IC Electricals Company Ltd.
•₹ 139.92.3%
2026-08-21
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
EDIT COLUMNS| S.No. | Name | CMP Rs. | P/E | Mar Cap Rs.Cr. | Div Yld % | NP Qtr Rs.Cr. | Qtr Profit Var % | Sales Qtr Rs.Cr. | Qtr Sales Var % | ROCE % | OPM % |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | SYRMA | 1491.90 | 78.15 | 28768.38 | 0.10 | 105.69 | 111.72 | 1588.62 | 68.29 | 17.70 | 10.17 |
| 2. | KAYNES | 3811.00 | 73.90 | 25546.91 | 0.00 | 56.43 | -24.37 | 946.02 | 40.47 | 14.67 | 15.60 |
| 3. | AVALON | 2240.85 | 112.06 | 14971.51 | 0.00 | 34.87 | 145.31 | 484.41 | 49.83 | 14.12 | 11.96 |
| 4. | UTLSOLAR | 481.20 | 0.00 | 14863.25 | 0.00 | 577.94 | — | 13456.93 | — | 40.63 | 18.94 |
| 5. | VIKRAMSOLR | 170.80 | 17.34 | 6189.01 | 0.00 | 19.78 | -85.17 | 1563.09 | 37.89 | 34.07 | 8.06 |
| 6. | CYIENTDLM | 714.80 | 69.11 | 5674.32 | 0.00 | 16.29 | 118.21 | 373.80 | 34.25 | 10.41 | 9.93 |
| 7. | SAATVIKGL | 399.70 | 20.48 | 5080.39 | 0.00 | 5.36 | -95.49 | 511.01 | -44.20 | 55.18 | 6.62 |
| 8. | CENTUM | 3372.45 | 100.33 | 4978.42 | 0.15 | 10.55 | 135.70 | 204.15 | -22.53 | 26.02 | 11.54 |
| 9. | WEBELSOLAR | 82.79 | 11.86 | 3594.44 | 0.30 | 777.90 | 1511.56 | 3726.00 | 2053.88 | 59.38 | 33.70 |
| 10. | KERNEX | 1870.00 | 16.48 | 3142.28 | 0.00 | 109.85 | 1382.00 | 503.58 | 800.38 | 23.69 | 32.33 |
| 11. | MODINSULAT | 439.60 | 22.01 | 2072.45 | 0.00 | 29.60 | 94.43 | 188.30 | 33.19 | 10.53 | 16.89 |
| 12. | ICELCO | 135.75 | 17.61 | 247.90 | 0.00 | — | — | — | — | 22.10 | — |
Detailed Comparison with:
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
No quarterly results found
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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 | 9 | 13 | 20 | 28 |
| OPM % | 9 | 14 | 16 | 19 |
| Other Income | 1 | 0 | 1 | 1 |
| Interest | 6 | 7 | 7 | 8 |
| Depreciation | 1 | 0 | 0 | 1 |
| 3 | 6 | 13 | 19 | |
| Tax % | 41 | 23 | 26 | 26 |
| Net Profit | 2 | 5 | 9 | 14 |
| EPS | 1 | 12 | 7 | 10 |
| Dividend Payout % | 0 | 0 | 0 | 0 |
| Minority Interest | -0 | -0 | -0 | -0 |
| Share of Associates | 0 | 0 | 0 | 0 |
| Adjusted EPS | 1 | 4 | 7 | 10 |
| Minority Interest | -0 | -0 | -0 | -0 |
| Share of Associates | 0 | 0 | 0 | 0 |
| Adjusted EPS | 1 | 4 | 7 | 10 |
Mar 2023
- 98
- 89
- Operating Profit
- 9
- OPM %
- 9
- Other Income
- 1
- Interest
- 6
- Depreciation
- 1
- 3
- Tax %
- 41
- Net Profit
- 2
- EPS
- 1
- Dividend Payout %
- 0
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- 1
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- 1
Mar 2024
- 99
- 86
- Operating Profit
- 13
- OPM %
- 14
- Other Income
- 0
- Interest
- 7
- Depreciation
- 0
- 6
- Tax %
- 23
- Net Profit
- 5
- EPS
- 12
- Dividend Payout %
- 0
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- 4
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- 4
Mar 2025
- 122
- 102
- Operating Profit
- 20
- OPM %
- 16
- Other Income
- 1
- Interest
- 7
- Depreciation
- 0
- 13
- Tax %
- 26
- Net Profit
- 9
- EPS
- 7
- Dividend Payout %
- 0
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- 7
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- 7
Mar 2026
- 143
- 116
- Operating Profit
- 28
- OPM %
- 19
- Other Income
- 1
- Interest
- 8
- Depreciation
- 1
- 19
- Tax %
- 26
- Net Profit
- 14
- EPS
- 10
- Dividend Payout %
- 0
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- 10
