Indian Emulsifiers Ltd.

•

₹ 40.35-0.62%

2026-08-21

indianemulsifiers.comBSE: -NSE: IEML

Market Cap₹ 74 Cr.

Current Price₹ 41

High / Low₹ 174 / 38

Stock P/E0.0

Book Value₹ 48

Price to Book1.56

Dividend Yield0.00 %

ROCE23.6 %

ROE24.1 %

Face Value₹ 10

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ABOUT

KEY POINTS

PROS

Company has a good return on equity (ROE) track record: 3 Years ROE 39.6%
Company has a healthy return on capital (ROCE) of 26.9%
Operating margins have improved to 19.4% from 4.5%
Company comfortably covers its interest (7.8x coverage)
Company maintains a comfortable, low leverage position

CONS

Operating cash flow has been negative in recent years
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.62x)
Equity base is being diluted - shares outstanding up 103.4%
Working capital days have increased from 115 to 172 days

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

Peer comparison

EDIT COLUMNS

ChemicalsChemicalsChemicals

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

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	SOLARINDS	19800.00	89.97	179170.31	0.06	666.37	88.98	3668.20	70.26	38.16	27.91
2.	PIDILITIND	1650.00	63.40	167935.41	1.30	8835.10	1202.86	45515.50	1112.74	32.38	26.28
3.	SRF	2575.00	35.31	76329.39	0.35	758.87	75.53	5033.26	34.63	14.21	24.57
4.	FLUOROCHEM	4679.55	83.59	51404.86	0.06	219.00	19.02	1588.00	23.97	10.02	26.83
5.	NAVINFLUOR	8281.50	53.80	42484.11	0.18	243.31	107.67	1045.08	44.07	21.39	34.17
6.	GODREJIND	1217.10	34.87	40998.14	0.00	523.36	-27.85	5448.09	22.16	10.64	12.82
7.	DEEPAKNTR	1767.85	30.78	24112.24	0.42	345.01	207.36	2577.60	36.39	11.58	20.96
8.	AETHER	1639.40	92.52	21759.40	0.00	62.75	33.45	326.56	27.49	11.65	31.47
9.	ATUL	6581.75	24.36	19377.83	0.46	253.93	91.85	1847.95	25.03	15.05	21.41
10.	AARTIIND	526.90	35.99	19112.07	0.19	155.00	260.47	2387.00	42.42	6.39	16.00
11.	DEEPAKFERT	1474.65	18.98	18678.34	0.68	490.04	100.95	3256.26	22.47	12.12	25.96
12.	IEML	40.20	4.53	73.70	0.00	—	—	—	—	23.58	—

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

No standalone quarterly results found

We don't have this information yet. Please check back later.

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	0	18	41	67	101
	0	17	33	52	82
Operating Profit	-0	1	8	15	21
OPM %	—	4	19	22	21
Other Income	0	0	0	0	1
Interest	0	0	2	2	2
Depreciation	0	0	1	2	2
	-0	0	5	11	16
Tax %	0	64	16	18	19
Net Profit	-0	0	4	9	13
EPS	0	0	5	10	11
Dividend Payout %	0	0	0	0	0
Minority Interest	0	0	0	0	0
Share of Associates	0	0	0	0	0
Adjusted EPS	-4	0	6	10	11
Minority Interest	0	0	0	0	0
Share of Associates	0	0	0	0	0
Adjusted EPS	-4	0	6	10	11

Mar 2021

: 0
: 0
Operating Profit: -0
OPM %: —
Other Income: 0
Interest: 0
Depreciation: 0
: -0
Tax %: 0
Net Profit: -0
EPS: 0
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: -4
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: -4

Mar 2022

: 18
: 17
Operating Profit: 1
OPM %: 4
Other Income: 0
Interest: 0
Depreciation: 0
: 0
Tax %: 64
Net Profit: 0
EPS: 0
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 0

Mar 2023

: 41
: 33
Operating Profit: 8
OPM %: 19
Other Income: 0
Interest: 2
Depreciation: 1
: 5
Tax %: 16
Net Profit: 4
EPS: 5
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 6
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 6

Mar 2024

: 67
: 52
Operating Profit: 15
OPM %: 22
Other Income: 0
Interest: 2
Depreciation: 2
: 11
Tax %: 18
Net Profit: 9
EPS: 10
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 10
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 10

Mar 2025

: 101
: 82
Operating Profit: 21
OPM %: 21
Other Income: 1
Interest: 2
Depreciation: 2
: 16
Tax %: 19
Net Profit: 13
EPS: 11
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 11
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 11

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: 79%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: 576%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: -68%

RETURN ON EQUITY

10 Years:: —
5 Years:: 12%
3 Years:: 40%
Last Year:: 24%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
LIABILITIES	-	-	-	-
	6	6	9	12
	0	4	19	70
	3	9	9	17
Trade Payables	0	1	9	6
	10	15	18	12
Total Liabilities	19	34	64	117
ASSETS	-	-	-	-
	10	13	17	19
Capital Work in Progress	0	0	3	21
	1	9	21	36
	0	0	19	31
	8	13	4	10
Total Assets	19	34	64	117
Total Debt	11	20	24	26
Net Working Capital	6	11	21	48
Contingent Liabilities	0	0	0	0
Book Value per Share	10.07	16.54	31.56	67.12
Face Value	10.00	10.00	10.00	10.00
Total Debt	11	20	24	26
Net Working Capital	6	11	21	48
Contingent Liabilities	0	0	0	0
Book Value per Share	10.07	16.54	31.56	67.12
Face Value	10.00	10.00	10.00	10.00

Mar 2022

: 6
: 0
: 3
Trade Payables: 0
: 10
Total Liabilities: 19
: 10
Capital Work in Progress: 0
: 1
: 0
: 8
Total Assets: 19
Total Debt: 11
Net Working Capital: 6
Contingent Liabilities: 0
Book Value per Share: 10.07
Face Value: 10.00
Total Debt: 11
Net Working Capital: 6
Contingent Liabilities: 0
Book Value per Share: 10.07
Face Value: 10.00

Mar 2023

: 6
: 4
: 9
Trade Payables: 1
: 15
Total Liabilities: 34
: 13
Capital Work in Progress: 0
: 9
: 0
: 13
Total Assets: 34
Total Debt: 20
Net Working Capital: 11
Contingent Liabilities: 0
Book Value per Share: 16.54
Face Value: 10.00
Total Debt: 20
Net Working Capital: 11
Contingent Liabilities: 0
Book Value per Share: 16.54
Face Value: 10.00

Mar 2024

: 9
: 19
: 9
Trade Payables: 9
: 18
Total Liabilities: 64
: 17
Capital Work in Progress: 3
: 21
: 19
: 4
Total Assets: 64
Total Debt: 24
Net Working Capital: 21
Contingent Liabilities: 0
Book Value per Share: 31.56
Face Value: 10.00
Total Debt: 24
Net Working Capital: 21
Contingent Liabilities: 0
Book Value per Share: 31.56
Face Value: 10.00

Mar 2025

: 12
: 70
: 17
Trade Payables: 6
: 12
Total Liabilities: 117
: 19
Capital Work in Progress: 21
: 36
: 31
: 10
Total Assets: 117
Total Debt: 26
Net Working Capital: 48
Contingent Liabilities: 0
Book Value per Share: 67.12
Face Value: 10.00
Total Debt: 26
Net Working Capital: 48
Contingent Liabilities: 0
Book Value per Share: 67.12
Face Value: 10.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	0	-6	0	0	-17
Cash from Investing	0	-2	-0	-8	-24
Cash from Financing	0	8	0	8	40
	0	-0	0	0	-0
Free Cash Flow	0	-6	-4	-9	-39
OCF / Net Profit	-6.97	-133.64	0.05	0.04	-1.24
Cumulative 5-Year FCF	0	0	0	0	0
OCF / Net Profit	-6.97	-133.64	0.05	0.04	-1.24
Cumulative 5-Year FCF	0	0	0	0	0

Mar 2021

: 0
Cash from Investing: 0
Cash from Financing: 0
: 0
Free Cash Flow: 0
OCF / Net Profit: -6.97
Cumulative 5-Year FCF: 0
OCF / Net Profit: -6.97
Cumulative 5-Year FCF: 0

Mar 2022

: -6
Cash from Investing: -2
Cash from Financing: 8
: -0
Free Cash Flow: -6
OCF / Net Profit: -133.64
Cumulative 5-Year FCF: 0
OCF / Net Profit: -133.64
Cumulative 5-Year FCF: 0

Mar 2023

: 0
Cash from Investing: -0
Cash from Financing: 0
: 0
Free Cash Flow: -4
OCF / Net Profit: 0.05
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.05
Cumulative 5-Year FCF: 0

Mar 2024

: 0
Cash from Investing: -8
Cash from Financing: 8
: 0
Free Cash Flow: -9
OCF / Net Profit: 0.04
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.04
Cumulative 5-Year FCF: 0

Mar 2025

: -17
Cash from Investing: -24
Cash from Financing: 40
: -0
Free Cash Flow: -39
OCF / Net Profit: -1.24
Cumulative 5-Year FCF: 0
OCF / Net Profit: -1.24
Cumulative 5-Year FCF: 0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE	-	-	-	-	-
EPS (₹)	-3.70	0.07	6.48	9.79	10.88
Book Value (₹)	6.30	10.07	16.54	31.56	67.12
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	-3.70	0.42	8.45	11.67	12.70
PROFITABILITY	-	-	-	-	-
Operating Margin %	0.00%	4.50%	19.10%	22.18%	19.38%
Net Margin %	0.00%	0.24%	9.46%	13.23%	13.14%
ROE %	-58.73%	1.42%	48.70%	45.98%	24.08%
ROCE %	-0.62%	6.04%	26.12%	31.14%	23.58%
	-0.62%	0.44%	14.58%	17.97%	14.67%
EFFICIENCY	-	-	-	-	-
Debtor Days	0	60	49	73	89
Inventory Days	0	25	44	81	104
Payable Days	0	0	6	38	39
	0	85	87	116	153
FINANCIAL HEALTH	-	-	-	-	-
Debt to Equity (x)	93.51x	1.31x	1.69x	0.83x	0.31x
Interest Coverage (x)	0.00x	1.26x	3.27x	5.67x	7.81x
	1.01x	2.92x	2.04x	1.95x	2.67x
GROWTH	-	-	-	-	-
Revenue Growth %	0.00%	0.00%	132.88%	61.91%	51.82%
Operating Profit Growth %	0.00%	0.00%	889.51%	88.51%	41.95%
Net Profit Growth %	0.00%	1264.86%	8935.68%	126.58%	50.72%
	0.00%	0.00%	0.00%	51.11%	11.12%
VALUATION	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	9.60x
P/B (x)	0.00x	0.00x	0.00x	0.00x	1.56x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	2.19x	8.18x

