NOCIL Ltd
NOCIL Ltd., incorporated in 1961, manufactures rubber chemicals which are used by the tyre industry and other rubber processing industries.[1] It is a part of Arvind Mafatlal Group and is the Largest Rubber Chemicals Manufacturer in India.
- Market Cap ₹ 3,108 Cr.
- Current Price ₹ 186
- High / Low ₹ 294 / 155
- Stock P/E 33.4
- Book Value ₹ 106
- Dividend Yield 1.08 %
- ROCE 6.65 %
- ROE 5.94 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 34.5%
Cons
- The company has delivered a poor sales growth of 10.5% over past five years.
- Promoter holding is low: 33.8%
- Tax rate seems low
- Company has a low return on equity of 7.59% over last 3 years.
- Working capital days have increased from 137 days to 194 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
Commodities Chemicals Chemicals & Petrochemicals Specialty Chemicals
Part of BSE SmallCap BSE Allcap BSE Commodities
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 596 | 719 | 715 | 742 | 964 | 1,043 | 846 | 925 | 1,571 | 1,617 | 1,445 | 1,393 | 1,357 | |
| 534 | 605 | 575 | 582 | 695 | 750 | 668 | 793 | 1,284 | 1,364 | 1,250 | 1,255 | 1,230 | |
| Operating Profit | 62 | 114 | 140 | 160 | 269 | 293 | 178 | 132 | 288 | 253 | 195 | 137 | 127 | 
| OPM % | 10% | 16% | 20% | 22% | 28% | 28% | 21% | 14% | 18% | 16% | 14% | 10% | 9% | 
| 9 | 3 | 3 | 9 | 11 | 10 | 9 | 14 | 2 | 6 | 39 | 32 | 30 | |
| Interest | 17 | 17 | 9 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 
| Depreciation | 19 | 14 | 15 | 20 | 24 | 24 | 34 | 37 | 48 | 56 | 53 | 54 | 54 | 
| Profit before tax | 35 | 86 | 119 | 147 | 255 | 278 | 152 | 107 | 241 | 202 | 180 | 114 | 101 | 
| Tax % | 32% | 34% | 34% | 34% | 33% | 33% | 14% | 17% | 27% | 26% | 26% | 10% | |
| 24 | 57 | 78 | 97 | 170 | 185 | 131 | 88 | 176 | 149 | 133 | 103 | 93 | |
| EPS in Rs | 1.48 | 3.55 | 4.87 | 5.94 | 10.33 | 11.17 | 7.89 | 5.32 | 10.57 | 8.95 | 7.98 | 6.16 | 5.56 | 
| Dividend Payout % | 40% | 28% | 25% | 30% | 24% | 22% | 32% | 38% | 28% | 34% | 38% | 32% | 
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 7% | 
| 5 Years: | 10% | 
| 3 Years: | -4% | 
| TTM: | -4% | 
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 6% | 
| 5 Years: | -4% | 
| 3 Years: | -16% | 
| TTM: | -26% | 
| Stock Price CAGR | |
|---|---|
| 10 Years: | 15% | 
| 5 Years: | 6% | 
| 3 Years: | -9% | 
| 1 Year: | -35% | 
| Return on Equity | |
|---|---|
| 10 Years: | 11% | 
| 5 Years: | 8% | 
| 3 Years: | 8% | 
| Last Year: | 6% | 
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 161 | 161 | 161 | 164 | 164 | 165 | 166 | 166 | 167 | 167 | 167 | 167 | 
| Reserves | 217 | 254 | 309 | 750 | 882 | 998 | 1,020 | 1,119 | 1,279 | 1,385 | 1,532 | 1,595 | 
| 152 | 147 | 26 | 15 | 5 | 0 | 7 | 6 | 6 | 10 | 13 | 10 | |
| 203 | 193 | 186 | 233 | 279 | 279 | 250 | 324 | 380 | 295 | 304 | 284 | |
| Total Liabilities | 732 | 755 | 682 | 1,161 | 1,331 | 1,442 | 1,442 | 1,615 | 1,830 | 1,857 | 2,015 | 2,057 | 
| 320 | 311 | 307 | 543 | 528 | 657 | 797 | 918 | 909 | 888 | 870 | 855 | |
| CWIP | 3 | 3 | 6 | 4 | 42 | 131 | 156 | 14 | 8 | 9 | 16 | 60 | 
| Investments | 22 | 22 | 22 | 176 | 281 | 130 | 54 | 68 | 53 | 218 | 399 | 366 | 
| 386 | 418 | 347 | 438 | 480 | 524 | 434 | 614 | 859 | 742 | 730 | 776 | |
| Total Assets | 732 | 755 | 682 | 1,161 | 1,331 | 1,442 | 1,442 | 1,615 | 1,830 | 1,857 | 2,015 | 2,057 | 
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 44 | 30 | 170 | 142 | 102 | 164 | 179 | 94 | -30 | 282 | 201 | 26 | |
| -18 | -5 | -12 | -11 | -141 | -101 | -106 | -58 | 31 | -217 | -77 | -37 | |
| -23 | -33 | -151 | -31 | -43 | -50 | -101 | 0 | -34 | -54 | -55 | -50 | |
| Net Cash Flow | 3 | -8 | 8 | 101 | -82 | 13 | -28 | 35 | -33 | 11 | 68 | -62 | 
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| 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 | 90 | 85 | 77 | 82 | 92 | 81 | 88 | 122 | 104 | 78 | 86 | 81 | 
| Inventory Days | 167 | 176 | 135 | 116 | 129 | 133 | 128 | 120 | 141 | 117 | 100 | 129 | 
| Days Payable | 122 | 79 | 74 | 82 | 96 | 77 | 84 | 123 | 91 | 52 | 53 | 54 | 
| Cash Conversion Cycle | 136 | 182 | 138 | 116 | 125 | 138 | 132 | 119 | 154 | 143 | 133 | 156 | 
| Working Capital Days | 57 | 71 | 86 | 86 | 94 | 99 | 104 | 114 | 128 | 108 | 110 | 194 | 
| ROCE % | 10% | 19% | 24% | 21% | 26% | 25% | 13% | 9% | 18% | 13% | 10% | 7% | 
Documents
Announcements
- 
        
