BSE: 506945
INDO GULF INDUSTRIES LTD.
Manufactures industrial explosives, with FY26 revenue from operations of Rs 21,935 lakhs, down about 11% from Rs 24,702 lakhs in FY25. The cost structure is dominated by raw materials at 90.8% of revenue, which the filings indicate includes ammonium nitrate sourced from its holding company, Ganesh Explosives Private Limited. Distribution is supported by trucks leased from two related parties — Ganesh Explosives at Rs 22.5 lakh per month and Rajesh Explosives at Rs 2 lakh per month, as approved by shareholders at the 42nd AGM. Capex ran at 5.8% of revenue in FY26. Borrowings rose to Rs 2,393 lakhs at FY26 end from Rs 1,153 lakhs a year earlier, and inventories grew to Rs 1,453 lakhs, while the company swung to a small net loss of Rs 41.65 lakhs from a profit of Rs 653.58 lakhs in FY25. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Industrial explosives. Small, single-product industrial explosives manufacturer with heavy related-party dependence on inputs, transport and funding
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 146 | 207 | 179 | 247 | 219 |
| EBITDA (ex other income) | (1) | 8 | 4 | 12 | 4 |
| margin % | (0.9) | 3.8 | 2.2 | 4.7 | 1.7 |
| Owners' profit | 2 | 6 | 1 | 7 | (0) |
| EPS, as reported (₹) | 1.90 | 1.61 | 1.54 | 6.83 | 0.44 |
| ROE % · ROCE % | (56.8) · 23.3 | 198.8 · 49.4 | 31.3 · 15.7 | 58.1 · 41.0 | (4.0) · 2.5 |
| Debt / equity (x) | (4.76) | 4.31 | 3.19 | 1.03 | 2.27 |
| Cash from operations | 4 | 10 | 14 | 17 | (1) |
| Capex | (5) | (9) | (19) | (14) | (13) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 63 | 52 | 61 | 71 | 70 | 47 | 48 | 54 |
| Profit before tax | 4 | 3 | 3 | (0) | 3 | 1 | (5) | 1 |
| Net profit | 3 | 2 | 2 | (0) | 1 | 1 | (4) | 1 |
| EPS (₹) | 2.86 | 1.81 | 2.37 | (0.20) | 1.09 | 1.79 | (3.79) | 1.14 |
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 | 1,47,581 | 55.7 | 13.36 | 39.1 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 69,214 | 32.0 | 4.93 | 21.4 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 46,552 | 76.0 | 5.88 | 37.0 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 42,476 | 53.7 | 10.69 | 38.3 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 20,367 | 86.4 | 8.29 | 55.4 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 19,572 | 25.0 | 3.33 | 20.3 | 9.4 | 10.2 | 12.6 | 21.5 |
| ATUL LTD | 15,853 | 19.9 | 2.52 | 12.9 | 10.9 | 13.3 | 10.9 | 23.1 |
| AARTI INDUSTRIES LTD | 15,833 | 29.8 | 2.66 | 17.1 | 7.0 | 4.4 | 13.0 | 16.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.2 | 23.0 | 23 of 99 | 78% |
| P/B | 0.3 | 2.8 | 2 of 99 | 99% |
| ROCE | 0.2 | 10.1 | 95 of 106 | 11% |
| ROE | (4.0) | 8.1 | 93 of 99 | 6% |
| Debt / Equity | 2.3 | 0.2 | 96 of 99 | 3% |
| EBITDA margin | 5.9 | 15.5 | 86 of 99 | 13% |
| Revenue growth | (24.3) | 24.4 | 92 of 94 | 2% |
| Profit growth | 667.1 | 55.1 | 8 of 92 | 92% |
| Market cap | 3 | 697 | 107 of 108 | 1% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Routine SEBI Regulation 74(5) certificate filing for Q2 FY26 | compliance | minimal | — | — |
| 30 Sept 2026 · All 6 AGM resolutions passed with over 99.99 percent approval | compliance | minimal | — | — |
| 30 Sept 2026 · 43rd AGM concludes: results adopted, new MD appointed, RPTs approved | board shareholder meetings | low | — | — |
| 7 Sept 2026 · AGM Notice published in newspapers; book closure and e-voting info | compliance | minimal | — | — |
| 3 Sept 2026 · 43rd AGM notice on 30 Sep 2026: RPT approvals, MD appointment | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Book closure from 24 Sept to 30 Sept 2026 for 43rd AGM | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Indo Gulf Industries files FY26 Annual Report; swings to net loss | results | medium | — | — |
| 31 Aug 2026 · MD Gaurav Kumar resigns from Indo Gulf Industries | management changes | critical | — | — |
| 17 Jul 2026 · Appointment of Mr. Arjun Singh Bhandari as Additional Executive Director | management changes | medium | — | — |
| 15 Jul 2026 · Quarterly compliance certificate under SEBI Regulation 74(5) | 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.