WEBSITE BSE:532335 NSE: AMBICA AGAR. Inc. Year: 1995 Industry: Household & Personal Products My Bucket: Add Stock
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1. Business Overview
Ambica Agarbathies & Aroma Industries Ltd. is an Indian manufacturer primarily engaged in the production and sale of agarbathies (incense sticks) and other aromatic products. The company manufactures various types of incense sticks, catering to different consumer preferences in terms of fragrance, stick length, and packaging. Its core business model involves sourcing raw materials (such as bamboo sticks, charcoal powder, jiggit powder, and fragrance oils), manufacturing incense sticks, and then distributing them through a network of distributors and retailers. The company makes money by selling its agarbathies and related aromatic products to consumers, leveraging brand recognition and distribution reach.
2. Key Segments / Revenue Mix
The company's primary revenue stream is derived from the sale of agarbathies (incense sticks). While the "Aroma Industries" part of its name suggests potential for other aromatic products like dhoop or essential oils, agarbathies are the dominant segment. Detailed revenue breakdown by specific product type (e.g., traditional vs. modern fragrances, different packaging formats) is typically not disclosed at a granular level in public filings, but the entire business falls under the "Household & Personal Products" sector, with incense sticks being the main category.
3. Industry & Positioning
The Indian agarbathi industry is large, driven by cultural and religious practices, and highly fragmented. It comprises a few large national players, a significant number of regional brands, and numerous unorganized local manufacturers. Ambica Agarbathies operates within this competitive landscape, likely holding a regional or niche position rather than a dominant national market share. Key competitive factors include brand reputation, fragrance quality, pricing, and the strength of the distribution network. The company competes with both established players and smaller, local brands.
4. Competitive Advantage (Moat)
Ambica Agarbathies likely derives its competitive advantages from:
Brand Recognition (Regional/Niche): Established brands, even at a regional level, can command loyalty among consumers for specific fragrances or quality.
Distribution Network: An efficient and widespread distribution network, particularly in specific geographical areas, is crucial for reaching customers in the fragmented Indian market.
Cost Efficiency: Experience in sourcing raw materials and managing production processes can lead to cost advantages, allowing competitive pricing.
Fragrance Consistency: Maintaining consistent quality and popular fragrances helps retain customer base.
However, these advantages might be considered moderate rather than strong, given the highly competitive and fragmented nature of the industry where switching costs are generally low.
5. Growth Drivers
Increasing Disposable Incomes: Rising incomes in India can lead to higher consumption of household and personal care products, including premium agarbathies.
Urbanization and Changing Lifestyles: Growth in urban areas and evolving consumer preferences for home fragrances and wellness products can expand the market.
Product Innovation: Introduction of new fragrances, eco-friendly options, or innovative packaging can attract new customers and drive growth.
Expanding Distribution: Widening the reach into new geographical markets, both domestically and potentially internationally (exports), can be a significant growth driver.
Online Sales: Leveraging e-commerce platforms to reach a broader customer base beyond traditional retail channels.
6. Risks
Raw Material Price Volatility: Fluctuations in the prices of key raw materials like bamboo sticks, charcoal, sawdust, and essential oils can impact profit margins.
Intense Competition: The highly fragmented agarbathi market with numerous organized and unorganized players leads to pricing pressures and challenges in gaining market share.
Shifting Consumer Preferences: Changes in fragrance trends or a decline in traditional usage patterns could affect demand.
Regulatory Changes: Potential regulations related to sourcing of forest products (e.g., bamboo), use of certain chemicals in fragrances, or environmental norms could impact operations.
Economic Slowdown: A general economic slowdown can lead to reduced consumer spending on non-essential or discretionary items, even for traditionally consumed products.
7. Management & Ownership
Ambica Agarbathies & Aroma Industries Ltd. is typically a promoter-driven company, common in the Indian small and mid-cap space. The promoters and their families usually hold a significant stake, influencing strategic direction and operational management. The management quality can vary, but for established companies, it often reflects a deep understanding of the industry, particularly in manufacturing and distribution within their specific markets. Detailed assessment requires examining board composition, professionalization of management, and governance practices, which are typically available in their annual reports and public filings.
