JM Financial's Meet Vora highlighted Aarti Industries as a beneficiary of Chinese supply shutdowns in nitration chemistry

Thu 8 Oct 2026

Shandong share of Chinese nitration capacity

35 percent

VAT rebate cut on exports

13 percent

Heard on business television between 13:37:01 - 13:40:01 IST.

• Vora noted China cut VAT export rebate on certain chemicals by 13% earlier in the year, reducing government support for commodity industries.
• China passed a hazardous chemistry law after 4-5 blasts with casualties in nitration plants over the past 12 months.
• Shandong province, housing around 35% of Chinese nitration capacity, is seeing accelerated inspections leading to smaller plant shutdowns.
• Smaller Chinese players are being forced to shift from batch to continuous processes using DIIS and DCS technology, benefiting companies like Aarti Industries which has underperformed as a stock.

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