Reported Earnings • May 24
Full year 2026 earnings released: EPS: ₹0.014 (vs ₹0.033 in FY 2025) Full year 2026 results: EPS: ₹0.014 (down from ₹0.033 in FY 2025). Revenue: ₹13.7m (down 78% from FY 2025). Net income: ₹1.85m (down 57% from FY 2025). Profit margin: 14% (up from 7.0% in FY 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Announcement • May 15
IEL Limited to Report Q4, 2026 Results on May 23, 2026 IEL Limited announced that they will report Q4, 2026 results on May 23, 2026 Reported Earnings • Feb 16
Third quarter 2026 earnings released: EPS: ₹0.036 (vs ₹0.063 in 3Q 2025) Third quarter 2026 results: EPS: ₹0.036. Net income: ₹4.70m (up 125% from 3Q 2025). Announcement • Feb 03
IEL Limited to Report Q3, 2026 Results on Feb 13, 2026 IEL Limited announced that they will report Q3, 2026 results on Feb 13, 2026 New Risk • Jan 27
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₹873.6m (US$9.53m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 0.7% per year over the past 5 years. Shareholders have been substantially diluted in the past year (291% increase in shares outstanding). Revenue is less than US$1m (₹8.5m revenue, or US$92k). Market cap is less than US$10m (₹873.6m market cap, or US$9.53m). New Risk • Nov 11
New major risk - Revenue and earnings growth Earnings have declined by 0.7% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.9% average weekly change). Earnings have declined by 0.7% per year over the past 5 years. Shareholders have been substantially diluted in the past year (291% increase in shares outstanding). Revenue is less than US$1m (₹4.6m revenue, or US$52k). Minor Risk Market cap is less than US$100m (₹1.06b market cap, or US$11.9m). Announcement • Nov 04
IEL Limited to Report Q2, 2026 Results on Nov 10, 2025 IEL Limited announced that they will report Q2, 2026 results at 12:15 PM, Indian Standard Time on Nov 10, 2025 Announcement • Oct 01
IEL Limited Approves Board Appointments IEL Limited announced that at its AGM held on September 29, 2025, the shareholders approved Appointment of Ms. Aastha Jain as a Non-Executive Woman Independent Director of the Company. Appointment of Ms. Ami Priyank Bhanshali as a Non-Executive Independent Director of the Company. Appointment of Ms. Mokshi Prakashbhai Shah as a Non-Executive Independent Director of the Company. New Risk • Sep 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (291% increase in shares outstanding). Revenue is less than US$1m (₹8.5m revenue, or US$96k). Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Market cap is less than US$100m (₹1.04b market cap, or US$11.8m). Announcement • Aug 26
IEL Limited, Annual General Meeting, Sep 29, 2025 IEL Limited, Annual General Meeting, Sep 29, 2025, at 16:00 Indian Standard Time. Reported Earnings • Aug 08
First quarter 2026 earnings released: ₹0.057 loss per share (vs ₹0.092 profit in 1Q 2025) First quarter 2026 results: ₹0.057 loss per share (down from ₹0.092 profit in 1Q 2025). Net loss: ₹7.38m (down 341% from profit in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Announcement • Aug 07
IEL Limited Announces Directorate and Committee Changes, Effective August 7, 2025 IEL Limited announced that Ms. Avani Ashwinkumar Shah vide her Resignation Letter dated 7th August 2025 has resigned from the office of Non-Executive and Independent Woman Director of the Company with effect from closing business hours of Thursday, 7th August 2025 owing to other Professional commitments. Consequently, she shall also cease to be a Member of the Audit Committee, Stakeholders Relationship Committee and Nomination and Remuneration Committee of the Company. Ms. Avani Ashwinkumar Shah has also confirmed that there are no other material reasons for her resignation than those specified above. Names of Listed Entities in which the resigning director holds directorships, indicating the category of directorship and membership of board committees, if any. Directorship in Listed Companies: 1. Bright Solar Limited. 2. Ambassador Intra Holdings Limited 3. Sunrest Lifescience Limited 4. Bizotic Commercial Limited 5. Kizi Apparels Limited. Membership in Committees: 1. Bright Solar Limited (Audit Committee and Nomination and Remuneration Committee). 2. Sunrest Lifescience Limited (Audit Committee). 