Announcement • May 29
NCL Industries Limited Recommends Final Dividend for the Financial Year 2025-2026 NCL Industries Limited at its board meeting held on May 29, 2026 The Board recommended a final dividend of 20% (INR 2.00 paise per Equity Share) in addition to the Interim Dividend of 15% (INR 1.50 paise per equity Share) already paid. With this, the total dividend for the financial year 2025-2026 will be 35 % (INR 3.50 paise per Equity Share). Dividend will be paid after approval of shareholders at the Annual General Meeting. Announcement • May 22
NCL Industries Limited to Report Q4, 2026 Results on May 29, 2026 NCL Industries Limited announced that they will report Q4, 2026 results on May 29, 2026 Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹172, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 24x in the Basic Materials industry in India. Negligible returns to shareholders over past three years. Reported Earnings • Feb 15
Third quarter 2026 earnings released: EPS: ₹2.93 (vs ₹0.66 in 3Q 2025) Third quarter 2026 results: EPS: ₹2.93 (up from ₹0.66 in 3Q 2025). Revenue: ₹3.51b (down 9.1% from 3Q 2025). Net income: ₹132.4m (up 344% from 3Q 2025). Profit margin: 3.8% (up from 0.8% in 3Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Feb 13
NCL Industries Limited Declares Interim Dividend for the Financial Year 2025-26, Payable on or Before 14Th March 2026 The board of directors of NCL Industries Limited at its meeting held on February 13, 2026, declared Interim Dividend of INR 1.50 Ps per share (i.e 15 %) on the Equity Share of INR 10/- each for the financial year 2025-26. The Interim Dividend will be paid to the equity shareholders of the Company whose names appear in the Register of Members of the Company as on the 21st February, 2026. (Record Date). The date of payment/dispatch of Interim Dividend is on or before 14th March 2026. Announcement • Feb 03
NCL Industries Limited to Report Q3, 2026 Results on Feb 13, 2026 NCL Industries Limited announced that they will report Q3, 2026 results on Feb 13, 2026 New Risk • Nov 11
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹8.80b (US$99.2m) This is considered a minor 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 Risk Earnings have declined by 19% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (2.3% net profit margin). Market cap is less than US$100m (₹8.80b market cap, or US$99.2m). Announcement • Nov 06
NCL Industries Limited to Report Q2, 2026 Results on Nov 14, 2025 NCL Industries Limited announced that they will report Q2, 2026 results on Nov 14, 2025 New Risk • Sep 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹8.87b (US$99.9m) This is considered a minor 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 Risk Earnings have declined by 19% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (2.3% net profit margin). Market cap is less than US$100m (₹8.87b market cap, or US$99.9m). Upcoming Dividend • Sep 11
Upcoming dividend of ₹2.00 per share Eligible shareholders must have bought the stock before 18 September 2025. Payment date: 25 October 2025. Payout ratio is a comfortable 54% but the company is not cash flow positive. Trailing yield: 1.4%. Within top quartile of Indian dividend payers (1.2%). Higher than average of industry peers (0.5%). Announcement • Aug 11
NCL Industries Limited, Annual General Meeting, Sep 25, 2025 NCL Industries Limited, Annual General Meeting, Sep 25, 2025. Declared Dividend • Aug 11
Dividend reduced to ₹2.00 Dividend of ₹2.00 is 20% lower than last year. Ex-date: 17th September 2025 Payment date: 25th October 2025 Dividend yield will be 1.4%, which is higher than the industry average of 0.4%. Sustainability & Growth Dividend is covered by earnings (54% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 4.1% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 40% to shift the payout ratio to a potentially unsustainable range, which is more than the 9.5% EPS decline seen over the last 5 years. Reported Earnings • Aug 09
First quarter 2026 earnings released: EPS: ₹4.48 (vs ₹2.82 in 1Q 2025) First quarter 2026 results: EPS: ₹4.48 (up from ₹2.82 in 1Q 2025). Revenue: ₹3.43b (down 3.4% from 1Q 2025). Net income: ₹202.7m (up 59% from 1Q 2025). Profit margin: 5.9% (up from 3.6% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Aug 09
