Sector Alpha Week of 2026-09-11
Not SEBI Registered !! Not Investment advice !!
Sector Alpha — machine-written from the numbers · Data as of 2026-09-11

Indo Amines Ltd

INDOAMIN
Chemicals - Organic

Indo Amines Ltd is coiled. The quarters are improving, yet the P/E sits at the 12th percentile of its own 11-year range — the business is moving before the market.

The sharpest disagreement: annual EPS moved +43.6% against a −11.2% price move — the market has not yet caught up with the delivery.

The price is in a confirmed uptrend (13 weeks in) while the P/E sits at the 12th percentile of its own 11-year range. Underneath, the last four quarters read improving — profit +6.9% year on year, and 103% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.

Stage
Consistent
partial read
Price
₹127
−11.2% 1Y
P/E
11.3×
12th pctile
of its own 11-year range
Revenue (Jun 26)
₹375 Cr
+30.2% YoY
Profit (Jun 26)
₹31.0 Cr
+6.9% YoY
Operating margin
14.0%
+3.0 pp YoY
ROCE
20%
FY26
ROIC
11.4%
vs WACC 12.0% → −0.6 pp
Cash conversion
103%
of profit, last 3 FY
Unverified figures: Some figures on this page come from a second financial-data feed that could not be cross-checked against the primary source — the two do not share enough overlapping reported history to compare. They are drawn, because they are the only evidence there is, and every section carrying one is marked unverified. PEG is the exception: the quarterly curve is not drawn at all. PEG asks what is being paid for growth — both sides of that division come from the source that could not be checked, so it is withheld instead of marked.
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Indo Amines Ltd trades at ₹127, in a confirmed uptrend and 13 weeks into that stage. That is +1.1% against its own 200-day average. It sits at 70% of a 52-week range of ₹88 to ₹143. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (10 weeks and counting).

Today the stock is in a confirmed uptrend — week 13 of stage 2. At ₹127 it trades +1.1% versus its 200-day average and sits at 70% of its 52-week range (₹88–₹143).

Sep 26: ₹127 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
+1.1% versus the 200-day line, week 13 of stage 2
Price50-day avg200-day avg
S2S3S2S4S4S2₹240₹199₹158₹118₹76.9₹127₹126Sep 23Jun 24Mar 25Dec 25Sep 26
S2S3S2S4S4S2₹240₹199₹158₹118₹76.9₹127₹126Sep 23Mar 25Sep 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (549 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Apr 16Sep 26

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +538% while the NIFTY 500 moved +259% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (10 weeks and counting; last ahead the week of 2026-07-03) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Indo Amines Ltd trades at 11.3× P/E, near the bottom of its own range — cheaper only 12% of the time. Its long-run median P/E is 18.9×, measured across 10.6 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 11.3× is near the bottom of its own range — cheaper only 12% of the time, against a long-run median of 18.9× measured over 10.6 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 11.3× vs a 18.9× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 10.6-year window; loss-period spikes above 39× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
near the bottom of its own range — cheaper only 12% of the time
P/EMedianEPS (TTM) (quarterly)
42.1×₹12.132.4×₹9.122.6×₹6.112.9×₹3.03.2×₹0.0×11.30×₹11Feb 16Oct 18Jun 21Mar 24Sep 26
42.1×₹12.132.4×₹9.122.6×₹6.112.9×₹3.03.2×₹0.0×11.30×₹11Feb 16Jun 21Sep 26
P/E
11.3×
12th percentile of 11y

Why the multiple sits where it does: over the past year annual EPS moved +43.6% against a −11.2% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +0.9%/yr price move, ~+13.7%/yr came from earnings growth and ~−12.8 pp from the multiple (compressing); over 10y, of the +18.6%/yr price move, ~+23.3%/yr came from earnings growth and ~−4.7 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

03 · What the price assumes

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 13 June 2026 price, Indo Amines Ltd was paying for profit growth of about 4.0% a year. Profit itself has compounded 24.3% a year over the past 10 years. Today the market pays 11.3× P/E, the 12th percentile of its own 11-year range.

What the two numbers say together. The multiple is low against its own past, and the growth the price is paying for is below what this company has actually delivered.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

04 · Stage: Consistent

Stage: Consistent Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Indo Amines Ltd reads as consistent on its fundamental arc. Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 20.0% and holding. The read is built from 8 quarters across 4 curves, on partial evidence.

