International Conveyors Ltd

₹ 80.0 0.13%

29 Sep - close price

iclbelting.com BSE: 509709 NSE: INTLCONV

About

Incorporated in 1973, International Conveyors
Ltd is engaged in the manufacturing of Conveyor Belting^[1]

Key Points

Business Overview:^[1]^[2]^[3]
ICL is an ISO 9001:2015-certified company and India’s only listed player in PVC Conveyor Belting, a critical consumable for high-growth sectors like mining and bulk transportation of materials such as coal, potash, and salt.
- The company specializes in solid woven conveyor belting for both underground and above-ground applications.
- Its in-house design team manages the entire process, from preliminary system designs involving power and tension calculations to detailed design.
- In addition to its core manufacturing operations, ICL also engages in the trading of steel cord conveyor belts and fasteners.
- The company has a treasury segment that focuses on investments in equity instruments, inter-corporate deposits, and mutual funds.

Website BSE NSE

Market Cap ₹ 510 Cr.
Current Price ₹ 80.0
High / Low ₹ 115 / 59.8
Stock P/E 3.75
Book Value ₹ 66.5
Dividend Yield 0.62 %
ROCE 22.0 %
ROE 18.7 %
Face Value ₹ 1.00

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Pros

Company is expected to give good quarter
Company has delivered good profit growth of 34.7% CAGR over last 5 years

Cons

The company has delivered a poor sales growth of 4.72% over past five years.
Earnings include an other income of Rs.140 Cr.
Working capital days have increased from 118 days to 173 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

Industrials Capital Goods Industrial Manufacturing Industrial Products

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	43	43	23	26	40	31	26	55	35	45	35	97	35
	37	33	19	24	35	26	26	44	30	34	30	78	28
Operating Profit	6	9	4	2	6	5	0	11	5	11	5	19	7
OPM %	14%	22%	16%	8%	14%	16%	1.5%	19%	15%	24%	15%	19%	20%
	14	22	23	8	42	32	29	1	66	-32	36	-10	147
Interest	2	2	2	2	3	2	2	2	2	3	2	2	2
Depreciation	0	0	0	1	0	0	0	0	0	0	0	0	0
Profit before tax	18	28	24	8	45	34	28	10	69	-25	39	6	152
Tax %	20%	19%	18%	21%	29%	22%	27%	-34%	25%	-29%	23%	33%	21%
	14	23	19	6	32	27	20	13	52	-17	30	4	120
EPS in Rs	2.23	3.61	3.05	0.96	5.03	4.23	3.16	2.06	8.22	-2.74	4.65	0.63	18.79
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	96	84	60	56	86	99	169	205	215	134	152	213	213
	91	86	54	59	86	88	149	186	186	113	130	173	171
Operating Profit	5	-2	6	-3	-0	11	20	20	29	21	21	40	42
OPM %	5%	-2.0%	10%	-4.5%	-0.3%	11%	12%	10%	14%	16%	14%	19%	20%
	4	6	8	8	9	4	9	14	14	67	105	59	140
Interest	5	6	6	7	10	10	5	4	4	9	8	8	8
Depreciation	5	3	3	3	2	2	2	2	2	2	2	2	2
Profit before tax	-1	-5	5	-4	-4	3	22	27	37	77	116	89	172
Tax %	269%	-13%	34%	46%	41%	-98%	25%	40%	23%	19%	21%	23%
	-3	-4	3	-7	-6	6	17	16	29	62	92	68	136
EPS in Rs	-0.44	-0.66	0.49	-1.10	-0.85	0.94	2.46	2.40	4.36	9.84	14.47	10.72	21.33
Dividend Payout %	-57%	-8%	10%	-5%	-6%	21%	41%	42%	25%	11%	5%	5%

Compounded Sales Growth
10 Years:	10%
5 Years:	5%
3 Years:	0%
TTM:	45%

Compounded Profit Growth
10 Years:	34%
5 Years:	35%
3 Years:	38%
TTM:	22%

Stock Price CAGR
10 Years:	15%
5 Years:	3%
3 Years:	-1%
1 Year:	-20%

Return on Equity
10 Years:	13%
5 Years:	19%
3 Years:	22%
Last Year:	19%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	7	7	7	7	7	7	7	7	6	6	6	6
Reserves	68	62	117	143	140	116	147	210	209	267	355	418
	58	58	40	65	102	63	46	20	65	125	86	73
	24	11	11	15	18	22	28	69	31	42	60	71
Total Liabilities	157	138	176	230	266	207	228	305	311	439	508	569
	24	23	21	19	17	15	17	17	16	15	14	15
CWIP	3	1	1	1	1	1	0	0	0	0	0	0
Investments	42	42	101	143	170	102	147	119	157	252	299	328
	88	71	52	67	78	89	64	168	138	172	195	226
Total Assets	157	138	176	230	266	207	228	305	311	439	508	569

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	9	12	16	-14	5	3	49	37	4	12	15	35
	-8	-3	7	-4	-32	46	-26	1	-18	-48	43	-5
	-3	-8	-24	18	26	-49	-24	-37	15	34	-54	-25
Net Cash Flow	-2	1	-1	0	-1	0	-0	0	0	-1	4	4
Free Cash Flow	7	11	15	-14	-8	3	47	34	3	11	15	31
CFO/OP	217%	-753%	269%	513%	-2,264%	35%	270%	231%	42%	87%	102%	120%

Ratios

Consolidated / View Standalone

	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	96	69	50	141	110	107	36	45	29	56	47	45
Inventory Days	159	128	198	138	74	220	90	88	71	161	85	84
Days Payable	93	51	75	128	80	108	77	111	69	113	103	87
Cash Conversion Cycle	162	146	173	151	104	220	50	22	31	105	30	42
Working Capital Days	-14	-37	-19	-131	-253	-57	-40	130	47	25	155	173
ROCE %	3%	0%	7%	1%	3%	7%	14%	14%	16%	24%	27%	22%

Insights

In beta

Mar 2013

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Production Volume
meters

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

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Export Revenue Share
% of conveyor belt sales ・Standalone data

Installed Capacity
meters per annum

Order Book
Rs Crore ・Standalone data

Domestic Market Share in India for PVC Conveyor Belts
%

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
	70.65%	69.18%	68.60%	68.61%	68.61%	68.60%	69.13%	69.98%	70.07%	69.65%	69.86%	70.23%
	0.06%	0.01%	0.04%	0.01%	0.01%	0.00%	0.02%	0.16%	0.19%	0.37%	0.85%	0.62%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.53%	0.52%	0.54%	0.52%
	29.28%	30.80%	31.35%	31.39%	31.38%	31.40%	30.85%	29.85%	29.20%	29.45%	28.74%	28.62%
No. of Shareholders	21,104	29,522	40,019	38,460	47,561	44,223	42,920	40,872	37,781	35,208	33,730	32,935

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
	37.39%	42.29%	47.29%	49.74%	61.74%	65.97%	67.95%	68.60%	69.13%	69.86%	70.23%
	35.26%	33.92%	18.86%	20.49%	17.56%	4.63%	0.04%	0.04%	0.02%	0.85%	0.62%
	3.56%	1.26%	1.26%	1.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.54%	0.52%
	23.79%	22.53%	32.60%	28.51%	20.70%	29.40%	32.01%	31.35%	30.85%	28.74%	28.62%
No. of Shareholders	1,851	1,816	1,834	1,742	1,811	19,119	19,091	40,019	42,920	33,730	32,935

* 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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