Icodex Publishing Solutions Ltd

Icodex Publish. Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Icodex Publishing Solutions Ltd

₹ 42.1 -2.09%
29 May - close price
icodexsolutions.com BSE - SME: 544483
About

Incorporated in 2018, Icodex Publishing Solutions Limited is engaged in the business of Software Product Development for Scholarly Publishing.[1]

Key Points

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.

Website BSE
  • Market Cap ₹ 65.8 Cr.
  • Current Price ₹ 42.1
  • High / Low ₹ 81.6 / 29.0
  • Stock P/E 9.28
  • Book Value ₹ 36.0
  • Dividend Yield 0.00 %
  • ROCE 24.9 %
  • ROE 18.8 %
  • Face Value ₹ 10.0
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Pros

  • Stock is trading at 1.17 times its book value
  • Company has delivered good profit growth of 48.2% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 35.3%

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has high debtors of 163 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

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Half Yearly Results

Figures in Rs. Crores

Sep 2024 Mar 2025 Sep 2025 Mar 2026
10.84 11.03 13.89 12.04
4.64 3.79 6.14 9.09
Operating Profit 6.20 7.24 7.75 2.95
OPM % 57.20% 65.64% 55.80% 24.50%
0.07 0.13 0.13 0.54
Interest 0.08 0.15 0.16 0.20
Depreciation 0.17 0.42 0.37 0.38
Profit before tax 6.02 6.80 7.35 2.91
Tax % 28.24% 31.76% 25.31% 45.36%
4.33 4.63 5.50 1.59
EPS in Rs 43,300.00 3.78 3.52 1.02
Raw PDF

Profit & Loss

Figures in Rs. Crores

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
4.96 8.18 9.54 10.40 21.88 25.93
3.99 6.42 7.59 6.14 8.45 15.23
Operating Profit 0.97 1.76 1.95 4.26 13.43 10.70
OPM % 19.56% 21.52% 20.44% 40.96% 61.38% 41.26%
0.23 0.04 0.18 0.59 0.20 0.67
Interest 0.18 0.00 0.01 0.04 0.22 0.36
Depreciation 0.02 0.14 0.28 0.36 0.59 0.75
Profit before tax 1.00 1.66 1.84 4.45 12.82 10.26
Tax % 1.00% 22.29% 1.63% 0.90% 30.11% 30.90%
0.99 1.29 1.81 4.40 8.96 7.09
EPS in Rs 9,900.00 12,900.00 18,100.00 44,000.00 7.32 4.53
Dividend Payout % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Compounded Sales Growth
10 Years: %
5 Years: 39%
3 Years: 40%
TTM: 19%
Compounded Profit Growth
10 Years: %
5 Years: 48%
3 Years: 58%
TTM: -21%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: %
Return on Equity
10 Years: %
5 Years: 37%
3 Years: 35%
Last Year: 19%

Balance Sheet

Figures in Rs. Crores

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 0.00 0.00 0.00 0.00 12.24 15.64
Reserves 1.12 2.38 4.19 8.59 6.81 40.67
0.00 0.00 0.02 0.88 2.99 7.05
1.26 1.46 1.64 1.20 2.71 2.83
Total Liabilities 2.38 3.84 5.85 10.67 24.75 66.19
0.27 0.71 0.77 0.62 5.35 20.79
CWIP 0.00 0.00 0.53 3.38 8.85 7.46
Investments 0.50 0.00 0.00 0.00 0.00 0.00
1.61 3.13 4.55 6.67 10.55 37.94
Total Assets 2.38 3.84 5.85 10.67 24.75 66.19

Cash Flows

Figures in Rs. Crores

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
1.24 1.27 3.81 6.35 1.64
-0.49 -1.10 -3.26 -9.22 -35.50
0.00 0.01 0.83 3.44 33.87
Net Cash Flow 0.75 0.19 1.38 0.57 0.01
Free Cash Flow 0.66 0.40 0.75 -4.45 -13.15
CFO/OP 103% 80% 103% 57% 53%

Ratios

Figures in Rs. Crores

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 65.49 53.55 69.25 48.08 82.41 162.72
Inventory Days
Days Payable
Cash Conversion Cycle 65.49 53.55 69.25 48.08 82.41 162.72
Working Capital Days 8.09 0.45 21.04 -2.46 28.69 49.55
ROCE % 94.86% 56.15% 65.64% 82.77% 24.87%

Insights

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Mar 2022 Mar 2023 Jan 2025 Mar 2026
Manpower Cost as % of Revenue
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Number of Clients
Number
Employee Count (Headcount)
Number
Seating Capacity
Seats
Software Products Portfolio
Number

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

4 Recently
Sep 2025Mar 2026
64.44% 64.44%
0.07% 0.01%
35.49% 35.55%
No. of Shareholders 1,113949

* 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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Documents

Announcements

Annual reports

No data available.

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