8. Outlook
Ambica Agarbathies operates in a resilient segment of the Indian consumer market, driven by cultural and traditional practices, ensuring a steady baseline demand for agarbathies. The company's future growth will depend on its ability to strengthen its brand presence, expand its distribution network efficiently, manage raw material costs effectively, and innovate with new product offerings. While the fragmented nature of the industry presents challenges in terms of intense competition and pricing pressure, it also offers opportunities for companies with strong regional presence and quality products to capture market share. The outlook is cautiously optimistic, balancing the steady demand with the operational and competitive challenges inherent in the sector.
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Market Cap ₹41 Cr.
Stock P/E 83.7
P/B 0.4
Current Price ₹23.8
Book Value ₹ 65.6
Face Value 10
52W High ₹32.8
Dividend Yield 0%
52W Low ₹ 20.5
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 24 | 29 | 23 | 23 | 34 | 36 | 31 | 30 | 35 | 54 |
| Other Income | 0 | 0 | 5 | 1 | 1 | 2 | 1 | 2 | 2 | 1 |
| Total Income | 25 | 29 | 28 | 24 | 35 | 38 | 32 | 32 | 37 | 55 |
| Total Expenditure | 24 | 27 | 23 | 19 | 30 | 34 | 30 | 27 | 33 | 51 |
| Operating Profit | 1 | 2 | 5 | 5 | 5 | 4 | 3 | 5 | 4 | 4 |
| Interest | 2 | 2 | 3 | 3 | 3 | 3 | 2 | 3 | 2 | 3 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -2 | -1 | 2 | 2 | 1 | 1 | -1 | 2 | 1 | 1 |
| Provision for Tax | -0 | 0 | 1 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| Profit After Tax | -1 | -1 | 0 | 1 | 1 | 0 | -2 | 1 | 1 | 1 |
| Adjustments | 0 | -0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -1 | -1 | 0 | 1 | 1 | 0 | -2 | 1 | 1 | 1 |
| Adjusted Earnings Per Share | -0.9 | -0.4 | 0.1 | 0.7 | 0.5 | 0.2 | -1.1 | 0.7 | 0.5 | 0.3 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 116 | 116 | 119 | 125 | 138 | 168 | 143 | 116 | 117 | 98 | 124 | 150 |
| Other Income | 1 | 1 | 2 | 2 | 3 | 1 | 4 | 1 | 5 | 5 | 5 | 6 |
| Total Income | 116 | 117 | 121 | 127 | 141 | 168 | 148 | 118 | 123 | 103 | 129 | 156 |
| Total Expenditure | 102 | 103 | 107 | 131 | 126 | 154 | 138 | 102 | 109 | 93 | 113 | 141 |
| Operating Profit | 15 | 14 | 14 | -4 | 15 | 14 | 10 | 16 | 14 | 10 | 16 | 16 |
| Interest | 9 | 9 | 9 | 9 | 8 | 8 | 7 | 12 | 9 | 11 | 11 | 10 |
| Depreciation | 4 | 3 | 3 | 5 | 4 | 3 | 3 | 3 | 2 | 2 | 2 | 2 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 2 | 2 | 2 | -17 | 4 | 4 | -0 | 1 | 3 | -2 | 3 | 3 |
| Provision for Tax | 1 | 1 | 1 | 0 | -7 | -1 | -3 | -2 | 1 | 1 | 2 | 1 |