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- 10
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 | |
|---|---|---|---|---|
| LIABILITIES | - | - | - | - |
| Equity Capital | 4 | 4 | 13 | 13 |
| 23 | 27 | 36 | 50 | |
| 33 | 38 | 46 | 65 | |
| Trade Payables | 46 | 52 | 36 | 39 |
| 20 | 23 | 28 | 26 | |
| Total Liabilities | 126 | 144 | 160 | 193 |
| ASSETS | - | - | - | - |
| 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 |
| Total Debt | 39 | 48 | 56 | 75 |
| Net Working Capital | 18 | 25 | 45 | 58 |
| Contingent Liabilities | 18 | 27 | 40 | 49 |
| Book Value per Share | 68.64 | 80.41 | 36.91 | 47.40 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 |
| Total Debt | 39 | 48 | 56 | 75 |
| Net Working Capital | 18 | 25 | 45 | 58 |
| Contingent Liabilities | 18 | 27 | 40 | 49 |
| Book Value per Share | 68.64 | 80.41 | 36.91 | 47.40 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 |
Mar 2023
- Equity Capital
- 4
- 23
- 33
- Trade Payables
- 46
- 20
- Total Liabilities
- 126
- 3
- 68
- 0
- Cash & Bank
- 0
- 55
- Total Assets
- 126
- Total Debt
- 39
- Net Working Capital
- 18
- Contingent Liabilities
- 18
- Book Value per Share
- 68.64
- Face Value
- 10.00
- Total Debt
- 39
- Net Working Capital
- 18
- Contingent Liabilities
- 18
- Book Value per Share
- 68.64
- Face Value
- 10.00
Mar 2024
- Equity Capital
- 4
- 27
- 38
- Trade Payables
- 52
- 23
- Total Liabilities
- 144
- 3
- 76
- 36
- Cash & Bank
- 0
- 29
- Total Assets
- 144
- Total Debt
- 48
- Net Working Capital
- 25
- Contingent Liabilities
- 27
- Book Value per Share
- 80.41
- Face Value
- 10.00
- Total Debt
- 48
- Net Working Capital
- 25
- Contingent Liabilities
- 27
- Book Value per Share
- 80.41
- Face Value
- 10.00
Mar 2025
- Equity Capital
- 13
- 36
- 46
- Trade Payables
- 36
- 28
- Total Liabilities
- 160
- 3
- 86
- 28
- Cash & Bank
- 1
- 43
- Total Assets
- 160
- Total Debt
- 56
- Net Working Capital
- 45
- Contingent Liabilities
- 40
- Book Value per Share
- 36.91
- Face Value
- 10.00
- Total Debt
- 56
- Net Working Capital
- 45
- Contingent Liabilities
- 40
- Book Value per Share
- 36.91
- Face Value
- 10.00
Mar 2026
- Equity Capital
- 13
- 50
- 65
- Trade Payables
- 39
- 26
- Total Liabilities
- 193
- 3
- 98
- 35
- Cash & Bank
- 0
- 56
- Total Assets
- 193
- Total Debt
- 75
- Net Working Capital
- 58
- Contingent Liabilities
- 49
- Book Value per Share
- 47.40
- Face Value
- 10.00
- Total Debt
- 75
- Net Working Capital
- 58
- Contingent Liabilities
- 49
- Book Value per Share
- 47.40
- Face Value
- 10.00
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| 5 | -1 | -10 | -11 | |
| Cash from Investing | 0 | 0 | -0 | -1 |
| Cash from Financing | -6 | 2 | 10 | 12 |
| -1 | 0 | 0 | -0 | |
| Free Cash Flow | 5 | -2 | -10 | -12 |
| OCF / Net Profit | 2.98 | -0.32 | -1.03 | -0.79 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 |
| OCF / Net Profit | 2.98 | -0.32 | -1.03 | -0.79 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 |
Mar 2023
- 5
- Cash from Investing
- 0
- Cash from Financing
- -6
- -1
- Free Cash Flow
- 5
- OCF / Net Profit
- 2.98
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 2.98
- Cumulative 5-Year FCF
- 0
Mar 2024
- -1
- Cash from Investing
- 0
- Cash from Financing
- 2
- 0
- Free Cash Flow
- -2
- OCF / Net Profit
- -0.32
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -0.32
