# Indofil Industries Limited
**ISIN:** INE071I01016
**Canonical URL:** https://polemarch.in/invest/indofil-industries-limited
**Type:** Unlisted
**Sector:** General / Unlisted
**Current quoted price:** ₹1729.62 per share

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## Company profile

## Business overview
Indofil Industries Limited is a Mumbai-headquartered specialty chemicals company incorporated in 1993 as part of the K.K. Modi Group, a conglomerate with roots in agrochemical manufacturing dating back to 1962. The company is India’s leading manufacturer of Mancozeb-based fungicides, most prominently sold under the flagship brand Indofil M-45, which commands one of the largest global market shares in its category. With operations spanning three manufacturing facilities at Dahej SEZ (Gujarat) and Thane (Maharashtra), Indofil produces both technical-grade actives and finished formulations, giving it end-to-end control over its supply chain. The company sells into 120+ countries across Asia, Africa, Latin America, and Europe, with exports accounting for approximately 40-45% of total revenues. For FY2025, Indofil reported consolidated revenues from operations of ₹3,325 crore and a profit after tax of ₹452 crore, representing a PAT margin of approximately 13.6%. Total assets stood at ₹8,003 crore, supported by a robust non-current investment portfolio (largely fair-value-through-OCI equity investments) of ₹4,508 crore. The company is virtually debt-free on a net basis with a debt-to-equity ratio of 0.07x and held cash and equivalents of ₹434 crore at year-end. Indofil’s product portfolio encompasses more than 110 brands across fungicides, insecticides, herbicides, plant nutrition, and bio-stimulants. Its agrochemicals division contributes approximately 89% of segment revenues, while the remaining 11% comes from specialty and performance chemicals used in plastics, paints, textiles, leather, and construction applications. The company also operates Xoritas Private Limited, a subsidiary focused on bio-stimulants, micronutrients, and plant growth regulators. CRISIL rates Indofil AA-/Stable (long-term) and A1+ (short-term), reflecting its strong brand equity, backward integration into carbon disulfide manufacturing, diversified customer base, and consistent cash generation. In FY2025, the company launched 8 new products, filed 6 patents (2 granted), achieved 18% volume growth, and received the Export Excellence Award (Runner-Up, Large Scale) at ICSCE 2025 in Dubai. With annual production capacity of 67,000 MT and expansion plans targeting 75,000 MT, and 1,037 employees driving its operations, Indofil remains one of India’s most financially sound unlisted agrochemical companies.

### Risks
Key risks include: (1) Mancozeb concentration risk — approximately 86% of agrochemical revenue is linked to Mancozeb products, making the company vulnerable to generic competition, regulatory reviews, or a structural shift by farmers toward alternative fungicide chemistries; (2) Regulatory risk in export markets — the EU and several developed markets have imposed or are reviewing restrictions on Mancozeb residue limits, which could reduce export addressable market; (3) Commodity input price volatility, particularly in carbon disulfide and ethylene bis-dithiocarbamate precursors; (4) Climate and monsoon dependency — domestic agrochemical demand is highly correlated with kharif and rabi crop cycles and rainfall; (5) Promoter concentration — the K.K. Modi Group retains majority control, creating potential corporate governance considerations for minority investors; (6) Foreign exchange risk on export receivables given revenues in multiple currencies across 120+ countries.

## Key ratios (as of FY2026, yearly)
### Liquidity Ratios
- **Working Capital:** 2176.1
- **Current Ratio:** 3.52064728
- **Quick Assets:** 2305.82
- **Quick Ratio:** 2.67090616
- **Cash Ratio:** 0.890526
- **Working Capital To Sales:** 0.60679151
- **Net Working Capital to Assets:** 0.27293605

### Leverage Ratios
- **Total Debt:** 82.42
- **Net Debt:** -686.38
- **Debt to Equity:** 0.0126517
- **Debt to Assets:** 0.01033748
- **Debt To Capital:** 0.01249363
- **Equity Ratio:** 0.8170823
- **Financial Leverage:** 1.22386692
- **Interest Coverage:** 34.50379363
- **EBITDA Interest Coverage:** 37.60242792
- **Net Debt to EBITDA:** -0.69247377
- **Long Term Debt to Equity:** 0.00006294
- **Long Term Debt to Capital:** 0.00006293
- **Debt to EBITDA:** 0.08315174
- **Net Debt to Equity:** -0.10536124

### Profitability Ratios
- **Effective Tax Rate:** 0.32278466
- **NOPAT:** 615.94089714
- **Invested Capital:** 5828.16
- **Gross Margin:** 0.53319354
- **EBITDA Margin:** 0.27638976
- **EBIT Margin:** 0.25361381
- **Pre Tax Margin:** 0.23323592
- **Net Margin:** 0.17056304
- **Return on Assets:** 0.0767196
- **Return on Equity:** 0.09389458
- **Return on Capital Employed:** 0.12792807
- **Return On Invested Capital:** 0.10568359
- **Pre-Tax ROE:** 0.12839587
- **Cash ROA:** 0.06428377
- **Return on Net Assets:** 0.08603554
- **Operating ROA:** 0.114076

