Indian Toners & Developers share price & results
- Jun 2026
- Sept 2026
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.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 36.2 | −7.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 18.9 | −3.2 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 6.1 | −22.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | +6.4 pts | Trailing twelve months | TTM · period unavailable | Not in the analysed materials. No older figure is substituted. | |
| Free cash flow margin | −16.9 pts | Fiscal year | FY · period unavailable | Not in the analysed materials. No older figure is substituted. | |
| Revenue growth (YoY) | +38.1 pts | Trailing twelve months | TTM · period unavailable | Not in the analysed materials. No older figure is substituted. |
Price
Performance −83.3% 1Y
1Y: ₹268.35 on 24 Oct 2025 → ₹44.85. High ₹296.75 (29 Jun 2026), low ₹44.77 (3 Sept 2026).
- Previous close
- ₹46.21
- Market cap
- ₹260 Cr
- 52-week range
- ₹44.77 – ₹296.75
- One year
- −83.33%
Overview
- Symbol
- NSE:INDTONER
- Sector
- Chemicals
- Industry
- Commodities
- Exchange
- NSE
- Currency
- INR
What Indian Toners & Developers Ltd. does
Based on the company's own presentations, annual report and earnings calls.
Indian Toners & Developers Limited researches, formulates and manufactures compatible toners used in laser printers, analogue copiers, MICR printers, wide-format printers and colour laser/MFP devices, sold under its flagship brand ITDL Supremo. It runs two manufacturing units – Unit 1 at Rampur (Uttar Pradesh), which also houses the R&D pilot plant, and Unit 2 at Sitarganj (Uttarakhand) – and reaches customers through a network of distributors and retail dealers across India while also exporting toners compatible with major global printer/copier brands. An in-house R&D team develops new toner formulations and coating technologies to keep pace with new printer/copier models.
Segments
- Compatible toner manufacturing
- Manufacturing plants
- 2 (Rampur, Uttar Pradesh & Sitarganj, Uttarakhand)
- Installed production capacity
- 5,400 MTPA (FY25)
- Distributor & dealer network
- 139+ distributors and retail dealers (FY25)
- Export presence
- 20+ countries
- Captive solar power capacity
- 1,000 KWP plant commissioned FY25, supplementing an existing 180 KWP installation
- R&D infrastructure
- Exclusive R&D pilot plant (German-origin pre-mixer, compounding, classification & milling machinery) plus an Environmental Test Chamber at Rampur
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2017 to Mar 2022).
Financials
What the filings say
Net profit, year on year: −22% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 38 | 39 | 41 | 39 | 39 | 42 | 46 | 36 |
| Expenses | 30 | 31 | 32 | 30 | 32 | 33 | 36 | 29 |
| Operating profit | 8 | 9 | 9 | 9 | 7 | 9 | 10 | 7 |
| Operating margin | 20.8% | 22.1% | 21.4% | 22.1% | 18.7% | 20.7% | 22.3% | 18.9% |
| Other income | 2 | 1 | 2 | 2 | 1 | 1 | 1 | 3 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before tax | 8 | 9 | 9 | 9 | 7 | 9 | 10 | 8 |
| Tax rate | 33.9% | 25.2% | 26.0% | 11.5% | 24.6% | 24.9% | 25.2% | 23.5% |
| Net profit | 6 | 6 | 7 | 8 | 5 | 6 | 8 | 6 |
| EPS (₹ per share) | 1.06 | 1.24 | 1.29 | 1.51 | 1.03 | 1.23 | 1.47 | 1.17 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Sales | 89 | 120 | 156 | 157 | 153 | 166 |
| Expenses | 74 | 95 | 121 | 123 | 120 | 131 |
| Operating profit | 15 | 25 | 34 | 33 | 33 | 35 |
| Other income | 8 | 4 | 4 | 6 | 6 | 5 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 4 | 4 | 4 | 5 | 5 | 5 |
| Profit before tax | 19 | 25 | 34 | 34 | 34 | 35 |
| Net profit | 13 | 21 | 26 | 26 | 22 | 27 |
| Line item | Sept 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 11 | 11 | 11 | 10 | 10 | 10 |
| Reserves | 166 | 177 | 199 | 191 | 205 | 222 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 |
| Other liabilities | 23 | 22 | 22 | 28 | 25 | 29 |
| Total liabilities | 200 | 211 | 232 | 230 | 240 | 261 |
| Fixed assets | 57 | 69 | 77 | 80 | 78 | 89 |
| Capital work in progress | 1 | 2 | 0 | 0 | 0 | 0 |
| Investments | 65 | 64 | 70 | 52 | 72 | 102 |
| Other assets | 77 | 76 | 85 | 97 | 90 | 70 |
| Total assets | 200 | 211 | 232 | 230 | 240 | 261 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 19 | 14 | 21 | 24 | 26 | 36 |
| Cash from investing | 28 | 4 | -23 | -12 | 16 | -52 |
| Cash from financing | -38 | -15 | -5 | -6 | -31 | -7 |
| Net cash flow | 9 | 3 | -6 | 7 | 11 | -23 |
| Free cash flow | 19 | 5 | -3 | 12 | 18 | 33 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 65 | 51 | 50 | 58 | 56 | 60 |
| Inventory days | 108 | 126 | 95 | 84 | 124 | 94 |
| Days payable | 105 | 89 | 33 | 28 | 51 | 38 |
| Cash conversion cycle | 69 | 87 | 112 | 115 | 129 | 117 |
| Working capital days | 58 | 77 | 85 | 98 | 97 | 78 |
| Return on capital employed | 11.0% | 14.0% | 20.0% | 17.0% | 16.0% | 16.0% |
| Dividend payout | 24.0% | 17.0% | 14.0% | 19.0% | 21.0% | 23.0% |
What the price assumes
AttractiveTo justify its price of ₹45, this stock must grow earnings at -1% every year for 7 years. Our analysis caps realistic growth at ~20%. At that growth it is worth ₹135 — upside of 201%.
- Growth the price implies
- -0.7% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 15.5% a year
- net profit, FY21–FY26 · EPS 19.8%
- The gap
- -0.2 pp
- 201% downside if it only repeats history
Ownership
Who owns it
Promoters hold 69.25% as of Sept 2026; institutions cut 0.03 pts since Jun 2026.
- Promoters 69.25%
- Domestic institutions 0.00%
- Public 30.74%
Who is on the register
Named in the Sep 2026 filing
Every holder of Indian Toners & Developers Ltd. above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 23.00% | unchanged | |
| 17.00% | unchanged | |
| 17.00% | unchanged | |
| 11.00% | unchanged | |
| 2.28% | unchanged | |
| 1.25% | 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.
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