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Indofil Industries Unlisted Shares
DRHP Status : Not Filed
1440
Fundamentals About Indofil Industries
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Indofil Industries
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 2431 | 2795 | 3037 | 3069 |
| Cost of Material Consumed | 1149 | 1901 | 1923 | 1697 |
| Gross Margins | 52.74 | 31.99 | 36.68 | 44.71 |
| Change in Inventory | 120 | -262 | 18 | 137 |
| Employee Benefit Expenses | 211 | 219 | 202 | 219 |
| Other Expenses | 494 | 580 | 514 | 574 |
| EBITDA | 457 | 357 | 380 | 442 |
| OPM | 18.8 | 12.77 | 12.51 | 14.4 |
| Other Income | -120 | 87 | 93 | 108 |
| Finance Cost | 65 | 45 | 46 | 39 |
| D&A | 112 | 90 | 87 | 89 |
| EBIT | 345 | 267 | 293 | 353 |
| EBIT Margins | 14.19 | 9.55 | 9.65 | 11.5 |
| PBT | 160 | 308 | 339 | 422 |
| PBT Margins | 6.58 | 11.02 | 11.16 | 13.75 |
| Tax | 93 | 89 | 97 | 90 |
| PAT | 67 | 219 | 242 | 332 |
| NPM | 2.76 | 7.84 | 7.97 | 10.82 |
| EPS | 31.46 | 102.82 | 113.62 | 155.87 |
Financial Ratios |
2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 18.8 | 12.77 | 12.51 | 14.4 |
| Net Profit Margin | 2.76 | 7.84 | 7.97 | 10.82 |
| Earning Per Share (Diluted) | 31.46 | 102.82 | 113.62 | 155.87 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 640 | 602 | 698 | 687 |
| CWIP | 83 | 119 | 150 | 138 |
| Investments | 711 | 899 | 1464 | 2333 |
| Trade Receivables | 721 | 785 | 758 | 903 |
| Inventory | 356 | 641 | 689 | 525 |
| Other Assets | 753 | 798 | 373.5 | 571 |
| Total Assets | 3264 | 3844 | 4132.5 | 5157 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 21.3 | 21.3 | 21.3 | 21.3 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 1931 | 2199 | 2896 | 3973 |
| Borrowings | 654 | 679 | 559 | 363 |
| Trade Payables | 373 | 818 | 439 | 477 |
| Other Liabilities | 284.7 | 126.7 | 217.2 | 322.7 |
| Total Liabilities | 3264 | 3844 | 4132.5 | 5157 |
About Company
The following table shows a 10-point analysis of Indofil Industries Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue from Operations ~₹3,325 cr PAT ~₹452 cr (consolidated) PAT margin ~13.6% |
Leading agrochemical & specialty chemicals manufacturer (fungicides, insecticides, plant nutrition); part of K.K. Modi Group; strong R&D focus (8 new products launched FY25); diversified portfolio (agri dominant, specialty & innovative solutions); resilient domestic & export crop protection player. |
| Industry & Market Position | Key player in Indian agrochemicals Strong in fungicides & specialty Export growth exposure |
Competitive in organized segment (vs. UPL, Bayer, Syngenta); innovation & patents (2 granted FY25) provide edge; diversified products reduce cyclicality; exposed to raw material volatility & monsoon risks. |
| Revenue Growth Trend | FY23–FY25 CAGR ~5–10% Revenue ~₹3,037 cr → ~₹3,325 cr ~8–9% YoY growth in FY25 |
Stable topline driven by volumes & new launches despite commodity normalization; profitability outpaced peers; long-term supported by agri reforms, exports & specialty focus. |
| Profitability & Margins | EBITDA margin ~16%+ ROE strong PAT margin ~13.6% |
Significant PAT growth (+86% vs FY23) from cost efficiencies & operational leverage; premium product mix & R&D focus enhance earnings quality; stronger than many agro peers. |
| Cash Flow Quality | OCF ~₹232 cr (FY25) High dividend potential |
Positive operational cash flows despite receivable increase; supports reinvestment & dividends; low capex intensity strengthens retention & earnings quality. |
| Balance Sheet Strength | Net worth ~₹3,500 cr Book value ~₹2,800+ D/E ~0.07–0.2x |
Very conservative structure with high liquidity & near zero-debt core; strong equity base provides downside protection; minimal balance sheet risk. |
| Valuation Comfort | Unlisted price ~₹1,550–1,700 (Feb 2026) P/E ~7–9x EPS ~₹198 |
Attractive valuation for high-margin, low-debt agro leader; market cap ~₹3,500–3,900 cr; discount to peers & book value; strong value play. |
| Management & Governance | Modi Group family-led Clean disclosures ICRA ratings reaffirmed |
Strong execution track record in innovation & scaling; transparent reporting; governance solid with legacy strength in chemicals sector. |
| Growth Triggers & Catalysts | New product pipeline Export & specialty ramp-up Agri demand support |
Organic growth from R&D launches & patents; supported by farmer income growth & global agro trends; incremental gains from diversification & efficiency; no confirmed IPO catalyst currently. |
| Liquidity & Exit Visibility | OTC liquidity only No confirmed IPO plans |
Moderate unlisted trading; capital somewhat locked; exit primarily via OTC or strategic buyers; liquidity risk exists despite strong fundamentals. |
Indofil Industries is a diversified chemical company, active in agricultural chemicals (crop protection) and specialty / performance chemicals. Its agro-chemical division covers insecticides, fungicides (like Mancozeb), herbicides, bactericides, acaricides, surfactants, and plant growth regulators. Through its Indofil Innovative Solutions (IIS) business:
- It serves other industries: leather, textiles, paints, plastics, and construction.
