RATING

RECOMMENDATION

Neutral

  • ROFR Required
  • Available in Depository:

  • NSDL

  • CDSL

  • Available for Investment:

  • Primary

  • Secondary

RATING

RECOMMENDATION

Neutral

Business Type

Traditional Business

RATING

RECOMMENDATION

Neutral

Business Type

Traditional Business

Discover and get a complete analysis on Indofil Industries Limited - Management, Business Model, Financials, Growth, Valuations, Funding Rounds, News and get the latest updates on Indofil Upcoming IPO.

ISIN

INE071I01016

Face Value

₹10.00

Total Share

2,29,58,222

Total Income

₹2,440.82 Cr

Profit After Tax

₹66.94 Cr

EPS

₹31.40

P/E

24.68

P/B

0.92

Market Capitalisation

₹1,779.26 Cr

Enterprise Value

₹2,244.08 Cr

Book Value

₹844.95

Intrinsic Value

₹1,004.00

Dividend Yield

1.34 %

Earnings Yield

4.05 %

Sector

Materials

Sub-sector

Fertilizers & Agro Chemicals

Category

Delisted

Cashflow - Operations

₹762.50 Cr

Cashflow - Financing

-₹537.70 Cr

Indofil Industries Limited Growth

Compounded Sales Growth

  • 9.66%

    1 Year

  • 5.88%

    3 Year

  • 7.18%

    5 Year

Pro Only

Compounded Profit Growth

  • -29.36%

    1 Year

  • -34.30%

    3 Year

  • -16.05%

    5 Year

Pro Only

Return On Equity

  • 3.45%

    2021

  • 10.47%

    2019

  • 21.68%

    2017

Pro Only

About Indofil Industries Limited

  • Indofil Chemicals Ltd. was incorporated in 1962 as a subsidiary of Rohm & Haas Co., USA. Indofil Industries Limited is uniquely placed both in agricultural chemicals (ABD)  as well as specialty and performance chemicals (SPCD) business. As a part of K.K. Modi group, the company operates as an integrated multi-product chemical company, manufactures and distributes agrochemicals, and specialty and performance chemicals in India. It operates through three segments: agrochemicals, specialty and performance chemicals, and investments. The company offers fungicides, insecticides, herbicides, acaricides, plant growth regulators, surfactants, plant nutrition products, etc. It also provides specialty performance chemicals for leather, plastic, textile, paints, coatings, and construction industries; and offers solutions to help farmers. The company primarily sells its products through distributors and dealers.
  • The company has its export presence in more than 60 countries as suppliers of mancozeb formulations. In India, the company is successful in strategic marketing of insecticides including igr's, fungicides (mancozeb, tricyclazole, zineb, etc.), bactericides, herbicides, acaricides, surfactants, and plant growth regulators (PGR). The company is driven by "crop care concept" in agriculture business. 
  • The company operates its one manufacturing unit at Thane, India and 3 manufacturing units at Dahej, India.
  • The company was founded in 1962 and is based in Thane, India.

  • Indofil Industries Limited Merger & Acquisition

Acquisition

  • On March 5, 2012, Indofil Industries Ltd. acquired European Dithane fungicide business of Dow AgriSciences LLC for approximately $50 million. The agreement only includes Dithane products sold in Europe and does not include other parts of the Dow AgroSciences’ Dithane business. Mayer Brown LLP acted as legal advisor for Dow AgroSciences LLC. Simon Fielder and Nipun Gupta of Bird & Bird acted as legal advisor and Yes Bank acted as financial advisor to Indofil.
  • Indofil Industries Limited Subsidiaries

Company's subsidiaries are:

  • Good Investment (India) Ltd.
  • Quick Investment (India)Ltd.
  • Indo Baijin Chemicals Pvt. Ltd.
  • Indofil Bangladesh Industries Pvt. Ltd.
  • Indofil Costa Rica S.A.
  • Indofil Industries (Netherlands) B.V.
  • Indofil Industries (International)
  • Indofil Industries DO Brasil LTDA
  • Indofil Philippines Inc.
  • Agrowin Bioscience 
  • PT Industries Indonesia 
  • Finkotech Pvt. Ltd.

Indofil Industries Limited Business Model

  • Indo Baijin Chemicals Pvt. Ltd. - The company is primarily involved in manufacturing and supply of carbon disulphide.
  • Indofil Philippines Inc. - It is involved in manufacturing of agrochemical products.
  • Agrowin Bioscience - Manufacturer of crop protection and plant nutrients.
  • Indofil Industries Limited Revenue Segmentation

  • Agrochemical
  • Specialty and Performance Chemicals
  • Indofil Industries Limited Product & Services

Products of the company are:

  • Agro Chemicals
  • Specialty & Performance chemicals
  • Indofil Industries Limited Assets

Assets as on 31 March, 2021:


Total Assets 

Particulars

Amount (in Rs. crores)

Freehold Land1.77
Buildings232.53
Road and Culvert4.03
Office Equipment2.07
Computers1.24
Vehicles2.64
Plant and Machinery393.69
Furniture and Fixture1.81


