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NOCIL Ltd

NOCIL

NSE

₹159.83-3.58%19 Oct 2026

Reports

Petrochemicals Polymers

NOCIL Ltd

NOCIL

NSE

₹159.83

-3.58%

19 Oct 2026

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Petrochemicals Polymers

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

NOCIL Limited is India’s largest maker of rubber chemicals - the invisible ingredients that stop tyres, gloves and hoses from cracking or wearing out too fast - and the only company in the world that sells the complete range under one roof. Part of the Arvind Mafatlal Group, it has been at this since 1961, building its first plant in Navi Mumbai in 1976 and adding a second, globally-scaled complex at Dahej in Gujarat in 2013. The recurring approach is simple: invest ahead of demand using its own cash, stay debt-free, and use technical depth and supply reliability to become the preferred non-Chinese supplier to tyre makers worldwide.

Business segments

Two engines, one platform - a core rubber-chemicals business that is the entire company, split between the domestic market where it dominates and an export business built on the world’s desire to buy from someone other than China.

1. Domestic rubber chemicals: the incumbent fortress

NOCIL is the dominant Indian supplier to tyre and rubber-goods makers, protected by long vendor-approval cycles and a plant-specific qualification process that takes up to 18 months for each customer.

One-stop shop with a captive moat - it is the only player globally offering the full range of 20-plus rubber chemical products, from accelerators that speed up tyre-making to anti-degradants that extend product life, so a customer can source everything from a single approved vendor.
Approval walls keep competitors out - tyre majors take six to 18 months to qualify a supplier on a plant-by-plant basis, and NOCIL already holds preferred-supplier status with most international tyre companies for their Indian operations, built over decades.
Technical service locks in relationships - a dedicated Marketing Technical Services team works alongside customers on rubber compounding, which turns a commodity sale into a collaborative partnership that is hard to walk away from.
Pricing power with a lag - the business is split between contracts and spot sales; contractual prices adjust with a delay when raw-material costs move, while non-contractual prices are revised immediately, giving it a tool to protect margins without losing volume.
Raw-material shift to local - since FY23 it has deliberately sourced more feedstock locally, cutting lead times and reducing exposure to the global shipping and currency swings that come with imported aniline and benzene derivatives.

2. Export rubber chemicals: the China-plus-one call option

NOCIL sells to over 40 countries from its Indian base, positioning itself as the dependable non-Chinese supplier in an industry where China controls roughly 80% of world production.

China is the problem and the opportunity - China makes four-fifths of the world’s rubber chemicals and dumps its surplus into global markets, but that dominance has made every tyre major hunt for alternative sources, and NOCIL is one of very few credible options outside China.
Speciality products carry the margin - in export markets it pushes high-value, high-quality speciality chemicals rather than competing on price for commoditised grades, maintaining a presence in select key accounts for the rest mainly to keep its plants full.
Low share means long runway - its market share in the US is in low single digits, so even modest inroads into Western markets that are actively sanctioning or avoiding Chinese imports can move the needle.
Antidumping shield at home helps abroad - it has filed an anti-dumping petition, now under investigation, for key products, which, if enforced, would curb cheap imports into India and strengthen its domestic cash engine while it builds export volumes.
Volume index tells the story - using a base of 100 set in early FY20, its volume index hit 150 in the March 2026 quarter, only the second time in its history, driven by converting long-standing international relationships into actual orders.

Group structure and partners

NOCIL is a promoter-led company within the Arvind Mafatlal Group, with one small wholly-owned subsidiary and a clean, debt-free holding structure after a 2021 amalgamation simplified the promoter shareholding.

Simplified promoter holding - in 2021 it absorbed two promoter holding companies, Suremi Trading and Sushripada Investments, into NOCIL itself, leaving the total share count unchanged and promoter ownership intact but removing a layer of cross-holdings.
One small subsidiary - PIL Chemicals Limited, wholly owned, runs a plant at Vapi in Gujarat making rubber chemicals and holds the same automotive and quality certifications as the parent, though it is tiny relative to NOCIL’s own operations.
Promoter-led board - the eight-member board includes an Executive Chairman and a Non-Executive Director from the promoter family, alongside a professional Managing Director and five independent directors.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Mkt Cap

Market Capitalization

₹2,656Cr

Close Price

₹159.01

Industry

Petrochemicals Polymers

Price To Earnings

40.15

Price To Sales

1.94

Revenue

₹1,370Cr

Rev Gr TTM

Revenue Growth TTM

0.96%

PAT Gr TTM

PAT Growth TTM

-28.95%

Upcoming Results on

29 Oct 2026

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	351	341	357	372	363	318	340	336	321	316	330	403
Growth YoY Revenue Growth YoY%	-9.8	4.6	-9.2	-6.2	3.4	-6.6	-4.7	-9.7	-11.6	-0.7	-2.8	19.9
Expenses ExpensesCr	306	292	312	331	325	294	305	306	298	289	309	358
Operating Profit Operating ProfitCr	45	49	45	41	38	24	34	31	22	27	21	45
OPM OPM%	12.9	14.3	12.5	11.0	10.4	7.5	10.1	9.1	7.0	8.5	6.4	11.2
Other Income Other IncomeCr	5	6	25	9	8	9	6	7	10	1	14	6
Interest Expense Interest ExpenseCr	0	1	0	0	1	0	0	0	0	0	0	0
Depreciation DepreciationCr	13	13	13	13	13	14	13	14	14	14	14	14
PBT PBTCr	37	41	56	37	32	19	26	23	19	13	21	37
Tax TaxCr	9	11	14	10	-10	6	5	6	6	4	4	9
PAT PATCr	27	30	42	27	42	13	21	17	12	9	17	28
Growth YoY PAT Growth YoY%	-24.0	61.1	46.7	-21.1	55.1	-57.0	-50.0	-36.2	-71.2	-28.3	-18.2	60.8
NPM NPM%	7.7	8.8	11.7	7.3	11.6	4.0	6.1	5.1	3.8	2.9	5.2	6.9
EPS EPS₹	1.6	1.8	2.5	1.6	2.5	0.8	1.3	1.0	0.7	0.6	1.0	1.7

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	351	341	357	372	363	318	340	336	321	316	330	403
Growth YoY Revenue Growth YoY%	-9.8	4.6	-9.2	-6.2	3.4	-6.6	-4.7	-9.7	-11.6	-0.7	-2.8	19.9
Expenses ExpensesCr	306	292	312	331	325	294	305	306	298	289	309	358
Operating Profit Operating ProfitCr	45	49	45	41	38	24	34	31	22	27	21	45
OPM OPM%	12.9	14.3	12.5	11.0	10.4	7.5	10.1	9.1	7.0	8.5	6.4	11.2
Other Income Other IncomeCr	5	6	25	9	8	9	6	7	10	1	14	6
Interest Expense Interest ExpenseCr	0	1	0	0	1	0	0	0	0	0	0	0
Depreciation DepreciationCr	13	13	13	13	13	14	13	14	14	14	14	14
PBT PBTCr	37	41	56	37	32	19	26	23	19	13	21	37
Tax TaxCr	9	11	14	10	-10	6	5	6	6	4	4	9
PAT PATCr	27	30	42	27	42	13	21	17	12	9	17	28
Growth YoY PAT Growth YoY%	-24.0	61.1	46.7	-21.1	55.1	-57.0	-50.0	-36.2	-71.2	-28.3	-18.2	60.8
NPM NPM%	7.7	8.8	11.7	7.3	11.6	4.0	6.1	5.1	3.8	2.9	5.2	6.9
EPS EPS₹	1.6	1.8	2.5	1.6	2.5	0.8	1.3	1.0	0.7	0.6	1.0	1.7

