Empire Industries financials and balance sheet

NSE: EMPINDBSE: 509525DiversifiedSmall Cap

₹943.70₹20.70 (2.15%)BSE ₹949.90

Share price at the NSE close on 23 Oct 2026. Previous close ₹964.40.

52-week range of BSE trades to 23 Oct 2026

₹811.05Low, 30 Mar 2026₹1,235.00High, 31 Aug 2026

Market cap: ₹566 Cr1,787th largest listed
P/E: 10.1
P/B: 1.6
Dividend yield: 5.30%
ROE: 16.9%
ROCE: 14.4%
Debt to equity: 0.47
Volume, NSE: 88661.9% delivered

10 years at a glance

Standalone: the listed company alone, without its subsidiaries. ₹ crore, years to March.Empire Industries annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹731 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 8.4% of operating profit in the first full year.

Results for the year to Mar 2026

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

From revenue to net profit

Revenue731
Materials and goods−305
Employee costs−136
Other expenses−204
Operating profit87
Depreciation−16
Other income+18
One-off items−0.4
Finance costs−28
Profit before tax60
Tax−8.6
Net profit52

What the company owns

Plant, investments and other assets₹416 Cr
Inventory₹143 Cr
Receivables₹136 Cr
Cash and bank₹120 Cr

What pays for it: net worth and liabilities

Net worth₹351 Cr
Other liabilities₹256 Cr
Borrowings₹165 Cr
Owed to suppliers₹42 Cr

Empire Industries business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Standalone, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Empire Industries segment results by quarter

Revenue by segment

₹731 CrTotal

Trading and Indenting₹351 Cr48.0% of total
Manufacturing₹246 Cr33.6% of total
Others₹98 Cr13.4% of total
Property Development₹37 Cr5.0% of total

Profit by segment

Manufacturing₹26.1 Cr32.1% of total
Others₹53.3 Cr65.5% of total
Property Development₹1.9 Cr2.3% of total

Segment results by year

Standalone, ₹ crore, years to March.

Trading and Indenting
Revenue, ₹ crore
227
178
294
241
305
351
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−43
−33
15
0
−8
−11
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Manufacturing
Revenue, ₹ crore
146
211
240
247
249
246
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
13
11
26
36
21
26
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
86
72
74
80
84
98
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
54
52
33
31
52
53
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Property Development
Revenue, ₹ crore
31
82
73
37
39
37
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1
15
−13
−20
−14
2
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	490	544	682	606	677	731
Company revenue, as in its results	490	544	682	606	677	731
Revenue	227	178	294	241	305	351
Revenue growth	–	−21.5%	64.8%	−17.8%	26.3%	15.0%
Profit	−43	−33	15	0	−8	−11
Margin	−18.8%	−18.6%	5.2%	−0.2%	−2.6%	−3.2%
Return on capital	−60.5%	−61.1%	14.6%	−0.5%	−8.8%	−14.1%
Assets	142	115	170	165	161	166
Liabilities	71	60	64	71	72	85
Capital employed	71	54	106	94	89	81
Revenue	146	211	240	247	249	246
Revenue growth	–	44.2%	13.8%	2.9%	1.0%	−1.5%
Profit	13	11	26	36	21	26
Profit growth	–	−14.8%	140.0%	41.5%	−40.8%	21.5%
Margin	8.6%	5.1%	10.7%	14.7%	8.6%	10.6%
Return on capital	15.1%	13.1%	17.3%	34.6%	20.5%	21.7%
Assets	163	156	195	153	158	177
Liabilities	80	74	47	48	53	56
Capital employed	83	82	148	105	105	120
Revenue	86	72	74	80	84	98
Revenue growth	–	−15.4%	2.2%	8.7%	4.4%	17.0%
Profit	54	52	33	31	52	53
Profit growth	–	−4.5%	−36.1%	−4.7%	66.9%	1.8%
Margin	63.0%	71.1%	44.5%	39.0%	62.3%	54.2%
Return on capital	11,455.3%	343.3%	–	132.0%	107.9%	63.1%
Assets	299	316	276	308	333	376
Liabilities	299	301	306	284	284	291
Capital employed	0	15	−30	24	49	85
Revenue	31	82	73	37	39	37
Revenue growth	–	164.1%	−10.6%	−49.6%	4.2%	−5.0%
Profit	1	15	−13	−20	−14	2
Profit growth	–	2,942.0%	–	–	–	–
Margin	1.6%	18.6%	−17.1%	−52.8%	−35.3%	5.2%
Return on capital	0.5%	14.6%	−12.5%	−25.1%	−19.1%	2.9%
Assets	109	120	140	102	99	97
Liabilities	16	15	40	24	27	31
Capital employed	93	105	100	78	71	66

