ICDS Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2019 • Financial Services: 58.1% • Rent on Premises: 40.2% • Others: 1.7%
AI Sector View
AI GENERATEDFinancial Services
Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.
PROS
- Asset quality is healthy - gross NPA of just 0.0%
- Solid return on assets for a lender - ROA of 3.1%
- Operating margins have improved to 44.8% from -60.0%
- Company generates healthy free cash flow
CONS
- Capital adequacy is tight at 0.0% - limited headroom to grow
- Recent results are weak - TTM profit is down 99.2% versus prior year
- A large part of profit comes from other income (52.6% of PBT)
- Company has a low return on equity of 4.0% over last 3 years
- Company has a low return on capital employed of 6.7%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BAJFINANCE | 1057.00 | 32.41 | 658083.37 | 0.57 | 6080.60 | 27.60 | 23165.45 | 20.37 | 10.87 | 70.70 |
| SHRIRAMFIN | 1046.85 | 21.76 | 246322.08 | 1.03 | 3452.77 | 59.90 | 13400.43 | 17.46 | 11.49 | 74.63 |
| JIOFIN | 237.00 | 75.73 | 156494.46 | 0.25 | 830.25 | 155.73 | 2004.47 | 227.28 | 2.11 | 69.71 |
| CHOLAFIN | 1820.00 | 27.03 | 155440.01 | 0.11 | 1656.22 | 45.56 | 8856.29 | 21.89 | 9.70 | 70.07 |
| TATACAP | 364.85 | 28.66 | 154874.05 | 0.16 | 16281.80 | 1464.16 | 88219.30 | 1051.00 | 8.66 | 75.72 |
| BAJAJHLDNG | 11090.30 | 13.94 | 123427.84 | 1.76 | 2708.08 | -92.27 | 394.33 | 23.34 | 14.81 | 684.72 |
| MUTHOOTFIN | 2935.45 | 10.36 | 117849.06 | 1.02 | 2824.84 | 43.08 | 8671.60 | 36.25 | 15.87 | 83.76 |
| ABCAPITAL | 396.90 | 26.47 | 108651.86 | 0.00 | 1223.85 | 43.85 | 12179.54 | 137.84 | 8.82 | 41.91 |
| LTF | 312.10 | 24.58 | 78223.26 | 0.88 | 915.99 | 30.70 | 5212.92 | 22.38 | 8.54 | 62.13 |
| SBICARD | 633.05 | 26.48 | 60243.77 | 0.39 | 664.44 | 19.51 | 5040.55 | 7.60 | 11.75 | 29.83 |
| HDBFS | 674.80 | 25.76 | 56060.02 | 0.59 | 785.20 | 38.31 | 4937.90 | 18.71 | 9.09 | 57.98 |
| ICDSLTD | 57.91 | 115.88 | 75.44 | 0.00 | 0.93 | -32.12 | 0.61 | -20.26 | 12.02 | 1.30 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 0 | 0 | 1 | 0 | 0 | 0 | 2 | 1 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 1 | 1 | |
| Operating Profit | -0 | 0 | 0 | 0 | -0 | 0 | 0 | 1 | 0 | -0 | 0 | -1 | -0 |
| OPM % | -9.38% | 5.13% | 18.75% | 37.74% | -5.88% | 28.57% | 0.00% | 62.50% | 35.59% | -20.00% | 23.08% | -184.85% | -32.70% |
| Other Income | 1 | 1 | -0 | 0 | 1 | 1 | 0 | -1 | 1 | -0 | 0 | 0 | 1 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 1 | 1 | -0 | 0 | 1 | 1 | 0 | 1 | 1 | -0 | 0 | -1 | 1 | |
| Tax % | 3.53% | 4.17% | -72.73% | 20.69% | 0.00% | 24.24% | 472.00% | 4.17% | 8.21% | -23.08% | 9.38% | 16.90% | 4.25% |
| Net Profit | 1 | 1 | -0 | 0 | 1 | 0 | -1 | 1 | 1 | -0 | 0 | -1 | 1 |
| 1 | 1 | -0 | 0 | 0 | 0 | -1 | 1 | 1 | -0 | 0 | -0 | 0 | |
| Equity Capital | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 4 | 2 | 6 | 3 | 2 | 1 | 1 | 1 | 2 | 3 | 1 | |
| 4 | 2 | 2 | 5 | 4 | 2 | 7 | 2 | 1 | 2 | 2 | |
