---
title: "Indian Emulsifiers Ltd (IEML) — Share Price, Financials & Analysis"
symbol: "IEML"
company: "Indian Emulsifiers Ltd"
canonical: "https://tapetide.com/stocks/IEML"
isin: "INE0RRU01016"
nse_symbol: "IEML"
sector: "Chemicals"
industry: "Specialty Chemicals"
market_cap_cr: 76.36
generated_at: "2026-09-13T19:25:31.956Z"
---

# Indian Emulsifiers Ltd (IEML)

Canonical page: https://tapetide.com/stocks/IEML

## Company

- **NSE Symbol:** IEML
- **ISIN:** INE0RRU01016
- **Sector:** Chemicals
- **Industry:** Specialty Chemicals
- **Macro Sector:** Commodities
- **Stock Type:** EQUITY
- **Listed Since:** 2024-05-22
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** indianemulsifiers.com

## About

Incorporated in 2020, Indian Emulsifiers 
Ltd is in the business of Manufacturing 
and Supplying of Speciality Chemicals[1]

## Latest Price

- **Price:** ₹40.45
- **Change:** -0.3 (-0.74%)
- **Open:** ₹40.85
- **Day High:** ₹41.75
- **Day Low:** ₹40.4
- **Previous Close:** ₹40.75
- **Volume:** 33000
- **As Of:** 2026-09-11T09:27:48+00:00

## Key Fundamentals

Observed at 2026-09-11T04:37:05.702899Z.

- **Market Cap:** ₹76.36 Cr
- **Classification:** SME
- **P/E (reported):** 4.6
- **Book Value:** ₹80.21
- **Price to Book:** 0.51
- **Dividend Yield:** 0%
- **ROE:** 16.21%
- **ROCE:** 21.17%
- **Debt to Equity:** 0.37
- **Revenue (yearly):** ₹159.82 Cr
- **Net Income:** ₹16.58 Cr
- **EBITDA:** ₹25.85 Cr
- **52-Week High:** ₹199.6
- **52-Week Low:** ₹37.8
- **RSI (14):** 45.02

## Tapetide Score

- **Score:** 41 / 100
- **Score date:** 2026-09-04
- **Archetype:** Weak and Under Pressure
- **What it means:** Weak financials are the defining feature, and neither the valuation nor the trend reading is strong enough to offset them. Worth reading the risk flags and recent filings closely before anything else.
- **Pillar profile:** Quality: Weak · Valuation: Fair · Momentum: Falling
- **Percentile:** 17.1 (of 4473 scored stocks)
- **Confidence:** 100%
- **Data coverage:** 100%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 56.36 | 9% |
| growth | 92.89 | 9% |
| momentum | 7.03 | 12% |
| ownership | 32.47 | 24% |
| quality | 43.59 | 22% |
| valuation | 51.23 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Stock is trading at 0.50 times its book value

### Weaknesses

- Though the company is reporting repeated profits, it is not paying out dividend
- Promoter holding is low: 32.6%