NCL Industries Limited Announces Board Changes, Effective from 13 August, 2025 NCL Industries Limited at the Board Meeting on August 8, 2025 Board noted the cessation of second, five year term of Dr.R.Kalidas (Chairman) and Lt.Gen (Retd) T A Dcunha effective from 13 August, 2025. Announcement • Jul 29
NCL Industries Limited to Report Q1, 2026 Results on Aug 08, 2025 NCL Industries Limited announced that they will report Q1, 2026 results on Aug 08, 2025 Buy Or Sell Opportunity • Jun 23
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to ₹225. The fair value is estimated to be ₹184, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 11%. Revenue is forecast to grow by 52% in a year. Earnings are forecast to grow by 452% in the next year. New Risk • May 31
New major risk - Revenue and earnings growth Earnings have declined by 13% 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 Risk Earnings have declined by 13% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (1.8% net profit margin). Reported Earnings • May 31
Full year 2025 earnings released: EPS: ₹5.52 (vs ₹20.61 in FY 2024) Full year 2025 results: EPS: ₹5.52 (down from ₹20.61 in FY 2024). Revenue: ₹14.3b (down 24% from FY 2024). Net income: ₹252.0m (down 73% from FY 2024). Profit margin: 1.8% (down from 5.0% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • May 27
Now 21% undervalued Over the last 90 days, the stock has risen 12% to ₹218. The fair value is estimated to be ₹276, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.2% over the last 3 years. Earnings per share has declined by 10%. Revenue is forecast to grow by 28% in a year. Earnings are forecast to grow by 216% in the next year. Announcement • May 22
NCL Industries Limited to Report Q4, 2025 Results on May 30, 2025 NCL Industries Limited announced that they will report Q4, 2025 results on May 30, 2025 Recent Insider Transactions • Mar 21
Key Executive recently bought ₹2.6m worth of stock On the 19th of March, Gautam Kalidindi bought around 14k shares on-market at roughly ₹185 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth ₹3.2m. Gautam has been a buyer over the last 12 months, purchasing a net total of ₹17m worth in shares. Recent Insider Transactions • Mar 03
Executive Vice Chairman recently bought ₹589k worth of stock On the 28th of February, Ravi Kalidindi bought around 3k shares on-market at roughly ₹190 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth ₹3.2m. Ravi has been a buyer over the last 12 months, purchasing a net total of ₹7.2m worth in shares. Recent Insider Transactions • Feb 21
Executive Vice Chairman recently bought ₹3.2m worth of stock On the 17th of February, Ravi Kalidindi bought around 17k shares on-market at roughly ₹190 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Ravi has been a buyer over the last 12 months, purchasing a net total of ₹6.6m worth in shares. New Risk • Feb 18
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: ₹5.4m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (2.6% net profit margin). Significant insider selling over the past 3 months (₹5.4m sold). Reported Earnings • Feb 14
Third quarter 2025 earnings released: EPS: ₹0.66 (vs ₹5.47 in 3Q 2024) Third quarter 2025 results: EPS: ₹0.66 (down from ₹5.47 in 3Q 2024). Revenue: ₹3.86b (down 24% from 3Q 2024). Net income: ₹29.8m (down 88% from 3Q 2024). Profit margin: 0.8% (down from 4.9% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 1.8% growth forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Feb 04
NCL Industries Limited to Report Q3, 2025 Results on Feb 12, 2025 NCL Industries Limited announced that they will report Q3, 2025 results on Feb 12, 2025 Recent Insider Transactions • Jan 01
Insider recently bought ₹3.1m worth of stock On the 30th of December, K. Pooja bought around 14k shares on-market at roughly ₹228 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold ₹25m more in shares than they bought in the last 12 months. New Risk • Dec 30
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: ₹5.4m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Significant insider selling over the past 3 months (₹5.4m sold). Recent Insider Transactions • Nov 20