| Profit After Tax | 1 | 1 | 2 | -18 | 10 | 4 | 3 | 2 | 3 | -4 | 0 | 1 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 1 | 1 | 2 | -18 | 10 | 4 | 3 | 2 | 3 | -4 | 0 | 1 |
| Adjusted Earnings Per Share | 0.8 | 0.8 | 0.9 | -10.4 | 6 | 2.5 | 1.6 | 1.4 | 1.5 | -2.1 | 0.3 | 0.4 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 27% | 2% | -6% | 1% |
| Operating Profit CAGR | 60% | 0% | 3% | 1% |
| PAT CAGR | 0% | -100% | -100% | -100% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -21% | -2% | -5% | 18% |
| ROE Average | 0% | -0% | 1% | 0% |
| ROCE Average | 8% | 7% | 6% | 7% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 36 | 36 | 37 | 85 | 93 | 97 | 100 | 102 | 105 | 101 | 109 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 31 | 14 | 10 | 68 | 66 | 66 | 69 | 62 | 61 | 67 | 60 |
| Other Non-Current Liabilities | 8 | 8 | 8 | 33 | 26 | 27 | 22 | 20 | 21 | 22 | 25 |
| Total Current Liabilities | 35 | 53 | 59 | 15 | 9 | 15 | 20 | 34 | 17 | 20 | 30 |
| Total Liabilities | 110 | 111 | 114 | 202 | 194 | 204 | 212 | 219 | 204 | 211 | 224 |
| Fixed Assets | 39 | 38 | 39 | 132 | 129 | 126 | 125 | 122 | 122 | 120 | 130 |
| Other Non-Current Assets | 29 | 24 | 36 | 31 | 27 | 27 | 27 | 26 | 14 | 17 | 14 |
| Total Current Assets | 41 | 49 | 39 | 39 | 38 | 51 | 60 | 71 | 68 | 74 | 80 |
| Total Assets | 110 | 111 | 114 | 202 | 194 | 204 | 212 | 219 | 204 | 211 | 224 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 1 | 1 | 0 | 1 | 7 | 3 | 3 | 3 | 2 | 1 | 1 |
| Cash Flow from Operating Activities | -0 | 2 | 27 | -4 | 13 | 6 | 6 | 16 | 8 | 5 | 1 |
| Cash Flow from Investing Activities | 17 | 2 | -1 | -0 | -1 | -0 | -1 | -0 | -2 | 2 | -5 |
| Cash Flow from Financing Activities | -15 | -6 | -26 | 10 | -17 | -6 | -5 | -17 | -7 | -6 | 3 |
| Net Cash Inflow / Outflow | 1 | -1 | 1 | 6 | -4 | 1 | -1 | -1 | -1 | 0 | 0 |
| Closing Cash & Cash Equivalent | 1 | 0 | 1 | 7 | 3 | 3 | 3 | 2 | 1 | 1 | 2 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.84 | 0.79 | 0.9 | -10.38 | 5.97 | 2.48 | 1.59 | 1.4 | 1.47 | -2.13 | 0.28 |
| CEPS(Rs) | 2.92 | 2.68 | 2.93 | -7.45 | 8.21 | 4.24 | 3.43 | 3.3 | 2.54 | -1.15 | 1.45 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 20.98 | 21.09 | 21.76 | 49.61 | 54.09 | 56.58 | 58.24 | 59.63 | 61.09 | 58.96 | 63.62 |
| Core EBITDA Margin(%) | 12.17 | 11.05 | 10.07 | -4.2 | 8.95 | 8.05 | 4 | 12.32 | 6.98 | 5.08 | 8.29 |
| EBIT Margin(%) | 9.66 | 9.5 | 9.04 | -6.94 | 8.21 | 6.82 | 4.85 | 10.58 | 9.98 | 8.82 | 10.97 |
| Pre Tax Margin(%) | 1.67 | 1.74 | 1.9 | -13.85 | 2.58 | 2.18 | -0.35 | 0.52 | 2.6 | -2.31 | 2.18 |
| PAT Margin (%) | 1.24 | 1.17 | 1.29 | -14.22 | 7.41 | 2.55 | 1.91 | 2.06 | 2.16 | -3.74 | 0.4 |
