BSE: 526739
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Gelatine manufacturing, Proportionate share of associate India Gelatine and Chemicals. Cyclical commodity-input specialty chemicals; small-scale, largely debt-free gelatine manufacturer.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 189 | 215 |
| EBITDA (ex other income) | 25 | 45 |
| margin % | 13.4 | 20.8 |
| Owners' profit | 0 | 31 |
| EPS, as reported (₹) | 29.79 | 52.05 |
| ROE % · ROCE % | 15.0 · 19.0 | 21.7 · 27.2 |
| Debt / equity (x) | 0.11 | 0.05 |
| Cash from operations | 17 | 25 |
| Capex | (15) | (10) |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|
| Revenue | 48 | 50 | 46 | 51 | 57 | 62 |
| Profit before tax | 6 | 7 | 7 | 9 | 10 | 13 |
| Net profit | 4 | 6 | 6 | 7 | 8 | 10 |
| EPS (₹) | 7.31 | 9.98 | 9.89 | 11.39 | 13.89 | 16.88 |
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) | 7.9 | 23.1 | 7 of 99 | 94% |
| P/B | 1.7 | 2.8 | 32 of 99 | 67% |
| ROCE | 26.6 | 10.1 | 9 of 106 | 92% |
| ROE | 21.7 | 8.1 | 10 of 99 | 91% |
| Debt / Equity | 0.1 | 0.2 | 36 of 99 | 64% |
| EBITDA margin | 23.6 | 15.5 | 28 of 99 | 72% |
| Revenue growth | 24.0 | 24.4 | 50 of 94 | 46% |
| Profit growth | 69.3 | 55.1 | 40 of 92 | 57% |
| Market cap | 248 | 699 | 67 of 108 | 38% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · Routine RTA certificate under SEBI Reg 74(5) for Sep 2026 quarter | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window Closure for Q2 FY26 Results | compliance | minimal | — | — |
| 21 Sept 2026 · Dividend Rs.11/share declared; KYC pending for 185 shareholders | compliance | minimal | — | — |
| 21 Aug 2026 · AGM 2026: All 5 resolutions passed with near-unanimous approval | board shareholder meetings | low | — | — |
| 19 Aug 2026 · 65th AGM outcomes: Rs 11/share dividend declared, MD re-appointed for 2 years | board shareholder meetings | medium | — | — |
| 13 Aug 2026 · Narmada Gelatines publishes Q1 FY27 results in newspapers | compliance | minimal | — | — |
| 12 Aug 2026 · Narmada Gelatines Q1 FY27 revenue up 23% YoY, profit nearly doubles | results | high | — | — |
| 12 Aug 2026 · Q1 FY27 results: Revenue up 23 percent, PAT rises 64 percent YoY | results | high | — | — |
| 1 Aug 2026 · Board meeting on Aug 12 to consider Q1 FY27 results | results | low | — | — |
| 22 Jul 2026 · 65th AGM notice and annual report dispatched to unregistered shareholders | 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.