IC Electricals Company Ltd.

•

icelectricals.inBSE: -NSE: ICELCO

Market Cap₹ 229 Cr.

Current Price

High / Low₹ 183 / 113

Stock P/E16.2

Book Value₹ 37

Price to Book3.34

Dividend Yield0.00 %

ROCE22.1 %

ROE24.9 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Manufacturing: 58.8% • Contract: 41.2%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

View full sector analysis →

PROS

Company has a good return on equity (ROE) track record: 3 Years ROE 21.5%
Company has a healthy return on capital (ROCE) of 20.5%
Operating margins have improved to 18.9% from 9.2%
Attractively priced for its growth - PEG of 0.2

CONS

Operating cash flow has been negative in recent years
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.79x)
Equity base is being diluted - shares outstanding up 248.6%
Free cash flow has been persistently negative
Contingent liabilities are large at 76.8% of net worth
Total debt has risen sharply - up 35.2% year on year

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsElectricalsElectronics - Components

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	SYRMA	1588.65	83.22	30634.01	0.09	105.69	111.72	1588.62	68.29	17.70	10.17
2.	KAYNES	3500.00	67.87	23462.13	0.00	56.43	-24.37	946.02	40.47	13.38	15.60
3.	AVALON	2265.95	113.44	15155.19	0.00	34.87	145.31	484.41	49.83	20.34	11.96
4.	UTLSOLAR	446.70	46.58	13709.30	0.00	577.94	—	13456.93	—	36.46	18.94
5.	CYIENTDLM	904.15	87.42	7177.45	0.00	16.29	118.21	373.80	34.25	10.41	9.93
6.	VIKRAMSOLR	166.80	16.94	6044.07	0.00	19.78	-85.17	1563.09	37.89	34.07	8.06
7.	SAATVIKGL	396.30	20.30	5037.17	0.00	5.36	-95.49	511.01	-44.20	55.18	6.62
8.	WEBELSOLAR	75.79	10.86	3290.52	0.33	77.79	—	372.60	115.39	63.74	33.70
9.	KERNEX	1734.35	15.28	2914.34	0.00	109.85	1382.00	503.58	800.38	23.69	32.33
10.	MODINSULAT	449.50	22.51	2119.12	0.00	29.60	94.43	188.30	33.19	10.53	16.89
11.	INA	93.04	10.24	2051.08	0.00	380.25	796.94	7406.98	1766.82	34.98	9.74
12.	ICELCO	125.20	16.24	228.64	0.00	—	—	—	—	22.10	—

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

No quarterly results found

We don't have this information yet. Please check back later.

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	98	99	122	143
	89	86	102	116
Operating Profit	8	13	20	27
OPM %	8.66%	13.05%	16.05%	18.89%
	1	0	1	1
Interest	6	7	7	8
Depreciation	1	0	0	1
Profit before Tax	3	6	13	19
Tax %	40.65%	23.32%	25.53%	25.51%
Net Profit	2	5	9	14
EPS	1.45	11.76	6.98	10.49
Dividend Payout %	0.00%	0.00%	0.00%	0.00%

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: 14%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: 103%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: —
5 Years:: —
3 Years:: 21%
Last Year:: 25%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	4	4	13	13
	23	27	36	50
	36	41	48	67
Trade Payables	46	52	36	39
	17	19	25	24
Total Liabilities	126	144	160	193
	3	3	3	3
	68	76	86	98
	0	36	28	35
Cash & Bank	0	0	1	0
	55	29	43	56
Total Assets	126	144	160	193

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	6	-1	-10	-11
Cash from Investing	0	0	-0	-1
Cash from Financing	-6	2	10	12
	-1	0	0	-0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jul 2026
	60.94
	2.00
	6.95
Government	0.00
	30.11

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

No announcements filed.

News

Recent coverage and analyst commentary for ICELCO

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IC Electricals Company Ltd.

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Free 5nance Account

Name

SYRMA

1588.65

83.22

30634.01

0.09

105.69

111.72

1588.62

68.29

17.70

10.17

KAYNES

3500.00

67.87

23462.13

0.00

56.43

-24.37

946.02

40.47

13.38

15.60

AVALON

2265.95

113.44

15155.19

0.00

34.87

145.31

484.41

49.83

20.34

11.96

UTLSOLAR

446.70

46.58

13709.30

0.00

577.94

—

13456.93

—

36.46

18.94

CYIENTDLM

904.15

87.42

7177.45

0.00

16.29

118.21

373.80

34.25

10.41

9.93

VIKRAMSOLR

166.80

16.94

6044.07

0.00

19.78

-85.17

1563.09

37.89

34.07

8.06

SAATVIKGL

396.30

20.30

5037.17

0.00

5.36

-95.49

511.01

-44.20

55.18

6.62

WEBELSOLAR

75.79

10.86

3290.52

0.33

77.79

—

372.60

115.39

63.74

33.70

KERNEX

1734.35

15.28

2914.34

0.00

109.85

1382.00

503.58

800.38

23.69

32.33

MODINSULAT

449.50

22.51

2119.12

0.00

29.60

94.43

188.30

33.19

10.53

16.89

INA

93.04

10.24

2051.08

0.00

380.25

796.94

7406.98

1766.82

34.98

9.74

ICELCO

125.20

16.24

228.64

0.00

—

22.10

—

Mar 2023

Mar 2024

Mar 2025

Mar 2026

122

143

102

116

Operating Profit

OPM %

8.66%

13.05%

16.05%

18.89%

Interest

Depreciation

Profit before Tax

Tax %

40.65%

23.32%

25.53%

25.51%

Net Profit

EPS

1.45

11.76

6.98

10.49

Dividend Payout %

0.00%

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Trade Payables

Total Liabilities

126

144

160

193

Cash & Bank

Total Assets

126

144

160

193

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-1

-10

-11

Cash from Investing

-0

-1

Cash from Financing

-6

-1

-0

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jul 2026

60.94

2.00

6.95

Government

0.00

30.11

IC Electricals Company Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

IC Electricals Company Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI