International Combustion (India) Ltd

₹ 599 3.67%

28 Jul - close price

About

Incorporated in 1936, International
Combustion (India) Ltd manufactures
and supply Heavy Engineering Equipment, Geared Motors and Gear Boxes and Dry Mix Mortars^[1]

Key Points

Business Overview:^[1]
The Company is an engineering equipment manufacturer serving core industries such as steel, cement, fertiliser, chemicals, mining and infrastructure. Its product portfolio includes grinding mills, screening and feeding equipment, conveyors, bulk material handling equipment, crushers, dryers, sizers, screen decks, flip flow screens, industrial gearboxes and geared motors. Its Building Material Division in Ajmer, Rajasthan manufactures building material products for the construction industry.

Website BSE

Market Cap ₹ 143 Cr.
Current Price ₹ 599
High / Low ₹ 891 / 346
Stock P/E
Book Value ₹ 547
Dividend Yield 0.67 %
ROCE 0.48 %
ROE -1.41 %
Face Value ₹ 10.0

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Pros

Stock is trading at 1.10 times its book value

Cons

Company has low interest coverage ratio.
Company has a low return on equity of 8.14% 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

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	64.71	68.80	73.35	73.36	81.27	59.53	63.83	82.79	86.83	59.89	75.33	72.19	86.00
	58.20	57.80	63.95	63.28	73.43	54.70	61.10	73.98	79.76	58.55	73.11	72.68	82.76
Operating Profit	6.51	11.00	9.40	10.08	7.84	4.83	2.73	8.81	7.07	1.34	2.22	-0.49	3.24
OPM %	10.06%	15.99%	12.82%	13.74%	9.65%	8.11%	4.28%	10.64%	8.14%	2.24%	2.95%	-0.68%	3.77%
	0.31	0.32	0.26	0.17	1.10	0.34	0.40	2.77	0.37	0.43	0.24	0.39	-0.31
Interest	0.51	0.84	0.84	0.77	0.66	1.57	1.30	1.22	0.91	1.04	0.70	0.77	0.96
Depreciation	1.07	1.09	1.23	1.26	1.40	1.48	1.57	1.61	1.70	1.66	1.63	1.73	1.77
Profit before tax	5.24	9.39	7.59	8.22	6.88	2.12	0.26	8.75	4.83	-0.93	0.13	-2.60	0.20
Tax %	33.59%	39.08%	33.86%	32.85%	46.22%	16.51%	19.23%	29.49%	-40.58%	-0.00%	15.38%	2.31%	-440.00%
	3.48	5.72	5.02	5.51	3.70	1.77	0.21	6.17	6.79	-0.93	0.12	-2.65	1.08
EPS in Rs	14.56	23.93	21.00	23.05	15.48	7.40	0.88	25.81	28.41	-3.89	0.50	-11.09	4.52
Raw PDF

Upcoming result date: 30 July 2026

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	89	93	109	108	134	124	110	169	223	297	293	293
	85	92	105	105	124	121	111	158	205	258	270	287
Operating Profit	4	1	3	3	10	3	-1	11	17	38	23	6
OPM %	4.4%	1.5%	3.1%	2.5%	7%	2.1%	-1.2%	6%	8%	13%	8%	2.1%
	2	2	8	3	2	2	1	1	1	2	4	1
Interest	1	1	4	4	3	3	2	2	2	3	5	3
Depreciation	5	4	5	5	5	5	4	5	4	5	6	7
Profit before tax	1	-2	3	-4	4	-3	-7	5	12	32	16	-3
Tax %	-56%	-71%	21%	-35%	14%	-41%	-22%	21%	31%	38%	9%	-25%
	1	-1	2	-2	4	-2	-5	4	8	20	15	-2
EPS in Rs	4.10	-2.13	8.95	-9.83	14.89	-7.82	-21.63	17.36	34.77	83.46	62.54	-10.00
Dividend Payout %	37%	-0%	-0%	-0%	7%	-0%	-0%	12%	9%	6%	6%	-0%

Compounded Sales Growth
10 Years:	12%
5 Years:	22%
3 Years:	10%
TTM:	0%

Compounded Profit Growth
10 Years:	-2%
5 Years:	10%
3 Years:	%
TTM:	-115%

Stock Price CAGR
10 Years:	6%
5 Years:	21%
3 Years:	-13%
1 Year:	-27%

Return on Equity
10 Years:	4%
5 Years:	8%
3 Years:	8%
Last Year:	-1%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	2	2	2	2	2	2	2	2	2	2	2	2
Reserves	90	89	94	92	95	92	87	92	99	118	131	128
	13	35	35	28	23	26	14	9	13	31	33	27
	31	25	32	36	41	39	39	46	55	72	64	76
Total Liabilities	136	152	164	158	161	160	142	149	169	223	230	234
	28	39	50	47	44	45	42	39	39	57	60	59
CWIP	1	6	1	0	-0	-0	0	-0	4	3	0	1
Investments	26	25	31	25	22	18	15	11	11	9	12	13
	81	82	83	86	95	96	86	98	115	154	158	162
Total Assets	136	152	164	158	161	160	142	149	169	223	230	234

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-3	-6	11	7	5	-4	11	8	5	6	12	23
	-6	-15	-8	4	3	5	3	1	-9	-19	-8	-12
	9	21	-4	-11	-8	-0	-14	-7	2	14	-5	-10
Net Cash Flow	0	1	-0	-0	-0	1	-0	3	-3	1	-0	0
Free Cash Flow	-9	-23	1	3	4	-10	10	6	-5	-15	7	16
CFO/OP	-81%	-429%	329%	272%	55%	-97%	-829%	89%	40%	30%	71%	385%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	161	162	130	131	111	113	97	77	76	83	90	85
Inventory Days	302	245	258	255	229	300	287	189	164	166	155	150
Days Payable	151	107	148	167	149	160	167	115	103	106	94	111
Cash Conversion Cycle	313	301	239	220	191	254	217	151	137	143	152	125
Working Capital Days	174	167	97	96	83	82	91	76	65	65	71	55
ROCE %	-0%	-2%	5%	0%	6%	-0%	-4%	7%	13%	26%	12%	0%

Insights

In beta

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mineral & Material Processing Segment Share of External Revenue
%

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xxx	xxx	xxx	xxx	xxx	xxx	xxx	xxx	xxx	xxx
	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx
	xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx	x,xxx.xx
						xxx.xx	xxx.xx	xxx.xx	xxx.xx
						xx	xx	xx

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Number of Permanent Employees
count

Building Material Segment Share of External Revenue
%

Export Revenue (Outside India)
Rs lakh

Order Book
Rs crore

Customer Concentration - Top 10 Customers Share of Total Sales
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	52.88%	52.88%	52.88%	52.88%	52.88%	52.88%	52.88%	52.88%	52.88%	52.88%	52.88%	52.88%
	0.01%	0.01%	0.01%	0.57%	0.61%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
	47.10%	47.12%	47.11%	46.55%	46.52%	47.11%	47.11%	47.11%	47.11%	47.11%	47.12%	47.13%
No. of Shareholders	5,099	5,376	6,531	6,757	8,325	8,553	8,483	8,462	8,206	8,032	7,890	7,697

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
	53.00%	52.79%	52.79%	52.79%	52.79%	52.79%	52.80%	52.88%	52.88%	52.88%	52.88%
	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
	46.99%	47.20%	47.20%	47.20%	47.20%	47.20%	47.18%	47.11%	47.11%	47.12%	47.13%
No. of Shareholders	5,973	6,751	6,420	6,086	5,697	5,120	4,861	6,531	8,483	7,890	7,697

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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International Combustion (India) Ltd

International Combustion (India) Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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Annual reports

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