NOCIL Ltd (NOCIL)

Chemicals · Chemicals · NSE · Updated 2 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹169.95 ↓ 5.74% (1Y)

🎯 Key Takeaways

NOCIL Ltd is in a mature, stable phase with signs of operational recovery, supported by governance continuity and incremental financial improvement. The company maintains a conservative capital structure and consistent dividend policy, reflecting financial discipline.
Revenue grew 22% QoQ to ₹403 in Q1FY27.
⚠️ Low and declining ROE (3.7%) and ROCE (5.2%) suggest limited capital efficiency, which could constrain future profitability if not addressed through s

Market Cap

₹2,839

P/E Ratio

42.9

P/B Ratio

1.60

ROE

3.7%

ROCE

5.2%

Debt/Equity

0.00

Div Yield

0.88%

Promoter

33.8%

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📖 The Story

NOCIL Ltd is in a mature, stable phase with signs of operational recovery, supported by governance continuity and incremental financial improvement. The company maintains a conservative capital structure and consistent dividend policy, reflecting financial discipline. However, low ROE and ROCE indicate limited reinvestment efficiency, and share price performance has been flat over the past year.

📰 What's Happening

At the 64th Annual General Meeting on 3 August 2026, shareholders approved the reappointment of Executive Chairman Hrishikesh Mafatlal and two independent directors for five-year terms, reinforcing board stability. The board also approved unaudited Q1 FY2026 standalone financial results showing revenue of ₹403 crores, operating profit of ₹31 crores, and net profit of ₹27.76 crores — up sharply from ₹17 crores in Q4 FY2026. The limited assurance review confirmed no material misstatements, and subsidiary financials were reviewed with unmodified conclusions. Additionally, a dividend of ₹1.50 per share was declared, continuing the trend of dividend continuity.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	321	316	330	403
Operating Profit	9	13	7	31
OPM %	2.7%	4.1%	2.2%	7.8%
Net Profit	12	9	17	28
EPS	₹0.73	₹0.55	₹1.02	₹1.66

NOCIL has delivered a clear improvement in quarterly performance, with revenue rising from ₹316 crores in December 2025 to ₹403 crores in June 2026, accompanied by a significant jump in net profit from ₹9 crores to ₹27.76 crores. Operating margins expanded from 4.1% to 7.8% over the same period, driven by better cost and volume management. This upward trend aligns with management's focus on operational efficiency and market demand recovery, particularly in key segments like specialty chemicals. The consistent growth in EPS and profitability suggests a turnaround in execution, despite macroeconomic headwinds.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance in the reviewed filings, but the approval of Q1 FY2026 results with strong profitability and the continuation of dividend payouts signal confidence in sustained operational performance. The board's emphasis on governance continuity and regulatory compliance suggests a focus on stability and long-term resilience rather than aggressive expansion. Investors should monitor upcoming investor presentations or earnings calls for any strategic updates, as no formal outlook was disclosed in the available regulatory documents.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	167	167	167	167
Reserves	1,604	1,595	1,604	1,606
Borrowings	12	10	9	0
Total Liabilities	2,091	2,057	2,072	2,111
Fixed Assets	860	852	831	830
Investments	526	366	408	415
Total Assets	2,091	2,057	2,072	2,111

The balance sheet remains highly conservative, with zero net borrowings and equity of ₹167 crores supported by substantial reserves of ₹1,606 crores as of March 2026. Total assets grew modestly to ₹2,111 crores, indicating minimal capital expenditure or M&A activity. The absence of debt and strong equity base suggest that capital allocation is focused on preserving financial flexibility, with no aggressive reinvestment or deleveraging signaled. This prudent stance supports dividend sustainability but may limit growth acceleration without external financing.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	+252
Investing	-212
Financing	-38
Net Cash Flow	+2

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	33.8%	33.8%	33.8%	33.8%
FII	5.2%	4.5%	4.5%	4.8%
DII	6.6%	6.5%	7.9%	7.5%
Public	44.0%	45.2%	44.4%	43.9%
# Shareholders	1,64,817	1,62,167	1,65,835	1,61,342

Institutional investor interest has declined slightly, with FII holding decreasing from 5.15% in Q2 FY26 to 4.78% in Q1 FY27, while DII holdings rose from 6.56% to 7.47%. Promoter holding remains stable at 33.76%. The growing number of public shareholders (1,61,342) reflects retail engagement, but the modest outflow from FIIs may indicate reduced foreign interest. No promoter pledging or significant dilution is evident, suggesting shareholder stability, though foreign participation is softening.

⚖️ Peer Comparison — Chemicals

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
PIDILITIND	1.67 L Cr	63.2	33.4%	24.7%	0.01
SRF	76,535	35.4	15.6%	15.4%	0.36
LINDEINDIA	54,418	99.6	17.5%	12.8%	0.00
FLUOROCHEM	52,063	85.1	9.6%	7.7%	0.34
NAVINFLUOR	44,292	56.0	22.2%	19.9%	0.31
GODREJIND	38,842	33.0	9.2%	19.8%	4.57
HSCL	34,339	42.7	20.7%	17.1%	0.16
DEEPAKNTR	24,328	31.1	15.3%	13.4%	0.26
AETHER	22,349	94.8	13.8%	10.6%	0.08
AARTIIND	19,030	35.8	9.2%	9.5%	0.68

🔗 Peer Stock Analyses

PIDILITIND SRF LINDEINDIA FLUOROCHEM NAVINFLUOR

⚠️ Risk Factors

1. Low and declining ROE (3.7%) and ROCE (5.2%) suggest limited capital efficiency, which could constrain future profitability if not addressed through strategic reinvestment. 2. Flat share price performance over the past year and muted institutional foreign interest may reflect investor skepticism about growth prospects. 3. Heavy reliance on dividend continuity as a signal of health, with no disclosed growth initiatives, raises concerns about reinvestment capacity. 4. Despite improved quarterly results, the lack of forward guidance leaves uncertainty around sustainability of margin expansion and volume growth.

📋 Recent Filings

🧠 Analyst's Read

NOCIL shows signs of operational stabilization with improving profitability and margins, supported by strong governance and a conservative balance sheet, but lacks a clear growth narrative. Investors should watch for management commentary on demand trends, margin sustainability, and potential reinvestment plans to assess whether the current momentum can translate into long-term value creation.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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