Growth, year by year: revenue +7.5% in FY26, profit +41.1% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn.
Revenue YoYProfit YoYEPS YoY
53%212%37%142%20%72%2.9%0.0%−14%−69%%%7.5%41.1%FY16FY21FY26
53%212%37%142%20%72%2.9%0.0%−14%−69%%%7.5%41.1%FY16FY21FY26
Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. A missing point means that reading is not held for the quarter.
the trajectory the stage is read from · revenue stabilising, profit rolling over
RevenueProfitEPS
15%46%12%34%9.1%22%6.1%9.6%3.2%−2.6%%%13.3%24.2%22.9%Sep 23Dec 24Jun 26
15%46%12%34%9.1%22%6.1%9.6%3.2%−2.6%%%13.3%24.2%22.9%Sep 23Dec 24Jun 26
ROCE Annual readings — the quarterly balance-sheet pieces this curve needs are not held for this stock, so the returns read moves once a year and carries less weight in the call.
the return curve, annual readings
ROCE
20.2%19.4%18.5%17.6%16.8%%20%FY23FY24FY26
20.2%19.4%18.5%17.6%16.8%%20%FY23FY24FY26
Revenue growth
Steady high
latest +13.3% · span +4.0% to +14.2%
Profit growth
Steady high
latest +24.2% · span +2.0% to +42.9%
EPS growth
Steady high
latest +22.9% · span +0.8% to +38.9%
ROCE
Rising
latest 20.0% · span 17.0%–20.0%

Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+7.5%+7.1%+16.5%+16.4%
Profit+41.1%+24.4%+15.8%+24.3%
EPS+43.6%+24.1%+15.5%+23.0%
Share price−11.2%−1.3%+0.9%+18.6%
Revenue YoY (Jun 26)
+30.2%
latest quarter vs a year ago
Profit YoY (Jun 26)
+6.9%
latest quarter vs a year ago
Revenue 10y
16.4%
long-run compound pace
05 · 4-Factor Sector Score

4-Factor Sector Score

60.6/100 — rank 6 of 20 in Chemicals - Organic · 81% evidence confidence

Indo Amines Ltd scores 60.6 out of 100 against the 20 companies it is compared with in Chemicals - Organic, ranking 6. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 22.3 + 16.8 + 14 + 7.5 = 60.6. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

06 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Indo Amines Ltd reported ₹375 Cr of revenue in the Jun 26 quarter, +30.2% year on year. That is the 10th straight quarter of year-on-year growth. Over 10 years it has compounded at 16.4% a year. The last full year, FY26, came in at ₹1,160 Cr. The last four reported quarters add to ₹1,247 Cr.

FY26 revenue came in at ₹1,160 Cr (+7.5% on the year), capping 10 years at 16.4% compound. The latest quarter (Jun 26) printed ₹375 Cr, +30.2% year on year — the 10th consecutive quarter of year-over-year growth.

FY26 revenue ₹1,160 Cr (+7.5% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
16.4% a year over 10 years
RevenueYoY growth
1.3k53%94037%62620%3132.9%0−14%₹ Cr%₹1,1607.5%FY16FY21FY26
1.3k53%94037%62620%3132.9%0−14%₹ Cr%₹1,1607.5%FY16FY21FY26
Jun 26: ₹375 Cr (+30.2% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
10th straight quarter of growth
Revenue (quarterly)YoY growth
40537%30425%20313%1010.6%0−11%₹ Cr%₹37530.2%Sep 23Dec 24Jun 26
40537%30425%20313%1010.6%0−11%₹ Cr%₹37530.2%Sep 23Dec 24Jun 26

Pace check: the last four quarters averaged +12.9% growth against the decade's 16.4% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +13.3% over the last 4 quarters against +13.7%/yr over the last 8 — stabilising; TTM profit +24.2% vs +28.1%/yr — rolling over.

07 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Indo Amines Ltd's operating margin is 14.0% in the Jun 26 quarter, +3.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 7.0% to 13.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 14.0%, +3.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 7.0%–13.0%.

