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Last Updated: April 2, 2026, 3:02 am
Author: Getaka|Social: XLinkedIn

Hindcon Chemicals Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹19.77Undervalued by 13.62%vs CMP ₹17.40

P/E (30.3) × ROE (7.3%) × BV (₹11.00) × DY (2.00%)

₹10.77Overvalued by 38.10%vs CMP ₹17.40
MoS: -61.6% (Negative)Confidence: 58/100 (Moderate)Models: 2 Fair, 7 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹18.3422%Fair (+5.4%)
Graham NumberEarnings₹11.8816%Over (-31.7%)
Earnings PowerEarnings₹6.2413%Over (-64.1%)
DCFCash Flow₹4.2913%Over (-75.3%)
Net Asset ValueAssets₹10.927%Over (-37.2%)
EV/EBITDAEnterprise₹6.689%Over (-61.6%)
Earnings YieldEarnings₹5.707%Over (-67.2%)
ROCE CapitalReturns₹17.609%Fair (+1.1%)
Revenue MultipleRevenue₹5.515%Over (-68.3%)
Consensus (9 models)₹10.77100%Overvalued
Key Drivers: Wide model spread (₹4–₹18) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -7.2%

*Investments are subject to market risks

Investment Snapshot

53
Hindcon Chemicals Ltd scores 53/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health66/100 · Strong
ROCE 10.0% AverageROE 7.3% AverageD/E 0.02 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money50/100 · Moderate
FII holding stable No changePromoter holding at 68.7% Stable
Earnings Quality55/100 · Moderate
OPM expanding (7% → 9%) ImprovingWorking capital: 148 days Capital intensive
Quarterly Momentum40/100 · Moderate
Revenue (4Q): +8% YoY GrowingProfit (4Q): -43% YoY DecliningOPM: 2.2% (down 5.7% YoY) Margin pressure
Industry Rank40/100 · Moderate
P/E 30.3 vs industry 27.8 In-lineROCE 10.0% vs industry 10.6% Average3Y sales CAGR: -5% Shrinking

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Hindcon Chemicals Ltd Investor Signals

Computed from valuation, cash flow, balance sheet, ownership and quarterly trend data already available in this stock page.

Value Trap Score
70/100
High
Derived from: Cheapness + weak quality + weak cash support
Current data: P/E 30.3 vs Ind 27.8 | ROCE 10.0% | ROE 7.3% | CFO/NP N/A
Balance Sheet Stress
20/100
Comfortable
Derived from: Leverage + debt servicing + liquidity + debt trend
Current data: D/E 0.02x | IntCov 0.0x | Current 4.83x | Borrow/Reserve 0.13x
Cash Flow Reliability
14/100
Weak
Derived from: Cash backing of earnings + working capital pressure
Current data: CFO ₹0 Cr | NP ₹4 Cr | CFO/NP N/A
Ownership Accumulation
0
Neutral
Derived from: FII + DII + promoter direction, adjusted by crowding
Current data: FII 0.00 pp | DII N/A | Prom 0.00 pp
Business Momentum
-98
Early weakness
Derived from: Latest quarter sales + profit + OPM change
Current data: Q Sales -7.1% | Q NP -66.7% | Q OPM -2.7 pp
Derived FieldValueHow it is derived
Valuation Gap %-38.1%((Fair Value - CMP) / CMP) × 100
Borrowings / Reserves0.13xLatest borrowings divided by latest reserves
CFO / Net ProfitN/ALatest operating cash flow divided by latest net profit
FII Change0.00 ppLatest FII% minus previous FII%
DII ChangeN/ALatest DII% minus previous DII%
Promoter Change0.00 ppLatest promoter% minus previous promoter%
Shareholder Count Change-748Latest shareholder count minus previous count
Quarterly Sales Change-7.1%Latest quarter sales vs previous quarter sales
Quarterly Profit Change-66.7%Latest quarter net profit vs previous quarter net profit
Quarterly OPM Change-2.7 ppLatest quarter OPM minus previous quarter OPM

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:02 am

Market Cap 89.3 Cr.
Current Price 17.4
Intrinsic Value₹10.77
High / Low 40.2/15.7
Stock P/E30.3
Book Value 11.0
Dividend Yield0.00 %
ROCE9.97 %
ROE7.27 %
Face Value 2.00
PEG Ratio-4.18

