1. At a Glance – The Bone Broth Billionaire?
Here’s a company that literally turns bones into money.
Narmada Gelatines Ltd is sitting at a market cap of ₹226 Cr, trading at ₹374, with a deliciously low P/E of 9.35 while the industry average sits around 28+. The latest Q3 FY26 numbers show ₹56.73 Cr revenue and ₹7.40 Cr net profit, with quarterly profit up a spicy 72.9% YoY. OPM? Rising to 18.81%. ROCE? A confident 19.9%. Dividend yield? A surprisingly generous 2.66%. Debt? Barely ₹12 Cr.
In the last 3 months, the stock is up 8.61%. Over one year? 15.4%. Not fireworks. Not funeral. Just steady.
And the real masala? New promoter group, open offer completed, now part of Pioneer Asia Group. When bones change hands, interesting things happen.
So the big question:
Is this a boring commodity chemical company… or a quiet compounding machine hiding behind a gelatin capsule?
Let’s open it.
2. Introduction – From Bones to Business Class
Incorporated in 1969, Narmada Gelatines Ltd manufactures gelatin and ossein from its facility in Jabalpur. Yes, crushed bones, acid, lime, water — the whole chemistry lab starter pack.
Sounds medieval? Maybe.
But gelatin goes into:
- Pharma capsules
- Edible products
- Industrial abrasives
- Even photographic emulsions
So the next time you swallow a capsule, there’s a non-zero chance Jabalpur had something to do with it.
But wait. The real story isn’t just about bones.
In June 2023, Alfamont
