Annual reportSep 2026
Sep 2026 · Shareholders meeting 7 Sep - 06th AGM on 30 September 2026; FY2025-26 annual report submitted.
Source: Nse
Indian Emulsifiers Ltd. (IEML)
SME CapIndustrials stocks · SME cap · NSE
Indian Emulsifiers Ltd. (IEML), founded in 2020, manufactures specialty chemicals like Esters, Esterquats, and Polyamides. It supplies to diverse industries including Personal Care, Cosmetics, Cleaning, Metal Working, Oil & Gas, Lubricants, Mining, and Textiles, leveraging emulsification technology for enhanced product performance and sustainability.
₹41.35
-1.85 · -4.28%
Market cap ₹79.2 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals18 Oct 2026 · screener
Latest result24 May, 12:48 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
47NeutralSMA20 +9.2% / mo · MACD − · near 52W low
Stock trend: 46
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
IEMLD candles · FIT view-50.4%Latest close ₹41.35 on 2026-10-19
Bar
-6.0%
RSI
44
MACD hist
-0.81
52W pos
4%
2026-10-19O ₹44.00H ₹44.00L ₹41.05C ₹41.35Vol 49,500 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
IEMLNifty India ManufacturingNifty 500
- IEML
- -2.6%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +3.0 pp
Chart stats
19 Oct 2026- From 52W high
- -69.4%
- 52W range position
- 4%
- ATR (14)
- 6.9%
- Volume vs 20D
- 0.42x
- Avg traded value
- ₹0.6 Cr
- 20D price channel
- ₹38 - ₹56.1
₹135
₹37.8 - ₹135
₹2.8
Latest completed session
20-session average
69.4% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED70
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average52
Revenue +159.4% · PAT +20.0% YoY
Technical
Neutral47
Price trend and sector-relative-strength timing.
Valuation
Legacy model+90.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence57
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Average · 52/100margin compression · Rev +159% YoY · PAT +20% YoY · +8% QoQ
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹83 Cr | +159.4% | +7.8% |
| EBITDA | ₹11 Cr | NDF | -26.7% |
| Operating margin | 13.0% | NDF | -700 bps |
| PAT | ₹6 Cr | +20.0% | -40.0% |
| PAT margin | 7.2% | NDF | -576 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 4.10
- P/B
- 0.54
- EV/EBITDA
- 4.63
- Market Cap
- 79.20Cr
Profitability
- ROE
- 16.90%
- ROCE
- 15.20%
- ROA
- 8.09%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 54.53%
- EPS 5Y
- 45.30%
- Revenue 3Y
- 21.00%
- EPS 3Y
- 21.00%
Balance Sheet
- Debt/Equity
- 0.37
- Interest Coverage
- 6.50×
- Altman Z
- 2.58
- Book Value
- 80.20
Cash Flow
- FCF Yield
- 258.84%
- FCF Positive Y
- 1/5
- OCF
- 244.00 Cr
- EPS TTM
- 10.55
Shareholding
- Promoter Hold
- 32.64%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 6%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 83.0+7.8% vs prev
Net Profit
₹ CrLatest: 6.0-40.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 44. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~8.4% over last month) — short-term momentum positive.
- RSI(14) at 44 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 68% off 52W high · 9% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & peers
U-Score 70 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 70 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · UNDERVALUEDValuation30/30
Growth19/25
Quality11/20
Balance Sheet7/15
Cash Flow5/10
Piotroski
8/9 (+5)
Penalties
-7
Raw sum
70
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
70/100 · legacy band UNDERVALUED
Positive drivers
- FCF yield is supportive at 258.8%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 90.0%.
Main drags
- Penalty bucket subtracts 7 points.
- Balance sheet is weaker at 7/15; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
4.1
PB
0.5
EV/EBITDA
4.6
ROE
16.9%
ROCE
15.2%
FCF Yield
258.8%
Debt/Equity
0.4
MoS
+90.0%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
70
Previous: 70
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+90.0%
Previous: +90.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
70
70
70
70
70
70
70
70
70
70
70
70
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹137.98
+70.0% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹414.62
+90.0% MoS
PEG
0.12
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
RNPL
SME
Renol Polychem Ltd.
Specialty Chemicals
match 135
67
10.6
13.6%
+75%
UNDERVALUED
PARAGON
SME
Paragon Fine and Speciality Chemical Ltd.
Specialty Chemicals
match 133
58
10.9
9.6%
+72%
FAIR VALUE
SNEHAA
SME
Snehaa Organics Ltd.
Specialty Chemicals
match 131
77
5.6
24.2%
+87%
DEEP VALUE
MCON
SME
Mcon Rasayan India Ltd.
Specialty Chemicals
match 129
60
9.8
8.8%
+75%
UNDERVALUED
ARUNAYA
SME
Arunaya Organics Ltd.
Specialty Chemicals
match 129
67
5.8
44.1%
+90%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-08-18T07:25:57.334Z
Management commentary snapshot
FY26 revenue surged 57.93% YoY to ₹159.87 crore, with PAT up 21.83% to ₹16.20 crore. EBITDA grew 24.22% to ₹26.15 crore, but margins moderated. Working capital deployment increased, and debtor days rose to 131 days.
Strong revenue growth in FY26 was offset by significant margin compression and increased working capital deployment, particularly higher debtor days. Management attributes this to volume prioritization and market expansion, with expectations of future margin improvement and inventory efficiency. The greenfield expansion and international forays are key for future growth, but execution and working capital management remain critical.
Growth engines
Australia Mining Explosives Market Entry
Southern Emulsifiers subsidiary expects to generate approximately INR 75 Crores in revenue over the next three years from Australia's mining emulsifier market.