3. Bizotic Commercial Limited (Stakeholders Relationship Committee) 4. Kizi Apparels Limited (Audit Committee and Stakeholders Relationship Committee). Company also announced that Ms. Juhi Sawajani vide her Resignation Letter dated 7th August 2025 has resigned from the office of Non-Executive and Independent Director of the Company with effect from closing business hours of Thursday, 7th August 2025 owing to other Professional commitments. Consequently, she shall also cease to be a Chairperson of the Audit Committee, Stakeholders Relationship Committee and Nomination and Remuneration Committee of the Company. She had confirmed that there are no other material reasons for the resignation other than those provided in her resignation letter. A copy of Resignation Letter giving detailed reason for her resignation is attached as Annexure-1 along with this Disclosure. The Board of Directors of the Company has taken the same on record and will complete necessary formalities in regards of her resignation in due course of time. Names of Listed Entities in which the resigning director holds directorships, indicating the category of directorship and membership of board committees, if any. Directorship in Listed Companies: 1. Vaxfab Enterprises Limited. 2. Machint Solutions Limited. 3. Ambassador Intra Holdings Limited 4. Adinan Lifestyle Limited. 5. Kizi Apparels Limited. 6. Sunrest Lifescience Limited 7. Bizotic Commercial Limited Membership in Committees: 1. Bizotic Commercial Limited (Audit and Nomination and Remuneration Committee). Chairmanship: 1. Bizotic Commercial Limited (Audit and Nomination and Remuneration Committee). 2. Sunrest Lifescience Limited (Audit and Nomination and 3. Kizi Apparels Limited. (Audit and Nomination and Remuneration Committee). Announcement • Jul 29
IEL Limited to Report Q1, 2026 Results on Aug 07, 2025 IEL Limited announced that they will report Q1, 2026 results on Aug 07, 2025 Reported Earnings • May 30
Full year 2025 earnings released: EPS: ₹0.033 (vs ₹0.077 in FY 2024) Full year 2025 results: EPS: ₹0.033. Revenue: ₹61.8m (down 64% from FY 2024). Net income: ₹4.32m (up 68% from FY 2024). Profit margin: 7.0% (up from 1.5% in FY 2024). The increase in margin was driven by lower expenses. Announcement • May 19
IEL Limited to Report Q4, 2025 Results on May 24, 2025 IEL Limited announced that they will report Q4, 2025 results at 12:15 PM, Indian Standard Time on May 24, 2025 New Risk • Apr 12
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 291% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (291% increase in shares outstanding). Market cap is less than US$10m (₹614.1m market cap, or US$7.14m). Minor Risk Revenue is less than US$5m (₹151m revenue, or US$1.8m). Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹4.84, the stock trades at a trailing P/E ratio of 20.6x. Average trailing P/E is 27x in the Trade Distributors industry in India. Total loss to shareholders of 10% over the past three years. Announcement • Mar 04
IEL Limited Announces Resignation of Ronit Champaklal Shah as Director IEL Limited announced resignation of Mr. Ronit Champaklal Shah as Director of the Company with effect from closing business hours of March 4, 2025 due to his pre-occupation and other business commitments. Reported Earnings • Feb 14
Third quarter 2025 earnings released: EPS: ₹0.063 (vs ₹0.033 in 3Q 2024) Third quarter 2025 results: EPS: ₹0.063 (up from ₹0.033 in 3Q 2024). Revenue: ₹4.00m (down 93% from 3Q 2024). Net income: ₹2.09m (up 88% from 3Q 2024). Profit margin: 52% (up from 2.0% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year and the company’s share price has also fallen by 4% per year. Announcement • Feb 05
IEL Limited to Report Nine Months, 2025 Results on Feb 12, 2025 IEL Limited announced that they will report nine months, 2025 results on Feb 12, 2025 New Risk • Jan 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (106% accrual ratio). Market cap is less than US$10m (₹200.3m market cap, or US$2.31m). Minor Risks Share price has been volatile over the past 3 months (8.1% average weekly change). Revenue is less than US$5m (₹198m revenue, or US$2.3m). Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹6.87, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 41x in the Trade Distributors industry in India. Total returns to shareholders of 180% over the past three years. Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹5.84, the stock trades at a trailing P/E ratio of 11.5x. Average trailing P/E is 35x in the Trade Distributors industry in India. Total returns to shareholders of 159% over the past three years. Reported Earnings • Oct 24
Second quarter 2025 earnings released: EPS: ₹0.04 (vs ₹0.015 loss in 2Q 2024) Second quarter 2025 results: EPS: ₹0.04 (up from ₹0.015 loss in 2Q 2024). Net income: ₹1.33m (up ₹1.82m from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 14
IEL Limited to Report Q2, 2025 Results on Oct 21, 2024 IEL Limited announced that they will report Q2, 2025 results on Oct 21, 2024 Board Change • Sep 01
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Non-Executive Independent Director Avani Shah was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Aug 26
IEL Limited, Annual General Meeting, Sep 27, 2024 IEL Limited, Annual General Meeting, Sep 27, 2024, at 12:30 Indian Standard Time. Reported Earnings • Jul 23
First quarter 2025 earnings released: EPS: ₹0.92 (vs ₹0.018 in 1Q 2024) First quarter 2025 results: EPS: ₹0.92 (up from ₹0.018 in 1Q 2024). Revenue: ₹55.3m (up 245% from 1Q 2024). Net income: ₹3.07m (up 415% from 1Q 2024). Profit margin: 5.5% (up from 3.7% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 24% per year. Announcement • Jul 16
IEL Limited to Report Q1, 2025 Results on Jul 22, 2024 IEL Limited announced that they will report Q1, 2025 results on Jul 22, 2024 Recent Insider Transactions • Jun 15
Board Member recently sold ₹2.0m worth of stock On the 11th of June, Romit Shah sold around 300k shares on-market at roughly ₹6.80 per share. This transaction amounted to 69% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₹2.2m. Insiders have been net sellers, collectively disposing of ₹48m more than they bought in the last 12 months. Recent Insider Transactions • May 25
Chairman of the Board & MD recently sold ₹2.2m worth of stock On the 22nd of May, Ronit Shah sold around 320k shares on-market at roughly ₹7.00 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth ₹6.8m. Ronit has been a net seller over the last 12 months, reducing personal holdings by ₹14m. Recent Insider Transactions • Mar 26
Chairman of the Board & MD recently sold ₹530k worth of stock On the 20th of March, Ronit Shah sold around 50k shares on-market at roughly ₹10.61 per share. This transaction amounted to 1.3% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth ₹6.8m. Ronit has been a net seller over the last 12 months, reducing personal holdings by ₹12m. Recent Insider Transactions • Mar 14
Board Member recently sold ₹3.6m worth of stock On the 12th of March, Kalpanaben Shah sold around 379k shares on-market at roughly ₹9.41 per share. This transaction amounted to 8.6% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹21m more than they bought in the last 12 months. Reported Earnings • Jan 09
Third quarter 2024 earnings released: EPS: ₹0.033 (vs ₹0.28 in 3Q 2023) Third quarter 2024 results: EPS: ₹0.033 (down from ₹0.28 in 3Q 2023). Revenue: ₹54.9m (down 7.0% from 3Q 2023). Net income: ₹1.11m (down 88% from 3Q 2023). Profit margin: 2.0% (down from 16% in 3Q 2023). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has increased by 148% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 02
IEL Limited to Report Q3, 2024 Results on Jan 08, 2024 IEL Limited announced that they will report Q3, 2024 results on Jan 08, 2024 Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₹10.36, the stock trades at a trailing P/E ratio of 15.2x. Average trailing P/E is 27x in the Trade Distributors industry in India. Total returns to shareholders of 1,337% over the past three years. Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₹10.76, the stock trades at a trailing P/E ratio of 15.8x. Average trailing P/E is 25x in the Trade Distributors industry in India. Total returns to shareholders of 1,120% over the past three years. New Risk • Nov 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (₹310.7m market cap, or US$3.73m). Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Profit margins are more than 30% lower than last year (18% net profit margin). Revenue is less than US$5m (₹125m revenue, or US$1.5m). Valuation Update With 7 Day Price Move • Oct 31
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹9.86, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 23x in the Trade Distributors industry in India. Total returns to shareholders of 1,018% over the past three years. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to ₹14.42, the stock trades at a trailing P/E ratio of 21.2x. Average trailing P/E is 24x in the Trade Distributors industry in India. Total returns to shareholders of 1,702% over the past three years. Announcement • Oct 06
IEL Limited to Report Q2, 2024 Results on Oct 12, 2023 IEL Limited announced that they will report Q2, 2024 results on Oct 12, 2023 Announcement • Aug 18
IEL Limited Approves Appointment of Aayush Kamleshbhai Shah as Independent Director IEL Limited at its AGM held on August 17, 2023 approved appointment of Mr. Aayush Kamleshbhai Shah (DIN: 10149440) as an Independent Director of the Company. Reported Earnings • Jul 21
First quarter 2024 earnings released: EPS: ₹0.18 (vs ₹0.45 in 1Q 2023) First quarter 2024 results: EPS: ₹0.18 (down from ₹0.45 in 1Q 2023). Revenue: ₹16.1m (up ₹14.1m from 1Q 2023). Net income: ₹595.0k (down 61% from 1Q 2023). Profit margin: 3.7% (down from 78% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has increased by 295% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 12
IEL Limited to Report Q1, 2024 Results on Jul 20, 2023 IEL Limited announced that they will report Q1, 2024 results on Jul 20, 2023 Announcement • Jul 08
IEL Limited, Annual General Meeting, Aug 17, 2023 IEL Limited, Annual General Meeting, Aug 17, 2023, at 11:30 Indian Standard Time. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₹143, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 28x in the Trade Distributors industry in India. Total returns to shareholders of 6,791% over the past three years. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹173, the stock trades at a trailing P/E ratio of 24.4x. Average trailing P/E is 27x in the Trade Distributors industry in India. Total returns to shareholders of 10,919% over the past three years. Announcement • May 21
IEL Limited Announces Resignation of Dipak Shantilal Jagetiya from the Office of Independent Director IEL Limited announced that at its board meeting held on 20 May 2023, approved resignation of Mr. Dipak Shantilal Jagetiya from the office of independent director of the company with effect from closing business hours of 20 May 2023 owing to his preoccupancy and engagements in various professional assignments. Reported Earnings • May 20
Full year 2023 earnings released: EPS: ₹7.09 (vs ₹0.96 in FY 2022) Full year 2023 results: EPS: ₹7.09 (up from ₹0.96 in FY 2022). Revenue: ₹111.0m (up ₹104.6m from FY 2022). Net income: ₹23.7m (up ₹20.5m from FY 2022). Profit margin: 21% (down from 50% in FY 2022). The decrease in margin was driven by higher expenses. Announcement • May 13
IEL Limited to Report Q4, 2023 Results on May 20, 2023 IEL Limited announced that they will report Q4, 2023 results on May 20, 2023 Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹137, the stock trades at a trailing P/E ratio of 16.3x. Average trailing P/E is 25x in the Trade Distributors industry in India. Total returns to shareholders of 9,879% over the past three years. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹112, the stock trades at a trailing P/E ratio of 13.4x. Average trailing P/E is 22x in the Trade Distributors industry in India. Total returns to shareholders of 8,104% over the past three years. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₹78.91, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 21x in the Trade Distributors industry in India. Total returns to shareholders of 5,660% over the past three years. Recent Insider Transactions • Mar 19
Board Member recently sold ₹7.2m worth of stock On the 17th of March, Kalpanaben Shah sold around 108k shares on-market at roughly ₹67.00 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹29m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₹124, the stock trades at a trailing P/E ratio of 14.7x. Average trailing P/E is 26x in the Trade Distributors industry in India. Total returns to shareholders of 7,670% over the past three years. Reported Earnings • Jan 23
Third quarter 2023 earnings released: EPS: ₹2.75 (vs ₹0.18 loss in 3Q 2022) Third quarter 2023 results: EPS: ₹2.75 (up from ₹0.18 loss in 3Q 2022). Net income: ₹9.17m (up ₹9.76m from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 129% per year but the company’s share price has increased by 348% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improved over the past week After last week's 19% share price gain to ₹142, the stock trades at a trailing P/E ratio of 26x. Average trailing P/E is 26x in the Trade Distributors industry in India. Total returns to shareholders of 8,111% over the past three years. Announcement • Jan 13
IEL Limited to Report Q3, 2023 Results on Jan 20, 2023 IEL Limited announced that they will report Q3, 2023 results on Jan 20, 2023 Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 24% share price gain to ₹115, the stock trades at a trailing P/E ratio of 21.1x. Average trailing P/E is 24x in the Trade Distributors industry in India. Total returns to shareholders of 5,639% over the past three years. Board Change • Nov 21
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Chairman of the Board & MD Ronit Shah is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • Oct 24
Investor sentiment improved over the past week After last week's 21% share price gain to ₹106, the stock trades at a trailing P/E ratio of 19.5x. Average trailing P/E is 23x in the Trade Distributors industry in India. Total returns to shareholders of 2,609% over the past three years. Reported Earnings • Oct 19
Second quarter 2023 earnings released: EPS: ₹4.02 (vs ₹0.08 in 2Q 2022) Second quarter 2023 results: EPS: ₹4.02 (up from ₹0.08 in 2Q 2022). Revenue: ₹39.4m (up ₹35.9m from 2Q 2022). Net income: ₹13.4m (up ₹13.1m from 2Q 2022). Profit margin: 34% (up from 7.6% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has increased by 181% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 11
IEL Limited to Report Q2, 2023 Results on Oct 17, 2022 IEL Limited announced that they will report Q2, 2023 results on Oct 17, 2022 Valuation Update With 7 Day Price Move • Oct 10
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₹79.55, the stock trades at a trailing P/E ratio of 52.1x. Average trailing P/E is 26x in the Trade Distributors industry in India. Total returns to shareholders of 1,645% over the past three years. Announcement • Sep 07
IEL Limited appoints Mr. Kunal Jain as Whole-Time Company Secretary and Compliance Officer The board of directors of IEL Limited at their meeting held on September 5, 2022, considered and approved the Appointment of Mr. Kunal Jain as a Whole-Time Company Secretary and Compliance Officer of the Company with effect from September 5, 2022. Brief Profile: A member of the Institute of Company Secretaries of India having associate membership number ACS 58391. Board Change • Sep 02
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Chairman of the Board & MD Ronit Shah is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Aug 12
First quarter 2023 earnings released: EPS: ₹0.45 (vs ₹0.12 loss in 1Q 2022) First quarter 2023 results: EPS: ₹0.45 (up from ₹0.12 loss in 1Q 2022). Revenue: ₹1.93m (down 32% from 1Q 2022). Net income: ₹1.51m (up ₹1.90m from 1Q 2022). Profit margin: 78% (up from net loss in 1Q 2022). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has increased by 145% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Aug 11
Less than half of directors are independent There are 3 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 new directors. 1 experienced director. No highly experienced directors. 1 independent director (2 non-independent directors). Chairman of the Board & MD Ronit Shah is the most experienced director on the board, commencing their role in 2020. Non-Executive & Non-Independent Woman Director Kalpanaben Shah was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Announcement • Aug 11
IEL Limited, Annual General Meeting, Sep 20, 2022 IEL Limited, Annual General Meeting, Sep 20, 2022, at 11:00 Indian Standard Time. Announcement • Jul 30
IEL Limited to Report Q1, 2023 Results on Aug 10, 2022 IEL Limited announced that they will report Q1, 2023 results on Aug 10, 2022 Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment improved over the past week After last week's 19% share price gain to ₹60.70, the stock trades at a trailing P/E ratio of 63.3x. Average trailing P/E is 21x in the Trade Distributors industry in India. Total returns to shareholders of 1,028% over the past three years. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improved over the past week After last week's 28% share price gain to ₹51.00, the stock trades at a trailing P/E ratio of 53.2x. Average trailing P/E is 20x in the Trade Distributors industry in India. Total returns to shareholders of 848% over the past three years. Reported Earnings • May 30
Full year 2022 earnings released: EPS: ₹0.96 (vs ₹0.41 in FY 2021) Full year 2022 results: EPS: ₹0.96 (up from ₹0.41 in FY 2021). Revenue: ₹12.3m (up 21% from FY 2021). Net income: ₹3.20m (up 133% from FY 2021). Profit margin: 26% (up from 14% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has increased by 98% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 19