Why the margin moved: operating margin went +3.2 pp year on year while gross margin went +2.3 pp — the gain came mostly from the gross line: input costs and pricing.

FY26: 11.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 13-year window.
within a 7.0–13.0% band over 13 years
operating marginYoY change (pp)
13%2.5%12%0.7%10%−1.0%8.3%−2.7%6.5%−4.5%%%11%2%FY14FY20FY26
13%2.5%12%0.7%10%−1.0%8.3%−2.7%6.5%−4.5%%%11%2%FY14FY20FY26
Jun 26: 14.0% operating margin (+3.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
15%3.7%13%1.1%11%−1.5%8.5%−4.1%6.4%−6.7%%%14%3%Sep 23Dec 24Jun 26
15%3.7%13%1.1%11%−1.5%8.5%−4.1%6.4%−6.7%%%14%3%Sep 23Dec 24Jun 26
08 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Indo Amines Ltd earned ₹31.0 Cr of net profit in the Jun 26 quarter, +6.9% year on year. It is the 9th consecutive quarter of growth. Full-year FY26 profit was ₹79.0 Cr. The 10-year compound rate is 24.3%. That is 8.3% of the quarter's revenue. The same quarter a year earlier earned ₹29.0 Cr.

Jun 26 profit was ₹31.0 Cr, +6.9% year on year — the 9th consecutive quarter of growth. On the full year, FY26 printed ₹79.0 Cr (+41.1%), and the 10-year compound rate is 24.3%.

FY26 profit ₹79.0 Cr (+41.1% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
24.3% a year over 10 years
Net profitYoY growth
85212%64142%4372%210.0%0−67%₹ Cr%₹7941.1%FY16FY21FY26
85212%64142%4372%210.0%0−67%₹ Cr%₹7941.1%FY16FY21FY26
Jun 26: ₹31.0 Cr (+6.9% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
9th straight quarter of growth
Net profit (quarterly)YoY growth
3385%2549%1714%8−21%0−57%₹ Cr%₹316.9%Sep 23Dec 24Jun 26
3385%2549%1714%8−21%0−57%₹ Cr%₹316.9%Sep 23Dec 24Jun 26

Why profit moved: revenue contributed +30.2% and the margin +3.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +29.9% vs revenue +12.9%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

09 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 103% of Indo Amines Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹79.0 Cr of operating cash against ₹79.0 Cr of profit. After ₹77.0 Cr of capital spending, ₹2.0 Cr was left as free cash.

FY26: operating cash of ₹79.0 Cr against reported profit of ₹79.0 Cr, leaving free cash of ₹2.0 Cr after ₹77.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 103% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹79.0 Cr vs profit ₹79.0 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 11-year window, annual resolution.
103% of 3-year profit arrived as cash
Operating cashNet profitFree cash
895215−23−60₹ Cr₹79₹79₹2FY16FY21FY26
895215−23−60₹ Cr₹79₹79₹2FY16FY21FY26
FY26: CFO = 100% of profit (three-year rate 103%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash.
Conversion100%
320%247%175%102%29%%100%FY16FY21FY26
320%247%175%102%29%%100%FY16FY21FY26

Why conversion sits at 103%: the cash cycle stretched 39 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: the bigger cash user is investment — capital spending ran 3.6× depreciation over three years, so the next section's job is to check what that build-out is buying.

10 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Indo Amines Ltd's cash conversion cycle runs 110 days in FY26, up from 71 days in FY21. Capital spending ran ₹191 Cr over the last 3 years. At FY26 sales of ₹1,160 Cr each day of that cycle holds about ₹3.2 Cr, so roughly ₹350 Cr sits inside the business at any moment.

FY26: debtors at 89 days, inventory at 85 days — roughly 2.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 110 days, looser than FY21's 71.

The full loop: cash goes out to suppliers and production on day 0; stock waits 85 days to sell; customers pay about 89 days after that; and suppliers themselves are paid at 64 days — netting out to the 110-day cycle.

In money terms: at FY26 sales of ₹1,160 Cr, each day of the cycle holds about ₹3.2 Cr — so the 110-day loop keeps roughly ₹350 Cr sitting inside the business at any moment.

