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    Indian Emuls

    Maharashtra-based manufacturer of specialty chemical emulsifiers — esters, imidazolines, phosphate esters and wax emulsions — supplying personal care, cleaning, oil & gas and industrial customers across 9 countries.

    Chemicals
    Commodities
    View IEML earnings calls

    Overview

    Price

    Market Cap

    ₹78 Cr

    Sector

    Chemicals

    Commodities

    Rank

    Performance

    Financials

    Income Statement

    Financial Trajectories

    11
    Quarterly

    Balance Sheet

    Balance Sheet

    ₹ Cr · Annual
    Line itemFY21FY22FY23FY24FY25FY26FY26
    LiabilitiesEquity Capital0669121218
    Reserves004197080129
    Borrowings1132224263255
    Other Liabilities00212101933
    Total Liabilities1193464117144235
    AssetsFixed Assets0101317192753
    CWIP0003211323
    Investments0000000
    Other Assets19224477103159
    Total Assets1193464117144235

    Cash Flow

    Cash Flow

    ₹ Cr · Annual
    Line itemFY21FY22FY23FY24FY25FY26
    ActivitiesCash from Operating0-600-17-28
    Cash from Investing0-20-8-24-39
    Cash from Financing08084075
    SummaryCapital Expenditure
    Free Cash Flow0-16-4-9-39-66
    FCF Margin

    Valuation

    Assumptions

    Current — IEML
    Price
    ₹47
    EPS (TTM)
    ₹16.10
    PE (TTM)
    2.9
    Profit growth

    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 (7.9×) and current (2.9×) 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
    ₹47
    vs
    Fair value · 15% return
    ₹33
    28%Overvalued

    At 10% growth and a 3× exit, ₹47 only delivers your return if you pay ₹33. The price is currently baking in 17% growth.

    EPS grows 10%/yr for 5 years, then fades to 6% over 2, exits at 3×.

    YearGrowthEPS (₹)
    FY2710.0%17.71
    FY2810.0%19.48
    FY2910.0%21.43
    FY3010.0%23.57
    FY3110.0%25.93
    FY328.0% ·fade28.00
    FY336.0% ·fade29.68

    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 Emuls

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