Investor sentiment deteriorated over the past week After last week's 22% share price decline to ₹41.10, the stock trades at a trailing P/E ratio of 77.4x. Average trailing P/E is 21x in the Trade Distributors industry in India. Total returns to shareholders of 664% over the past three years. Reported Earnings • Feb 16
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: ₹0.18 loss per share (down from ₹0.05 loss in 3Q 2021). Revenue: ₹50.0k (down 99% from 3Q 2021). Net loss: ₹592.0k (loss widened 287% from 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 103% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improved over the past week After last week's 24% share price gain to ₹29.95, the stock trades at a trailing P/E ratio of 49.4x. Average trailing P/E is 28x in the Trade Distributors industry in India. Total returns to shareholders of 291% over the past three years. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improved over the past week After last week's 15% share price gain to ₹23.60, the stock trades at a trailing P/E ratio of 38.9x. Average trailing P/E is 21x in the Trade Distributors industry in India. Total returns to shareholders of 211% over the past year. Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₹21.90, the stock trades at a trailing P/E ratio of 36.1x. Average trailing P/E is 23x in the Trade Distributors industry in India. Total returns to shareholders of 214% over the past three years. Board Change • Sep 14
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Kavin Dave was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 21% share price gain to ₹25.60, the stock trades at a trailing P/E ratio of 66.3x. Average trailing P/E is 26x in the Trade Distributors industry in India. Total returns to shareholders of 173% over the past three years. Board Change • Sep 13
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Kavin Dave was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₹31.65, the stock trades at a trailing P/E ratio of 77.2x. Average trailing P/E is 31x in the Trade Distributors industry in India. Total returns to shareholders of 237% over the past three years. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improved over the past week After last week's 16% share price gain to ₹12.20, the stock trades at a trailing P/E ratio of 29.8x. Average trailing P/E is 34x in the Trade Distributors industry in India. Total returns to shareholders of 17% over the past three years. Executive Departure • Jun 08
Non-Executive & Non Independent Director Ankur Maneck has left the company On the 31st of May, Ankur Maneck's tenure as Non-Executive & Non Independent Director ended after 18.4 years in the role. We don't have any record of a personal shareholding under Ankur's name. A total of 5 executives have left over the last 12 months. The current median tenure of the management team is less than a year, which is considered inexperienced in the Simply Wall St Risk Model. Reported Earnings • Jun 03
Full year 2021 earnings released: EPS ₹0.41 (vs ₹0.067 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: ₹13.4m (down 67% from FY 2020). Net income: ₹1.37m (up ₹1.15m from FY 2020). Profit margin: 10% (up from 0.5% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 7% per year, which means it is performing significantly worse than earnings. Reported Earnings • Feb 15
Third quarter 2021 earnings released: ₹0.05 loss per share (vs ₹0.09 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: ₹4.63m (down 63% from 3Q 2020). Net loss: ₹153.0k (down 149% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Announcement • Feb 02
IEL Limited to Report Q3, 2021 Results on Feb 13, 2021 IEL Limited announced that they will report Q3, 2021 results on Feb 13, 2021 Reported Earnings • Nov 16
Second quarter 2021 earnings released: ₹0.12 loss per share The company reported a poor second quarter result with weaker earnings, revenues and control over expenses. Second quarter 2021 results: Revenue: ₹152.0k (down 99% from 2Q 2020). Net loss: ₹388.0k (down 437% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 07
New 90-day high: ₹7.87 The company is up 263% from its price of ₹2.17 on 07 July 2020. The Indian market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 60% over the same period. Announcement • Aug 21
IEL Limited to Report Q1, 2021 Results on Aug 26, 2020 IEL Limited announced that they will report Q1, 2021 results on Aug 26, 2020 
