20 Microns Ltd(20MICRONS)

NSE: 20MICRONSBSE: 533022

₹ 175-1.27%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 618 crNext results: 28 Oct 2026Website: www.20microns.comUpdated: 24 Oct 2026

About

20 Microns, established in 1987, makes white minerals, ultrafine industrial minerals and specialty chemicals, and describes itself as India's most diversified manufacturer in this field. Paints are its largest end market, and it is a Level 1 supplier of micronized minerals to paints and coatings companies. FY26 revenue was Rs 953.83 Cr, and exports were 14% of FY26 revenue. Its products reach customers in 83+ countries, and it runs joint ventures with Dorfner for coloured quartz and with Sievert for construction chemicals.^[1][2]

Business segments

The company has three core segments: Industrial Minerals, Functional Additives & Speciality Chemicals, and Retail (Minfert & Construction) (FY25 annual report).^[1]
Paints were above 46% of revenue in FY26, with flat year-on-year growth. They were 48% in Q2 FY26.^[3]
In Q2 FY26, plastics made up 25% of revenue and rubber 9%.^[4]
Rubber performed strongly in FY26. In Q1 FY26, plastics grew by double digits year on year.^[3]
In Q1 FY27, revenues came under marginal pressure in certain application segments because of subdued demand and global uncertainty.^[5]

Products, brands and R&D

Retail brands include Minfert mineral fertilizers and 20MCC construction chemicals such as Tigersil, Nanosil and MetaKrete (FY25 annual report).^[1]
The company has 2 R&D centres with 36 R&D staff, and spent ₹1.86 crores on R&D in FY25.^[1]
In FY25, 20MCC received BIS certification for the roads and buildings segment.^[1]
R&D launches about 35 to 40 products a year. New products usually contribute about 4 to 5% of revenue (FY26 call).^[3]
Recently commercialised products include tyre compounds, anti-blocking agents for petrochemicals, specialty calcium carbonates and cosmetic-grade minerals (FY26 call).^[3]
Silcol, the coloured quartz joint venture with Dorfner, almost doubled its turnover in H1 FY26 compared with H1 FY25.^[4]

Operations

The company runs 9 manufacturing facilities: seven under 20 Microns Ltd and two under 20 Microns Nano Minerals Limited (FY25 annual report).^[1]
Its five captive mines in Gujarat, Rajasthan, Andhra Pradesh and Tamil Nadu hold a combined resource reserve of 11.3 million tons (FY25 annual report).^[1]
Total warehouse area is 4,04,613 sq. ft., with 70,000 metric tonnes of warehousing capacity (FY25 annual report).^[1]
The Malaysian limestone mine began operating in Q1 FY26, giving the company its own supply of high-purity limestone.^[6]
As of Q4 FY26, the Malaysian mine was operating and construction of the plant had started.^[3]
Sievert JV phase 1 (tile adhesives) is running. Production started in Q2 FY26 under SIBO 20 Microns Private Limited.^[3]
The group had 411 employees as of FY25, and hired 70 new people for sales and marketing during FY25.^[1]

Customers and exports

Key customer segments are paints, PVC, paper, ceramics, plastics, rubber and oil well drilling (FY25 annual report).^[1]
In FY25, two customers each accounted for more than 10% of sales, together totalling ₹20,181.34 lakhs. The top ten customers account for nearly half of turnover.^[1]
Exports were 14% of revenue in FY26, compared with 13% in FY25 and 16% in FY22.^[3]
The company has 170+ dealers, and its products reach 83+ countries (FY25 annual report).^[1]
In Q2 FY26, exports expanded into Poland, Latin America, the Middle East and South Africa.^[4]
The new Malaysian facility will serve markets in Asia-Pacific and Africa (Q3 FY26 call).^[7]
In Q1 FY27, the company exhibited at India Rubber Expo 2026 and Coatings for Africa 2026 to build ties with high-value segments and African customers.^[5]

Expansion and capex

A Rs 100 cr capex plan, announced in Q4 FY26, will be spent over 24 months: 40% in Malaysia, 30% in India, 15% on the Sievert JV and 15% on R&D/ESG. Most projects are due by FY30.^[3]
In Q1 FY27, management said the ₹100 cr programme aims at backward integration, a higher share of specialty products and growth beyond paints. It will be funded by internal accruals and selective debt.^[5]
Domestic capex will be funded from internal accruals. Malaysian capex will be funded 70:30 equity to debt.^[3]
The Malaysian plant targets 1.08 lakh MT of annual production and 0.96 lakh MT of quarrying by mid-FY2028. Commissioning is expected in about 12 months (Q4 FY26 call).^[3]
Sievert JV phase 2 (liquid construction chemicals) is due to go live within a few months of the Q4 FY26 call.^[3]

Recent developments

In Q1 FY27, management credited a better EBITDA margin to a favourable product mix, better raw material use and cost control.^[5]
In Q3 FY26, the company bought the remaining minority stake in 20ML Malaysia, which is now wholly owned.^[7]
Q4 FY26 revenue rose 14.8% year on year as paints and polymer/rubber demand recovered from January 2026.^[3]
In FY25, ICRA revised the company's outlook to Positive from Stable.^[1]
The CFO, Narendra Kumar Ratilal Patel, resigned with effect from March 31, 2025, and Nihad Baluch was appointed Group CFO.^[1]

Market Cap

₹618 Cr

High / Low

₹238 / 131

Stock P/E

9.1

Price / Book

1.3

Book Value

₹137

EPS

₹18.9

No. of Shares

3.53 Cr

ROCE

17.5%

ROE

14.6%

OPM

11.3%

Debt / Equity

0.30

Sales

₹954 Cr

Net Profit

₹67 Cr

Promoter holding

45.0%

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