1. At a Glance
Indian Toners & Developers (ITDL) may not be flashy, but it just printed ₹7.84 Cr profit on ₹39.1 Cr sales in Q1 FY26 with OPM at 22%. For a small-cap toner maker, that’s like an ink cartridge lasting way past the “low toner” warning.
2. Introduction
Think of ITDL as the silent supplier keeping your printers alive while HP and Canon get all the credit. With a P/E of 11x and debt-free balance sheet, it’s quietly making money in the niche of compatible toners.
3. Business Model – WTF Do They Even Do?
- Core: Manufactures compatible toners for laser printers, copiers, and wide-format machines.
- Brand: Supremo (for the replacement market).
- Clients: Pure B2B with exports to 24 countries.
- Edge: ISO certifications, low-cost manufacturing, and custom blends that OEMs charge a kidney for.
4. Financials Overview
- Q1 FY26 Revenue: ₹39.1 Cr
- Net Profit: ₹7.84 Cr
- FY25 PAT: ₹26 Cr
Verdict: Margins solid, growth slow – a profitable tortoise in a tech race.
5. Valuation – What’s This Stock Worth?
- P/E: 11x
- Book Value: ₹186 (P/B 1.45x)
- Fair Value Range: ₹240 – ₹320
Punchline: Cheap ink, cheap stock – but don’t expect it to print you millions overnight.
6. What-If Scenarios
- Bull Case: Export boom & premium toners → ₹330.
- Bear Case: Copier demand tanks → ₹230.
- Base Case: ₹270–₹300, stable but unspectacular.
7. What’s Cooking (SWOT)
Strengths: Debt-free, strong margins, export presence.
Weakness: Low growth, low ROE (11%).
Opportunities: Color toner expansion, OEM tie-ups.
Threats: Tech obsolescence, raw material volatility.
8. Balance Sheet 💰
| Particulars (Mar’25) | Amount (₹ Cr) |
|---|---|
| Equity Capital | 10 |
| Reserves | 191 |
| Borrowings | 0 |
| Total Liabilities | 230 |
| Comment: Cleaner than a fresh ream of paper. |
9. Cash Flow (FY23–FY25)
| Year | CFO (₹ Cr) | CFI (₹ Cr) | CFF (₹ Cr) |
|---|---|---|---|
| FY23 | 21 | -23 | -5 |
| FY24 | 24 | -12 | -6 |
| FY25 | 26 | 16 | -31 |
| Snark: Operating cash flow steady – this printer never jams. |
10. Ratios – Sexy or Stressy?
| Metric | Value |
|---|---|
| ROE | 11% |
| ROCE | 16% |
| D/E | 0.0x |
| OPM | 22% |
| P/E | 11x |
| Punchline: Ratios say “safe and slow” – not a growth rocket. |
11. P&L Breakdown – Show Me the Money
| Year | Revenue (₹ Cr) | EBITDA (₹ Cr) | PAT (₹ Cr) |
|---|---|---|---|
| FY23 | 159 | 35 | 26 |
| FY24 | 163 | 34 | 26 |
| FY25 | 153 | 33 | 22 |
| TTM | 157 | 34 | 26 |
| Comment: Flat revenue, steady profit – the toner drum keeps turning. |
12. Peer Comparison
| Company | Rev (₹ Cr) | PAT (₹ Cr) | P/E |
|---|---|---|---|
| Pidilite | 13,140 | 2,093 | 70 |
| Deepak Nitrite | 8,282 | 680 | 37 |
| Vinati Org. | 2,248 | 415 | 46 |
| Indian Toners | 157 | 26 | 11 |
| Peer verdict: ITDL is the cheap, quiet cousin in a room full of flashy chemicals. |
13. EduInvesting Verdict™
Indian Toners is the equivalent of a low-maintenance printer: it works, it’s cheap, and it lasts forever – but don’t expect it to suddenly spit out gold bars.
Written by EduInvesting Team | 28 July 2025
Tags: Indian Toners, Specialty Chemicals, Compatible Toner Market, EduInvesting Premium
