Proec Energy Ltd. Overview
Proec Energy Limited is a privately controlled, New Delhi-headquartered speciality chemicals manufacturer and supplier focused on oilfield chemistry. It produces drilling-fluid additives for oil-based and water-based muds, cementing and completion additives, production chemicals and oilfield commodity chemicals, and since its 2025 expansion it also makes agrochemical formulations. The company positions itself as a cost-competitive, India-based manufacturing and private-label partner to international oilfield service companies rather than as a drilling-fluid service provider. It exports to more than 70 countries, with core markets in the Middle East, Far East, Africa, India, Europe, the USA and Latin America. Its asset base includes a 20-acre greenfield plant at Abu Road, Rajasthan, a speciality liquids and powders plant at Halol, Gujarat (acquired in 2025 with Core Drilling Chemicals), an R&D laboratory in New Delhi, a Mundra port warehouse, a Dubai 3PL/trading arm (Proec DMCC) and a US trading arm (Proec America Inc). FY2024 filings show INR 377.6 Cr in revenue at a 25.6% EBITDA margin, which is unusually high for its niche.
What the company does
Proec Energy manufactures, toll-processes, blends, packages and trades the speciality and commodity chemicals that go into drilling fluids ("mud"), well-cementing slurries and completion fluids for oil and gas wells. On its website it describes itself as one of India's leading oilfield-chemical suppliers. It says it serves the Oil & Gas, Mining, Refractories and Speciality Chemicals industries, with a niche in drilling-fluid additives, cementing additives, production chemicals and commercial chemicals. It says its main markets are the Middle East, Far East, Africa, USA, Latin America and India (proecenergy.com/about-us, accessed Oct 2026).
Its earlier storefront description (IndiaMART) adds detail on how it operates. It describes grinding, drying, sizing, blending and bagging capability, and the production of many private-label drilling-fluid products used as bridging agents, shale stabilisers, filtration-control agents and seepage/lost-circulation materials. This is important. A material part of Proec's model appears to be making products that international service companies sell under their own brands.
Business model and revenue model
| Revenue stream | Description | Estimated weight | Basis |
|---|---|---|---|
| Proprietary branded additives (PEL-series, Sulf Mac, Claystab, Glidecarb, etc.) | Manufactured oilfield speciality chemicals sold under Proec brands | Not publicly disclosed (analyst view: core margin driver) | Product catalogue, proecenergy.com |
| Private-label / toll manufacturing | Grinding, sizing, blending and packing to customer specification for service companies | — | IndiaMART storefront |
| Commodity chemical trading | Caustic soda, soda ash, calcium chloride, citric acid, KCl, formic acid, etc., sourced and supplied as a "one-stop shop" for mud companies | Not publicly disclosed (likely lower margin) | proecenergy.com/products/commodity-chemicals |
| Agrochemical formulations | SL, EC and SC liquid formulations plus WP, GR and WDG solid formulations | Not publicly disclosed (new, likely small) | proecenergy.com/products/agro-chemicals |
| Logistics / 3PL | Warehousing in Dubai through Proec DMCC; consolidated shipping | Ancillary | proecenergy.com/logistics |
| Technical services | Lab testing, custom formulation and performance enhancement for difficult wells | Bundled, not separately priced | proecenergy.com |
Mix characterisation (analyst). The business is overwhelmingly product-based. There is no subscription or licensing revenue. Services such as R&D support, custom formulation and logistics are bundled to win and keep product business.
Value-chain position
Proec sits in the mid-stream of the oilfield-chemicals value chain:
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Upstream raw materials: natural asphalt and gilsonite, lignite, guar, starch, cellulose derivatives, mineral clays (bentonite, attapulgite), calcium carbonate, mica, nutshell, amines and fatty acids for emulsifiers, and polymer intermediates.
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Proec: chemical modification (for example organoclay manufacture, sulphonation of asphalt, lignite causticisation and resination, emulsifier synthesis), physical processing (grinding, drying, sizing), blending, and packaging (including UN-certified hazardous packaging tested by the Indian Institute of Packaging).
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Downstream customers: drilling-fluid and cementing service companies (global integrated oilfield service majors, regional mud companies, national oil company in-house mud departments), distributors, and in some cases operators directly.
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End users: E&P operators drilling onshore and offshore wells.
Customer types and end markets
| Customer type | Evidence | Comment |
|---|---|---|
| International oilfield service companies | Company says it has built a reputation as a reliable partner to international service companies | Named customers not publicly disclosed |
| Regional mud/fluid companies and distributors (Middle East, Africa, Asia) | Market focus statements; 70+ export countries | — |
| Indian E&P / drilling contractors | India listed among primary markets | Named customers not publicly disclosed |
| Mining (drilling), refractories and general chemicals | Listed industries served | Secondary |
| Agriculture (agrochemical formulations) | New product category on website | Likely B2B formulation supply; channel undisclosed |
Independent characterisation
Proec is best understood as an Indian low-cost, vertically flexible speciality-chemical processor and supplier to the global drilling-fluids supply chain. Its competitive proposition rests on three things. First, structurally lower conversion costs in India. Second, a broad catalogue that lets a customer consolidate sourcing of 50+ SKUs into mixed containers. Third, specific chemistries where Indian supply is thin: organoclays, sulphonated asphalt, polyamine shale inhibitors and OBM emulsifier packages. The FY2024 margin profile (25.6% EBITDA, 15.6% net) suggests that proprietary and modified chemistries, rather than commodity trading, make up a meaningful share of gross profit. That inference cannot be confirmed without segment data.