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Hindcon Chemicals Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Hindcon Chemicals Ltd 89.3 Cr. 17.4 40.2/15.730.3 11.00.00 %9.97 %7.27 % 2.00
SRF Ltd 75,742 Cr. 2,555 3,325/2,31441.0 4470.35 %12.3 %10.4 % 10.0
S H Kelkar & Company Ltd (SHK) 1,707 Cr. 123 276/11218.4 96.10.81 %10.3 %7.70 % 10.0
Deco-Mica Ltd 22.6 Cr. 53.9 90.0/53.014.9 64.20.00 %11.8 %7.51 % 10.0
Shree Pushkar Chemicals & Fertilizers Ltd 1,038 Cr. 321 477/22014.1 1790.62 %11.6 %11.4 % 10.0
Industry Average14,448.13 Cr1,113.7027.79204.330.49%10.57%8.89%7.60

All Competitor Stocks of Hindcon Chemicals Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 26.6419.2517.2719.4613.4414.3412.9112.9615.2715.4414.8815.3214.23
Expenses 24.8617.5914.1818.4412.2512.5511.1812.7114.0614.4013.1814.5713.92
Operating Profit 1.781.663.091.021.191.791.730.251.211.041.700.750.31
OPM % 6.68%8.62%17.89%5.24%8.85%12.48%13.40%1.93%7.92%6.74%11.42%4.90%2.18%
Other Income 0.270.270.410.310.290.670.350.740.86-0.050.430.550.56
Interest 0.020.010.010.030.010.020.000.020.010.050.040.100.16
Depreciation 0.070.080.060.070.080.140.190.200.200.230.210.230.28
Profit before tax 1.961.843.431.231.392.301.890.771.860.711.880.970.43
Tax % 27.55%26.63%25.66%30.08%27.34%21.74%30.16%23.38%25.81%22.54%28.19%25.77%44.19%
Net Profit 1.411.362.550.881.011.801.310.581.370.551.350.720.24
EPS in Rs 0.270.260.490.170.200.350.250.110.270.110.260.140.06

Last Updated: February 5, 2026, 5:05 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 9:46 am

MetricMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 32.8332.3433.8135.2844.4044.0744.2766.6285.5964.5156.5959.87
Expenses 33.3030.2430.2030.4940.6540.5539.7161.6380.4257.4152.3556.07
Operating Profit -0.472.103.614.793.753.524.564.995.177.104.243.80
OPM % -1.43%6.49%10.68%13.58%8.45%7.99%10.30%7.49%6.04%11.01%7.49%6.35%
Other Income 2.030.090.350.980.571.002.151.371.191.681.891.49
Interest 0.790.680.670.520.230.090.080.020.050.080.080.35
Depreciation 0.270.210.180.140.130.140.180.250.290.350.820.95
Profit before tax 0.501.303.115.113.964.296.456.096.028.355.233.99
Tax % 32.00%34.62%32.80%22.31%28.03%33.33%25.89%30.05%27.74%25.39%26.58%
Net Profit 0.340.852.093.982.822.844.774.264.366.233.832.86
EPS in Rs 0.451.122.760.780.550.550.920.830.841.210.740.57
Dividend Payout % 0.00%0.00%0.00%0.00%16.32%24.31%24.32%30.83%0.00%12.41%60.55%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)150.00%145.88%90.43%-29.15%0.71%67.96%-10.69%2.35%42.89%-38.52%
Change in YoY Net Profit Growth (%)0.00%-4.12%-55.45%-119.58%29.85%67.25%-78.65%13.04%40.54%-81.41%

Hindcon Chemicals Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 10 years from 2015-2016 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:6%
5 Years:5%
3 Years:-5%
TTM:-3%
Compounded Profit Growth
10 Years:27%
5 Years:6%
3 Years:-3%
TTM:-23%
Stock Price CAGR
10 Years:%
5 Years:57%
3 Years:30%
1 Year:-40%
Return on Equity
10 Years:11%
5 Years:11%
3 Years:10%
Last Year:8%