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	715	742	968	1,043	846	925	1,571	1,617	1,445	1,393	1,303	1,370
Growth Revenue Growth%	-0.5	3.8	30.4	7.8	-18.9	9.3	69.9	2.9	-10.6	-3.6	-6.4	1.0
Expenses ExpensesCr	576	583	702	750	668	794	1,285	1,364	1,250	1,255	1,202	1,254
Operating Profit Operating ProfitCr	139	159	265	293	178	131	286	253	195	137	101	115
OPM OPM%	19.5	21.4	27.4	28.1	21.1	14.2	18.2	15.6	13.5	9.9	7.7	8.4
Other Income Other IncomeCr	4	10	15	10	9	15	4	6	39	32	31	31
Interest Expense Interest ExpenseCr	9	2	1	1	1	1	1	1	2	2	1	1
Depreciation DepreciationCr	15	20	24	24	34	37	48	56	53	54	55	55
PBT PBTCr	119	147	255	278	152	107	241	202	180	114	76	90
Tax TaxCr	41	50	85	93	22	19	65	53	47	11	20	24
PAT PATCr	78	97	170	185	131	88	176	149	133	103	56	66
Growth PAT Growth%	37.1	24.1	75.0	8.8	-29.3	-32.3	99.2	-15.3	-10.8	-22.7	-45.9	-28.9
NPM NPM%	10.9	13.1	17.6	17.7	15.4	9.6	11.2	9.2	9.2	7.4	4.3	4.8
EPS EPS₹	4.9	6.0	10.3	11.2	7.9	5.3	10.6	8.9	8.0	6.2	3.3	4.0

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	715	742	968	1,043	846	925	1,571	1,617	1,445	1,393	1,303	1,370
Growth Revenue Growth%	-0.5	3.8	30.4	7.8	-18.9	9.3	69.9	2.9	-10.6	-3.6	-6.4	1.0
Expenses ExpensesCr	576	583	702	750	668	794	1,285	1,364	1,250	1,255	1,202	1,254
Operating Profit Operating ProfitCr	139	159	265	293	178	131	286	253	195	137	101	115
OPM OPM%	19.5	21.4	27.4	28.1	21.1	14.2	18.2	15.6	13.5	9.9	7.7	8.4
Other Income Other IncomeCr	4	10	15	10	9	15	4	6	39	32	31	31
Interest Expense Interest ExpenseCr	9	2	1	1	1	1	1	1	2	2	1	1
Depreciation DepreciationCr	15	20	24	24	34	37	48	56	53	54	55	55
PBT PBTCr	119	147	255	278	152	107	241	202	180	114	76	90
Tax TaxCr	41	50	85	93	22	19	65	53	47	11	20	24
PAT PATCr	78	97	170	185	131	88	176	149	133	103	56	66
Growth PAT Growth%	37.1	24.1	75.0	8.8	-29.3	-32.3	99.2	-15.3	-10.8	-22.7	-45.9	-28.9
NPM NPM%	10.9	13.1	17.6	17.7	15.4	9.6	11.2	9.2	9.2	7.4	4.3	4.8
EPS EPS₹	4.9	6.0	10.3	11.2	7.9	5.3	10.6	8.9	8.0	6.2	3.3	4.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	161	164	164	165	166	166	167	167	167	167	167
Reserves ReservesCr	309	750	882	998	1,020	1,119	1,279	1,385	1,532	1,595	1,606
Current Liabilities Current LiabilitiesCr	130	119	164	155	141	210	259	171	166	160	202
Non Current Liabilities Non Current LiabilitiesCr	82	128	120	124	116	120	126	134	151	134	135
Total Liabilities Total LiabilitiesCr	682	1,161	1,331	1,442	1,442	1,615	1,831	1,857	2,015	2,057	2,111
Current Assets Current AssetsCr	314	417	673	580	426	623	844	881	976	934	870
Non Current Assets Non Current AssetsCr	368	744	658	863	1,017	992	987	976	1,039	1,123	1,241
Total Assets Total AssetsCr	682	1,161	1,331	1,442	1,442	1,615	1,831	1,857	2,015	2,057	2,111

