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 ₹ 58.1 Cr.
- Current Price ₹ 37.2
- High / Low ₹ 81.6 / 35.8
- Stock P/E 5.73
- 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 1.06 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 |
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 % |
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| Number of Clients Number |
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| Employee Count (Headcount) Number |
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| Seating Capacity Seats |
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| Software Products Portfolio Number |
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Documents
Announcements
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Announcement under Regulation 30 (LODR)-Resignation of Company Secretary / Compliance Officer
6h - Whole-Time Company Secretary Mohini Talhar resigned effective 04 March 2026; board noted on 11 March 2026.
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Announcement under Regulation 30 (LODR)-Resignation of Director
6h - Mr. Anand Pravin Pande (DIN:07245254) resigned as director effective 04 Mar 2026.
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Announcement under Regulation 30 (LODR)-Resignation of Chief Financial Officer (CFO)
6h - CFO Vaibhav Ashok Rupnar resigned; cessation effective 04 Mar 2026 (announcement also references 04 Feb 2026).
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Board Meeting Intimation for Board Meeting Intimation For 1. Intimation Of Board Meeting To Be Held On March 11, 2026
1d - Board meeting 11 Mar 2026: CFO, director and CS resignations; new CS appointment; related-party transactions; office shift; fee increase.
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Announcement under Regulation 30 (LODR)-Monitoring Agency Report
11 Feb - Monitoring agency reports no deviation for ICODEX IPO fresh issue Rs 34.64 crore (quarter ended Dec 31, 2025).
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.