NOCIL

NOCIL share price & financials

Price
₹162.7
Market cap
₹2.8k Cr
Sector
Chemicals
Calls analysed
8
Latest concall · Q1 FY27 · call held 04 Aug 2026

NOCIL Limited Q1 FY27

Revenue from Operations ₹403 cr +20%Operating EBITDA ₹45 cr +48%EBITDA Margin 11.2% PAT ₹28 cr +61%

What went well

  • Revenue from operations of ₹403 crores, up 20% YoY, driven by growing volumes and increased selling prices.
  • Healthy 9% YoY volume growth, with double-digit domestic growth and single-digit export growth.
  • Operating EBITDA of ₹45 crores, up 48% YoY and 115% QoQ.

What to watch

  • Moderate 3% QoQ volume decline due to temporary supply-side constraints (utilities, logistics) and geopolitical situation.
  • Temporary demand contraction in the non-tyre segment due to lower production, sharp increase in input costs, and labor shortage.
Read the full call →

What NOCIL Limited does

NOCIL Limited, part of the Arvind Mafatlal Group, is India's largest manufacturer of rubber chemicals, with over four decades of experience in the business. It makes accelerators, anti-oxidants/anti-degradants and other specialty additives used in tyres, automotive components, industrial rubber goods, footwear, hoses and gloves, manufactured at its facilities in Navi Mumbai (operating since 1976) and Dahej, Gujarat (operating since 2013). It sells to tyre majors and rubber processors, both domestic and international, across more than 40 countries, supported by an in-house R&D centre and a Marketing Technical Services (MTS) team that provides technical support to customers.

Segments

  • Rubber Chemicals
Market position
Largest rubber chemicals manufacturer in India
Manufacturing facilities
2 (Navi Mumbai, Maharashtra — since 1976; Dahej, Gujarat — since 2013)
Product varieties
20+ rubber chemical product varieties
Country presence
40+ countries
Business track record
Over 4 decades of experience in the rubber chemicals business
Ongoing capacity project
Brownfield expansion of the TDQ antioxidant line at the Dahej facility, targeted for commissioning in 2026-27
Founded 1961Headquarters Mafatlal House, Backbay Reclamation, Churchgate, Mumbai 400020, India Company website

Guidance record · Q1 FY27

what the last two calls moved 19 tracked 3 delivered 5 missed 11 open
  • New Product Commercial Launch delayed said Q2 FY26 Promised: Active commercial sales to start before the end of FY26 Q1 FY27: No specific update provided on the commercial launch status. Management focus has shifted to the new TDQ plant's revenue timeline.
  • FY27 Volume Growth diluted said Q3 FY26 Promised: Double-digit growth in FY27 Q1 FY27: YoY volume growth was 9%. Management revised guidance for FY27 to 'Around 10%', which is a dilution from the original 'double-digit' target.
  • Dahej Capex Commissioning delivered said Q2 FY25 Promised: Plant ready by Sep '26, business contribution from Q4 FY27 Q4 FY26: The TDQ capex at Dahej has been completed, and we have commenced trial production. This is ahead of the original 'Sep '26' schedule.

All 19 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 19.9%, net profit up 64.7% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue363 318 340 336 321 −12%316 −1%330 −3%403 +20%
EBITDA38 24 34 31 22 −42%27 +13%21 −38%45 +45%
Net profit42 13 21 17 12 −71%9 −31%17 −19%28 +65%
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 +1.8% 1Y

₹140₹160₹180₹200Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 3 Nov 2025Q3 FY26 — 12 Feb 2026Q4 FY26 — 8 May 2026Q1 FY27 — 4 Aug 2026

1Y: ₹186.23 on 10 Sept 2025 → ₹189.65. High ₹195.31 (10 Sept 2026), low ₹128.23 (23 Jan 2026).

How the price took the results

close before → close after

Q1 FY27
−1.8%
4 Aug
Q4 FY26
−3.4%
8 May
Q3 FY26
+3.2%
12 Feb
Q2 FY26
−2.1%
3 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.

Financials, as filed

Revenue fell 6.9% a year over 3 years, FY23 to FY26. Operating margin narrowed to 7.8%.

