India's largest rubber chemicals maker, supplying tyre and rubber industries in 40+ countries.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 403 | +19.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 11.0 | +2.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 28.0 | +64.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 3.90 | −2.7 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 6.37 | +13.2 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 0.96 | −2.9 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
3 of 8 judged targets kept · 11 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| New Product Commercial Launch | Active commercial sales to start before the end of FY26 | Q2 FY26 | No specific update provided on the commercial launch status. Management focus has shifted to the new TDQ plant's revenue timeline. | Delayed |
| FY27 Volume Growth | Double-digit growth in FY27 | Q3 FY26 | YoY volume growth was 9%. Management revised guidance for FY27 to 'Around 10%', which is a dilution from the original 'double-digit' target. | Diluted |
| Dahej Capex Commissioning | Plant ready by Sep '26, business contribution from Q4 FY27 | Q2 FY25 | The TDQ capex at Dahej has been completed, and we have commenced trial production. This is ahead of the original 'Sep '26' schedule. | Achieved |
5 of NOCIL Limited's 19 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 16 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹188.4 on 24 Oct 2025 → ₹144.85. High ₹206.3 (23 Sept 2026), low ₹128.23 (23 Jan 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
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
close before → close after
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.
Guidance
3 of 8 judged targets kept · 11 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| New Product Commercial Launch | Active commercial sales to start before the end of FY26 | Q2 FY26 | No specific update provided on the commercial launch status. Management focus has shifted to the new TDQ plant's revenue timeline. | Delayed |
| FY27 Volume Growth | Double-digit growth in FY27 | Q3 FY26 | YoY volume growth was 9%. Management revised guidance for FY27 to 'Around 10%', which is a dilution from the original 'double-digit' target. | Diluted |
| Dahej Capex Commissioning | Plant ready by Sep '26, business contribution from Q4 FY27 | Q2 FY25 | The TDQ capex at Dahej has been completed, and we have commenced trial production. This is ahead of the original 'Sep '26' schedule. | Achieved |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 19 tracked commitments, with each call’s wording and source.
Call summaries
NOCIL Limited Q1 FY27
NOCIL Limited reported a strong Q1 FY27 with revenue up 20% YoY to ₹403 crores and EBITDA up 48% YoY to ₹45 crores, driven by volume growth and improved realizations. Margins expanded significantly, and anti-dumping duties were approved for key products. However, the company faced temporary QoQ volume declines due to supply constraints and geopolitical uncertainties, impacting the non-tyre segment.
Read the full callNOCIL Limited Q4 FY26
NOCIL Limited reported a mixed Q4 FY26, with sequential revenue and volume growth driven by improved demand and GST 2.0 implementation. However, profitability was impacted by higher utility costs, maintenance, and inventory depletion, leading to a decline in EBITDA margins. The company successfully completed its TDQ capex and announced further specialty chemical expansion. Management expressed confidence in sustained volume momentum and aims for double-digit growth, while navigating challenges from import dumping and raw material volatility.