Strategy
Stated strategy themes (company website, paraphrased)
Vision: to become a global oilfield chemicals company offering world-class products and services, customised manufacturing, technology support and R&D services.
Operating model pillars: a cost-driven business model; an agile mindset and organisation structure; and superior customer service.
Innovation triad: product, quality and process innovation.
Customer value levers: lowering customers' product costs, shortening lead times and building an efficient supply chain, R&D support for portfolio improvement and cost alignment, and strict QA/QC and HSE adherence.
Brand positioning (Aug 2026 refresh): new logo carrying the tagline "Built on Trust".
Strategic initiatives (last 24 months, Oct 2024 – Oct 2026)
| Initiative | Date | Description | Strategic intent (analyst) | Source |
|---|---|---|---|---|
| Acquisition of Core Drilling Chemicals | 23 Apr 2025 | All products and services move under the Proec umbrella; full operational control of the Halol/Vadodara plant | Adds liquid speciality chemistry (emulsifiers, corrosion inhibitors), a second manufacturing hub closer to west-coast ports, and an R&D lab | proecenergy.com |
| Proec America Inc | 2,025 | US trading entity | Direct access to the largest drilling-fluids market; closer to customers | proecenergy.com |
| Agrochemical formulations | 2025–2026 | Liquid SL/EC/SC formulations live; solid WP/GR/WDG forthcoming | Diversification away from oil-price cyclicality using existing formulation and blending capability | proecenergy.com |
| Organoclay-led positioning | 2024–2026 | Website and SEO built around organoclays and organophilic clays | Targeting a high-value OBM niche dominated by Western specialists | proecenergy.com |
| Digital / content marketing | Nov 2024 onward | Technical blog series on viscosifiers, shale stabilisers, fluid-loss additives and emulsifiers | Inbound lead generation, technical credibility | proecenergy.com/blog |
| Rebranding | Aug 2026 | New "Built on Trust" logo | Brand consolidation after the acquisition | proecenergy.com assets |
| Banking refresh | Jul–Dec 2025 | PNB facilities repaid; ICICI limit modified to INR 25 Cr | Rationalising working-capital lines | TheCompanyCheck |
ESG / sustainability commitments
The stated commitments are qualitative. No quantified emissions or energy targets are publicly disclosed.
Medium-term financial targets / guidance
Not publicly disclosed. The company issues no guidance.
Products & Services
All product data comes from proecenergy.com product pages (accessed Oct 2026) unless noted. Pricing is not publicly disclosed for any product; sales are quote-based B2B. Launch years are not disclosed. Where temperature ratings are given, they are the company's own claims.
Oil-Based Mud (OBM) Additives
| Brand | Generic | Function / key specification | Target customer |
|---|---|---|---|
| PEL-OCLAY | Organoclay (organophilic clay) | Builds viscosity, gel strength and suspension of weighting agents in OBM and packer fluids; aids hole cleaning and fluid-loss control | OBM service companies, offshore/HPHT operators |
| PEL-OCLAY HT | High-temperature organoclay | Fast-yielding viscosifier for any OBM; secondary fluid-loss role; rated to 350°F | HPHT wells |
| VISCOMOD P | Liquid viscosifier | Invert-emulsion viscosifier rated to 350°F; used with or instead of organoclay; improves suspension, fluid loss and emulsion stability | Organoclay-free / clay-free OBM systems |
| PEL MUL P | Primary emulsifier | Lime-activated primary emulsifier for mineral-oil / paraffin muds; reduces HPHT filtrate | OBM formulators |
| PEL MUL S | Secondary emulsifier | Wetting agent and emulsion stabiliser; designed to pair with PEL MUL P | OBM formulators |
| PEL MUL O | One-pack emulsifier | Single-product emulsifier for all OBMs | Customers seeking simplified inventory |
| PEL WET | Wetting agent | Keeps solids oil-wet in diesel, mineral-oil or synthetic muds | OBM / SBM |
| PEL-THIN | Thinner | Rheology control in invert emulsions | OBM |
| PEL-OLIG | Organophilic lignite | Primary filtration control for conventional invert emulsions (not for clay-free systems) | OBM |
| PEL-TROL M | Natural asphalt | HTHP filtration control in OBM | HTHP wells |
| PEL-FIL R | Liquid polymeric fluid-loss reducer | Filtration and emulsion stability; thermal stability to 350°F | High-performance OBM |
Flagship (analyst view): PEL-OCLAY / PEL-OCLAY HT. The company's site metadata and headlines lead with organoclay / organophilic clay positioning, which indicates strategic priority.
