Incredible Industries Ltd.
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ABOUT
AI Sector View
AI GENERATEDMetals & Mining
The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.
PROS
- Company has delivered good profit growth of 26.0% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.36x)
- Company generates healthy free cash flow
- Company comfortably covers its interest (7.4x coverage)
- Attractively priced for its growth - PEG of 0.4
- Company maintains a comfortable, low leverage position
CONS
- Recent results are weak - TTM profit is down 27.8% versus prior year
- Company has a low return on equity of 7.1% over last 3 years
- Company has a low return on capital employed of 10.1%
- Total debt has risen sharply - up 69.1% year on year
- Though reporting repeated profits, the company pays out little dividend (0.0%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| JSWSTEEL | 1267.50 | 12.51 | 309961.29 | 0.56 | 4696.00 | 112.58 | 47364.00 | 11.55 | 20.67 | 19.60 |
| TATASTEEL | 182.85 | 20.69 | 228259.99 | 2.19 | 2385.24 | 18.82 | 60794.29 | 15.26 | 12.70 | 15.40 |
| SAIL | 179.00 | 17.31 | 73936.40 | 1.31 | 1644.05 | 120.80 | 26245.67 | 1.25 | 7.08 | 15.92 |
| WELCORP | 2676.25 | 30.57 | 70596.97 | 0.19 | 1047.88 | 200.11 | 4081.12 | 14.91 | 23.94 | 32.17 |
| JSL | 755.20 | 19.16 | 62260.17 | 0.53 | 768.66 | 7.56 | 11278.54 | 10.50 | 19.19 | 12.09 |
| APLAPOLLO | 2153.00 | 48.64 | 59779.85 | 0.39 | 263.11 | 10.94 | 5606.71 | 12.07 | 31.83 | 7.34 |
| SHYAMMETL | 1074.35 | 26.70 | 29988.53 | 0.42 | 350.73 | 20.66 | 5455.09 | 23.45 | 13.88 | 14.03 |
| JINDALSAW | 311.85 | 30.52 | 19943.06 | 0.64 | 90.79 | -78.15 | 4452.31 | 9.00 | 10.38 | 8.79 |
| RATNAMANI | 2808.15 | 45.47 | 19682.88 | 0.36 | 107.03 | -15.82 | 971.63 | -15.63 | 18.01 | 16.69 |
| SARDAEN | 524.75 | 16.37 | 18491.21 | 0.38 | 478.13 | 9.50 | 1608.04 | -1.07 | 17.76 | 41.59 |
| GPIL | 244.50 | 20.41 | 16460.69 | 0.41 | 222.37 | 2.75 | 1750.47 | 32.29 | 20.20 | 19.36 |
| INCREDIBLE | 33.60 | 13.36 | 157.13 | 0.00 | 3.96 | 6.79 | 213.03 | -3.06 | 10.84 | 3.16 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 228 | 209 | 159 | 222 | 183 | 181 | 162 | 230 | 220 | 212 | 189 | 219 | 213 | |
| 224 | 206 | 154 | 215 | 178 | 178 | 158 | 221 | 213 | 208 | 185 | 211 | 208 | |
| Operating Profit | 4 | 3 | 4 | 8 | 5 | 3 | 4 | 9 | 7 | 4 | 4 | 8 | 5 |
| OPM % | 1.79% | 1.55% | 2.76% | 3.44% | 2.77% | 1.70% | 2.30% | 4.10% | 2.97% | 1.81% | 2.21% | 3.73% | 2.34% |
| 1 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | |
| Interest | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 0 | 1 | 1 | 1 | 1 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before Tax | 2 | 0 | 2 | 5 | 3 | 1 | 2 | 7 | 5 | 2 | 3 | 6 | 5 |
| Tax % | 44.12% | -29.27% | 51.24% | 39.65% | 40.44% | -96.08% | -42.25% | 20.76% | 24.85% | 31.96% | 43.17% | 28.48% | 25.21% |
| Net Profit | 1 | 1 | 1 | 3 | 2 | 2 | 3 | 6 | 4 | 1 | 2 | 5 | 4 |
| 0.29 | 0.11 | 0.22 | 0.66 | 0.35 | 0.43 | 0.65 | 1.27 | 0.80 | 0.33 | 0.39 | 1.02 | 0.87 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 374 | 481 | 670 | 502 | 494 | 536 | 741 | 818 | 756 | 840 | 834 | |
| 351 | 456 | 653 | 490 | 479 | 519 | 723 | 799 | 736 | 818 | 812 | |
| Operating Profit | 23 | 25 | 17 | 12 | 15 | 17 | 18 | 19 | 20 | 23 | 21 |
| OPM % | 6.23% | 5.24% | 2.58% | 2.36% | 3.07% | 3.12% | 2.40% | 2.38% | 2.69% | 2.71% | 2.54% |
| 1 | 1 | 1 | 0 | 0 | 0 | 0 | 2 | 2 | 1 | 2 | |
| Interest | 17 | 15 | 9 | 5 | 4 | 6 | 5 | 6 | 4 | 3 | 3 |
| Depreciation | 4 | 4 | 4 | 6 | 6 | 6 | 6 | 6 | 5 | 5 | 5 |
