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NOCIL Limited
(NOCIL)
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Rating:65Neutral
Price Target:
₹199.00
▲(20.46% Upside)
Action:Reiterated
Date:09/09/26
The score is primarily supported by NOCIL’s very strong, low-debt balance sheet and improved 2026 cash generation, which reduce downside financial risk. This is partially offset by deteriorating recent operating performance (multi-year revenue declines and sharp margin/net income compression) and a demanding valuation (high P/E with low yield). Technicals are constructive with an uptrend, but overbought signals temper the near-term outlook.
Positive Factors
Exceptionally low leverage
NOCIL’s exceptionally low leverage provides meaningful resilience during industry downturns because limited debt reduces refinancing and interest burdens. The strong equity base also preserves flexibility to fund operations, maintain capacity, or pursue investment without relying heavily on external financing.
Negative Factors
Multi-year revenue decline
Three consecutive years of revenue decline indicate sustained weakness in sales volumes, pricing, product mix, or end-market demand rather than a single reporting-period disruption. Continued contraction could reduce operating scale, weaken customer momentum, and limit the company’s ability to absorb fixed costs.
Read all positive and negative factors
Positive Factors
Negative Factors
Exceptionally low leverage
NOCIL’s exceptionally low leverage provides meaningful resilience during industry downturns because limited debt reduces refinancing and interest burdens. The strong equity base also preserves flexibility to fund operations, maintain capacity, or pursue investment without relying heavily on external financing.
Read all positive factors
NOCIL Limited (NOCIL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹28.69B
Dividend Yield0.81%
Average Volume (3M)47.55K
Price to Earnings (P/E)46.7
Beta (1Y)1.00
Revenue Growth0.96%
EPS Growth-28.98%
CountryIN
Employees769
SectorGeneral
Sector StrengthN/A
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)3.96
Shares Outstanding167,024,930
10 Day Avg. Volume38,944
30 Day Avg. Volume47,546
Financial Highlights & Ratios
PEG Ratio-1.00
Price to Book (P/B)1.45
Price to Sales (P/S)1.97
P/FCF Ratio28.97
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹179.00Price Target Upside8.35% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)5.22
Revenue Forecast (FY)₹15.34B
NOCIL Limited Business Overview & Revenue Model
Company Description
NOCIL Limited is a prominent manufacturer and supplier of specialized chemicals catering to India's tire and broader rubber processing sectors. The company's extensive product range includes various additives like vulcanization accelerators, anti-...
How the Company Makes Money
NOCIL makes money primarily by manufacturing and selling rubber chemicals (specialty additives) to customers that compound rubber for tires and other rubber goods. Its core revenue model is product sales: (1) Rubber accelerators: chemicals sold to...
NOCIL Limited Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
86
Very Positive
Cash Flow
63
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 13.70B | 13.03B | 13.93B | 14.37B | 16.17B | 15.61B |
| Gross Profit | 4.54B | 3.88B | 5.95B | 5.88B | 7.29B | 7.02B |
| EBITDA | 1.46B | 1.01B | 1.37B | 2.34B | 2.59B | 2.89B |
| Net Income | 661.30M | 556.30M | 1.03B | 1.33B | 1.49B | 1.76B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 21.11B | 20.57B | 20.15B | 18.57B | 18.30B |
| Cash, Cash Equivalents and Short-Term Investments | 3.39B | 3.42B | 2.73B | 3.73B | 2.30B | 297.80M |
| Total Debt | 0.00 | 80.40M | 103.00M | 131.30M | 97.90M | 55.20M |
| Total Liabilities | -17.73B | 3.37B | 2.95B | 3.17B | 3.05B | 3.85B |
| Stockholders Equity | 17.73B | 17.73B | 17.62B | 16.99B | 15.52B | 14.45B |
Cash Flow | ||||||
| Free Cash Flow | 325.20M | 885.70M | -969.90M | 1.66B | 2.52B | -664.40M |
| Operating Cash Flow | 1.36B | 2.62B | 255.60M | 2.01B | 2.82B | -302.20M |
| Investing Cash Flow | -1.05B | -2.22B | -369.50M | -773.60M | -2.17B | 311.60M |
| Financing Cash Flow | -358.90M | -379.30M | -502.10M | -553.00M | -537.70M | -336.00M |
NOCIL Limited Technical Analysis
Positive
165.20
Price Trends
167.95
Positive
169.18
Positive
159.62
Positive
Market Momentum
2.55
Negative
73.65
Negative
80.52
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:NOCIL, the sentiment is Positive. The current price of 165.2 is below the 20-day moving average (MA) of 167.00, below the 50-day MA of 167.95, and above the 200-day MA of 159.62, indicating a bullish trend. The MACD of 2.55 indicates Negative momentum. The RSI at 73.65 is Negative, neither overbought nor oversold. The STOCH value of 80.52 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:NOCIL.
NOCIL Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | ₹25.35B | 11.24 | ― | 3.99% | 8.79% | 27.51% | |
76 Outperform | ₹48.27B | 11.29 | ― | 0.73% | 26.14% | 223.49% | |
68 Neutral | ₹16.59B | 22.88 | ― | 0.39% | 15.65% | 7.88% | |
65 Neutral | ₹28.69B | 46.73 | ― | 0.81% | 0.96% | -28.98% | |
62 Neutral | ₹37.99B | 0.61 | ― | 0.10% | 10.71% | 2756.39% | |
58 Neutral | ₹35.71B | 29.36 | ― | 0.30% | 48.57% | 57.30% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:NOCIL
NOCIL Limited
185.15
2.90
1.59%
IN:KIRIINDUS
Kiri Industries Limited
586.90
45.50
8.40%
IN:POCL
Pondy Oxides & Chemicals Ltd.
469.60
-17.78
-3.65%
IN:SHREEPUSHK
Shree Pushkar Chemicals & Fertilisers Ltd.
510.55
182.54
55.65%
IN:SOTL
Savita Oil Technologies Limited
681.10
281.81
70.58%
IN:VEEDOL
Veedol Corp. Ltd
1,454.30
-125.37
-7.94%
NOCIL Limited Corporate Events
NOCIL Appoints Deloitte as New Statutory Auditor for Five-Year Term
Sep 1, 2026
NOCIL Limited has approved the appointment of Deloitte Haskins Sells Chartered Accountants LLP as its new statutory auditor for a five-year term, starting after the company’s 65th annual general meeting scheduled for July-August 2027 and ru...
NOCIL Shareholders Approve 2025-26 Accounts at Fully Digital AGM
Aug 3, 2026
NOCIL Limited held its 64th Annual General Meeting on August 3, 2026 via video conferencing, with the registered office in Mumbai deemed as the venue. The company partnered with NSDL to provide remote e-voting, live e-voting during the AGM, and vi...
NOCIL Strengthens Board with New Independent Directors and Chairman’s Reappointment
Aug 3, 2026
NOCIL Limited’s shareholders have approved the appointment of two new independent directors, Sanjiv Lal and Sabyaschi Patnaik, each for a five-year term beginning 7 May 2026 and ending 6 May 2031. The company also secured shareholder approva...
NOCIL Alerts Shareholders on Tax Deduction Rules for FY26 Dividend
Jun 9, 2026
NOCIL Limited has notified stock exchanges that it has emailed shareholders an intimation regarding tax deduction at source on a proposed dividend of Rs 1.50 per equity share for FY 2025-26, recommended by its board and subject to approval at the ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.