Key Executive recently bought ₹863k worth of stock On the 18th of November, Gautam Kalidindi bought around 4k shares on-market at roughly ₹195 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth ₹12m. Gautam has been a buyer over the last 12 months, purchasing a net total of ₹14m worth in shares. Reported Earnings • Nov 09
Second quarter 2025 earnings released: EPS: ₹0.56 (vs ₹3.01 in 2Q 2024) Second quarter 2025 results: EPS: ₹0.56 (down from ₹3.01 in 2Q 2024). Revenue: ₹3.34b (down 23% from 2Q 2024). Net income: ₹25.1m (down 82% from 2Q 2024). Profit margin: 0.8% (down from 3.2% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 12% p.a. on average during the next 2 years, while revenues in the Basic Materials industry in India are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Oct 29
NCL Industries Limited to Report Q2, 2025 Results on Nov 08, 2024 NCL Industries Limited announced that they will report Q2, 2025 results on Nov 08, 2024 Recent Insider Transactions • Oct 02
Key Executive recently bought ₹12m worth of stock On the 30th of September, Gautam Kalidindi bought around 56k shares on-market at roughly ₹214 per share. This transaction amounted to 2.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Gautam has been a buyer over the last 12 months, purchasing a net total of ₹13m worth in shares. Upcoming Dividend • Sep 06
Upcoming dividend of ₹2.50 per share Eligible shareholders must have bought the stock before 13 September 2024. Payment date: 20 October 2024. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 2.2%. Within top quartile of Indian dividend payers (1.0%). Higher than average of industry peers (0.5%). Reported Earnings • Aug 12
First quarter 2025 earnings released: EPS: ₹2.82 (vs ₹6.82 in 1Q 2024) First quarter 2025 results: EPS: ₹2.82 (down from ₹6.82 in 1Q 2024). Revenue: ₹3.55b (down 19% from 1Q 2024). Net income: ₹127.7m (down 59% from 1Q 2024). Profit margin: 3.6% (down from 7.0% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.2% p.a. on average during the next 2 years, compared to a 6.5% decline forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Declared Dividend • Aug 11
Final dividend increased to ₹2.50 Dividend of ₹2.50 is 67% higher than last year. Ex-date: 13th September 2024 Payment date: 20th October 2024 Dividend yield will be 1.8%, which is higher than the industry average of 0.4%. Sustainability & Growth Dividend is well covered by both earnings (20% earnings payout ratio) and cash flows (19% cash payout ratio). The dividend has increased by an average of 11% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 44% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 09
NCL Industries Limited, Annual General Meeting, Sep 20, 2024 NCL Industries Limited, Annual General Meeting, Sep 20, 2024. Buy Or Sell Opportunity • Aug 07
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to ₹241. The fair value is estimated to be ₹198, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.2% over the last 3 years. Earnings per share has declined by 30%. Revenue is forecast to grow by 15% in 2 years. Earnings are forecast to grow by 49% in the next 2 years. Announcement • Aug 02
NCL Industries Limited to Report Q1, 2025 Results on Aug 09, 2024 NCL Industries Limited announced that they will report Q1, 2025 results on Aug 09, 2024 Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹232, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 33x in the Basic Materials industry in India. Total returns to shareholders of 12% over the past three years. Recent Insider Transactions • May 16
Non-Executive Director recently sold ₹6.2m worth of stock On the 14th of May, Penmetsa Raju sold around 30k shares on-market at roughly ₹207 per share. This transaction amounted to 3.7% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth ₹12m. Insiders have been net sellers, collectively disposing of ₹317m more than they bought in the last 12 months. Reported Earnings • May 12
Full year 2024 earnings released: EPS: ₹20.50 (vs ₹9.79 in FY 2023) Full year 2024 results: EPS: ₹20.50 (up from ₹9.79 in FY 2023). Revenue: ₹18.9b (up 17% from FY 2023). Net income: ₹931.2m (up 110% from FY 2023). Profit margin: 4.9% (up from 2.8% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • May 12
