International Combustion (India) Ltd
Incorporated in 1936, International
Combustion (India) Ltd manufactures
and supply Heavy Engineering Equipment, Geared Motors and Gear Boxes and Dry Mix Mortars[1]
- Market Cap ₹ 191 Cr.
- Current Price ₹ 797
- High / Low ₹ 1,539 / 701
- Stock P/E 19.4
- Book Value ₹ 560
- Dividend Yield 0.50 %
- ROCE 11.6 %
- ROE 10.1 %
- Face Value ₹ 10.0
Pros
- Company has delivered good profit growth of 59.2% CAGR over last 5 years
Cons
- Tax rate seems low
- Company has a low return on equity of 12.2% over last 3 years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Industrial Manufacturing Industrial Products
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
99 | 89 | 93 | 109 | 108 | 134 | 124 | 110 | 169 | 223 | 297 | 293 | 293 | |
95 | 85 | 92 | 105 | 105 | 124 | 121 | 111 | 158 | 205 | 258 | 270 | 273 | |
Operating Profit | 3 | 4 | 1 | 3 | 3 | 10 | 3 | -1 | 11 | 17 | 38 | 23 | 20 |
OPM % | 3% | 4% | 2% | 3% | 2% | 7% | 2% | -1% | 6% | 8% | 13% | 8% | 7% |
2 | 2 | 2 | 8 | 3 | 2 | 2 | 1 | 1 | 1 | 2 | 4 | 4 | |
Interest | 1 | 1 | 1 | 4 | 4 | 3 | 3 | 2 | 2 | 2 | 3 | 5 | 4 |
Depreciation | 4 | 5 | 4 | 5 | 5 | 5 | 5 | 4 | 5 | 4 | 5 | 6 | 7 |
Profit before tax | 1 | 1 | -2 | 3 | -4 | 4 | -3 | -7 | 5 | 12 | 32 | 16 | 13 |
Tax % | -19% | -56% | -71% | 21% | -35% | 14% | -41% | -22% | 21% | 31% | 38% | 9% | |
1 | 1 | -1 | 2 | -2 | 4 | -2 | -5 | 4 | 8 | 20 | 15 | 12 | |
EPS in Rs | 3.35 | 4.10 | -2.13 | 8.95 | -9.83 | 14.89 | -7.82 | -21.63 | 17.36 | 34.77 | 83.46 | 62.54 | 51.21 |
Dividend Payout % | 45% | 37% | 0% | 0% | 0% | 7% | 0% | 0% | 12% | 9% | 6% | 6% |
Compounded Sales Growth | |
---|---|
10 Years: | 13% |
5 Years: | 19% |
3 Years: | 20% |
TTM: | 2% |
Compounded Profit Growth | |
---|---|
10 Years: | 41% |
5 Years: | 59% |
3 Years: | 46% |
TTM: | -39% |
Stock Price CAGR | |
---|---|
10 Years: | 14% |
5 Years: | 44% |
3 Years: | 29% |
1 Year: | -45% |
Return on Equity | |
---|---|
10 Years: | 4% |
5 Years: | 8% |
3 Years: | 12% |
Last Year: | 10% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
Reserves | 91 | 90 | 89 | 94 | 92 | 95 | 92 | 87 | 92 | 99 | 118 | 131 |
3 | 13 | 35 | 35 | 28 | 23 | 26 | 14 | 9 | 13 | 31 | 33 | |
29 | 31 | 25 | 32 | 36 | 41 | 39 | 39 | 46 | 55 | 72 | 64 | |
Total Liabilities | 125 | 136 | 152 | 164 | 158 | 161 | 160 | 142 | 149 | 169 | 223 | 230 |
29 | 28 | 39 | 50 | 47 | 44 | 45 | 42 | 39 | 39 | 57 | 60 | |
CWIP | 1 | 1 | 6 | 1 | 0 | 0 | 0 | 0 | 0 | 4 | 3 | 0 |
Investments | 22 | 26 | 25 | 31 | 25 | 22 | 18 | 15 | 11 | 11 | 9 | 12 |
73 | 81 | 82 | 83 | 86 | 95 | 96 | 86 | 98 | 115 | 154 | 158 | |
Total Assets | 125 | 136 | 152 | 164 | 158 | 161 | 160 | 142 | 149 | 169 | 223 | 230 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
6 | -3 | -6 | 11 | 7 | 5 | -4 | 11 | 8 | 5 | 6 | 12 | |
-1 | -6 | -15 | -8 | 4 | 3 | 5 | 3 | 1 | -9 | -19 | -8 | |
-6 | 9 | 21 | -4 | -11 | -8 | -0 | -14 | -7 | 2 | 14 | -5 | |
Net Cash Flow | -1 | 0 | 1 | -0 | -0 | -0 | 1 | -0 | 3 | -3 | 1 | 0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 125 | 161 | 162 | 130 | 131 | 111 | 113 | 97 | 77 | 76 | 83 | 90 |
Inventory Days | 203 | 302 | 245 | 258 | 255 | 229 | 300 | 287 | 189 | 164 | 166 | 155 |
Days Payable | 114 | 151 | 107 | 148 | 167 | 149 | 160 | 167 | 115 | 103 | 106 | 94 |
Cash Conversion Cycle | 214 | 313 | 301 | 239 | 220 | 191 | 254 | 217 | 151 | 137 | 143 | 152 |
Working Capital Days | 143 | 174 | 167 | 97 | 96 | 83 | 82 | 91 | 76 | 65 | 65 | 71 |
ROCE % | -0% | -0% | -2% | 5% | 0% | 6% | -0% | -4% | 7% | 13% | 26% | 12% |
Documents
Announcements
-
Special Window For Re-Lodgement Of Transfer Requests Of Physical Shares
27 Aug - International Combustion opens SEBI‑mandated window to re-lodge physical share transfer requests lodged before April 1, 2019.
- Announcement under Regulation 30 (LODR)-Newspaper Publication 25 Aug
-
Copy Of Letter Posted To Non-Email Shareholders
19 Aug - 89th AGM on 10 Sept 2025; Annual Report and KYC update link posted for non-email shareholders.
-
Reg. 34 (1) Annual Report.
19 Aug - AGM 10 Sep 2025; dividend Rs4/share payable from 24 Sep; record date 3 Sep; ED remuneration revised.
- Announcement under Regulation 30 (LODR)-Newspaper Publication 5 Aug
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Business Overview:[1]
ICL manufactures heavy-duty grinding mills, screening and feeding equipment, conveyors, bulk material handling equipment and industrial gearboxes, and geared motors, catering to steel, cement, fertilizer, chemical,
mining, and infrastructure industries. It also manufactures dry-mix mortars in collaboration with Cementos Capa.
Its units are in Nagpur, Kolkata, Aurangabad and Ajmer