Indobell Insulations Ltd
Incorporated in May 1972, Indobell Insulation Limited manufactures insulation products.[1]
- Market Cap ₹ 41.0 Cr.
- Current Price ₹ 65.0
- High / Low ₹ 92.4 / 44.8
- Stock P/E 23.3
- Book Value ₹ 28.0
- Dividend Yield 0.00 %
- ROCE 6.77 %
- ROE 4.92 %
- Face Value ₹ 10.0
Pros
- Company has been maintaining a healthy dividend payout of 75.7%
- Debtor days have improved from 148 to 106 days.
Cons
- Company has a low return on equity of 12.6% over last 3 years.
- Company might be capitalizing the interest cost
- Working capital days have increased from 143 days to 245 days
* 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
Industrials Capital Goods Industrial Products Other Industrial Products
Half Yearly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|
| 9.61 | 20.77 | 17.82 | 25.72 | 15.55 | 22.86 | |
| Sales growth | +116.13% | -14.20% | +44.33% | -39.54% | -15.92% | |
| 8.78 | 18.90 | 15.74 | 22.84 | 15.66 | 20.60 | |
| Operating Profit | 0.83 | 1.87 | 2.08 | 2.88 | -0.11 | 2.26 |
| OPM % | 8.64% | 9.00% | 11.67% | 11.20% | -0.71% | 9.89% |
| 0.16 | 0.29 | 0.10 | 0.77 | 1.59 | 0.32 | |
| Interest | 0.52 | 0.69 | 0.51 | 0.40 | 0.18 | 0.27 |
| Depreciation | 0.26 | 0.26 | 0.27 | 0.22 | 0.27 | 0.38 |
| Profit before tax | 0.21 | 1.21 | 1.40 | 3.03 | 1.03 | 1.93 |
| Tax % | 23.81% | 26.45% | 25.71% | 27.72% | 23.30% | |
| 0.15 | 0.90 | 1.03 | 2.19 | 0.80 | 1.76 | |
| EPS in Rs | 0.37 | 2.20 | 2.52 | 3.48 | 1.27 | 2.79 |
| Dividend Payout % | 45.33% | 15.11% | 11.94% | 57.53% | 157.50% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | -9% |
| TTM: | -16% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | -5% |
| TTM: | -21% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -18% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 13% |
| 3 Years: | 13% |
| Last Year: | 5% |
Balance Sheet
Figures in Rs. Crores
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 0.68 | 0.68 | 4.10 | 6.30 | 6.30 | 6.30 |
| Reserves | 3.21 | 4.04 | 1.58 | 9.16 | 9.92 | 11.37 |
| 6.13 | 4.25 | 5.27 | 2.52 | 0.94 | 6.20 | |
| 4.87 | 3.35 | 4.34 | 7.57 | 2.72 | 4.53 | |
| Total Liabilities | 14.89 | 12.32 | 15.29 | 25.55 | 19.88 | 28.40 |
| 2.04 | 2.04 | 1.89 | 1.78 | 2.61 | 3.59 | |
| CWIP | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 0.07 | 0.14 | 0.17 | 0.17 | 0.17 | 0.17 |
| 12.78 | 10.14 | 13.23 | 23.60 | 17.10 | 24.64 | |
| Total Assets | 14.89 | 12.32 | 15.29 | 25.55 | 19.88 | 28.40 |
Cash Flows
Figures in Rs. Crores
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| -2.82 | 3.13 | 0.25 | -4.32 | 4.50 | |
| -0.07 | -0.55 | -0.56 | -0.22 | -1.34 | |
| 3.27 | -2.50 | 0.43 | 5.66 | -2.92 | |
| Net Cash Flow | 0.38 | 0.08 | 0.11 | 1.12 | 0.24 |
| Free Cash Flow | -2.95 | 2.87 | 0.13 | -4.43 | 3.42 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | -327% | 177% | 28% | -132% | -4,436% |
Ratios
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Debtor Days | 97.23 | 67.66 | 134.98 | 201.94 | 106.10 |
| Inventory Days | 388.25 | 73.42 | 93.27 | 64.28 | 245.09 |
| Days Payable | 308.43 | 54.74 | 86.66 | 92.51 | 69.73 |
| Cash Conversion Cycle | 177.05 | 86.34 | 141.59 | 173.71 | 281.47 |
| Working Capital Days | 64.19 | 31.81 | 43.01 | 141.35 | 244.59 |
| ROCE % | 20.01% | 19.08% | 23.71% | 6.77% |
Insights
In beta| Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|
| Ceramic Fibre Nodule Production Volume MT |
|
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| Export Revenue Share (Foreign Exchange Earnings) % of Revenue from Operations |
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| Manufacturing Revenue Share (Manufactured + Export Goods) % of Revenue from Operations |
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| Nodulated Wool Production Volume MT |
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| Number of Export Destinations Countries |
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| Services Revenue Share (Insulation Application + Supervision) % of Revenue from Operations |
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| Trading Goods Revenue Share % of Revenue from Operations |
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| Permanent Employees on Rolls Count |
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Extracted by Screener AI
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
- Indobell secured Rs 6.98 crore order from BHEL Haridwar for thermal insulation work by 15/08/30.
-
Statement Of Deviation Or Variation For Proceeds Of Public Issue
- Board approved H1 FY2027 results, salary increases, and full IPO fund utilization of remaining ₹41 lakh.
-
Board Meeting Outcome for Unaudited Financial Results For The Half Year Ended 30Th September, 2026
- Board approved H1 FY27 results; IPO proceeds fully utilized, with 41 lakh spent on plant and machinery.
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Non Applicability Of Regulation 27
- Indobell says half-year related party disclosure under Regulation 23(9) is not applicable for 30 September 2026.
-
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
- Certificate under Reg 74(5) of Sebi (DP) Regulation for the period 1.07.2026 to 30.09.2026.
Concalls
-
Jan 2026Transcript
Business Overview[1]
Indobell Insulations specializes in manufacturing insulation products like nodulated/granulated wool (mineral and ceramic fiber nodules) and prefabricated thermal insulation jackets.
The company provides services such as consultancy, engineering, fabrication, material supply, installation, supervision, and project management. It caters to industries such as power plants, railways, aeronautics, and navigation.
Product Portfolio[2][3]
1. Manufactured Products:
- Mineral Fiber Nodules: Used for thermal insulation, acoustic insulation, and construction.
- Ceramic Fiber Nodules: Suitable for brake blocks, heat shields, and industrial equipment.
- Prefabricated Thermal Insulation Jackets: Designed for energy conservation, safety, and process equipment insulation.