NACL Industries Ltd

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.

NACL Industries Ltd trades at ₹158, in a confirmed uptrend and 13 weeks into that stage. That is −8.7% against its own 200-day average. It sits at 34% of a 52-week range of ₹118 to ₹235. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (5 weeks and counting).

Today the stock is in a confirmed uptrend — week 13 of stage 2, confirmed. At ₹158 it trades −8.7% versus its 200-day average and sits at 34% of its 52-week range (₹118–₹235).

Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +780% while the NIFTY 500 moved +267% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (5 weeks and counting; last ahead the week of 2026-08-07) — 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.

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.

NACL Industries Ltd trades at 142.0× P/E, about the priciest it has ever traded. Its long-run median P/E is 36.9×, measured across 10.5 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 142.0× is about the priciest it has ever traded, against a long-run median of 36.9× measured over 10.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

The price move, decomposed: over 5y, of the +19.6%/yr price move, ~−15.8%/yr came from earnings growth and ~+35.4 pp from the multiple (expanding); over 10y, of the +24.3%/yr price move, ~+9.0%/yr came from earnings growth and ~+15.3 pp from the multiple (expanding). 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 full against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read 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).

NACL Industries Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 12 quarters across 2 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

45.9/100 — rank 13 of 24 in Pesticides/Agrochemicals · 100% evidence confidence

NACL Industries Ltd scores 45.9 out of 100 against the 24 companies it is compared with in Pesticides/Agrochemicals, ranking 13. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 29.1 + 3.9 + 3.7 + 9.2 = 45.9. 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.

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

NACL Industries Ltd reported ₹383 Cr of revenue in the Jun 26 quarter, −14.5% year on year. Over 10 years it has compounded at 8.6% a year. The last full year, FY26, came in at ₹1,584 Cr. The last four reported quarters add to ₹1,519 Cr.

FY26 revenue came in at ₹1,584 Cr (+28.3% on the year), capping 10 years at 8.6% compound. The latest quarter (Jun 26) printed ₹383 Cr, −14.5% year on year.

Pace check: the last four quarters averaged +21.9% growth against the decade's 8.6% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +11.9% over the last 4 quarters against −6.2%/yr over the last 8 — accelerating.

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.

NACL Industries Ltd's operating margin is 11.0% 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 −5.0% to 10.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 11.0%, +3.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −5.0%–10.0%.

Why the margin moved: operating margin went +2.3 pp year on year while gross margin went +6.8 pp — the gain came mostly from the gross line: input costs and pricing.

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

NACL Industries Ltd earned ₹21.0 Cr of net profit in the Jun 26 quarter, +61.5% year on year. Full-year FY26 profit was ₹5.0 Cr. The 10-year compound rate is −6.7%. That is 5.5% of the quarter's revenue. The same quarter a year earlier earned ₹13.0 Cr. 7 of the last 12 reported quarters were loss-making.

Jun 26 profit was ₹21.0 Cr, +61.5% year on year. On the full year, FY26 printed ₹5.0 Cr (null), and the 10-year compound rate is −6.7%.

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 −143% of NACL Industries Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−104 Cr of operating cash against ₹5.0 Cr of profit. After ₹27.0 Cr of capital spending, ₹−131 Cr was left as free cash.

FY26: operating cash of ₹−104 Cr against reported profit of ₹5.0 Cr, leaving free cash of ₹−131 Cr after ₹27.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −143% of profit.

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

🚨 Why conversion sits at −143%: the cash cycle stretched 22 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 22 days — the next section's job is to find where the cash is stuck.

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).

NACL Industries Ltd's cash conversion cycle runs 105 days in FY26, up from 83 days in FY21. Capital spending ran ₹92.0 Cr over the last 3 years. At FY26 sales of ₹1,584 Cr each day of that cycle holds about ₹4.3 Cr, so roughly ₹456 Cr sits inside the business at any moment.

FY26: debtors at 106 days, inventory at 96 days — roughly 3.2 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 105 days, looser than FY21's 83.

The full loop: cash goes out to suppliers and production on day 0; stock waits 96 days to sell; customers pay about 106 days after that; and suppliers themselves are paid at 96 days — netting out to the 105-day cycle.

In money terms: at FY26 sales of ₹1,584 Cr, each day of the cycle holds about ₹4.3 Cr — so the 105-day loop keeps roughly ₹456 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹92.0 Cr over the last 3 fiscal years against ₹88.0 Cr of depreciation — building somewhat ahead of wear-and-tear. Capital work-in-progress stands at ₹18.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

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.

NACL Industries Ltd earns a ROCE of 8% in FY26. That is up from a trough of −8% in FY25. Return on invested capital clears the cost of that capital by −7.4 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 0.3% net margin on 1.16× asset turns.

FY26 ROCE is 8%, recovered from a FY25 trough of −8% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 0.3% net margin × 1.16× asset turns × 2.00× balance-sheet leverage ≈ 0.7% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 4.6% − 12.0% = a −7.4 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.

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.

NACL Industries Ltd carries total debt of ₹312 Cr against shareholder equity of ₹683 Cr as of Mar 26, a debt-to-equity of 0.46. On the annual view that ratio went from 1.09 in FY22 to 0.46 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹312 Cr against shareholder equity of ₹683 Cr — a debt-to-equity of 0.46. On the annual view, debt-to-equity went from 1.09 (FY22) to 0.46 (FY26). Read the returns on this page with that leverage in mind.

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 10.0 points of NACL Industries Ltd over 8 quarters, the biggest move on the register. That takes promoters to 53.7% of the company. Domestic institutions moved +0.4 points over the same window, to 1.3%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −10.0 points over 8 quarters to 53.7%; Domestic institutions: +0.4 points over 8 quarters to 1.3%; Foreign institutions: −0.2 points over 8 quarters to 0.1%.

🚨 Why the register moved: promoters drove it (−10.0 points) — distribution into the market’s bid.

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.

NACL Industries 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.

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