          Clarification Provided On Volume Movement Letter
          
            27 Oct - 27 Oct 2025: NOCIL informs BSE there's no undisclosed price-sensitive information amid higher trading volumes.
- 
        
          Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
          
            27 Oct - Of Conference Call under SEBI (LODR), Regulations, 2015
- 
        
          Clarification sought from NOCIL Ltd
          
            27 Oct - Exchange has sought clarification from NOCIL Ltd on October 27, 2025, with reference to Movement in Volume.
- 
        
          Submission Of Third Progress Report "SAKSHAM NIVESHAK"
          
            10 Oct - 10 Oct 2025: 100-day 'Saksham Niveshak' — 23,823 shareholders; 3,093 records updated; PAN 10,451; bank 7,207; nominee 6,217.
- 
        
          Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
          
            9 Oct - Regulation 74(5) compliance certificate for Jul 1–Sep 30, 2025; 79 approvals (12,210 shares), 27 rejections (9,690).
Annual reports
- 
    
      Financial Year 2025
      from bse
- 
    
      Financial Year 2024
      from bse
- 
    
      Financial Year 2023
      from bse
- 
    
      Financial Year 2022
      from bse
- 
    
      Financial Year 2021
      from bse
- 
    
      Financial Year 2020
      from bse
- 
    
      Financial Year 2019
      from bse
- 
    
      Financial Year 2018
      from bse
- 
    
      Financial Year 2017
      from bse
- 
    
      Financial Year 2016
      from bse
- 
    
      Financial Year 2015
      from bse
- 
    
      Financial Year 2014
      from bse
- 
    
      Financial Year 2013
      from bse
- 
    
      Financial Year 2012
      from bse
- 
    
      Financial Year 2012
      from nse
Concalls
- 
      Aug 2025Transcript PPT
- 
      May 2025Transcript PPT
- 
      Feb 2025Transcript PPT
- 
      Nov 2024Transcript PPT
- 
      Aug 2024Transcript PPT
- 
      Jun 2024Transcript PPT
- 
      Feb 2024Transcript PPT
- 
      Nov 2023Transcript PPT
- 
      Aug 2023Transcript PPT
- 
      Jun 2023Transcript PPT
- 
      Feb 2023Transcript PPT
- 
      Nov 2022Transcript PPT
- 
      Aug 2022Transcript PPT
- 
      May 2022Transcript PPT
- 
      Feb 2022Transcript PPT
- 
      Nov 2021Transcript PPT
- 
      Aug 2021Transcript PPT
- 
      May 2021Transcript PPT
- 
      May 2021TranscriptNotesPPT
- 
      Feb 2021Transcript PPT
- 
      Nov 2020Transcript PPT
- 
      Aug 2020Transcript PPT
- 
      Jun 2020Transcript PPT
- 
      Jun 2020TranscriptNotesPPT
- 
      Jan 2020Transcript PPT
- 
      Nov 2019Transcript PPT
- 
      Jul 2019Transcript PPT
- 
      May 2019Transcript PPT
- 
      Feb 2019Transcript PPT
- 
      Nov 2018Transcript PPT
- 
      Jul 2018TranscriptNotesPPT
- 
      May 2018Transcript PPT
- 
      Feb 2018TranscriptNotesPPT
- 
      Oct 2017TranscriptNotesPPT
- 
      Aug 2017TranscriptNotesPPT
- 
      May 2017Transcript PPT
- 
      Feb 2017TranscriptNotesPPT
- 
      Feb 2016TranscriptNotesPPT
- 
      Dec 2015TranscriptNotesPPT
Products
The company offers over 20 varieties of rubber chemicals broadly classified under three grades: accelerators, anti-degradants/antioxidants, and specialty chemicals and marketed under brands Pilfex, Pilnox, Pilcure, Pilgard, etc. The products find applications in industries, including tyres, automotive, and rubber goods, etc. [1] [2]