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    Indian Toners

    Manufacturer of compatible (non-OEM) toner powder for laser printers, digital copiers and multi-function printers, with plants at Rampur (U.P.) and Sitarganj (Uttarakhand) serving domestic and export markets.

    Chemicals
    Commodities

    Overview

    Price

    Market Cap

    ₹261 Cr

    Sector

    Chemicals

    Commodities

    Rank

    Performance

    Financials

    Income Statement

    Financial Trajectories

    11
    Quarterly

    Balance Sheet

    Balance Sheet

    ₹ Cr · Annual
    Line itemFY21FY22FY23FY23FY24FY25FY26FY26
    LiabilitiesEquity Capital1111111111101010
    Reserves150155166177199191205222
    Borrowings00000000
    Other Liabilities2226232222282529
    Total Liabilities183192200211232230240261
    AssetsFixed Assets5049576977807889
    CWIP01120000
    Investments76656564705272102
    Other Assets5677777685979070
    Total Assets183192200211232230240261

    Cash Flow

    Cash Flow

    ₹ Cr · Annual
    Line itemFY19FY20FY21FY22FY23FY24FY25FY26
    ActivitiesCash from Operating1413191421242636
    Cash from Investing-2-9284-23-1216-52
    Cash from Financing-5-8-38-15-5-6-31-7
    SummaryCapital Expenditure
    Free Cash Flow89195-3121833
    FCF Margin

    Valuation

    Assumptions

    Current — 523586
    Price
    ₹268
    EPS (TTM)
    ₹5.24
    PE (TTM)
    51.1
    Profit growth
    1.6%

    The Earnings Per Share over the last 12 months.

    %

    Your assumption of the company's expected yearly EPS growth (e.g., 6 for 6%).

    Pre-filled with the lower of median (53.2×) and current (51.1×) PE — the conservative anchor.

    %

    The annualized return you aim to achieve. We solve for the price that delivers it, then compare to today's price.

    Valuation

    Current price
    ₹268
    vs
    Fair value · 15% return
    ₹120
    55%Overvalued

    At 1.6% growth and a 51× exit, ₹268 only delivers your return if you pay ₹120. The price is currently baking in 18% growth.

    EPS grows 1.6%/yr for 5 years, then fades to 6% over 2, exits at 51×.

    YearGrowthEPS (₹)
    FY271.6%5.32
    FY281.6%5.41
    FY291.6%5.50
    FY301.6%5.58
    FY311.6%5.67
    FY323.8% ·fade5.89
    FY336.0% ·fade6.24

    Methodology: we discount normalized net profit as a proxy for owner earnings (an earnings-power approximation — not full free cash flow). Terminal growth is capped at 6% (≈ nominal GDP) regardless of the required return. This is an analytical tool, not investment advice.

    Learn to analyse Indian Toners

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