Micro Chemicals

Indokem Ltd.

INDOKEM

₹188.0

-1.08% (-2.05)

Market Cap

₹524 Cr.

P/E

165.39

Indokem Ltd.

Price
Growth Table
Balance Sheet
Profit & Loss
Cash Flow
Cash Flow Analysis
Ratios
Quarterly Results
Reverse DCF

FAQs on Indokem Ltd. Shareprice

Has the share price of Indokem grown faster than its competition?

Indokem has given better returns compared to its competitors.
Indokem has grown at ~53.24% over the last 3yrs while peers have grown at a median rate of 0.97%

Is Indokem stock expensive?

Yes, Indokem is expensive.
Latest PE of Indokem is 167, while 3 year average PE is 119.
Also latest EV/EBITDA of Indokem is 71.83 while 3yr average is 60.21.

View FAQ's On Business

Growth Table

Indokem Ltd.
Vikram Thermo(India)
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Plastiblends India
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In %	1yr	2yr	3yr	4yr	5yr	6yr	7yr	8yr	9yr	10yr
Share Price CAGR	124	37.32	52.70	54.91	91.55	64.46	42.97	24.09	47.47	44.16
TTM EPS CAGR	—	204	-1.89	-1.46	38.06	—	—	-18.62	—	11.86
Sales CAGR	8.07	9.41	16.18	22.44	14.73	14.41	11.84	11.12	12.97	12.71
PAT Margin (Abs Growth)	-2.96	-6.27	-7.52	-4.35	-2.32	-1.62	-21.85	-3.20	-5.25	2.13
PE CAGR	—	-54.88	55.64	57.21	38.74	—	—	52.49	—	28.88
CFO CAGR	71.14	—	31.30	12.80	60.12	13.59	12.29	-19.96	—	12.82

* Share price and PE growth are updated everyday. All other fields are as of latest financial year end. EPS adjusted for bonus and splits.

Balance Sheet

Indokem Ltd.
Vikram Thermo(India)
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Plastiblends India
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In Rs. Cr.	Mar'23	Mar'24	Mar'25
Assets	122	128	141
Non Current Assets	64.38	67.32	66.31
Net Block	60.57	65.92	64.60
Capital Work in Progress	0.52	0.04	0.12
Intangible Assets Under Development	—	—	—
Long Term Investments	0.01	0.01	0.01
Current Assets	57.91	60.35	74.56
Inventory	20.79	24.44	29.09
Accounts Receivable	31.21	30.33	38.05
Short Term Investments	—	—	—
Cash & Bank Balances	2.75	2.44	3.37
Liabilities	122	128	141
Shareholders Funds	61.40	58.68	61.83
Share Capital	24.33	27.89	27.89
Reserves	33.51	30.79	33.94
Non Current Liabilities	20.25	19.86	19.26
Secured Loans	7.42	6.65	—
Unsecured Loans	5.90	6.14	11.92
Current Liabilities	40.64	49.15	59.77
Accounts Payable	25.48	31.46	40.90
Short Term Loans	2.71	2.04	10.20

Balance Sheet Snapshot

No data available.

Fund Flow Analysis

Increase
Decrease
Total

No data available.

*Data is as of latest FY end

Profit & Loss

Indokem Ltd.
Vikram Thermo(India)
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Plastiblends India
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In Rs. Cr.	Mar'23	Mar'24	TTM
Sales	161	165	178
Operating Expenses	158	166	170
Raw Material	104	105	120
Material Cost (%)	64.60	64.19	65.24
Employee Cost	17.82	19.14	19.72
Power & Fuel Cost	3.48	2.12	—
Operating Profit	2.93	-1.01	7.64
Other Income	0.73	0.41	0.73
OPM (%)	1.82	-0.61	4.29
Depreciation and Amortisation	2.05	2.51	2.24
Interest	2.93	3.08	2.83
Profit Before Tax	-1.32	-6.19	3.30
Tax	0.00	0.04	0.16
Net Profit	-1.38	-6.52	3.14
Number of shares(Crs)	2.43	2.79	—
Dividend Payout Ratio(%)	0.00	0.00	—

