Indokem Ltd.
•Market Cap₹ 1,754 Cr.
Current Price
High / Low₹ 657 / 560
Stock P/E659.5
Book Value₹ 14
Price to Book15.78
Dividend Yield0.00 %
ROCE6.6 %
ROE2.8 %
Face Value₹ 10
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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.
Confidence
View full sector analysis →55%
PROS
- Company generates healthy free cash flow
CONS
- Recent results are weak - TTM profit is down 65.8% versus prior year
- A large part of profit comes from other income (78.0% of PBT)
- Company has a low return on equity of -3.7% over last 3 years
- Company has a low return on capital employed of 2.3%
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -1.95x)
- Interest coverage is weak at 1.3x - earnings barely cover interest
* 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 |
Detailed Comparison with:
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 38 | 34 | 34 | 33 | 32 | 36 | 37 | 48 | 36 | 35 | 37 | 40 | 43 | |
| 37 | 35 | 34 | 34 | 33 | 36 | 36 | 44 | 35 | 34 | 35 | 39 | 42 | |
| Operating Profit | 1 | -1 | 0 | -0 | -1 | 0 | 1 | 4 | 1 | 1 | 1 | 1 | 1 |
| OPM % | 1.77% | -3.63% | 1.27% | -0.45% | -2.06% | 1.21% | 2.19% | 9.24% | 3.74% | 2.58% | 3.59% | 2.05% | 1.53% |
| 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 1 | 1 | 0 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 0 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before Tax | -1 | -2 | -1 | -2 | -2 | -1 | 0 | 3 | 0 | 1 | 1 | 0 | 1 |
| Tax % | -0.00% | -0.00% | -0.00% | -2.55% | -0.00% | 1.39% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Profit | -1 | -2 | -1 | -2 | -2 | -1 | 0 | 3 | 0 | 1 | 1 | 0 | 1 |
| -0.21 | -0.86 | -0.24 | -0.58 | -0.65 | -0.24 | 0.04 | 1.19 | 0.12 | 0.24 | 0.31 | 0.10 | 0.31 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 59 | 72 | 78 | 79 | 90 | 79 | 114 | 141 | 140 | 154 | 154 | |
| 57 | 80 | 80 | 80 | 88 | 74 | 109 | 137 | 140 | 149 | 151 | |
| Operating Profit | 2 | -9 | -2 | -0 | 2 | 5 | 5 | 4 | -0 | 5 | 4 |
| OPM % | 3.23% | -12.07% | -2.83% | -0.42% | 2.18% | 6.25% | 4.23% | 2.56% | -0.22% | 3.25% | 2.39% |
| 1 | 24 | 2 | 1 | 1 | 0 | 0 | 1 | 0 | 1 | 3 | |
| Interest | 3 | 1 | 1 | 1 | 1 | 1 | 1 | 3 | 3 | 3 | 4 |
| Depreciation | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 |
| Profit before Tax | -0 | 14 | -2 | -1 | 1 | 3 | 3 | -1 | -5 | 1 | 3 |
| Tax % | -20.45% | 0.00% | -0.00% | -0.00% | 0.00% | 1.00% | 0.00% | -0.00% | -0.77% | -1.10% | 0.00% |
| Net Profit | -0 | 14 | -2 | -1 | 1 | 3 | 3 | -1 | -5 | 1 | 3 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.22 | 1.16 | -0.19 | -1.89 | 0.33 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 11%
- 5 Years:
- 11%
- 3 Years:
- 11%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 1%
- 5 Years:
- 13%
- 3 Years:
- -31%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- 7%
- 5 Years:
- 1%
- 3 Years:
- -4%
- Last Year:
- 3%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 28 | 28 | |
| -12 | 7 | 5 | 4 | 5 | 8 | 10 | 26 | 25 | 25 | |
| 7 | 7 | 8 | 11 | 11 | 12 | 15 | 26 | 18 | 18 | |
| Trade Payables | 13 | 19 | 22 | 18 | 20 | 18 | 20 | 24 | 29 | 42 |
