Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₹48.35, the stock trades at a trailing P/E ratio of 3.6x. Average trailing P/E is 21x in the Chemicals industry in India. Total loss to shareholders of 68% over the past year. New Risk • May 27
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 55% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). High level of non-cash earnings (55% accrual ratio). Market cap is less than US$10m (₹514.6m market cap, or US$5.37m). Reported Earnings • May 27
Full year 2026 earnings released: EPS: ₹11.20 (vs ₹10.90 in FY 2025) Full year 2026 results: EPS: ₹11.20 (up from ₹10.90 in FY 2025). Revenue: ₹1.60b (up 58% from FY 2025). Net income: ₹162.0m (up 22% from FY 2025). Profit margin: 10% (down from 13% in FY 2025). The decrease in margin was driven by higher expenses. Announcement • May 21
Indian Emulsifiers Limited to Report Fiscal Year 2026 Results on May 23, 2026 Indian Emulsifiers Limited announced that they will report fiscal year 2026 results on May 23, 2026 Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₹62.40, the stock trades at a trailing P/E ratio of 4.6x. Average trailing P/E is 22x in the Chemicals industry in India. Total loss to shareholders of 50% over the past year. New Risk • May 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 10% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risk Market cap is less than US$100m (₹953.3m market cap, or US$10.0m). Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₹74.05, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 20x in the Chemicals industry in India. Total loss to shareholders of 29% over the past year. New Risk • Mar 23
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 7.7% 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 (₹848.2m market cap, or US$9.07m). Minor Risk Share price has been volatile over the past 3 months (7.7% average weekly change). Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₹88.20, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 23x in the Chemicals industry in India. Total loss to shareholders of 41% over the past year. New Risk • Jan 29
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₹914.2m (US$9.94m) 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 Share price has been highly volatile over the past 3 months (8.8% average weekly change). Market cap is less than US$10m (₹914.2m market cap, or US$9.94m). Reported Earnings • Nov 16
First half 2026 earnings released: EPS: ₹8.40 (vs ₹5.71 in 1H 2025) First half 2026 results: EPS: ₹8.40 (up from ₹5.71 in 1H 2025). Revenue: ₹769.8m (up 50% from 1H 2025). Net income: ₹102.7m (up 47% from 1H 2025). Profit margin: 13% (in line with 1H 2025). Announcement • Nov 07
Indian Emulsifiers Limited to Report First Half, 2026 Results on Nov 08, 2025 Indian Emulsifiers Limited announced that they will report first half, 2026 results on Nov 08, 2025 Valuation Update With 7 Day Price Move • Oct 28
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₹99.75, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 26x in the Chemicals industry in India. Total loss to shareholders of 51% over the past year. Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₹144, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 27x in the Chemicals industry in India. Total loss to shareholders of 53% over the past year. New Risk • Sep 09
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 5.7% 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 High level of non-cash earnings (66% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (5.7% average weekly change). Market cap is less than US$100m (₹1.81b market cap, or US$20.6m). Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₹172, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 27x in the Chemicals industry in India. Total loss to shareholders of 48% over the past year. Announcement • Sep 08
Indian Emulsifiers Limited, Annual General Meeting, Sep 30, 2025 Indian Emulsifiers Limited, Annual General Meeting, Sep 30, 2025, at 11:00 Indian Standard Time. Location: chancellor hall, the national, sports club of india, lala, lajpatrai marg worli, mumbai-400018., mumbai India New Risk • Jun 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported September 2024 fiscal period end). Market cap is less than US$100m (₹2.22b market cap, or US$26.0m). Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹157, the stock trades at a trailing P/E ratio of 16.3x. Average trailing P/E is 26x in the Chemicals industry in India. Total loss to shareholders of 65% over the past year. Board Change • May 14
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (3 non-independent directors). MD & Chairman Yash Tikekar is the most experienced director on the board, commencing their role in 2020. Non-Executive Independent Director Vaishali Tarsariya was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹123, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 25x in the Chemicals industry in India. New Risk • Mar 21
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 8.3% 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: Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Market cap is less than US$100m (₹1.46b market cap, or US$17.0m). Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹126, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 25x in the Chemicals industry in India. Board Change • Mar 06
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (3 non-independent directors). MD & Chairman Yash Tikekar is the most experienced director on the board, commencing their role in 2020. Non-Executive Independent Director Vaishali Tarsariya was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₹174, the stock trades at a trailing P/E ratio of 18.2x. Average trailing P/E is 28x in the Chemicals industry in India. Reported Earnings • Nov 15
First half 2025 earnings released: EPS: ₹5.71 (vs ₹4.43 in 1H 2024) First half 2025 results: EPS: ₹5.71 (up from ₹4.43 in 1H 2024). Revenue: ₹526.6m (up 48% from 1H 2024). Net income: ₹69.8m (up 75% from 1H 2024). Profit margin: 13% (up from 11% in 1H 2024). The increase in margin was driven by higher revenue. New Risk • Nov 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 9.2% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (9.2% average weekly change). High level of non-cash earnings (43% accrual ratio). Minor Risk Market cap is less than US$100m (₹3.49b market cap, or US$41.4m). Valuation Update With 7 Day Price Move • Nov 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹287, the stock trades at a trailing P/E ratio of 40.6x. Average trailing P/E is 34x in the Chemicals industry in India. Valuation Update With 7 Day Price Move • Oct 22
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₹240, the stock trades at a trailing P/E ratio of 34x. Average trailing P/E is 35x in the Chemicals industry in India. Announcement • Aug 28
Indian Emulsifiers Limited, Annual General Meeting, Sep 16, 2024 Indian Emulsifiers Limited, Annual General Meeting, Sep 16, 2024, at 10:00 Indian Standard Time. Location: chancellor hall, the national, sports club of india, lala, lajpatrai marg worli, mumbai-400018., mumbai India Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹395, the stock trades at a trailing P/E ratio of 56x. Average trailing P/E is 35x in the Chemicals industry in India. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹419, the stock trades at a trailing P/E ratio of 59.4x. Average trailing P/E is 33x in the Chemicals industry in India. Board Change • May 22
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (3 non-independent directors). MD & Chairman Yash Tikekar is the most experienced director on the board, commencing their role in 2020. Non-Executive Independent Director Vaishali Tarsariya was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors.