The chemical sector continues to face pressure as weak commodity prices and the impact of US tariffs weigh on demand, with Krishanchandra Parwani, Chemical Research Analyst at JM Financial Institutional Securities, noting a sharply divergent performance across product segments in the July–September 2025 quarter.

Speaking on the sidelines of the JM Financial India Xchange 2025 conference, Parwani said companies manufacturing refrigerant gases and pharma intermediates reported strong numbers, calling them the “silver lining” of the quarter. However, domestic-focused agrochemical players struggled due to “excessive rainfall”, which hurt demand.

On what is dragging the broader sector, Parwani pointed to the sustained weakness in commodity chemical prices. “Ammonia, phenol or soda ash… have b

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