Indokem Ltd.
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ABOUT
AI Sector View
AI GENERATEDChemicals
The available domestic chemical proxies are mixed to weak. Fertilizers output was -8.0% YoY (2026-07) and sale quantity of fertilisers was 0.0% YoY (2026-05), although that high-frequency barometer is stale. FPI positioning is less negative than before, with net 3-month outflow only INR -11 crore versus INR -1229 crore in the prior 3 months to 2026-08-31, but the weak sector driver argues for a neutral stance.
PROS
- Operating margins have improved to 4.3% from -0.0%
- Company generates healthy free cash flow
CONS
- Recent results are weak - TTM profit is down 75.4% versus prior year
- Company has a low return on equity of -4.2% over last 3 years
- Company has a low return on capital employed of 2.6%
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -2.65x)
- Receivables are growing faster than sales - a possible quality concern
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SOLARINDS | 21410.70 | 97.29 | 193745.54 | 0.05 | 666.37 | 88.98 | 3668.20 | 70.26 | 38.16 | 27.91 |
| PIDILITIND | 1632.00 | 62.71 | 166117.97 | 1.32 | 8835.10 | 1202.86 | 45515.50 | 1112.74 | 32.38 | 26.28 |
| SRF | 2605.00 | 35.72 | 77218.67 | 0.35 | 758.87 | 75.53 | 5033.26 | 34.63 | 14.21 | 24.57 |
| FLUOROCHEM | 4691.60 | 83.80 | 51537.23 | 0.06 | 219.00 | 19.02 | 1588.00 | 23.97 | 9.58 | 26.83 |
| NAVINFLUOR | 8697.20 | 56.51 | 44623.69 | 0.17 | 243.31 | 107.67 | 1045.08 | 44.07 | 21.39 | 34.17 |
| GODREJIND | 1155.90 | 33.12 | 38936.61 | 0.00 | 523.36 | -27.85 | 5448.09 | 22.16 | 10.64 | 12.82 |
| DEEPAKNTR | 1727.25 | 30.08 | 23558.49 | 0.43 | 345.01 | 207.36 | 2577.60 | 36.39 | 11.58 | 20.96 |
| AETHER | 1656.35 | 93.47 | 21984.38 | 0.00 | 62.75 | 33.45 | 326.56 | 27.49 | 11.65 | 31.47 |
| ATUL | 6465.50 | 23.93 | 19035.57 | 0.46 | 253.93 | 91.85 | 1847.95 | 25.03 | 15.05 | 21.41 |
| AARTIIND | 501.75 | 34.27 | 18199.81 | 0.20 | 155.00 | 260.47 | 2387.00 | 42.42 | 6.95 | 16.00 |
| DEEPAKFERT | 1356.30 | 17.46 | 17179.29 | 0.74 | 490.04 | 100.95 | 3256.26 | 22.47 | 12.12 | 25.96 |
| INDOKEM | 629.00 | 783.11 | 1754.17 | 0.00 | 10.70 | 1428.57 | 466.30 | 1021.72 | 9.82 | 4.78 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 44 | 40 | 40 | 40 | 37 | 43 | 43 | 54 | 42 | 40 | 42 | 46 | 47 | |
| 43 | 44 | 39 | 40 | 37 | 42 | 42 | 49 | 40 | 39 | 42 | 44 | 46 | |
| Operating Profit | 1 | -3 | 1 | 0 | -0 | 1 | 1 | 5 | 2 | 1 | 0 | 2 | 1 |
| OPM % | 2.06% | -8.50% | 2.51% | 1.22% | -0.49% | 2.77% | 3.25% | 9.57% | 4.31% | 3.00% | 0.43% | 3.54% | 1.69% |
| 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 2 | 0 | 0 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before Tax | -0 | -5 | -0 | -1 | -1 | -0 | 1 | 4 | 1 | 0 | 0 | 1 | 1 |
| Tax % | -0.00% | -0.00% | -0.00% | -3.96% | -0.00% | 50.00% | 0.00% | 4.27% | 0.00% | 2.38% | 0.00% | 33.33% | 0.93% |
| Net Profit | 0 | 0 | 0 | 0 | -1 | -0 | 1 | 4 | 1 | 0 | 0 | 0 | 1 |
