NCL Industries Share Price ₹175 | P/E 6.4

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of NCL Industries

Quarter-by-quarter operating performance

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales +	419	435	441	391	433	419	355	330	341	383	338	345	343
Expenses +	366	396	378	352	376	370	319	297	322	362	288	296	307
Operating Profit	53	39	63	39	57	49	36	34	20	21	51	49	36
OPM %	13%	9%	14%	10%	13%	12%	10%	10%	6%	5%	15%	14%	11%
Other Income +	3	8	5	4	3	6	4	-7	5	8	4	-2	8
Interest	7	6	5	7	6	5	6	5	5	5	6	5	5
Depreciation	13	13	13	13	13	16	13	15	14	15	13	13	15
Profit before tax	36	27	49	23	42	34	21	7	6	9	36	29	23
Tax %	45%	60%	37%	39%	40%	28%	40%	62%	41%	28%	44%	32%	43%
Net Profit +	20	11	31	14	25	24	13	3	3	6	20	20	13
EPS in Rs	4.41	2.39	6.87	3.06	5.55	5.35	2.86	0.59	0.74	1.42	4.47	4.36	2.93

Financials of NCL Industries

Annual income statement trend

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales +	551	534	750	868	880	980	938	1,749	2,046	2,044	2,104	1,799	1,409
Expenses +	521	463	628	753	746	843	797	1,465	1,838	1,895	1,895	1,686	1,252
Operating Profit	29	70	122	115	134	137	140	284	208	149	209	113	157
OPM %	5%	13%	16%	13%	15%	14%	15%	16%	10%	7%	10%	6%	11%
Other Income +	5	5	2	4	7	6	3	7	11	19	18	10	18
Interest	41	37	31	32	32	37	32	22	25	27	24	24	21
Depreciation	31	26	25	25	35	45	42	41	45	48	56	56	57
Profit before tax	-38	12	67	62	74	61	69	228	150	93	148	43	97
Tax %	8%	28%	21%	11%	34%	23%	27%	35%	34%	51%	36%	41%
Net Profit +	-41	9	53	55	49	47	51	149	98	46	94	25	60
EPS in Rs	-11.68	2.55	14.45	14.88	10.86	10.36	11.24	32.87	21.70	10.17	20.83	5.61	13.18
Dividend Payout %	-9%	0%	14%	17%	23%	24%	1%	12%	14%	30%	19%	36%

Financials of NCL Industries

Capital structure and asset base

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	35	35	37	37	45	45	45	45	45	45	45	45	45
Reserves	108	118	160	190	416	454	483	620	699	730	810	819	850
Borrowings +	217	179	202	347	278	336	347	320	335	292	218	252	259
Other Liabilities +	247	258	224	210	224	260	278	314	392	441	469	532	493
Total Liabilities	607	590	623	784	962	1,095	1,153	1,299	1,472	1,508	1,542	1,648	1,647
Fixed Assets +	430	407	392	385	693	658	695	789	773	986	969	922	921
CWIP	7	2	11	152	33	90	90	61	171	28	39	148	220
Investments	0	0	0	0	0	0	0	30	50	35	51	50	46
Other Assets +	170	181	221	246	237	346	368	419	477	459	484	528	460
Total Assets	607	590	623	784	962	1,095	1,153	1,299	1,472	1,508	1,542	1,648	1,647

Financials of NCL Industries

Operating, investing and financing cash movement

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	-2	56	130	18	156	71	106	237	106	208	183	96
Cash from Investing Activity +	-5	4	-18	-161	-223	-69	-78	-136	-139	-101	-64	-111
Cash from Financing Activity +	7	-57	-97	133	70	4	-31	-52	-25	-83	-110	-5
Net Cash Flow	-0	3	15	-9	4	6	-4	49	-58	24	9	-20
Free Cash Flow	-10	55	112	-142	-66	2	27	101	-33	105	118	-18
CFO/OP	-7%	79%	107%	28%	128%	64%	89%	107%	73%	168%	103%	94%

Financials of NCL Industries

Working capital efficiency and return ratios

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	29	30	26	20	32	56	56	22	30	25	25	28
Inventory Days	261	242	256	199	240	214	327	173	186	240	217	290
Days Payable	226	191	99	126	146	184	197	121	103	144	110	177
Cash Conversion Cycle	64	82	183	93	127	87	186	75	114	122	132	141
Working Capital Days	-62	-63	-58	2	-5	-4	-16	-8	17	10	11	6
ROCE %	1%	14%	27%	19%	16%	12%	12%	27%	17%	11%	16%	7%

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