As of 6 Nov 2026, Narmada Gelatines trades at 7.6× trailing earnings, below the industry P/E of 22.1×, and the shares are 20% below their 52-week high. It earns ROCE of 25% and ROE of 21%, and sales and net profit grew 4.0% and 23% a year over 3 years. It has almost no debt, and its dividend yield is 2.5%. It is a small-cap company with a market cap of ₹263 Cr, ranked 119th of 204 Specialty Chemicals companies by market cap; the shares rose 28% over the past year.
- ₹426.60
- ₹438.90
- ₹425.15
- ₹436.65
- 1.1K
Health check
- ReturnsAhead
+28.1% over a year, better than 5 of 7 peers.
- Price tagCheaper
P/E 7.6 vs industry 22.1.
- GrowthSteady
Sales +4.0%, profit +23.0% a year over 3 years.
- ProfitabilityStrong
ROCE 25.2% vs peer median 24.4%.
- Balance sheetSolid
Debt 0.05× equity, interest covered 41.8×, Piotroski 8 of 9.
- Red flagsNone found
No warning signs in the headline numbers.
Small cap
Defensive
Key metrics
- Market cap
- ₹263 Cr
- Small cap
- P/E
- 7.6
- Industry 22.1
- Price to book
- 1.81
- Peers 13.33
- Dividend yield
- 2.52%
- ROE
- 21.4%
- Peers 23.0%
- ROCE
- 25.2%
- Peers 24.4%
- Debt to equity
- 0.05
- Debt ₹7.89 Cr
- EPS (TTM)
- ₹57.59
- OPM (TTM)
- 20.1%
- Net margin 15.4%
- Sales growth
- +23.2%
- Latest quarter vs a year ago
- Profit growth
- +56.0%
- Latest quarter vs a year ago
- Price to sales
- 1.16
- EV/EBITDA 5.9
Strengths and risks
Strengths
- Return on equity of 21.4%.
- Return on capital employed of 25.2%.
- Practically debt-free.
- Dividend yield of 2.52%.
- Quarterly profit up 56.0% on a year ago.
About Narmada Gelatines
Narmada Gelatines Limited manufactures and sells gelatine and related products in India and internationally. The company's products include ossein and di-calcium phosphate. Its products have applications in food and beverage, pharmaceutical, photography, biomedical, cosmetic, nutraceuticals and dietary supplements, and industrial areas. Narmada Gelatines Limited was incorporated in 1961 and is based in Jabalpur, India.
- Headquarters
- Jabalpur
- Employees
- 192
- Sector
- Basic Materials
- ISIN
- INE869A01010
- Website
- narmadagelatines.com
Price range
- Avg volume (3M)
- 4.3K
- 1-year return
- plus 28.1%
- From 52-week high
- minus 20.2%
Peers · Specialty Chemicals
| Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ASIANPAINTAsian Paints | 2,546.00 | plus 0.88% | 2,44,025 | 50.5 | 35.0 | 24.4% | 18.9% | 0.21 | 1.1% | plus 1.5% |
| SOLARINDSSolar Industries India | 18,608.00 | plus 0.48% | 1,68,384 | 74.4 | 64.1 | 29.5% | 27.8% | 0.22 | 12.4% | plus 35.9% |
| PIDILITINDPidilite Industries | 1,579.00 | plus 1.63% | 1,60,827 | 60.0 | 44.4 | 28.5% | 23.5% | 0.03 | 7.4% | plus 6.8% |
| LINDEINDIALinde India | 6,859.00 | plus 8.73% | 58,496 | 118.4 | 64.2 | 16.3% | 31.5% | 0.23 | – | plus 5.4% |
| BERGEPAINTBerger Paints India | 478.35 | minus 5.28% | 55,776 | 45.4 | 29.4 | 20.6% | 16.5% | 0.09 | 4.2% | minus 6.0% |
| FLUOROCHEMGujarat Fluorochemicals | 4,665.50 | minus 0.94% | 51,251 | 75.9 | 44.0 | 9.6% | 24.4% | 0.26 | −4.5% | plus 28.0% |
| ACUTAASAcutaas Chemicals | 3,786.60 | plus 0.42% | 31,001 | 70.9 | 64.1 | 27.7% | 39.4% | 0.01 | 29.4% | plus 105.6% |
| SHAWGELTINNarmada Gelatines | 434.85 | minus 0.41% | 263 | 7.6 | 6.4 | 25.2% | 20.1% | 0.05 | 4.0% | plus 28.1% |
| Median of 7 peers | – | 0.48% | 58,496 | 70.9 | 44.4 | 24.4% | 24.4% | 0.21 | 5.8% | 6.8% |
Quarterly results
| ₹ Cr | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 |
|---|---|---|---|---|---|
| 45.8 | 51.2 | 56.7 | 61.7 | 56.4 | |
| 38.3 | 41.9 | 46.1 | 47.9 | 44.7 | |
| 7.5 | 9.4 | 10.7 | 13.8 | 11.7 | |
| 16.4% | 18.3% | 18.8% | 22.3% | 20.8% | |
| 1 | 1 | 1.1 | 0.8 | 1.3 | |
| 0.2 | 0.2 | 0.3 | 0.3 | 0.2 | |
| 0.7 | 0.7 | 0.7 | 0.9 | 0.8 | |
| 7.7 | 9.5 | 10.8 | 13.3 | 12.1 | |
| 22.0% | 27.2% | 22.1% | 23.3% | 22.8% | |
| 6 | 6.9 | 8.4 | 10.2 | 9.3 | |
| 9.89 | 11.39 | 13.89 | 16.88 | 15.43 |
Profit & loss
- Sales CAGR 3Y
- +4.0%
- Profit CAGR 3Y
- +23.0%
- EPS CAGR 3Y
- +23.0%
- ROE
- 21.4%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 191 | 181 | 189 | 215 | |
| – | minus 5.0% | +4.0% | +14.0% | |
| 171 | 160 | 164 | 173 | |
| 19.7 | 21.3 | 24.6 | 41.8 | |
| 10.3% | 11.7% | 13.1% | 19.4% | |
| 0.6 | 0.8 | 1 | 0.7 | |
| 0 | 0 | 1.1 | 0.9 | |
| 1.9 | 2 | 2.2 | 2.9 | |
| 1.5 | 0.6 | 0.5 | −0.5 | |
| 19.8 | 20.6 | 22.8 | 38.2 | |
| 22.9% | 25.5% | 24.5% | 25.5% | |
| 15.3 | 15.3 | 17.2 | 28.4 | |
| – | +0.3% | +12.3% | +65.2% | |
| 25.26 | 25.34 | 28.45 | 47.01 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 6.1 | 6.1 | 6.1 | 6.1 | |
| 87.8 | 103 | 114 | 139 | |
| – | – | 12.7 | 7.9 | |
| 22.7 | 24.6 | 27.2 | 25.8 | |
| 117 | 134 | 160 | 179 | |
| 27.7 | 27.4 | 39.8 | 46.5 | |
| – | 0.5 | 6.8 | 5.4 | |
| 2.5 | 9.6 | – | 1.6 | |
| 11 | 17.2 | 0.2 | 3.8 | |
| 75.4 | 78.9 | 113 | 122 | |
| 117 | 134 | 160 | 179 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 13.8 | 14.6 | 16.1 | 24.6 | |
| 44.2 | −12.5 | −28.9 | −12.7 | |
| −67 | −0.2 | 5.4 | −11.9 | |
| −8.9 | 1.9 | −7.4 | −0.1 | |
| −2.3 | −1.8 | −14.7 | −9.7 | |
| 11.6 | 12.8 | 1.4 | 14.8 | |
| −66.5 | – | −6.1 | −6 |
Shareholding pattern
This company is listed only on BSE, so there’s no NSE category split. See Major shareholders below for the named holders.
Major shareholders
Filings & events
News
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