NCL Industries Limited Recommends Final Dividend for the Financial Year 2023-24 The Board of NCL Industries Limited at its board meeting held on 10 May 2024 recommended a final dividend of 25% (INR 2.50 per Share) in addition to the Interim dividend aggregating to 15% already paid. With this, if approved by the shareholders, the total dividend for the financial year 2023-24 will be 40%. (Previous year 30%). Announcement • May 05
NCL Industries Limited to Report Q4, 2024 Results on May 10, 2024 NCL Industries Limited announced that they will report Q4, 2024 results on May 10, 2024 Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹213, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 31x in the Basic Materials industry in India. Total returns to shareholders of 29% over the past three years. Recent Insider Transactions • Mar 02
Non-Executive Director recently sold ₹12m worth of stock On the 29th of February, Penmetsa Raju sold around 55k shares on-market at roughly ₹224 per share. This transaction amounted to 4.6% 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 ₹270m more than they bought in the last 12 months. Upcoming Dividend • Feb 14
Upcoming dividend of ₹1.50 per share at 1.3% yield Eligible shareholders must have bought the stock before 21 February 2024. Payment date: 10 March 2024. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 1.3%. Within top quartile of Indian dividend payers (1.2%). Higher than average of industry peers (0.4%). Reported Earnings • Feb 10
Third quarter 2024 earnings released: EPS: ₹5.47 (vs ₹5.04 in 3Q 2023) Third quarter 2024 results: EPS: ₹5.47 (up from ₹5.04 in 3Q 2023). Revenue: ₹6.20b (up 48% from 3Q 2023). Net income: ₹247.2m (up 23% from 3Q 2023). Profit margin: 4.0% (down from 4.8% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.4% p.a. on average during the next 2 years, compared to a 2.0% decline forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Announcement • Feb 01
NCL Industries Limited to Report Q3, 2024 Results on Feb 09, 2024 NCL Industries Limited announced that they will report Q3, 2024 results on Feb 09, 2024 Reported Earnings • Nov 13
Second quarter 2024 earnings released: EPS: ₹3.01 (vs ₹0.66 in 2Q 2023) Second quarter 2024 results: EPS: ₹3.01 (up from ₹0.66 in 2Q 2023). Revenue: ₹4.31b (up 18% from 2Q 2023). Net income: ₹136.4m (up 358% from 2Q 2023). Profit margin: 3.2% (up from 0.8% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.3% p.a. on average during the next 2 years, compared to a 5.6% decline forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Announcement • Oct 28
NCL Industries Limited to Report Q2, 2024 Results on Nov 09, 2023 NCL Industries Limited announced that they will report Q2, 2024 results on Nov 09, 2023 New Risk • Oct 01
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: ₹284m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks High level of debt (45% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Significant insider selling over the past 3 months (₹284m sold). Recent Insider Transactions • Oct 01
Non-Executive Director recently sold ₹167m worth of stock On the 28th of September, Ashven Datla sold around 743k shares on-market at roughly ₹225 per share. This transaction amounted to 69% 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 ₹236m more than they bought in the last 12 months. Announcement • Sep 27
NCL Industries Limited Announces Cessation of Ashven Datla as Non-Executive Director NCL Industries Limited announced that Mr. Ashven Datla, Non-Executive Director of the Company who is liable to retire at the Annual General Meeting (AGM) did not seek his re- appointment. He ceased to be a director with effect from 25th September,2023 after closure of AGM. Upcoming Dividend • Sep 08
Upcoming dividend of ₹1.50 per share at 1.3% yield Eligible shareholders must have bought the stock before 15 September 2023. Payment date: 25 October 2023. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 1.3%. Within top quartile of Indian dividend payers (1.3%). Higher than average of industry peers (0.5%). Recent Insider Transactions • Aug 31
