Empire Industries Ltd

₹ 1,173 5.12%

19 Aug - close price

empiremumbai.com BSE: 509525 NSE: EMPIND

About

Incorporated in 1900, Empire Industries Ltd is engaged in the business of manufacturing container glass, trading in frozen foods, indenting, and property development.^[1]

Key Points

Business Overview:^[1]^[2]
Empire Industries operates a diversified business model spanning Vitrum glass manufacturing, trading and distribution of machine tools, industrial equipment and frozen food products, vending machine services, commercial property leasing and real estate development. The trading and distribution business is the largest contributor to revenue, while manufacturing serves the pharmaceutical and beverage industries. The company also generates recurring lease rental income and undertakes real estate projects.

Website BSE NSE

Market Cap ₹ 704 Cr.
Current Price ₹ 1,173
High / Low ₹ 1,260 / 811
Stock P/E 12.5
Book Value ₹ 586
Dividend Yield 2.13 %
ROCE 18.0 %
ROE 15.6 %
Face Value ₹ 10.0

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Pros

Company has been maintaining a healthy dividend payout of 47.4%

Cons

The company has delivered a poor sales growth of 8.32% over past five years.
Company has a low return on equity of 13.2% 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

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	148	154	153	152	152	163	176	186	167	180	189	195	184
	132	135	146	129	135	144	158	170	151	159	171	162	164
Operating Profit	16	19	7	23	16	19	18	16	15	21	17	33	20
OPM %	11%	12%	4.5%	15%	11%	12%	10%	9%	9%	12%	9%	17%	11%
	2	3	15	5	3	4	5	3	3	5	5	5	6
Interest	6	8	5	8	5	7	7	8	5	8	6	10	5
Depreciation	4	4	4	4	4	4	4	5	4	4	4	4	4
Profit before tax	8	10	12	15	11	11	12	6	10	14	12	24	17
Tax %	25%	20%	16%	17%	9%	13%	9%	32%	7%	10%	12%	21%	17%
	6	8	10	13	10	10	11	4	10	12	11	19	14
EPS in Rs	10.20	13.43	17.03	21.00	16.15	16.35	17.53	7.40	16.03	20.65	17.63	31.58	23.62
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	352	385	405	473	526	575	490	544	682	606	677	731	748
	290	324	338	411	467	500	447	485	603	542	607	644	657
Operating Profit	63	61	67	62	59	75	43	59	79	64	70	87	91
OPM %	18%	16%	17%	13%	11%	13%	9%	11%	12%	11%	10%	12%	12%
	5	5	6	27	33	12	23	10	14	25	15	18	21
Interest	9	10	14	16	20	32	35	27	33	27	27	28	28
Depreciation	12	10	9	13	11	15	19	15	17	16	17	16	17
Profit before tax	46	47	50	60	61	40	13	28	43	46	40	60	67
Tax %	26%	34%	32%	22%	28%	15%	-4%	14%	17%	19%	14%	14%
	34	31	34	47	44	34	13	24	36	37	34	52	56
EPS in Rs	56.90	51.08	56.78	77.78	73.07	56.97	22.02	39.48	59.20	61.67	57.42	85.92	93.48
Dividend Payout %	42%	47%	44%	32%	34%	44%	114%	63%	42%	41%	44%	58%

Compounded Sales Growth
10 Years:	7%
5 Years:	8%
3 Years:	2%
TTM:	8%

Compounded Profit Growth
10 Years:	5%
5 Years:	32%
3 Years:	15%
TTM:	64%

Stock Price CAGR
10 Years:	-4%
5 Years:	9%
3 Years:	13%
1 Year:	8%

Return on Equity
10 Years:	13%
5 Years:	12%
3 Years:	13%
Last Year:	16%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	6	6	6	6	6	6	6	6	6	6	6	6
Reserves	131	144	177	206	231	228	241	250	277	294	308	345
	94	139	130	182	225	321	259	232	183	168	150	172
	188	217	231	193	214	229	207	219	274	256	286	292
Total Liabilities	419	506	544	587	677	784	713	707	740	724	751	815
	135	217	215	217	213	317	303	352	317	315	304	301
CWIP	84	0	0	57	103	72	75	9	9	0	0	2
Investments	0	0	0	0	0	0	0	0	1	29	11	60
	199	289	329	313	361	395	335	346	412	380	435	453
Total Assets	419	506	544	587	677	784	713	707	740	724	751	815

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	40	34	48	20	-13	40	103	53	79	75	92	59
	-17	-3	-3	-49	-34	-45	-4	-2	29	-15	17	-51
	-23	13	-24	17	5	-5	-82	-45	-89	-52	-59	-20
Net Cash Flow	-1	44	21	-12	-41	-11	17	6	19	7	50	-13
Free Cash Flow	20	28	49	-34	-50	-9	96	44	103	64	86	46
CFO/OP	87%	77%	96%	54%	2%	66%	242%	103%	80%	132%	133%	86%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	61	74	68	71	80	70	64	83	104	97	76	68
Inventory Days	236	239	318	265	241	286	254	252	161	180	137	158
Days Payable	122	125	63	62	50	51	34	41	58	51	55	46
Cash Conversion Cycle	175	188	323	274	272	305	284	294	207	226	158	179
Working Capital Days	4	3	70	20	65	65	40	56	56	23	19	36
ROCE %	24%	22%	21%	17%	14%	14%	9%	11%	16%	15%	14%	18%

Insights

In beta

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Vitrum Glass Division Turnover
INR crore

xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx
xx.xx	xx.xx	xx.xx	xx.xx		xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx
	xxx		xxx	xx	xx	xx	xx	xx	xx
	xx		xxx	xxx	xxx	xxx	xxx	xxx	xxx
	xx.xx	xxx.xx	xxx.xx	xxx.xx		xxx.xx	xxx.xx	xxx.xx	xxx.xx

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Vitrum Glass Exports
INR crore

Vitrum Glass Production Capacity
million bottles per day

Commercial Property Occupancy - Lower Parel
%

Commercial Property Occupancy - Vikhroli IT Park
%

Empire Foods Division Turnover
INR crore

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Shareholding Pattern

Numbers in percentages

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	72.55%	72.55%	72.55%	72.55%	72.55%	72.55%	72.55%	72.55%	72.55%	72.55%	72.55%	72.55%
	6.45%	6.38%	6.38%	6.37%	5.95%	5.95%	5.95%	5.95%	5.95%	5.95%	5.95%	5.95%
	20.99%	21.06%	21.07%	21.07%	21.49%	21.50%	21.49%	21.50%	21.50%	21.49%	21.49%	21.48%
No. of Shareholders	6,719	6,833	6,908	7,044	7,517	7,287	7,309	7,221	7,603	7,703	7,582	7,635

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
	72.55%	72.55%	72.55%	72.55%	72.55%	72.55%	72.55%	72.55%	72.55%	72.55%	72.55%
	14.75%	14.75%	14.75%	14.36%	12.49%	12.14%	8.55%	6.38%	5.95%	5.95%	5.95%
	12.70%	12.70%	12.70%	13.09%	14.96%	15.30%	18.89%	21.07%	21.49%	21.49%	21.48%
No. of Shareholders	4,977	5,011	5,567	5,497	5,694	5,593	6,514	6,908	7,309	7,582	7,635

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Empire Industries Ltd

Empire Industries Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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