- It has strong R&D capabilities, manufacturing facilities (Dahej, Gujarat & Thane, Maharashtra), and contract manufacturing units.
- Global footprint: exports to over 120 countries, especially for key products like fungicides.
Vision & Philosophy
- Vision: “To become a Global Leader in Growth with Customer Success.”
- Focus on innovation, partnerships for R&D, and long-term customer relationships.
Financial Performance
- FY24 Revenue: ~₹ 3,118 crore (very modest growth vs FY23) per unlisted-share report
- Gross Margin (FY24): Improved from ~37% (FY23) to ~42% due to easing of raw-material costs.
- PAT (FY24): ~₹ 332 crore, up ~45% from FY23
- Cash Flow: Positive operating cash flow of ₹ 426 crore in FY24, compared to negative cash flow in FY23.
- Capex: Spent ~₹ 67 crore in FY24; repaid ~₹ 200 crore of debt.
- ROE: ~8.5% in FY24.
Strengths & Growth Drivers
- Strong Crop-Care Business: Well-known in fungicides (Mancozeb) — deep expertise in crop-protection.
- Integrated Manufacturing: World-class plants, with fuel innovation and cost advantages
- Global Export Presence: Broad international reach; presence in more than 120 countries.
- Low Leverage: As per unlisted-share data, very low debt → flexibility in growth investment.
- Sustainability & Quality: ISO-certified plants, environmental compliance.
Risks & Challenges
- Commodity Risk: Input costs for agrochemicals (raw chemicals) can swing widely.
- Regulatory Risk: Crop protection chemicals face regulatory scrutiny (both domestic and global).
- Volume vs Price Risk: As seen in FY24, even with volume growth, price drops can limit revenue growth
- Capex Risk: Continued investment in R&D, manufacturing, and global expansion may require additional capital.
- Unlisted-Share Risk: Liquidity risk, valuation may not reflect listed peers, exit possibilities limited.
Quick Summary
Indofil Industries is a mature, R&D-driven chemical company with strong roots in agrochemicals and significant specialty-chemicals operations. It has global reach, strong cash flows, and very low debt. Its unlisted shares trade at a relatively reasonable valuation compared to its financial strength. For long-term investors, this could be a solid industrial-chemical play. But for short-term investors, the risks from regulation, input cost volatility, and unlisted liquidity must be carefully considered.
Shareholding Pattern of Indofil Industries
| Name | Holding |
|---|---|
| K.K.Modi Investment And Financial Services | 43.87% |
| U.P. State Industrial Development Corporation | 9.45% |
| Rajputana Developers Limited | 8.89% |
| APMS Investment Fund Limited (FII) | 6.81% |
| Modi Industries Limited | 5.08% |
| Others | 25.9% |
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Frequently Asked Questions
Indofil Industries Ltd unlisted shares refer to privately held equity in a leading agrochemical manufacturing company. These shares are not listed on public exchanges like NSE or BSE and can be acquired through private-market platforms such as UnlistedKraft.
Yes, UnlistedKraft provides verified access to unlisted shares of Indofil Industries Ltd. Complete your KYC, place your order, and the shares are credited to your demat account, usually within 24 hours.
Unlisted investments carry inherent risks like limited liquidity and fewer public disclosures. That said, Indofil Industries is a well-known name in agrochemicals, and investing via UnlistedKraft ensures your transactions is secure, verified, and transparent.
The price is based on recent private transactions, company financial performance, valuation trends, and investor demand. UnlistedKraft keeps its pricing updated to reflect fair and transparent valuation.
Yes, you must have an active demat account to receive and hold unlisted shares of Indofil Industries Ltd.
There is no mandatory holding period unless the company goes public. Investors usually hold these shares until a liquidity event such as an IPO or acquisition to potentially benefit from long-term gains.
Yes, you can sell your shares before an IPO through UnlistedKraft’s resale network, based on buyer availability and prevailing market conditions.
Yes. As per SEBI regulations, pre-IPO investors must observe a six-month lock-in period after the company is listed.
If held for more than two years, gains are taxed as long-term capital gains at 20 percent with indexation. If sold before two years, gains are treated as short-term and taxed under your regular income tax slab.
UnlistedKraft offers verified access to high-potential unlisted shares like Indofil Industries Ltd, combined with transparent pricing, expert assistance, secure transactions, and prompt share credit into your demat account.
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