Indian Toners & Developers Ltd (523586)
Q2 FY27 results
📅 Next results: 30 Oct 2026 (board meeting)Indian Toners & Developers Ltd's board meets on 30 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Indian Toners' revenue was ₹36.2 Cr (-7.4% year on year, -20.8% on the previous quarter), and net profit ₹6.1 Cr (-22.2% year on year); the operating margin was 18.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹36.2 | -7.4% | -20.8% |
| Operating profit | ₹6.8 | -20.8% | -32.8% |
| Net profit | ₹6.1 | -22.2% | -20.0% |
| EPS (₹) | 1.17 | -22.5% | -20.4% |
| Operating margin | 18.9% | — | — |
📢 Recent Corporate Announcements
Indian Toners & Developers Ltd's Board of Directors passed a circular resolution on August 26, 2026, approving the direct listing of its entire paid-up equity share capital on the Main Board of the National Stock Exchange of India (NSE). The company is currently listed on BSE with a market capitalization of approximately ₹252 Cr. The Chairman, Managing Director, and Company Secretary have been authorized to execute and complete all required listing formalities with NSE.
- Circular Resolution No. 1 of FY 2026-2027 passed by Board on 26 August 2026
- Direct listing approved for entire paid-up equity share capital on the Main Board of NSE
- Chairman, MD, and Company Secretary authorized to sign listing agreement and file documentation
Indian Toners & Developers Limited (ITDL) held its 36th AGM, confirming a significant 21% growth in Profit After Tax (PAT) to Rs 27.23 crore for FY 2025-26. Shareholders approved an interim dividend of 60% (Rs 6.00 per share) as the final dividend for the year. The company reported revenue of Rs 65.81 crore, representing an 8.4% growth over the previous year. Management also confirmed the re-appointment of Chairman Sushil Jain for a three-year term and is currently exploring new projects for business diversification.
- Profit After Tax (PAT) increased by 21% to Rs 27.23 crore in FY 2025-26
- Revenue from operations grew by 8.4% to Rs 65.81 crore compared to the previous year
- Confirmed an interim dividend of 60% (Rs 6.00 per share) as the final dividend
- Chairman Sushil Jain re-appointed for a 3-year term effective August 16, 2026
- Profit Before Tax (PBT) stood at Rs 34.70 crore for the financial year
Indian Toners & Developers Ltd (ITDL) has officially commenced commercial trading of writing instruments and stationery products as of July 28, 2026. The company is importing premium pens and allied items from overseas manufacturers to market them in India under its own or permitted brands. Notably, this expansion requires no material capital expenditure and will be funded through existing resources and working capital. This move leverages ITDL's existing financial strength, including a net worth of ₹177 Cr and a debt-free balance sheet, to create new revenue streams.
- Commencement of commercial trading for writing instruments and stationery products on July 28, 2026.
- Strategic arrangements established with overseas manufacturers for the import of premium products.
- Expansion is being executed with no material capital expenditure, utilizing existing cash and working capital.
- New product lines will be marketed through a dedicated distribution network under the company's own brand.
- Diversification aims to supplement the core toner business which generated ₹147 Cr in TTM revenue.
Indian Toners & Developers Ltd has submitted its unaudited financial results for the quarter ended June 30, 2026. The company, which is India's largest compatible toner manufacturer with a 5,400 MTPA capacity, concluded its board meeting at 2:00 PM today. With a TTM revenue of Rs 147 Cr and a zero-debt balance sheet, the company continues to leverage its 'Supremo' and 'Racer' brands. Investors should monitor the detailed P&L for margin consistency against the TTM OPM of 21.1%.
- Board meeting for Q1 FY27 results concluded at 2:00 PM on July 28, 2026
- Total installed manufacturing capacity maintained at 5,400 MTPA across Rampur and Sitarganj units
- Promoter holding remains stable at 69.25% as per latest available data
- Company maintains a zero-debt status with a net worth of Rs 177 Cr
Indian Toners & Developers Ltd has scheduled a board meeting for July 28, 2026, to consider and approve the unaudited financial results for the quarter ended June 30, 2026. The company currently operates with a TTM revenue of Rs 147 Cr and a strong operating margin of 21.1%. As a debt-free entity with a market cap of Rs 283 Cr, the upcoming results will provide clarity on whether the company is sustaining its 5-6% expected growth rate. This is a routine regulatory filing in compliance with SEBI (LODR) Regulations.
