International Conveyors Ltd.

•

iclbelting.comBSE: 509709NSE: INTLCONV

Market Cap₹ 508 Cr.

Current Price

High / Low₹ 115 / 60

Stock P/E3.7

Book Value₹ 85

Price to Book1.17

Dividend Yield0.63 %

ROCE25.2 %

ROE23.6 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Conveyor Beling: 94.6% • Trading Goods: 4.5% • Wind Energy: 0.9%

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 delivered good profit growth of 55.3% CAGR over last 5 years
Company has a healthy return on capital (ROCE) of 21.5%
Company has a good return on equity (ROE) track record: 3 Years ROE 20.2%
Latest quarter profit grew 130.3% YoY, showing strong momentum
Company comfortably covers its interest (12.4x coverage)
Attractively priced for its growth - PEG of 0.1

CONS

A large part of profit comes from other income (103.9% of PBT)
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.16x)
Working capital days have increased from 463 to 876 days

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

Peer comparison

Capital GoodsCapital GoodsEngineering - Industrial Equipments

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

S.No.	Name
1.	BHEL	432.80	61.95	150703.70	0.32	376.71	182.70	7697.72	40.29	9.24	6.69
2.	INDOMIM	922.60	85.51	45620.81	0.64	2401.22	—	12187.42	—	24.48	33.36
3.	THERMAX	3729.70	74.90	44441.73	0.54	21.79	-85.61	2302.73	7.09	15.85	2.98
4.	KIRLOSENG	2267.40	60.41	32995.17	0.31	111.06	-20.05	1999.53	13.36	14.46	15.02
5.	JYOTICNC	1026.55	72.57	23346.12	0.00	571.40	700.06	5084.70	1139.66	23.88	21.40
6.	INOXINDIA	2180.15	77.65	19787.80	0.09	58.07	-4.98	370.79	9.18	33.54	20.46
7.	TRITURBINE	572.05	54.07	18185.38	0.74	51.10	-20.65	442.70	19.23	35.95	11.59
8.	AZAD	2765.75	128.52	17861.70	0.00	35.16	19.46	172.60	25.90	12.28	37.29
9.	LLOYDSENGG	84.88	58.86	13165.22	0.29	68.23	-77.28	527.15	142.92	17.99	15.04
10.	TEGA	1552.65	552.07	11664.70	0.13	-108.25	-406.36	1723.44	383.99	8.37	3.27
11.	KENNAMET	4534.30	85.10	9965.59	0.00	31.50	11.31	267.30	12.55	18.99	17.51
12.	INTLCONV	79.61	3.73	507.76	0.63	119.82	130.11	35.32	-0.39	29.49	20.16

Detailed Comparison with:

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
	42	42	22	32	29	32	26	53	34	40	35	96	38
	35	33	19	29	24	26	26	42	28	30	29	76	33
Operating Profit	7	9	3	3	5	6	1	11	5	10	5	20	5
OPM %	15.56%	21.55%	12.81%	9.63%	18.41%	18.95%	2.48%	20.86%	16.25%	24.72%	15.46%	20.75%	13.89%
	14	21	23	7	42	32	29	-15	66	-33	36	-11	147
Interest	2	3	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	27	23	8	44	35	28	-7	69	-26	38	7	152
Tax %	19.73%	18.89%	18.04%	19.79%	29.20%	20.83%	27.06%	50.54%	24.51%	27.82%	23.04%	27.31%	21.02%
Net Profit	15	22	19	6	31	28	20	-3	52	-19	30	5	120
	2.28	3.50	3.00	0.98	4.96	4.40	3.18	-0.51	8.24	-2.96	4.65	0.80	18.85

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
	76	47	48	78	91	166	205	208	138	141	208
	72	42	49	79	82	146	186	179	117	118	168
Operating Profit	3	5	-0	-1	9	20	19	29	22	23	40
OPM %	4.17%	10.28%	-0.73%	-1.07%	9.88%	11.96%	9.47%	13.95%	15.58%	16.50%	19.38%
	4	7	7	9	8	8	13	15	66	88	139
Interest	6	6	7	10	10	5	5	4	9	9	9
Depreciation	3	3	2	2	2	2	2	2	2	2	2
Profit before Tax	-2	3	-2	-4	5	21	26	37	77	101	172
Tax %	38.67%	50.74%	-76.08%	-40.99%	-61.49%	25.86%	39.96%	21.69%	18.95%	24.30%	20.70%
Net Profit	-1	1	-4	-6	8	15	16	29	62	76	136
EPS	0.00	0.20	0.00	0.00	0.00	2.25	2.31	4.37	9.80	12.03	—
Dividend Payout %	-26.29%	25.41%	-9.23%	-6.13%	15.99%	44.37%	43.26%	24.25%	11.22%	6.23%	—

COMPOUNDED SALES GROWTH

10 Years:: 4%
5 Years:: 9%
3 Years:: -12%

COMPOUNDED PROFIT GROWTH

10 Years:: 33%
5 Years:: 55%
3 Years:: 70%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: -3%
1 Year:: -14%

RETURN ON EQUITY

10 Years:: 8%
5 Years:: 16%
3 Years:: 20%
Last Year:: 24%

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
Equity Capital	7	7	7	7	7	7	7	6	6	6
	74	126	158	152	129	162	219	222	280	354
	56	40	65	102	66	49	23	68	129	91
Trade Payables	8	5	9	16	16	20	39	25	19	23
	1	28	25	27	25	34	61	53	58	72
Total Liabilities	146	206	265	303	243	271	348	375	493	546
	22	20	18	16	14	16	16	15	14	13
Capital Work in Progress	1	1	1	1	1	0	0	0	0	0
	53	111	157	182	125	171	139	181	276	306
	12	11	10	11	27	24	28	23	17	15
	0	0	0	0	0	0	0	0	26	22
Cash & Bank	1	1	0	0	1	0	0	9	2	4
	56	62	78	93	75	60	163	147	157	186
Total Assets	146	206	265	303	243	271	348	375	493	546

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
	13	20	-9	4	8	50	46	13	13	11
Cash from Investing	-3	1	-9	-29	39	-22	-0	-19	-48	43
Cash from Financing	-10	-22	18	26	-46	-24	-38	15	35	-54
	-0	-0	-0	0	1	-1	-0	0	0	-0

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 (₹)	-0.19	0.20	-0.54	-0.82	1.25	2.25	2.31	4.54	9.80	12.03
Book Value (₹)	12.01	19.65	24.45	23.53	20.11	24.94	33.42	35.34	45.18	56.81
Dividend per Share (₹)	0.05	0.05	0.05	0.05	0.20	1.00	1.00	1.10	1.10	0.75
Cash EPS (₹)	0.31	0.63	-0.17	-0.51	1.51	2.51	2.62	4.89	10.11	12.31
PROFITABILITY
Operating Margin %	8.88%	23.96%	13.69%	10.97%	18.48%	16.53%	15.84%	20.77%	15.06%	16.35%
Net Margin %	-1.64%	2.75%	-7.11%	-7.08%	9.25%	9.15%	7.56%	13.82%	43.44%	53.64%
ROE %	-1.57%	1.24%	-2.46%	-3.40%	5.73%	10.01%	7.92%	12.92%	24.12%	23.59%
ROCE %	2.57%	5.59%	2.26%	2.63%	6.54%	12.27%	13.05%	15.24%	24.07%	25.24%
	-0.85%	0.76%	-1.55%	-1.94%	3.09%	5.92%	5.04%	8.12%	14.32%	14.68%
EFFICIENCY
Debtor Days	147	177	131	125	121	49	35	38	59	62
Inventory Days	68	90	78	50	75	56	46	45	52	42
Payable Days	52	73	90	91	138	70	82	94	111	105
	162	194	118	84	59	36	-1	-11	0	-1
FINANCIAL HEALTH
Debt to Equity (x)	0.69x	0.30x	0.39x	0.64x	0.49x	0.29x	0.10x	0.30x	0.45x	0.25x
Interest Coverage (x)	0.63x	1.45x	0.69x	0.62x	1.53x	4.92x	6.66x	9.63x	9.22x	12.43x
	0.95x	1.00x	0.81x	0.52x	0.74x	0.68x	1.83x	1.94x	2.18x	3.99x
GROWTH
Revenue Growth %	-22.42%	-37.57%	2.71%	60.52%	17.39%	82.06%	23.37%	1.60%	-33.66%	1.88%
Operating Profit Growth %	-56.19%	66.88%	-39.17%	21.14%	97.81%	62.84%	18.98%	34.88%	99.28%	45.54%
Net Profit Growth %	-130.03%	203.45%	-375.29%	-50.46%	253.43%	80.20%	2.57%	88.10%	111.62%	22.76%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	116.06%	22.76%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	8.11x	5.53x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.76x	1.17x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.38%	1.13%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	7.17x	3.97x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	68.60	68.60	68.60	69.14	69.98	70.07	69.65	69.86	70.23
	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	0.53	0.52	0.54	0.52
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	31.39	31.38	31.40	30.85	29.86	29.21	29.46	28.75	28.63

Documents

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

2026-09-03

Copy of Newspaper Publication

2026-09-03 - International Conveyors Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-02

Updates

2026-09-02 - International Conveyors Limited has informed the Exchange regarding 'Communication To Members Of The Company On Deduction Of Tax At Source On Dividend Payable For FY 2025-26'.

2026-09-02

Shareholders meeting

2026-09-02 - International Conveyors Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 24, 2026

2026-08-28

Copy of Newspaper Publication

2026-08-28 - International Conveyors Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-21

Record Date

2026-08-21 - International Conveyors Limited has informed the Exchange that Record date for the purpose of Dividend is 17-Sep-2026.

2026-08-15

Copy of Newspaper Publication

2026-08-15 - International Conveyors Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-14

Appointment

2026-08-14 - International Conveyors Limited has informed the Exchange regarding re-appointment of Mr. Sunit Mehra as Independent Director of the company for a second term of five (5) consecutive years, w.e.f. September 25, 2026.

2026-08-14

Updates

2026-08-14 - International Conveyors Limited has informed the Exchange regarding 'Pursuant to Regulation 31A of SEBI (LODR) regulation, 2015, we would like to inform that Board of Directors at its meeting held on August 14, 2026, have approved the request of Promoters for re-classification from "Promoter and Promoter Group" category to "Public" category.'.

2026-08-14

Updates

2026-08-14 - International Conveyors Limited has informed the Exchange regarding 'Intimation under Regulation 30 read with Regulation 31A (8) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ( SEBI LODR Regulations ) upon receipt of request of reclassification from 'Promoter and Promoter Group' category to 'Public' category'.

News

Recent coverage and analyst commentary for INTLCONV

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Free 5nance Account

Name

BHEL

432.80

61.95

150703.70

0.32

376.71

182.70

7697.72

40.29

9.24

6.69

INDOMIM

922.60

85.51

45620.81

0.64

2401.22

—

12187.42

—

24.48

33.36

THERMAX

3729.70

74.90

44441.73

0.54

21.79

-85.61

2302.73

7.09

15.85

2.98

KIRLOSENG

2267.40

60.41

32995.17

0.31

111.06

-20.05

1999.53

13.36

14.46

15.02

JYOTICNC

1026.55

72.57

23346.12

0.00

571.40

700.06

5084.70

1139.66

23.88

21.40

INOXINDIA

2180.15

77.65

19787.80

0.09

58.07

-4.98

370.79

9.18

33.54

20.46

TRITURBINE

572.05

54.07

18185.38

0.74

51.10

-20.65

442.70

19.23

35.95

11.59

AZAD

2765.75

128.52

17861.70

0.00

35.16

19.46

172.60

25.90

12.28

37.29

LLOYDSENGG

84.88

58.86

13165.22

0.29

68.23

-77.28

527.15

142.92

17.99

15.04

TEGA

1552.65

552.07

11664.70

0.13

-108.25

-406.36

1723.44

383.99

8.37

3.27

KENNAMET

4534.30

85.10

9965.59

0.00

31.50

11.31

267.30

12.55

18.99

17.51

INTLCONV

79.61

3.73

507.76

0.63

119.82

130.11

35.32

-0.39

29.49

20.16

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

Operating Profit

OPM %

15.56%

21.55%

12.81%

9.63%

18.41%

18.95%

2.48%

20.86%

16.25%

24.72%

15.46%

20.75%

13.89%

-15

-33

-11

147

Interest

Depreciation

Profit before Tax

-7

-26

152

Tax %

19.73%

18.89%

18.04%

19.79%

29.20%

20.83%

27.06%

50.54%

24.51%

27.82%

23.04%

27.31%

21.02%

Net Profit

-3

-19

120

2.28

3.50

3.00

0.98

4.96

4.40

3.18

-0.51

8.24

-2.96

4.65

0.80

18.85

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

166

205

208

138

141

208

146

186

179

117

118

168

Operating Profit

-0

-1

OPM %

4.17%

10.28%

-0.73%

-1.07%

9.88%

11.96%

9.47%

13.95%

15.58%

16.50%

19.38%

139

Interest

Depreciation

Profit before Tax

-2

-4

101

172

Tax %

38.67%

50.74%

-76.08%

-40.99%

-61.49%

25.86%

39.96%

21.69%

18.95%

24.30%

20.70%

Net Profit

-1

-4

-6

136

EPS

0.00

0.20

0.00

2.25

2.31

4.37

9.80

12.03

—

Dividend Payout %

-26.29%

25.41%

-9.23%

-6.13%

15.99%

44.37%

43.26%

24.25%

11.22%

6.23%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

126

158

152

129

162

219

222

280

354

102

129

Trade Payables

Total Liabilities

146

206

265

303

243

271

348

375

493

546

Capital Work in Progress

111

157

182

125

171

139

181

276

306

Cash & Bank

163

147

157

186

Total Assets

146

206

265

303

243

271

348

375

493

546

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-9

Cash from Investing

-3

-9

-29

-22

-0

-19

-48

Cash from Financing

-10

-22

-46

-24

-38

-54

-0

-1

-0

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

PER SHARE

EPS (₹)

-0.19

0.20

-0.54

-0.82

1.25

2.25

2.31

4.54

9.80

12.03

Book Value (₹)

12.01

19.65

24.45

23.53

20.11

24.94

33.42

35.34

45.18

56.81

Dividend per Share (₹)

0.05

0.20

1.00

1.10

0.75

Cash EPS (₹)

0.31

0.63

-0.17

-0.51

1.51

2.51

2.62

4.89

10.11

12.31

PROFITABILITY

Operating Margin %

8.88%

23.96%

13.69%

10.97%

18.48%

16.53%

15.84%

20.77%

15.06%

16.35%

Net Margin %

-1.64%

2.75%

-7.11%

-7.08%

9.25%

9.15%

7.56%

13.82%

43.44%

53.64%

ROE %

-1.57%

1.24%

-2.46%

-3.40%

5.73%

10.01%

7.92%

12.92%

24.12%

23.59%

ROCE %

2.57%

5.59%

2.26%

2.63%

6.54%

12.27%

13.05%

15.24%

24.07%

25.24%

-0.85%

0.76%

-1.55%

-1.94%

3.09%

5.92%

5.04%

8.12%

14.32%

14.68%

EFFICIENCY

Debtor Days

147

177

131

125

121

Inventory Days

Payable Days

138

111

105

162

194

118

-1

-11

-1

FINANCIAL HEALTH

Debt to Equity (x)

0.69x

0.30x

0.39x

0.64x

0.49x

0.29x

0.10x

0.30x

0.45x

0.25x

Interest Coverage (x)

0.63x

1.45x

0.69x

0.62x

1.53x

4.92x

6.66x

9.63x

9.22x

12.43x

0.95x

1.00x

0.81x

0.52x

0.74x

0.68x

1.83x

1.94x

2.18x

3.99x

GROWTH

Revenue Growth %

-22.42%

-37.57%

2.71%

60.52%

17.39%

82.06%

23.37%

1.60%

-33.66%

1.88%

Operating Profit Growth %

-56.19%

66.88%

-39.17%

21.14%

97.81%

62.84%

18.98%

34.88%

99.28%

45.54%

Net Profit Growth %

-130.03%

203.45%

-375.29%

-50.46%

253.43%

80.20%

2.57%

88.10%

111.62%

22.76%

0.00%

116.06%

22.76%

VALUATION

P/E (x)

0.00x

8.11x

5.53x

P/B (x)

0.00x

1.76x

1.17x

Dividend Yield %

0.00%

1.38%

1.13%

0.00x

7.17x

3.97x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

68.60

69.14

69.98

70.07

69.65

69.86

70.23

0.01

0.00

0.02

0.16

0.19

0.37

0.85

0.62

0.00

0.53

0.52

0.54

0.52

Government

0.00

31.39

31.38

31.40

30.85

29.86

29.21

29.46

28.75

28.63

International Conveyors Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

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International Conveyors 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