20 Microns Limited

20MICRONS.NS

Industrial Materials · Basic Materials

Price

₹204.19

+0.23 (+0.11%)

Market Cap

₹7.21B

Exchange

National Stock Exchange of India

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Mixed

Stability

Mixed

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

20 Microns Limited is an Indian company that mines and processes industrial minerals into very fine powders. Its main products include micronized minerals like calcite, talc, kaolin, dolomite, and barite. These materials are sold to manufacturers in industries such as paints, plastics, rubber, paper, and ceramics, which use the powders as functional fillers and coatings.

The company earns revenue by selling processed mineral products, with pricing tied to volume and grade of material. It operates primarily in India, with some export sales, and runs multiple processing plants across mineral-rich regions of the country. Its competitive edge comes from controlling raw material sources and having specialized milling technology that produces consistent, fine particle sizes customers rely on. The key growth driver is rising demand from India's expanding paints and plastics industries, while the main risk is commodity price pressure and competition from cheaper, less-refined mineral suppliers.

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

+14.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+15.8% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

₹0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

24.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

₹1.1B cash & investments

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

Growth + cash flow

20 Microns Limited is a rare growth stock that's already generating positive cash flow while growing at 15%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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.

Share count broadly stable

−0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 35.3M (2022) → 35.3M (2026)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

37.2%

Modest — 37.2% gross margin

Profit after running costs

Operating Margin

11.0%

Modest — 11.0% operating margin

Return on the money invested

ROCE

21.1%

Exceptional — 21.1% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+2.3%

Nearly flat sales (+2.3% YoY)

Profit growth

EPS YoY

+10.4%

Earnings growing (+10.4% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

77%

Modest — 77% of profit becomes cash

Spare cash per sale

FCF Margin

3.9%

Thin free cash flow (3.9%)

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

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

6.29x

Adequate interest coverage (6.3x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

10.6x

Attractive valuation — P/E 10.6

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

0.61%

Small dividend — 0.61% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+143.2%

Dividend growing fast (143.2% YoY)

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