BSE: 523586
INDIAN TONERS & DEVELOPERS LTD
Operates in the specialty chemicals space, with toners indicated as the product line by its corporate name. In FY26, revenue stood at Rs 165.81 crore and net profit at Rs 27.23 crore, against total assets of Rs 261.07 crore. The cost base is materials-led: raw materials accounted for 43.4% of FY26 revenue, employees 12.9%, other operating expenses 19.7%, depreciation 3.2% and capex 2.1%. As a diversification step, it began commercial trading of writing instruments and stationery, importing premium pens from overseas suppliers and selling them in India under its own brand through a new distribution network, funded from existing resources. In Q1 FY27, operating revenue fell 21% YoY to Rs 36.21 crore and net profit dropped 20% to Rs 6.10 crore. The board also approved a 1:5 stock split effective July 17, 2026, taking the share count from 1.04 crore to 5.20 crore shares. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Specialty chemicals / toners, Writing instruments and stationery. Specialty chemicals manufacturer that has diversified into branded consumer stationery trading.
Exhibit 1: Financial summary, FY19–FY22 (all audited; no estimate years)
| ₹ crore · consolidated | FY19 | FY20 | FY21 | FY22 |
|---|---|---|---|---|
| Revenue | 115 | 92 | 89 | 120 |
| EBITDA (ex other income) | 23 | 12 | 15 | 25 |
| margin % | 19.6 | 13.2 | 17.0 | 21.0 |
| Owners' profit | 20 | 0 | 0 | 0 |
| EPS, as reported (₹) | 15.14 | 9.02 | 10.11 | 19.12 |
| ROE % · ROCE % | 11.2 · 14.0 | 6.5 · 8.0 | 8.4 · 11.4 | 12.5 · 15.0 |
| Debt / equity (x) | 0.09 | 0.00 | 0.00 | 0.00 |
| Cash from operations | — | — | 18 | 14 |
| Capex | — | — | (0) | (9) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY21 | Q1 FY22 | Q2 FY22 | Q3 FY22 | Q4 FY22 | Q1 FY23 | Q2 FY23 | Q3 FY23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 30 | 21 | 33 | 32 | 34 | 34 | 39 | 40 |
| Profit before tax | 6 | 3 | 8 | 7 | 7 | 7 | 8 | 8 |
| Net profit | 3 | 2 | 6 | 5 | 8 | 6 | 6 | 8 |
| EPS (₹) | 2.50 | 1.78 | 5.21 | 4.62 | 7.48 | 5.26 | 5.52 | 6.97 |
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. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,42,095 | 53.6 | 12.86 | 37.6 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 69,659 | 32.2 | 4.96 | 21.6 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 47,075 | 76.8 | 5.95 | 37.4 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 43,610 | 55.1 | 10.97 | 39.3 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 20,905 | 88.6 | 8.51 | 56.8 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 20,257 | 25.9 | 3.45 | 21.0 | 9.4 | 10.2 | 12.6 | 21.5 |
| AARTI INDUSTRIES LTD | 15,871 | 29.9 | 2.67 | 17.1 | 7.0 | 4.4 | 13.0 | 16.2 |
| FINE ORGANIC IND. LTD. | 15,604 | 35.6 | 5.86 | 25.5 | 15.7 | 20.0 | 15.9 | 28.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 1.9 | 23.1 | 2 of 99 | 99% |
| P/B | 0.3 | 2.8 | 1 of 99 | 100% |
| ROCE | 8.2 | 10.1 | 59 of 106 | 45% |
| ROE | 6.6 | 8.1 | 59 of 99 | 41% |
| Debt / Equity | 0.0 | 0.2 | 1 of 99 | 86% |
| EBITDA margin | 22.9 | 15.5 | 30 of 99 | 70% |
| Revenue growth | 24.3 | 24.4 | 48 of 94 | 50% |
| Profit growth | 52.4 | 55.1 | 47 of 92 | 50% |
| Market cap | 48 | 699 | 92 of 108 | 15% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Routine compliance filing for quarter ended September 2026 | compliance | minimal | — | — |
| 12 Oct 2026 · Board meeting on Oct 30 to consider Q2 results and interim dividend | results | low | — | — |
| 7 Oct 2026 · Audit Committee reconstituted; Sanjay Gupta added as member | management changes | medium | — | — |
| 26 Sept 2026 · Trading window closure ahead of Q2 and H1 FY26 results announcement | compliance | minimal | — | — |
| 26 Aug 2026 · Board approves direct listing of equity shares on NSE | capital market events | high | — | — |
| 6 Aug 2026 · Indian Toners AGM minutes filed; FY26 PAT up 21%, 60% dividend confirmed | board shareholder meetings | low | — | — |
| 29 Jul 2026 · Q1 FY27 Results: Revenue down 7.4% YoY, Net Profit down 22% YoY | compliance | minimal | — | — |
| 28 Jul 2026 · Company begins trading in imported pens and stationery products | business updates | medium | — | — |
| 28 Jul 2026 · Q1 FY27 results: revenue falls 21% YoY, PAT down 20% | results | high | — | — |
| 22 Jul 2026 · Board meeting on July 28, 2026 to approve Q1 FY27 unaudited results | 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 |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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.