Hindcon Chemicals Ltd

HINDCON

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Market Cap

₹ 146 Cr

P/E

36.49

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Investment Checklist

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Performance

MARKET LEADER

Valuation

OVERVALUED

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Hindcon Chemicals Limited is a prominent manufacturer of chemicals specifically for the construction industry, offering diverse products including waterproofing solutions and adhesives.

Established in 1998, the company has strategically scaled its operations, serving esteemed clients such as Larsen & Toubro and Gammon India.

Production capacity is robust, with a manufacturing site in Howrah, West Bengal capable of 30,000 MT per year, reflecting industrial strength.

The company's products meet ISO standards and boast GreenPro certification, highlighting commitment to quality and eco-friendly manufacturing.

Recent expansion includes a new production facility at Munshirhat, West Bengal, marking a significant increase in operational capabilities.

Sector

Chemicals

Industry

Chemicals - Speciality - Medium / Small

Market Cap

146 Cr

Volatility

High Risk

P/E Ratio

36.5

Industry P/E

29.4

PEG Ratio

—

P/B Ratio

2.5

52W High

49.35

52W Low

27.00

Sales CAGR

-12.28%

-3.87%

5.03%

10Y

—

Profit CAGR

-38.52%

-5.74%

5.27%

10Y

—

ROE

TTM

7.13%

10.74%

11.66%

10Y

12.02%

ROCE

TTM

9.02%

14.49%

15.65%

10Y

16.21%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
IEML	92.05	171 Cr	12.84	1.30	0.00	17.97	18.21	11.54
NEOCHEM	94.90	169 Cr	22.03	2.36	0.00	39.24	24.86	0.00
CHEMCRUX	109.35	162 Cr	88.43	2.17	0.91	2.45	5.21	1.47
HINDCON	28.34	146 Cr	36.49	2.49	2.11	7.13	9.02	5.51
POLSON	11011.00	138 Cr	27.05	1.07	0.00	3.96	6.28	2.68
VITAL	56.00	132 Cr	32.72	1.44	0.00	3.33	4.47	1.60
SPEB	57.65	124 Cr	—	2.36	0.00	23.24	32.07	0.00

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	17	19	13	14	13	13	15	15	15	15
Expenses	14	18	12	13	11	13	14	14	13	15
Operating Profit	3.09	1.03	1.19	1.78	1.73	0.25	1.21	1.04	1.71	0.75
OPM %	17.89	5.29	8.85	12.41	13.40	1.93	7.92	6.74	11.49	4.90
Other Income	0.41	0.31	0.29	0.67	0.35	0.74	0.86	-0.05	0.43	0.55
Interest	0.01	0.03	0.01	0.02	0.00	0.02	0.01	0.05	0.04	0.10
Depreciation	0.06	0.07	0.08	0.14	0.19	0.20	0.20	0.23	0.21	0.23
Profit Before Tax	3.43	1.24	1.39	2.30	1.89	0.77	1.86	0.71	1.88	0.97
Tax %	25.66	29.03	27.34	21.30	30.69	23.38	25.81	22.54	28.19	25.77
Net Profit	2.55	0.87	1.01	1.80	1.32	0.59	1.37	0.55	1.35	0.72
EPS in Rs	0.66	0.23	0.26	0.47	0.34	0.16	0.35	0.15	0.35	0.19