Mar 2021

EPS (₹): -3.70
Book Value (₹): 6.30
Dividend per Share (₹): 0.00
Cash EPS (₹): -3.70
Operating Margin %: 0.00%
Net Margin %: 0.00%
ROE %: -58.73%
ROCE %: -0.62%
: -0.62%
Debtor Days: 0
Inventory Days: 0
Payable Days: 0
: 0
Debt to Equity (x): 93.51x
Interest Coverage (x): 0.00x
: 1.01x
Revenue Growth %: 0.00%
Operating Profit Growth %: 0.00%
Net Profit Growth %: 0.00%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 0.07
Book Value (₹): 10.07
Dividend per Share (₹): 0.00
Cash EPS (₹): 0.42
Operating Margin %: 4.50%
Net Margin %: 0.24%
ROE %: 1.42%
ROCE %: 6.04%
: 0.44%
Debtor Days: 60
Inventory Days: 25
Payable Days: 0
: 85
Debt to Equity (x): 1.31x
Interest Coverage (x): 1.26x
: 2.92x
Revenue Growth %: 0.00%
Operating Profit Growth %: 0.00%
Net Profit Growth %: 1264.86%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 6.48
Book Value (₹): 16.54
Dividend per Share (₹): 0.00
Cash EPS (₹): 8.45
Operating Margin %: 19.10%
Net Margin %: 9.46%
ROE %: 48.70%
ROCE %: 26.12%
: 14.58%
Debtor Days: 49
Inventory Days: 44
Payable Days: 6
: 87
Debt to Equity (x): 1.69x
Interest Coverage (x): 3.27x
: 2.04x
Revenue Growth %: 132.88%
Operating Profit Growth %: 889.51%
Net Profit Growth %: 8935.68%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 9.79
Book Value (₹): 31.56
Dividend per Share (₹): 0.00
Cash EPS (₹): 11.67
Operating Margin %: 22.18%
Net Margin %: 13.23%
ROE %: 45.98%
ROCE %: 31.14%
: 17.97%
Debtor Days: 73
Inventory Days: 81
Payable Days: 38
: 116
Debt to Equity (x): 0.83x
Interest Coverage (x): 5.67x
: 1.95x
Revenue Growth %: 61.91%
Operating Profit Growth %: 88.51%
Net Profit Growth %: 126.58%
: 51.11%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 2.19x

Mar 2025

EPS (₹): 10.88
Book Value (₹): 67.12
Dividend per Share (₹): 0.00
Cash EPS (₹): 12.70
Operating Margin %: 19.38%
Net Margin %: 13.14%
ROE %: 24.08%
ROCE %: 23.58%
: 14.67%
Debtor Days: 89
Inventory Days: 104
Payable Days: 39
: 153
Debt to Equity (x): 0.31x
Interest Coverage (x): 7.81x
: 2.67x
Revenue Growth %: 51.82%
Operating Profit Growth %: 41.95%
Net Profit Growth %: 50.72%
: 11.12%
P/E (x): 9.60x
P/B (x): 1.56x
Dividend Yield %: 0.00%
: 8.18x

Shareholding Pattern

Numbers in percentages

TRADES

	Sep 2024	Mar 2025	Sep 2025	Mar 2026
	48.11	48.11	48.11	32.64
	3.49	2.22	2.20	2.00
	3.68	2.55	1.67	3.29
Government	0.00	0.00	0.00	0.00
	44.72	47.12	48.02	62.08

Sep 2024

: 48.11
: 3.49
: 3.68
Government: 0.00
: 44.72

Mar 2025

: 48.11
: 2.22
: 2.55
Government: 0.00
: 47.12

Sep 2025

: 48.11
: 2.20
: 1.67
Government: 0.00
: 48.02

Mar 2026

: 32.64
: 2.00
: 3.29
Government: 0.00
: 62.08

Documents

Announcements

Nothing filed yet.

Annual Reports

Annual Report FY2025
2025
Annual Report FY2024
2024

Credit Ratings

Nothing filed yet.

Concalls

Jun 2026
Transcript PPTREC
Nov 2025
Transcript PPTREC
Oct 2025
TranscriptPPTREC