1. At a Glance – The Toner That Refuses to Fade
Indian Toners & Developers Ltd (ITDL) is that rare Indian manufacturing company which quietly prints money—literally—without screaming about AI, EVs, or green hydrogen on every slide. Market cap sits around ₹253 crore, stock price at ₹243, down ~10% over three months (because boredom is the biggest sin in Dalal Street). Meanwhile, Q3 FY26 revenue came in at ₹42.1 crore, PAT at ₹6.39 crore, operating margins a comfy 20.7%, and debt at a majestic zero. Dividend yield? 2.46%—enough to buy printer ink, ironically.
This is a business with 5,400 TPA capacity, exports to 20+ countries, anti-dumping protection till 2030, and a P/E of 9.5x when the industry median lounges at 26x like it owns the sofa. So why is the stock sulking? Is the printer jammed, or is the market just ignoring a boring but cash-rich toner manufacturer? Let’s peel this cartridge layer by layer.
2. Introduction – The Boring Company That Actually Works
Indian Toners & Developers Ltd was incorporated in 1990, back when dot-matrix printers ruled offices and “paperless” was a fantasy. Fast forward three decades, ITDL has quietly become India’s largest manufacturer and exporter of compatible toners—the kind that don’t carry OEM branding but still do the job without bankrupting offices.
This is not a startup story. No VC money. No TED Talks. Just factories in Rampur and Sitarganj, steady capex funded through internal accruals, and promoters who prefer dividends over drama. Over the years, the company scaled capacity from 3,600 TPA in FY22 to 5,400 TPA in FY24, spending ~₹38 crore—without debt. That alone deserves a slow clap.
Yet, ITDL doesn’t trend on social media. Printing is “old economy,” offices are “going digital,” and markets love narratives more than numbers. But here’s the thing: printers are still everywhere—banks, courts, government offices, schools, hospitals—and toner replacement is a recurring necessity. This is not disruption-proof, but it is repetition-proof.
So the real question is: is ITDL a melting ice cube, or a boring annuity business wearing a cheap valuation mask?
3. Business Model
– WTF Do They Even Do?
Let’s simplify this for the smart but lazy investor.
ITDL makes compatible toners—not original branded cartridges from printer giants, but high-quality alternatives that work just fine at a lower cost. Think of it as the “generic medicine” of the printing world.
Product Buckets
- Laser Toners
- Copier / Digital Toners
- Wide-format Copier & Printer Toners
These cater to:
- Laser printers
- Digital multifunction machines
- Analog copiers
- Wide-format industrial printers
They sell bulk toners as well as branded replacement products under the Supremo brand. Distribution spans 120+ distributors and 60+ dealers across India. Exports contribute ~19% of FY23 revenue, with presence in 20+ countries and a sole distributor in Singapore.
The kicker? Anti-dumping duty on black toner imports from China, Malaysia, and Taiwan extended till Aug 2030. That’s regulatory moat served hot.
Ask yourself: how many businesses get government-backed protection for five years straight and still trade below book value?
4. Financials Overview – Numbers Don’t Lie, Markets Do
Quarterly Comparison Table (₹ crore)
(Standalone – Quarterly Results, Dec 2025 = Q3 FY26)
| Metric | Latest Qtr | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 42.11 | 39.29 | 38.85 | 7.18% | 8.39% |
| EBITDA | 8.70 | 8.68 | 7.28 | 0.23% | 19.5% |
| PAT | 6.39 | 6.43 | 5.38 | -0.6% | 18.8% |
| EPS (₹) | 6.15 | 6.19 | 5.18 | -0.6% | 18.7% |
Average EPS of Q1, Q2, Q3 FY26 ≈ (7.54 + 5.18 + 6.15) / 3 × 4 ≈ ₹25+, which aligns with TTM EPS of ₹25.3.
Commentary:
Revenue is creeping up like a disciplined student, margins are stable above 20%, and profits bounce quarter-to-quarter due to tax and
