HINDCON
Hindcon Chemicals financials
- Market cap
- ₹123 Cr
- Sector
- Chemicals
What Hindcon Chemicals Limited does
Hindcon Chemicals manufactures and sells construction chemicals under the 'Hind' brand — concrete and mortar admixtures, waterproofing coatings, sealants, adhesives and floorings — to B2B customers (construction/infrastructure firms) and B2C buyers. It also produces sodium silicate, an industrial chemical used as a binder, adhesive and flocculant across detergents, paper, textiles, construction and water-treatment industries. Manufacturing is centred at a factory in the Jalan Industrial Complex on the outskirts of Kolkata, with a new backward-integration plant commissioned at Munshirhat, West Bengal in FY24. The company also provides waterproofing, retrofitting, repair and turnkey project services.
Segments
- Construction chemicals
- Sodium silicate
- Manufacturing plants
- 2 (Jalan Industrial Complex, Kolkata + new Munshirhat, WB plant commissioned FY24)
- Sodium silicate installed capacity
- 18,000 TPA
- Construction chemicals (cement additives) installed capacity
- 12,000 TPA
- Capacity utilisation (FY24)
- 51.50%
- New Munshirhat sodium silicate plant capacity
- 125 MT/month
- PCE admixture capacity expansion
- 125 TPM to 350 TPM
Quarterly results
Q1 FY27: revenue up 43.3%, net profit up 77.9% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13 | 15 | 15 | 15 | 15 +18% | 13 −13% | 20 +29% | 21 +43% |
| EBITDA | 0 | 1 | 1 | 2 | 1 +188% | 0 −70% | 1 −11% | 3 +80% |
| Net profit | 1 | 1 | 1 | 1 | 1 +20% | 0 −75% | 1 +18% | 2 +78% |
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 −26.3% 1Y
1Y: ₹32.67 on 10 Sept 2025 → ₹24.09. High ₹33.44 (23 Oct 2025), low ₹16.75 (30 Mar 2026).
Financials, as filed
Revenue grew 1.4% a year over 2 years, FY24 to FY26. Operating margin narrowed to 6.0%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹62 Cr | ₹57 Cr | ₹63 Cr |
| Operating profit | ₹7 Cr | ₹4 Cr | ₹4 Cr |
| Operating margin | 11.6% | 7.6% | 6.0% |
| Interest | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Depreciation | ₹0 Cr | ₹1 Cr | ₹1 Cr |
| Net profit | ₹6 Cr | ₹4 Cr | ₹3 Cr |
| Net margin | 10.4% | 7.0% | 5.1% |
| Cash from operations | ₹5 Cr | ₹3 Cr | ₹-3 Cr |
| Free cash flow | ₹1 Cr | ₹1 Cr | ₹-5 Cr |
| ROCE | 19.6% | 11.2% | 8.8% |
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 ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹10 Cr | ₹10 Cr | ₹10 Cr | ₹10 Cr | ₹8 Cr | ₹10 Cr |
| Reserves | ₹23 Cr | ₹27 Cr | ₹30 Cr | ₹36 Cr | ₹48 Cr | ₹43 Cr |
| Borrowings | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹0 Cr | ₹6 Cr | ₹11 Cr |
| Other liabilities | ₹7 Cr | ₹12 Cr | ₹10 Cr | ₹9 Cr | ₹10 Cr | ₹8 Cr |
| Total liabilities | ₹41 Cr | ₹50 Cr | ₹51 Cr | ₹55 Cr | ₹72 Cr | ₹72 Cr |
| Fixed assets | ₹1 Cr | ₹2 Cr | ₹3 Cr | ₹6 Cr | ₹8 Cr | ₹8 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹2 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹5 Cr | ₹2 Cr |
| Other assets | ₹37 Cr | ₹47 Cr | ₹47 Cr | ₹48 Cr | ₹60 Cr | ₹62 Cr |
| Total assets | ₹41 Cr | ₹50 Cr | ₹51 Cr | ₹55 Cr | ₹72 Cr | ₹72 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
Since Jun 2025, promoters added +0.10 pp. The shareholder count shrank 8% to 27,577.
- Promoters
- 68.8%
- Public
- 31.2%
Since Jun 2025
- Promoters +0.10 pp
- Public −0.07 pp
- FIIs −0.03 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 68.3%, Public 31.7%.Dec '23: Promoters 68.5%, Public 31.5%.Mar '24: Promoters 68.5%, FIIs 0.0%, Public 31.5%.Jun '24: Promoters 68.6%, Public 31.4%.Sep '24: Promoters 68.6%, Public 31.4%.Dec '24: Promoters 68.6%, FIIs 0.0%, Public 31.3%.Mar '25: Promoters 68.7%, FIIs 0.0%, Public 31.3%.Jun '25: Promoters 68.7%, FIIs 0.0%, Public 31.3%.Sep '25: Promoters 68.7%, Public 31.3%.Dec '25: Promoters 68.7%, Public 31.3%.Mar '26: Promoters 68.8%, Public 31.2%.Jun '26: Promoters 68.8%, Public 31.2%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Hindcon Chemicals Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Hindcon Solutions Private Limited | 24.74% | unchanged |
| Sanjay Goenka | 18.97% | unchanged |
| Nilima Goenka | 14.36% | unchanged |
| Vansh Goenka | 5.73% | unchanged |
| Sanjay Goenka & Others | 4.99% | unchanged |
| J N B Sidhu Finance Private Limited | 2.58% | unchanged |
| Radhakrishna Advisors Llp | 1.45% | unchanged |
| Laavanya Goenka | 0.02% | 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
Growth trapTo justify its price of ₹24, this stock must grow earnings at 25% every year for 7 years. Our analysis caps realistic growth at ~-29%. At that growth it is worth ₹1 — downside of 94%.
- Growth the price implies
- 24.8% a year
- for 7 years, fading to 4%
- It has actually compounded at
- -28.8% a year
- net profit, FY24–FY26 · EPS -29.0%
- The gap
- 0.5 pp
- -94% downside if it only repeats history
Learn to analyse Hindcon Chemicals Limited
Guides on how to read this kind of business and the numbers that matter.