Indian Emulsifiers Limited (IEML)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Indian Emulsifiers' revenue was ₹83.0 Cr (+66.0% year on year, +7.8% on the previous half-year), and net profit ₹6.0 Cr (+0.0% year on year); the operating margin was 13.3%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹83.0 | +66.0% | +7.8% |
| Operating profit | ₹11.0 | +22.2% | -27.1% |
| Net profit | ₹6.0 | +0.0% | -41.6% |
| EPS (₹) | 3.23 | -6.4% | -61.5% |
| Operating margin | 13.3% | — | — |
IEML delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 91.59% of the IEML shares traded on NSE were taken to delivery, against the stock's own 20-session average of 93.84%. That is close to its usual level. Turnover was only ₹23 lakh, so a handful of trades can move this figure. It closed at its upper price band (circuit) on 16 Oct, one of 14 band closes in about the last 20 sessions. 6 bulk or block deals were reported in IEML in the last 60 days: ₹3 Cr bought and ₹2 Cr sold.
Delivery in the last 5 sessions: 98.6% · 94.5% · 97.6% · 95.8% · 91.6%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 14 Oct | Sell | Niraj Umesh Joshi | ₹0.40 Cr | ₹39.06 | 103,000 | Bulk |
| 14 Oct | Sell | Dashrath Dhakalu Gotarane | ₹0.35 Cr | ₹38.16 | 92,000 | Bulk |
| 1 Oct | Buy | Yash Dasharath Gotarane | ₹1.49 Cr | ₹56.05 | 266,000 | Bulk |
| 1 Oct | Sell | Manoj Agarwal Huf | ₹1.02 Cr | ₹56.05 | 182,500 | Bulk |
| 30 Sep | Buy | Niraj Umesh Joshi | ₹0.55 Cr | ₹53.07 | 104,000 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Indian Emulsifiers Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Share Transfer Agent Maashitla Securities confirms that securities received for dematerialisation were processed and confirmed within 15 days. Security certificates were cancelled after verification and member registers updated accordingly. This is a standard administrative compliance filing with no impact on business operations or financials.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
- Covers the quarterly period ended September 30, 2026
- Issued by Registrar and Share Transfer Agent Maashitla Securities Private Limited on October 01, 2026
- Confirms demat requests were verified, cancelled, and updated within 15 days of receipt
Indian Emulsifiers Limited declared the voting results of its Annual General Meeting held on September 30, 2026. All 10 resolutions were approved by shareholders with the requisite majority, with overall voter turnout at 34.12% of total shares. Passed items include the adoption of FY26 financial statements, approval of material related-party transactions, an increase in authorized share capital, and redesignation of Abhay Tikekar as Executive Director. Notably, related-party resolutions saw non-promoter opposition with only 54.14% public votes cast in favour.
- All 10 resolutions passed at the AGM held on September 30, 2026
- Overall voter turnout was 34.12% (62,55,550 votes polled out of 1,83,33,222 total shares)
- Resolution to increase Authorised Share Capital passed with 98.01% approval (61,30,800 votes in favour)
- Material related-party transactions with Chemical Brothers Enterprises and YST Life Sciences passed with 54.14% approval among voting public shares (1,24,750 votes against)
Indian Emulsifiers Limited (IEML) executed a non-binding MoU on September 18, 2026, with Spice Lounge Food Works Ltd. for exclusive domestic offtake and distribution of food-grade emulsifiers. The proposed arrangement involves an indicative manufacturing volume of approximately 200 MT per month from IEML's upcoming production line. Spice Lounge internally estimates a cumulative distribution/retail revenue potential of ₹500 crore over three years, which compares significantly against IEML's TTM revenue of ₹262 crore. However, terms remain strictly non-binding, and no revenue will accrue until the definitive agreement is executed and the plant is commissioned.
- Non-binding MoU signed on September 18, 2026, for exclusive India offtake for an indicative period of 5 years.
- Proposed facility targets an indicative output capacity of approximately 200 MT per month.
- Counterparty internally estimates ₹500 crore in cumulative market revenue potential over the first 3 years.
- Proposed take-or-pay commercial model incorporates a raw-material pass-through mechanism.
Indian Emulsifiers Limited (IEML) has signed a non-binding MoU with Spice Lounge Food Works Limited for exclusive India offtake, branding, and distribution of its upcoming food-grade emulsifier range. The counterparty has internally estimated a cumulative consumer market revenue potential of approximately ₹500 crore over the first three years of operation. The arrangement covers the company's entire new manufacturing output of roughly 200 MT per month for a proposed tenure of 5 years from commissioning. Given IEML's TTM revenue of ₹262 crore, the annualized potential is significant, though core commercial and pricing terms remain non-binding until definitive agreements are signed.
- Non-binding MoU signed with Spice Lounge Food Works on September 18, 2026
- Counterparty internally estimates ₹500 crore cumulative revenue potential over the first 3 years
- Covers entire output of upcoming food-grade emulsifier line, estimated at ~200 MT per month
- Proposed arrangement tenure is 5 years from production line commissioning
- Definitive pricing, offtake terms, and payment security mechanisms are yet to be executed
Indian Emulsifiers Limited has issued the notice for its 6th Annual General Meeting scheduled for September 30, 2026, alongside submitting its Annual Report for FY25-26. The report highlights that FY26 revenue from operations reached ₹159.87 crore, a 57% year-on-year increase. Installed production capacity reached approximately 12,000 MTPA equivalent compared to 2,400 MTPA at the IPO stage. The company also confirmed ongoing construction of its Greenfield C3 manufacturing facility, targeted for operationalization by the end of FY27.