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	161	164	164	165	166	166	167	167	167	167	167
Reserves ReservesCr	309	750	882	998	1,020	1,119	1,279	1,385	1,532	1,595	1,606
Current Liabilities Current LiabilitiesCr	130	119	164	155	141	210	259	171	166	160	202
Non Current Liabilities Non Current LiabilitiesCr	82	128	120	124	116	120	126	134	151	134	135
Total Liabilities Total LiabilitiesCr	682	1,161	1,331	1,442	1,442	1,615	1,831	1,857	2,015	2,057	2,111
Current Assets Current AssetsCr	314	417	673	580	426	623	844	881	976	934	870
Non Current Assets Non Current AssetsCr	368	744	658	863	1,017	992	987	976	1,039	1,123	1,241
Total Assets Total AssetsCr	682	1,161	1,331	1,442	1,442	1,615	1,831	1,857	2,015	2,057	2,111

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	170	142	102	164	179	94	-30	282	201	26	252
Investing Cash Flow Investing Cash FlowCr	-12	-10	-142	-101	-106	-62	31	-217	-77	-37	-212
Financing Cash Flow Financing Cash FlowCr	-151	-31	-43	-50	-101	0	-34	-54	-55	-50	-38
Net Cash Flow Net Cash FlowCr	7	101	-82	13	-28	32	-33	11	68	-62	2
Free Cash Flow Free Cash FlowCr	170	129	55	-73	0	67	-64	253	185	-95	85
CFO To PAT CFO To PAT%	217.7	145.8	60.2	88.8	137.3	105.8	-17.2	189.1	151.1	24.9	453.1
CFO To EBITDA CFO To EBITDA%	122.2	88.9	38.6	56.0	100.7	71.5	-10.6	111.6	103.0	18.6	250.2

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	170	142	102	164	179	94	-30	282	201	26	252
Investing Cash Flow Investing Cash FlowCr	-12	-10	-142	-101	-106	-62	31	-217	-77	-37	-212
Financing Cash Flow Financing Cash FlowCr	-151	-31	-43	-50	-101	0	-34	-54	-55	-50	-38
Net Cash Flow Net Cash FlowCr	7	101	-82	13	-28	32	-33	11	68	-62	2
Free Cash Flow Free Cash FlowCr	170	129	55	-73	0	67	-64	253	185	-95	85
CFO To PAT CFO To PAT%	217.7	145.8	60.2	88.8	137.3	105.8	-17.2	189.1	151.1	24.9	453.1
CFO To EBITDA CFO To EBITDA%	122.2	88.9	38.6	56.0	100.7	71.5	-10.6	111.6	103.0	18.6	250.2