Last Updated: September 5, 2025, 6:10 am

Balance Sheet

Last Updated: December 4, 2025, 1:22 am

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 0.760.760.8510.247.677.677.677.677.677.677.677.67
Reserves 10.6911.5014.2315.4722.4224.6727.7831.4734.6842.2846.3548.38
Borrowings 8.925.285.020.820.180.300.991.240.980.000.776.18
Other Liabilities 4.436.305.946.605.956.736.7812.2310.319.628.7910.15
Total Liabilities 24.8023.8426.0433.1336.2239.3743.2252.6153.6459.5763.5872.38
Fixed Assets 0.930.921.111.081.001.131.411.722.576.257.117.78
CWIP 0.000.000.000.000.000.000.000.000.390.000.000.00
Investments 0.280.660.813.244.324.472.793.212.194.664.764.78
Other Assets 23.5922.2624.1228.8130.9033.7739.0247.6848.4948.6651.7159.82
Total Assets 24.8023.8426.0433.1336.2239.3743.2252.6153.6459.5763.5872.38

Reserves and Borrowings Chart

Cash Flow

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + -0.213.820.702.44-1.982.124.78-4.445.379.182.75
Cash from Investing Activity + -0.30-0.520.48-1.35-0.270.180.791.880.75-6.49-5.68
Cash from Financing Activity + 1.96-4.34-0.872.24-0.78-0.47-0.01-1.70-0.84-1.440.31
Net Cash Flow 1.46-1.050.313.33-3.031.835.56-4.265.271.26-2.63
Free Cash Flow -0.423.620.332.27-2.031.894.32-4.983.845.540.40
CFO/OP 6%205%48%79%-18%89%136%-45%134%162%106%

Free Cash Flow

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-9.39-3.18-1.413.973.573.223.573.754.197.103.47

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 199.90204.51199.50189.43159.56164.24158.38144.42111.65125.83139.38
Inventory Days 17.8718.3013.0843.6228.9422.9821.7724.2617.3512.0318.18
Days Payable 41.2160.5550.9255.5239.0854.3450.6353.6938.7842.5549.05
Cash Conversion Cycle 176.57162.27161.66177.53149.42132.88129.53115.0090.2295.32108.51
Working Capital Days 193.45169.41128.68169.67189.98198.19159.46152.75114.63128.27148.15
ROCE %10.43%19.92%21.20%14.70%13.98%18.85%15.69%14.34%17.87%9.97%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 68.16%68.16%68.34%68.52%68.52%68.64%68.64%68.64%68.67%68.71%68.71%68.71%
FIIs 0.00%0.00%0.00%0.00%0.01%0.00%0.00%0.03%0.03%0.03%0.00%0.00%
Public 31.84%31.84%31.66%31.48%31.48%31.36%31.36%31.34%31.30%31.26%31.29%31.29%
No. of Shareholders 10,77711,15810,93723,79728,12426,74428,95631,33730,70830,13629,66328,915

