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Indokem Ltd (INDOKEM)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 504092 NSE: INDOKEM Chemicals | Small Cap | Indokem Share Price
₹612.70 0.10 (0.02%)
As on 22-Sep'26 16:59
Indokem Ltd (INDOKEM)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 504092 NSE: INDOKEM Chemicals | Small Cap | Indokem Share Price
₹612.70 0.10 (0.02%)
As on 22-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹1,709 Cr.
Current Price
₹612.7
52-Week Low / High
₹440 / 930
TTM EPS
₹0.8
TTM Sales
₹174 Cr.
Book Value per Share
₹17.2
P/E Ratio
762.82
Higher than its 5-year historical median
Industry PE
48.3
Price to Book (P/B)
35.63
Higher than its 5-year historical median
Price to Sales (P/S)
9.79
Higher than its 5-year historical median
EV/EBITDA
205.96
Higher than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
4.16%
Underperforms industry median
Return on Capital Employed (ROCE)
8.00%
Underperforms industry median
Return on Assets (ROA)
1.29%
Operating Profit Margin
2.9%
Net Profit Margin
1.09%
Gross Profit Margin
2.6%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-3.65%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-36.89%
Net Profit Growth (1 Year)
-
-41.08%
Asset Quality
Promoter Holding
68.67%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹20 Cr.
Equity
₹27.9 Cr.
Face Value
₹10
All Time Low / High
₹0.50 / 930.00
Check Before You Invest
Quality
Not GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Weak
Is Indokem Ltd a good quality company?
Indokem 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 Indokem Ltd performance compare with that of its Peers?
Revenue growth of Indokem Ltd vs industry peers?
Indokem Ltd revenue CAGR is 26.64%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Indokem Ltd?
Promoters hold 68.67% of the Indokem Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Indokem Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 52.7% 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.
Indokem 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 % ⓘ | 55.6% | -2.6% | 0% | 4.9% | 10.7% | 9.4% | 3.7% | -3.5% | 6.6% | 9.2% | - |
| Value Creation Index ⓘ | 3.0 | -1.2 | NA | -0.7 | -0.2 | -0.3 | -0.7 | -1.3 | -0.5 | -0.4 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 71.6 | 78 | 79.4 | 89.6 | 79.2 | 114 | 141 | 140 | 154 | 148 | 154 |
| Sales YoY Gr. | - | 9% | 1.8% | 12.9% | -11.6% | 43.3% | 23.9% | -0.8% | 10.1% | -3.7% | - |
| Adj EPS ⓘ | 1.1 | -1.2 | -0.6 | 0 | 1.4 | 1.1 | -0.3 | -1.9 | 0.2 | 0.6 | 1 |
| YoY Gr. | - | -213.9% | NA | NA | 4566.7% | -23.6% | -125.2% | NA | NA | 133.3% | - |
| BVPS (₹) ⓘ | 13 | 12.1 | 11.7 | 11.9 | 13.1 | 14.3 | 20.8 | 11.6 | 11.9 | 13.5 | 13.8 |
| Adj Net Profit ⓘ | 2.6 | -3 | -1.4 | 0.1 | 3.4 | 2.6 | -0.7 | -5.3 | 0.7 | 1.6 | 3 |
| Cash Flow from Ops. ⓘ | 1.9 | 2 | 0.4 | 2.6 | 1.9 | -0.4 | 1.7 | 3.8 | 4 | -3.7 | - |
| Debt/CF from Ops. ⓘ | 2.7 | 3.2 | 21.7 | 3.3 | 5 | -31.4 | 13.1 | 6 | 5.5 | -7.3 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 8.4% | 13.3% | 1.7% | -3.7% | ||||
| Adj EPS ⓘ | -7% | -16.7% | NA | 133.3% | ||||
| BVPSⓘ | 0.5% | 0.6% | -13.4% | 13.2% | ||||
| Share Price | 52.7% | 75.5% | 71.5% | 18.2% | ||||
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 % ⓘ | 11.4 | -9.8 | -4.8 | 0.2 | 11.2 | 7.8 | -1.5 | -10 | 1.3 | 2.9 | 7 |
| Op. Profit Mgn % ⓘ | -11.8 | -2.8 | -0.4 | 2.2 | 7 | 4.2 | 2.6 | -0.2 | 3.3 | 3 | 3.3 |
| Net Profit Mgn % ⓘ | 3.7 | -3.8 | -1.8 | 0.1 | 4.3 | 2.3 | -0.5 | -3.8 | 0.4 | 1.1 | 1.7 |
| Debt to Equity ⓘ | 0.2 | 0.2 | 0.3 | 0.3 | 0.3 | 0.4 | 0.4 | 0.7 | 0.7 | 0.7 | - |
| Working Cap Days ⓘ | 180 | 171 | 165 | 144 | 171 | 136 | 126 | 133 | 138 | 169 | 85 |
| Cash Conv. Cycle ⓘ | 63 | 45 | 44 | 42 | 52 | 53 | 51 | 48 | 39 | 53 | 18 |
Valuation of Indokem - 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'06 | Mar'07 | Mar'08 | Mar'09 | Mar'10 | Mar'11 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 69 | 69 | 67 | 69 | 52 | 28 | 161 | 165 | 178 | 169 |
| Operating Expenses ⓘ + | 66 | 63 | 66 | 71 | 57 | 33 | 158 | 166 | 171 | 165 |
| Operating Profit ⓘ | 3 | 7 | 1 | -2 | -5 | -5 | 3 | -1 | 8 | 5 |
| Operating Profit Margin (%) | 4.2% | 9.5% | 1.7% | -2.6% | -9.2% | -18.2% | 1.8% | -0.6% | 4.3% | 2.8% |
| Other Income ⓘ + | 4 | 1 | 4 | 2 | 3 | 5 | 1 | 0 | 1 | 3 |
| Interest ⓘ | 3 | 4 | 5 | 0 | 5 | 6 | 3 | 3 | 3 | 3 |
| Depreciation ⓘ | 3 | 3 | 3 | 3 | 3 | 3 | 2 | 3 | 2 | 2 |
| Profit Before Tax ⓘ | 1 | 1 | -3 | -3 | -10 | -10 | -1 | -6 | 3 | 2 |
| Tax ⓘ | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 1 | 1 | -3 | -3 | -10 | -10 | -1 | -6 | 3 | 2 |
| PAT Margin (%) | 1.1% | 1.2% | -4.2% | -4.5% | -18.6% | -34.4% | -0.8% | -3.8% | 1.8% | 1.1% |
| Adjusted EPS (₹) | 0.5 | 0.5 | -1.8 | -2.0 | -3.9 | -3.9 | -0.6 | -2.3 | 1.1 | 0.7 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'06 | Mar'07 | Mar'08 | Mar'09 | Mar'10 | Mar'11 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 18 | 19 | 18 | 15 | 14 | 22 | 58 | 59 | 62 | 64 | |
| Debt + | 31 | 35 | 36 | 36 | 32 | 21 | 16 | 15 | 15 | 26 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | |
| Trade Payables | 24 | 20 | 23 | 0 | 18 | 13 | 25 | 31 | 41 | 37 | |
| Others Liabilities ⓘ | 10 | 12 | 24 | 50 | 10 | 9 | 23 | 23 | 23 | 18 | |
| Total Liabilities ⓘ | 83 | 85 | 100 | 100 | 74 | 64 | 122 | 128 | 141 | 145 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 37 | 34 | 62 | 59 | 39 | 33 | 61 | 66 | 65 | 59 | |
| CWIP ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | |
| Investments ⓘ | 7 | 7 | 4 | 4 | 4 | 4 | 0 | 0 | 0 | 1 | |
| Inventories | 13 | 17 | 16 | 14 | 10 | 9 | 21 | 24 | 29 | 33 | |
| Trade Receivables | 15 | 16 | 13 | 17 | 16 | 9 | 31 | 30 | 38 | 43 | |
| Cash Equivalents | 1 | 1 | 1 | 1 | 1 | 4 | 3 | 2 | 3 | 3 | |
| Others Assets ⓘ | 10 | 10 | 5 | 5 | 5 | 5 | 6 | 4 | 6 | 6 | |
| Total Assets ⓘ | 83 | 85 | 100 | 100 | 74 | 64 | 122 | 128 | 141 | 145 | |
| PARTICULARS | Mar'06 | Mar'07 | Mar'08 | Mar'09 | Mar'10 | Mar'11 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 1 | -5 | 1 | -0 | -10 | -4 | 2 | 4 | 5 | -4 |
| Cash Flow From Investing Activity ⓘ + | -0 | -0 | -0 | -0 | 14 | 11 | -4 | -2 | -1 | 3 |
| Cash Flow From Financing Activity ⓘ + | -1 | 6 | -1 | 0 | -4 | -3 | 1 | -3 | -3 | 1 |
| Net Cash Flow ⓘ | -0 | 0 | -0 | 0 | -0 | 4 | 0 | -0 | 1 | -0 |
| PARTICULARS | Mar'06 | Mar'07 | Mar'08 | Mar'09 | Mar'10 | Mar'11 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 4.11 | 4.37 | -15.48 | -19.46 | -68.21 | -67.85 | -4.75 | -15.59 | 7.8 | 4.16 |
| ROCE (%) | 8.53 | 9.68 | 3.66 | -4.9 | -9.24 | -7.16 | 2.94 | -4.85 | 9.82 | 8 |
| Asset Turnover Ratio | 0.83 | 0.84 | 0.74 | 0.69 | 0.6 | 0.4 | 1.72 | 1.32 | 1.33 | 1.19 |
| PAT to CFO Conversion(x) | 1 | -5 | N/A | N/A | N/A | N/A | N/A | N/A | 1.67 | -2 |
| Working Capital Days | ||||||||||
| Receivable Days | 82.10 | 80.60 | 77.20 | 80 | 116.70 | 163.20 | 45.60 | 68.20 | 70.10 | 87 |
| Inventory Days | 70.30 | 78.20 | 88.70 | 79.40 | 85 | 122.50 | 33.60 | 50.10 | 54.90 | 67.20 |
| Payable Days | 164.80 | 159.10 | 143.90 | 70.10 | 71.40 | 241.60 | 66.50 | 98.20 | 115.50 | 135.10 |
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Indokem Ltd FAQs
The current trading price of Indokem on 22-Sep-2026 16:59 is ₹612.7.
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 21-Sep-2026 the market cap of Indokem stood at ₹1,708.7 Cr
The latest P/E ratio of Indokem as of 21-Sep-2026 is 642.4.
The latest P/B ratio of Indokem as of 21-Sep-2026 is 44.29.
The 52-week high of Indokem is ₹930.0 and the 52-week low is ₹439.8.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Indokem is ₹154 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Indokem Ltd is a below average quality company.
The key valuation ratios of Indokem Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Indokem Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Indokem Ltd
Indokem, a Khatau Group company was set up in 1946 to manufacture process and market a wide range of exclusive dyestuffs to the growing textile industry in India. From its very inception, Indokem has been customer driven and highly service oriented group, providing value added products consistently. Keeping in view the need of consolidation, Indonon Vat Dyes Plant was started in 1990's on a sprawling complex at Ankleshwar. This is an ultra modern plant specialised in Anthraquinone Chemistry, which manufactures a range of Anthraquinone based Vat Dyes.
Innovation, enterprise and a concern for quality have contributed to the success and growth of the group over the years. The company's capabilities and achievements lend confidence to meet tomorrow's challenges.
In 1874, Seth Khatau Makanji laid the foundation stone of Khatau Makanji Spinning and Weaving Company Limited. Soon Khatau sarees, voiles and fabrics became synonymous with high quality premium fabric. From these early days, the group has grown into a multidimensional enterprise, covering industries such as textiles, Chemicals, Dyestuffs, Shipping, Electrical Cables, Footwear, etc.
In the late 20th century, business became more competitive and the Group confirmed, formed various Strategic Business Units (SBU). Indokem Limited, Refnol Resins and Chemicals Ltd and associated companies were such units under the stewardship of M. K. Khatau (Chairman & Managing Director).
From its very inception, Indokem has been customer driven and highly service oriented group, providing value added products consistently.
The Indonon Vat Dyes factory of the company was started in 1980s on a sprawling complex at Ankleshwar. This is an ultra modern plant specialised in Anthraquinone Chemistry, which manufactures a range of Anthraquinone based Vat Dyes - Ultra Conc powders, Micro Disperse Vat Dyes and Vat Pastes.
Indokem ventured into manufacturing Anthraquinone series of Vat dyes in 1990’s to cater the growing needs of Textile Industry. The project set up on an area of over 40 acres has an investment of about Rs 350 million. The factory is located at Ankleshwar in Gujarat State, about 300 km north of Mumbai.
The company’s international presence is strengthened by their three international group companies.
- Indokem Exports Ltd., Mumbai, India.
- Tex Care Middle East L.L.C, Sharjah, UAE.
- Indokem Overseas Ltd., Chennai, India.
Product range of the company includes:
- Indonon Vat Dyes - For Yarn Dyeing, Continuous Dyeing & Pastes.
- Sizing Chemicals - For sizing of wrap yarns.
- Eco-Friendly Dyes.
- Textile Auxiliaries.
Other Products:
- Reactive DyesL:
- Indocron M Dyes.
- Indocron HE Dyes.-Disperse Dyes.-Acid Dyes.-Pigment Emulsions
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