TTM Values as of Mar 2025

Cash Flow

Indokem Ltd.
Vikram Thermo(India)
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Plastiblends India
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In Rs. Cr.	Mar'23	Mar'24	Mar'25
Cash from Operating Activity	2.46	4.21	5.01
Profit Before Tax	-1.32	-6.19	3.29
Adjustments	5.51	6.37	5.40
OCF Before Working Capital	4.19	0.18	8.69
Working Capital Changes	-1.75	4.07	-3.83
Taxes Paid	0.02	-0.04	0.15
Cash from Investing Activity	-3.64	-1.51	-0.77
Net Fixed Assets Purchased	-3.61	-1.50	-1.00
Fixed Assets Purchased	-3.61	-1.50	-1.00
Fixed Assets Sold	—	—	—
Investment Purchased	-0.06	-0.10	—
Investment Sold	—	0.02	—
Interest Recieved	0.03	0.07	0.03
Dividends Recieved	—	—	—
Subsidiary Investments	—	—	—
Cash from Financing Activity	1.41	-3.10	-3.15
Proceeds From Shares	—	—	—
Net Long Term Borrowings	4.36	0.08	-1.10
Proceeds From Borrowings	58.70	8.82	1.69
Repayment From Borrowings	-54.34	-8.74	-2.79
Interest Paid	-2.93	-3.18	-2.86
Dividend Paid	—	—	—
Net Cash Flow	0.23	-0.40	1.09
Opening Cash & Cash Equivalents	2.10	2.33	1.93
Effect of FX	—	—	—
Closing Cash & Cash Equivalents	2.33	1.93	3.02
Net Capex (est)	3.61	1.50	1.00
Free Cash Flow (est)	-1.15	2.71	4.01

Cash Flow Analysis

Increase
Decrease
Total

No data available.

Ratios

= Dominant Factor

Indokem Ltd.
Vikram Thermo(India)
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Plastiblends India
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	Mar'10	Mar'11	Mar'23	Mar'24
Operational Ratios
Quick Ratio	0.79	0.87	0.91	0.73
Liquid Assets (Crs)	22.37	19.04	37.12	35.91
Current Liabilities (Crs)	28.28	21.87	40.64	49.15
Current Ratio	1.11	1.25	1.43	1.23
Current Assets (Crs)	31.47	27.34	57.91	60.35
Current Liabilities (Crs)	28.28	21.87	40.64	49.15
Interest Coverage Ratio	-1.03	-0.50	0.55	-1.01
EBIT (Crs)	-4.88	-3.16	1.61	-3.11
Interest Expenses (Crs)	4.76	6.38	2.93	3.08
Fixed Asset Turnover	0.61	0.34	2.15	2.00
Net Sales (Crs)	52.01	27.78	161	165
Fixed Assets (Crs)	84.80	81.74	74.69	82.48
Cash Conversion Cycle	140	102	12.70	20.01
Inventory Days	85.01	122	33.56	50.09
Days Receivable	117	163	45.60	68.15
Days Payable	61.65	184	66.46	98.23
Debt to Equity Ratio	2.27	0.97	0.36	0.38
Total Debt (Crs)	32.01	20.91	22.32	22.39
Shareholders Equity (Crs)	14.12	21.66	61.40	58.68
Free Cash Flow/Sales (%)	-19.56	25.70	-0.72	1.64
Free Cash Flow(est) (Crs)	-10.17	7.14	-1.15	2.71
Net Sales (Crs)	52.01	27.78	161	165
Profitability Ratios
Gross Margin (%)	10.41	16.94	35.40	35.81
Op Profit Margin (%)	-9.23	-18.16	1.82	-0.61
Operating Profit (Crs)	-1.69	-0.00	3.66	-0.60
Net Sales (Crs)	52.01	27.78	161	165
Net Profit Margin (%)	-18.55	-34.35	-0.86	-3.96
Net Profit (Crs)	-9.65	-9.54	-1.38	-6.52
Net Sales (Crs)	52.01	27.78	161	165
ROCE (%)	-10.57	-7.43	1.97	-3.96
EBIT (Crs)	-4.88	-3.16	1.61	-3.11
Capital Employed (Crs)	46.13	42.57	81.65	78.52
Return on Assets (%)	-12.96	-14.81	-1.13	-5.11
Net Profit (Crs)	-9.65	-9.54	-1.38	-6.52
Total Assets (Crs)	74.41	64.45	122	128
ROIC (%)	-19.28	-24.22	1.16	-4.73
Op Profit after Taxes (Crs)	-7.99	-8.20	0.88	-3.54
Invested Capital (Crs)	41.45	33.87	75.80	74.87
ROE (%)	-68.34	-44.06	-2.25	-11.11
Net Profit Margin (%)	-18.55	-34.35	-0.86	-3.96
Asset Turnover ratio	0.70	0.43	1.31	1.29
Equity Multiplier	5.27	2.98	1.99	2.18
Adjusted EPS	-3.94	-3.90	-0.57	-2.34
Valuation Ratios
P/E	0.00	0.00	0.00	0.00
Price to Book	0.67	0.59	6.08	7.12
EV/EBITDA	-24.09	0.00	74.08	-491
Dividend Yield (%)	0.00	0.00	0.00	0.00