Water-Based Mud (WBM) Additives
| Category | Brand | Generic | Function / spec |
|---|---|---|---|
| Viscosifier | PEL-VIS-XG | Xanthan gum blend | Primary WBM viscosifier |
| Asphaltic shale stabiliser | Sulf Mac | Sulphonated asphalt | Shale stabiliser, cuttings-dispersion inhibitor, fluid loss |
| Asphaltic shale stabiliser | Sulf Mac SA | Sulphonated asphalt | As above, plus HT fluid loss; rated to 400°F; adds lubricity |
| Asphaltic shale stabiliser | PEL TROL | Natural asphalt | Shale stabiliser, LCM, seepage / fluid-loss control |
| Asphaltic shale stabiliser | PEL TROL L | Natural asphalt suspension | Environmentally accepted liquid dispersion; shale stabiliser and lubricant |
| Shale stabiliser | Claystab AB | Polyamine | Low-MW, highly cationic liquid polyamine |
| Shale stabiliser | Claycease | Polyamine | Chloride-free polyamine for polymer and drill-in fluids |
| Shale stabiliser | PEL-HIB | Polyamine suppressant | Wellbore stability |
| Shale stabiliser | PEL COL LC | Glycol | Low cloud-point glycol |
| Shale stabiliser | PEL COL MC | Glycol | For medium-to-high salinity polyglycol systems |
| Shale stabiliser | PEL-PHPA | PHPA powder | Encapsulating shale stabiliser |
| Shale stabiliser | PEL-PHPA L | PHPA emulsion | Encapsulation / shale stabilisation |
| Fluid loss | PEL STARCH-PG | API starch (pre-gelatinised) | Rheology and filtration; meets or exceeds API 13A |
| Fluid loss | PEL STARCH-HT | High-temp starch | Effective to 285°F |
| Fluid loss | PEL-ONEX | Lignite | Fluid loss and rheology stabiliser |
| Fluid loss | LIG 7 | Lignite | Fluid loss |
| Fluid loss | PAC LV | Polyanionic cellulose | Fluid loss |
| Dispersant | LIG CS-6 | Modified (causticised) lignite | Thinner / dispersant |
| Dispersant | Potassium Lignite | Potassium lignite | For potassium-based muds |
| Defoamer | BD 300 | Alcohol-based | Prevents or kills foam in WBM and OBM |
| Defoamer | No Foam-S | Silicone-based | WBM defoamer |
| Lubricant | EP LUBE | Lubricant | Non-toxic; WBM; rated to 350°F |
| Lubricant | PEL LUBE RG | Ester lubricant | WBM and completion fluids |
| Lubricant | PEL LUBE L | ROP enhancer | Reduces torque, bit-balling and stuck pipe |
| Lubricant | PEL LUBE GOLD | Ester lubricant (non-hydrocarbon) | Extreme-pressure applications |
| Biocide | AD 100 | Biocide | Biodegradable bactericide for drilling, completion and packer fluids |
| O2 scavenger | PEL OS / PEL OS L | Powder / liquid | Removes entrained oxygen |
| Spotting fluid | PEL S.F | Non-weighted spotting fluid | Frees differentially stuck pipe |
| LCM / wellbore strengthening | PEL-GRAPH | Graphite | Sized plugging agent |
| LCM | PEL-CF | Cellulose fibres | Lost circulation |
| LCM | Nut Plug (C/M/F) | Nutshell | Lost circulation |
| LCM | Mica (C/M/F) | Mica | Lost circulation |
| LCM / bridging / weighting | PEL Carb (C/M/F) | Calcium carbonate | Acid-soluble; 2–1,400 micron grades |
| LCM | PEL LCM M | Blended fibre, granule and flake | Acid-soluble LCM for fractures |
| Corrosion inhibitor | PEL CORR I 40 | Imidazoline | Film-forming high-performance CI |
| Corrosion inhibitor | PEL CORR A-50 | Combination CI | High-performance |
| Corrosion inhibitor | PEL CORR Inhibitor | Amine | For drilling fluids, clear completion and packer brines |
Completion and Cementing Additives
| Brand | Generic | Function |
|---|---|---|
| Glidecarb | Organophilic calcium carbonate | Polymer-compatible, acid-soluble bridging for completion / drill-in fluids |
| C-DFM | Cement defoamer | Antifoam and defoamer for cement slurries |
| C-SP | Cement spacer | Separates mud from cement and cleans the casing |
| C-SP PLUS | Water-based spacer | Enhanced spacer |
| C-FLA | Cement fluid-loss additive | For all API cement classes |
| (Legacy storefront list) Superfine fly ash, cenosphere, silica flour, calcium chloride | Cement extenders / accelerators / strength retrogression control | IndiaMART catalogue (may be partly legacy) |
Commodity Chemicals
Zinc oxide; zinc carbonate; lime; soda ash; caustic soda; caustic potash; sodium bicarbonate; calcium chloride (74–77% and 94–96% grades per storefront); magnesium oxide; potassium chloride; sodium chloride; citric acid; guar gum (3,500 cps and fast-hydration grades); SAPP; potassium hydroxide; cotton-seed hulls; pipe-lax; calcium carbonate fine/medium/coarse; formic acid. The storefront also lists aluminium stearate, oil-wetting agent, CMC (LVG/HVG), HEC, attapulgite and bentonite.