US Market Entry via Polaris Specialty Chemicals
Polaris serves as the U.S. distribution arm, targeting a $3.1 Bn market in Oil & Gas, Water Treatment, and Food-grade emulsifiers.
Value Chain Upgradation with Spartan Professional Products
Spartan, a wholly owned subsidiary, shifts IEML from raw material supplier to finished formulations manufacturer in the Home & Personal Care segment.
Diversified Industrial Expansion & Domestic Penetration
Targeting industrial segments and strengthening presence in Lubricants, Cleaning, and Personal Care segments to fuel domestic growth.
Capacity and execution
New Quality Control and R&D Facility
Strategic investments funded long-term debt, including a new Quality Control and R&D facility.
Infrastructure for Food Grade Emulsifier Products
Strategic investments funded infrastructure for upcoming food grade emulsifier products.
Greenfield Manufacturing Facility
Construction of a new greenfield manufacturing facility at Plot C-3, Lote Parshuram MIDC continues and is expected to be operational by end of FY27.
Increased Production Capacity
Production capacity increased from 2,400 MT to 12,000 MT per annum with additional reactors.
Tailwinds
Global Chemical Industry Growth
The global chemical market, currently $5.61 trillion, is estimated to reach $8.58 trillion by 2029 at a CAGR of 8.6%.
Indian Chemical Market Outlook
India’s chemical industry is valued at $245 billion in 2026 and is anticipated to contribute $383 billion to India’s GDP by 2030.
Government Policy Support
Government initiatives like the PLI Scheme, PCPIRs, and Chemical Promotion Development Scheme (CPDS) promote domestic manufacturing and investment.
Export Growth Opportunity
Indian specialty chemical manufacturers have a strong opportunity to grow globally by leveraging cost-effective production and skilled workforce.
Headwinds
Challenging Global Operating Environment
FY26 was a year of strong growth despite a challenging global operating environment.
Margin Moderation
Margins moderated as the company prioritized volume growth, geographic expansion, and deeper customer engagement.
Middle East Supply Disruptions
Inventory levels increased due to a strategic build-up in response to Middle East supply disruptions.
Raw Material Price Volatility
Inventory levels increased due to a strategic build-up in response to raw material price volatility.
Risk radar
Working Capital Management
Working capital deployment grew to ₹50.73 crore, and debtor days increased from ~110 to 131 days in FY26.
Margin Pressure
Margins moderated in FY26 as the company prioritized volume growth and market expansion.
Execution Risk for New Facilities
The greenfield manufacturing facility is expected to be operational by end of FY27; delays could impact planned growth.
International Market Penetration
Success in new markets like Australia and the US depends on effective execution, customer validation, and managing competition.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The investor presentation explicitly provides year-on-year comparisons for financial results (FY26 vs FY25 and H2FY26 vs H2FY25), which is appropriate for assessing the performance of a business that may have seasonal demand or long-term project cycles.
Sector KPIs management disclosed
Total Revenue
FY26 Total Revenue ₹160.19 Cr (FY25: ₹102.66 Cr), +56.0% YoY.
EBITDA
FY26 EBITDA ₹26.22 Cr (FY25: ₹21.05 Cr), +24.6% YoY.
PAT
FY26 PAT ₹16.26 Cr (FY25: ₹13.30 Cr), +22.3% YoY.
EBITDA Margin
UNDER_STRESSFY26 EBITDA Margin 16.37% (FY25: 20.50%).
Management forward view
Future Margin Improvement
Management expects scale-driven procurement efficiencies and stronger supplier relationships to support margin improvement over time.
Improved Inventory Efficiency
Since April 2026, supply conditions have normalized, and cost increases have been passed through, expecting inventory efficiency to improve.
Revenue Growth Target
Poised to achieve CAGR growth of around 40-50% revenue growth in 3 years driven by an expanding product portfolio and broader sales channels.
Transnational Vision
Long-term ambition to evolve into a transnational enterprise and tap into global opportunities over the next decade.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | 16.37% (FY26) | Improvement towards previous levels (FY25: 20.50%) driven by procurement efficiencies and cost pass-through. |
| Debtor Days | 131 days (FY26) | Reduction in debtor days as new customer relationships mature and credit cycles normalize. |
| Greenfield Facility Commissioning | Under construction | Operational status by end of FY27 and subsequent ramp-up of manufacturing capacity. |
| International Revenue Contribution | Initial orders expected from Australia | Tangible revenue contribution from Southern Emulsifiers (target ~INR 75 Cr over 3 years) and Polaris Specialty Chemicals. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
57Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 20th percentile of the scored universe and 15th percentile within Industrials. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
7 docs text-extracted · 3 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
20th percentile
overall median 67 · Industrials: 15th pctile, median 68 · SME: 21st pctile, median 64
Evidence depth
Financial-only
7 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
60
acceptable · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
Trust risks
- ▸Promoter holding fell 15.5%.
- ▸Operating cash flow is negative at ₹-28 Cr.
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Indian Emulsifiers Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportSep 2026
Sep 2026 · Outcome of Board Meeting 4 Sep - Board approved 6th AGM notice, annual report, and appointed cost and internal auditors on September 4, 2026.
Source: Nse
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Nse
Investor presentationJun 2026
Jun 2026 · PPT
Source: Nse
Investor presentationMay 2026
May 2026 · Press Release 22 May 2026 - Indian Emulsifiers issues facility presentation video and outlines safety, compliance and confidentiality protocols.
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Investor presentationOct 2025
Oct 2025 · PPT
Source: Nse
Concall transcriptMay 2025
May 2025 · Transcript
Source: Nse
Investor presentationMay 2025
May 2025 · PPT
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.