NSE: INDOKEM · BSE: 504092
INDOKEM LTD.
Manufactures specialty chemicals, with manufacturing centred at a facility in Chikhloli MIDC, Ambernath, in Maharashtra's Thane district. The group operates a subsidiary in Bangladesh (Indokem Bangladesh), which reported a small loss in FY26. FY26 consolidated revenue was Rs 169.39 crore, with consolidated total income of Rs 17,245 lakhs in audited results. Raw materials account for 64.5% of revenue, making procurement the dominant cost input; employee costs add 12.8% and other operating expenses 17.6%, with depreciation at 1.4% and capex at 1.9% of revenue. The business is promoter-controlled, with the Khatau family and related entities holding 68.67% of equity shares. The Chikhloli MIDC plant was shut by the Maharashtra Pollution Control Board in November 2025 and received restart directions on January 14, 2026 following compliance measures. The filings reviewed do not specify product lines, segment-wise revenue mix, or customer categories. AR · MarketPing reader · 2026-08-02
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 165 | 178 | 169 |
| EBITDA (ex other income) | (1) | 8 | 5 |
| margin % | (0.6) | 4.3 | 2.8 |
| Owners' profit | (6) | 3 | 2 |
| EPS, as reported (₹) | (2.23) | 1.14 | 0.67 |
| ROE % · ROCE % | (10.6) · (4.0) | 5.1 · 7.5 | 2.9 · 5.6 |
| Debt / equity (x) | 0.38 | 0.36 | 0.42 |
| Cash from operations | 4 | 5 | (4) |
| Capex | (2) | (1) | (3) |
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 | 37 | 43 | 43 | 54 | 42 | 40 | 42 | 46 |
| Profit before tax | (1) | (0) | 1 | 4 | 1 | 0 | 0 | 1 |
| Net profit | (1) | (0) | 1 | 4 | 1 | 0 | 0 | 0 |
| EPS (₹) | (0.50) | 0.00 | 0.26 | 1.36 | 0.25 | 0.15 | 0.15 | 0.13 |
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) | 939.5 | 23.1 | 99 of 99 | 0% |
| P/B | 27.6 | 2.8 | 98 of 99 | 1% |
| ROCE | 2.1 | 10.1 | 89 of 106 | 16% |
| ROE | 2.9 | 8.1 | 82 of 99 | 17% |
| Debt / Equity | 0.4 | 0.2 | 73 of 99 | 27% |
| EBITDA margin | 4.1 | 15.5 | 91 of 99 | 8% |
| Revenue growth | (16.4) | 24.4 | 91 of 94 | 3% |
| Profit growth | (91.1) | 55.1 | 87 of 92 | 6% |
| Market cap | 1782 | 699 | 38 of 108 | 65% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Board meeting set for November 2, 2026 results | results | low | — | — |
| 23 Oct 2026 · Indokem seeks transfer of 50 physical shares | compliance | minimal | — | — |
| 8 Oct 2026 · Quarterly RTA confirmation certificate submitted to BSE | compliance | minimal | — | — |
| 21 Sept 2026 · Trading window closure from Oct 1, 2026 till 48 hours after Q2 results | compliance | minimal | — | — |
| 2 Sept 2026 · Notice on physical share transfer re-lodgement request | compliance | minimal | — | — |
| 29 Aug 2026 · Indokem 60th AGM on Sept 24, 2026; e-voting Sept 21 to 23 | compliance | minimal | — | — |
| 26 Aug 2026 · Indokem FY2025-26 annual report and 60th AGM notice filed | board shareholder meetings | medium | — | — |
| 26 Aug 2026 · Remote e-voting facility and cut-off date for 60th AGM | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Indokem 60th AGM notice published in newspapers on 25 Aug 2026 | compliance | minimal | — | — |
| 24 Aug 2026 · Indokem 60th AGM on Sep 24, 2026; MD and WTD re-appointments, RPTs on agenda | 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.