Sicagen India Ltd.

•

sicagen.comBSE: 533014NSE: SICAGEN

Market Cap₹ 231 Cr.

Current Price

High / Low₹ 74 / 47

Stock P/E11.3

Book Value₹ 127

Price to Book0.34

Dividend Yield1.71 %

ROCE6.1 %

ROE3.7 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Trading-Building Materials and Vehicles: 54.6% • Manufacturing: 45.4%

AI Sector View

AI GENERATED

Oil Gas & Consumable Fuels

Reduce

Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.

Confidence

78%

View full sector analysis →

PROS

Promoters have been increasing their shareholding - up 5.7pp over 2 years
Latest quarter profit grew 52.6% YoY, showing strong momentum
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.24x)
Company generates healthy free cash flow
Stock looks reasonably valued - P/E of 11.3 is below its historical median
Company has a consistent dividend-paying track record

CONS

A large part of profit comes from other income (38.7% of PBT)
Company has a low return on equity of 3.2% over last 3 years
Company has a low return on capital employed of 5.5%
Recurring exceptional / one-off items are inflating headline profit

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

Peer comparison

Oil Gas & Consumable FuelsTradingTrading

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

S.No.	Name
1.	ADANIENT	2886.00	52.48	390684.34	0.04	-1461.54	-249.67	32923.98	49.92	13.30	15.57
2.	PREMIERENE	1002.00	27.32	45485.94	0.10	471.92	53.32	2462.59	35.25	33.72	29.03
3.	AEGISLOG	1286.15	36.08	45143.87	0.68	544.84	210.70	2356.86	37.07	19.76	30.28
4.	CPPLUS	3748.55	92.91	44345.51	0.04	142.20	332.51	1402.42	89.51	29.48	14.52
5.	REDINGTON	372.40	17.12	29113.28	1.61	453.49	94.65	34922.47	34.57	18.96	2.03
6.	HONASA	477.45	62.55	15566.03	0.63	90.45	118.87	755.95	27.00	8.99	14.58
7.	LLOYDSENT	71.95	97.81	10983.54	0.21	109.98	-55.77	563.03	70.15	12.84	18.07
8.	SGMART	814.50	82.57	10265.57	0.00	455.80	1310.71	13085.70	1044.08	10.43	4.49
9.	MMTC	62.28	20.88	9342.00	0.00	104.24	135.52	0.68	-50.00	33.46	-1423.53
10.	ENTERO	1847.60	64.12	8041.32	0.00	52.05	72.17	1940.50	38.23	10.93	5.00
11.	CELLO	343.50	24.77	7747.24	0.44	73.40	-8.99	526.72	-0.43	17.15	18.80
12.	SICAGEN	58.50	11.31	231.49	1.71	6.93	52.64	285.96	39.81	6.06	4.34

Detailed Comparison with:

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
	166	180	228	221	232	198	210	252	205	227	264	278	286
	158	175	222	213	223	189	203	241	195	218	255	267	279
Operating Profit	8	5	5	8	9	8	7	11	10	9	9	11	7
OPM %	5.07%	2.84%	2.29%	3.79%	3.99%	4.18%	3.28%	4.22%	4.76%	4.00%	3.51%	4.04%	2.54%
	1	1	3	1	2	3	4	2	2	2	3	3	2
Interest	3	2	3	3	3	3	2	3	3	3	3	4	3
Depreciation	2	2	2	3	2	2	2	4	2	2	2	4	2
Profit before Tax	5	2	3	4	6	6	6	6	6	6	7	6	9
Tax %	24.75%	35.32%	28.17%	12.68%	24.88%	29.23%	23.77%	38.26%	27.13%	27.75%	28.65%	30.09%	25.40%
Net Profit	0	0	0	0	5	4	4	4	5	4	5	4	7
	0.96	0.33	0.59	0.78	1.21	1.05	1.06	1.00	1.15	1.04	1.25	1.13	1.75