Quarterly Results

Indokem Ltd.
Vikram Thermo(India)
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Plastiblends India
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In Rs. Cr.	Dec'22	Mar'23	Jun'23	Sep'23	Dec'23	Mar'24	Jun'24	Sep'24	Dec'24	Mar'25
Net Sales	41.34	40.71	44.16	40.34	40.26	40.04	36.98	43.29	43.40	54.43
Operating Expenses	39.48	39.90	43.25	43.77	39.25	39.55	37.16	42.09	41.99	49.22
Increase/Decrease in Stock	0.44	0.46	-0.11	1.36	-0.54	0.23	-0.72	-0.19	-2.07	-0.45
Raw Material	26.47	27.37	29.89	26.24	26.89	26.52	24.96	28.37	29.33	36.97
Employee Cost	4.56	4.55	4.68	5.04	4.85	4.57	4.99	4.86	4.88	4.99
Selling and Distribution Expenses	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Electricity, Power & Fuel Cost	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Gen_AdminExpenses	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Miscellaneous Expenses	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Profit	1.86	0.81	0.91	-3.43	1.01	0.49	-0.18	1.20	1.41	5.21
Other Income	0.22	0.13	0.03	0.21	0.05	0.12	0.01	0.05	0.65	0.02
Interest	0.73	0.91	0.83	0.70	0.72	0.84	0.68	0.72	0.74	0.69
PBDT	1.35	0.03	0.11	-3.92	0.34	-0.23	-0.85	0.53	1.32	4.54
Depreciation and Amortization	0.53	0.57	0.51	0.74	0.48	0.78	0.54	0.55	0.59	0.56
Profit Before Tax	0.82	-0.54	-0.40	-4.66	-0.14	-1.01	-1.39	-0.02	0.73	3.98
Tax	0.00	0.00	0.00	0.00	0.00	0.04	0.00	-0.01	0.00	0.17
Profit After Tax	0.82	-0.54	-0.40	-4.66	-0.14	-1.05	-1.39	-0.01	0.73	3.81
Exceptional Items	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Profit	0.82	-0.54	-0.40	-4.65	-0.13	-1.03	-1.38	0.00	0.74	3.81
Quarterly Ratios
EPS	0.29	-0.19	-0.14	-1.67	-0.05	-0.37	-0.49	0.00	0.27	1.37
Operating Profit Margin	4.50	1.99	2.06	-8.50	2.51	1.22	-0.49	2.77	3.25	9.57
Net Profit Margin	1.98	-1.33	-0.91	-11.55	-0.35	-2.62	-3.76	-0.02	1.68	7.00

Reverse DCF

Earnings

Discount Rate (%)

Terminal Multiple

5 YEAR

10 YEAR

20 YEAR

101.70%

Implied Growth Rate over a 5 year period*

38.00%

Implied Growth Rate over a 10 year period*

17.50%

Implied Growth Rate over a 20 year period*

*Implied Growth calculated using Newton-Rhapson method.

Learn how to use Reverse DCF

FAQs on Indokem Ltd. Financials

How strong is Indokem balance sheet?

Balance sheet of Indokem is strong.
But short term working capital might become an issue for this company.

Is the debt of Indokem increasing or decreasing?

Yes, The net debt of Indokem is increasing.
Latest net debt of Indokem is ₹18.75 Crs as of Mar-25.
This is greater than Mar-24 when it was ₹17.64 Crs.

Is the profitablity of Indokem improving?

The profit is oscillating.
The profit of Indokem is ₹3.14 Crs for TTM, -₹6.52 Crs for Mar 2024 and -₹1.38 Crs for Mar 2023.

Does Indokem pay decent dividends?

The company seems to be paying a very low dividend.
Investors need to see where the company is allocating its profits.
Indokem latest dividend payout ratio is 0% and 3yr average dividend payout ratio is 0%

How has Indokem allocated its funds?

Companies resources are allocated to majorly productive assets like Plant & Machinery and unproductive assets like Inventory

View FAQ's On Shareholding

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Indokem Ltd.

Indokem Ltd.

Has the share price of Indokem grown faster than its competition?

Is Indokem stock expensive?

How strong is Indokem balance sheet?

Is the debt of Indokem increasing or decreasing?

Is the profitablity of Indokem improving?

Does Indokem pay decent dividends?

How has Indokem allocated its funds?

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