IEML
Indian Emuls financials
- Market cap
- ₹75 Cr
- Sector
- Chemicals
- Calls analysed
- 3
Indian Emuls Q4 FY26
What went well
- Strong revenue growth of 57% YoY to ₹159.87 crores despite challenging global environment.
- EBITDA increased 24.22% to ₹26.15 crores, demonstrating business model resilience.
- Profit after tax grew 21.83% to ₹16.20 crores.
What to watch
- EBITDA margins moderated during the year due to choices made to prioritize volume growth and geographic expansion.
- Debtor days rose from approximately 110 to 131 days, reflecting a move into markets with longer credit cycles.
What Indian Emuls does
Indian Emulsifiers Limited manufactures specialty chemical emulsifiers and surfactants — including esters, imidazolines, phosphate esters, wax emulsions, amphoterics, SMO & PIBSA emulsifiers and formulated products — used as functional additives in personal care, cleaning, oil & gas, mining, textiles and agrochemical applications. It operates a manufacturing and R&D facility at MIDC Lote Parshuram, Ratnagiri (Maharashtra), and earns revenue by supplying these emulsifying agents to industrial and consumer-product manufacturers domestically and in export markets. It has also set up subsidiaries abroad — Southern Emulsifiers in Australia (mining-explosives emulsifiers), Polaris Specialty Chemicals Inc. in the US (import distribution, customs clearance and last-mile delivery), and Spartan Professional Products (finished home & personal care formulations) — extending the business beyond raw-material supply into distribution and branded finished goods.
Segments
- Specialty emulsifiers manufacturing (India)
- Southern Emulsifiers (Australia)
- Polaris Specialty Chemicals Inc. (US)
- Spartan Professional Products
- Installed manufacturing capacity
- 12,000 MTPA (up from 2,400 MTPA)
- Manufacturing facilities
- 1 operational (MIDC Lote Parshuram, Ratnagiri) + 1 greenfield facility under construction (Plot C-3, Lote Parshuram MIDC), expected online by end of FY27
- Product portfolio
- 125+ specialty chemicals
- Global presence
- 9 countries
- International subsidiaries
- 3 — Southern Emulsifiers (Australia), Polaris Specialty Chemicals Inc. (US), Spartan Professional Products
- Reactor batch size range
- 100 kg – 8,000 kg per batch
Guidance record · Q4 FY26
what the last two calls moved 12 tracked 1 delivered 5 missed 6 open- Revenue Growth missed said Q4 FY25 Promised: 40% to 45% CAGR over the next three years Q4 FY26: FY26 revenue grew 57% YoY to ₹159.87 crores, missing the revised guidance of 'upward of 100% minimum'.
- Australian Subsidiary Revenue on track said Q4 FY25 Promised: INR 75 crores over the next three years Q4 FY26: Management reiterated the target of ₹75 crores over three years (FY26-FY28), stating it is still achievable. Initial shipments began in Q4 FY26.
All 12 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue up 159.4%, net profit up 20.0% against the same quarter last year.
| Line item | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|
| Revenue | 35 | 32 | 52 | 50 | 77 +120% | 83 +159% |
| EBITDA | 6 | 8 | 10 | 9 | 15 +150% | 11 +38% |
| Net profit | 4 | 5 | 7 | 6 | 10 +150% | 6 +20% |
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 −77.7% 1Y
1Y: ₹181.6 on 10 Sept 2025 → ₹40.45. High ₹193.65 (19 Sept 2025), low ₹38 (29 May 2026).