Agrochemical Formulations (new line)
| Formulation type | Products listed |
|---|---|
| Soluble liquid (SL) | Glyphosate 41% SL; Paraquat dichloride 24% SL; Imazethapyr 10% SL |
| Emulsifiable concentrate (EC) | Pendimethalin 30% EC; Bifenthrin 10% EC; Profenofos 40% + Cypermethrin 4% EC; Chlorpyriphos 50% + Cypermethrin 5% EC |
| Suspension concentrate (SC/ZC/FS) | Azoxystrobin 11% + Tebuconazole 18.3% SC; Thiamethoxam 12.6% + Lambda-cyhalothrin 9.5% ZC; Thiamethoxam 30% FS; Fipronil 5% SC; Hexaconazole 5% SC |
| Wettable powder (WP) | Atrazine 50%; Carbendazim 50%; Metribuzin 70%; Thiophanate-methyl 70%; Mancozeb 75%; Tricyclazole 75%; Carbendazim 12% + Mancozeb 63%; Metalaxyl 8% + Mancozeb 64%; Clodinafop-propargyl 15%; Clodinafop-propargyl 9% + Metribuzin 20% |
| Granules (GR) | Cartap HCl 4%; Chlorantraniliprole 0.4%; Fipronil 0.3% and 0.6%; Cartap HCl 7.5% + Emamectin benzoate 0.25%; Thiamethoxam 0.9% + Fipronil 0.2%; Triacontanol 0.05%; Thiamethoxam 1.0% + Chlorantraniliprole 0.5% |
| Water-dispersible granules (WG/SG) | Thiamethoxam 25% WG; Emamectin benzoate 5% SG; Pymetrozine 50% WG; Ammonium salt of glyphosate 71% SG; Imidacloprid 70% WG |
Page metadata indicates liquid formulations are in production and solid formulations are "forthcoming". Treat the solid lines as pipeline rather than commercial.
Services
| Service | Description |
|---|---|
| Custom manufacturing / private label | Powder products and custom liquid blends to customer specification |
| Technical services | Lab testing, product customisation for well conditions, performance enhancement of existing products |
| Packaging | Paper bags, FIBCs (5:1–6:1 safety factor), laminated bags, pails, cans, HDPE and MS drums (epoxy-coated or plain), IBCs, bulk tankers; UN-compliant hazardous-cargo packaging tested and certified by IIP |
| Logistics | In-house shipping team for containerised and break-bulk cargo; 3PL storage in Dubai |
Financial Narrative
Data availability statement
Proec files audited standalone financial statements with the MCA (Form AOC-4). The full statements are behind paywalls at registry aggregators. The publicly visible data points are FY2024 revenue, EBITDA and net profit, plus 1-, 3- and 5-year CAGRs for revenue and EBITDA, as computed by TheCompanyCheck from filed statements. Values for other years below are implied by working backward from those CAGRs. They carry rounding error, because the CAGRs are published as whole percentages, and are labelled accordingly. FY2020 and FY2022 cannot be derived. No figure below is an estimate beyond this arithmetic. FY2025 (year ended 31 Mar 2025) financials were not visible in aggregator data as of July 2026.
Key reported datapoints (source: TheCompanyCheck, AOC-4 derived, FY2024):
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Revenue FY2024: INR 377.57 Cr (+9% YoY); 3-yr revenue CAGR 38%; 5-yr revenue CAGR 16%.
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EBITDA FY2024: INR 96.52 Cr (margin 25.6%); EBITDA growth +50% YoY; 3-yr EBITDA CAGR 44%; 5-yr EBITDA CAGR 19%.
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Net profit FY2024: INR 59.05 Cr (margin 15.6%).
Income statement (chartable)
Blank = not publicly disclosed. FY2021 and FY2023 values are implied.
Implied FY2019 (5-year CAGR base): revenue ≈ INR 179.8 Cr; EBITDA ≈ INR 40.4 Cr. These are not shown in the table because the table is restricted to five years.
Margins (chartable)
Implied FY2019 EBITDA margin: about 22.5%.
Balance sheet (chartable)
Paid-up capital is shown as constant at INR 1.87 Cr. No capital raise after the 2009 INR 88 lakh round appears in the deal register. That suggests capital has been stable, but intermediate-year values are not separately confirmed.
Secured borrowing proxy: registered bank charges. Charges show sanctioned secured limits, not outstanding balances.
Analytical reading. Open secured limits of INR 26.6 Cr are small against FY2024 EBITDA of INR 96.5 Cr, about 0.28x. If the limits were fully drawn, gross secured debt / EBITDA would still be below 0.3x. Two PNB facilities were repaid in July 2025, three months after the Core Drilling Chemicals acquisition. This implies the acquisition was funded largely from internal accruals or unsecured sources. That is analyst inference; deal financing is not publicly disclosed.
Commentary on trends, inflections and drivers
Phase 1, FY2019 → FY2021: contraction. Implied revenue fell from about INR 180 Cr to about INR 144 Cr, roughly a 20% decline over two years. The timing coincides with the 2020 oil-price collapse and the COVID-19 drop in global rig counts, when drilling-fluid consumption fell sharply worldwide. EBITDA margin appears to have held at about 22–23% (implied). That suggests the company protected pricing on speciality lines while volumes fell.
