Indian Toners & Developers Ltd

INDTONER

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Market Cap

₹ 272 Cr

P/E

10.04

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

HIGH MARGIN

Technicals

Bearish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Indian Toners and Developers Limited (ITDL) is India's largest manufacturer and exporter of compatible toners used in laser printers, digital machines, and copiers.

ITDL has established itself as the market leader in toner manufacturing in India, with the widest distribution network of over 115 distributors and over 60 direct dealers.

The company operates two production units in Rampur (U.P.) and Sitarganj (Uttarakhand), each with a manufacturing capacity of 2400 metric tons per annum.

ITDL has global ambitions, having established a wholly-owned subsidiary in Florida, USA and successfully executed the amalgamation of its subsidiary ITDL Imagetec Limited with its primary operations.

Recent expansions include the addition of 1200 metric tons of production capacity, completed by December 2022, positioning ITDL for further growth.

Sector

Chemicals

Industry

Dyes And Pigments - Medium / Small

Market Cap

272 Cr

Volatility

Low Risk

P/E Ratio

10.0

Industry P/E

33.3

PEG Ratio

1.7

P/B Ratio

1.5

52W High

312.00

52W Low

235.00

Sales CAGR

34.59%

8.74%

10.95%

10Y

17.78%

Profit CAGR

56.41%

5.81%

12.98%

10Y

16.02%

ROE

TTM

13.83%

9.05%

10.59%

10Y

11.23%

ROCE

TTM

16.57%

11.39%

13.22%

10Y

15.80%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
DYNPRO	273.10	339 Cr	19.28	1.45	0.00	7.54	10.98	4.24
ASAHISONG	260.10	306 Cr	18.96	1.19	0.58	6.27	8.93	2.45
PODDARMENT	258.60	274 Cr	15.37	0.75	1.55	4.87	6.76	4.21
INDTONER	255.50	272 Cr	10.04	1.54	1.72	13.83	16.57	13.55
DUCOL	160.00	260 Cr	56.34	2.88	0.00	5.30	6.97	3.00
JDORGOCHEM	15.20	205 Cr	13.44	1.59	0.33	11.80	12.85	7.05
ISHANCH	65.16	170 Cr	—	1.22	0.00	-3.16	0.89	-1.86

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022
Sales	24	25	30	21	33	32	34	35	38	40
Expenses	20	20	24	18	25	25	26	28	30	32
Operating Profit	3.81	4.90	5.91	3.00	7.96	6.88	7.32	6.76	8.70	8.11
OPM %	16.19	19.84	19.68	14.02	23.87	21.55	21.69	19.38	22.73	20.44
Other Income	1.73	2.34	0.75	1.17	1.23	1.10	0.90	1.19	0.17	0.98
Interest	0.05	0.04	0.03	0.05	0.04	0.01	0.05	0.02	0.00	0.01
Depreciation	1.09	1.06	1.03	1.06	1.05	1.05	0.97	0.80	0.82	0.96
Profit Before Tax	4.42	6.14	5.59	3.06	8.09	6.92	7.20	7.13	8.05	8.13
Tax %	23.76	28.50	41.32	23.53	30.90	28.18	-9.03	20.06	25.59	7.01
Net Profit	3.37	4.39	3.28	2.34	5.59	4.96	7.85	5.70	5.99	7.57
EPS in Rs	3.24	4.22	2.61	1.86	5.44	4.82	7.81	5.49	5.76	7.28

