Icodex Publishing Solutions Ltd
Incorporated in 2018, Icodex Publishing Solutions Limited is engaged in the business of Software Product Development for Scholarly Publishing.[1]
- Market Cap ₹ 49.2 Cr.
- Current Price ₹ 31.4
- High / Low ₹ 81.6 / 29.0
- Stock P/E 4.85
- Book Value ₹ 35.0
- Dividend Yield 0.00 %
- ROCE 82.8 %
- ROE 64.8 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
- Stock is trading at 0.90 times its book value
- Company has a good return on equity (ROE) track record: 3 Years ROE 64.6%
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Debtor days have increased from 66.6 to 82.4 days.
* 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
Information Technology Information Technology IT - Services IT Enabled Services
Part of BSE SME IPO
Half Yearly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|
| 5 | 8 | 10 | 10 | 22 | 25 | |
| 4 | 6 | 8 | 6 | 8 | 10 | |
| Operating Profit | 1 | 2 | 2 | 4 | 13 | 15 |
| OPM % | 20% | 22% | 20% | 41% | 61% | 60% |
| 0 | 0 | 0 | 1 | 0 | 0 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 1 | 1 |
| Profit before tax | 1 | 2 | 2 | 4 | 13 | 14 |
| Tax % | 1% | 22% | 2% | 1% | 30% | |
| 1 | 1 | 2 | 4 | 9 | 10 | |
| EPS in Rs | 9,900.00 | 12,900.00 | 18,100.00 | 44,000.00 | 7.32 | 7.30 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 39% |
| TTM: | 110% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 91% |
| TTM: | 104% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 66% |
| 3 Years: | 65% |
| Last Year: | 65% |
Balance Sheet
Figures in Rs. Crores
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|
| Equity Capital | 0.00 | 0.00 | 0.00 | 0.00 | 12 | 16 |
| Reserves | 1 | 2 | 4 | 9 | 7 | 39 |
| 0 | 0 | 0 | 1 | 3 | 4 | |
| 1 | 1 | 2 | 1 | 3 | 4 | |
| Total Liabilities | 2 | 4 | 6 | 11 | 25 | 63 |
| 0 | 1 | 1 | 1 | 5 | 20 | |
| CWIP | 0 | 0 | 1 | 3 | 9 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| 2 | 3 | 5 | 7 | 11 | 43 | |
| Total Assets | 2 | 4 | 6 | 11 | 25 | 63 |
Cash Flows
Figures in Rs. Crores
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 1 | 1 | 4 | 6 | ||
| -0 | -1 | -3 | -9 | ||
| 0 | 0 | 1 | 3 | ||
| Net Cash Flow | 1 | 0 | 1 | 1 | |
| Free Cash Flow | 1 | 0 | 1 | -4 | |
| CFO/OP | 103% | 80% | 103% | 57% |
Ratios
Figures in Rs. Crores
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Debtor Days | 65 | 54 | 69 | 48 | 82 |
| Inventory Days | |||||
| Days Payable | |||||
| Cash Conversion Cycle | 65 | 54 | 69 | 48 | 82 |
| Working Capital Days | 8 | 0 | 21 | -2 | 29 |
| ROCE % | 95% | 56% | 66% | 83% |
Insights
In beta| Mar 2022 | Mar 2023 | Jan 2025 | Mar 2026 | |
|---|---|---|---|---|
| Manpower Cost as % of Revenue % |
|
|||
| Number of Clients Number |
||||
| Employee Count (Headcount) Number |
||||
| Seating Capacity Seats |
||||
| Software Products Portfolio Number |
||||
Documents
Announcements
-
Closure of Trading Window
26 Mar - Trading window closed from 1 April 2026 until 48 hours after standalone audited results for year/H1 ended 31 March 2026.
-
Announcement under Regulation 30 (LODR)-Change in Registered Office Address
12 Mar - CFO, director, and company secretary resigned 04 March 2026; new CS appointed 11 March 2026; office moved; auditors appointed.
-
Announcement under Regulation 30 (LODR)-Change in Registered Office Address
11 Mar - CFO and director resigned (effective 04 Mar 2026); new company secretary appointed 11 Mar; office moved; auditors appointed.
-
Appointment of Company Secretary and Compliance Officer
11 Mar - Appointed CS Nandini Kanak Shah as Whole-Time Company Secretary and Compliance Officer effective 11 March 2026.
-
Board Meeting Outcome for Board Meeting Outcome Held On 11Th March 2026
11 Mar - CFO Vaibhav Rupnar and director Anand Pande resigned effective 04 Mar 2026; new CS appointed; office and auditors changed.
Service Offerings[1]
Icodex's offerings span the entire publishing workflow—from manuscript preparation to print/digital content distribution—along with business process management (BPM) and IT infrastructure support.