Narmada Gelatines Ltd
Incorporated in 1969, Narmada Gelatines Ltd manufactures and sells Gelatine and Ossein[1]
- Market Cap ₹ 208 Cr.
- Current Price ₹ 344
- High / Low ₹ 449 / 300
- Stock P/E 9.88
- Book Value ₹ 206
- Dividend Yield 2.89 %
- ROCE 19.9 %
- ROE 15.1 %
- 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 13.8% 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 | 195 | |
| 106 | 113 | 120 | 109 | 112 | 116 | 120 | 127 | 143 | 171 | 161 | 164 | 164 | |
| Operating Profit | 24 | 21 | 11 | 4 | 5 | 9 | 14 | 8 | 15 | 20 | 21 | 25 | 31 |
| OPM % | 19% | 16% | 8% | 3% | 5% | 7% | 11% | 6% | 9% | 10% | 12% | 13% | 16% |
| 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 | 28 |
| 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 | 21 | |
| 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 | 34.87 |
| 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: | 4% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 2% |
| 5 Years: | 12% |
| 3 Years: | 17% |
| TTM: | 31% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 9% |
| 5 Years: | 16% |
| 3 Years: | 15% |
| 1 Year: | -4% |
| 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% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Newspaper Publication
22 Nov - Newspaper Advertisement published with regards to the Notice of Postal Ballot and Remote E-Voting information
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Shareholder Meeting / Postal Ballot-Notice of Postal Ballot
21 Nov - Postal ballot for continuation of Mr. Kailasam Krishnamoorthy as independent director; e-voting Nov 25–Dec 24, 2025.
-
Intimation Under Regulation 30 Of The SEBI (LODR) Regulations, 2015 -Regarding Approval Of Draft Postal Ballot Notice And Others.
19 Nov - Postal ballot for continuation of Mr. Kailasam Krishnamoorthy (DIN 02797916) as independent director beyond 75; cut-off Nov 14, 2025.
-
Announcement under Regulation 30 (LODR)-Newspaper Publication
13 Nov - Newspaper Advertisement-Disclosure under Regulation 30 and 47 of SEBI(LODR) Regulations, 2015
- Unaudited Standalone And Consolidated Financial Results For The Quarter And Half Year Ended 30Th September, 2025 12 Nov
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