Narmada Gelatines Ltd
Incorporated in 1969, Narmada Gelatines Ltd manufactures and sells Gelatine and Ossein[1]
- Market Cap ₹ 209 Cr.
- Current Price ₹ 345
- High / Low ₹ 416 / 300
- Stock P/E 8.62
- Book Value ₹ 206
- Dividend Yield 2.90 %
- ROCE 19.5 %
- ROE 14.8 %
- Face Value ₹ 10.0
Pros
- Company has been maintaining a healthy dividend payout of 157%
Cons
- The company has delivered a poor sales growth of 7.07% over past five years.
- Company has a low return on equity of 13.7% over last 3 years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
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Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 130 | 134 | 131 | 113 | 118 | 126 | 134 | 135 | 157 | 191 | 182 | 189 | 203 | |
| 106 | 113 | 120 | 109 | 112 | 116 | 120 | 127 | 143 | 171 | 161 | 164 | 168 | |
| Operating Profit | 24 | 21 | 11 | 4 | 5 | 9 | 14 | 8 | 15 | 20 | 21 | 25 | 35 |
| OPM % | 19% | 16% | 8% | 3% | 5% | 7% | 11% | 6% | 9% | 10% | 12% | 13% | 17% |
| 3 | 4 | 3 | 6 | 4 | 5 | 6 | 6 | 3 | 2 | 2 | 2 | 1 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Depreciation | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 |
| Profit before tax | 25 | 23 | 13 | 8 | 8 | 13 | 18 | 11 | 15 | 20 | 21 | 23 | 32 |
| Tax % | 35% | 34% | 36% | 27% | 5% | 24% | 28% | 26% | 20% | 23% | 26% | 24% | |
| 16 | 16 | 8 | 6 | 8 | 10 | 13 | 8 | 12 | 15 | 15 | 17 | 24 | |
| EPS in Rs | 27.10 | 25.62 | 13.70 | 10.10 | 13.29 | 16.63 | 21.29 | 13.98 | 20.40 | 25.26 | 25.34 | 28.45 | 40.03 |
| Dividend Payout % | 12% | 14% | 29% | 40% | 30% | 60% | 47% | 72% | 49% | 396% | 39% | 35% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 3% |
| 5 Years: | 7% |
| 3 Years: | 6% |
| TTM: | 8% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 2% |
| 5 Years: | 11% |
| 3 Years: | 16% |
| TTM: | 42% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 10% |
| 5 Years: | 18% |
| 3 Years: | 9% |
| 1 Year: | 0% |
| Return on Equity | |
|---|---|
| 10 Years: | 8% |
| 5 Years: | 10% |
| 3 Years: | 14% |
| Last Year: | 15% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 4 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 |
| Reserves | 88 | 98 | 103 | 112 | 118 | 125 | 130 | 133 | 139 | 88 | 103 | 113 | 119 |
| 2 | 1 | 2 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 0 | 13 | 12 | |
| 16 | 15 | 17 | 21 | 16 | 22 | 24 | 26 | 25 | 23 | 25 | 27 | 25 | |
| Total Liabilities | 109 | 120 | 128 | 140 | 140 | 155 | 161 | 165 | 170 | 117 | 134 | 159 | 162 |
| 24 | 23 | 23 | 22 | 25 | 24 | 26 | 29 | 27 | 28 | 27 | 33 | 33 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 0 | 0 | 0 | 0 | 7 | 8 |
| Investments | 25 | 27 | 34 | 45 | 53 | 68 | 65 | 50 | 48 | 4 | 10 | 41 | 41 |
| 61 | 70 | 72 | 73 | 62 | 61 | 69 | 85 | 94 | 85 | 97 | 78 | 80 | |
| Total Assets | 109 | 120 | 128 | 140 | 140 | 155 | 161 | 165 | 170 | 117 | 134 | 159 | 162 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 10 | 6 | 7 | 7 | 9 | 12 | 5 | 3 | 2 | 14 | 15 | 17 | |
| -10 | -0 | -7 | -2 | -2 | -5 | -4 | 6 | 10 | 44 | -12 | -29 | |
| -1 | -3 | -2 | -5 | -3 | -1 | -9 | -7 | -6 | -67 | -0 | 5 | |
| Net Cash Flow | -1 | 3 | -2 | 0 | 4 | 6 | -8 | 2 | 6 | -9 | 2 | -6 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 40 | 41 | 47 | 52 | 59 | 56 | 55 | 48 | 36 | 37 | 44 | 48 |
| Inventory Days | 174 | 194 | 169 | 192 | 144 | 144 | 166 | 166 | 185 | 152 | 161 | 155 |
| Days Payable | 33 | 21 | 23 | 52 | 40 | 62 | 63 | 62 | 57 | 42 | 50 | 57 |
| Cash Conversion Cycle | 182 | 214 | 193 | 193 | 163 | 138 | 158 | 152 | 164 | 147 | 155 | 146 |
| Working Capital Days | 98 | 117 | 120 | 146 | 127 | 95 | 108 | 115 | 119 | 97 | 103 | 88 |
| ROCE % | 28% | 21% | 12% | 4% | 5% | 7% | 11% | 5% | 10% | 16% | 20% | 20% |
Insights
In beta| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Number of Permanent Employees Count |
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| Installed Capacity - Gelatine MT per annum |
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| Sales Volume - Di-calcium Phosphate (DCP) MT |
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| Sales Volume - Gelatine MT |
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| Installed Capacity - Di-calcium Phosphate (DCP) MT per annum |
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| Production Volume - Di-calcium Phosphate (DCP) MT |
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| Production Volume - Gelatine MT |
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| Production Volume - Ossein MT |
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| Installed Capacity - Ossein MT per annum |
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| Capacity Utilization - Gelatine % |
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Documents
Announcements
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Announcement under Regulation 30 (LODR)-Credit Rating
6 Mar - CARE Edge reaffirmed Narmada Gelatines' ratings: Term loan ₹31.35cr CARE BBB; Stable; CC ₹20.00cr CARE A3+ (06-Mar-2026)
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Opening Of Special Window For Transfer And Dematerialization Of Physical Securities
2 Mar - SEBI opens Feb 5, 2026–Feb 4, 2027 window for transfer/demat of pre-April 1, 2019 securities; one-year lock-in.
-
Announcement under Regulation 30 (LODR)-Newspaper Publication
13 Feb - Newspaper Advertisement - Disclosure under Regulation 30 and 47 of of SEBI (LODR) Regulations, 2015, extracts of Un-audited Financial Results for the quarter and nine …
- Un-Audited Financial Results Of The Company For The Quarter Ended 31St December, 2025 12 Feb
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Board Meeting Outcome for Board Meeting Outcome For Approval Of Un-Audited Financial Results For The Quarter Ended 31St December, 2025.
12 Feb - Board approved unaudited standalone and consolidated Q3/9M results for period ended Dec 31, 2025; limited review attached.
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Business Overview:[1]
Company is engaged in the manufacture
of ossein and gelatin. It is located at Jabalpur
and has access to its main and essential
inputs of crushed bones, acid, lime and
water