NSE: INDOAMIN · BSE: 524648
INDO AMINES LIMITED
Manufactures specialty chemicals, with manufacturing facilities in Gujarat including a plant at Village Tundav, Vadadara that was directed to close by the Gujarat Pollution Control Board in July 2026 over pollution-control non-compliances; other plants remained operational. The business recorded FY26 revenue of Rs 1,159.66 crore and net profit of Rs 79.33 crore, at a net margin of 6.84% and ROCE of 26.48%. Raw materials are the dominant input cost at 66.4% of revenue, with other operating expenses at 17.5% and employee costs at 5.7%. Revenue grew 7.5% year-on-year and 16.5% on a five-year CAGR, while net profit rose 41.9% year-on-year. For FY26 the board declared a 10% dividend (Rs 0.50 per share on Rs 5 face value) and granted 5,60,000 stock options to employees under the ESOP 2025 plan. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Specialty chemicals. Asset-heavy specialty chemicals manufacturer with multi-plant Gujarat operations
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 786 | 945 | 944 | 1,079 | 1,160 |
| EBITDA (ex other income) | 52 | 87 | 79 | 101 | 123 |
| margin % | 6.6 | 9.2 | 8.4 | 9.4 | 10.6 |
| Owners' profit | 0 | 0 | 43 | 56 | 0 |
| EPS, as reported (₹) | 3.26 | 5.78 | 6.06 | 7.70 | 10.79 |
| ROE % · ROCE % | 12.3 · 20.3 | 18.1 · 25.7 | 16.2 · 24.3 | 17.6 · 24.4 | 20.1 · 26.5 |
| Debt / equity (x) | 1.10 | 1.03 | 0.82 | 0.90 | 0.79 |
| Cash from operations | 35 | 20 | 70 | 91 | 79 |
| Capex | (40) | (31) | (31) | (91) | (78) |
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 | 269 | 259 | 285 | 288 | 277 | 277 | 318 | 375 |
| Profit before tax | 19 | 17 | 15 | 36 | 26 | 16 | 29 | 42 |
| Net profit | 14 | 11 | 12 | 29 | 18 | 12 | 21 | 31 |
| EPS (₹) | 1.96 | 1.52 | 1.68 | 3.94 | 2.50 | 1.62 | 2.73 | 4.19 |
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) | 11.2 | 23.1 | 13 of 99 | 88% |
| P/B | 2.3 | 2.8 | 40 of 99 | 60% |
| ROCE | 21.6 | 10.1 | 14 of 106 | 88% |
| ROE | 20.1 | 8.1 | 11 of 99 | 90% |
| Debt / Equity | 0.8 | 0.2 | 87 of 99 | 12% |
| EBITDA margin | 14.5 | 15.5 | 52 of 99 | 48% |
| Revenue growth | 30.3 | 24.4 | 34 of 94 | 65% |
| Profit growth | 6.6 | 55.1 | 66 of 92 | 29% |
| Market cap | 901 | 699 | 49 of 108 | 55% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · GST inspection and search initiated at Indo Amines office | regulatory legal | high | — | — |
| 17 Oct 2026 · Indo Amines gets conditional nod to restart Mahad plant after gas leak | capex operations | high | — | — |
| 10 Oct 2026 · RTA certificate under SEBI Reg 74(5) for Q2 FY27 filed | compliance | minimal | — | — |
| 7 Oct 2026 · Exchange seeks clarification on volume movement; reply awaited | regulatory legal | high | — | — |
| 7 Oct 2026 · Clarification on volume spurt in shares | regulatory legal | medium | — | — |
| 6 Oct 2026 · Indo Amines responds to NSE on sudden volume rise | regulatory legal | medium | — | — |
| 6 Oct 2026 · NSE seeks clarification on sudden volume spike in Indo Amines | regulatory legal | medium | — | — |
| 30 Sept 2026 · Trading Window Closed from Oct 1, 2026 for Q2 Results | compliance | minimal | — | — |
| 25 Sept 2026 · Indo Amines 33rd AGM: All 6 resolutions passed, Rs 0.50 dividend declared | board shareholder meetings | medium | — | — |
| 24 Sept 2026 · Indo Amines 33rd AGM: 10 percent dividend, revenue up to Rs 1,159.66 cr | board shareholder meetings | low | — | — |
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.