20 Microns Ltd.

20MICRONSNSEMiningMining & MineralsSmall Cap

₹184.14

▼ 0.49%

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Composite

20 Microns incorporated in 1987; is the largest producer of white minerals in India. The company has annual output of over 180000 tons.

www.20microns.comSector: MiningIndustry: Mining & Minerals

Q-DITS fundamental score

60Composite

Growth

Profitability

Valuation

Quality

Solvency

Earnings

Key metrics

MCap

₹651 Cr

TTM PE

9.7x

Industry PE

10.5x

TTM EPS

₹18.94

Book Value

₹137.06

Face Value

₹5

Div Yield

0.68%

PEG

0.57x

1.6x

ROE

16%

ROCE

19.2%

EBITDA mgn

13.3%

D/E

0.35

Int. Cover

5.6x

Curr. Ratio

1.53x

EPS

₹17.68

Growth — CAGR across horizons

Metric	1Y	3Y	5Y	10Y
Net Sales	4.5%	10.8%	14.6%	9.8%
EBITDA	4.9%	12.8%	16.1%	10.3%
Net Profit	5%	17.1%	23.9%	19.8%

Score snapshot

Piotroski

4/9

Altman Z

2.6

Quality

56.5

Growth

43.5

Valuation

Earn. Qual

91.4

PEAD

SURGE

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Revenue, profitability & returns

Revenue & Net Profit (₹ Cr)

RevenueNet Profit

Margins (%)

EBITDA%PAT%

Return ratios (%)

ROEROCEROA

Annual financials — last 10 years

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Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
›RevenueCr	360	394	427	480	529	484	613	702	777	913
›EBITDACr	50	57	61	71	69	61	82	89	108	119
›EBITDA margin	13.3%	14%	14.4%	14.8%	12.9%	12.6%	13.3%	12.6%	14.1%	13.3%
›Net profitCr	11	16	19	25	24	23	35	42	56	62
›PAT margin	3%	3.9%	4.4%	5.2%	4.6%	4.7%	5.7%	6%	7.2%	6.8%
›EPS₹	₹3.11	₹4.49	₹5.34	₹7.08	₹6.83	₹6.51	₹9.8	₹11.85	₹15.89	₹17.68
›Revenue growth	0.4%	9.6%	8.4%	12.3%	10.4%	-8.7%	26.8%	14.4%	10.8%	17.4%
›PAT growth	544.3%	44%	18.9%	32.3%	-3.4%	-4.8%	50.9%	20.8%	33.8%	11.3%
›ROE	14%	15%	14.1%	16.1%	13.6%	11.4%	14.9%	15.4%	17.4%	16%
›ROCE	16.3%	17.9%	18.4%	21.5%	18.9%	15.2%	19.7%	19.5%	21.7%	19.2%
›ROA	3.2%	4.4%	4.9%	6%	5.4%	5%	7%	7.9%	9.7%	8.9%
›P/E	8.9x	7.8x	9.2x	5.4x	3.8x	5.4x	7.6x	6.3x	9x	10.8x
›P/B	1.1x	1x	1.2x	0.8x	0.5x	0.6x	1x	0.9x	1.4x	1.6x
›D/E	1.9	1.2	0.9	0.7	0.6	0.5	0.5	0.3	0.3	0.4
›Current ratio	1x	1x	1.1x	1.1x	1.2x	1.2x	1.3x	1.5x	1.6x	1.5x
›Interest cover	1.6x	2x	2.3x	2.8x	2.6x	1.9x	3.4x	4.2x	5.6x	5.6x

Quarterly results

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Metric	2023-12	2024-03	2024-06	2024-09	2024-12	2025-03	2025-06	2025-09	2025-12	2026-03
›RevenueCr	175	212	231	240	215	227	247	231	215	261
›Rev growth YoY	13%	22.5%	21%	20.3%	22.7%	7.1%	7.2%	-3.9%	0.1%	14.8%
›EBITDACr	22	27	30	31	26	29	32	32	28	32
›EBITDA margin	12.7%	12.5%	13%	12.8%	12.2%	12.7%	12.8%	13.8%	12.9%	12.2%
›Net profitCr	11	14	18	16	13	15	17	17	15	18
›PAT growth YoY	57.1%	46%	19.6%	2.8%	11.7%	12.8%	-4.1%	5.7%	16.8%	15.6%
›EPS₹	₹3.25	₹3.87	₹5.06	₹4.65	₹3.65	₹4.31	₹4.78	₹4.93	₹4.24	₹4.99

Balance sheet — last 10 years (₹ Cr)