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Standalone, ₹ crore, years to March.Empire Industries quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021Filed 24 Jun	Mar 2022Filed 3 Jun	Mar 2023Filed 8 Jun	Mar 2024Filed 12 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 27 May
Revenue from operations	402	473	526	575	490	544	682	606	677	731
	–	412	467	500	447	485	603	542	607	644
Materials and goods bought	158	158	229	143	230	180	272	235	280	305
Employee costs	–	–	–	–	93	100	116	128	121	136
Other expenses	–	–	–	–	124	205	216	179	207	204
Operating profit before depreciation	–	62	59	75	43	59	79	64	70	87
Operating margin	–	13.0%	11.2%	13.0%	8.8%	10.8%	11.5%	10.6%	10.3%	11.9%
Materials, % of revenue	–	–	–	–	46.9%	33.1%	39.8%	38.8%	41.3%	41.7%
Employee costs, % of revenue	–	–	–	–	18.9%	18.3%	17.0%	21.1%	17.8%	18.6%
Other expenses, % of revenue	–	–	–	–	25.3%	37.7%	31.7%	29.6%	30.6%	27.9%
Depreciation and amortisation	–	13	11	15	19	15	17	16	17	16
Operating profit after depreciation	–	49	48	60	24	44	61	48	52	70
Other income	6	26	33	19	23	10	14	25	15	18
Finance costs	9	15	20	32	35	27	33	27	27	28
Profit before one-off items and tax	49	60	61	47	13	28	43	46	40	61
One-off items	–	–	–	−6	0	0	0	0	0	0
Profit before tax	49	60	61	40	13	28	43	46	40	60
	16	13	17	6	−1	4	7	9	6	9
Current tax	–	13	13	1	1	2	9	7	10	15
Deferred tax	–	0	5	5	−1	1	−2	2	−4	−7
Net profit	33	47	44	34	13	24	36	37	34	52
Other comprehensive income	–	–	–	–	0	−11	−4	−5	−6	1
Total comprehensive income	–	–	–	–	13	13	32	32	29	52
Net margin	8.1%	9.9%	8.3%	5.9%	2.7%	4.4%	5.2%	6.1%	5.1%	7.0%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2018, Mar 2019 and Mar 2020 they do not, so they are left blank. Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2017: the statement does not state its depreciation, which operating profit is worked out from, so operating profit is not given.

Earlier years, Mar 2008 to Mar 2016

₹ crore	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016
Revenue from operations	112	174	190	215	235	280	314	354	385
	115	136	141	165	174	225	254	292	324
Materials and goods bought	32	40	37	50	44	65	90	124	157
Operating profit before depreciation	−3	39	49	50	61	55	60	63	61
Operating margin	−2.4%	22.2%	26.0%	23.3%	26.0%	19.8%	19.1%	17.7%	15.9%
Depreciation and amortisation	5	6	7	7	8	7	8	12	10
Operating profit after depreciation	−8	32	43	43	54	48	52	50	51
Other income	27	0	1	1	2	8	7	5	5
Finance costs	5	8	7	5	6	9	11	9	10
Profit before tax	14	25	37	40	50	47	48	46	47
Tax	5	8	11	12	13	12	11	12	16
Net profit	9	17	26	28	36	35	36	34	31
Net margin	8.1%	9.9%	13.6%	13.0%	15.4%	12.5%	11.6%	9.6%	8.0%

Standalone, ₹ crore, years to March.

Balance sheet

Standalone, ₹ crore, at 31 March.

₹ crore	Mar 2021Filed 24 Jun	Mar 2022Filed 3 Jun	Mar 2023Filed 8 Jun	Mar 2024Filed 12 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 27 May
	247	256	283	300	314	351
Share capital	6	6	6	6	6	6
Reserves	241	250	277	294	308	345
	216	221	170	160	143	165
Repayable after a year	135	136	104	59	68	68
Repayable within a year	81	85	65	101	75	97
	211	188	219	250	223	243
Trade payables	18	17	40	30	39	42
Other financial liabilities	45	12	16	35	17	12
Other liabilities	34	36	55	45	49	57
Provisions	34	37	44	40	43	35
	255	263	237	177	214	221
Other financial liabilities	40	50	54	38	63	75
Other liabilities	–	29	30	25	33	32
Provisions	22	33	36	40	40	42
Deferred tax	13	14	12	14	9	3
Trade payables	1	1	1	1	1	1
Total assets	713	707	740	727	751	815
	400	383	342	360	361	380
Plant in use, after depreciation	280	342	304	308	298	295
Plant being built	75	18	21	7	6	7
Intangible assets	0	1	1	1	0	1
Property held to earn rent	23	–	0	0	0	0
Investments	0	0	1	29	11	59
Loans given	2	1	1	1	2	0
Other financial assets	13	8	7	9	8	16
Trade receivables	8	8	2	2	29	1
Other assets	0	6	5	4	6	–
	313	324	398	367	389	436
Inventories	133	108	110	106	96	143
Trade receivables	86	124	195	164	140	136
Cash and cash equivalents	43	49	68	75	125	113
Other bank balances	5	4	6	4	7	7
Loans given	2	2	2	0	0	0
Other financial assets	0	2	2	2	0	36
Tax paid in advance	18	23	0	4	0	0
Other assets	26	13	16	13	21	–
Net debt	167	169	96	80	11	46

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020, so its lines and the ratios worked from it are blank there.

Cash flow

Standalone, ₹ crore, years to March.

₹ crore	Mar 2021Filed 24 Jun	Mar 2022Filed 3 Jun	Mar 2023Filed 8 Jun	Mar 2024Filed 12 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 27 May
	103	53	79	75	92	59
	105	61	63	85	93	75
	42	−4	−29	19	3	−52
Receivables	28	−26	−83	31	−28	−17
Inventories	49	25	−1	4	10	−47
Payables	−25	−5	46	−17	24	18
Other working capital	−11	2	10	1	−4	−6
Tax paid	−2	−8	16	−10	−1	−16
Capital spending	8	10	7	12	7	14
Free cash flow	95	43	72	63	86	45
	−4	−2	29	−15	17	−51
Plant and property sold	1	1	31	1	0	0
Interest received	3	7	6	6	6	9
	−82	−45	−89	−52	−59	−20
Borrowings raised	19	12	2	38	26	27
Borrowings repaid	−65	−23	−54	−47	−43	−4
Interest paid	−33	−27	−33	−27	−27	−28
Lease payments	−4	−3	0	0	0	0
Dividends paid	0	4	4	15	15	15
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	17	6	19	7	50	−13

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Standalone, ₹ per share, years to March.Empire Industries dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021Filed 24 Jun	Mar 2022Filed 3 Jun	Mar 2023Filed 8 Jun	Mar 2024Filed 12 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 27 May
Earnings per share	₹54.40	₹77.78	₹73.05	₹56.96	₹22.01	₹39.49	₹59.21	₹61.67	₹57.42	₹85.91
Diluted earnings per share	₹54.40	₹77.78	₹73.05	₹56.96	₹22.01	₹39.49	₹59.21	₹61.67	₹57.42	₹85.91
Dividend per share	₹25.00	₹25.00	₹25.00	₹25.00	₹25.00	₹25.00	₹25.00	₹25.00	₹25.00	₹50.00
Book value per share	–	–	–	–	₹411.74	₹426.18	₹472.35	₹500.36	₹523.43	₹585.78
Dividend payout	46.0%	32.1%	34.2%	43.9%	113.6%	63.3%	42.2%	40.5%	43.5%	58.2%
Shareholder yield	–	–	–	–	0.0%	1.1%	1.1%	2.8%	2.4%	3.0%
Market cap at the year end (₹ crore)	1,041	1,146	546	304	378	359	367	535	628	500

Ratios

Standalone, years to March.Empire Industries PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021Filed 24 Jun	Mar 2022Filed 3 Jun	Mar 2023Filed 8 Jun	Mar 2024Filed 12 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 27 May
Revenue growth	4.3%	17.9%	11.2%	9.2%	−14.7%	11.0%	25.3%	−11.1%	11.7%	8.0%
Operating profit growth	–	–	−4.5%	26.7%	−42.0%	36.3%	33.3%	−18.4%	8.6%	24.5%
Net profit growth	6.5%	43.0%	−6.1%	−22.0%	−61.4%	79.4%	49.9%	4.2%	−6.9%	49.6%
Earnings per share growth	–	43.0%	−6.1%	−22.0%	−61.4%	79.4%	49.9%	4.2%	−6.9%	49.6%
	–	–	–	–	5.3%	9.4%	13.2%	12.7%	11.2%	15.5%
	–	–	–	–	–	4.1 pts	3.8 pts	−0.5 pts	−1.5 pts	4.3 pts
From the net margin	–	–	–	–	–	3.3 pts	1.9 pts	2.3 pts	−2.1 pts	4.3 pts
From asset turnover	–	–	–	–	–	1.0 pts	2.6 pts	−1.9 pts	1.1 pts	0.3 pts
From borrowing	–	–	–	–	–	−0.2 pts	−0.7 pts	−0.9 pts	−0.5 pts	−0.3 pts
Return on capital employed	–	–	–	–	5.2%	9.3%	13.6%	10.4%	11.5%	13.6%
Cash conversion	–	–	–	–	781.0%	222.8%	222.5%	201.9%	268.1%	114.5%
Interest cover	–	3.2	2.4	1.9	0.7	1.6	1.8	1.8	1.9	2.5
Debt to equity	–	–	–	–	0.87	0.87	0.60	0.53	0.46	0.47
Receivable days	–	–	–	–	64	83	104	99	76	68
Inventory days	–	–	–	–	211	219	147	165	126	171
Payable days	–	–	–	–	29	35	53	46	50	50
Cash conversion cycle, days	–	–	–	–	247	267	198	217	151	189
Working capital days	–	–	–	–	100	113	91	83	59	85
Asset turnover	–	–	–	–	0.69	0.77	0.94	0.83	0.92	0.93
Assets per rupee of net worth	–	–	–	–	2.89	2.82	2.68	2.51	2.41	2.35
Sales per rupee of plant	–	–	–	–	1.75	1.59	2.24	1.97	2.27	2.48
Capital spending to depreciation	–	–	–	–	0.44	0.67	0.39	0.71	0.38	0.84
Plant being built, % of plant in use	–	–	–	–	26.7%	5.2%	6.9%	2.2%	2.0%	2.4%

No balance sheet is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2026.

Return on assets, latest year: 6.6%
Cash from operations against operating profit: 68.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	6.6%	8.3%	2.4%
Profit growth, yearly rate	5.3%	31.3%	13.2%
Return on equity, average	–	12.4%	13.1%
Return on capital employed, average	–	11.7%	11.8%
Operating margin, average	11.2%	11.0%	10.9%
Net margin, average	6.3%	5.6%	6.1%
Asset turnover, average	–	0.88	0.89
Cash conversion cycle, days, average	–	204	186
Interest cover, average	2.0	1.9	2.1
Debt to equity, average	–	0.58	0.49

Where the cash came from and went

Standalone: the listed company alone, without its subsidiaries. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	358	226	59
Cash from investing	−23	−50	−51
Cash from financing	−265	−132	−20
Capital spending	49	32	14
Dividends paid	53	45	15
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	104	90	27
Borrowings repaid	171	95	4

Accounting checks

Standalone, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	–	–	8	6	6	8
Altman Z-scorePublished threshold 1.1	–	–	–	–	3.04	3.53	4.15	3.78	4.15	4.46
Beneish M-scorePublished threshold −1.78	–	–	–	–	–	−2.66	−2.27	−3.05	−2.41	−2.76
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	–	−3.77	−10.07	−3.08	−10.11	5.60
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	3.24	2.15	2.30	1.84
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	–	–	31.92	32.19	−4.83	−25.84	−10.99
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	–	–	3.03	−49.35	10.00	−28.06	39.39
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	–	–	−0.95	−2.88	−0.01	0.33	2.15
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	–	0.23	–	0.33	0.79	0.54
Effective tax ratePublished threshold 17.16 per cent	33.28	22.29	28.24	15.06	−4.03	14.25	16.81	18.97	13.89	14.27
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−14.21	−21.27	−2.91	12.35	−12.07

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
2 Sep 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash Credit	CARE AReview, Re-affirm	Stable	76.95
2 Sep 2026	CARE Ratings Limited (opens in a new tab)	Fixed Deposit	CARE AReview, Re-affirm	Stable	122.78
2 Sep 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-BG/LC	CARE A1Review, Re-affirm		133
8 Jul 2026	CRISIL Ratings Limited (opens in a new tab)	Fixed DepositsLong-term scale	Crisil A-Rating Reaffirmed	Stable	126
18 Aug 2025	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term LoanLong-term scale	WithdrawnWithdrawn

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.

10 years at a glance

Revenue, net profit and borrowings, ₹ crore

Operating and net margin, per cent

Results for the year to Mar 2026

From revenue to net profit

What the company owns

What pays for it: net worth and liabilities

Empire Industries business segments, year to Mar 2026

Revenue by segment

Profit by segment

Segment results by year

Trading and Indenting

Manufacturing

Others

Property Development

Profit and loss

Balance sheet

Cash flow

Per share

Ratios

Growth and returns over 3, 5 and 10 years

Where the cash came from and went

Accounting checks

Credit ratings