Executive Vice Chairman recently bought ₹93k worth of stock On the 28th of August, Ravi Kalidindi bought around 400 shares on-market at roughly ₹232 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth ₹2.0m. Ravi has been a buyer over the last 12 months, purchasing a net total of ₹905k worth in shares. Price Target Changed • Aug 24
Price target increased by 23% to ₹291 Up from ₹237, the current price target is provided by 1 analyst. New target price is 22% above last closing price of ₹239. Stock is up 32% over the past year. The company is forecast to post earnings per share of ₹16.20 for next year compared to ₹20.86 last year. New Risk • Aug 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. 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: Major Risk Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (3.2% net profit margin). Announcement • Aug 12
NCL Industries Limited, Annual General Meeting, Sep 25, 2023 NCL Industries Limited, Annual General Meeting, Sep 25, 2023. Announcement • Aug 03
NCL Industries Limited to Report Q1, 2024 Results on Aug 11, 2023 NCL Industries Limited announced that they will report Q1, 2024 results on Aug 11, 2023 Recent Insider Transactions • Jun 21
Executive & Whole Time Director recently bought ₹1.7m worth of stock On the 19th of June, Roopa Kalidindi bought around 8k shares on-market at roughly ₹200 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth ₹7.5m. Insiders have collectively bought ₹71m more in shares than they have sold in the last 12 months. Announcement • May 19
NCL Industries Limited to Report Q4, 2023 Results on May 26, 2023 NCL Industries Limited announced that they will report Q4, 2023 results on May 26, 2023 Recent Insider Transactions • Mar 18
Key Executive recently bought ₹4.5m worth of stock On the 16th of March, Gautam Kalidindi bought around 26k shares on-market at roughly ₹170 per share. This transaction amounted to 1.4% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth ₹5.0m. Gautam has been a buyer over the last 12 months, purchasing a net total of ₹41m worth in shares. Recent Insider Transactions • Mar 13
Key Executive recently bought ₹2.0m worth of stock On the 10th of March, Gautam Kalidindi bought around 12k shares on-market at roughly ₹170 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth ₹5.0m. Gautam has been a buyer over the last 12 months, purchasing a net total of ₹39m worth in shares. Recent Insider Transactions • Feb 24
Executive Vice Chairman recently bought ₹287k worth of stock On the 21st of February, Ravi Kalidindi bought around 2k shares on-market at roughly ₹175 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth ₹2.9m. Ravi has been a buyer over the last 12 months, purchasing a net total of ₹3.8m worth in shares. Upcoming Dividend • Feb 16
Upcoming dividend of ₹1.50 per share at 1.7% yield Eligible shareholders must have bought the stock before 23 February 2023. Payment date: 12 March 2023. Payout ratio is a comfortable 25% but the company is not cash flow positive. Trailing yield: 1.7%. Within top quartile of Indian dividend payers (1.7%). Higher than average of industry peers (0.9%). Reported Earnings • Feb 12
Third quarter 2023 earnings released: EPS: ₹5.04 (vs ₹3.21 in 3Q 2022) Third quarter 2023 results: EPS: ₹5.04 (up from ₹3.21 in 3Q 2022). Revenue: ₹5.62b (up 52% from 3Q 2022). Net income: ₹201.6m (up 39% from 3Q 2022). Profit margin: 3.6% (down from 3.9% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Announcement • Feb 11
NCL Industries Limited Declares Interim Dividend for the Financial Year 2022-23 NCL Industries Limited announced that at the board meeting held on February 10, 2023, the company approved the declared Interim Dividend of INR 1.50 per share (i.e 15 %) on the Equity Share of INR 10/- each for the financial year 2022-23. The Interim Dividend will be paid to the equity shareholders of the Company whose names appear in the Register of Members of the Company as on the 23rd February, 2023. (Record Date). Announcement • Jan 31
NCL Industries Limited to Report Q3, 2023 Results on Feb 10, 2023 NCL Industries Limited announced that they will report Q3, 2023 results on Feb 10, 2023 Recent Insider Transactions • Dec 11