Phase 2, FY2021 → FY2023: hyper-growth. Implied revenue more than doubled to about INR 346 Cr, a two-year CAGR of about 55%. Drivers consistent with public facts include: (i) the post-2021 recovery in Middle East and US drilling activity; (ii) commissioning of the automated plant near Delhi in 2022; (iii) the broader 2018 portfolio expansion maturing into sales; and (iv) a "China+1" shift in sourcing by international service companies, which favours Indian suppliers (analyst view). Implied EBITDA margin compressed to about 18.6% in FY2023. That fits with volume gained through lower-margin commodity and private-label business, raw-material inflation in 2022, and freight-cost spikes.
Phase 3, FY2024: margin inflection. Revenue growth slowed to 9%, but EBITDA jumped 50% and margin expanded about 700 bp to 25.6%. A 15.6% net margin is high for an Indian speciality-chemicals mid-cap. Plausible drivers: easing raw-material and freight costs in FY2024, operating leverage on new plant capacity, and a richer mix of proprietary chemistries such as organoclays, emulsifiers and polyamines. Segment data would be needed to confirm which driver dominated.
FY2025 onward: not yet visible. The April 2025 Core Drilling Chemicals acquisition and the 2025 US trading entity should show up in FY2026 numbers (year ending March 2026). Investors and counterparties should get the FY2025 and FY2026 AOC-4 filings before drawing conclusions.
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Business Lines
| Business line | Contents | Plants (inferred) |
|---|---|---|
Oil-Based Mud (OBM) additives | Organoclays, liquid viscosifier, primary/secondary/one-pack emulsifiers, wetting agent, thinner, organophilic lignite, asphalt, polymeric fluid-loss additive | Abu Road (liquids plant handles reactions); Halol (emulsifiers) |
Water-Based Mud (WBM) additives | Xanthan blend, sulphonated/natural asphalt, polyamine and glycol shale stabilisers, PHPA, starches, lignites, PAC, defoamers, lubricants, biocide, O2 scavengers, spotting fluid, LCMs, corrosion inhibitors | Abu Road; Halol (sulphonated asphalt, corrosion inhibitors) |
Completion & cementing additives | Organophilic CaCO3, cement defoamer, spacers, cement fluid-loss additive; historically fly ash, cenosphere, silica flour | Abu Road |
Commodity chemicals | 20 commodity items (caustic soda/potash, soda ash, CaCl2, KCl, NaCl, citric/formic acid, zinc oxide/carbonate, MgO, SAPP, guar, lime, cotton-seed hulls, CaCO3 grades, pipe-lax) | Sourced / traded / repacked |
Agrochemical formulations | About 34 listed formulations (herbicides, insecticides, fungicides, plant-growth regulator) | Agro facility (location not specified) |
Revenue by Segment
| Metric | FY2021 | FY2023 | FY2024 |
|---|---|---|---|
Total revenue all lines (INR Cr) | 143.7 | 346.4 | 377.6 |
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View Subscription PlansGroup Entities
| Entity | Jurisdiction | Relationship | Function | Source |
|---|---|---|---|---|
Proec Energy Limited | India (Delhi) | Parent / operating company | Manufacturing, R&D, exports | MCA |
Proec Private Limited (CIN U24290DL2020PTC363338) | India | Subsidiary (per FY2023 group data) | Chemicals (NIC 242); exact role not disclosed | TheCompanyCheck; ZaubaCorp |
Peony Infotech Private Limited (now Peony Infotech LLP, ACL-9043) | India | Subsidiary per FY2023 data; converted to LLP in 2025 | IT / support (inferred from name); shares the A-60 FIEE address | TheCompanyCheck |
Proec DMCC | UAE (Dubai Multi Commodities Centre) | Overseas trading and 3PL arm (est. 2017) | Regional stocking and trading for Middle East / Africa | proecenergy.com |
Proec America Inc | USA | Trading arm (est. 2025) | US market trading | proecenergy.com |
Halol unit (ex-Core Drilling Chemicals) | India (Gujarat) | Operating unit of Proec Energy Ltd | Speciality liquids and powders | proecenergy.com |
Income Statement
| Metric | FY2021 | FY2023 | FY2024 |
|---|---|---|---|
Revenue (INR Cr) | 143.7 | 346.4 | 377.6 |
Revenue (USD Mn approx) | 19.4 | 42.2 | 45.5 |
EBITDA (INR Cr) | 32.3 | 64.3 | 96.5 |
Net income (INR Cr) | — | — | 59.1 |
Margin Analysis (%)
| Metric | FY2021 | FY2023 | FY2024 |
|---|---|---|---|
EBITDA margin (%) | 22.5 | 18.6 | 25.6 |
Net margin (%) | — | — | 15.6 |
Valuation Snapshot
| Metric | Value | Period | Source |
|---|---|---|---|
Revenue growth YoY | 9% | FY2024 vs FY2023 | TheCompanyCheck |
Revenue CAGR 3-yr | 38% | FY2021–FY2024 | TheCompanyCheck |
