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 ₹ 193 Cr.
- Current Price ₹ 808
- High / Low ₹ 1,539 / 701
- Stock P/E 19.7
- 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: | 13% |
5 Years: | 44% |
3 Years: | 35% |
1 Year: | -37% |
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
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Closure of Trading Window
26 Sep - Trading window closed from 1 Oct 2025 until 48 hours after Q2/HY September 30, 2025 results.
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Minutes Of Proceedings Of 89Th Annual General Meeting
26 Sep - Minutes of 89th AGM (10 Sep 2025): approved financials, Rs.4/sh dividend payable from 24 Sep 2025, director reappointment.
-
Video-Recording Of Proceedings Of 89Th AGM
20 Sep - Posted YouTube video of 89th AGM held 10 September 2025; link provided on company website.
-
Chairman'S Speech At 89Th AGM
20 Sep - Chairman's AGM speech: FY revenue Rs.292.98cr, PBT Rs.16.35cr; capacity expansion, IC Torque Drive trials.
-
Shareholder Meeting / Postal Ballot-Outcome of AGM
12 Sep - AGM approved FY2024-25 financials; dividend Rs4.00/share; reappointment and remuneration revision of Mr. Rana Pratap Singh; auditor appointments.
Annual reports
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Financial Year 2025
from bse
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Financial Year 2024
from bse
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Financial Year 2023
from bse
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Financial Year 2022
from bse
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Financial Year 2021
from bse
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Financial Year 2020
from bse
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Financial Year 2019
from bse
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Financial Year 2018
from bse
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Financial Year 2017
from bse
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Financial Year 2016
from bse
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Financial Year 2015
from bse
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Financial Year 2014
from bse
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Financial Year 2013
from bse
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Financial Year 2012
from bse
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Financial Year 2011
from bse
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