Ishan Dyes and Chemicals 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
- Working capital cycle has improved - days down from 136 to -1
CONS
- A large part of profit comes from other income (141.5% of PBT)
- Company has a low return on equity of -0.1% over last 3 years
- Company has a low return on capital employed of 2.2%
- Promoter holding has decreased over last 2 years: -7.0pp
- Interest coverage is weak at 1.4x - earnings barely cover interest
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SUDARSCHEM | 1261.75 | 138.75 | 10045.59 | 0.40 | 103.40 | 88.00 | 2642.10 | 5.39 | 5.99 | 10.29 |
| KIRIINDUS | 550.35 | 0.61 | 3586.52 | 0.00 | 290.70 | 186.82 | 312.36 | 54.54 | 110.39 | 11.71 |
| BODALCHEM | 175.00 | 32.09 | 2204.02 | 0.00 | 30.38 | 218.67 | 709.04 | 56.11 | 5.06 | 9.72 |
| VIDHIING | 349.05 | 32.74 | 1743.33 | 0.86 | 17.12 | 34.74 | 146.28 | 66.42 | 18.83 | 17.78 |
| SHREEPUSHK | 501.95 | 22.52 | 1623.19 | 0.42 | 22.93 | 9.40 | 280.07 | 10.04 | 11.81 | 11.40 |
| ULTRAMAR | 427.40 | 13.54 | 1248.01 | 1.40 | 31.59 | 56.46 | 239.96 | 30.14 | 11.10 | 18.95 |
| SUDARCOLOR | 380.05 | 2.88 | 877.22 | 0.00 | 20.36 | 19.13 | 222.39 | 5.54 | 11.00 | 11.51 |
| PODDARMENT | 295.90 | 20.60 | 313.95 | 1.35 | 46.47 | 1015.73 | 901.30 | 887.64 | 5.83 | 5.95 |
| DYNPRO | 235.20 | 14.38 | 292.32 | 0.64 | 5.19 | 7.92 | 86.43 | -6.99 | 11.27 | 14.60 |
| HPIL | 121.00 | 89.02 | 138.23 | 0.00 | 0.25 | -86.19 | 26.76 | -38.75 | 6.36 | 2.88 |
| ISHANCH | 44.45 | 0.00 | 121.37 | 0.00 | 0.15 | -48.33 | 41.48 | 154.63 | 4.08 | 8.10 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 12 | 24 | 15 | 27 | 33 | 31 | 21 | 17 | 16 | 7 | 19 | 32 | 41 | |
| 13 | 23 | 15 | 22 | 31 | 28 | 19 | 16 | 14 | 8 | 21 | 26 | 43 | |
| Operating Profit | -1 | 1 | -1 | 4 | 2 | 2 | 2 | 0 | 2 | -2 | -2 | 6 | -1 |
| OPM % | -9.39% | 2.97% | -5.64% | 16.91% | 5.85% | 7.78% | 9.96% | 1.79% | 11.23% | -25.07% | -10.59% | 17.57% | -2.85% |
| 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 1 | 2 | 1 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 3 | 2 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 |
| Profit before Tax | -2 | -0 | -1 | 4 | 1 | 1 | 1 | -1 | 0 | -4 | -4 | 2 | 0 |
| Tax % | -2.89% | -433.33% | -15.75% | -3.94% | 3.30% | 2.94% | 92.54% | -41.46% | 24.39% | 2.42% | -30.92% | 38.14% | 14.84% |
| Net Profit | -2 | -0 | -1 | 4 | 1 | 1 | 0 | -1 | 0 | -4 | -5 | 1 | 0 |
| -0.85 | -0.15 | -0.70 | 1.76 | 0.42 | 0.63 | 0.02 | -0.55 | 0.14 | -1.68 | -2.01 | 0.56 | 0.06 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 61 | 67 | 72 | 67 | 80 | 82 | 87 | 65 | 77 | 101 | 99 | |
| 55 | 56 | 66 | 59 | 69 | 64 | 72 | 64 | 73 | 95 | 98 | |
| Operating Profit | 6 | 11 | 6 | 8 | 11 | 18 | 15 | 1 | 3 | 7 | 1 |
| OPM % | 10.34% | 16.55% | 8.28% | 11.46% | 13.24% | 21.69% | 17.33% | 1.75% | 4.22% | 6.62% | 0.74% |
| 1 | 1 | 2 | 1 | 2 | 2 | 3 | 2 | 3 | 3 | 4 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 3 | 5 | 8 |
| Depreciation | 1 | 2 | 1 | 1 | 2 | 2 | 2 | 3 | 3 | 2 | 6 |
| Profit before Tax | 5 | 10 | 6 | 7 | 10 | 17 | 14 | -1 | 0 | 2 | -5 |
| Tax % | 25.50% | 42.99% | 43.22% | 34.36% | 19.81% | 25.64% | 26.52% | 2.15% | 75.82% | 48.79% | -40.03% |
