I have not studied Valiant RM composition in details so my answer is not very specific to this counter. However, after struggling on similar contradicting/perplexing ratios for couple of other chemical companies, off-lately what i have learnt is that some of the chemical companies have formula based pricing factoring-in oil price vagaries. Also, margins are defined more as certain dollar per KG as against traditional % margin to sales.
How it plays out? During softening of the RM prices (crude) the top line will appear stagnate or coming down however profits in absolute rupee/dollar term remaining as-is/improving. Thus optically improving the profits% and ROE while top line going nowhere.
Possibly same may be the cases here (not sure though as I have not really spent any time on this counter). Have a look at Thirumala chem thread where I shared graphs how ROE is going up and up however top line is struggling. In hindsight I know the answer to my own why? (hopefully).
Another example is Vinati Org. CMD Vinati Sharaf confirmed . about the dollar/kg formula during one of the interviews.