Year endingFY23FY24FY25FY26
Revenue₹1.6k Cr₹1.4k Cr₹1.4k Cr₹1.3k Cr
Operating profit₹253 Cr₹195 Cr₹137 Cr₹101 Cr
Operating margin15.6%13.5%9.8%7.8%
Interest₹0 Cr₹0 Cr₹1 Cr₹0 Cr
Depreciation₹56 Cr₹52 Cr₹53 Cr₹56 Cr
Net profit₹149 Cr₹133 Cr₹103 Cr₹55 Cr
Net margin9.2%9.2%7.4%4.2%
Cash from operations₹282 Cr₹201 Cr₹26 Cr₹252 Cr
Free cash flow₹253 Cr₹184 Cr₹-95 Cr₹84 Cr
ROCE13.0%10.0%6.0%4.0%
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₹166 Cr₹167 Cr₹167 Cr₹167 Cr₹167 Cr₹167 Cr
Reserves₹1.1k Cr₹1.3k Cr₹1.4k Cr₹1.5k Cr₹1.6k Cr₹1.6k Cr
Borrowings₹6 Cr₹6 Cr₹10 Cr₹13 Cr₹9 Cr₹8 Cr
Other liabilities₹324 Cr₹380 Cr₹295 Cr₹304 Cr₹291 Cr₹329 Cr
Total liabilities₹1.6k Cr₹1.8k Cr₹1.9k Cr₹2.0k Cr₹2.1k Cr₹2.1k Cr
Fixed assets₹918 Cr₹909 Cr₹888 Cr₹870 Cr₹834 Cr₹831 Cr
Capital work in progress₹14 Cr₹8 Cr₹9 Cr₹16 Cr₹176 Cr₹221 Cr
Investments₹68 Cr₹53 Cr₹218 Cr₹399 Cr₹408 Cr₹415 Cr
Other assets₹614 Cr₹859 Cr₹742 Cr₹730 Cr₹654 Cr₹645 Cr
Total assets₹1.6k Cr₹1.8k Cr₹1.9k Cr₹2.0k Cr₹2.1k Cr₹2.1k 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, DIIs added +2.28 pp while FIIs trimmed −1.87 pp. The shareholder count shrank 3% to 1,61,342.

Promoters
33.8%
FIIs
4.8%
DIIs
7.5%
Public
54.0%

Since Jun 2025

  • DIIs +2.28 pp
  • FIIs −1.87 pp
  • Public −0.40 pp

How it drifted, 12 quarters

Over this window DIIs went from 3.6% to 7.5% — +3.9 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 33.8%, FIIs 6.4%, DIIs 3.6%, Public 56.2%.Dec '23: Promoters 33.8%, FIIs 7.0%, DIIs 2.8%, Public 56.4%.Mar '24: Promoters 33.8%, FIIs 7.8%, DIIs 3.5%, Public 54.9%.Jun '24: Promoters 33.8%, FIIs 7.8%, DIIs 4.4%, Public 54.0%.Sep '24: Promoters 33.8%, FIIs 7.9%, DIIs 6.1%, Public 52.2%.Dec '24: Promoters 33.8%, FIIs 7.8%, DIIs 5.9%, Public 52.5%.Mar '25: Promoters 33.8%, FIIs 8.2%, DIIs 5.3%, Public 52.8%.Jun '25: Promoters 33.8%, FIIs 6.7%, DIIs 5.2%, Public 54.4%.Sep '25: Promoters 33.8%, FIIs 5.2%, DIIs 6.6%, Public 54.5%.Dec '25: Promoters 33.8%, FIIs 4.5%, DIIs 6.5%, Public 55.3%.Mar '26: Promoters 33.8%, FIIs 4.5%, DIIs 7.9%, Public 53.8%.Jun '26: Promoters 33.8%, FIIs 4.8%, DIIs 7.5%, Public 54.0%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

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

HolderStakeChange
HRISHIKESH ARVIND MAFATLAL (as a Trustee of Gurukripa Trust) 18.16%unchanged
Mafatlal Industries Limited 15.12%unchanged
Mahindra Manulife Small Cap Fund Mutual fund3.57%+1.18 pp
Tejas Balchandra Trivedi 2.82%+0.19 pp
ICICI Prudential Children'S Fund Mutual fund2.55%newly disclosed
Nilesh Kishor Shah 1.74%unchanged
Iepf 1.31%unchanged
Aagam Agencies Pvt Ltd 1.13%unchanged
Prashant Jain 1.12%unchanged
Hrishikesh Arvind Mafatlal 0.47%newly disclosed
Priyavrata Mafatlal 0.01%unchanged
HRISHIKESH ARVIND MAFATLAL (as a Trustee of Narsingha Trust) 0.00%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 trap

To justify its price of ₹190, this stock must grow earnings at 35% every year for 7 years. Our analysis caps realistic growth at ~-28%. At that growth it is worth ₹7 — downside of 96%.

Growth the price implies
34.6% a year
for 7 years, fading to 4%
It has actually compounded at
-28.2% a year
net profit, FY23–FY26 · EPS -28.1%
The gap
0.6 pp
-96% downside if it only repeats history
Price today ₹189.65 Value at the reference growth ₹6.95

Change the assumptions yourself →

All earnings calls (8)

Read the Q1 FY27 call →

Learn to analyse NOCIL Limited

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