How the price took the results
close before → close after
- Q4 FY26
- −2.4%
- 6 Jun
- Q2 FY26
- +20.0%
- 10 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹6 Cr | ₹6 Cr | ₹9 Cr | ₹12 Cr | ₹18 Cr |
| Reserves | ₹0 Cr | ₹0 Cr | ₹4 Cr | ₹19 Cr | ₹80 Cr | ₹129 Cr |
| Borrowings | ₹1 Cr | ₹13 Cr | ₹22 Cr | ₹24 Cr | ₹32 Cr | ₹55 Cr |
| Other liabilities | ₹0 Cr | ₹0 Cr | ₹2 Cr | ₹12 Cr | ₹19 Cr | ₹33 Cr |
| Total liabilities | ₹1 Cr | ₹19 Cr | ₹34 Cr | ₹64 Cr | ₹144 Cr | ₹235 Cr |
| Fixed assets | ₹0 Cr | ₹10 Cr | ₹13 Cr | ₹17 Cr | ₹27 Cr | ₹53 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹3 Cr | ₹13 Cr | ₹23 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹1 Cr | ₹9 Cr | ₹22 Cr | ₹44 Cr | ₹103 Cr | ₹159 Cr |
| Total assets | ₹1 Cr | ₹19 Cr | ₹34 Cr | ₹64 Cr | ₹144 Cr | ₹235 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 Mar 2026
Since Mar 2025, promoters trimmed −15.47 pp while the public added +14.96 pp. The shareholder count grew 104% to 2,819.
- Promoters
- 32.6%
- FIIs
- 2.0%
- DIIs
- 3.3%
- Public
- 62.1%
Since Mar 2025
- Promoters −15.47 pp
- Public +14.96 pp
- DIIs +0.74 pp
How it drifted, 5 quarters
Over this window the public went from 44.7% to 62.1% — +17.4 pp.
Ownership split by quarter, oldest first. Sep '24: Promoters 48.1%, FIIs 3.5%, DIIs 3.7%, Public 44.7%.Mar '25: Promoters 48.1%, FIIs 2.2%, DIIs 2.5%, Public 47.1%.Sep '25: Promoters 48.1%, FIIs 2.2%, DIIs 1.7%, Public 48.0%.Nov '25: Promoters 32.6%, FIIs 2.2%, DIIs 4.4%, Public 60.9%.Mar '26: Promoters 32.6%, FIIs 2.0%, DIIs 3.3%, Public 62.1%.
Who bought this quarter
since Nov 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Divyashri Ravichandran newly disclosed 1.08% held
- Abhishek Singhvi newly disclosed 1.04% held
- Yash Tikekar +0.07 pp 32.64% held
- Anjali Sunil Tikekar newly disclosed 0.00% held
- Natasha Balmukand Luthra newly disclosed 0.00% held
- Sunil Vasant Tikekar newly disclosed 0.00% held
- Neetu B Luthra newly disclosed 0.00% held
- Nitin Balmukand Luthra newly disclosed 0.00% held
The same filing shows 3 holders trimming and 3 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Indian Emuls above SEBI's 1% disclosure line, and what changed since Nov 2025.
| Holder | Stake | Change |
|---|---|---|
| Yash Tikekar | 32.64% | +0.07 pp |
| Akilandeswari Selvamurthy | 2.71% | −1.17 pp |
| Lc Venture Debt Fund VC / PE | 2.18% | unchanged |
| Resonance Opportunities Fund FPI fund | 1.26% | −0.16 pp |
| Persistent Growth Fund- Varsu India Growth Story Scheme-1 Mutual fund | 1.10% | −1.08 pp |
| Manoj Agarwal (Huf) . | 1.09% | unchanged |
| Divyashri Ravichandran | 1.08% | newly disclosed |
| Abhishek Singhvi | 1.04% | newly disclosed |
| Anjali Sunil Tikekar | 0.00% | newly disclosed |
| Natasha Balmukand Luthra | 0.00% | newly disclosed |
| Sunil Vasant Tikekar | 0.00% | newly disclosed |
| Neetu B Luthra | 0.00% | newly disclosed |
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 the price implies
- -26.0% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
All earnings calls (3)
Read the Q4 FY26 call →Learn to analyse Indian Emuls
Guides on how to read this kind of business and the numbers that matter.