523586

Indian Toners financials

Market cap
₹241 Cr
Sector
Chemicals

What Indian Toners does

Indian Toners & Developers Limited researches, formulates and manufactures compatible toners used in laser printers, analogue copiers, MICR printers, wide-format printers and colour laser/MFP devices, sold under its flagship brand ITDL Supremo. It runs two manufacturing units – Unit 1 at Rampur (Uttar Pradesh), which also houses the R&D pilot plant, and Unit 2 at Sitarganj (Uttarakhand) – and reaches customers through a network of distributors and retail dealers across India while also exporting toners compatible with major global printer/copier brands. An in-house R&D team develops new toner formulations and coating technologies to keep pace with new printer/copier models.

Segments

  • Compatible toner manufacturing
Manufacturing plants
2 (Rampur, Uttar Pradesh & Sitarganj, Uttarakhand)
Installed production capacity
5,400 MTPA (FY25)
Distributor & dealer network
139+ distributors and retail dealers (FY25)
Export presence
20+ countries
Captive solar power capacity
1,000 KWP plant commissioned FY25, supplementing an existing 180 KWP installation
R&D infrastructure
Exclusive R&D pilot plant (German-origin pre-mixer, compounding, classification & milling machinery) plus an Environmental Test Chamber at Rampur
Headquarters Rampur, Uttar Pradesh, IndiaEmployees 219 (FY25) Company website

Quarterly results

Q1 FY27: revenue down 7.4%, net profit down 22.2% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue38 39 41 39 39 +3%42 +7%46 +12%36 −7%
EBITDA8 9 9 9 7 −7%9 +0%10 +17%7 −21%
Net profit6 6 7 8 5 −2%6 −1%8 +14%6 −22%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −82.8% 1Y

₹50₹100₹150₹200₹250Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26

1Y: ₹273.45 on 10 Sept 2025 → ₹46.99. High ₹274 (25 Sept 2025), low ₹44.77 (3 Sept 2026).

Financials, as filed

Revenue grew 13.3% a year over 5 years, FY21 to FY26. Operating margin widened to 21.0%.

Year endingFY21FY22FY23FY24FY25FY26
Revenue₹89 Cr₹120 Cr₹156 Cr₹157 Cr₹153 Cr₹166 Cr
Operating profit₹15 Cr₹25 Cr₹34 Cr₹33 Cr₹33 Cr₹35 Cr
Operating margin17.0%20.9%22.1%21.4%21.6%21.0%
Interest₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Depreciation₹4 Cr₹4 Cr₹4 Cr₹5 Cr₹5 Cr₹5 Cr
Net profit₹13 Cr₹21 Cr₹26 Cr₹26 Cr₹22 Cr₹27 Cr
Net margin14.9%17.2%16.9%16.7%14.7%16.4%
Cash from operations₹19 Cr₹14 Cr₹21 Cr₹24 Cr₹26 Cr₹36 Cr
Free cash flow₹19 Cr₹5 Cr₹-3 Cr₹12 Cr₹18 Cr₹33 Cr
ROCE8.0%14.0%————
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹11 Cr₹11 Cr₹11 Cr₹11 Cr₹10 Cr₹10 Cr
Reserves₹148 Cr₹166 Cr₹177 Cr₹199 Cr₹205 Cr₹222 Cr
Borrowings₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Other liabilities₹22 Cr₹23 Cr₹22 Cr₹22 Cr₹25 Cr₹29 Cr
Total liabilities₹180 Cr₹200 Cr₹211 Cr₹232 Cr₹240 Cr₹261 Cr
Fixed assets₹50 Cr₹57 Cr₹69 Cr₹77 Cr₹78 Cr₹89 Cr
Capital work in progress₹0 Cr₹1 Cr₹2 Cr₹0 Cr₹0 Cr₹0 Cr
Investments₹74 Cr₹65 Cr₹64 Cr₹70 Cr₹72 Cr₹102 Cr
Other assets₹56 Cr₹77 Cr₹76 Cr₹85 Cr₹90 Cr₹70 Cr
Total assets₹180 Cr₹200 Cr₹211 Cr₹232 Cr₹240 Cr₹261 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

The ownership split has held steady since Jun 2025. The shareholder count shrank 3% to 17,345.

Promoters
69.3%
DIIs
0.0%
Public
30.7%

Since Jun 2025

  • Promoters 0.00 pp
  • DIIs 0.00 pp
  • Public 0.00 pp

How it drifted, 12 quarters

Jun '23Dec '24Jun '26

Ownership split by quarter, oldest first. Jun '23: Promoters 69.3%, DIIs 0.0%, Public 30.7%.Sep '23: Promoters 69.3%, DIIs 0.0%, Public 30.7%.Dec '23: Promoters 69.3%, DIIs 0.0%, Public 30.7%.Jun '24: Promoters 69.3%, DIIs 0.0%, Public 30.7%.Sep '24: Promoters 69.3%, DIIs 0.0%, Public 30.7%.Dec '24: Promoters 69.3%, DIIs 0.0%, Public 30.7%.Mar '25: Promoters 69.3%, DIIs 0.0%, Public 30.7%.Jun '25: Promoters 69.3%, DIIs 0.0%, Public 30.7%.Sep '25: Promoters 69.3%, DIIs 0.0%, Public 30.7%.Dec '25: Promoters 69.3%, DIIs 0.0%, Public 30.7%.Mar '26: Promoters 69.3%, DIIs 0.0%, Public 30.7%.Jun '26: Promoters 69.3%, DIIs 0.0%, Public 30.7%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Indian Toners above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Nandita Jain 23.00%unchanged
Akshat Jain 17.00%unchanged
Ashima N Mathur 17.00%unchanged
Sushil Jain Jt. Nandita Jain 11.00%unchanged
Sangeetha S 2.28%newly disclosed
Sushil Jain Huf 1.25%unchanged
Devanshi Jain 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Attractive

To justify its price of ₹47, this stock must grow earnings at 0% every year for 7 years. Our analysis caps realistic growth at ~20%. At that growth it is worth ₹135 — upside of 187%.

Growth the price implies
0.1% a year
for 7 years, fading to 4%
It has actually compounded at
15.5% a year
net profit, FY21–FY26 · EPS 19.8%
The gap
-0.2 pp
187% downside if it only repeats history
Price today ₹46.99 Value at the reference growth ₹134.82

Change the assumptions yourself →

Learn to analyse Indian Toners

Guides on how to read this kind of business and the numbers that matter.