FY26: a 110-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 13-year window.
+39 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
118100826446days110d85d89d64dFY14FY17FY20FY23FY26
118100826446days110d85d89d64dFY14FY20FY26

On the investment side: capital spending of ₹191 Cr over the last 3 fiscal years against ₹53.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹31.0 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹77.0 Cr, work-in-progress ₹31.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
926946230₹ Cr₹77₹31FY16FY18FY21FY23FY26
926946230₹ Cr₹77₹31FY16FY21FY26

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

11 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

Indo Amines Ltd earns a ROCE of 20% in FY26. That is up from a trough of 11% in FY20. Return on invested capital clears the cost of that capital by −0.6 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 6.8% net margin on 1.29× asset turns.

FY26 ROCE is 20%, recovered from a FY20 trough of 11% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 6.8% net margin × 1.29× asset turns × 2.29× balance-sheet leverage ≈ 20.1% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 11.4% − 12.0% = a −0.6 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

FY26: ROCE 20% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 13-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY20's 11%
ROCEROIC (annual)WACC
24%20%16%11%6.9%%20%11.8%FY14FY20FY26
24%20%16%11%6.9%%20%11.8%FY14FY20FY26
Q4 FY26: ROCE 20.7% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 11 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
27%23%19%14%9.7%%20.7%12.5%Q2 FY24Q3 FY25Q4 FY26
27%23%19%14%9.7%%20.7%12.5%Q2 FY24Q3 FY25Q4 FY26
12 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified

Indo Amines Ltd carries total debt of ₹311 Cr against shareholder equity of ₹394 Cr as of Mar 26, a debt-to-equity of 0.79. On the annual view that ratio went from 1.10 in FY22 to 0.79 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹311 Cr against shareholder equity of ₹394 Cr — a debt-to-equity of 0.79. On the annual view, debt-to-equity went from 1.10 (FY22) to 0.79 (FY26). Read the returns on this page with that leverage in mind.

FY26: debt ₹311 Cr at 0.79× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
3361.12×2521.03×1680.95×840.86×00.77×₹ Cr×₹3110.79×FY22FY24FY26
3361.12×2521.03×1680.95×840.86×00.77×₹ Cr×₹3110.79×FY22FY24FY26
Mar 26: debt ₹311 Cr, debt-to-equity 0.79 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
3361.05×2520.98×1680.91×840.84×00.77×₹ Cr×₹3110.79×Jun 23Sep 24Mar 26
3361.05×2520.98×1680.91×840.84×00.77×₹ Cr×₹3110.79×Jun 23Sep 24Mar 26
13 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 8.3 points of Indo Amines Ltd over 8 quarters, the biggest move on the register. That takes promoters to 58.4% of the company. Foreign institutions moved +0.1 points over the same window, to 0.1%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −8.3 points over 8 quarters to 58.4%; Foreign institutions: +0.1 points over 8 quarters to 0.1%.

🚨 Why the register moved: promoters drove it (−8.3 points) — distribution into the market’s bid.

Fiscal-year ends: promoters −8.3 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Public
72%53%33%14%−5.3%%58.4%0.0%41.5%Mar 24Mar 25Mar 26
72%53%33%14%−5.3%%58.4%0.0%41.5%Mar 24Mar 25Mar 26
Promoters cut 8.3 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Public
73%53%34%14%−5.4%%58.4%0.1%41.5%Jun 23Dec 24Jun 26
73%53%34%14%−5.4%%58.4%0.1%41.5%Jun 23Dec 24Jun 26
14 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Indo Amines Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