## Growth Rates

| Metric | QoQ | 1Y | 3Y | 5Y |
| --- | --- | --- | --- | --- |
| cash flow growth | — | — | -789.78% | -371.31% |
| ebitda margin growth | -23.4% | -21.27% | -27.4% | — |
| net income growth | -27.59% | 24.66% | 61% | — |
| revenue growth | 32.35% | 55.62% | 57% | — |
| roce | -27.27% | -32.6% | -32.6% | — |
| roe | -29.01% | -47.76% | 23.62% | — |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Sales | 35 | 32 | 52 | 50 | 77 | 83 |
| Expenses | 29 | 23 | 41 | 40 | 62 | 72 |
| Operating Profit | 6 | 8 | 10 | 9 | 15 | 11 |
| OPM % | 19 | 26 | 20 | 19 | 20 | 13 |
| Other Income | 0 | 0 | 1 | 0 | 0 | 0 |
| Interest | 1 | 1 | 2 | 1 | 2 | 2 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 2 |
| Profit before tax | 5 | 6 | 9 | 8 | 12 | 7 |
| Tax % | 18 | 19 | 18 | 20 | 17 | 21 |
| Net Profit | 4 | 5 | 7 | 6 | 10 | 6 |
| EPS in Rs | 4.24 | 3.71 | 3.81 | 3.45 | 5.61 | 3.23 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Sales | 0 | 18 | 41 | 67 | 101 | 160 |
| Expenses | 0 | 17 | 33 | 52 | 82 | 134 |
| Operating Profit | 0 | 1 | 8 | 15 | 20 | 26 |
| OPM % | — | 4.5 | 19 | 22 | 19 | 16 |
| Other Income | 0 | 0 | 0 | 0 | 1 | 0 |
| Interest | 0 | 0 | 2 | 2 | 2 | 4 |
| Depreciation | 0 | 0 | 1 | 2 | 2 | 3 |
| Profit before tax | 0 | 0 | 5 | 11 | 16 | 20 |
| Tax % | — | 67 | 16 | 18 | 19 | 18 |
| Net Profit | 0 | 0 | 4 | 9 | 13 | 16 |
| EPS in Rs | — | 0.04 | 4.32 | 6.53 | 7.27 | 8.84 |
| Dividend Payout % | — | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 0.01 | 6 | 6 | 9 | 12 | 18 |
| Reserves | 0 | 0 | 4 | 19 | 70 | 129 |
| Borrowings | 1 | 13 | 22 | 24 | 26 | 55 |
| Other Liabilities | 0 | 0 | 2 | 12 | 10 | 33 |
| Total Liabilities | 1 | 19 | 34 | 64 | 117 | 235 |
| Fixed Assets | 0 | 10 | 13 | 17 | 19 | 53 |
| CWIP | 0 | 0 | 0 | 3 | 21 | 23 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 1 | 9 | 22 | 44 | 77 | 159 |
| Total Assets | 1 | 19 | 34 | 64 | 117 | 235 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 0 | -6 | 0 | 0 | -17 | -28 |
| Cash from Investing Activity | 0 | -2 | 0 | -8 | -24 | -39 |
| Cash from Financing Activity | 0 | 8 | 0 | 8 | 40 | 75 |
| Net Cash Flow | 0 | 0 | 0 | 0 | 0 | 7 |
| Free Cash Flow | 0 | -16 | -4 | -9 | -39 | -66 |
| CFO/OP | — | -720 | 3 | 8 | -74 | -96 |

### Ratios

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | — | 60 | 71 | 101 | 110 | 131 |
| Inventory Days | — | 32 | 106 | 162 | 185 | 191 |
| Days Payable | — | 0 | 11 | 69 | 33 | 78 |
| Cash Conversion Cycle | — | 92 | 166 | 195 | 263 | 245 |
| Working Capital Days | — | 125 | 97 | 115 | 172 | 201 |
| ROCE % | — | 6 | 26 | 31 | 24 | 15 |

## Shareholding Pattern

### Quarterly

| Category | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- |
| Promoters | 48.11% | 48.11% | 48.11% | 32.64% |
| FIIs | 3.49% | 2.22% | 2.2% | 2% |
| DIIs | 0% | 0% | 0% | 3.29% |
| Government | 0% | 0% | 0% | 0% |
| Public | 32.86% | 33.7% | 36.37% | 47.41% |
| Others | 15.54% | 15.97% | 13.32% | 14.67% |
| No. of Shareholders | 1291 | 1383 | 1740 | 2819 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 2 / 5 / 12

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 41.56 | Sell |
| EMA (10) | 41.48 | Sell |
| SMA (20) | 41.64 | Sell |
| EMA (20) | 41.7 | Sell |
| SMA (50) | 41.97 | Sell |
| EMA (50) | 43.58 | Sell |
| SMA (100) | 49.87 | Sell |
| EMA (100) | 50.54 | Sell |
| SMA (200) | 66.18 | Sell |
| EMA (200) | 65.53 | Sell |

### Oscillators — summary: **Neutral**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 43.97 | Neutral |
| MACD (12,26,9) | -0.32 | Sell |
| Stochastic (14,3,3) | 31.76 | Neutral |
| ADX (14) | 13.32 | Neutral |
| Williams %R (14) | -82.08 | Buy |
| ATR (14) | 2.25 | High Volatility |
| ROC (12) | -7.65 | Sell |
| Stoch RSI (14) | 11.1 | Buy |
| UO (7,14,28) | 45.76 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 9 April 2026 - Investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written … | [Price movement 9 April 2026 - Investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written …](https://www.nseindia.com/companies-listing/corporate-filings-announcements?symbol=IEML&tabIndex=sme) |
| 8 Sep - Newspaper publication for 6th AGM on September 30, 2026 at 12:00 Noon in Mumbai. | [Copy of Newspaper Publication 8 Sep - Newspaper publication for 6th AGM on September 30, 2026 at 12:00 Noon in Mumbai.](https://nsearchives.nseindia.com/corporate/INDIANEMULSIFIERS_08092026210026_Copy_of_Newspaper_Ad_IEML.pdf) |
| 8 May 2026 - Compliance certificate confirms SDD maintained; 7 of 7 required events captured, no noncompliance for FY2025-26. | [Structural Digital Database 8 May 2026 - Compliance certificate confirms SDD maintained; 7 of 7 required events captured, no noncompliance for FY2025-26.](https://nsearchives.nseindia.com/corporate/INDIANEMULSIFIERS_08052026122849_Annexure_I_SDD_BY_PCS.pdf) |
| 8 April 2026 - Submitted Regulation 74(5) certificate for quarter ended March 31, 2026. | [Certificate under SEBI (Depositories and Participants) Regulations, 2018 8 April 2026 - Submitted Regulation 74(5) certificate for quarter ended March 31, 2026.](https://nsearchives.nseindia.com/corporate/INDIANEMULSIFIERS_08042026144424_IEML_74_5_.pdf) |
| 7 Sep - 06th AGM on 30 September 2026; FY2025-26 annual report submitted. | [Shareholders meeting 7 Sep - 06th AGM on 30 September 2026; FY2025-26 annual report submitted.](https://nsearchives.nseindia.com/corporate/INDIANEMULSIFIERS_07092026150729_Submission_of_AR_IEML.pdf) |
| 6 June 2026 - FY26 revenue rose 57% to ₹159.87 crore; PAT rose 21.83% to ₹16.20 crore; greenfield C3 operational by FY27. | [Analysts/Institutional Investor Meet/Con. Call Updates 6 June 2026 - FY26 revenue rose 57% to ₹159.87 crore; PAT rose 21.83% to ₹16.20 crore; greenfield C3 operational by FY27.](https://nsearchives.nseindia.com/corporate/INDIANEMULSIFIERS_06062026202003_H2FY26_Earnings_Call_Transcript.pdf) |
| 5 May 2026 - Promoters disclosed no encumbrance on company shares during FY2026. | [Disclosure under SEBI Takeover Regulations 5 May 2026 - Promoters disclosed no encumbrance on company shares during FY2026.](https://nsearchives.nseindia.com/corporate/team_bbodade_15042026165820_IEML.pdf) |
| 4 Sep - Board approved 6th AGM notice, annual report, and appointed cost and internal auditors on September 4, 2026. | [Outcome of Board Meeting 4 Sep - Board approved 6th AGM notice, annual report, and appointed cost and internal auditors on September 4, 2026.](https://nsearchives.nseindia.com/corporate/INDIANEMULSIFIERS_04092026171745_Outcome_of_BM.pdf) |
| 4 May 2026 - Postal ballot resolution passed on May 1, 2026 to increase authorised share capital and alter MoA. | [Shareholders meeting 4 May 2026 - Postal ballot resolution passed on May 1, 2026 to increase authorised share capital and alter MoA.](https://nsearchives.nseindia.com/corporate/INDIANEMULSIFIERS_04052026225453_IEMLScrutinizerReportNSE04052026.pdf) |
| 4 February 2026 - Appointed Ms. Joshna John Olivera as Company Secretary and Mr. Mandeep Pandey as Internal Auditor effective Feb 4, 2026. | [Outcome of Board Meeting 4 February 2026 - Appointed Ms. Joshna John Olivera as Company Secretary and Mr. Mandeep Pandey as Internal Auditor effective Feb 4, 2026.](https://nsearchives.nseindia.com/corporate/INDIANEMULSIFIERS_04022026194119_BMOutcome04022026.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/SME_AR_31683_IEML_2025_2026_A_22016447_07092026152954.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_28802_IEML_2024_2025_A_10177737_06092025181019.pdf) |
| from nse | [Annual Report 2024 from nse](https://archives.nseindia.com/annual_reports/SME_AR_25123_IEML_2023_2024_24082024152613.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Oct 2025 | [Concall - Oct 2025](https://nsearchives.nseindia.com/corporate/INDIANEMULSIFIERS_13102025135705_Presentation_Oct_2025.pdf) |
| Nov 2025 | [Concall - Nov 2025](https://nsearchives.nseindia.com/corporate/INDIANEMULSIFIERS_13112025223726_NSE_IEML_Transcript_November_2025.pdf) |
| May 2025 | [Concall - May 2025](https://nsearchives.nseindia.com/corporate/INDIANEMULSIFIERS_28052025150108_NSE_Transcript_March_2025.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T19:25:31.956Z.