Hindcon Chemicals Ltd
Incorporated in 1998, Hindcon Chemicals Ltd does manufacturing & sale of Sodium Silicate 
& construction chemicals and trading activities[1]
- Market Cap ₹ 168 Cr.
 - Current Price ₹ 32.8
 - High / Low ₹ 56.4 / 29.2
 - Stock P/E 41.6
 - Book Value ₹ 9.76
 - Dividend Yield 0.00 %
 - ROCE 11.2 %
 - ROE 8.16 %
 - Face Value ₹ 2.00
 
Pros
- Company is almost debt free.
 - Company has been maintaining a healthy dividend payout of 31.2%
 
Cons
- The company has delivered a poor sales growth of 5.13% over past five years.
 - Company has a low return on equity of 11.2% over last 3 years.
 - Earnings include an other income of Rs.2.04 Cr.
 
* 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
Commodities Chemicals Chemicals & Petrochemicals Specialty Chemicals
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2012 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 28.38 | 34.78 | 32.36 | 33.81 | 35.29 | 44.40 | 44.07 | 44.27 | 63.70 | 81.65 | 61.67 | 56.59 | 58.55 | |
| 29.66 | 33.32 | 30.26 | 30.19 | 31.17 | 40.63 | 40.50 | 39.67 | 58.73 | 76.49 | 54.51 | 52.29 | 54.24 | |
| Operating Profit | -1.28 | 1.46 | 2.10 | 3.62 | 4.12 | 3.77 | 3.57 | 4.60 | 4.97 | 5.16 | 7.16 | 4.30 | 4.31 | 
| OPM % | -4.51% | 4.20% | 6.49% | 10.71% | 11.67% | 8.49% | 8.10% | 10.39% | 7.80% | 6.32% | 11.61% | 7.60% | 7.36% | 
| 2.11 | 0.06 | 0.10 | 0.30 | 1.65 | 0.46 | 0.84 | 2.02 | 1.56 | 1.07 | 1.75 | 1.96 | 2.04 | |
| Interest | 0.30 | 0.75 | 0.68 | 0.67 | 0.52 | 0.23 | 0.09 | 0.08 | 0.02 | 0.05 | 0.08 | 0.08 | 0.12 | 
| Depreciation | 0.12 | 0.27 | 0.21 | 0.18 | 0.14 | 0.13 | 0.14 | 0.18 | 0.25 | 0.29 | 0.35 | 0.82 | 0.84 | 
| Profit before tax | 0.41 | 0.50 | 1.31 | 3.07 | 5.11 | 3.87 | 4.18 | 6.36 | 6.26 | 5.89 | 8.48 | 5.36 | 5.39 | 
| Tax % | 29.27% | 32.00% | 34.35% | 33.22% | 22.31% | 27.91% | 26.79% | 25.16% | 24.44% | 26.83% | 24.65% | 25.93% | |
| 0.28 | 0.34 | 0.86 | 2.06 | 3.98 | 2.79 | 3.06 | 4.75 | 4.73 | 4.31 | 6.38 | 3.96 | 4.04 | |
| EPS in Rs | 0.37 | 0.45 | 1.15 | 2.75 | 0.78 | 0.54 | 0.60 | 0.93 | 0.92 | 0.84 | 1.25 | 0.77 | 0.79 | 
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 22.02% | 30.12% | 32.34% | 36.80% | 0.00% | 16.05% | 77.58% | 
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 5% | 
| 5 Years: | 5% | 
| 3 Years: | -4% | 
| TTM: | 2% | 
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 28% | 
| 5 Years: | 5% | 
| 3 Years: | -4% | 
| TTM: | -22% | 
| Stock Price CAGR | |
|---|---|
| 10 Years: | % | 
| 5 Years: | 56% | 
| 3 Years: | 18% | 
| 1 Year: | -28% | 
| Return on Equity | |
|---|---|
| 10 Years: | 12% | 
| 5 Years: | 12% | 
| 3 Years: | 11% | 
| Last Year: | 8% | 
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2012 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1.50 | 1.50 | 1.50 | 1.50 | 10.24 | 10.24 | 10.24 | 10.24 | 10.24 | 10.24 | 10.24 | 10.24 | 
| Reserves | 9.47 | 10.44 | 11.30 | 13.35 | 15.47 | 18.29 | 20.60 | 23.12 | 26.87 | 29.95 | 36.07 | 39.74 | 
| 2.50 | 8.92 | 5.28 | 5.02 | 0.82 | 0.18 | 0.30 | 0.99 | 1.24 | 0.98 | 0.00 | 0.77 | |
| 2.82 | 4.32 | 6.15 | 5.74 | 6.60 | 5.69 | 6.32 | 6.72 | 11.55 | 9.72 | 8.97 | 8.13 | |
| Total Liabilities | 16.29 | 25.18 | 24.23 | 25.61 | 33.13 | 34.40 | 37.46 | 41.07 | 49.90 | 50.89 | 55.28 | 58.88 | 
| 1.01 | 0.93 | 0.92 | 1.11 | 1.08 | 1.00 | 1.13 | 1.41 | 1.72 | 2.57 | 6.25 | 7.11 | |
| CWIP | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.39 | 0.00 | 0.00 | 
| Investments | 0.49 | 0.67 | 1.05 | 1.20 | 3.24 | 4.08 | 3.78 | 2.28 | 1.30 | 0.90 | 0.92 | 0.46 | 
| 14.79 | 23.58 | 22.26 | 23.30 | 28.81 | 29.32 | 32.55 | 37.38 | 46.88 | 47.03 | 48.11 | 51.31 | |
| Total Assets | 16.29 | 25.18 | 24.23 | 25.61 | 33.13 | 34.40 | 37.46 | 41.07 | 49.90 | 50.89 | 55.28 | 58.88 | 
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2012 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | -0.21 | 3.27 | 1.50 | 2.44 | -1.87 | 1.86 | 1.57 | -2.41 | 5.43 | 4.95 | 2.87 | |
| 0.00 | -0.30 | -0.54 | -0.32 | -1.35 | -0.43 | 0.49 | 4.33 | 0.50 | 0.81 | -2.40 | -5.39 | |
| 0.00 | 1.96 | -3.83 | -0.88 | 2.24 | -0.78 | -0.62 | -0.24 | -2.33 | -1.02 | -1.56 | 0.18 | |
| Net Cash Flow | 0.00 | 1.46 | -1.10 | 0.31 | 3.33 | -3.08 | 1.73 | 5.65 | -4.24 | 5.22 | 0.98 | -2.34 | 
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2012 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 154.08 | 188.69 | 204.49 | 190.87 | 189.38 | 159.56 | 164.24 | 158.38 | 151.04 | 117.03 | 131.63 | 139.38 | 
| Inventory Days | 25.57 | 16.70 | 18.30 | 13.08 | 43.62 | 28.94 | 22.98 | 21.77 | 25.63 | 18.37 | 12.80 | 18.18 | 
| Days Payable | 31.00 | 38.49 | 60.55 | 50.92 | 55.52 | 39.08 | 54.34 | 50.52 | 56.63 | 41.00 | 45.19 | 48.87 | 
| Cash Conversion Cycle | 148.65 | 166.90 | 162.25 | 153.03 | 177.48 | 149.42 | 132.88 | 129.64 | 120.03 | 94.40 | 99.25 | 108.69 | 
| Working Capital Days | 151.12 | 182.40 | 110.31 | 120.16 | 169.62 | 178.14 | 188.84 | 150.47 | 156.72 | 115.33 | 132.52 | 144.48 | 
| ROCE % | 6.00% | 10.22% | 19.71% | 21.38% | 14.66% | 14.47% | 19.67% | 16.26% | 14.94% | 19.57% | 11.15% | 
Documents
Announcements
- 
        
