20 Microns Limited (20MICRONS) share price

₹222.49 on NSE as of 2026-09-04. +2.14% on the day. market cap ₹785 Cr. P/E 11.6. 52-week range ₹133.14 to ₹233.27. Metals & Mining.

What the company does

20 Microns L imited, the flagship company of the 20 Microns Group, was incorporated in 1987 by Mr. Chandresh Parikh to manufacture micronized minerals. Over the years, the company has grown to become one of the largest and most prominent players in this industry with access to captive mines. 20 ML supplies to large and organised players in the paint, construction chemicals, rubber, paper and a host of other industries. 20 Microns Nano Minerals L imited was incorporated in 1993. It manufactures specialty micronized mineral based chemicals and serves similar set of customers as 20ML. 20 Microns Nano Minerals L imited is a subsidiary company 20 Microns Limited.

Filed by ICRA, page 4.

20 Microns Q1 FY27: Revenue Slips 1%, Profit Adds 5%, and ₹156 Crore of Borrowings Meets ₹82 Crore of Cash

At a glance

Revenue for the June 2026 quarter came in at ₹244.72 crore, against ₹247.16 crore a year earlier — a decline of roughly 1%. Net profit went the other way, ₹16.86 crore to ₹17.78 crore, up about 5%. Selling slightly less and earning slightly more is the sort of quarter that produces no headlines and one very calm board meeting.

Operating profit was ₹32.13 crore, an operating margin of 13.1%. Compare that to the December 2025 quarter's 12.8% and the March 2026 quarter's 12.1% and you get a business whose margin has spent three years refusing to leave a two-percentage-point corridor. The company grinds rocks into powder measured in microns; apparently it grinds its own margin to similar tolerances.

FY26 closed with revenue of ₹953.83 crore and net profit of ₹66.83 crore. Management, at the March-quarter results, said the ₹1,000 crore mark could be crossed "in this financial year" if conditions improve in the next month or two. That is the number the company has been circling since FY26 revenue landed 46 crore short of it.

Elsewhere in the quarter: the 39th AGM cleared a final dividend of ₹1.25 per share, and ICRA in October 2025 upgraded the long-term rating to [ICRA]A with a Stable outlook, from [ICRA]A- (Positive). A ₹100 crore capex programme announced in February 2026 is running on a 24-month clock, with 40% of it pointed at Malaysia.

Also on the docket this year: a postal ballot to appoint a promoter's relative to a newly invented job title. More on that further down.

Introduction

20 Microns Limited was incorporated in 1987 by Mr. Chandresh Parikh to manufacture micronized minerals. It is listed on both exchanges — BSE 533022, NSE 20MICRONS — and carries a market capitalisation of ₹688 crore, which places it eighth of eight in its own peer table on Screener and roughly one one-hundred-and-seventieth of the largest name on it.

The consolidated entity, per ICRA, spans 20 Microns Nano Minerals Limited, 20 Microns FZE, 20 MCC Private Limited, 20 Microns Vietnam Company Limited and 20 Microns SDN BHD. That last one has been busy: in July 2024 the company entered definitive agreements to acquire GTLQ SDN BHD and IQ Marbles SDN BHD, limestone extraction and processing businesses in Ipoh, Malaysia, and in Q3 FY25 completed acquisitions of 90% of Goh Teik Lim Quarry and 86.68% of IQ Marbles through the Malaysian subsidiary. In November 2024 it incorporated Sievert 20 Microns Building Materials Private Limited, a JV with Germany's Sievert for construction chemicals and building materials.

The corporate calendar since has been dense. January 2025 brought the resignation of CFO Narendrakumar R. Patel, effective March 31, 2025, with Nihad Baluch appointed CFO and KMP from April 1, 2025. February 2026 brought the ₹100 crore capex announcement, targeting 18% revenue growth by FY2029-30. February 2026 also brought a postal ballot covering loans, guarantees and securities to entities in which directors are interested, up to ₹50 crore, and the appointment of Ms. Vedika Parikh as Strategy & Transformation Associate (AI + Finance) at ₹50 lakh per annum — e-voting closing March 7, 2026.

For a company whose product is inert white powder, the filing cabinet is remarkably eventful.

Business model

They dig up rocks and make them smaller. Very, very small. Then they sell the smallness.

Slightly more formally: 20 Microns is India's sole and largest manufacturer of micronized to nano-sized minerals, with expertise across the entire chain from mining to micronization, including sub-micron and nanosizing. The industrial minerals list runs to ground calcium carbonate, dolomite, hydrous and calcined kaolins, talcs, natural barytes, silica, muscovite mica, feldspar, bentonite and red oxides — an inventory that reads like a geology exam nobody studied for.

The second vertical is functional additives and specialty chemicals: white pigment opacifiers, synthetic barium sulphate, micronized wax, antiblocking additives, matting agents, flame retardants, rheological additives. The third is retail, where the company sells agrochemicals under the Minfert brand and construction chemicals under 20 MCC. Minfert has product names — Thalaivaa, Tiger Booster, Thrips Kranti — that suggest the marketing department is having considerably more fun than the mineralogists.

Where does it all go? FY26 revenue contribution: paints 46%, polymers 26%, rubber 10%, ceramics 5%, paper 4%, others 9%. Exports were 14% of revenue in FY26, against 16% in FY22 — the geographic mix has been essentially flat for five years while the end-use mix has quietly rotated. Paints were 53% in FY22 and 46% in FY26; polymers went 21% to 26%; rubber 5% to 10%. Rubber has doubled its share of the pie while nobody was looking at rubber.

Physically: nine manufacturing units, 12 warehouses across India, capacity of 4,50,000 MTPA, and five captive mines across Rajasthan, Gujarat, Tamil Nadu and Andhra Pradesh with reserves of 170 lakh tonnes. Management stated that about 30% of raw material requirement comes from company mines, with roughly 70% sourced externally. Over 200 clients, including Asian Paints, Berger Paints, JK Tyres, Finolex and Supreme; the top customer accounted for 22% of FY24 revenue.

The R&D centre at Waghodia is DSIR-approved and staffed by a team ICRA puts at more than 40 personnel. Management says it produces 35 to 40 products a year, and that products launched in the last two to three years contribute about 4-5% of revenue — with the caveat, offered unprompted, that some "new" products are upgrades replacing older SKUs.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for 20 Microns Limited.

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