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Swing Capital

Ishan Dyes and chemicals Ltd

NSE: ISHANCH BSE: 531109Metal

Incorporated in 1993, Ishan Dyes and Chemicals Ltd is in the business of manufacturing Copper Phthalocyanine Crude Blue (CPC Blue) and Pigment Blue[1]

₹61.8
52W: ₹38 — ₹83.5
PE 0 · Book ₹53.7 · +15% vs book
Market Cap₹169 Cr
Stock P/E—Price to Earnings
ROCE4.04%Return on Capital
ROE1.05%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Stock is trading at 1.14 times its book value
  • +Debtor days have improved from 77.6 to 43.1 days.
  • +Promoter holding has increased by 2.67% over last quarter.

Weaknesses

  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has low interest coverage ratio.
  • −The company has delivered a poor sales growth of 4.82% over past five years.
  • −Company has a low return on equity of -0.02% over last 3 years.
  • −Company might be capitalizing the interest cost
  • −Promoter holding has decreased over last 3 years: -6.80%

Shareholding Pattern

Promoters40.15%
FIIs0%
DIIs0%
Public59.86%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters47.19%47.19%47.19%46.73%▼0.546.73%37.48%▼9.337.48%40.15%▲2.7
FIIs0%0%0%0%0%0%0%0%
DIIs0%0%0%0%0%0%0%0%
Public52.82%52.82%52.81%▼0.053.27%▲0.553.27%62.51%▲9.262.53%▲0.059.86%▼2.7

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales23.5414.5326.5632.9730.5821.1916.7316.296.7418.69
Expenses22.8515.3522.0831.0428.219.0816.4314.468.4220.68
Operating Profit0.69-0.824.481.932.382.110.31.83-1.68-1.99
OPM %2.93%-5.64%16.87%5.85%7.78%9.96%1.79%11.23%-24.93%-10.65%
Net Profit-0.32-1.473.680.881.320.05-1.160.3-3.62-5.25
EPS ₹-0.15-0.71.760.420.630.02-0.550.14-1.38-2.01

AI Insights

Revenue Trend

TTM revenue at ₹58.45Cr, down 42.4% YoY. OPM at -2.63%.

Debt Position

Borrowings at ₹88.25Cr. Debt-to-equity ratio: 0.77x. Moderate leverage.

Capex Cycle

CWIP at ₹103.14Cr (168% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 0% (+0.00pp change). FIIs: 0% (+0.00pp change). Promoters hold 40.15%.

Margin & Efficiency

ROCE declining from 45.76% (Mar 2014) to 4.04% (Mar 2025). Working capital days: -2.38.

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