| Cash Profit Margin (%) | 4.33 | 3.97 | 4.21 | -10.21 | 10.2 | 4.35 | 4.11 | 4.87 | 3.73 | -2.02 | 2.01 |
| ROA(%) | 1.24 | 1.22 | 1.37 | -11.29 | 5.18 | 2.14 | 1.32 | 1.12 | 1.2 | -1.76 | 0.22 |
| ROE(%) | 4.08 | 3.75 | 4.2 | -29.1 | 11.5 | 4.49 | 2.77 | 2.37 | 2.44 | -3.55 | 0.46 |
| ROCE(%) | 11.64 | 11.53 | 11.23 | -6.78 | 7.06 | 7.08 | 4.19 | 7.34 | 7.01 | 5.13 | 7.69 |
| Receivable days | 25.04 | 25.25 | 24.39 | 30.46 | 35.23 | 38.43 | 37.29 | 58.4 | 74.92 | 53.31 | 34.79 |
| Inventory Days | 56.81 | 67.8 | 62.12 | 30.75 | 6.92 | 18.36 | 34.55 | 41.87 | 24.35 | 15.11 | 15.79 |
| Payable days | 22.52 | 19.69 | 29.77 | 19.28 | 13.12 | 17.21 | 34.68 | 83.67 | 59.62 | 46.43 | 35.73 |
| PER(x) | 4.83 | 0 | 0 | 0 | 0 | 0 | 0 | 18.89 | 13.84 | 0 | 95.46 |
| Price/Book(x) | 0.19 | 0 | 0 | 0 | 0 | 0 | 0 | 0.44 | 0.33 | 0.45 | 0.43 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.55 | 0.67 | 0.62 | 0.69 | 0.59 | 0.48 | 0.58 | 0.92 | 0.82 | 1.14 | 0.97 |
| EV/Core EBITDA(x) | 4.28 | 5.45 | 5.17 | -23.63 | 5.35 | 5.51 | 8.29 | 6.89 | 7.14 | 10.78 | 7.72 |
| Net Sales Growth(%) | 3.25 | -0 | 3.07 | 5.15 | 10.25 | 21.2 | -14.39 | -18.88 | 0.77 | -16.54 | 26.34 |
| EBIT Growth(%) | 1.83 | -1.67 | -1.88 | -180.7 | 230.46 | 0.69 | -39.14 | 76.95 | -4.91 | -26.21 | 57.1 |
| PAT Growth(%) | 35.59 | -5.79 | 13.89 | -1257.38 | 157.5 | -58.39 | -35.84 | -12.23 | 5.29 | -244.86 | 113.34 |
| EPS Growth(%) | 35.59 | -5.79 | 13.89 | -1254.15 | 157.5 | -58.39 | -35.84 | -12.23 | 5.29 | -244.86 | 113.34 |
| Debt/Equity(x) | 1.6 | 1.68 | 1.55 | 0.9 | 0.72 | 0.68 | 0.69 | 0.62 | 0.6 | 0.66 | 0.69 |
| Current Ratio(x) | 1.19 | 0.92 | 0.66 | 2.55 | 4.03 | 3.48 | 2.96 | 2.08 | 4.06 | 3.66 | 2.69 |
| Quick Ratio(x) | 0.57 | 0.52 | 0.33 | 2.43 | 3.68 | 2.56 | 2.29 | 1.7 | 3.91 | 3.39 | 2.52 |
| Interest Cover(x) | 1.21 | 1.23 | 1.27 | -1 | 1.46 | 1.47 | 0.93 | 1.05 | 1.35 | 0.79 | 1.25 |
| Total Debt/Mcap(x) | 8.28 | 0 | 0 | 0 | 0 | 0 | 0 | 1.4 | 1.8 | 1.48 | 1.61 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 44.86 | 43.69 | 43.41 | 43.41 | 43.41 | 43.41 | 43.41 | 43.41 | 43.41 | 43.41 |
| FII | 0 | 0.03 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 55.14 | 56.28 | 56.59 | 56.59 | 56.59 | 56.59 | 56.59 | 56.59 | 56.59 | 56.59 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.77 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.95 | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.72 | 1.72 | 1.72 | 1.72 | 1.72 | 1.72 | 1.72 | 1.72 | 1.72 | 1.72 |
* The pros and cons are machine generated.
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