NARMADA GELATINES LTD.

Manufactures gelatine, with over 50 years of operating history in the field as noted by CARE Ratings. The company is headquartered and operates out of Jabalpur, where its board meetings are held. For FY26, revenue from operations was Rs 215.41 crore and EBITDA margin stood at 20.95%. Raw materials are the largest input cost, at 52.3% of revenue, followed by other operating expenses at 18.5% and employee costs at 9.3%. Consolidated results include a proportionate share of associate India Gelatine and Chemicals, in which the company has held an interest since December 5, 2024. CARE Ratings describes the company as largely debt-free with low gearing of 0.11x and has reaffirmed a CARE BBB; Stable rating on long-term bank facilities of Rs 31.35 crore. A Rs 33 crore capex programme is planned over two years, partly funded by an enhanced term loan. The board has recommended a final dividend of Rs 11 per share (110% on face value) for FY26.