Call me Anant 
Please go through Trading for details.
Water division has grown consistently around 12% yearly. Polyamide should start contributing.
They do not compete with Godrej Agrovet/Venkys etc. They actually supply to the feed manufacturers. Some of their competition is Kemin/Altech. Kemin & Altech have very good margins, what kind of margins Chembond generates is yet to be seen. A little understanding of their product portfolio tells me that they have products ranging from Commodity & easy to make (mineral mixtures) to difficult ones which are probiotics and enzymes. The company refuses to give margins and will be interesting to see how this evolves.
It is not the intermediate stage of Polymers but an intermediate stage Plant. Depending upon what capacity or the capex involved you can classify the plant as pilot/intermediate/global scale. If you go through FY17 AR it says the following:
‘During the year under consideration, the company has commissioned its pilot polymer plant, at Dudhwada.’
It is a gradual evolution of manufacturing capabilities where each stage of the plant is first stabilized before risking incremental capex.