  • Indofil Industries Limited Industry Overview

Industry Statistics

  • According to IBEF, Indian chemical industry stood at USD 178 bn in 2019 and is expected to reach USD 304 bn by 2025 registering a CAGR of 9.3%. The specialty chemicals market was valued at INR 3,159.22 bn in FY 2020 and is expected to reach INR 6,435.73 bn by FY 2025, expanding at a compound annual growth rate (CAGR) of ~15.87% during the FY 2021 – FY 2025 period. The growth is primarily attributable to the rise in demand from different end-user industries such as food processing, textile, automotive, paints and coatings, real estate, agriculture, and home and personal care
  • Under the specialty chemicals, agrochemicals such as pesticides and insecticides are specialty chemicals used in agriculture to protect the crop from pests and insects and enhance yield quality. As per EMR, the Indian agrochemicals market size reached a value of almost USD 4.5 bn in the year 2020 which is further expected to grow at a CAGR of 8.6% between 2021 and 2026 to reach a value of almost USD 7.4 billion by 2026. The growth is primarily driven by the rising population within the country, which has led to maintaining sufficiency in agricultural practices, further boosting the use of Indian agrochemical products for farming activities. The industry is positively influenced by the Indianization of the agrochemical industry, which has fuelled the sales of agrochemical products. Other factors affecting the growth of Indian agrochemical industry include an increase in the population growth, rising need for food production, and economic growth.
  • APAC leads the regional demand for agrichemicals due to the growing population, which is increasing the need for food production. Countries such as India, China, Indonesia, and Australia are the major consumers of crop protection chemicals in the region.  Additionally, agriculture is the mainstay of the Indian economy and constitutes around 14% of the country’s GDP. Also, the agricultural sector in India employs over 50% of the country’s workforce. India is the fourth-largest producer of agrichemicals. The Indian agrochemicals industry can be primarily divided into the following types: a. Insecticides b. Fungicides c. Herbicides. Insecticides account for a major share of 60% followed by fungicides and herbicides with a share of 18% and 16%, respectively
  • As per the industry analysts, agrochemical players are expected to see decent volume growth driven by favorable agronomics. However, higher input costs will continue to pressurize margin and thus we expect aggregate earnings growth of mid-single digit for our coverage universe. Market is expected to see stable demand for agri-input companies owing to favorable agronomic conditions. However, high raw material prices would continue to pressurize margins in the forecasted years. 
  • Competitive Landscape: Indian agrochemical market is highly diverse in nature and consists of around 800 formulators. The market has beheld acquisitions of many small firms by large manufacturers and also merging of small and large firms. Coromandel International, PI Industries, Sumitomo Chemical India, SRF, Aarti Industries and NOCIL are some of the key companies in this sector.

Future Prospects

  • The demand for specialty chemicals is expected to rise at a CAGR of 15.87% in FY20-25 from INR 3,159.22 bn in FY20 to INR 6,435.73 bn in FY25.
  • As per EMR, the Indian agrochemicals market in India is expected to grow at a CAGR of 8.6% between 2021-26 reaching USD 7.4 bn by 2026 from USD 4.5 bn by 2020.

Government Initiatives

  • The government has started various initiatives such as mandating BIS-like certification for imported chemicals to prevent dumping of cheap and substandard chemicals into the country.
  • The government recognizes chemical industry as a key growth element and forecast to increase share of chemicals sector to around 25% of the GDP by 2025.
  • Under the union budget 2021-22, the government allocated Rs. 233.14 crores to the Department of Chemicals and Petrochemicals.
  • The government has proposed several incentives for setting up a sourcing or manufacturing platform within an Indian SEZ including 100% income tax exemption on export income for sez units for first 5 years, 50% for next 5 years and 50% of ploughed back profits.
  • The government proposed single window clearance for central and state-level approvals.
  • The government proposed duty free import/domestic procurement of goods for development, operation and maintenance of SEZ units.

Indofil Industries Limited Strengths

  • Penetration: Company has consolidated and strengthened market share by expanding the footprint and penetration in key markets of Africa, Asia Pacific, and Latin American countries such as Brazil, Argentina and Mexico, which helps to mitigate the risk of diversification. 
  • The Company operates in both the B2B and B2C business segments and the international markets by which it has witnessed a significant rise in individual consumers. 

Indofil Industries Limited Shortcomings

  • Time consuming product registration process.
  • Low level of process awareness among farmers in respect of availability and use of advanced agrochemical products.

Indofil Industries Limited Opportunities

  • Agriculture reforms targeted at doubling farmer income over next five years.
  • Government’s support to improve consumption of agri inputs for improving crop yields.
  • Technology dissemination in rural India through JAM (Jan Dhan, Aadhar enablement and Mobile penetration) to improve farmer’s connectivity and improve marketing opportunities.

Indofil Industries Limited Threats

  • The average farmer in India lacks proper knowledge of agronomy and relies mostly on skills and knowledge gained through experience or on product recommendations from agro-input retailers.
  • Agrochemical consumption in India is represented by high usage of generic molecules, some of which have been continuously used for decades.
  • The Pesticide Management Bill 2020, proposes limited interventions in areas like research and development of new molecules which could hamper the growth of the industry to a certain extent.
Indofil Industries Limited Rating

  • RECOMMENDATION

    Neutral

  • Indofil Industries Limited Detail Info

Industry Statistics

PUBLIC LIMITED

Registered In

India

last Updated

11/05/2022

Registered Date

09/02/1993

Planify Ticker

Indofil

Reg Office: Kalpataru Square, 4th Floor, Off Andheri Kurla Road, Andheri (East) Mumbai - 400059

Visit Website

Frequently Ask Questions

Indofil Industries Limited has expressed no intention of raising funds through IPO

The face value of the Indofil Industries Limited share is Rs. 10

Yes, the Indofil Industries Limited expected to make good profits in the future

Dr. Bina Modi is the chairperson and managing director of Indofil Industries Limited.

Dr. Bina Modi is the owner of Indofil Industries Limited.

We recommend a Buy rating on Indofil Industries Limited Shares.

The total profit of the Indofil Industries Limited is Rs. 66.9 Cr. in FY21.

'stock_name_auto' operates in both B2B and B2C business segments and the international markets by which it has witnessed a significant rise in individual consumers.

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