15 · Related companies · Chemicals - Organic
CompanyScorePrice stageGrowth & earnings/35Capital efficiency/25Valuation/20Relative strength/20
1Valiant Organics LtdVALIANTORG 63.2/100Mixed-positive evidence87% evidence TURNING 24.4/35 Revenue 1.5% · PAT 100% · OPM change 6 pp 95% evidence 10.8/25 ROCE 5.5% · OPM 18% 95% evidence 11.0/20 P/E 22× · PEG — 50% evidence 17.0/20 RS sector 9.4% · RS bench 42.8% · 1Y 9.4%5 of 12 weeks ahead 100% evidence
Exact sum: 24.4 + 10.8 + 11 + 17 = 63.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2Foseco India LtdFOSECOIND 63.1/100Mixed-positive evidence87% evidence BREAKING OUT 19.5/35 Revenue 32.6% · PAT 20.5% · OPM change 5.2 pp 100% evidence 16.9/25 ROCE 17.4% · OPM 23% 100% evidence 11.5/20 P/E 44.8× · PEG 1.31 65% evidence 15.2/20 RS sector 24.1% · RS bench 21% · 1Y -4%6 of 10 weeks ahead 70% evidence
Exact sum: 19.5 + 16.9 + 11.5 + 15.2 = 63.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3Elantas Beck India LtdELANTAS 62.3/100Mixed-positive evidence76% evidence BREAKING OUT 26.3/35 Revenue 17.6% · PAT 33.1% · OPM change 10 pp 95% evidence 19.1/25 ROCE 21.2% · OPM 29% 76% evidence 6.3/20 P/E 64.8× · PEG — 50% evidence 10.6/20 RS sector -6.6% · RS bench 52.4% · 1Y 35.2%6 of 9 weeks ahead 70% evidence
Exact sum: 26.3 + 19.1 + 6.3 + 10.6 = 62.3 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
4OCCL LtdOCCLLTD 61.4/100Mixed-positive evidence60% evidence BREAKING OUT 26.5/35 Revenue 40.6% · PAT 100% · OPM change 7 pp 95% evidence 12.2/25 ROCE 13% · OPM 28% 76% evidence 11.5/20 P/E 10.4× · PEG — 15% evidence 11.2/20 RS sector — · RS bench 41.5% · 1Y —9 of 9 weeks ahead 25% evidence
Exact sum: 26.5 + 12.2 + 11.5 + 11.2 = 61.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5Shri Ahimsa Naturals LtdSHRIAHIMSA 61.0/100Thin evidence · provisional56% evidence LEADER 18.9/35 Revenue — · PAT — · OPM change -2 pp 26% evidence 18.0/25 ROCE 21.7% · OPM 28% 95% evidence 10.0/20 P/E 37.2× · PEG — 15% evidence 14.1/20 RS sector 22.9% · RS bench 58.3% · 1Y 113%12 of 12 weeks ahead 100% evidence
Exact sum: 18.9 + 18 + 10 + 14.1 = 61 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6Indo Amines Ltdthis pageINDOAMIN 60.6/100Mixed-positive evidence81% evidence BASING 22.3/35 Revenue 13.3% · PAT 24.2% · OPM change 3 pp 95% evidence 16.8/25 ROCE 19.9% · OPM 14% 95% evidence 14.0/20 P/E 11.3× · PEG — 50% evidence 7.5/20 RS sector -11.9% · RS bench 4.6% · 1Y -12.6%4 of 10 weeks ahead 70% evidence
Exact sum: 22.3 + 16.8 + 14 + 7.5 = 60.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7Balaji Amines LtdBALAMINES 59.3/100Mixed-positive evidence82% evidence LEADER 26.4/35 Revenue 11.1% · PAT 41.6% · OPM change 10 pp 95% evidence 13.3/25 ROCE 11% · OPM 25% 76% evidence 7.0/20 P/E 36.1× · PEG — 50% evidence 12.6/20 RS sector 18.3% · RS bench 51.3% · 1Y 53.1%12 of 12 weeks ahead 100% evidence
Exact sum: 26.4 + 13.3 + 7 + 12.6 = 59.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8Nitta Gelatin India LtdNITTAGELA 59.2/100Mixed-positive evidence72% evidence TURNING 18.8/35 Revenue 10.5% · PAT 24.1% · OPM change 4 pp 95% evidence 19.1/25 ROCE 27.7% · OPM 24% 95% evidence 9.7/20 P/E 14.4× · PEG — 50% evidence 11.6/20 RS sector — · RS bench 46.7% · 1Y —7 of 9 weeks ahead 25% evidence
Exact sum: 18.8 + 19.1 + 9.7 + 11.6 = 59.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9BASF India LtdBASF 52.7/100Mixed-positive evidence94% evidence BREAKING OUT 20.0/35 Revenue 6.5% · PAT 62.4% · OPM change 4 pp 100% evidence 10.7/25 ROCE 14.5% · OPM 10% 100% evidence 14.3/20 P/E 25.7× · PEG 1.62 100% evidence 7.7/20 RS sector -3.3% · RS bench -3.4% · 1Y -21.2%4 of 11 weeks ahead 70% evidence
Exact sum: 20 + 10.7 + 14.3 + 7.7 = 52.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10GFL LtdGFLLIMITED 51.5/100Mixed-positive evidence72% evidence BREAKING OUT 23.9/35 Revenue 10.5% · PAT 100% · OPM change 1064 pp 71% evidence 7.8/25 ROCE 2.1% · OPM 28.2% 95% evidence 11.3/20 P/E 10.6× · PEG — 15% evidence 8.5/20 RS sector -14% · RS bench 12.9% · 1Y -2.6%7 of 12 weeks ahead 100% evidence
