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    Non-energy minerals

  3. •

    Construction materials
Hindcon Chemicals Ltd.

Hindcon Chemicals Ltd.

NNSE:HINDCON
22.63
INR
-0.70
(-3.00%)
0.80EPS
20.07P/E
857.44MMarket Cap
Hindcon Chemicals Ltd.
NSE:HINDCON
(National Stock Exchange of India)

Recent

price

22.63

P/E

ratio

20.07

div

yld

- -

ROIC.AI

2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
INR
6.01
6.03
6.82
6.52
6.33
13.79
11.48
11.54
11.54
17.37
22.31
16.75
14.7
12.66
16.81
Revenue per Share
0.05
0.07
0.06
0.16
0.4
1.82
0.74
0.74
1.23
1.1
1.13
1.61
0.99
0.63
0.83
Basic EPS, GAAP
-0.54
-0.1
-0.03
0.6
0.06
0.96
-0.52
0.49
1.13
-1.3
1
1.44
0.1
-1.36
- -
Free Cash Flow per Basic Share
- -
- -
- -
- -
- -
- -
- -
0.15
0.18
0.5
0.14
0.1
0.1
- -
- -
Dividend per Share
2.1
2.17
2.23
2.39
2.95
5.32
5.88
7.94
9.24
10.2
8.27
9.76
10.55
11.15
11.15
Book Value per Share
2.1
2.17
2.23
2.39
2.95
5.32
5.88
7.94
9.24
10.2
8.27
9.76
10.55
11.15
11.15
Tangible Book Value per Share
51
51
51
51
51
25
38
38
38
38
38
38
38
51
39
Basic Weighted Avg Shares
308
309
349
334
324
351
440
443
443
666
856
642
564
648
650
Sales/Revenue/Turnover
2.59
4.23
3.71
5.89
13.35
13.06
7.14
9.19
9.9
7.12
6.2
10.5
6.05
4.07
4.05
Operating Margin (%)
2
1
3
2
2
1
1
1
2
3
3
4
8
10
10
Depreciation Expense
3
3
3
8
21
46
28
28
47
42
43
62
38
32
32
Net Income, GAAP
32.6
31.16
32.64
34.26
32.62
19.84
28.02
33.39
25.99
30.01
27.68
25.37
26.72
29.96
29.96
Effective Tax Rate (%)
0.89
1.11
0.95
2.52
6.4
13.22
6.4
6.42
10.69
6.35
5.05
9.62
6.74
4.99
4.96
Profit Margin (%)
97
99
102
104
129
222
244
269
297
333
372
345
369
442
442
Working Capital
1
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
LT Debt
109
112
115
124
152
274
303
301
354
396
428
505
547
581
581
Total Equity
- -
5.36
4.6
6.77
11.87
14.42
8.47
7.63
10.31
8.51
8.38
10.38
4.74
2.99
2.98
Return on Invested Capital (%)
- -
4.64
4.38
6.69
12.98
20.45
9.67
9.29
14.08
10.91
10.2
13.11
7.22
5.98
5.96
Return on Capital (%)
- -
3.13
2.95
7.1
15.17
21.92
9.84
9.39
14.36
11.34
10.6
13.39
7.31
5.82
5.81
Return on Common Equity (%)

Capital Structure

INR

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
62
- -
108
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
51
39
51
Market Capitalization
1,606
1,044
857

Working Capital

INR

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
507
- -
622
Cash, Cash Equivalents & STI
131
- -
189
Accounts Receivable, Net
206
- -
226
Inventories
70
- -
67
Total Current Liabilities
147
- -
180
Payables & Accruals
- -
- -
- -
ST Debt
62
- -
108
Deferred Revenue
- -
- -
- -

Growth Rates

INR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
18.27%
10.47%
6.24%
Free Cash Flow
-191.38%
-456.43%
-1,841.15%
Net Income, GAAP
27.98%
-3.78%
-14.94%
Sales/Revenue/Turnover
8.82%
11.34%
14.95%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
195
134
143
642
2025
129
130
153
154
564
2026
149
153
142
206
648

Quarterly Earnings Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
0.23
0.26
0.47
1.61
2025
0.34
0.16
0.35
0.15
0.99
2026
0.35
0.19
0.08
0.22
0.63

Quarterly Dividends Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
0.1
2025
- -
- -
- -
- -
0.1
2026
- -
- -
- -
- -
- -
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Business
Hindcon Chemicals Limited manufactures and markets sodium silicates, construction chemicals, and cement additives primarily for the construction and industrial sectors in India. The company produces an extensive range of products including waterproofing compounds such as Hind Crete Plus WPM and Hind Hydra Proof Ceramic; concrete and mortar admixtures encompassing plasticisers, super plasticisers, and concreting aids; tile adhesives like Hind Fix TA; epoxy grouts and mortars; sealants including Hind Sealant PS; floor toppings; protective and waterproofing coatings such as Hind Plasto Guard and Hind Anti-Rust; grouts and repairing mortars; shotcrete aids; foundry aids; remover and cleaning compounds; expansion and contraction joint systems; and green products certified by the CII-Green Products & Services Council. It also provides services encompassing waterproofing, repair, retrofitting, restructuring, and turnkey projects for infrastructure protection. Established in 1998 as Hind Silicates Private Limited and renamed Hindcon Chemicals Private Limited in 2010 before converting to a public limited company, Hindcon Chemicals Limited maintains its headquarters at 62/B, Braunfeld Row, Kolkata, West Bengal, with manufacturing facilities in Jalan Industrial Complex, Howrah, and a new plant in Munshirhat, West Bengal. The company operates an annual production capacity of 18,000 metric tons for sodium silicates and 12,000 metric tons for cement additives, serving business-to-business clients such as Larsen & Toubro Ltd., Hindustan Construction Company Ltd., Tata Projects Ltd., and Afcons Infrastructure Ltd., alongside business-to-consumer channels, with approximately 40% of revenues from eastern India and exports to international markets including Bhutan. It holds ISO 9001:2015, ISO 22716:2007, BIS 9103, and BIS 2645 certifications, and maintains memberships in the Indian Green Building Council and other industry bodies. In recent developments, the company commenced commercial production at its new polycarboxylate ether (PCE) plant in Munshirhat in February 2024 with an initial capacity of 125 tons per month, enabling backward integration that reduced raw material costs and boosted EBITDA margins by 652 basis points to 14.05% in fiscal 2023-24 despite a 23% revenue decline to Rs 63.42 crore. Plans call for expanding PCE capacity to 350 tons per month with an investment of approximately Rs 8 crore funded through internal accruals, targeting commissioning in the second half of fiscal 2025 to support pre-cast concrete applications and drive revenues beyond Rs 100 crore in fiscal 2026. Additional initiatives include appointing 15 new sales engineers and area managers in fiscal 2024 to broaden distribution, secure job work from other manufacturers, and penetrate micro-markets across states amid rising infrastructure demand.