Revenue CAGR 5-yr | 16% | FY2019–FY2024 | TheCompanyCheck |
EBITDA growth YoY | 50% | FY2024 vs FY2023 | TheCompanyCheck |
EBITDA CAGR 3-yr | 44% | FY2021–FY2024 | TheCompanyCheck |
EBITDA CAGR 5-yr | 19% | FY2019–FY2024 | TheCompanyCheck |
Key Financials
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|---|
Paid-up share capital (INR Cr) | 1.87 | 1.87 | 1.87 | 1.87 | 1.87 |
Charge Id Details
| Charge ID | Created | Lender | Amount (INR Cr) | Status | Source |
|---|---|---|---|---|---|
| 10,246,898 | 14 Sep 2010 | Bank of India | 13.50 | Satisfied 15 Apr 2021 | ZaubaCorp |
| 10,344,108 | 22 Mar 2012 | Export-Import Bank of India | 6.00 | Satisfied 30 May 2018 | ZaubaCorp |
| 10,394,288 | 06 Nov 2012 | Bank of India | 5.65 | Satisfied 22 Feb 2019 | ZaubaCorp |
| 100,315,164 | 20 Dec 2019 | ICICI Bank | 10.00 | Satisfied 25 Jan 2023 | ZaubaCorp |
| 100,386,105 | 30 Sep 2020 | ICICI Bank | 21.00, modified to 25.00 (Dec 2025) | Open | ZaubaCorp; TheCompanyCheck |
| 100,566,109 | 13 Apr 2022 | Punjab National Bank | 10.00 | Satisfied 14 Jul 2025 | ZaubaCorp; TheCompanyCheck |
| 100,701,654 | 21 Jan 2023 | Punjab National Bank | 0.875 | Open | ZaubaCorp |
| 100,942,826 | 28 Jun 2024 | Punjab National Bank | 7.00 | Satisfied 14 Jul 2025 | ZaubaCorp; TheCompanyCheck |
| 101,061,752 | 26 Feb 2025 | Not named ("Others") | 0.70 | Open | TheCompanyCheck |
Total open | — | — | 26.58 | — | TheCompanyCheck |
Total satisfied | — | — | 52.15 | — | TheCompanyCheck |
Financial Analysis
| Ratio | FY2024 value | Comment |
|---|---|---|
Secured charges / EBITDA (proxy) | 0.28x | Open charges INR 26.58 Cr ÷ EBITDA INR 96.52 Cr; upper bound on secured leverage at sanctioned limits |
EBITDA less PAT (D&A + interest + tax) | INR 37.47 Cr | Arithmetic from reported EBITDA and PAT |
Revenue per EPFO employee | INR 2.72 Cr (about USD 0.33M) | 377.57 ÷ 139; overstated if contract labour is excluded |
Geographic Revenue
| Indicator | Detail | Source |
|---|---|---|
Export reach | Exports to more than 70 countries | proecenergy.com/logistics |
Stated primary markets (2026 site) | Middle East, Far East, Africa, USA, Latin America, India | proecenergy.com/about-us |
Stated primary markets (earlier storefront) | Middle East, Far East, Africa, India, West Europe | IndiaMART |
Overseas infrastructure | Proec DMCC (UAE, 2017): trading and 3PL; Proec America Inc (US, 2025): trading | proecenergy.com |
Ports used | JNPT, Mundra (own 50,000 sq ft warehouse), Hazira, Pipavav | proecenergy.com/logistics |
Export finance history | EXIM Bank charge 2012 | ZaubaCorp |
Revenue by Region
| Region | FY2023 | FY2024 |
|---|---|---|
Total revenue (INR Cr) | 346.4 | 377.6 |
Capital Markets
| Item | Status |
|---|---|
Listing / ticker | Unlisted; no exchange listing |
Market capitalisation | Not applicable; no disclosed valuation |
Buyback authorisations | None identified |
Credit ratings (Moody's / S&P / Fitch) | None. Domestic bank-loan ratings (CRISIL / ICRA / CARE / India Ratings) not identified in this research and should be checked. |
Equity funding history | Single disclosed primary round: INR 0.88 Cr, Mar 2009 (Matina Enterprises); 6 secondary transfers 2008–2018 |
Debt profile | Secured bank limits only: open INR 26.58 Cr (ICICI INR 25 Cr; others INR 1.58 Cr). Maturity schedule not publicly disclosed. |
Capital Markets Data
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|---|
Paid-up capital (INR Cr) | 1.87 | 1.87 | 1.87 | 1.87 | 1.87 |
Capital Markets Data — New charges created
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|---|
New charges created (INR Cr) | 10.0 | 21.0 | 0.0 | 10.875 | 0.0 |
Analyst Conclusions
Management guidance
None publicly disclosed. The only forward-looking statement found is the CMD's April 2025 comment that the acquisition fits the long-term vision and positions the company to speed up innovation and widen its market reach.
Consensus growth expectations
No analyst coverage. As a market proxy, third-party research projects global drilling-fluids growth of about 4–5.7% CAGR through 2032–2034 (Coherent, Straits, GMI, Meticulous, IMARC). Proec's history (5-year revenue CAGR of 16%) suggests it has gained share against that backdrop.
Bull case
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Margin durability plus inorganic growth. A 25.6% EBITDA margin and very low secured leverage (about 0.28x EBITDA in open limits) give self-funded capacity for more bolt-on deals like Core Drilling Chemicals.