Exact sum: 23.9 + 7.8 + 11.3 + 8.5 = 51.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11Laxmi Organic Industries LtdLXCHEM 49.5/100Mixed-negative evidence94% evidence BREAKING OUT 19.9/35 Revenue 5.5% · PAT 26% · OPM change 7.6 pp 100% evidence 8.4/25 ROCE 4.7% · OPM 12% 100% evidence 14.7/20 P/E 38.8× · PEG 1.14 100% evidence 6.5/20 RS sector -19.5% · RS bench 9.7% · 1Y -16.6%9 of 10 weeks ahead 70% evidence
Exact sum: 19.9 + 8.4 + 14.7 + 6.5 = 49.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12Fine Organic Industries LtdFINEORG 45.6/100Mixed-negative evidence100% evidence BREAKING OUT 14.8/35 Revenue 7.1% · PAT 5.8% · OPM change 4 pp 100% evidence 17.6/25 ROCE 21.5% · OPM 25% 100% evidence 7.2/20 P/E 36.2× · PEG 2.7 100% evidence 6.0/20 RS sector -13.8% · RS bench 12.9% · 1Y 7.1%9 of 12 weeks ahead 100% evidence
Exact sum: 14.8 + 17.6 + 7.2 + 6 = 45.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13Jyoti Resins and Adhesives LtdJYOTIRES 43.1/100Mixed-negative evidence69% evidence 9.7/35 Revenue 12.8% · PAT -11.1% · OPM change -13 pp 95% evidence 19.2/25 ROCE 36.5% · OPM 14% 76% evidence 10.8/20 P/E 16.2× · PEG — 15% evidence 3.4/20 RS sector -19.8% · RS bench -11.8% · 1Y -31.4%0 of 12 weeks ahead 70% evidence
Exact sum: 9.7 + 19.2 + 10.8 + 3.4 = 43.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14Sigachi Industries LtdSIGACHI 41.5/100Mixed-negative evidence79% evidence BREAKING OUT 9.0/35 Revenue -9.6% · PAT 100% · OPM change -5.2 pp 71% evidence 7.2/25 ROCE 6.2% · OPM 13.6% 95% evidence 8.4/20 P/E 64.5× · PEG — 50% evidence 16.9/20 RS sector 6.2% · RS bench 38.7% · 1Y 20.6%11 of 12 weeks ahead 100% evidence
Exact sum: 9 + 7.2 + 8.4 + 16.9 = 41.5 · Decision use: Price leads the evidence: RS versus the benchmark is 38.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
15Shree Ganesh Remedies LtdSGRL 41.1/100Mixed-negative evidence76% evidence 6.6/35 Revenue -8.8% · PAT -29.4% · OPM change -6.3 pp 95% evidence 14.6/25 ROCE 14.1% · OPM 23.3% 76% evidence 7.1/20 P/E 54.8× · PEG — 50% evidence 12.8/20 RS sector 3.3% · RS bench 25.3% · 1Y 15.5%4 of 12 weeks ahead 70% evidence
Exact sum: 6.6 + 14.6 + 7.1 + 12.8 = 41.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16Oriental Aromatics LtdOAL 36.0/100Mixed-negative evidence74% evidence BREAKING OUT 12.5/35 Revenue 13.5% · PAT -77.7% · OPM change -0.4 pp 95% evidence 4.3/25 ROCE 4.5% · OPM 7.6% 95% evidence 8.7/20 P/E 337× · PEG — 15% evidence 10.5/20 RS sector -8.7% · RS bench 66.9% · 1Y 57.7%10 of 10 weeks ahead 70% evidence
Exact sum: 12.5 + 4.3 + 8.7 + 10.5 = 36 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17Fairchem Organics LtdFAIRCHEMOR 33.6/100Adverse evidence87% evidence BREAKING OUT 17.1/35 Revenue 0% · PAT 50% · OPM change 6 pp 95% evidence 6.0/25 ROCE 3.3% · OPM 10% 95% evidence 8.0/20 P/E 52× · PEG — 50% evidence 2.5/20 RS sector -26.6% · RS bench -3.9% · 1Y -22.2%11 of 12 weeks ahead 100% evidence
Exact sum: 17.1 + 6 + 8 + 2.5 = 33.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
18Gem Aromatics LtdGEMAROMA 24.4/100Adverse evidence65% evidence ASLEEP 1.8/35 Revenue -24.3% · PAT -80% · OPM change -13.6 pp 95% evidence 6.4/25 ROCE 3.4% · OPM 3.3% 95% evidence 8.5/20 P/E 772.2× · PEG — 15% evidence 7.7/20 RS sector — · RS bench -10.4% · 1Y -39.3%5 of 10 weeks ahead 25% evidence
Exact sum: 1.8 + 6.4 + 8.5 + 7.7 = 24.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
19Sacheerome LtdSACHEEROME 59.1/100Thin evidence · provisional41% evidence BREAKING OUT 17.3/35 Revenue — · PAT — · OPM change 1 pp 26% evidence 20.3/25 ROCE 35.7% · OPM 23% 95% evidence 9.7/20 P/E 40.1× · PEG — 15% evidence 11.8/20 RS sector — · RS bench 46.9% · 1Y 155.5%9 of 10 weeks ahead 25% evidence
Exact sum: 17.3 + 20.3 + 9.7 + 11.8 = 59.1 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
20Citurgia Biochemicals LtdCITURGIA 36.7/100Thin evidence · provisional27% evidence 11.8/35 Revenue — · PAT -68.2% · OPM change — 33% evidence 4.9/25 ROCE -2150% · OPM — 61% evidence 10.0/20 P/E — · PEG — 0% evidence 10.0/20 RS sector — · RS bench — · 1Y — 0% evidence
Exact sum: 11.8 + 4.9 + 10 + 10 = 36.7 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