- Annual General Meeting scheduled for September 30, 2026 at 12:00 Noon in Mumbai
- FY26 revenue from operations grew 57% YoY to ₹159.87 crore
- Installed capacity scaled to ~12,000 MTPA equivalent (up from 2,400 MTPA at IPO stage)
- Greenfield manufacturing facility on Plot C3 is under construction and expected operational by end of FY27
- Completed a ₹48.88 crore Rights Issue in Nov 2025 (61,11,111 equity shares at ₹80 per share)
Indian Emulsifiers Limited held its Board Meeting on September 04, 2026, approving the notice for its 6th Annual General Meeting scheduled for September 30, 2026. The Board also approved the Directors' Report for FY26 along with annexures. Additionally, M/s. Narendra Peshne & Associates was appointed as the Cost Auditor and Mr. Mandeep B. Pandey as the Internal Auditor for FY 2026-27. These decisions are routine compliance and governance actions.
- 6th Annual General Meeting (AGM) scheduled for Wednesday, September 30, 2026
- Approval and adoption of the Board of Directors' Report for FY 2025-2026
- Appointment of M/s. Narendra Peshne & Associates as Cost Auditor for FY 2026-27
- Appointment of Mr. Mandeep B. Pandey (CFO) as Internal Auditor for FY 2026-27
Financial Performance
Revenue Growth by Segment
Total revenue from operations grew by 51.8% YoY, increasing from INR 66.68 Cr in FY24 to INR 101.23 Cr in FY25. Segment-specific growth percentages were not disclosed in the available documents.
Geographic Revenue Split
The company primarily operates in India but is expanding into Australia. The Australian subsidiary is expected to contribute significantly to future revenue, with Phase 1 and 2 aimed at increasing gross margins by 15% compared to domestic levels.
Profitability Margins
Gross margins currently range between 28% and 33%. The Net Profit Margin for FY25 was 13.1%, with Profit After Tax (PAT) rising 50.7% YoY to INR 13.30 Cr from INR 8.82 Cr in FY24.
EBITDA Margin
EBITDA margins are maintained in the range of 19% to 22%. Management expects this range to remain sustainable despite month-to-month fluctuations in product mix and operational factors.
Capital Expenditure
The company invested INR 39.17 Cr in Property, Plant, and Equipment (PPE) additions during FY25. This was primarily funded by IPO proceeds for the installation of new modern machineries and business expansion.
Credit Rating & Borrowing
Total borrowings as of March 31, 2025, stood at INR 25.59 Cr (INR 6.74 Cr non-current and INR 18.85 Cr current). The effective interest cost was approximately 9.4% based on a finance cost of INR 2.41 Cr for the year. Specific credit ratings were not disclosed.
Operational Drivers
Raw Materials
The company manufactures specialty chemicals and emulsifiers; however, specific chemical raw material names (e.g., specific fatty acids or alcohols) were not disclosed in the documents.
Import Sources
The company is sourcing/moving products through its Australian subsidiary to capture higher margins. Specific sourcing countries for raw materials were not explicitly listed.
Capacity Expansion
The company utilized IPO funds for the installation of new modern machineries to support a targeted 100% revenue growth. Specific capacity figures in MTPA were not disclosed.
Raw Material Costs
Cost of materials consumed was INR 74.27 Cr in FY25, representing 73.4% of total revenue. This reflects a 45.2% increase from INR 51.16 Cr in FY24.
Strategic Growth
Expected Growth Rate
100%
Growth Strategy
Growth will be achieved through a 100% revenue increase target for FY26, driven by the deployment of IPO funds into modern machinery, expansion of the product basket, and the operationalization of the Australian subsidiary (Phase 1 and 2) which is expected to boost gross margins to the 45% range.
Products & Services
The company manufactures and sells specialty chemicals and emulsifiers used in various industrial applications.
Brand Portfolio
Indian Emulsifiers Limited (IEML).
Market Expansion
Expansion into the Australian market via a subsidiary to capture an additional 15% gross margin by selling directly to end customers.
External Factors
Industry Trends
The industry is shifting toward specialized emulsifiers with higher margin profiles. IEML is positioning itself by modernizing its manufacturing base and expanding geographically to capture end-user margins.
Competitive Moat
The company's moat is built on its specialized product mix and its strategy to bypass intermediaries in international markets (Australia), which adds a 15% margin advantage that is difficult for domestic-only competitors to replicate.
Geopolitical Risks
The expansion into Australia introduces exposure to international trade regulations and cross-border logistics risks.
Regulatory & Governance
Industry Regulations
The company transitioned to Indian Accounting Standards (Ind AS) effective April 1, 2024. It must comply with Section 133 of the Companies Act 2013 and ICAI guidance notes on internal financial controls.
Taxation Policy Impact
The company recorded a current tax expense of INR 2.99 Cr in FY25 on a Profit Before Tax of INR 16.41 Cr, representing an effective tax rate of approximately 18.2%.
Legal Contingencies
INR 0. The company reported no pending litigations that would impact its financial position as of March 31, 2025.
Risk Analysis
Key Uncertainties
The primary uncertainty is the successful execution of the 100% revenue growth target for FY26 and the bottom-line performance of the Australian subsidiary, which will only be clear after March/April 2026.
Geographic Concentration Risk
Currently high concentration in India, with active diversification efforts into Australia to mitigate domestic market risks.
Third Party Dependencies
The company has sanctioned working capital limits exceeding INR 5 Cr from banks, indicating dependency on continued banking relationships for liquidity.
Technology Obsolescence Risk
The company is mitigating technology risks by installing 'new modern machineries' funded by its recent IPO.