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Moving up the value chain. HT organoclays, HT sulphonated asphalt (400°F), polyamines and emulsifier packages put Proec in higher-value OBM and HPHT niches, a segment of about USD 2 bn for OBM alone (GMI).
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Geographic expansion. DMCC (2017) plus Proec America (2025) give a direct presence in the two largest drilling regions, while India's cost base supports share gains as service companies diversify away from China.
Bear case
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Cyclical exposure. The roughly 20% implied revenue decline in FY2019–FY2021 shows the business is tied to rig counts. A soft-oil scenario in 2026–2027 would compress volumes and pricing.
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Opacity and governance. No public segment, geographic or balance-sheet data, unconfirmed FY2025 filings in aggregators, and a promoter-centric board with no identified independent directors make true earnings quality hard to assess.
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Competitive squeeze. Chinese producers on cost and Western specialists (Elementis, BYK) on qualification, together with buyer power from customers 500× its size, could erode the FY2024 margin peak.
Catalysts and monitorables (next 12 months)
| Monitorable | Why it matters |
|---|---|
| FY2025 and FY2026 AOC-4 filings | First view of post-acquisition revenue, margins, debt and goodwill |
| Halol plant utilisation and product-list expansion | Integration success |
| Proec America traction | Execution in the US; tariff impact |
| Agro solid-formulation launch | Diversification progress |
| ICICI limit usage / new charges | Leverage and capex signals |
| Rajasthan High Court pending matter | Potential cost or operational implications at Abu Road |
| Board changes (independent directors, CFO) | Governance maturation, possible IPO readiness |
| Global rig count and Middle East NOC programmes | Volume driver |
| LEI renewal | Indicator of administrative hygiene for international trade finance |
Concluding analyst verdict
Proec Energy Limited is a well-run but under-documented Indian speciality chemicals company. In under two decades, through promoter capital and internal accruals, it has grown from a concept-stage venture into a business with roughly USD 45 million of revenue serving the global drilling-fluids supply chain. Its FY2024 results stand out: INR 377.6 crore of revenue, a 25.6% EBITDA margin and a 15.6% net margin, after three years of about 38% annual revenue growth. These numbers point to real franchise value in organoclays, OBM emulsifiers, asphaltic shale stabilisers and polyamine inhibitors, sold on the strength of Indian cost structures and one-stop sourcing to service companies in more than 70 countries.
The strategic direction since 2025 is sensible. The Core Drilling Chemicals acquisition adds liquid chemistry and a west-coast plant. Proec America extends the DMCC model to the largest end market. Agrochemicals give a partial hedge against oil-price cyclicality. The balance sheet, as far as registered charges show, has ample room for further moves.
Three limitations constrain the assessment. First, the business remains cyclical, as the FY2019–FY2021 downturn shows. Second, its scale is small relative to customers and to global organoclay specialists, which leaves it exposed to pricing pressure. Third, and most important for any counterparty, investor or acquirer, public information is thin. There are no segment or geographic disclosures, the FY2025 accounts are not yet visible through aggregators, footprint statements conflict, and governance is promoter-centric without visible independent oversight.
Verdict: an operationally attractive, financially strong niche supplier, best characterised as a high-quality private compounder with disclosure risk. Before any credit, partnership or investment decision, obtain the FY2024–FY2026 audited statements directly from the MCA, along with customer-concentration data, the FY2025 integration results for Halol, and confirmation of the current status of the near-Delhi plants.
APPENDIX — SOURCES
1: proecenergy.com: homepage, About Us (timeline), Facilities, R&D Centre, QHSE & ESG, Logistics, product pages (OBM, WBM, Cementing, Commodity, Agro), Core Drilling Chemicals acquisition release (23 Apr 2025), Blog index — Business, products, footprint, history, ESG, M&A
2: IndiaMART storefront (m.indiamart.com/proec-energy): About Us and fact sheet — Promoter group, IEC, earlier footprint (3 plants), DSIR claim, employee claim, legacy catalogue
3: ZaubaCorp: Proec Energy Limited (CIN U74899DL1993PLC051578) — Incorporation, capital, directors (current and past), charges, AGM data
4: TheCompanyCheck: Proec Energy Limited (data updated 28 Jul 2026) — FY2024 financials, CAGRs, auditor, EPFO headcount, GST registrations, litigation, deals, subsidiaries, recent activity
5: Bloomberg LEI / GLEIF record 894500T6VAAJUPL18U30 — LEI, legal form, registration dates
6: BounceWatch company profile — Third-party founding year (2005), competitor mentions
