Natural Biocon (India) Limited

NATURAL.BO

Chemicals - Specialty · Basic Materials

Price

₹3.43

-0.09 (-2.56%)

Market Cap

₹88.4M

Exchange

Bombay Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Jul 28, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+75.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 11.4M (2022) → 20.0M (2026)

Natural Biocon (India) Limited is an Indian specialty chemicals company that makes biochemicals and natural extracts used in agriculture, food processing, and industrial applications. Its core products include bio-based inputs and chemical intermediates sold to farmers, food manufacturers, and industrial buyers across India. The company operates in the growing segment of bio-based and specialty chemicals, which sits between traditional agriculture and industrial chemistry.

The company earns revenue by selling its chemical products directly to business customers, making it dependent on volume and pricing in competitive commodity-like markets. It operates primarily within India and is a small-cap company with a market capitalization of roughly $0.1 billion. The thin gross margin of around 10% and a slightly negative operating margin signal that the business is currently struggling to cover its costs, which is the key risk — without improving operational efficiency or scaling up revenue, sustained profitability remains a challenge.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-62.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+75.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

91.6%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$283M cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Natural Biocon (India) Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

6.9%

Thin — 6.9% gross margin

Operating Margin

-10.8%

Losing money on operations — -10.8%

ROCE

-0.3%

Weak — -0.3% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-72.7%

Shrinking sales (-72.7% YoY)

EPS YoY

-112.9%

Earnings shrinking (-112.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.01

Conservative — low debt load (0.01)

Interest Cover

N/A

—

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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