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	711	738	820	699	542	836	895	795	891	973	1,055
	708	737	819	688	533	814	869	768	856	934	1,018
Operating Profit	3	1	1	11	8	22	27	27	35	39	37
OPM %	0.46%	0.14%	0.18%	1.62%	1.56%	2.63%	2.96%	3.41%	3.93%	4.04%	3.49%
	15	15	17	11	8	-0	15	7	11	9	10
Interest	7	9	9	9	5	6	9	11	11	13	12
Depreciation	4	5	6	10	10	11	11	10	10	11	11
Profit before Tax	8	2	3	3	1	5	22	14	24	25	28
Tax %	2.66%	30.30%	95.42%	89.44%	322.22%	112.18%	17.65%	23.99%	29.24%	28.44%	27.73%
Net Profit	7	1	0	0	-3	-1	18	11	17	18	20
EPS	0.00	0.00	0.00	0.00	-0.81	-0.15	4.50	2.66	4.32	4.57	—
Dividend Payout %	31.83%	206.47%	1217.54%	549.58%	-74.19%	-162.13%	13.32%	22.57%	23.13%	21.90%	—

COMPOUNDED SALES GROWTH

10 Years:: 5%
5 Years:: 12%
3 Years:: 3%

COMPOUNDED PROFIT GROWTH

10 Years:: 33%
5 Years:: —
3 Years:: 0%

STOCK PRICE CAGR

10 Years:: 11%
5 Years:: 19%
3 Years:: 34%
1 Year:: 139%

RETURN ON EQUITY

10 Years:: 1%
5 Years:: 3%
3 Years:: 3%
Last Year:: 4%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	40	40	40	40	40	40	40	40	40	40
Minority Interest	8	0	0	0	0	0	0	0	0	0
	345	353	343	336	355	383	400	420	444	455
	89	97	118	93	76	91	118	117	144	156
Trade Payables	56	76	150	102	53	125	53	92	43	57
	65	61	62	54	45	43	40	80	56	63
Total Liabilities	603	626	712	624	568	681	651	749	727	772
	183	203	148	165	165	138	137	135	133	137
Capital Work in Progress	12	0	0	1	0	0	0	1	0	0
	54	34	29	23	37	70	69	73	79	66
	120	122	116	133	105	104	145	131	129	148
	0	0	0	0	0	0	0	249	229	244
Cash & Bank	24	16	74	17	35	28	29	46	68	85
	209	251	345	286	226	342	271	114	88	92
Total Assets	603	626	712	624	568	681	651	749	727	772

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-41	-12	25	-35	33	4	17	25	33	44
Cash from Investing	5	11	-5	45	-17	18	-4	-3	-14	-7
Cash from Financing	22	-4	-12	-18	-12	-18	-13	-20	-17	-19
	-13	-5	3	-10	3	-2	-3	2	2	18