| Profit before Tax | 3 | 7 | 5 | 1 | 5 | 6 | 7 | 10 | 13 | 17 | 17 |
| Tax % | 33.79% | 30.33% | 28.25% | 23.58% | 33.94% | 39.85% | 31.26% | 40.13% | 5.65% | 30.67% | 30.64% |
| Net Profit | 2 | 5 | 4 | 1 | 4 | 4 | 5 | 6 | 12 | 12 | 12 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.78 | 0.77 | 1.05 | 1.28 | 2.67 | 2.46 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 7%
- 5 Years:
- 11%
- 3 Years:
- 4%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 18%
- 5 Years:
- 26%
- 3 Years:
- 33%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 4%
- 3 Years:
- 6%
- 1 Year:
- -28%
RETURN ON EQUITY
- 10 Years:
- 4%
- 5 Years:
- 6%
- 3 Years:
- 7%
- Last Year:
- 8%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 47 | 47 | 47 | 47 | 47 | 47 | 47 | 47 | 47 | 47 |
| 58 | 63 | 67 | 68 | 71 | 75 | 80 | 86 | 98 | 110 | |
| 96 | 94 | 57 | 21 | 41 | 46 | 45 | 32 | 17 | 37 | |
| Trade Payables | 52 | 50 | 17 | 16 | 9 | 16 | 17 | 19 | 14 | 14 |
| 22 | 31 | 16 | 15 | 26 | 18 | 21 | 27 | 18 | 14 | |
| Total Liabilities | 276 | 285 | 203 | 166 | 193 | 202 | 209 | 210 | 194 | 221 |
| 54 | 50 | 47 | 47 | 42 | 46 | 43 | 38 | 32 | 26 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5 | 11 | 35 |
| 88 | 97 | 56 | 56 | 33 | 49 | 51 | 52 | 55 | 51 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 44 | 42 | 32 | |
| Cash & Bank | 7 | 9 | 4 | 1 | 1 | 2 | 3 | 11 | 20 | 16 |
| 126 | 129 | 97 | 62 | 116 | 104 | 111 | 60 | 33 | 61 | |
| Total Assets | 276 | 285 | 203 | 166 | 193 | 202 | 209 | 210 | 194 | 221 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -1 | 34 | 42 | 26 | -12 | 23 | 13 | 24 | 37 | 10 | |
| Cash from Investing | -0 | 1 | 5 | -6 | -1 | -11 | -3 | -4 | -4 | -36 |
| Cash from Financing | 3 | -33 | -47 | -21 | 14 | -9 | -7 | -13 | -22 | 9 |
| -0 | 2 | -0 | -3 | 0 | -0 | 1 | 7 | 11 | -18 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-26 - INCREDIBLE INDUSTRIES LIMITED has informed the Exchange regarding 'Dispatch of letter to shareholders whose e-mail addresses are not registered with Company/ Registrar & Share Transfer Agent/Depository Participants'.
2026-08-26 - INCREDIBLE INDUSTRIES LIMITED has informed the Exchange regarding 'Newspaper Publication of notice of 47th Annual General Meeting (AGM) and Remote E-Voting Information.'.
2026-08-25 - INCREDIBLE INDUSTRIES LIMITED has informed the Exchange regarding Notice of Annual General Meeting to be held on September 18, 2026
2026-08-19 - INCREDIBLE INDUSTRIES LIMITED has informed the Exchange regarding 'Newspaper Publication of notice of 47th Annual General Meeting (AGM) to be held through Video Conferencing/ Other Audio Visual Means ( VC/OAVM ) and information on Book Closure.'.
2026-08-11 - INCREDIBLE INDUSTRIES LIMITED has informed the Exchange regarding 'Newspaper publication of Unaudited Financial Result for the quarter ended 30th June, 2026.'.
2026-08-10 - INCREDIBLE INDUSTRIES LIMITED has informed the Exchange that Record date for the purpose of Intimation Regarding Annual General Meeting & Book Closure date. is 11-Sep-2026.
2026-08-10 - INCREDIBLE INDUSTRIES LIMITED has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-03 - INCREDIBLE INDUSTRIES LIMITED has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
2026-07-10 - INCREDIBLE INDUSTRIES LIMITED has informed the Exchange regarding 'Certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended June 30, 2026.'.
News
Recent coverage and analyst commentary for INCREDIBLE
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