16 · Frequently asked questions

Frequently asked questions

What is Indo Amines Ltd's share price today?

Indo Amines Ltd trades at ₹127, −11.2% over the past year. The company is valued at ₹921 Cr. The stock sits at 70% of its 52-week range of ₹88–₹143, +1.1% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 13 weeks in. — as of 11 September 2026.

What were Indo Amines Ltd's latest quarterly results?

Indo Amines Ltd reported revenue of ₹375 Cr and net profit of ₹31.0 Cr for the Jun 26 quarter. Revenue rose 30.2% and profit rose 6.9% year on year. Earnings per share were ₹4.24. The operating margin was 14.0%, 3.0 pp higher than a year earlier. — as of 11 September 2026.

What is Indo Amines Ltd's revenue?

Indo Amines Ltd reported revenue of ₹375 Cr in the Jun 26 quarter, +30.2% year on year. For the full FY26 fiscal year, revenue was ₹1,160 Cr (+7.5%). Over the last 10 years revenue compounded at 16.4% a year. — as of 11 September 2026.

What is Indo Amines Ltd's profit?

Indo Amines Ltd earned ₹31.0 Cr of net profit in the Jun 26 quarter, +6.9% year on year — the 9th straight quarter of growth. Full-year FY26 profit was ₹79.0 Cr. The operating margin ran 14.0% in the latest quarter. — as of 11 September 2026.

What is Indo Amines Ltd's market cap?

Indo Amines Ltd's market capitalisation is ₹921 Cr at a share price of ₹127. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.

What is Indo Amines Ltd's P/E ratio?

Indo Amines Ltd trades at a P/E of 11.3×, at the 12th percentile of its own 11-year range, against a long-run median of 18.9×. This is a comparison with the stock's own history, not a value call — as of 11 September 2026.

Does Indo Amines Ltd pay a dividend?

Yes — Indo Amines Ltd's dividend payout was 5% of profit in FY26, and it recorded a payout in each of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 11 September 2026.