- Board meeting scheduled for July 28, 2026, at 11:30 a.m. in New Delhi
- Review of unaudited financial results for the quarter ended June 30, 2026
- Company maintains a TTM revenue base of Rs 147 Cr
- Current debt-to-equity ratio stands at 0.00 with a net worth of Rs 177 Cr
Indian Toners & Developers Ltd concluded its 36th Annual General Meeting (AGM) on July 13, 2026, where shareholders confirmed the interim dividend of ₹6.00 per equity share as the final dividend for FY 2025-26. The meeting saw the re-appointment of Sh. Sushil Jain as Whole Time Director for a 3-year term and Sh. Satyendra Paroothi for a 2-year term. All resolutions, including the adoption of audited financial statements for the year ended March 31, 2026, were passed with the requisite majority. The company also submitted an explanation for a two-day delay in filing these proceedings, attributing it to technical oversight.
- Confirmed interim dividend of ₹6.00 per equity share as the final dividend for FY 2025-26
- Re-appointed Sh. Sushil Jain as Whole Time Director for a 3-year term effective August 16, 2026
- Re-appointed Sh. Satyendra Paroothi as Whole Time Director for a 2-year term effective May 27, 2026
- Re-appointed Sh. Sanjay Gupta as Independent Director for a second 5-year term effective June 22, 2026
- The 36th AGM was held on July 13, 2026, and concluded within 60 minutes
Indian Toners & Developers concluded its 36th Annual General Meeting on July 13, 2026, where shareholders approved all six proposed resolutions. A key outcome for investors is the confirmation of the ₹6.00 per share interim dividend as the final dividend for FY 2025-26. The company also secured approval for the re-appointment of Sh. Sushil Jain as Whole Time Director for a three-year term and Sh. Satyendra Paroothi for two years. Notably, the Statutory and Secretarial Audit reports were presented without any qualifications, indicating a clean compliance record.
- Confirmed interim dividend of ₹6.00 per equity share as the final dividend for the financial year 2025-26
- Re-appointed Sh. Sushil Jain as Whole Time Director for a 3-year term effective August 16, 2026
- Re-appointed Sh. Satyendra Paroothi as Whole Time Director for a 2-year term effective May 27, 2026
- Re-appointed Sh. Sanjay Gupta as Independent Director for a second 5-year term effective June 22, 2026
- Statutory and Secretarial Audit reports for the year ended March 31, 2026, contained zero qualifications
Indian Toners & Developers has finalized the administrative steps for its 1:5 stock split, receiving the new ISIN INE826B01026 from NSDL and CDSL. Each equity share with a face value of ₹10 will be sub-divided into five shares with a face value of ₹2 each. The record date for this corporate action is July 17, 2026. This adjustment is purely technical and aimed at improving share liquidity without changing the company's fundamental valuation.
- Sub-division of 1 equity share of face value ₹10 into 5 equity shares of face value ₹2 each
- Record date for the stock split is fixed as July 17, 2026
- New ISIN INE826B01026 activated by CDSL on July 09, 2026, and confirmed by NSDL on July 13, 2026
- The sub-division will take effect under the new ISIN starting from the record date
Financial Performance
Revenue Growth by Segment
The company operates in a single business segment: manufacturing of toner. Revenue for FY25 was INR 158 Cr, representing a slight decline from INR 162 Cr in FY24, but is projected to grow at 5-6% annually over the medium term.
Geographic Revenue Split
Domestic sales account for the majority of revenue, supported by a network of 120+ distributors and 600+ dealers. Exports contribute significantly, with products reaching over 20 countries, including a sole distributorship in Singapore.
Profitability Margins
Operating margins have remained stable at 21% for both FY24 and FY25. Net profit is supported by a nearly debt-free status, resulting in negligible finance costs. Profit before tax for FY25 stood at INR 33.51 Cr.
EBITDA Margin
Operating margin (EBITDA equivalent) is sustained at 21%. This stability is driven by the imposition of anti-dumping duties on imports, which allows for better domestic realization despite intense competition.
Capital Expenditure
The company has no major planned capital expenditure over the medium term as it recently increased production capacity to 5,400 MTPA. Historical expansion was funded through internal accruals, maintaining a debt-free balance sheet.
Credit Rating & Borrowing
Crisil A-/Stable (Long Term) and Crisil A2+ (Short Term) reaffirmed in December 2025. The company maintains nil gearing and has a negligible interest burden due to its debt-free status.
Operational Drivers
Raw Materials
Environmentally friendly raw materials including resins, pigments, and additives, which typically constitute 50-60% of the total cost structure.
Import Sources
Raw materials are primarily imported from advanced industrial nations including Japan, Germany, South Korea, and the USA to ensure high-quality standards for compatible toners.
Key Suppliers
Not specifically named in the documents, but sourced from specialized chemical manufacturers in Japan, Germany, Korea, and the USA.
Capacity Expansion
Current installed capacity is 5,400 MTPA across two units (Rampur and Sitarganj). This is an increase from the 3,600 MTPA capacity reported in 2017.
Raw Material Costs
Raw material costs are sensitive to foreign exchange fluctuations and import price parity. The company uses an indigenous approach to global product formulations to manage costs and gain market share.
Manufacturing Efficiency
High efficiency is achieved through 6 automated production lines (600 MT each) and 1 exclusive R&D line recognized by the Government of India.
Logistics & Distribution
Distribution is handled through a PAN-India network of 120+ distributors, 600+ dealers, 1,500 refillers, and 44,000 photocopy outlets.
Strategic Growth
Expected Growth Rate
5-6%
Growth Strategy
Growth will be driven by increasing the market share of in-house brands (Supremo, Racer), expanding the product portfolio to include compatible toners for HP, Samsung, and Brother, and leveraging the extended anti-dumping duty on imports from China, Malaysia, and Taiwan through 2030.
Products & Services
Compatible Black and Color Toners for Laser Printers, Digital Multi-function Printers (MFPs), and Analogue Copiers.
Brand Portfolio
Supremo (flagship), Formula, Racer, and ITDL Colour Premium.
New Products/Services
Recently launched compatible laser toners for HP, Samsung, and Brother, and copier toners for Toshiba E-studio machines.
Market Expansion
Focusing on increasing the share of own-branded sales vs. bulk sales to improve profitability and expanding export footprints beyond the current 20 countries.
Market Share & Ranking
India's largest compatible toner manufacturer with the single largest market share in the domestic organized segment.
Strategic Alliances
The company previously amalgamated its subsidiary I.T.D.L. Imagetec Ltd. to consolidate operations and improve financial flexibility.
External Factors
Industry Trends
The Indian toner market (production + imports) is approximately 7,000 MTPA, growing at 6-7% annually. The industry is shifting toward color toners and chemically produced toners (CPT), where ITDL has already developed coating technologies.
Competitive Landscape
Faces intense competition from the unorganized sector and low-priced imports from China and Malaysia. Key differentiator is the organized distribution network and brand reliability.
Competitive Moat
Moat is built on being the largest domestic manufacturer with a strong brand (Supremo), high-quality automated German/Swiss manufacturing, and R&D capabilities. This is sustained by the regulatory protection of anti-dumping duties.
Macro Economic Sensitivity
Sensitive to the growth of the Indian economy and the performance of the 20+ international markets it exports to.
Consumer Behavior
Increased demand for 'aftermarket' or compatible toners (which hold ~25% of the global 225,000 TPA market) as consumers seek cost-effective alternatives to original equipment manufacturer (OEM) supplies.
Geopolitical Risks
Trade barriers and anti-dumping duties are critical; the current duty on black toner from China, Malaysia, and Taiwan is a significant protective factor for domestic revenue.
Regulatory & Governance
Industry Regulations
Heavily influenced by the Ministry of Commerce and Industry regarding Anti-Dumping Duties on black toner in powder form, which have been extended to 2030.
Environmental Compliance
Uses environmentally friendly raw materials sourced from advanced countries; specific ESG compliance costs are not disclosed.
Taxation Policy Impact
The company is subject to standard Indian corporate tax rates; fiscal performance is aided by the government's imposition of anti-dumping duties on competing imports.
Legal Contingencies
No significant fraud or material legal non-compliances were reported for the year ended March 31, 2025.
Risk Analysis
Key Uncertainties
The primary uncertainty is the potential removal of anti-dumping duties in 2030, which could lead to a 15-20% impact on realizations if low-priced imports regain market share.
Geographic Concentration Risk
While exporting to 20 countries, the company has a high concentration in the Indian domestic market, which is its primary revenue driver.
Third Party Dependencies
High dependency on specialized raw material suppliers from Japan, Germany, and the USA for maintaining product quality.
Technology Obsolescence Risk
High risk as a single-product company; any major shift in printing technology (e.g., inkjet dominance or fully digital workflows) could render current toner manufacturing assets obsolete.
Credit & Counterparty Risk
Receivables quality is considered high, supported by a diverse distributor base; the company maintains a healthy TOL/TNW ratio of 0.11-0.12 times.