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	37	36	45	44	44	67	86	65	57	59
Expenses	30	31	41	41	40	62	80	57	52	54
Operating Profit	6.41	5.65	3.65	3.35	4.50	5.00	5.17	7.10	4.23	4.21
OPM %	17.41	15.61	8.21	7.56	10.16	7.50	6.05	11.00	7.48	7.19
Other Income	0.35	0.98	0.58	1.09	2.15	1.37	1.19	1.68	1.89	1.98
Interest	0.61	0.48	0.15	0.00	0.01	0.02	0.05	0.08	0.08	0.12
Depreciation	0.18	0.14	0.13	0.14	0.18	0.25	0.29	0.35	0.82	0.84
Profit Before Tax	3.11	5.11	3.95	4.29	6.45	6.09	6.02	8.35	5.23	5.22
Tax %	32.62	22.20	28.02	33.39	25.99	30.01	27.68	25.37	26.72	26.05
Net Profit	2.10	3.98	2.85	2.86	4.77	4.26	4.36	6.23	3.83	3.86
EPS in Rs	—	—	—	—	3.71	1.11	1.14	1.62	1.00	1.04
Dividend Payout %	0.00	0.00	16.30	24.26	24.12	30.58	0.00	12.35	60.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	0.85	10	7.67	7.67	7.67	7.67	7.67	7.67	7.67
Reserves	14	15	22	25	28	31	35	42	46
Borrowings	4.99	0.80	0.17	0.30	0.99	1.24	0.98	0.00	0.77
Other Liabilities	5.96	6.62	5.96	6.88	6.78	12	10	9.61	9.04
Total Liabilities	26	33	36	40	43	53	54	60	64
Fixed Assets	1.11	1.08	1.00	1.13	1.41	1.72	2.57	6.25	7.11
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.39	0.00	0.00
Investments	0.81	3.24	4.32	4.47	2.79	3.21	2.19	4.66	4.76
Other Assets	24	29	31	34	39	48	48	49	52
Total Assets	26	33	36	40	43	53	54	60	64

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	0.70	2.44	-1.98	2.12	4.78	-4.44	5.37	9.18	2.75
Cash from Investing Activity	0.48	-1.35	-0.27	0.18	0.79	1.88	0.75	-6.49	-5.68
Cash from Financing Activity	-0.87	2.24	-0.78	-0.47	-0.01	-1.70	-0.84	-1.44	0.31
Net Cash Flow	0.31	3.33	-3.03	1.83	5.56	-4.26	5.27	1.26	-2.63

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	68.12%	68.16%	68.16%	68.34%	68.52%	68.52%	68.64%	68.64%	68.64%	68.67%	68.71%	68.71%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.03%	0.03%	0.03%	0.00%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	31.88%	31.84%	31.84%	31.66%	31.48%	31.48%	31.36%	31.36%	31.34%	31.30%	31.26%	31.29%
Total Shareholders	10,441	10,775	11,158	10,937	23,797	28,124	26,744	28,956	31,337	30,708	30,136	29,663

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Apr 13, 2023	V k mercantile private limited	Bulk	Buy	84.88	0.45 Cr	53,405	0.10
Apr 13, 2023	Aristro capital markets limited	Bulk	Sell	85.58	0.53 Cr	62,000	0.12

Projection

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Financial Statements

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Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	17	19	13	14	13	13	15	15	15	15
Expenses	14	18	12	13	11	13	14	14	13	15
Operating Profit	3.09	1.03	1.19	1.78	1.73	0.25	1.21	1.04	1.71	0.75
OPM %	17.89	5.29	8.85	12.41	13.40	1.93	7.92	6.74	11.49	4.90
Other Income	0.41	0.31	0.29	0.67	0.35	0.74	0.86	-0.05	0.43	0.55
Interest	0.01	0.03	0.01	0.02	0.00	0.02	0.01	0.05	0.04	0.10
Depreciation	0.06	0.07	0.08	0.14	0.19	0.20	0.20	0.23	0.21	0.23
Profit Before Tax	3.43	1.24	1.39	2.30	1.89	0.77	1.86	0.71	1.88	0.97
Tax %	25.66	29.03	27.34	21.30	30.69	23.38	25.81	22.54	28.19	25.77
Net Profit	2.55	0.87	1.01	1.80	1.32	0.59	1.37	0.55	1.35	0.72
EPS in Rs	0.66	0.23	0.26	0.47	0.34	0.16	0.35	0.15	0.35	0.19