| Operating Profit | 1 | 2 | 5 | -2 | -0 | 1 | -0 | 1 | 2 | 3 | — |
| OPM % | 14 | 95 | 81 | -60 | -3 | 157 | -60 | 40 | 137 | 81 | — |
| Other Income | 1 | 1 | 1 | 1 | 2 | 2 | 5 | 1 | 2 | 1 | 1 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 0 | 2 | 5 | -2 | -0 | 1 | 6 | 0 | 2 | 2 | 0 | |
| Tax % | 7 | 9 | 25 | -1 | -15 | 716 | 1 | 60 | 11 | 63 | 80 |
| Net Profit | 0 | 2 | 4 | -2 | -1 | -5 | 6 | 0 | 2 | 1 | 0 |
| EPS | 0 | 0 | 0 | 0 | 0 | -4 | 4 | 0 | 1 | 1 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 0 | 1 | 3 | -1 | -0 | -4 | 4 | 0 | 1 | 1 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -3%
- 5 Years:
- 10%
- 3 Years:
- 60%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- -4%
- 5 Years:
- —
- 3 Years:
- -47%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- -12%
- 3 Years:
- 39%
- 1 Year:
- 27%
RETURN ON EQUITY
- 10 Years:
- 4%
- 5 Years:
- 3%
- 3 Years:
- 4%
- Last Year:
- 4%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 |
| 1 | 2 | 12 | 10 | 10 | 4 | 10 | 10 | 11 | 12 | |
| 1 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 6 | 6 | 4 | 1 | 1 | 1 | 1 | 0 | 0 | 2 | |
| Total Liabilities | 21 | 21 | 29 | 25 | 23 | 18 | 24 | 23 | 25 | 28 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 0 | 0 | 0 | 0 | 4 | 4 | 4 | 4 | 3 | 3 | |
| 6 | 6 | 12 | 9 | 7 | 5 | 4 | 4 | 6 | 6 | |
| 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Cash & Bank | 3 | 3 | 4 | 2 | 1 | 3 | 2 | 4 | 3 | 1 |
| 10 | 11 | 14 | 14 | 11 | 7 | 14 | 11 | 12 | 17 | |
| Total Assets | 21 | 21 | 29 | 25 | 23 | 18 | 24 | 23 | 25 | 28 |
| Total Debt | 1 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Working Capital | -1 | 1 | 7 | 5 | 3 | 6 | 11 | 8 | 14 | 9 |
| Contingent Liabilities | 10 | 10 | 10 | 4 | 3 | 0 | 1 | 2 | 2 | 0 |
| Book Value per Share | 7.79 | 9.11 | 16.54 | 15.10 | 14.69 | 10.42 | 14.74 | 14.73 | 15.92 | 16.54 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -2 | 1 | -3 | -2 | -2 | -1 | -1 | 6 | -0 | 1 | |
| Cash from Investing | 0 | -0 | 2 | 2 | 2 | 1 | 0 | -6 | 1 | -1 |
| Cash from Financing | -0 | -1 | 0 | 0 | -1 | -0 | 0 | -0 | -0 | 0 |
| -2 | -0 | -0 | 0 | -0 | 0 | -0 | 0 | 0 | -0 | |
| Free Cash Flow | -2 | 1 | -3 | -2 | -6 | -1 | -1 | 6 | -0 | 1 |
| OCF / Net Profit | -8.56 | 0.63 | -0.80 | 1.32 | 3.16 | 0.16 | -0.13 | 92.93 | -0.18 | 0.79 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | -12 | -11 | -13 | -4 | -2 | 4 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 0.20 | 1.32 | 2.77 | -1.41 | -0.38 | -4.20 | 4.32 | 0.05 | 1.19 | 0.62 |
| Book Value (₹) | 7.79 | 9.11 | 16.54 | 15.10 | 14.69 | 10.42 | 14.74 | 14.73 | 15.92 | 16.54 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 0.30 | 1.41 | 2.86 | -1.31 | -0.13 | -3.95 | 4.56 | 0.32 | 1.46 | 0.90 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 13.73% | 94.73% | 80.92% | -59.80% | -2.52% | 157.46% | -60.02% | 40.28% | 15.02% | 44.79% |
| Net Margin % | 6.65% | 78.17% | 59.16% | -65.96% | -25.90% | -674.88% | 719.09% | 4.72% | 99.39% | 25.57% |
| ROE % | 2.65% | 15.58% | 21.56% | -8.91% | -2.58% | -33.47% | 34.30% | 0.33% | 7.79% | 3.85% |
| ROCE % | 3.74% | 16.69% | 28.21% | -8.44% | -1.91% | 5.76% | 34.35% | 0.96% | 8.87% | 10.41% |
| 1.28% | 8.26% | 14.31% | -6.81% | -2.09% | -26.52% | 27.04% | 0.27% | 6.45% | 3.10% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 28 | 29 | 5 | 11 | 17 | 41 | 35 | 21 | 31 | 16 |
| Inventory Days | 113 | 152 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable Days | 24 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 118 | 181 | 5 | 11 | 17 | 41 | 35 | 21 | 31 | 16 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.13x | 0.01x | 0.03x | 0.04x | 0.01x | 0.01x | 0.02x | 0.02x | 0.01x | 0.01x |
| Interest Coverage (x) | 3.06x | 26.52x | 143.52x | -58.58x | -6.69x | 15.09x | 104.67x | 6.05x | 47.36x | 60.03x |
| 0.80x | 1.15x | 2.84x | 5.89x | 6.26x | 17.75x | 14.82x | 15.75x | 44.87x | 4.69x | |
| GROWTH | ||||||||||
| Revenue Growth % | -12.05% | -45.03% | 177.46% | -54.26% | -30.51% | -58.12% | -3.59% | 70.58% | 17.41% | 103.32% |
| Operating Profit Growth % | -68.71% | 279.24% | 137.01% | -133.80% | 97.08% | 2721.56% | -136.75% | 214.47% | 298.10% | 20.37% |
| Net Profit Growth % | -77.82% | 545.80% | 110.00% | -150.99% | 72.72% | -991.54% | 202.73% | -98.88% | 2369.68% | -47.70% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 2367.77% | -47.70% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 31.35x | 68.70x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 2.35x | 2.59x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 21.25x | 21.26x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-03 - Significant movement in price has been observed in ICDS Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written to the company. The response from the company is awaited.
2026-08-29 - ICDS Limited has informed the Exchange regarding 'Book Closure intimation for the purpose of AGM'.
2026-08-28 - ICDS Limited has informed the Exchange about Copy of Newspaper Publication with respect to Book Closure and evoting schedule and instructions to shareholders in connection therewith
2026-08-12 - ICDS Limited has informed the Exchange about Copy of Newspaper Publication pertaining to Unaudited Standalone Financial results for the Quarter ended June 30, 2026
2026-08-11 - ICDS Limited has informed the Exchange regarding Outcome of Board Meeting held on August 11, 2026.
2026-08-11 - ICDS Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-07 - ICDS Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
2026-07-06 - Pursuant to provisions of Regulation 3(5) and Regulation 3(6) of SEBI PIT Regulations, we are herewith submitting the SDD compliance certificate for the quarter ended June 30, 2026
2026-06-24 - ICDS Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
News
Recent coverage and analyst commentary for ICDSLTD
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