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	1.89	0.29	0.03	0.09	-0.81	-0.15	4.50	2.66	4.32	4.57
Book Value (₹)	97.16	99.33	96.65	94.82	99.75	106.73	111.08	116.17	122.31	125.10
Dividend per Share (₹)	0.60	0.60	0.40	0.50	0.60	0.25	0.60	0.60	1.00	1.00
Cash EPS (₹)	2.89	1.58	1.61	2.65	1.70	2.61	7.17	5.13	6.98	7.30
PROFITABILITY
Operating Margin %	2.55%	2.13%	2.22%	3.20%	3.11%	3.65%	3.88%	3.41%	3.93%	4.04%
Net Margin %	1.02%	0.16%	0.02%	0.05%	-0.59%	-0.07%	1.99%	1.32%	1.92%	1.86%
ROE %	1.69%	0.30%	0.03%	0.10%	-0.83%	-0.15%	4.14%	2.34%	3.63%	3.69%
ROCE %	2.78%	2.21%	2.42%	2.56%	1.51%	2.27%	5.82%	4.41%	5.97%	6.06%
	1.20%	0.19%	0.02%	0.05%	-0.54%	-0.10%	2.67%	1.50%	2.32%	2.41%
EFFICIENCY
Debtor Days	67	82	101	124	127	91	88	100	98	89
Inventory Days	53	60	53	65	80	45	51	63	53	52
Payable Days	24	37	56	74	59	43	40	37	31	21
	96	105	97	114	148	94	99	126	120	119
FINANCIAL HEALTH
Debt to Equity (x)	0.23x	0.25x	0.31x	0.21x	0.16x	0.19x	0.24x	0.23x	0.27x	0.29x
Interest Coverage (x)	2.14x	1.18x	1.31x	1.39x	1.26x	1.85x	3.44x	2.30x	3.19x	2.99x
	1.87x	1.80x	1.71x	1.99x	2.34x	1.91x	2.22x	1.95x	2.25x	2.18x
GROWTH
Revenue Growth %	18.35%	3.81%	11.16%	-14.81%	-22.50%	54.37%	7.08%	-11.15%	12.06%	9.21%
Operating Profit Growth %	73.31%	-13.75%	15.69%	22.79%	-24.69%	81.41%	13.58%	-1.27%	27.15%	12.67%
Net Profit Growth %	589.62%	-84.27%	-88.70%	176.92%	-988.89%	80.94%	3021.31%	-40.97%	62.64%	5.61%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-40.97%	62.64%	5.61%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	22.20x	14.23x	9.37x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.51x	0.50x	0.34x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.02%	1.62%	2.34%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	8.52x	7.05x	4.64x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	55.46	60.39	60.39	60.39	60.39	61.13	61.13	61.13	61.13
	7.34	2.42	2.42	2.42	2.85	2.42	2.47	2.47	2.47
	0.60	0.60	0.58	0.58	0.58	0.58	0.58	0.58	0.58
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	36.59	36.59	36.61	36.61	36.17	35.87	35.81	35.81	35.81

Documents

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

No announcements filed.

News

Recent coverage and analyst commentary for SICAGEN

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Sicagen India Ltd.