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	TTM
Sales	85	96	109	115	112	115	92	89	120	147
Expenses	64	74	86	88	86	92	79	74	94	116
Operating Profit	21	21	24	27	27	23	12	15	25	31
OPM %	24.57	22.38	21.64	23.40	23.67	19.87	13.22	16.97	21.04	21.07
Other Income	1.21	2.62	2.14	6.72	7.22	6.18	7.09	7.90	4.40	3.24
Interest	0.19	0.18	0.24	0.36	0.57	0.63	0.51	0.18	0.16	0.08
Depreciation	2.31	2.70	3.06	3.21	3.68	3.77	4.33	4.25	4.14	3.55
Profit Before Tax	19	21	22	30	30	25	14	19	25	31
Tax %	9.11	24.34	25.60	22.49	18.50	19.26	17.28	28.47	17.91	11.14
Net Profit	18	16	17	23	24	20	12	13	21	27
EPS in Rs	14.33	13.01	10.24	13.05	—	19.23	11.42	12.21	19.93	26.34
Dividend Payout %	1.33	9.22	0.00	0.00	16.42	19.82	33.26	29.67	15.69	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Equity Capital	8.06	8.06	8.06	8.06	13	13	13	13	11	11
Reserves	46	58	66	76	131	150	165	169	148	154
Borrowings	0.08	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Liabilities	33	43	49	58	24	24	22	20	22	22
Total Liabilities	88	109	123	142	168	187	201	203	180	188
Fixed Assets	36	35	33	41	45	52	52	54	50	49
CWIP	0.00	0.09	8.65	0.00	7.86	0.95	0.88	0.00	0.00	1.41
Investments	16	29	36	52	70	86	89	99	74	65
Other Assets	37	45	46	49	45	48	59	50	56	73
Total Assets	88	109	123	142	168	187	201	203	180	188

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Cash from Operating Activity	8.57	19	18	19	18	19	14	13	19	14
Cash from Investing Activity	-9.42	-16	-15	-18	-16	-15	-2.31	-8.15	28	4.27
Cash from Financing Activity	-0.59	-1.19	-0.18	-2.32	-1.75	-4.01	-5.39	-7.87	-38	-15
Net Cash Flow	-1.44	2.15	2.37	-1.36	0.79	-0.72	5.94	-2.90	8.89	3.06

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	69.25%	69.25%	69.25%	69.25%	69.25%	69.25%	69.25%	69.25%	69.25%	69.25%	69.25%	69.25%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%
Public	30.72%	30.72%	30.72%	30.72%	30.72%	30.72%	30.72%	30.72%	30.72%	30.72%	30.72%	30.72%
Total Shareholders	14,329	14,070	14,122	14,554	16,558	16,710	16,650	19,832	19,050	18,245	17,883	17,625

Projection

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Last 7 days

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q1 FY19

Investor Presentation

Q1 FY19

Investor Presentation

Q1 FY19

Investor Presentation

Q3 FY18

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022
Sales	24	25	30	21	33	32	34	35	38	40
Expenses	20	20	24	18	25	25	26	28	30	32
Operating Profit	3.81	4.90	5.91	3.00	7.96	6.88	7.32	6.76	8.70	8.11
OPM %	16.19	19.84	19.68	14.02	23.87	21.55	21.69	19.38	22.73	20.44
Other Income	1.73	2.34	0.75	1.17	1.23	1.10	0.90	1.19	0.17	0.98
Interest	0.05	0.04	0.03	0.05	0.04	0.01	0.05	0.02	0.00	0.01
Depreciation	1.09	1.06	1.03	1.06	1.05	1.05	0.97	0.80	0.82	0.96
Profit Before Tax	4.42	6.14	5.59	3.06	8.09	6.92	7.20	7.13	8.05	8.13
Tax %	23.76	28.50	41.32	23.53	30.90	28.18	-9.03	20.06	25.59	7.01
Net Profit	3.37	4.39	3.28	2.34	5.59	4.96	7.85	5.70	5.99	7.57
EPS in Rs	3.24	4.22	2.61	1.86	5.44	4.82	7.81	5.49	5.76	7.28

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	TTM
Sales	85	96	109	115	112	115	92	89	120	147
Expenses	64	74	86	88	86	92	79	74	94	116
Operating Profit	21	21	24	27	27	23	12	15	25	31
OPM %	24.57	22.38	21.64	23.40	23.67	19.87	13.22	16.97	21.04	21.07
Other Income	1.21	2.62	2.14	6.72	7.22	6.18	7.09	7.90	4.40	3.24
Interest	0.19	0.18	0.24	0.36	0.57	0.63	0.51	0.18	0.16	0.08
Depreciation	2.31	2.70	3.06	3.21	3.68	3.77	4.33	4.25	4.14	3.55
Profit Before Tax	19	21	22	30	30	25	14	19	25	31
Tax %	9.11	24.34	25.60	22.49	18.50	19.26	17.28	28.47	17.91	11.14
Net Profit	18	16	17	23	24	20	12	13	21	27
EPS in Rs	14.33	13.01	10.24	13.05	—	19.23	11.42	12.21	19.93	26.34
Dividend Payout %	1.33	9.22	0.00	0.00	16.42	19.82	33.26	29.67	15.69	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Equity Capital	8.06	8.06	8.06	8.06	13	13	13	13	11	11
Reserves	46	58	66	76	131	150	165	169	148	154
Borrowings	0.08	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Liabilities	33	43	49	58	24	24	22	20	22	22
Total Liabilities	88	109	123	142	168	187	201	203	180	188
Fixed Assets	36	35	33	41	45	52	52	54	50	49
CWIP	0.00	0.09	8.65	0.00	7.86	0.95	0.88	0.00	0.00	1.41
Investments	16	29	36	52	70	86	89	99	74	65
Other Assets	37	45	46	49	45	48	59	50	56	73
Total Assets	88	109	123	142	168	187	201	203	180	188

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Cash from Operating Activity	8.57	19	18	19	18	19	14	13	19	14
Cash from Investing Activity	-9.42	-16	-15	-18	-16	-15	-2.31	-8.15	28	4.27
Cash from Financing Activity	-0.59	-1.19	-0.18	-2.32	-1.75	-4.01	-5.39	-7.87	-38	-15
Net Cash Flow	-1.44	2.15	2.37	-1.36	0.79	-0.72	5.94	-2.90	8.89	3.06

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
DYNPRO	273.10	339 Cr	19.28	1.45	0.00	7.54	10.98	4.24
ASAHISONG	260.10	306 Cr	18.96	1.19	0.58	6.27	8.93	2.45
PODDARMENT	258.60	274 Cr	15.37	0.75	1.55	4.87	6.76	4.21
INDTONER	255.50	272 Cr	10.04	1.54	1.72	13.83	16.57	13.55
DUCOL	160.00	260 Cr	56.34	2.88	0.00	5.30	6.97	3.00
JDORGOCHEM	15.20	205 Cr	13.44	1.59	0.33	11.80	12.85	7.05
ISHANCH	65.16	170 Cr	—	1.22	0.00	-3.16	0.89	-1.86

Overview

Detailed Summary

Indian Toners and Developers Limited (ITDL) is India's largest manufacturer and exporter of compatible toners used in laser printers, digital machines, and copiers.

ITDL has established itself as the market leader in toner manufacturing in India, with the widest distribution network of over 115 distributors and over 60 direct dealers.

The company operates two production units in Rampur (U.P.) and Sitarganj (Uttarakhand), each with a manufacturing capacity of 2400 metric tons per annum.

ITDL has global ambitions, having established a wholly-owned subsidiary in Florida, USA and successfully executed the amalgamation of its subsidiary ITDL Imagetec Limited with its primary operations.

Recent expansions include the addition of 1200 metric tons of production capacity, completed by December 2022, positioning ITDL for further growth.

Sector

Chemicals

Industry

Dyes And Pigments - Medium / Small

Market Cap

272 Cr

Volatility

Low Risk

P/E Ratio

10.0

Industry P/E

33.3

PEG Ratio

1.7

P/B Ratio

1.5

52W High

312.00

52W Low

235.00

Sales CAGR

34.59%

8.74%

10.95%

10Y

17.78%

Profit CAGR

56.41%

5.81%

12.98%

10Y

16.02%

ROE

TTM

13.83%

9.05%

10.59%

10Y

11.23%

ROCE

TTM

16.57%

11.39%

13.22%

10Y

15.80%