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Indag Rubber Ltd (509162)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 509162 NSE: Rubber Products | Small Cap | Indag Rubber Share Price
₹110.15 -3.40 (-2.99%)
As on 23-Sep'26 16:59
Indag Rubber Ltd (509162)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 509162 NSE: Rubber Products | Small Cap | Indag Rubber Share Price
₹110.15 -3.40 (-2.99%)
As on 23-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹289 Cr.
Current Price
₹110.2
52-Week Low / High
₹77 / 147
TTM EPS
₹5.3
TTM Sales
₹240 Cr.
Book Value per Share
₹89.9
P/E Ratio
20.80
Lower than its 5-year historical median
Industry PE
23
Price to Book (P/B)
1.23
Lower than its 5-year historical median
Price to Sales (P/S)
1.21
Lower than its 5-year historical median
EV/EBITDA
11.93
Lower than its 5-year historical median
Dividend Yield
2.18%
Profitability Efficiency
Return on Equity (ROE)
3.52%
Underperforms industry median
Return on Capital Employed (ROCE)
5.32%
Underperforms industry median
Return on Assets (ROA)
2.79%
Operating Profit Margin
4.1%
Net Profit Margin
3.76%
Gross Profit Margin
8.3%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-4.71%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
340.84%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
70.76%
Asset Quality
Promoter Holding
73.34%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹231 Cr.
Equity
₹5.3 Cr.
Face Value
₹2
All Time Low / High
₹0.33 / 308.00
Check Before You Invest
Quality
Not GoodValuation
FairCheck Valuation charts
Price Trend
Weak
Is Indag Rubber Ltd a good quality company?
Indag Rubber Ltd is a weak quality company, based on a inconsistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Indag Rubber Ltd performance compare with that of its Peers?
Revenue growth of Indag Rubber Ltd vs industry peers?
Indag Rubber Ltd revenue CAGR is 2.81%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Indag Rubber Ltd?
Promoters hold 73.34% of the Indag Rubber Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Indag Rubber Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of -4.4% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Indag Rubber Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 19.4% | 12.1% | 7.4% | 9.1% | 2.1% | 1.6% | 8.5% | 10.3% | 4.9% | 7.3% | - |
| Value Creation Index ⓘ | 0.4 | -0.1 | -0.5 | -0.4 | -0.9 | -0.9 | -0.4 | -0.3 | -0.7 | -0.5 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 184 | 164 | 169 | 187 | 170 | 167 | 244 | 251 | 225 | 214 | 227 |
| Sales YoY Gr. | - | -10.7% | 2.9% | 10.7% | -9.1% | -1.7% | 46.1% | 3% | -10.5% | -4.7% | - |
| Adj EPS ⓘ | 7.4 | 5.3 | 4.1 | 5 | 4.6 | 1 | 5 | 6.4 | 3.2 | 4.7 | 6 |
| YoY Gr. | - | -27.9% | -23.7% | 24.4% | -8.5% | -78.7% | 413.3% | 26.8% | -50.3% | 48.9% | - |
| BVPS (₹) ⓘ | 67.2 | 71 | 72.5 | 71.1 | 75.1 | 78.7 | 80.7 | 86.4 | 87.7 | 89.8 | 91.7 |
| Adj Net Profit ⓘ | 19.3 | 14 | 10.6 | 13.2 | 12.1 | 2.6 | 13.2 | 16.8 | 8.3 | 12.4 | 16 |
