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20 Microns Limited

20MICRONS.NS
55
Industrial Materials · Basic Materials
Price
₹196.12
+1.31 (+0.67%)
Market Cap
₹6.92B
Exchange
National Stock Exchange of India
Winston Score
55
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 10, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
17/30
Growth
Good
13/20
Cash Flow
Data not available
0/10
Stability
Strong
7/10
Valuation
Good
5/10
Ownership
Good
10/15
Dividends
Good
3/5

55 of 100 counted points = Winston Score 55.

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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

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

Revenue Growth

-1.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+5.4% YoY

YoY Growth Rate

Slow 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

₹0 cash & investments

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

Revenue declining

20 Microns 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.

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
N/A
Data not available
Spare cash per sale
FCF Margin
N/A
Data not available

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Stability

What it owes vs what it owns
Debt / Equity
0.30
Conservative — low debt load (0.30)
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)
10.2x
Attractive valuation — P/E 10.2

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
0.57%
Small dividend — 0.57% 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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