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Name

ADANIENT

2886.00

52.48

390684.34

0.04

-1461.54

-249.67

32923.98

49.92

13.30

15.57

PREMIERENE

1002.00

27.32

45485.94

0.10

471.92

53.32

2462.59

35.25

33.72

29.03

AEGISLOG

1286.15

36.08

45143.87

0.68

544.84

210.70

2356.86

37.07

19.76

30.28

CPPLUS

3748.55

92.91

44345.51

0.04

142.20

332.51

1402.42

89.51

29.48

14.52

REDINGTON

372.40

17.12

29113.28

1.61

453.49

94.65

34922.47

34.57

18.96

2.03

HONASA

477.45

62.55

15566.03

0.63

90.45

118.87

755.95

27.00

8.99

14.58

LLOYDSENT

71.95

97.81

10983.54

0.21

109.98

-55.77

563.03

70.15

12.84

18.07

SGMART

814.50

82.57

10265.57

0.00

455.80

1310.71

13085.70

1044.08

10.43

4.49

MMTC

62.28

20.88

9342.00

0.00

104.24

135.52

0.68

-50.00

33.46

-1423.53

ENTERO

1847.60

64.12

8041.32

0.00

52.05

72.17

1940.50

38.23

10.93

5.00

CELLO

343.50

24.77

7747.24

0.44

73.40

-8.99

526.72

-0.43

17.15

18.80

SICAGEN

58.50

11.31

231.49

1.71

6.93

52.64

285.96

39.81

6.06

4.34

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

166

180

228

221

232

198

210

252

205

227

264

278

286

158

175

222

213

223

189

203

241

195

218

255

267

279

Operating Profit

OPM %

5.07%

2.84%

2.29%

3.79%

3.99%

4.18%

3.28%

4.22%

4.76%

4.00%

3.51%

4.04%

2.54%

Interest

Depreciation

Profit before Tax

Tax %

24.75%

35.32%

28.17%

12.68%

24.88%

29.23%

23.77%

38.26%

27.13%

27.75%

28.65%

30.09%

25.40%

Net Profit

0.96

0.33

0.59

0.78

1.21

1.05

1.06

1.00

1.15

1.04

1.25

1.13

1.75

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

711

738

820

699

542

836

895

795

891

973

1,055

708

737

819

688

533

814

869

768

856

934

1,018

Operating Profit

OPM %

0.46%

0.14%

0.18%

1.62%

1.56%

2.63%

2.96%

3.41%

3.93%

4.04%

3.49%

-0

Interest

Depreciation

Profit before Tax

Tax %

2.66%

30.30%

95.42%

89.44%

322.22%

112.18%

17.65%

23.99%

29.24%

28.44%

27.73%

Net Profit

-3

-1

EPS

0.00

-0.81

-0.15

4.50

2.66

4.32

4.57

—

Dividend Payout %

31.83%

206.47%

1217.54%

549.58%

-74.19%

-162.13%

13.32%

22.57%

23.13%

21.90%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Minority Interest

345

353

343

336

355

383

400

420

444

455

118

117

144

156

Trade Payables

150

102

125

Total Liabilities

603

626

712

624

568

681

651

749

727

772

183

203

148

165

138

137

135

133

137

Capital Work in Progress

120

122

116

133

105

104

145

131

129

148

249

229

244

Cash & Bank

209

251

345

286

226

342

271

114

Total Assets

603

626

712

624

568

681

651

749

727

772

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-41

-12

-35

Cash from Investing

-5

-17

-4

-3

-14

-7

Cash from Financing

-4

-12

-18

-12

-18

-13

-20

-17

-19

-13

-5

-10

-2

-3

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

PER SHARE

EPS (₹)

1.89

0.29

0.03

0.09

-0.81

-0.15

4.50

2.66

4.32

4.57

Book Value (₹)

97.16

99.33

96.65

94.82

99.75

106.73

111.08

116.17

122.31

125.10

Dividend per Share (₹)

0.60

0.40

0.50

0.60

0.25

0.60

1.00

Cash EPS (₹)

2.89

1.58

1.61

2.65

1.70

2.61

7.17

5.13

6.98

7.30

PROFITABILITY

Operating Margin %

2.55%

2.13%

2.22%

3.20%

3.11%

3.65%

3.88%

3.41%

3.93%

4.04%

Net Margin %

1.02%

0.16%

0.02%

0.05%

-0.59%

-0.07%

1.99%

1.32%

1.92%

1.86%

ROE %

1.69%

0.30%

0.03%

0.10%

-0.83%

-0.15%

4.14%

2.34%

3.63%

3.69%

ROCE %

2.78%

2.21%

2.42%

2.56%

1.51%

2.27%

5.82%

4.41%

5.97%

6.06%

1.20%

0.19%

0.02%

0.05%

-0.54%

-0.10%

2.67%

1.50%

2.32%

2.41%

EFFICIENCY

Debtor Days

101

124

127

100

Inventory Days

Payable Days

105

114

148

126

120

119

FINANCIAL HEALTH

Debt to Equity (x)

0.23x

0.25x

0.31x

0.21x

0.16x

0.19x

0.24x

0.23x

0.27x

0.29x

Interest Coverage (x)

2.14x

1.18x

1.31x

1.39x

1.26x

1.85x

3.44x

2.30x

3.19x

2.99x

1.87x

1.80x

1.71x

1.99x

2.34x

1.91x

2.22x

1.95x

2.25x

2.18x

GROWTH

Revenue Growth %

18.35%

3.81%

11.16%

-14.81%

-22.50%

54.37%

7.08%

-11.15%

12.06%

9.21%

Operating Profit Growth %

73.31%

-13.75%

15.69%

22.79%

-24.69%

81.41%

13.58%

-1.27%

27.15%

12.67%

Net Profit Growth %

589.62%

-84.27%

-88.70%

176.92%

-988.89%

80.94%

3021.31%

-40.97%

62.64%

5.61%

0.00%

-40.97%

62.64%

5.61%

VALUATION

P/E (x)

0.00x

22.20x

14.23x

9.37x

P/B (x)

0.00x

0.51x

0.50x

0.34x

Dividend Yield %

0.00%

1.02%

1.62%

2.34%

0.00x

8.52x

7.05x

4.64x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

55.46

60.39

61.13

7.34

2.42

2.85

2.42

2.47

0.60

0.58

Government

0.00

36.59

36.61

36.17

35.87

35.81

Sicagen India Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

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Sicagen India Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI