Naperol Investments Ltd.

•

naperolinvestments.comBSE: -NSE: NATPEROXID

Market Cap₹ 384 Cr.

Current Price

High / Low—

Stock P/E10.8

Book Value—

Price to Book—

Dividend Yield2.92 %

ROCE1.5 %

ROE0.5 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2017 • Peroxygen: 97.5% • Unallocated: 2.3% • Others: 0.2%

AI Sector View

AI GENERATED

Chemicals

Hold

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

55%

View full sector analysis →

PROS

Company has consistently been profitable over the last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.94x)
Company has been maintaining a healthy dividend payout of 52.9%
Company has a consistent dividend-paying track record
Company generates healthy free cash flow
Offers a healthy dividend yield of 2.9%

CONS

A large part of profit comes from other income (128.5% of PBT)
Company has a low return on capital employed of 2.3%
Company has a low return on equity of 1.5% over last 3 years
Interest coverage is weak at 1.9x - earnings barely cover interest
Company's sales have been declining over the last five years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ChemicalsChemicalsChemicals

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	SOLARINDS	20550.00	93.38	185957.06	0.05	666.37	88.98	3668.20	70.26	38.16	27.91
2.	PIDILITIND	1636.40	62.88	166565.83	1.31	8835.10	1202.86	45515.50	1112.74	32.38	26.28
3.	SRF	2597.00	35.61	76981.53	0.35	758.87	75.53	5033.26	34.63	14.21	24.57
4.	FLUOROCHEM	4731.25	84.51	51972.78	0.06	219.00	19.02	1588.00	23.97	9.58	26.83
5.	NAVINFLUOR	8538.25	55.47	43808.15	0.18	243.31	107.67	1045.08	44.07	21.39	34.17
6.	GODREJIND	1138.55	32.62	38352.18	0.00	523.36	-27.85	5448.09	22.16	10.64	12.82
7.	DEEPAKNTR	1733.65	30.19	23645.78	0.43	345.01	207.36	2577.60	36.39	11.58	20.96
8.	AETHER	1646.05	92.89	21847.67	0.00	627.49	1234.49	3265.57	1172.49	11.65	31.47
9.	ATUL	6484.40	24.00	19091.21	0.46	253.93	91.85	1847.95	25.03	15.05	21.41
10.	AARTIIND	505.45	34.53	18334.02	0.20	155.00	260.47	2387.00	42.42	6.95	16.00
11.	DEEPAKFERT	1417.10	18.24	17949.40	0.71	490.04	100.95	3256.26	22.47	12.12	25.96
12.	NATPEROXID	667.70	10.83	383.73	2.92	4.32	-62.15	79.54	4.94	1.07	11.77

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023
	68	80	50	76	97	115	88	80
	61	69	52	72	90	88	70	70
Operating Profit	13	17	12	36	7	27	18	9
OPM %	19.06%	21.83%	24.04%	47.45%	7.17%	23.48%	20.92%	11.77%
Other Income	4	1	2	2	3	3	1	1
Interest	2	2	2	2	2	2	1	0
Depreciation	4	4	4	4	5	6	5	5
	10	12	0	15	4	23	14	6
Tax %	28.30%	27.29%	114.25%	25.61%	19.65%	25.47%	25.28%	24.08%
Net Profit	7	9	-0	11	3	17	11	4
	1	2	-0	20	5	30	18	8
Equity Capital	6	6	6	6	6	6	6	6
Reserves	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	TTM
	213	236	197	234	233	306	402	191	215	226	380
	146	174	174	198	163	161	175	166	170	209	318
Operating Profit	72	68	29	44	77	156	246	44	58	27	—
OPM %	34	29	15	19	33	51	61	23	27	12	—
Other Income	5	6	6	8	6	10	19	18	13	10	9
Interest	0	0	5	5	2	1	1	3	13	9	5
Depreciation	11	10	7	9	9	9	9	11	17	17	19
	61	60	17	29	58	147	236	30	12	8	47
Tax %	34	33	60	37	33	35	35	39	-72	32	25
Net Profit	40	40	7	18	39	96	154	18	21	5	35
EPS	0	0	0	0	0	0	0	0	37	9	—
Dividend Payout %	22	22	43	31	51	39	24	40	34	53	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	70	70	12	32	67	167	268	31	37	9	—

COMPOUNDED SALES GROWTH

10 Years:: 4%
5 Years:: -1%
3 Years:: -17%

COMPOUNDED PROFIT GROWTH

10 Years:: -15%
5 Years:: -32%
3 Years:: -67%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 9%
5 Years:: 6%
3 Years:: 2%
Last Year:: 1%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	6	6	6	6	6	6	6	6	6	6
	174	204	207	218	736	1,011	1,168	796	1,061	905
	1	4	23	0	1	0	10	161	125	80
Trade Payables	25	23	25	18	19	20	24	19	20	14
	32	55	166	157	46	56	135	253	231	242
Total Liabilities	238	291	426	400	807	1,093	1,342	1,235	1,442	1,247
ASSETS	-	-	-	-	-	-	-	-	-	-
	110	117	187	180	178	170	166	372	342	338
Capital Work in Progress	3	41	4	3	2	6	75	0	3	4
	60	13	13	10	538	762	750	492	746	655
	8	24	16	14	11	15	32	24	17	29
	0	0	0	0	0	0	0	0	0	0
Cash & Bank	1	1	1	2	0	4	15	3	7	2
	55	95	205	191	78	137	304	343	327	219
Total Assets	238	291	426	400	807	1,093	1,342	1,235	1,442	1,247
Total Debt	1	4	73	30	11	0	80	161	125	94
Net Working Capital	72	52	67	72	91	170	274	-28	5	17
Contingent Liabilities	0	0	0	1	3	3	0	0	11	11
Book Value per Share	312.87	364.82	369.69	389.76	1290.39	1769.37	2042.43	1395.69	1856.21	1584.48
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
	42	29	21	22	60	95	148	16	61	9
Cash from Investing	-30	-22	-75	30	-33	-56	-175	-39	-7	34
Cash from Financing	-13	-7	54	-51	-28	-35	35	14	-49	-49
	-1	0	1	0	-1	3	8	-9	5	-6
Free Cash Flow	38	-22	-20	22	60	90	73	-126	61	-5
OCF / Net Profit	1.05	0.73	3.22	1.21	1.55	0.99	0.96	0.90	2.88	1.73
Cumulative 5-Year FCF	0	0	0	0	78	131	225	119	158	94

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
PER SHARE
EPS (₹)	69.71	69.50	11.62	32.10	67.23	166.76	267.61	31.17	36.85	9.45
Book Value (₹)	312.87	364.82	369.69	389.76	1290.39	1769.37	2042.43	1395.69	1856.21	1584.48
Dividend per Share (₹)	15.00	15.00	5.00	10.00	34.00	65.00	65.00	12.50	12.50	5.00
Cash EPS (₹)	88.85	86.44	24.17	47.69	82.76	182.75	283.68	50.71	67.30	39.79
PROFITABILITY
Operating Margin %	30.27%	26.10%	13.11%	17.03%	29.22%	49.42%	61.15%	22.76%	25.76%	11.67%
Net Margin %	16.83%	15.23%	3.04%	7.07%	14.73%	30.44%	38.23%	9.37%	9.42%	2.33%
ROE %	24.31%	20.51%	3.16%	8.45%	8.00%	10.90%	14.04%	1.81%	2.27%	0.55%
ROCE %	36.35%	30.38%	8.63%	12.81%	11.92%	16.67%	20.86%	2.91%	2.32%	1.53%
	16.16%	15.10%	1.86%	4.47%	6.40%	10.09%	12.63%	1.39%	1.58%	0.40%
EFFICIENCY
Debtor Days	43	45	58	49	46	50	38	60	46	33
Inventory Days	15	22	33	21	18	15	21	54	34	36
Payable Days	157	131	118	99	112	88	93	95	91	57
	-99	-64	-26	-29	-49	-23	-34	19	-12	13
FINANCIAL HEALTH
Debt to Equity (x)	0.01x	0.02x	0.34x	0.14x	0.01x	0.00x	0.07x	0.20x	0.12x	0.10x
Interest Coverage (x)	175.83x	276.84x	4.60x	6.42x	27.16x	291.52x	323.92x	11.80x	1.97x	1.90x
	2.78x	1.84x	1.88x	2.47x	3.36x	5.32x	5.69x	0.87x	1.03x	1.15x
GROWTH
Revenue Growth %	37.66%	10.79%	-16.58%	18.93%	-0.39%	31.41%	31.33%	-52.46%	12.43%	5.08%
Operating Profit Growth %	44.98%	-4.97%	-58.01%	54.59%	72.45%	103.02%	58.07%	-82.31%	33.12%	-53.02%
Net Profit Growth %	43.80%	-0.30%	-83.29%	176.38%	109.42%	148.06%	60.48%	-88.35%	18.20%	-74.36%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
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	0.00x	0.00x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	70.76	70.76	70.76	70.76	70.76	70.76	70.76	70.76	70.76
	0.67	1.91	1.98	1.98	1.76	1.76	1.76	1.76	1.76
	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	28.56	27.32	27.25	27.25	27.47	27.46	27.47	27.48	27.48

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

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