Is Indo Amines Ltd overvalued?

On its own history, Indo Amines Ltd looks cheap: its P/E of 11.3× has been cheaper only 12% of the time in 11 years (long-run median 18.9×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 11 September 2026.

Is Indo Amines Ltd growing?

Yes — Indo Amines Ltd is growing: latest-quarter revenue +30.2% year on year, profit +6.9%, and the margin +3.0 pp at 14.0%. The 10-year compound rates are 16.4% (revenue) and 24.3% (profit). The earnings engine currently reads: improving — as of 11 September 2026.

How is Indo Amines Ltd performing?

Indo Amines Ltd is in a confirmed uptrend, 13 weeks in. Its latest quarter's revenue rose 30.2% and profit rose 6.9% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 10 weeks. This describes what the data did, not a rating. — as of 11 September 2026.

What stage is Indo Amines Ltd in?

Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 20.0% and holding. The read comes from the last 12 quarters of growth (revenue growth +13.3% latest, profit growth +24.2% latest, eps growth +22.9% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 11 September 2026.

Is Indo Amines Ltd in an uptrend?

Yes — the price is in a confirmed uptrend (week 13 of stage 2), trading +1.1% versus its 200-day average and at 70% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 11 September 2026.

Is Indo Amines Ltd beating the market?

Not lately — on a trailing-13-week view Indo Amines Ltd is currently behind the NIFTY 500 (10 weeks and counting; last ahead the week of 2026-07-03), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved +538% against the NIFTY 500's +259% — ahead of the index over the full window. — as of 11 September 2026.

Will Indo Amines Ltd's share price go up?

This page publishes no price forecast for Indo Amines Ltd. What it measures instead: the share price is ₹127, the price is in a confirmed uptrend 13 weeks in. Its P/E of 11.3× sits at the 12th percentile of its own 11-year range. — as of 11 September 2026.

Who owns Indo Amines Ltd?

Promoters hold 58.4% of Indo Amines Ltd, foreign institutions 0.1%, domestic institutions null% and the public 41.5% (latest quarter). The biggest move on the register over the last two years: Promoters cut 8.3 points over 8 quarters. — as of 11 September 2026.

Does Indo Amines Ltd have too much debt?

It is moderate — Indo Amines Ltd's debt-to-equity is 0.79, and operating profit covers the interest bill 5×. FY26 borrowings were ₹311 Cr against equity of ₹392 Cr. Read the returns on this page with that leverage in mind — as of 11 September 2026.

What is Indo Amines Ltd's capex?

Indo Amines Ltd spent ₹191 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹77.0 Cr, with ₹31.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 11 September 2026.

What is Indo Amines Ltd's cash flow?

Indo Amines Ltd generated ₹79.0 Cr of operating cash flow in FY26 and ₹2.0 Cr of free cash flow after ₹77.0 Cr of capital spending. Reported profit that year was ₹79.0 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 11 September 2026.

Is Indo Amines Ltd's profit real cash?

Yes — over the last 3 fiscal years, 103% of Indo Amines Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹79.0 Cr against reported profit of ₹79.0 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 11 September 2026.

Where is Indo Amines Ltd in its business cycle?

Indo Amines Ltd's FY26 operating margin was 11.0%, against a 13-year band of 7.0%–13.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 14.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 2026.

What growth does Indo Amines Ltd's price assume?

At its price on 13 June 2026, Indo Amines Ltd was priced for profit growth of about 4.0% a year. Profit itself has compounded 24.3% a year over the past 10 years. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 11 September 2026.

What could break the Indo Amines Ltd story?

The sharpest disagreement: annual EPS moved +43.6% against a −11.2% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 11 September 2026.

Is Indo Amines Ltd a stock worth studying right now?

This is not investment advice. The machine read: Indo Amines Ltd is coiled. The quarters are improving, yet the P/E sits at the 12th percentile of its own 11-year range — the business is moving before the market. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 11 September 2026.

Sector Alpha — machine-written from the numbers · Data as of 2026-09-11. Every chart on this page is drawn by deterministic code from the raw series — no forecasts, no price opinions, and nothing here is investment advice.

Not SEBI Registered !! Not Investment advice !!

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