NSE: 20MICRONS · BSE: 533022
20 MICRONS LTD
Makes industrial minerals and specialty functional additives — primarily calcium carbonates and other mineral-based materials used as functional fillers and performance additives by industrial buyers. The largest end-market is paints and coatings, which accounts for around 46% of revenue, with the balance spread across polymer/rubber, construction chemicals, inks and other industrial applications. The business is mid-pivot from traditional industrial minerals into specialty and high-performance additives, launching roughly 35-40 new SKUs each year, with new products contributing about 4-5% of revenue. Exports contribute 14% of revenue. A Rs 100 crore CapEx programme is in place, with 40% allocated to Malaysian operations — a limestone mine is already operational there and a plant is to be commissioned in roughly 12 months, targeting capacity of 1.08 lakh MT. Other growth initiatives include a Sievert joint venture for construction chemicals, a Doffner JV and a newly incorporated Chinese trading subsidiary (Guizhou Twenty Microns). Materials are the dominant cost at 51.7% of revenue, followed by other operating expenses at 25.0% and employee costs at 8.9%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Paints and coatings (46%), Polymer and rubber, Construction chemicals, Exports (14%), Other industrial minerals and specialty additives. Industrial minerals manufacturer transitioning from commodity fillers to higher-value specialty and functional additives; capex-led growth into Malaysia and construction chemicals.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 613 | 702 | 777 | 913 | 954 |
| EBITDA (ex other income) | 79 | 86 | 104 | 115 | 123 |
| margin % | 12.9 | 12.2 | 13.3 | 12.6 | 12.9 |
| Owners' profit | 35 | 42 | 56 | 62 | 67 |
| EPS, as reported (₹) | 9.80 | 11.85 | 15.89 | 17.68 | 18.94 |
| ROE % · ROCE % | 13.8 · 21.9 | 14.2 · 21.8 | 15.9 · 23.3 | 14.4 · 20.4 | 13.7 · 20.1 |
| Debt / equity (x) | 0.48 | 0.35 | 0.33 | 0.35 | 0.30 |
| Cash from operations | 35 | 63 | 54 | 32 | 104 |
| Capex | (27) | (12) | (20) | (77) | (26) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 240 | 215 | 227 | 247 | 231 | 215 | 261 | 245 |
| Profit before tax | 23 | 17 | 19 | 23 | 23 | 20 | 25 | 24 |
| Net profit | 16 | 13 | 15 | 17 | 17 | 15 | 18 | 18 |
| EPS (₹) | 4.65 | 3.65 | 4.31 | 4.78 | 4.92 | 4.24 | 4.99 | 5.04 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LLOYDS METALS N ENERGY L | 99,915 | 20.1 | 7.00 | 18.7 | 26.8 | 17.7 | 132.2 | 39.6 |
| NMDC LTD. | 59,345 | 8.0 | 1.74 | 6.0 | 21.9 | 28.0 | 15.8 | 41.4 |
| GUJARAT MINERAL DEV CORP | 13,873 | 14.5 | 1.96 | 10.1 | 13.5 | 15.5 | 14.7 | 29.5 |
| GRAVITA INDIA LIMITED | 9,889 | 24.9 | 4.02 | 20.6 | 15.4 | 17.2 | 24.8 | 10.7 |
| MOIL LIMITED | 4,475 | 70.5 | 1.65 | 10.0 | 0.3 | 0.4 | — | 35.6 |
| ASHAPURA MINECHEM LTD | 4,090 | 10.1 | 2.49 | 7.8 | 25.3 | 15.0 | 35.5 | 11.7 |
| ORISSA MIN DEV CO LTD | 1,926 | — | — | — | (0.7) | 0.5 | — | 52.8 |
| 20 MICRONS LTD ◆ | 559 | 8.3 | 1.15 | 4.9 | 13.7 | 16.9 | 14.6 | 13.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 8.3 | 14.5 | 3 of 9 | 75% |
| P/B | 1.1 | 1.7 | 3 of 13 | 83% |
| ROCE | 16.9 | 8.4 | 5 of 14 | 69% |
| ROE | 13.7 | 13.5 | 6 of 13 | 58% |
| Debt / Equity | 0.3 | 0.3 | 7 of 13 | 50% |
| EBITDA margin | 13.8 | 13.8 | 7 of 13 | 50% |
| Revenue growth | (1.0) | 19.2 | 11 of 13 | 17% |
| Profit growth | 5.2 | 9.8 | 8 of 14 | 46% |
| Market cap | 559 | 1243 | 8 of 14 | 46% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Q2 revenue rises 3%, but profit falls 21% and margins narrow | results | high | — | — |
| 28 Oct 2026 · Consolidated Q2 revenue rises 3.2%, but profit falls 21.4% | results | high | — | — |
| 26 Oct 2026 · 20 Microns schedules investor earnings call for September quarter | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Board Meeting on Oct 28 to consider Q2 FY27 results | results | low | — | — |
| 6 Oct 2026 · Reg 74(5) compliance certificate for Q2 FY27 dematerialisation | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window closed from Oct 1 ahead of Q2 results board meeting | compliance | minimal | — | — |
| 14 Aug 2026 · 20 Microns acquires 99.99% stake in Shree Shrest Minerals | strategic transactions | medium | — | — |
| 6 Aug 2026 · Q1 FY27 Earnings: margins improve to 13.2%, Rs100Cr capex plan outlined | investor communications | medium | — | — |
| 3 Aug 2026 · 20 Microns AGM 2026: All 4 resolutions pass, Rs 1.25 dividend declared | board shareholder meetings | low | — | — |
| 3 Aug 2026 · 20 Microns submits newspaper publication copy to exchange | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.