| 30 | 5 | 5 | 5 | 4 | 4 | 5 | 12 | 19 | 18 | |
| Total Liabilities | 63 | 62 | 65 | 62 | 64 | 66 | 75 | 113 | 118 | 130 |
| 21 | 24 | 26 | 27 | 27 | 26 | 26 | 60 | 65 | 64 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 0 | 0 |
| 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | |
| 9 | 10 | 8 | 10 | 11 | 10 | 13 | 19 | 23 | 28 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25 | 31 | |
| Cash & Bank | 1 | 1 | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 1 |
| 30 | 27 | 29 | 25 | 25 | 28 | 33 | 32 | 3 | 5 | |
| Total Assets | 63 | 62 | 65 | 62 | 64 | 66 | 75 | 113 | 118 | 130 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 25 | 2 | 2 | 0 | 3 | 2 | -0 | 2 | 4 | 4 | |
| Cash from Investing | -1 | 1 | -3 | -2 | -1 | -1 | -1 | -3 | -1 | -1 |
| Cash from Financing | -24 | -3 | 1 | 1 | -2 | -0 | 2 | 2 | -3 | -3 |
| 0 | -0 | -0 | 0 | -0 | 0 | -0 | -0 | -0 | 0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | -0.15 | 5.68 | -0.71 | -0.48 | 0.21 | 1.22 | 1.16 | -0.21 | -1.89 | 0.33 |
| Book Value (₹) | 3.21 | 12.95 | 12.10 | 11.66 | 11.93 | 13.12 | 14.31 | 20.83 | 11.58 | 11.94 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 0.05 | 5.99 | -0.37 | -0.07 | 0.67 | 1.69 | 1.63 | 0.60 | -1.03 | 1.07 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 5.19% | 19.78% | -0.16% | 1.26% | 3.28% | 6.78% | 4.67% | 3.04% | -0.21% | 3.25% |
| Net Margin % | -0.58% | 18.07% | -2.16% | -1.46% | 0.57% | 3.74% | 2.49% | -0.37% | -3.77% | 0.60% |
| ROE % | -4.43% | 70.35% | -5.64% | -4.01% | 1.78% | 9.71% | 8.48% | -1.22% | -12.68% | 2.81% |
| ROCE % | 11.50% | 55.58% | -2.63% | 0.00% | 4.88% | 10.71% | 9.42% | 3.69% | -3.47% | 6.59% |
| -0.59% | 22.15% | -2.71% | -1.83% | 0.81% | 4.55% | 4.03% | -0.55% | -4.55% | 0.74% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 102 | 98 | 107 | 101 | 82 | 100 | 82 | 71 | 67 | 67 |
| Inventory Days | 58 | 45 | 42 | 42 | 43 | 49 | 38 | 42 | 55 | 60 |
| Payable Days | 105 | 110 | 128 | 124 | 102 | 122 | 82 | 86 | 102 | 124 |
| 55 | 33 | 20 | 19 | 23 | 28 | 38 | 27 | 19 | 3 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.55x | 0.16x | 0.21x | 0.31x | 0.29x | 0.29x | 0.35x | 0.44x | 0.69x | 0.66x |
| Interest Coverage (x) | 0.90x | 25.26x | -1.23x | 0.00x | 1.39x | 3.43x | 3.13x | 0.81x | -0.78x | 1.33x |
| 0.83x | 1.50x | 1.35x | 1.43x | 1.38x | 1.56x | 1.66x | 1.28x | 1.07x | 1.07x | |
| GROWTH | ||||||||||
| Revenue Growth % | 9.13% | 21.85% | 8.97% | 1.77% | 12.86% | -11.57% | 43.31% | 23.89% | -0.84% | 10.14% |
| Operating Profit Growth % | -21.61% | 370.05% | -100.86% | 869.23% | 194.00% | 82.65% | -1.30% | -19.43% | -97.66% | 5600.00% |
| Net Profit Growth % | -143.84% | 3929.96% | -112.44% | 32.56% | 143.97% | 480.39% | -4.39% | -118.37% | -911.54% | 117.49% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -782.55% | 117.49% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 570.93x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 8.51x | 15.78x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 2965.26x | 95.90x |
Documents
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