Key Executive recently bought ₹2.5m worth of stock On the 9th of December, Gautam Kalidindi bought around 14k shares on-market at roughly ₹177 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth ₹3.6m. Gautam has been a buyer over the last 12 months, purchasing a net total of ₹44m worth in shares. Recent Insider Transactions • Sep 28
Insider recently bought ₹3.6m worth of stock On the 26th of September, Subbaraju Bhupatiraju bought around 20k shares on-market at roughly ₹180 per share. This transaction amounted to 8.7% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₹115m more in shares than they have sold in the last 12 months. Upcoming Dividend • Sep 12
Upcoming dividend of ₹1.50 per share Eligible shareholders must have bought the stock before 19 September 2022. Payment date: 27 October 2022. Payout ratio is a comfortable 19% but the company is not cash flow positive. Trailing yield: 1.6%. Within top quartile of Indian dividend payers (1.6%). Higher than average of industry peers (0.8%). Recent Insider Transactions • Sep 08
Insider recently bought ₹1.8m worth of stock On the 6th of September, Subbaraju Bhupatiraju bought around 10k shares on-market at roughly ₹182 per share. This transaction amounted to 4.5% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth ₹3.1m. Insiders have collectively bought ₹100m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Aug 21
Insider recently bought ₹539k worth of stock On the 19th of August, Madhu Kalidindi bought around 3k shares on-market at roughly ₹180 per share. In the last 3 months, there was an even bigger purchase from another insider worth ₹3.1m. Insiders have collectively bought ₹94m more in shares than they have sold in the last 12 months. Reported Earnings • Aug 14
First quarter 2023 earnings released: EPS: ₹2.77 (vs ₹7.62 in 1Q 2022) First quarter 2023 results: EPS: ₹2.77 (down from ₹7.62 in 1Q 2022). Revenue: ₹3.94b (down 2.2% from 1Q 2022). Net income: ₹125.3m (down 63% from 1Q 2022). Profit margin: 3.2% (down from 8.3% in 1Q 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 16% per year. Recent Insider Transactions • Jun 09
Joint MD recently bought ₹1.2m worth of stock On the 7th of June, Gautam Kalidindi bought around 7k shares on-market at roughly ₹167 per share. In the last 3 months, they made an even bigger purchase worth ₹6.0m. Gautam has been a buyer over the last 12 months, purchasing a net total of ₹36m worth in shares. Reported Earnings • Jun 04
Full year 2022 earnings released: EPS: ₹20.69 (vs ₹32.16 in FY 2021) Full year 2022 results: EPS: ₹20.69 (down from ₹32.16 in FY 2021). Revenue: ₹16.4b (up 19% from FY 2021). Net income: ₹943.5m (down 35% from FY 2021). Profit margin: 5.7% (down from 11% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target increased to ₹264 Up from ₹91.50, the current price target is provided by 1 analyst. New target price is 38% above last closing price of ₹191. Stock is up 6.2% over the past year. The company posted earnings per share of ₹32.16 last year. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment improved over the past week After last week's 16% share price gain to ₹196, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 16x in the Basic Materials industry in India. Total returns to shareholders of 42% over the past three years. Recent Insider Transactions • Mar 24
Insider recently bought ₹495k worth of stock On the 21st of March, Charulata Goradia bought around 3k shares on-market at roughly ₹177 per share. In the last 3 months, there was an even bigger purchase from another insider worth ₹8.0m. Insiders have collectively bought ₹116m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Feb 16
MD & Director recently bought ₹8.0m worth of stock On the 14th of February, Ravi Kalidindi bought around 44k shares on-market at roughly ₹182 per share. This was the largest purchase by an insider in the last 3 months. Ravi has been a buyer over the last 12 months, purchasing a net total of ₹24m worth in shares. Upcoming Dividend • Feb 15
Upcoming dividend of ₹1.50 per share Eligible shareholders must have bought the stock before 22 February 2022. Payment date: 13 March 2022. Payout ratio is a comfortable 10% but the company is not cash flow positive. Trailing yield: 2.2%. Within top quartile of Indian dividend payers (1.5%). Higher than average of industry peers (1.1%).