Why did profit fall faster than revenue?

Net profit fell 22.2% versus a 7.4% revenue decline, implying margin compression. The filing does not break down costs, but typical factors include raw material prices or operating leverage.

Is the company financially stressed?

No. Indian Toners has zero debt, a P/E of 11.1, and trailing ROE of 11.7%. The Q1 dip is within normal quarterly volatility for a nano-cap.

Did the auditor flag any issues?

No. The limited review report is unmodified, meaning no adverse observations.

How does this compare to the prior quarter?

The analyst rationale notes a sequential softening but provides no prior-quarter numbers. The trailing twelve-month growth (12.4% revenue, 13.9% PAT) shows the Q1 decline is a break from the recent trend.

Earnings · Chemicals · Micro cap

Indian Toners Q1 net profit drops 22% as revenue slips

Revenue fell 7.4% YoY to ₹36.21 cr; net profit down 22.2% to ₹6.10 cr. Results within typical volatility for a nano-cap; auditor raised no concerns.

— 1 earlier story on Indian Toners & Developers Ltd. →

INDTONER By Tipsheet Editorial 28 Jul 2026 · 2:17 PM IST Verify on BSE · NSE

Mkt cap₹303 cr

P/E11.12×

ROE11.72%

Debt / eq.0.00

Div yld2.12%

₹6.10 cr Net profit in Q1 FY27, down 22.2% YoY

What's new

Revenue fell 7.4% YoY to ₹36.21 crore in Q1 FY27.
Net profit dropped 22.2% to ₹6.10 crore.
Auditor gave an unmodified review report; no strategic updates.

Why this matters

A nano-cap with ₹303 cr market cap, Indian Toners delivered a soft quarter. The 22% profit decline is sharper than the revenue dip, but with zero debt and 11.7% ROE, the balance sheet isn't under pressure. The lack of guidance or surprises means the next move hinges on sector trends.

What we're watching

Whether revenue recovers in Q2 – seasonal patterns matter for toner demand.
Any change in input costs that could pressure margins further.
Management commentary in the next concall (if any).

The full read

Indian Toners & Developers posted a weak Q1 FY27. Revenue slipped 7.4% to ₹36.21 crore, while net profit fell 22.2% to ₹6.10 crore. The numbers are a sequential softening from the preceding quarter, but nothing alarming for a ₹303 crore nano-cap with zero debt and a trailing ROE of 11.7%. The auditor’s unmodified review adds no governance concerns. The filing is a standard quarterly update — no strategic shifts, no guidance. Here is a quarterly data point, not a story-changer.

Questions answered

Why did profit fall faster than revenue?: Net profit fell 22.2% versus a 7.4% revenue decline, implying margin compression. The filing does not break down costs, but typical factors include raw material prices or operating leverage.
Is the company financially stressed?: No. Indian Toners has zero debt, a P/E of 11.1, and trailing ROE of 11.7%. The Q1 dip is within normal quarterly volatility for a nano-cap.
Did the auditor flag any issues?: No. The limited review report is unmodified, meaning no adverse observations.
How does this compare to the prior quarter?: The analyst rationale notes a sequential softening but provides no prior-quarter numbers. The trailing twelve-month growth (12.4% revenue, 13.9% PAT) shows the Q1 decline is a break from the recent trend.

Mentioned: Indian Toners & Developers Ltd. · ₹36.21 cr · ₹6.10 cr

Primary source BSE · NSE

An independent reading of the company's own disclosure — the primary filing above is the final word.

Story so far

All notes on INDTONER →

28 Jul 2026 · 2:17 PM IST Indian Toners Q1 net profit drops 22% as revenue slips
today Indian Toners moves into premium pens — no material capex needed