7: Coherent Market Insights via GII; Straits Research; Global Market Insights (Nov 2025); Meticulous Research (Jan 2025); IMARC Group (Jan 2025); SkyQuest via GII — Market sizing
8: Oren Hydrocarbons profile (A-Leads); Petropath Fluids website — Indian peer context
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View Subscription PlansExecutive Leadership
Board of Directors
| Name | DIN | Title | Board tenure | Other affiliations / prior roles |
|---|---|---|---|---|
Manav Modi | 01,983,833 | Chairman & Managing Director ("CMD" per Apr 2025 press release) | Director since 26 Apr 2005; MD re-appointed 01 Feb 2021 | Promoter, K.N. Modi Group; director, Proec Private Ltd, Naveda Ventures Pvt Ltd (2025), Peony Infotech LLP; partner, Flare Minerals & Organics LLP; director, YPO Delhi Chapter (from Aug 2023); formerly Matina Enterprises |
Jigarkumar Shashikant Patel | 11,185,335 | Whole-Time Director | Since 04 Jul 2025 | Appointment timing matches the Gujarat (Halol) expansion. Any link to the acquired business is analyst inference and unconfirmed. |
Arvind Kumar Sharma | 09,349,585 | Director | Additional director Oct 2021; regularised 30 Nov 2021 | No other directorships recorded |
Sanjay Gupta | 00,511,367 | Director | Since 26 Apr 2005 | Director, Haryana Distillery Ltd and MACL Securities & Finance Ltd; formerly Lords Distillery Ltd (whole-time director to 2012) and Vintage Distillers Ltd, which are Modi-group-linked distillery businesses |
Sandeep Kumar | 06,542,610 | Director | Since 23 Dec 2016 | Director, Proec Private Ltd, Spectra & Star Convergence Ltd, Kanone Technologies Ltd (2024), Peony Infotech |
Rajendra Nath Gadi | 01,637,459 | Director | 09 May 2008 | Associated with the G&T oilfield and Oil States Industries (India) boards |
Rajiv Savara | 00,248,268 | Director | 21 Jul 2009 | G&T Oilfield & Offshore Services group; former MD, Oil States Industries (India) |
Gopala Rajakumar | 00,353,620 | Director | 19 Jan 2015 | Multiple Modi-linked boards |
Chhote Lal Saini | 02,588,683 | Director | 25 Oct 2021 | Matina Enterprises |
Narendra Kumar | 08,998,844 | Whole-time director | 29 Nov 2021 (WTD) / 30 Nov 2021 | Now director, Proec Private Ltd |
Executive Leadership Team
| Name | Role | Source |
|---|---|---|
Manav Modi | CMD, listed as "Company CEO" on IndiaMART | IndiaMART; press release |
Mukesh S. Rawat | Assistant Manager (sales contact) | IndiaMART |
Major Shareholders
| Holder | Stake | Source |
|---|---|---|
Promoter / K.N. Modi Group interests (Manav Modi and affiliates) | Not publicly disclosed (analyst view: controlling) | — |
Institutional holders | None identified. There are no recorded PE/VC rounds beyond the 2009 INR 88 lakh round from Matina Enterprises, a promoter-group entity. | TheCompanyCheck |
Competitive Landscape
Key Competitors
| Competitor | Segment overlap | HQ | Scale / revenue (FY2024, USD) | Relative positioning vs Proec |
|---|---|---|---|---|
SLB (M-I SWACO drilling fluids) | Full drilling-fluid systems, OBM/WBM additives | USA / France | — | Integrated leader; also a potential private-label buyer. |
Halliburton (Baroid) | Drilling fluids, cementing additives | USA | — | Integrated; owns proprietary additive lines; potential customer |
Baker Hughes (drilling and completion fluids) | Fluids, cementing | USA | — | Integrated; potential customer |
Elementis (Bentone organoclays) | Organoclays / rheology modifiers | UK | — | Global benchmark in organoclays; Proec's PEL-OCLAY competes on cost |
BYK (Altana) | Organoclays / rheology additives | Germany | — | Premium organoclay supplier |
Clariant (Oil Services) | Production chemicals, corrosion inhibitors | Switzerland | — | Production-chemicals specialist |
| — | Drilling-fluid systems | USA | — | Mid-tier fluids company |
Tetra Technologies | Completion fluids, calcium chloride | USA | — | Brines / CaCl2 competitor |
Oren Hydrocarbons | Barite, starch, PAC, CMC, mud chemicals | India (Chennai) | Not disclosed; describes itself as API-licensed for barite, starch, PAC and CMC, shipping about 500,000 t barite a year | Closest Indian peer; larger in weighting agents and API polymers |
Petropath Fluids (India) | Barite, mud chemicals, enzyme and lubricant specialities | India (Bengaluru) | — | Indian peer with mud-service capability |
Ashapura Minechem | Bentonite, barite (minerals) | India | — | Mineral raw-material overlap |
Chinese organoclay / PAC / xanthan producers (various) | Organoclays, polymers | China | — | Main cost competitor in commodity-speciality lines |
“—” = not publicly disclosed.
Peer Comparison FY2024
| Metric | Proec Energy (FY2024) | SLB (FY2024) | Halliburton (FY2024) | Baker Hughes (FY2024) |
|---|---|---|---|---|
Revenue (USD Mn) | 45.5 | 36,290 | 22,944 | 27,829 |
Revenue growth YoY (%) | 9 | — | — | — |
EBITDA margin (%) | 25.6 | — | — | — |
Net margin (%) | 15.6 | — | — | — |
Recent Developments
Entries are drawn from the company website, MCA-derived filings and website metadata.
Not found: * contract-win announcements, leadership departures, layoffs, guidance revisions, product-recall or safety incidents, or regulatory actions.