| Net Profit | 4 | 6 | 3 | 4 | 8 | 13 | 10 | -1 | 0 | 1 | -7 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 5.82 | 7.97 | 5.60 | -0.65 | 0.06 | 0.52 | — |
| Dividend Payout % | 9.67% | 10.06% | 25.12% | 0.00% | 19.45% | 15.58% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 7%
- 5 Years:
- 5%
- 3 Years:
- 5%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- -7%
- 5 Years:
- -33%
- 3 Years:
- -52%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- -27%
RETURN ON EQUITY
- 10 Years:
- 13%
- 5 Years:
- 7%
- 3 Years:
- 0%
- Last Year:
- 1%
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 8 | 11 | 11 | 11 | 16 | 16 | 17 | 21 | 21 | 21 |
| 14 | 15 | 18 | 22 | 38 | 49 | 63 | 82 | 82 | 83 | |
| 7 | 6 | 8 | 11 | 2 | 9 | 19 | 22 | 54 | 84 | |
| Trade Payables | 4 | 5 | 8 | 7 | 6 | 11 | 6 | 3 | 13 | 20 |
| 3 | 6 | 4 | 5 | 6 | 9 | 13 | 3 | 9 | 14 | |
| Total Liabilities | 36 | 44 | 49 | 56 | 68 | 94 | 117 | 131 | 179 | 222 |
| 13 | 12 | 20 | 26 | 29 | 31 | 37 | 62 | 64 | 62 | |
| Capital Work in Progress | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 29 | 71 |
| 4 | 12 | 6 | 9 | 9 | 14 | 23 | 23 | 26 | 36 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25 | 12 | |
| Cash & Bank | 0 | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| 18 | 19 | 22 | 20 | 29 | 49 | 57 | 45 | 35 | 41 | |
| Total Assets | 36 | 44 | 49 | 56 | 68 | 94 | 117 | 131 | 179 | 222 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -1 | 5 | 9 | 6 | 5 | 2 | -5 | 20 | -9 | 12 | |
| Cash from Investing | -2 | -2 | -8 | -7 | -5 | -3 | -8 | -41 | -25 | -39 |
| Cash from Financing | 3 | -2 | 0 | 2 | 3 | 5 | 16 | 20 | 34 | 28 |
| 0 | 0 | -0 | -0 | 1 | -1 | -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 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-04 - Ishan Dyes and Chemicals Limited has informed the Exchange about Copy of Newspaper Publication dated 04 September, 2026
2026-09-03 - Ishan Dyes and Chemicals Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 29, 2026
2026-08-22 - Ishan Dyes and Chemicals Limited has informed the Exchange about Copy of Newspaper Publication in respect of information regarding 33rd AGM of the Company.
2026-08-17 - Ishan Dyes and Chemicals Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-14 - Ishan Dyes and Chemicals Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-31 - Ishan Dyes and Chemicals Limited has informed the Exchange about Commencement of Work for Four Additional Sulphur-Based Products in the Sulphuric Acid Unit.
2026-07-27 - Ishan Dyes and Chemicals Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018 for the Quarter ended 30th June 2026.
2026-07-01 - Ishan Dyes and Chemicals Limited has informed the Exchange about General Updates - Proposal For Exclusive Dealership For Suplur Based Products.
2026-06-25 - The Exchange had sought clarification from Ishan Dyes and Chemicals Limited for the quarter ended 31-Mar-2025 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company was required to clarify the following: The response of the Company is enclosed.
News
Recent coverage and analyst commentary for ISHANCH
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