Company Overview

Devson Catalyst Limited (formerly Devson Catalyst Private Limited, Scrip Code: 544823, Symbol: DEVSON) manufactures and supplies specialty products including catalysts, adsorbents, and ceramic balls for industrial applications. The company operates one manufacturing facility in Wadhwan City, Surendranagar, Gujarat, with a second facility planned to support future growth.

Management Team

  • Mr. Prahladbhai Devjibhai Shiyaniya: Chairman & Whole-time director, overseeing manufacturing operations with 34 years of experience, Diploma in Ceramic Technology
  • Mr. Patel Savan Prahladbhai: Managing Director (DIN: 07346200), leads technical operations and R&D with 15 years of experience, B.Pharm degree
  • Mr. Pratapbhai Devjibhai Siyania: Whole-Time Director, specializes in ceramic and catalyst manufacturing with 25 years of experience, Mechanist Certification
  • Mrs. Patel Krishna Savanbhai: Non-Executive Director, focuses on process improvements with 9 years of experience, B.Pharm degree

H1 FY27 Financial Performance (₹ Lakh)

| Metric | H1 FY27 | H1 FY26 | YoY Change |

| Revenue from Operations | 3,168.78 | 3,133.20 | +1.14% |

| Other Income | 53.09 | 50.70 | +4.71% |

| Total Income | 3,221.87 | 3,183.90 | +1.19% |

| EBITDA | 971.62 | 882.25 | +10.13% |

| EBITDA Margin | 30.66% | 28.16% | +250 BPS |

| Profit Before Tax | 927.19 | 839.26 | +10.10% |

| Current Tax | 222.71 | 219.92 | +1.30% |

| Prior Period Tax | (2.89) | - | N/A |

| Deferred Tax | 10.10 | 6.71 | +50.50% |

| PAT | 750.36 | 663.33 | +13.12% |

| PAT Margin | 23.68% | 21.17% | +251 BPS |

Revenue Mix Analysis

H1 FY27: Domestic Sales: ₹2,950.26 lakh (93.28%), Export Sales: ₹212.42 lakh (6.72%)

H1 FY26: Domestic Sales: ₹1,768.43 lakh (57.05%), Export Sales: ₹1,331.61 lakh (42.95%)

Historical Financial Performance (₹ Lakh)

| Particulars | FY26 | FY25 | FY24 |

| Revenue from Operations | 5,577.59 | 5,319.21 | 4,346.99 |

| EBITDA | 1,676.46 | 1,093.17 | 669.08 |

| EBITDA Margin | 29.49% | 20.42% | 15.29% |

| PAT | 1,252.09 | 767.23 | 407.84 |

| PAT Margin | 22.45% | 14.42% | 9.38% |

| EPS (Diluted) | 12.220 | 7.490 | 3.980 |

Balance Sheet Position (₹ Lakh)

| Particulars | FY26 | FY25 | FY24 |

| Equity Share Capital | 1,025.00 | 25.00 | 25.00 |

| Other Equity | 2,324.82 | 2,072.73 | 1,305.50 |

| Total Shareholders' Equity | 3,349.82 | 2,097.73 | 1,330.50 |

| Total Borrowings | 250.11 | 278.46 | 435.38 |

| Total Assets | 4,162.76 | 2,737.65 | 2,148.68 |

Cash Flow Statement (₹ Lakh)

| Particulars | FY26 | FY25 | FY24 |

| Net Cash Flow from Operating Activities | 455.64 | 450.08 | 20.77 |

| Net Cash Flow from Investing Activities | (294.90) | (247.43) | (261.44) |

| Net Cash Flow from Financing Activities | (70.62) | (192.19) | 262.36 |

| Closing Cash & Cash Equivalents | 216.50 | 126.39 | 115.92 |

Key Financial Ratios

  • Return on Capital Employed (ROCE): 47.60% (improved from 36.67%)
  • Return on Equity (ROE): 45.97% (improved from 36.20%)
  • Debt-to-Equity: 0.07x (improved from 0.33x)

Operational Capacity & Expansion

  • Existing Capacity: 6,205 MTPA (increased from 5,426 MT in FY24)
  • Existing Facility: 7,737.30 sq. meters in Wadhwan City, Surendranagar, Gujarat
  • Proposed Expansion: 5,088 MTPA capacity addition
  • New Facility Location: Ambawadi GIDC, Wadhwan, near NH-48
  • New Plant Area: 10,960.30 sq. meters
  • Total Planned Capacity Post-Expansion: 11,293 MTPA (82% increase)

Capacity Utilization

  • FY24: 99.40% utilization
  • FY25: 80.00% utilization
  • FY26: 88.20% utilization

Product Portfolio

1. Chloride Guard Catalyst: Removes chloride impurities from feedstocks in oil & gas and petrochemical industries

2. Sulphur Guard: Zinc oxide or copper-based materials for sulphur removal

3. Claus Catalyst: Enables sulphur recovery for environmental compliance

4. Hydrotreating Catalysts: Cobalt, nickel, and molybdenum-based catalysts for impurity removal

5. Nickel Catalyst: For steam methane reforming, DRI reforming, and ammonia decomposition

6. Activated Alumina: Porous material for moisture absorption and impurity removal

7. Molecular Sieve: High-precision filter for drying and cleaning gases and liquids

8. Ceramic & Alumina Balls: Inert support materials for reactors

9. Ceramic Tower Packing: Specially shaped ceramic pieces for process columns

Sustainability Features

  • Zero Liquid Discharge (ZLD): No liquid wastewater discharge from manufacturing operations
  • Solar Power: 263.7 kWp rooftop solar meeting 80% of facility's power requirements
  • Certifications: ISO 9001:2015 (Quality Management) and ISO 45001:2018 (Occupational Health & Safety)

Industry Context

  • India's catalyst market projected to exceed US$2 billion by 2030
  • Significant import substitution opportunity as India imports twice the value of exports
  • Exposure to refinery, petrochemical, gas, hydrogen, fertilizer, and steel capex cycles through 2030

Awards & Recognition

  • Surendranagar Ratna Award 2023: India's Best Petrochemical Equipment Manufacturer (Regional)
  • Top 10 Adsorbents & Desiccants 2023: Recognized as Leading National Producer
  • ISO 45001:2018 Certification: Occupational Health & Safety Certified
  • ISO 9001:2015 Certification: Quality Management System Certified