| Cash Flow from Ops. ⓘ | 8.7 | 13.8 | -2.5 | 8.3 | 12.7 | 8.5 | 9.7 | 20 | 6.5 | 19.7 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 1.7% | 4.8% | -4.2% | -4.7% | ||||
| Adj EPS ⓘ | -4.8% | 0.5% | -2.1% | 48.9% | ||||
| BVPSⓘ | 3.3% | 3.6% | 3.6% | 2.4% | ||||
| Share Price | -4.7% | 5.2% | -6.8% | -10.9% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 11.6 | 7.7 | 5.6 | 7 | 6.3 | 1.3 | 6.3 | 7.6 | 3.6 | 5.3 | 6.6 |
| Op. Profit Mgn % ⓘ | 15.9 | 11 | 7.2 | 8.7 | 9.7 | 0.6 | 5.5 | 7.1 | 2 | 5.4 | 7.1 |
| Net Profit Mgn % ⓘ | 10.5 | 8.5 | 6.3 | 7.1 | 7.1 | 1.5 | 5.4 | 6.7 | 3.7 | 5.8 | 6.9 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - |
| Working Cap Days ⓘ | 130 | 162 | 165 | 167 | 181 | 167 | 117 | 117 | 129 | 138 | 97 |
| Cash Conv. Cycle ⓘ | 81 | 98 | 111 | 111 | 110 | 103 | 68 | 65 | 76 | 74 | 75 |
Valuation of Indag Rubber - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 185 | 168 | 173 | 187 | 170 | 167 | 251 | 228 | 215 |
| Operating Expenses ⓘ + | 155 | 148 | 158 | 171 | 153 | 166 | 234 | 227 | 206 |
| Operating Profit ⓘ | 30 | 21 | 15 | 16 | 16 | 1 | 17 | 2 | 8 |
| Operating Profit Margin (%) | 16.2% | 12.2% | 8.5% | 8.7% | 9.7% | 0.4% | 6.7% | 0.8% | 3.9% |
| Other Income ⓘ + | 6 | 7 | 5 | 5 | 4 | 6 | 10 | 12 | 11 |
| Interest ⓘ | 1 | 2 | 2 | 0 | 0 | 0 | 1 | 1 | 1 |
| Depreciation ⓘ | 3 | 4 | 4 | 4 | 3 | 4 | 5 | 7 | 7 |
| Profit Before Tax ⓘ | 32 | 22 | 14 | 17 | 3 | 3 | 20 | 6 | 11 |
| Tax ⓘ | 10 | 6 | 3 | 3 | 1 | 0 | 5 | 1 | 3 |
| Profit After Tax | 22 | 16 | 11 | 13 | 3 | 2 | 16 | 5 | 8 |
| PAT Margin (%) | 11.9% | 9.4% | 6.4% | 7.1% | 1.6% | 1.4% | 6.2% | 2.1% | 3.8% |
| Adjusted EPS (₹) | 8.3 | 6.0 | 4.1 | 5.1 | 1.0 | 0.8 | 6.2 | 2.5 | 3.9 |
| Dividend Payout Ratio (%) | 28.80% | 40% | 58.60% | 46.80% | 248.40% | 304% | 48.80% | 96.50% | 61.90% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'24 | Mar'25 | Mar'26 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 176 | 187 | 191 | 187 | 198 | 207 | 226 | 228 | 231 | ||
| Debt + | 15 | 12 | 11 | 10 | 0 | 0 | 0 | 0 | 10 | ||
| Minority Interest | 3 | 4 | 3 | 3 | 4 | 0 | 3 | 4 | 3 | ||
| Trade Payables | 18 | 15 | 15 | 16 | 15 | 18 | 21 | 22 | 39 | ||
| Others Liabilities ⓘ | 14 | 11 | 10 | 9 | 20 | 9 | 21 | 21 | 22 | ||
| Total Liabilities ⓘ | 226 | 228 | 230 | 226 | 237 | 234 | 271 | 274 | 304 | ||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 49 | 46 | 44 | 41 | 25 | 23 | 44 | 41 | 38 | ||
| CWIP ⓘ | 0 | 0 | 1 | 10 | 19 | 1 | 0 | 0 | 0 | ||
| Investments ⓘ | 90 | 104 | 96 | 79 | 91 | 134 | 122 | 128 | 139 | ||
| Inventories | 41 | 33 | 38 | 37 | 36 | 39 | 41 | 46 | 69 | ||
| Trade Receivables | 29 | 29 | 34 | 38 | 29 | 23 | 26 | 25 | 22 | ||
| Cash Equivalents | 7 | 6 | 7 | 5 | 4 | 2 | 6 | 3 | 5 | ||
| Others Assets ⓘ | 10 | 10 | 10 | 16 | 32 | 11 | 33 | 31 | 32 | ||
| Total Assets ⓘ | 226 | 228 | 230 | 226 | 237 | 234 | 271 | 274 | 304 | ||
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 8 | 17 | 0 | 10 | 15 | 8 | 18 | 3 | 9 |
| Cash Flow From Investing Activity ⓘ + | -15 | -8 | 10 | 3 | -9 | -3 | -11 | 1 | -10 |
| Cash Flow From Financing Activity ⓘ + | 9 | -10 | -10 | -15 | -5 | -7 | -4 | -7 | 3 |
| Net Cash Flow ⓘ | 2 | -1 | -1 | -2 | 1 | -1 | 3 | -3 | 2 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 12.44 | 8.7 | 5.83 | 7.01 | 1.42 | 1.13 | 7.2 | 2.08 | 3.52 | |
| ROCE (%) | 17.24 | 12.18 | 7.94 | 8.52 | 1.98 | 1.5 | 9.86 | 3.13 | 5.32 | |
| Asset Turnover Ratio | 0.91 | 0.76 | 0.76 | 0.82 | 0.73 | 0.71 | 0.99 | 0.84 | 0.74 | |
| PAT to CFO Conversion(x) | 0.36 | 1.06 | 0 | 0.77 | 5 | 4 | 1.13 | 0.6 | 1.13 | |
| Working Capital Days | ||||||||||
| Receivable Days | 52.30 | 61.80 | 66.80 | 70.40 | 72.10 | 56.90 | 35.10 | 40.60 | 40.30 | |
| Inventory Days | 73.60 | 78.60 | 74.70 | 73.30 | 78.40 | 82.20 | 58 | 69.10 | 97.50 | |
| Payable Days | 62 | 55.80 | 46.20 | 45.90 | 52.60 | 51 | 42 | 47 | 75 | |
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Announcements
Indag Rubber Ltd FAQs
The current trading price of Indag Rubber on 23-Sep-2026 16:59 is ₹110.2.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 22-Sep-2026 the market cap of Indag Rubber stood at ₹289.1 Cr
The latest P/E ratio of Indag Rubber as of 22-Sep-2026 is 18.52.
The latest P/B ratio of Indag Rubber as of 22-Sep-2026 is 1.20.
The 52-week high of Indag Rubber is ₹146.8 and the 52-week low is ₹77.36.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Indag Rubber is ₹227 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Indag Rubber Ltd is a below average quality company.
The key valuation ratios of Indag Rubber Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Indag Rubber Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Indag Rubber Ltd
Indag Rubber was founded by the Khemka Group during the early 80’s and pioneered the introduction of cold retreading technology in India. Since then the company has provided retreading material to our customers ranging from precured tread to curing envelopes.
It offers complete range of application specific tread patterns for transportation industry with cost effective tyre solutions.
Indag uses advanced technology in terms of machinery, equipment and raw materials. As a result, our products give mileage that result in Lowest Cost Per Kilometer.
Indag continuously engages in R&D to develop and deliver superior compounds that give higher mileage to our customers. They constantly engage in testing of these compounds in the field to ensure that their customers get a product that gives superior performance.
Their factories are located in Nalagarh, Himachal Pradesh and Bhiwadi, Rajasthan to ensure speedy delivery of their product to their customers all over India and different parts of the World.
Products manufactured by the company:
- Precured Tread Rubber
- Un-vulcanized Rubber Strip Gum
- Universal Spray Cement
- Envelopes
Certification:
- Their processes are ISO 9001:2000 certified.
Future Plans:
With an eye on exports and increased sales within the country, Indag Rubber has approved capacity expansion of the main manufacturing facility at Nalagarh, Himachal Pradesh
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