, isocyanates, and specialty derivatives.
• Isochem (Arkema subsidiary): French phosgene chemistry specialist now part of Arkema, serving pharmaceutical and agrochemical CDMO customers. Closest European direct peer in phosgene-based intermediates.
• Hodogaya Chemical: Japanese specialty chemicals manufacturer with phosgene-based derivatives and CDMO services for electronics and pharma. Comparable in niche phosgene chemistry expertise and customer overlap.
• Navin Fluorine International: Indian specialty fluorochemicals and CDMO company serving pharma and agro. Comparable as an Indian listed specialty chemical CDMO peer with similar scale and end-market exposure.
• VanDeMark Chemical: North American phosgene derivatives manufacturer producing chloroformates, isocyanates, and acid chlorides. Direct comparable to Paushak in core chemistry, customer base (pharma/agro), and CDMO capabilities.

Broad incumbents

• Lanxess AG: German specialty chemicals giant with significant phosgene derivatives and isocyanate operations. Competes with Paushak in performance chemicals but at much larger scale and broader portfolio.
• BASF SE: Global chemical incumbent producing phosgene-based intermediates across pharma, agro, and polymers. Major indirect competitor as the largest diversified chemical manufacturer worldwide.

Emerging players

• Hangzhou Ruijiang Chemical: Chinese phosgene derivatives manufacturer competing in chloroformates and isocyanates. Subject of Paushak's anti-dumping petition and the primary low-cost competitive threat in the Indian market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Paushak