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Swing Capital

NOCIL Ltd

NSE: NOCIL BSE: 500730

NOCIL Ltd., incorporated in 1961, manufactures rubber chemicals which are used by the tyre industry and other rubber processing industries.[1] It is a part of Arvind Mafatlal Group and is the Largest Rubber Chemicals Manufacturer in India.

₹162
52W: ₹125 — ₹211
PE 40 · Book ₹106 · +53% vs book
Market Cap₹2,710 Cr
Stock P/E40Price to Earnings
ROCE5.08%Return on Capital
ROE3.85%Return on Equity
Div. Yield1.25%Face Value ₹10

Strengths

  • +Company is almost debt free.
  • +Company has been maintaining a healthy dividend payout of 36.1%

Weaknesses

  • −The company has delivered a poor sales growth of 7.10% over past five years.
  • −Promoter holding is low: 33.8%
  • −Company has a low return on equity of 5.72% over last 3 years.
  • −Earnings include an other income of Rs.41.8 Cr.

Shareholding Pattern

Promoters33.76%
FIIs4.55%
DIIs7.92%
Public53.79%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters33.84%33.78%▼0.133.78%33.76%▼0.033.76%33.76%33.76%33.76%
FIIs7.77%7.92%▲0.27.82%▼0.18.15%▲0.36.65%▼1.55.16%▼1.54.47%▼0.74.55%▲0.1
DIIs4.44%6.13%▲1.75.93%▼0.25.33%▼0.65.2%▼0.16.57%▲1.46.5%▼0.17.92%▲1.4
Public53.95%52.18%▼1.852.47%▲0.352.76%▲0.354.39%▲1.654.52%▲0.155.27%▲0.853.79%▼1.5

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales341356372363318340336321316330
Expenses293313332326294306307300290310
Operating Profit48434037243430212620
OPM %14%12%11%10%7%10%9%7%8%6%
Net Profit30412741192017171218
EPS ₹1.792.471.632.481.111.220.991.030.731.08

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,303Cr, down 6.5% YoY. OPM at 7%.

Debt Position

Borrowings at ₹9Cr. Debt-to-equity ratio: 0.01x. Healthy balance sheet.

Capex Cycle

CWIP at ₹220Cr (27% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 7.92% (+3.24pp change). FIIs: 4.55% (-0.89pp change). Promoters hold 33.76%.

Margin & Efficiency

ROCE declining from 19% (Mar 2015) to 5% (Mar 2026). Working capital days: 176.

Valuation

PE 40x with 5.08% ROCE. Price is 53% above book value of ₹106. Dividend yield: 1.25%.

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