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	37	36	45	44	44	67	86	65	57	59
Expenses	30	31	41	41	40	62	80	57	52	54
Operating Profit	6.41	5.65	3.65	3.35	4.50	5.00	5.17	7.10	4.23	4.21
OPM %	17.41	15.61	8.21	7.56	10.16	7.50	6.05	11.00	7.48	7.19
Other Income	0.35	0.98	0.58	1.09	2.15	1.37	1.19	1.68	1.89	1.98
Interest	0.61	0.48	0.15	0.00	0.01	0.02	0.05	0.08	0.08	0.12
Depreciation	0.18	0.14	0.13	0.14	0.18	0.25	0.29	0.35	0.82	0.84
Profit Before Tax	3.11	5.11	3.95	4.29	6.45	6.09	6.02	8.35	5.23	5.22
Tax %	32.62	22.20	28.02	33.39	25.99	30.01	27.68	25.37	26.72	26.05
Net Profit	2.10	3.98	2.85	2.86	4.77	4.26	4.36	6.23	3.83	3.86
EPS in Rs	—	—	—	—	3.71	1.11	1.14	1.62	1.00	1.04
Dividend Payout %	0.00	0.00	16.30	24.26	24.12	30.58	0.00	12.35	60.00	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	0.85	10	7.67	7.67	7.67	7.67	7.67	7.67	7.67
Reserves	14	15	22	25	28	31	35	42	46
Borrowings	4.99	0.80	0.17	0.30	0.99	1.24	0.98	0.00	0.77
Other Liabilities	5.96	6.62	5.96	6.88	6.78	12	10	9.61	9.04
Total Liabilities	26	33	36	40	43	53	54	60	64
Fixed Assets	1.11	1.08	1.00	1.13	1.41	1.72	2.57	6.25	7.11
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.39	0.00	0.00
Investments	0.81	3.24	4.32	4.47	2.79	3.21	2.19	4.66	4.76
Other Assets	24	29	31	34	39	48	48	49	52
Total Assets	26	33	36	40	43	53	54	60	64

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	0.70	2.44	-1.98	2.12	4.78	-4.44	5.37	9.18	2.75
Cash from Investing Activity	0.48	-1.35	-0.27	0.18	0.79	1.88	0.75	-6.49	-5.68
Cash from Financing Activity	-0.87	2.24	-0.78	-0.47	-0.01	-1.70	-0.84	-1.44	0.31
Net Cash Flow	0.31	3.33	-3.03	1.83	5.56	-4.26	5.27	1.26	-2.63

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
IEML	92.05	171 Cr	12.84	1.30	0.00	17.97	18.21	11.54
NEOCHEM	94.90	169 Cr	22.03	2.36	0.00	39.24	24.86	0.00
CHEMCRUX	109.35	162 Cr	88.43	2.17	0.91	2.45	5.21	1.47
HINDCON	28.34	146 Cr	36.49	2.49	2.11	7.13	9.02	5.51
POLSON	11011.00	138 Cr	27.05	1.07	0.00	3.96	6.28	2.68
VITAL	56.00	132 Cr	32.72	1.44	0.00	3.33	4.47	1.60
SPEB	57.65	124 Cr	—	2.36	0.00	23.24	32.07	0.00

Overview

Detailed Summary

Hindcon Chemicals Limited is a prominent manufacturer of chemicals specifically for the construction industry, offering diverse products including waterproofing solutions and adhesives.

Established in 1998, the company has strategically scaled its operations, serving esteemed clients such as Larsen & Toubro and Gammon India.

Production capacity is robust, with a manufacturing site in Howrah, West Bengal capable of 30,000 MT per year, reflecting industrial strength.

The company's products meet ISO standards and boast GreenPro certification, highlighting commitment to quality and eco-friendly manufacturing.

Recent expansion includes a new production facility at Munshirhat, West Bengal, marking a significant increase in operational capabilities.

Sector

Chemicals

Industry

Chemicals - Speciality - Medium / Small

Market Cap

146 Cr

Volatility

High Risk

P/E Ratio

36.5

Industry P/E

29.4

PEG Ratio

—

P/B Ratio

2.5

52W High

49.35

52W Low

27.00

Sales CAGR

-12.28%

-3.87%

5.03%

10Y

—

Profit CAGR

-38.52%

-5.74%

5.27%

10Y

—

ROE

TTM

7.13%

10.74%

11.66%

10Y

12.02%

ROCE

TTM

9.02%

14.49%

15.65%

10Y

16.21%