MIL Industries Ltd
Sixty-year-old Chennai maker of corrosion- and abrasion-resistant rubber linings with roughly 40% of the Indian market. Rate on request — the figure shown is an indicative level from public dealer quotes.
Market cap
₹78.75 Cr
0.32 Cr shares
P/E ratio
19.20
Sector average 28
Book value
₹108.10
P/B 2.31
1-year return
+16.68%
52w ₹200 – ₹312
Currently 45% of the way through its 52-week range.
Indicative price history
1Y change
+17.36% ₹213 → ₹250
52-week band in this window: ₹213.02 – ₹252.32. Weekly indicative marks, not exchange-traded prices.
Key highlights
- About 40% share of India's rubber-lining market, built on French and Japanese technical collaborations since the 1960s.
- FY24 revenue ₹38.33 Cr and net profit ₹5.33 Cr with virtually no debt; FY26 quarters show sales nearly doubling.
- Demerged its PTFE and aerospace business into MIL Industries & Aerospace Ltd in 2022, giving shareholders a mirror holding.
About MIL Industries
MIL Industries Ltd (formerly Madras Industrial Linings Ltd) was incorporated in February 1966 and makes corrosion- and abrasion-resistant rubber linings for chemical, fertiliser, mining, power and other process industries. The business was built on technical collaborations with Societe Chimique de Gerland of France and OHJI Rubber & Chemicals of Japan, and dealer research puts its share of the Indian rubber-lining market at around 40%.
In 2022 the company demerged its PTFE-lined pipe and aerospace hose business into a mirror-image entity, MIL Industries & Aerospace Ltd, with an appointed date of 1 April 2022. Both companies have their equity listed on the Metropolitan Stock Exchange of India (MSEI) where trading is negligible, so the shares change hands mainly through the unlisted-share dealer market. Noman H. Millwala chairs the board and Raghu Raman is Managing Director.
Revenue was ₹38.33 Cr in FY24 with a net profit of ₹5.33 Cr (EPS ₹16.92) and near-zero borrowings; FY25 revenue slipped about 8% to ₹36.78 Cr. Quarterly results reported to MSEI show a sharp recovery in FY26 — sales of ₹16.06 Cr and a profit of ₹3.33 Cr in the December 2025 quarter alone. The company paid a ₹1 per share dividend for FY23.
Rate on request — the figure shown is an indicative level from public dealer quotes (₹230–278 in mid-2026). FY23 and FY25 profit figures and all balance-sheet line items are reconstructed around reported totals; treat them as approximate.
Where the revenue comes from
- Rubber linings & anti-corrosion contracts75%
Site and shop lining of vessels, tanks, pipes and equipment for process industries
- Rubber sheets, compounds & spares20%
Lining sheets, adhesives and replacement components
- Other services5%
Inspection, refurbishment and export jobs
Products & services
Rubber linings
Natural, synthetic and ebonite linings applied to vessels, pipes and tanks to resist acids, alkalis and abrasion.
Site lining & refurbishment
On-site application and re-lining services for chemical, fertiliser, mining and power plants.
Rubber sheets & compounds
Pre-vulcanised and unvulcanised lining sheets and adhesives supplied to fabricators.
What works
- • Dominant niche: about 40% share of Indian rubber-lining work, with six decades of process-industry references.
- • Debt-free balance sheet (borrowings of ₹0.57 Cr in FY24) and a track record of dividends.
- • FY26 quarterly results show sales and profit roughly doubling year on year as capex in chemicals and fertilisers picks up.
What to watch
- • Tiny scale — annual revenue under ₹40 Cr with only 31.5 lakh shares, so the unlisted quote is thin and spreads are wide (dealer buy/sell quotes have differed by ₹100 or more).
- • Order-driven business tied to chemical and fertiliser capex cycles; FY25 revenue fell 8% and the June 2024 quarter profit dropped over 80%.
- • Shares are technically listed on MSEI with almost no volume; investors rely on off-market transfers and dealer liquidity.