Indian Toners & Developers Ltd.

BSE: INDTONER · Specialty Chemicals

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52W Range₹44 – ₹300

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Snapshot

Unlock Indian Toners & Developers Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Indian Toners and Developers Limited is a manufacturer and exporter of compatible pulverized and chemical color toners for laser printers and digital photocopiers. The company operates two manufacturing facilities in India and serves both domestic and international markets.

Business Model

The company generates revenue by manufacturing and distributing compatible toner products for major international printer brands. It leverages an extensive distribution network within India and exports to over twenty countries globally.

  • Manufacturing Facilities:2
  • Export Presence:20+ countries

Growth Outlook

Growth is driven by a consistent focus on research and development to enhance toner resin formulations and print quality. The company aims to maintain its significant market share in the domestic aftermarket imaging industry.

Key Risks

  • Technological Obsolescence. The increasing shift towards paperless digital workflows may reduce the long-term demand for laser printing consumables.
  • Raw Material Price Volatility. Fluctuations in the cost of chemical inputs and resins can significantly impact manufacturing margins.
  • Competitive Pressure. The company faces intense competition from original equipment manufacturers (OEMs) and other low-cost aftermarket toner producers.
  • Export Market Dependency. Exposure to international markets introduces risks related to currency fluctuations and varying regulatory standards for chemical products.

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Key Metrics

REVENUE

₹166 Cr

TTM · standalone

+8.4%YoY

NET PROFIT

₹27 Cr

TTM · standalone

+21.3%YoY

EPS

₹26.20

TTM · standalone

+25.1%YoY

RETURN ON EQUITY

13.0%

TTM · standalone

+2.2 ppYoY

P/E

1.8x

Q4 FY26 · standalone

1.8 vs 2.4x5Y avg

EV/EBITDA

5.9x

Q4 FY26 · standalone

5.9 vs 6.9x5Y avg

EBITDA MARGIN

24.4%

TTM · standalone

-1.2 ppYoY

NET PROFIT MARGIN

16.7%

Q4 FY26 · standalone

+0.3 ppYoY

DEBT TO EQUITY

0.0x

Q4 FY26 · standalone

+0.00xYoY

Peers · Specialty Chemicals

CompanyMkt CapP/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Indian Toners & Developers Ltd.INDTONER
₹247 Cr1.775.908.4%24.4%13.0%15.5%-82.7%
Black Rose IndusBLACKROSE
₹586 Cr19.6513.25-0.2%12.5%17.8%23.9%+10.3%
Vipul OrganicsVIPULORG
₹506 Cr55.5028.2416.8%10.4%9.0%13.0%+26.1%
Plastiblends India LimitedPLASTIBLEN
₹487 Cr11.786.765.5%9.2%9.7%12.8%+4.3%
Agastya Energy and Infrastructure LimitedSANGINITA
₹455 Cr-19.81-83.28-23.2%-3.2%-18.0%-14.1%+581.9%
Aarti SurfactantAARTISURF
₹449 Cr22.939.6425.2%6.1%7.7%12.4%+7.3%

As of Q4 FY26

Financials