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	741	1,535	3,145	2,434	1,090	2,902	4,155	3,438	4,154	2,921	2,566	2,656
Price To Earnings Price To Earnings	10.0	15.8	18.5	13.2	8.3	32.8	23.6	23.1	31.2	28.4	46.1	40.1
Price To Sales Price To Sales	1.0	2.1	3.3	2.3	1.3	3.1	2.6	2.1	2.9	2.1	2.0	1.9
Price To Book Price To Book	1.6	1.7	3.0	2.1	0.9	2.3	2.9	2.2	2.5	1.7	1.4	1.5
EV To EBITDA EV To EBITDA	5.3	8.9	11.7	8.2	6.1	21.6	14.5	13.4	20.9	21.1	25.2	23.8
Profitability Ratios Profitability Ratios
GPM GPM%	35.8	38.3	42.0	42.3	38.9	30.6	30.8	28.2	27.4	25.7	24.1	24.1
OPM OPM%	19.5	21.4	27.4	28.1	21.1	14.2	18.2	15.6	13.5	9.9	7.7	8.4
NPM NPM%	10.9	13.1	17.6	17.7	15.4	9.6	11.2	9.2	9.2	7.4	4.3	4.8
ROCE ROCE%	26.4	16.2	24.4	23.9	12.9	8.4	16.7	13.0	10.6	6.5	4.3	4.3
ROE ROE%	16.6	10.6	16.2	15.9	11.0	6.9	12.2	9.6	7.8	5.8	3.1	3.1
ROA ROA%	11.5	8.4	12.8	12.8	9.1	5.5	9.6	8.0	6.6	5.0	2.6	2.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	741	1,535	3,145	2,434	1,090	2,902	4,155	3,438	4,154	2,921	2,566	2,656
Price To Earnings Price To Earnings	10.0	15.8	18.5	13.2	8.3	32.8	23.6	23.1	31.2	28.4	46.1	40.1
Price To Sales Price To Sales	1.0	2.1	3.3	2.3	1.3	3.1	2.6	2.1	2.9	2.1	2.0	1.9
Price To Book Price To Book	1.6	1.7	3.0	2.1	0.9	2.3	2.9	2.2	2.5	1.7	1.4	1.5
EV To EBITDA EV To EBITDA	5.3	8.9	11.7	8.2	6.1	21.6	14.5	13.4	20.9	21.1	25.2	23.8
Profitability Ratios Profitability Ratios
GPM GPM%	35.8	38.3	42.0	42.3	38.9	30.6	30.8	28.2	27.4	25.7	24.1	24.1
OPM OPM%	19.5	21.4	27.4	28.1	21.1	14.2	18.2	15.6	13.5	9.9	7.7	8.4
NPM NPM%	10.9	13.1	17.6	17.7	15.4	9.6	11.2	9.2	9.2	7.4	4.3	4.8
ROCE ROCE%	26.4	16.2	24.4	23.9	12.9	8.4	16.7	13.0	10.6	6.5	4.3	4.3
ROE ROE%	16.6	10.6	16.2	15.9	11.0	6.9	12.2	9.6	7.8	5.8	3.1	3.1
ROA ROA%	11.5	8.4	12.8	12.8	9.1	5.5	9.6	8.0	6.6	5.0	2.6	2.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	STYRENIX	CHEMPLASTS	BEPL	NOCIL	MANALIPETC	KOTHARIPET	UNIMERQ
Market CapitalizationMkt CapCr	3,535	3,312	2,909	2,656	1,400	670	9
Close PriceClose₹	2,010.00	209.46	116.90	159.01	81.40	113.92	5.67
IndustryIndustry	Petrochemicals Polymers	Petrochemicals Polymers	Petrochemicals Polymers	Petrochemicals Polymers	Petrochemicals Polymers	Petrochemicals Polymers	Petrochemicals Polymers
Price To EarningsPE	12.96		13.11	40.15	7.77	9.31
Price To SalesPS	1.01	0.78	1.92	1.94	1.32	1.16
RevenueRevenueCr	3,505	4,249	1,519	1,370	1,062	577	0
Revenue Growth TTMRev Gr TTM%	8.6%	-1.2%	14.7%	1.0%	19.2%	-2.9%
PAT Growth TTMPAT Gr TTM%	21.6%	-97.1%	33.1%	-28.9%	487.8%	12.3%	71.0%

	STYRENIX	CHEMPLASTS	BEPL	NOCIL	MANALIPETC	KOTHARIPET	UNIMERQ
Market CapitalizationMkt CapCr	3,535	3,312	2,909	2,656	1,400	670	9
Close PriceClose₹	2,010.00	209.46	116.90	159.01	81.40	113.92	5.67
IndustryIndustry	Petrochemicals Polymers	Petrochemicals Polymers	Petrochemicals Polymers	Petrochemicals Polymers	Petrochemicals Polymers	Petrochemicals Polymers	Petrochemicals Polymers
Price To EarningsPE	12.96		13.11	40.15	7.77	9.31
Price To SalesPS	1.01	0.78	1.92	1.94	1.32	1.16
RevenueRevenueCr	3,505	4,249	1,519	1,370	1,062	577	0
Revenue Growth TTMRev Gr TTM%	8.6%	-1.2%	14.7%	1.0%	19.2%	-2.9%
PAT Growth TTMPAT Gr TTM%	21.6%	-97.1%	33.1%	-28.9%	487.8%	12.3%	71.0%

FY2026

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FY2020

FY2026

Jun 26