          Certificate under SEBI (Depositories and Participants) Regulations, 2018
          
            9 October 2025 - Hindcon: RTA confirms dematerialisation of shares received 1 Jul–30 Sep 2025; certificates cancelled, depository substituted.
 - 
        
          Outcome of Board Meeting
          
            7 October 2025 - Board approved 51% acquisition of Vision Speed Works; invest up to Rs2.00 Cr; completion by 07.10.2025.
 - 
        
          Outcome of Board Meeting
          
            7 October 2025 - Acquire 51% of Vision Speed Works; invest up to Rs.2.00 Crore; consideration Rs.51,000; completion by 07.10.2025.
 - 
        
          Shareholders meeting
          
            23 September 2025 - 27th AGM on 23 Sep 2025: four resolutions passed (>99.99%); CMD Sanjay Goenka re-appointed.
 - 
        
          Shareholders meeting
          
            23 September 2025 - 27th AGM on 23 Sep 2025: FY2024-25 financials adopted; Sanjay Goenka re-appointed CMD; auditors appointed.
 
Business Overview:[1]
HCL is a Construction Chemicals manufacturer in India. It has an a range of construction chemicals and cement additives including Waterproofing Hind Crete Plus WPM, Mortar for Brick/AAC Block Fixing Hind Block Fix, Sealing Construction & Expansion Joints Hind Sealant PS and Tile Fixing Adhesive Hind Fix TA, Heat Insulation and Waterproofing Paint, Hind Hydra Proof Ceramic, Decorative Paint Hind Plasto Guard and Rust-Proof Paint Hind Anti-Rust