Shareholding Pattern Chart

No. of Shareholders

Hindcon Chemicals Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 2.002.0010.0010.0010.00
Basic EPS (Rs.) 1.001.625.685.565.89
Diluted EPS (Rs.) 1.001.625.685.565.89
Cash EPS (Rs.) 1.211.726.055.896.19
Book Value[Excl.RevalReserv]/Share (Rs.) 14.0813.1855.8351.6147.51
Book Value[Incl.RevalReserv]/Share (Rs.) 14.0813.1855.8351.6147.51
Revenue From Operations / Share (Rs.) 14.7516.82111.5786.8357.85
PBDIT / Share (Rs.) 1.602.298.298.308.59
PBIT / Share (Rs.) 1.382.207.927.978.34
PBT / Share (Rs.) 1.362.187.857.948.32
Net Profit / Share (Rs.) 0.991.625.685.565.95
NP After MI And SOA / Share (Rs.) 0.991.615.635.515.89
PBDIT Margin (%) 10.8213.617.439.5514.84
PBIT Margin (%) 9.3713.067.099.1714.42
PBT Margin (%) 9.2312.947.039.1414.39
Net Profit Margin (%) 6.769.665.086.3910.28
NP After MI And SOA Margin (%) 6.719.585.046.3510.18
Return on Networth / Equity (%) 7.0312.3710.1910.8012.50
Return on Capital Employeed (%) 9.5716.5714.0615.4217.42
Return On Assets (%) 5.9510.378.058.0410.15
Total Debt / Equity (X) 0.010.000.020.030.02
Asset Turnover Ratio (%) 0.911.141.611.351.09
Current Ratio (X) 5.364.954.563.564.83
Quick Ratio (X) 5.134.774.243.294.57
Inventory Turnover Ratio (X) 32.1113.2014.5411.9911.21
Dividend Payout Ratio (NP) (%) 10.196.2712.4345.5415.26
Dividend Payout Ratio (CP) (%) 8.385.9311.6542.9714.66
Earning Retention Ratio (%) 89.8193.7387.5754.4684.74
Cash Earning Retention Ratio (%) 91.6294.0788.3557.0385.34
Interest Coverage Ratio (X) 79.32116.14126.44284.21447.20
Interest Coverage Ratio (Post Tax) (X) 50.6183.4387.60191.32310.80
Enterprise Value (Cr.) 110.57188.4751.8349.659.63
EV / Net Operating Revenue (X) 1.952.920.600.740.21
EV / EBITDA (X) 18.0621.478.157.801.46
MarketCap / Net Operating Revenue (X) 2.183.100.700.800.42
Retention Ratios (%) 89.8093.7287.5654.4584.73
Price / BV (X) 2.284.001.431.360.51
Price / Net Operating Revenue (X) 2.183.100.700.800.42
EarningsYield 0.030.030.070.070.24

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Hindcon Chemicals Ltd. is a Public Limited Listed company incorporated on 25/08/1998 and has its registered office in the State of West Bengal, India. Company's Corporate Identification Number(CIN) is L24117WB1998PLC087800 and registration number is 087800. Currently Company is involved in the business activities of Manufacture of various other chemical products(antiknock preparations, anti-freeze preparations, liquids for hydraulic transmission, composite diagnostic or laboratory reagents, writing or drawing ink, chemical substance used in manufacturing of pesticides and other chemical products). Company's Total Operating Revenue is Rs. 56.59 Cr. and Equity Capital is Rs. 10.24 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Chemicals - OthersNo: 62/B, Braunfeld Row, Kolkata West Bengal 700027Contact not found
Management
NamePosition Held
Mr. Sanjay GoenkaChairman & Managing Director
Mrs. Nilima GoenkaWhole Time Director
Mr. Ramsanatan BanerjeeWhole Time Director
Mr. Binay Kumar AgarwalIndependent Director
Ms. Divyaa NewatiaIndependent Director
Mr. Girdhari Lal GoenkaIndependent Director

FAQ

What is the intrinsic value of Hindcon Chemicals Ltd and is it undervalued?

As of 05 April 2026, Hindcon Chemicals Ltd's intrinsic value is ₹10.77, which is 38.10% lower than the current market price of ₹17.40, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (7.27 %), book value (₹11.0), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Hindcon Chemicals Ltd?

Hindcon Chemicals Ltd is trading at ₹17.40 as of 05 April 2026, with a FY2026-2027 high of ₹40.2 and low of ₹15.7. The stock is currently near its 52-week low. Market cap stands at ₹89.3 Cr..

How does Hindcon Chemicals Ltd's P/E ratio compare to its industry?

Hindcon Chemicals Ltd has a P/E ratio of 30.3, which is above the industry average of 27.79. The premium over industry average may reflect growth expectations or speculative interest.

Is Hindcon Chemicals Ltd financially healthy?

Key indicators for Hindcon Chemicals Ltd: ROCE of 9.97 % is on the lower side compared to the industry average of 10.57%; ROE of 7.27 % is below ideal levels (industry average: 8.89%). Dividend yield is 0.00 %.

Is Hindcon Chemicals Ltd profitable and how is the profit trend?

Hindcon Chemicals Ltd reported a net profit of ₹4 Cr in Mar 2025 on revenue of ₹57 Cr. Compared to ₹4 Cr in Mar 2022, the net profit shows a declining trend.

Does Hindcon Chemicals Ltd pay dividends?

Hindcon Chemicals Ltd has a dividend yield of 0.00 % at the current price of ₹17.40. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Hindcon Chemicals Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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