### Efficiency Ratios
- **Asset Turnover:** 0.44980202
- **Fixed Asset Turnover:** 6.85181506
- **Inventory Turnover:** 2.35245846
- **Receivables Turnover:** 2.89240894
- **Payables Turnover:** 2.79739346
- **Working Capital Turnover:** 1.6480125
- **Days Inventory Outstanding:** 155.15683127
- **Days Sales Outstanding:** 126.19239092
- **Days Payables Outstanding:** 130.47860628
- **Cash Conversion Cycle:** 150.87061591
- **Equity Turnover:** 0.55049781
- **Capital Employed Turnover:** 0.55046317

### Cashflow Ratios
- **Operating Cash Flow to Sales:** 0.1429157
- **Operating Cash Flow to Net Income:** 0.83790544
- **Free Cash Flow:** 389.32
- **Free Cash Flow Margin:** 0.10855938
- **Cash Flow to Debt:** 6.21851492
- **Cash Interest Coverage:** 19.22468117
- **FCF to Net Income:** 0.63647659
- **Capital Expenditure:** 123.21
- **Capex to Sales:** 0.03435632
- **Capex to Operating Cashflow:** 0.24039568
- **Dividend Payout Ratio:** 0.03715995
- **Retention Ratio:** 0.96284005

### Valuation Models
- **Market Price per Share:** 1425
- **Shares Outstanding:** 2.2926527
- **Market Cap:** 3267.0300975
- **Enterprise Value:** 2580.6500975
- **P/E Ratio:** 5.29414174
- **P/B Ratio:** 0.5014982
- **P/S Ratio:** 0.91099037
- **EV / EBITDA:** 2.60356144
- **EV / Sales:** 0.71959771
- **EV / EBIT:** 2.83737587
- **Earnings Yield:** 0.18888803
- **Free Cash Flow Yield:** 0.12022281
- **Price / Operating Cash Flow:** 6.31830453
- **EV to FCF:** 6.62860911
- **EV to Assets:** 0.3236765
- **EV to Capital Employed:** 0.36298003
- **EV to Invested Capital:** 0.44278985

### Per Share Metrics
- **EPS (Basic):** 269.16544148
- **Book Value per Share:** 2841.48576014
- **Sales per Share:** 1578.09945207
- **Operating Cash Flow per Share:** 225.53518788
- **Free Cash Flow per Share:** 171.31750209
- **Cash per Share:** 338.30498203
- **EBITDA per Share:** 436.17052314
- **EBIT per Share:** 400.22781901

### DuPont Analysis
- **DuPont: Tax Burden:** 0.73128975
- **DuPont: Interest Burden:** 0.91964993
- **DuPont: EBIT Margin:** 0.25361381
- **DuPont: Asset Turnover:** 0.44980202
- **DuPont: Equity Multiplier:** 1.22386692
- **DuPont ROE (5-step):** 0.09389458

### Earnings Quality
- **Accruals to Assets:** 0.01243583
- **Accruals to Net Income:** 0.16209456
- **Cash Earnings Coverage:** 0.83790544
- **Capex to Depreciation:** 1.5084476

## Recent price points (last 10)

| Date | Price (₹) |
|---|---:|
| 2026-10-24 | 1741 |
| 2026-10-25 | 1755 |
| 2026-10-26 | 1741.25 |
| 2026-10-27 | 1732.7 |
| 2026-10-28 | 1725.42 |
| 2026-10-29 | 1726.25 |
| 2026-10-30 | 1711.93 |
| 2026-10-31 | 1723.3 |
| 2026-11-01 | 1729.25 |
| 2026-11-02 | 1729.62 |

## Recent news (last 5 events)
### 2025-08-22 — Dividend ₹5 per share
Indofil has declared a Final Dividend of Rs 5/ share.

### 2025-04-01 — Indofil Wins Export Excellence Award at ICSCE 2025 Dubai; Reports 18% Volume Growth in FY2025
Indofil Industries Limited received the Export Excellence Award at the International Crop Science Conference and Exhibition 2025 held in Dubai, underscoring its position as one of India's leading agrochemical exporters. The company exports to over 120 countries across Asia, Africa, Latin America, and Europe, with exports comprising approximately 40-45% of consolidated revenues. For FY2025, Indofil achieved 18% volume growth, launched 8 new products, and reported consolidated revenues of Rs 3,325 crore and PAT of Rs 452 crore. The company operates manufacturing facilities at Dahej SEZ Gujarat and Thane Maharashtra with a current annual production capacity of 67,000 MT, with planned expansion to 75,000 MT to support continued export-led growth.

### 2025-01-17 — ICRA Reaffirms Ratings of Indofil Industries, Highlights Strong FY2025 Performance
ICRA reaffirmed the credit ratings of Indofil Industries Limited in January 2025, factoring in the company's established market position in the Indian agrochemical sector, strong operational and financial performance in FY2025, and increasing focus on differentiated and sustainable agri-solutions. The rating rationale highlighted Indofil's capability to manufacture both technical-grade actives and finished formulations, its backward integration into carbon disulfide - the key raw material for Mancozeb - and a robust distribution network of over 4,645 domestic distributors. The company's growing pipeline of new product registrations, patents filed in FY2025, and capacity expansion in the specialty segment were cited as primary drivers for future revenue and profit growth. ICRA noted 18% volume growth was achieved in FY2025.
Source: https://www.icra.in/Rating/GetRationalReportFilePdf?id=132462

### 2024-10-07 — Dividend ₹10 per share
Indofil has declared a final dividend of Rs 10/ share.

### 2024-03-29 — Rights issue 1:9
Rights Issue Announced : 1 share for every 9 held, Face Value Rs. 7, Premium Rs. 177

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## Risk disclosure

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