531253

India Gelatine financials

Market cap
₹267 Cr
Sector
Chemicals

What India Gelatine does

India Gelatine & Chemicals Limited manufactures gelatine, ossein and DCP at its factory in Vapi, Gujarat, using bones and hides as raw material, sourced both domestically (crushed bone) and via imports (gel bone). Gelatine and ossein are sold to pharmaceutical, food, nutraceutical and cosmetics customers in India and to an international/export customer base, while DCP sales have stayed comparatively steady. The company has invested in a captive solar power plant, energy-efficient blowers and fine-bubble aeration technology at the plant to cut energy costs and its carbon footprint.

Segments

  • Gelatine
  • Ossein
  • DCP
Manufacturing plants
1 (Vapi, Gujarat)
Product lines
3 (Gelatine, Ossein, DCP)
Captive power infrastructure
Solar power plant at the Vapi facility
Primary raw materials
Bones and hides — domestic crushed bone plus imported gel bone
Market reach
Domestic sales plus an international/export customer base
Effluent treatment technology
Fine-bubble aeration technology adopted at the plant
Headquarters Ahmedabad, Gujarat, India Company website

Quarterly results

Q1 FY27: revenue up 16.8%, net profit up 14.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue43 53 53 39 47 +10%45 −15%39 −27%46 +17%
EBITDA4 4 8 8 9 +133%8 +87%5 −33%9 +19%
Net profit3 4 6 7 6 +108%7 +99%4 −22%8 +14%
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 +7.1% 1Y

₹300₹350₹400Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26

1Y: ₹352.5 on 10 Sept 2025 → ₹377.5. High ₹411.2 (11 May 2026), low ₹297.2 (30 Mar 2026).

Financials, as filed

Revenue fell 6.1% a year over 3 years, FY23 to FY26. Operating margin widened to 17.2%.

Year endingFY23FY24FY25FY26
Revenue₹205 Cr₹206 Cr₹199 Cr₹170 Cr
Operating profit₹33 Cr₹35 Cr₹21 Cr₹29 Cr
Operating margin16.3%17.0%10.7%17.2%
Interest₹1 Cr₹1 Cr₹1 Cr₹0 Cr
Depreciation₹4 Cr₹5 Cr₹6 Cr₹5 Cr
Net profit₹24 Cr₹28 Cr₹17 Cr₹25 Cr
Net margin11.6%13.8%8.8%14.8%
Cash from operations₹18 Cr₹18 Cr₹21 Cr₹28 Cr
Free cash flow₹-6 Cr₹5 Cr₹9 Cr₹20 Cr
ROCE24.0%22.0%12.0%16.0%
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₹7 Cr₹7 Cr₹7 Cr₹7 Cr₹7 Cr₹7 Cr
Reserves₹103 Cr₹108 Cr₹129 Cr₹147 Cr₹175 Cr₹186 Cr
Borrowings₹0 Cr₹0 Cr₹10 Cr₹8 Cr₹5 Cr₹4 Cr
Other liabilities₹17 Cr₹22 Cr₹33 Cr₹22 Cr₹24 Cr₹19 Cr
Total liabilities₹127 Cr₹136 Cr₹180 Cr₹184 Cr₹211 Cr₹217 Cr
Fixed assets₹40 Cr₹41 Cr₹60 Cr₹69 Cr₹61 Cr₹61 Cr
Capital work in progress₹0 Cr₹1 Cr₹4 Cr₹2 Cr₹2 Cr₹20 Cr
Investments₹34 Cr₹33 Cr₹43 Cr₹44 Cr₹68 Cr₹66 Cr
Other assets₹52 Cr₹62 Cr₹73 Cr₹70 Cr₹81 Cr₹70 Cr
Total assets₹127 Cr₹136 Cr₹180 Cr₹184 Cr₹211 Cr₹217 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 6% to 6,007.

Promoters
69.0%
DIIs
0.0%
Public
30.9%

Since Jun 2025

  • Promoters 0.00 pp
  • FIIs 0.00 pp
  • DIIs 0.00 pp

How it drifted, 12 quarters

Over this window promoters went from 61.4% to 69.0% — +7.6 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 61.4%, DIIs 0.0%, Public 38.5%.Dec '23: Promoters 61.4%, DIIs 0.0%, Public 38.6%.Mar '24: Promoters 61.4%, DIIs 0.0%, Public 38.6%.Jun '24: Promoters 61.4%, DIIs 0.0%, Public 38.5%.Sep '24: Promoters 61.4%, DIIs 0.0%, Public 38.5%.Dec '24: Promoters 47.3%, DIIs 0.0%, Public 52.6%.Mar '25: Promoters 61.5%, FIIs 0.6%, DIIs 0.8%, Public 37.1%.Jun '25: Promoters 69.0%, DIIs 0.0%, Public 30.9%.Sep '25: Promoters 69.0%, DIIs 0.0%, Public 30.9%.Dec '25: Promoters 69.0%, DIIs 0.0%, Public 30.9%.Mar '26: Promoters 69.0%, DIIs 0.0%, Public 30.9%.Jun '26: Promoters 69.0%, DIIs 0.0%, Public 30.9%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

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

HolderStakeChange
Ashok Matches And Timber Industries Private Limited 27.28%unchanged
Pioneer Jellice India Private Limited 19.71%unchanged
Narmada Gelatines Limited 14.14%unchanged
Divyaprabha Chandrasinh Mirani 7.75%unchanged
Sangeetha S . 2.81%unchanged
Investor Education And Protection Fund Authority Ministry Of Corporate Affairs - 2 2.04%unchanged
Chandrasinh Hansraj Mirani HUF 0.17%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

Fair

To justify its price of ₹378, this stock must grow earnings at 3% every year for 7 years. Our analysis caps realistic growth at ~2%. At that growth it is worth ₹356 — downside of 6%.

Growth the price implies
2.7% a year
for 7 years, fading to 4%
It has actually compounded at
1.6% a year
net profit, FY23–FY26 · EPS 1.6%
The gap
0.0 pp
-6% downside if it only repeats history
Price today ₹377.5 Value at the reference growth ₹355.72

Change the assumptions yourself →

Learn to analyse India Gelatine

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