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Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
›Shareholders' equityCr	125	143	167	188	214	251	294	353	429	484
›ReservesCr	107	126	150	170	197	234	276	335	412	466
›Total borrowingsCr	0	0	0	0	0	0	0	0	0	0
›InvestmentsCr	21	17	19	16	17	28	27	32	45	0
›Total assetsCr	190	202	214	231	240	283	318	371	468	756
›Current assetsCr	173	188	217	227	245	283	287	361	439	417
›Current liabilitiesCr	167	171	192	193	204	215	192	222	286	217
›Trade payablesCr	53	61	67	88	94	99	79	62	68	61
›Gross blockCr	265	282	302	319	326	341	358	366	455	286

Cash flow statement (₹ Cr)

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Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
›Operating CF (CFO)Cr	44	61	53	45	52	35	63	54	32	104
›Investing CF (CFI)Cr	-9	-18	-19	-16	-9	-23	-18	-23	-63	-31
›Financing CF (CFF)Cr	-34	-44	-33	-30	-45	-4	-38	-3	14	-30
›Net cash changeCr	2	-1	2	-1	-2	9	8	28	-17	42
›Closing cashCr	7	5	7	6	4	13	20	49	31	74

Cash flow components

CFO · CFI · CFF (₹ Cr)

CFOCFICFF

Q-DITS scorecard

Composite score

Quality (25%)56.5

Growth (25%)43.5

Valuation (20%)76

Piotroski (15%)44

Earnings Quality (10%)91.4

Momentum (5%)—

Weighted blend, rescaled to the components available for this stock.

Piotroski F-Score

4/9

✓ROA positiveROA 8.92%

✓CFO positiveCFO ₹103.59 Cr

✗ROA improving9.72% → 8.92%

✓CFO > PAT (low accruals)CFO 103.59 vs PAT 62.48

✗Leverage decreasedD/E 0.33 → 0.35

✗Liquidity improvedCR 1.63 → 1.53

✓No share dilutionEPS 15.89 → 17.68

✗Margin improvedEBITDA mgn 14.08% → 13.26%

✗Asset turnover upAsset TO 1.35 → 1.3

Altman Z-Scoregrey

2.6

0.264

0.616

0.133

0.64

1.207

>2.9 safe · 1.23–2.9 grey · <1.23 distress

Quality

56.5/100

ROE

16%

ROCE

19.2%

Margin

6.8%

Debt

0.4

Int. cover

5.6x

Growth

43.5/100

Revenue 3Y

10.8%

Profit 3Y

17.1%

EPS

11.2%

Valuation

76/100

10.8x

1.6x

EV/EBITDA

6.6x

vs universe median: PE 25.6x · PB 2.81x · EV 13.41x

Earnings quality

91.4/100

CFO₹104 Cr

PAT₹62 Cr

Accrual ratio-0.054

CFO/PAT1.66x

PEAD · SURGE

+2 / +1

Revenue SUE0.27

EPS SUE1.19

Latest quarter2026-03

Rev growth YoY14.8%

Shareholding pattern

Promoter45%

FII/FPI0.4%

DII0.1%

Public55%

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Metric	2024-03	2024-06	2024-09	2024-12	2025-03	2025-06	2025-09	2025-12	2026-03
›Promoter	45%	45%	45%	45%	45%	45%	45%	45%	45%
›FII / FPI	0.7%	0.8%	1%	0.9%	0.8%	0.9%	0.3%	0.3%	0.4%
›DII	0%	0.1%	0%	0%	0.2%	0.2%	0.2%	0.1%	0.1%
›Public / Retail	55.1%	55.1%	55%	55%	55%	55%	55%	55%	55%
›Promoter pledge	0%	0%	0%	0%	0%	0%	0%	0%	0%

Documents & filings

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Peer comparison

Company	MCap (Cr)	Revenue	PAT	PE	PB	ROE%	ROCE%	D/E
Coal India Ltd.	2,78,216	1,47,443	30,312	8.9x	2.3x	38.8	48.6	0.09
NMDC Ltd.	77,746	32,071	7,415	10.4x	2.3x	23.6	29.8	0.13
KIOCL Ltd.	24,574	613	17	1,483.1x	14.2x	-11.3	-10.3	0
Gujarat Mineral Development Corporation Ltd.	19,522	2,653	957	20.4x	2.8x	11	14.2	0.02
Sandur Manganese & Iron Ores Ltd.	10,286	5,088	659	15.7x	3.2x	19.9	21.8	0.72
Ashapura Minechem Ltd.	6,770	5,237	390	16.9x	4.1x	26.7	18.6	0.93
MOIL Ltd.	5,974	1,501	267	22.3x	2.2x	15	19.1	0