Read the full callNOCIL Q3 FY26
NOCIL reported a mixed Q3 FY26, with domestic volumes showing high single-digit growth, contributing to a stable quarterly revenue of Rs. 316 crores and an improved operating EBITDA of Rs. 27 crores. However, international markets faced headwinds from seasonal effects and U.S. tariffs, leading to lower price realizations and a sequential decline in PBT and PAT. The company is progressing with its TDQ antioxidant expansion and expects significant volume and margin improvements in the coming years, supported by antidumping measures and new product introductions.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +65% (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 | 363 | 318 | 340 | 336 | 321 | 316 | 330 | 403 |
| Expenses | 325 | 294 | 305 | 306 | 298 | 289 | 309 | 358 |
| Operating profit | 38 | 24 | 34 | 31 | 22 | 27 | 21 | 45 |
| Operating margin | 10.0% | 8.0% | 10.0% | 9.0% | 7.0% | 8.0% | 6.0% | 11.0% |
| Other income | 8 | 9 | 6 | 7 | 10 | 1 | 14 | 6 |
| Interest | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 13 | 14 | 13 | 14 | 14 | 14 | 14 | 14 |
| Profit before tax | 32 | 19 | 26 | 23 | 19 | 13 | 21 | 37 |
| Tax rate | −30.0% | 32.0% | 20.0% | 25.0% | 35.0% | 31.0% | 19.0% | 25.0% |
| Net profit | 42 | 13 | 21 | 17 | 12 | 9 | 17 | 28 |
| EPS (₹ per share) | 2.52 | 0.77 | 1.24 | 1.03 | 0.73 | 0.55 | 1.02 | 1.66 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 1,617 | 1,445 | 1,393 | 1,303 |
| Expenses | 1,364 | 1,251 | 1,255 | 1,202 |
| Operating profit | 253 | 195 | 137 | 101 |
| Other income | 6 | 41 | 32 | 32 |
| Interest | 0 | 0 | 1 | 0 |
| Depreciation | 56 | 52 | 53 | 56 |
| Profit before tax | 203 | 181 | 114 | 76 |
| Net profit | 149 | 133 | 103 | 55 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 167 | 167 | 167 | 167 | 167 | 167 |
| Reserves | 1,279 | 1,385 | 1,532 | 1,595 | 1,604 | 1,606 |
| Borrowings | 6 | 10 | 13 | 10 | 9 | 8 |
| Other liabilities | 380 | 295 | 304 | 284 | 291 | 329 |
| Total liabilities | 1,830 | 1,857 | 2,015 | 2,057 | 2,072 | 2,111 |
| Fixed assets | 909 | 888 | 870 | 855 | 834 | 831 |
| Capital work in progress | 8 | 9 | 16 | 60 | 176 | 221 |
| Investments | 53 | 218 | 399 | 366 | 408 | 415 |
| Other assets | 859 | 742 | 730 | 776 | 654 | 645 |
| Total assets | 1,830 | 1,857 | 2,015 | 2,057 | 2,072 | 2,111 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 94 | -30 | 282 | 201 | 26 | 252 |
| Cash from investing | -58 | 31 | -217 | -77 | -37 | -212 |
| Cash from financing | 0 | -34 | -54 | -55 | -50 | -38 |
| Net cash flow | 35 | -33 | 11 | 68 | -62 | 2 |
| Free cash flow | 67 | -66 | 253 | 184 | -95 | 84 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 122 | 104 | 78 | 86 | 81 | 81 |
| Inventory days | 120 | 141 | 117 | 100 | 129 | 75 |
| Days payable | 123 | 91 | 52 | 53 | 54 | 72 |
| Cash conversion cycle | 119 | 154 | 143 | 133 | 156 | 84 |
| Working capital days | 114 | 128 | 108 | 110 | 130 | 91 |
| Return on capital employed | 9.0% | 18.0% | 13.0% | 10.0% | 6.0% | 4.0% |
| Dividend payout | 38.0% | 28.0% | 34.0% | 38.0% | 32.0% | 45.0% |
To justify its price of ₹145, this stock must grow earnings at 29% every year for 7 years. Our analysis caps realistic growth at ~-28%. At that growth it is worth ₹7 — downside of 95%.
Ownership
Public hold 54.00% as of Sept 2026; institutions cut 0.01 pts since Jun 2026.
since Jun 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.
Named in the Sep 2026 filing
Every holder of NOCIL Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 18.16% | unchanged | |
| 15.12% | unchanged | |
| Mutual fund | 3.05% | newly disclosed |
| 2.82% | unchanged | |
| 2.41% | newly disclosed | |
| 1.74% | unchanged | |
| 1.40% | +0.09 pp | |
| 1.13% | unchanged | |
| 1.12% | unchanged | |
| 0.47% | unchanged | |
| 0.01% | unchanged | |
| Mutual fund | — | off the list |
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.
Your own record
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