| -0.14 | -1.67 | -0.05 | -0.39 | -0.50 | 0.00 | 0.26 | 1.36 | 0.25 | 0.15 | 0.15 | 0.13 | 0.38 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2011 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|
| 28 | 161 | 165 | 178 | 174 | |
| 33 | 158 | 166 | 170 | 171 | |
| Operating Profit | -5 | 3 | -1 | 8 | 4 |
| OPM % | -18.16% | 1.82% | -0.61% | 4.26% | 2.17% |
| 5 | 1 | 0 | 1 | 3 | |
| Interest | 6 | 3 | 3 | 3 | 4 |
| Depreciation | 3 | 2 | 3 | 2 | 2 |
| Profit before Tax | -10 | -1 | -6 | 3 | 2 |
| Tax % | 0.02% | -0.00% | -0.65% | 4.56% | 7.88% |
| Net Profit | -10 | -1 | -6 | 3 | 2 |
| EPS | 0.00 | -0.47 | -2.34 | 1.08 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 86%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- -4%
- Last Year:
- 8%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2011 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| 24 | 24 | 28 | 28 | |
| -10 | 34 | 31 | 34 | |
| 21 | 24 | 18 | 18 | |
| Trade Payables | 13 | 25 | 31 | 41 |
| 16 | 15 | 20 | 21 | |
| Total Liabilities | 64 | 122 | 128 | 141 |
| 33 | 61 | 66 | 65 | |
| Capital Work in Progress | 0 | 1 | 0 | 0 |
| 4 | 0 | 0 | 0 | |
| 9 | 21 | 24 | 29 | |
| 0 | 0 | 30 | 38 | |
| Cash & Bank | 4 | 3 | 2 | 3 |
| 14 | 38 | 4 | 6 | |
| Total Assets | 64 | 122 | 128 | 141 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2011 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| 1 | 2 | 4 | 5 | |
| Cash from Investing | 11 | -4 | -2 | -1 |
| Cash from Financing | -3 | 1 | -3 | -3 |
| 4 | 0 | -0 | 1 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2011 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| PER SHARE | ||||
| EPS (₹) | -3.90 | -0.57 | -2.34 | 1.08 |
| Book Value (₹) | 5.79 | 17.00 | 13.83 | 15.04 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | -2.61 | 0.30 | -1.33 | 1.93 |
| PROFITABILITY | ||||
| Operating Margin % | -0.01% | 2.28% | -0.61% | 4.26% |
| Net Margin % | -34.07% | -0.82% | -3.78% | 1.76% |
| ROE % | -67.85% | -4.75% | -15.59% | 7.80% |
| ROCE % | -7.16% | 2.94% | -4.85% | 9.82% |
| -13.75% | -1.41% | -4.98% | 2.34% | |
| EFFICIENCY | ||||
| Debtor Days | 163 | 46 | 68 | 70 |
| Inventory Days | 122 | 34 | 50 | 55 |
| Payable Days | 242 | 66 | 98 | 115 |
| 44 | 13 | 20 | 9 | |
| FINANCIAL HEALTH | ||||
| Debt to Equity (x) | 0.98x | 0.54x | 0.58x | 0.53x |
| Interest Coverage (x) | -0.50x | 0.55x | -1.01x | 2.15x |
| 1.25x | 1.42x | 1.23x | 1.25x | |
| GROWTH | ||||
| Revenue Growth % | -46.59% | 478.26% | 2.59% | 8.06% |
| Operating Profit Growth % | 99.91% | 0.00% | -116.39% | 1498.33% |
| Net Profit Growth % | 1.07% | 86.17% | -371.97% | 150.40% |
| 0.00% | 0.00% | -312.17% | 146.16% | |
| VALUATION | ||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 174.53x |
| P/B (x) | 0.00x | 0.00x | 7.12x | 12.52x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | -491.11x | 64.85x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
No announcements filed.
News
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Indokem Ltd.
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