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Analyst Note 
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About
Narmada Gelatines Ltd (SHAWGELTIN)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 526739 NSE: SHAWGELTIN Chemicals | Small Cap | Narmada Gelatines Share Price
₹491.95 -4.60 (-0.93%)
As on 14-Aug'26 16:59
Narmada Gelatines Ltd (SHAWGELTIN)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 526739 NSE: SHAWGELTIN Chemicals | Small Cap | Narmada Gelatines Share Price
₹491.95 -4.60 (-0.93%)
As on 14-Aug'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹298 Cr.
Current Price
₹492
52-Week Low / High
₹327 / 545
TTM EPS
₹52.3
TTM Sales
₹226 Cr.
Book Value per Share
₹247.1
P/E Ratio
9.40
Lower than its 5-year historical median
Industry PE
49.5
Price to Book (P/B)
1.99
Higher than its 5-year historical median
Price to Sales (P/S)
1.32
Higher than its 5-year historical median
EV/EBITDA
6.50
Lower than its 5-year historical median
Dividend Yield
2.03%
Profitability Efficiency
Return on Equity (ROE)
21.81%
Outperforms industry median
Return on Capital Employed (ROCE)
27.87%
Outperforms industry median
Return on Assets (ROA)
17.01%
Operating Profit Margin
19.2%
Net Profit Margin
13.2%
Gross Profit Margin
19.1%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
14.02%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
68.06%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
65.25%
Asset Quality
Promoter Holding
75.00%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹143 Cr.
Equity
₹6.1 Cr.
Face Value
₹10
All Time Low / High
₹5.63 / 566.15
Check Before You Invest
Quality
Somewhat GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Weak
Is Narmada Gelatines Ltd a good quality company?
Narmada Gelatines Ltd is a average quality company, based on a somewhat consistent 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 Narmada Gelatines Ltd performance compare with that of its Peers?
Revenue growth of Narmada Gelatines Ltd vs industry peers?
Narmada Gelatines Ltd revenue CAGR is 9.82%, compared to the industry median CAGR of 7.42%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Narmada Gelatines Ltd?
Promoters hold 75.00% of the Narmada Gelatines Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Narmada Gelatines Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 13.3% 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.
Narmada Gelatines Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat 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 % ⓘ | 7.3% | 7.1% | 10.4% | 13.6% | 8.4% | 10.9% | 16.8% | 20.6% | 19.9% | 27.9% | - |
| Value Creation Index ⓘ | -0.5 | -0.5 | -0.3 | 0.0 | -0.4 | -0.2 | 0.2 | 0.5 | 0.4 | 1.0 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 113 | 118 | 126 | 134 | 135 | 157 | 191 | 182 | 189 | 215 | 226 |
| Sales YoY Gr. | - | 4.3% | 6.9% | 6.8% | 0.5% | 16.7% | 21.5% | -4.9% | 3.9% | 14% | - |
| Adj EPS ⓘ | 9.4 | 10.4 | 11.7 | 21.2 | 14 | 20.6 | 25.3 | 25.3 | 28.4 | 47 | 52.3 |
| YoY Gr. | - | 11.1% | 11.8% | 82% | -34.2% | 47.4% | 22.9% | 0.3% | 12.2% | 65.3% | - |
| BVPS (₹) ⓘ | 195.9 | 204.6 | 216.2 | 225.5 | 229.4 | 240 | 155.2 | 180.1 | 197.4 | 233.6 | 247.1 |
| Adj Net Profit ⓘ | 5.7 | 6.3 | 7.1 | 12.8 | 8.4 | 12.4 | 15.3 | 15.3 | 17.2 | 28.4 | 32 |
| Cash Flow from Ops. ⓘ | 7.2 | 9.2 | 12 | 4.7 | 3.1 | 1.9 | 13.8 | 14.6 | 17 | 24.6 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | 0.2 | 0.1 | 0 | 0 | 0 | 0 | 0.8 | 0.3 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 7.5% | 9.8% | 4.1% | 14% | ||||
| Adj EPS ⓘ | 19.6% | 27.5% | 23% | 65.3% | ||||
| BVPSⓘ | 2% | 0.4% | 14.6% | 18.3% | ||||
| Share Price | 13.3% | 19.7% | 2.1% | 38.5% | ||||
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 % ⓘ | 5 | 5.2 | 5.5 | 9.6 | 6.1 | 8.8 | 12.8 | 15.1 | 15.1 | 21.8 | 21.8 |
| Op. Profit Mgn % ⓘ | 3.4 | 4.6 | 7.3 | 10.5 | 5.6 | 9.2 | 10.3 | 11.7 | 13 | 19.2 | 20.1 |
| Net Profit Mgn % ⓘ | 5 | 5.4 | 5.6 | 9.6 | 6.3 | 7.9 | 8 | 8.4 | 9.1 | 13.2 | 14 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.1 | 0.1 | - |
| Working Cap Days ⓘ | 226 | 170 | 150 | 152 | 180 | 170 | 143 | 151 | 147 | 136 | 65 |
| Cash Conv. Cycle ⓘ | 135 | 125 | 108 | 102 | 112 | 108 | 95 | 104 | 101 | 95 | 52 |
Valuation of Narmada Gelatines - Standalone
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'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 113 | 118 | 126 | 134 | 135 | 157 | 191 | 182 | 189 | 215 |
| Operating Expenses ⓘ + | 109 | 112 | 117 | 120 | 127 | 143 | 171 | 161 | 164 | 174 |
| Operating Profit ⓘ | 4 | 5 | 9 | 14 | 8 | 14 | 20 | 21 | 25 | 41 |
| Operating Profit Margin (%) | 3.3% | 4.5% | 7.3% | 10.5% | 5.6% | 9.1% | 10.3% | 11.7% | 13.0% | 19.2% |
| Other Income ⓘ + | 6 | 4 | 5 | 6 | 6 | 3 | 2 | 2 | 2 | 1 |
| Interest ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Depreciation ⓘ | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 3 |
| Profit Before Tax ⓘ | 8 | 8 | 13 | 18 | 11 | 15 | 20 | 21 | 23 | 38 |
| Tax ⓘ | 2 | 0 | 3 | 5 | 3 | 3 | 5 | 5 | 6 | 10 |
| Profit After Tax | 6 | 8 | 10 | 13 | 8 | 12 | 15 | 15 | 17 | 28 |
| PAT Margin (%) | 5.4% | 6.8% | 8.0% | 9.6% | 6.3% | 7.8% | 8.0% | 8.4% | 9.1% | 13.2% |
| Adjusted EPS (₹) | 10.1 | 13.3 | 16.6 | 21.3 | 14.0 | 20.4 | 25.3 | 25.3 | 28.5 | 47.0 |
| Dividend Payout Ratio (%) | 39.60% | 30.10% | 60.10% | 47% | 71.50% | 49% | 395.80% | 39.50% | 35.20% | 21.30% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 119 | 124 | 131 | 136 | 139 | 145 | 94 | 109 | 119 | 141 | |
| Debt + | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 0 | 11 | 5 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 10 | 8 | 12 | 13 | 15 | 15 | 13 | 14 | 17 | 12 | |
| Others Liabilities ⓘ | 11 | 8 | 10 | 11 | 11 | 9 | 10 | 10 | 12 | 17 | |
| Total Liabilities ⓘ | 140 | 140 | 155 | 161 | 165 | 170 | 117 | 134 | 159 | 175 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 22 | 25 | 24 | 26 | 29 | 27 | 28 | 27 | 33 | 41 | |
| CWIP ⓘ | 0 | 0 | 1 | 2 | 0 | 0 | 0 | 0 | 7 | 6 | |
| Investments ⓘ | 45 | 53 | 68 | 65 | 50 | 48 | 4 | 10 | 41 | 41 | |
| Inventories | 38 | 30 | 29 | 34 | 41 | 50 | 47 | 47 | 47 | 49 | |
| Trade Receivables | 16 | 19 | 19 | 20 | 18 | 16 | 19 | 22 | 25 | 29 | |
| Cash Equivalents | 14 | 10 | 10 | 9 | 12 | 20 | 9 | 22 | 0 | 4 | |
| Others Assets ⓘ | 6 | 3 | 4 | 5 | 14 | 9 | 9 | 6 | 7 | 5 | |
| Total Assets ⓘ | 140 | 140 | 155 | 161 | 165 | 170 | 117 | 134 | 159 | 175 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 7 | 9 | 12 | 5 | 3 | 2 | 14 | 15 | 17 | 25 |
| Cash Flow From Investing Activity ⓘ + | -2 | -2 | -5 | -4 | 6 | 10 | 44 | -12 | -29 | -13 |
| Cash Flow From Financing Activity ⓘ + | -5 | -3 | -1 | -9 | -7 | -6 | -67 | -0 | 5 | -12 |
| Net Cash Flow ⓘ | 0 | 4 | 6 | -8 | 2 | 6 | -9 | 2 | -6 | -0 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 5.37 | 6.63 | 7.91 | 9.64 | 6.15 | 8.69 | 12.78 | 15.12 | 15.07 | 21.81 |
| ROCE (%) | 7.32 | 7.05 | 10.38 | 13.59 | 8.4 | 10.92 | 16.83 | 20.55 | 19.92 | 27.87 |
| Asset Turnover Ratio | 0.81 | 0.86 | 0.85 | 0.85 | 0.83 | 0.94 | 1.33 | 1.45 | 1.29 | 1.29 |
| PAT to CFO Conversion(x) | 1.17 | 1.13 | 1.2 | 0.38 | 0.38 | 0.17 | 0.93 | 1 | 1 | 0.89 |
| Working Capital Days | ||||||||||
| Receivable Days | 49.30 | 53.60 | 55.50 | 53.40 | 51.40 | 38.80 | 33.50 | 41.50 | 45.20 | 45.60 |
| Inventory Days | 111.60 | 103.20 | 84.60 | 85.90 | 101.70 | 104.90 | 92.20 | 93.70 | 89.90 | 80.80 |
| Payable Days | 38.20 | 45.30 | 51.10 | 60.60 | 57.40 | 56.70 | 45.90 | 47.60 | 52.50 | 47.20 |
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Narmada Gelatines Ltd FAQs
The current trading price of Narmada Gelatines on 14-Aug-2026 16:59 is ₹491.9.
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 13-Aug-2026 the market cap of Narmada Gelatines stood at ₹297.6 Cr
The latest P/E ratio of Narmada Gelatines as of 13-Aug-2026 is 9.40.
The latest P/B ratio of Narmada Gelatines as of 13-Aug-2026 is 1.99.
The 52-week high of Narmada Gelatines is ₹545.0 and the 52-week low is ₹327.3.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Narmada Gelatines is ₹226 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Narmada Gelatines Ltd is a average quality company.
The key valuation ratios of Narmada Gelatines 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 Narmada Gelatines Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Narmada Gelatines Ltd
Narmada Gelatines, erstwhile Shaw Wallace Gelatines Ltd and a member of Jumbo Group, was set up in 1961. The company is strategically located in the central Indian state of Madhya Pradesh and has convenient access to its main and essential inputs of crushed bones, acid, lime and good quality water.
Narmada Gelatines, has pioneered the manufacture of ossein and gelatin in India and is today a frontrunner in India's gelatine Industry meeting exacting standards of various users worldwide.
Narmada has successfully applied sophisticated technology to ensure quality at each stage of its manufacturing process so that our products meet international quality standards and is commercially worthy of a broad spectrum of usages in the dynamic domestic and international markets.
The company has a government recognized in house R & D facility; a professional marketing set up with stock points / warehouses in major Indian metros; an all India purchase set up tied up with backward integrated units and a dominant position in the domestic market.
Production of gelatine at Narmada Gelatines Limited is undertaken at strictly controlled and stable conditions. Quality is a byword at Narmada Gelatines Limited and is closely monitored at each stage of the process. Quality techniques are constantly improved as these exacting quality control systems and standards have naturally resulted in recognition and awards.
Product range of the company:
The company is engaged in the manufacturing of gelatine for use in different purposes like:
- Pharmaceutical
- Edible
- Industrial
- Photographic
Achievements/ recognition:
- Award for Ossein Export by Capexil in 1975
- National award for Import substitute by the Government of India in 1992
- Export performance award from Madhya Pradesh Industrial Organisation in 1994
- Highest Gelatine export by Capexil in 1995
- National Award for outstanding contribution in Environment to an employee in 1998
- Capexil Award for Gelatine Export in 2001
- Capexil Award for Gelatine Export in 2004
Certifications:
- ISO 9000:2001 by BVQI
- HACCP by DNV
- EDQM
- HALAL - Jamait - E - ULAMA
- KOSHER
- Drug Licence - Govt. of MP
- GMP -Govt. of MP
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