- Cumulative 5-Year FCF
- 0
Mar 2025
- -10
- Cash from Investing
- -0
- Cash from Financing
- 10
- 0
- Free Cash Flow
- -10
- OCF / Net Profit
- -1.03
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -1.03
- Cumulative 5-Year FCF
- 0
Mar 2026
- -11
- Cash from Investing
- -1
- Cash from Financing
- 12
- -0
- Free Cash Flow
- -12
- OCF / Net Profit
- -0.79
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -0.79
- Cumulative 5-Year FCF
- 0
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| PER SHARE | - | - | - | - |
| EPS (₹) | 4.34 | 11.76 | 6.98 | 10.49 |
| Book Value (₹) | 68.64 | 80.41 | 36.91 | 47.40 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 1.96 | 4.40 | 7.36 | 11.09 |
| PROFITABILITY | - | - | - | - |
| Operating Margin % | 9.17% | 13.05% | 16.05% | 18.89% |
| Net Margin % | 1.75% | 4.66% | 7.72% | 9.86% |
| ROE % | 6.46% | 16.11% | 23.39% | 24.92% |
| ROCE % | 12.77% | 17.99% | 21.30% | 22.10% |
| 1.36% | 3.43% | 6.21% | 7.99% | |
| EFFICIENCY | - | - | - | - |
| Debtor Days | 97 | 113 | 95 | 81 |
| Inventory Days | 253 | 263 | 241 | 234 |
| Payable Days | 288 | 279 | 200 | 167 |
| 61 | 98 | 136 | 147 | |
| FINANCIAL HEALTH | - | - | - | - |
| Debt to Equity (x) | 1.49x | 1.54x | 1.13x | 1.19x |
| Interest Coverage (x) | 1.52x | 1.86x | 2.82x | 3.34x |
| 1.19x | 1.23x | 1.42x | 1.46x | |
| GROWTH | - | - | - | - |
| Revenue Growth % | 0.00% | 1.59% | 22.81% | 17.36% |
| Operating Profit Growth % | 0.00% | 50.17% | 49.17% | 38.44% |
| Net Profit Growth % | 0.00% | 170.74% | 103.67% | 49.75% |
| 0.00% | 170.99% | -40.66% | 50.22% | |
| VALUATION | - | - | - | - |
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 3.82x | 3.42x | 3.18x |
Mar 2023
- EPS (₹)
- 4.34
- Book Value (₹)
- 68.64
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 1.96
- Operating Margin %
- 9.17%
- Net Margin %
- 1.75%
- ROE %
- 6.46%
- ROCE %
- 12.77%
- 1.36%
- Debtor Days
- 97
- Inventory Days
- 253
- Payable Days
- 288
- 61
- Debt to Equity (x)
- 1.49x
- Interest Coverage (x)
- 1.52x
- 1.19x
- Revenue Growth %
- 0.00%
- Operating Profit Growth %
- 0.00%
- Net Profit Growth %
- 0.00%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2024
- EPS (₹)
- 11.76
- Book Value (₹)
- 80.41
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 4.40
- Operating Margin %
- 13.05%
- Net Margin %
- 4.66%
- ROE %
- 16.11%
- ROCE %
- 17.99%
- 3.43%
- Debtor Days
- 113
- Inventory Days
- 263
- Payable Days
- 279
- 98
- Debt to Equity (x)
- 1.54x
- Interest Coverage (x)
- 1.86x
- 1.23x
- Revenue Growth %
- 1.59%
- Operating Profit Growth %
- 50.17%
- Net Profit Growth %
- 170.74%
- 170.99%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 3.82x
Mar 2025
- EPS (₹)
- 6.98
- Book Value (₹)
- 36.91
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 7.36
- Operating Margin %
- 16.05%
- Net Margin %
- 7.72%
- ROE %
- 23.39%
- ROCE %
- 21.30%
- 6.21%
- Debtor Days
- 95
- Inventory Days
- 241
- Payable Days
- 200
- 136
- Debt to Equity (x)
- 1.13x
- Interest Coverage (x)
- 2.82x
- 1.42x
- Revenue Growth %
- 22.81%
- Operating Profit Growth %
- 49.17%
- Net Profit Growth %
- 103.67%
- -40.66%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 3.42x
Mar 2026
- EPS (₹)
- 10.49
- Book Value (₹)
- 47.40
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 11.09
- Operating Margin %
- 18.89%
- Net Margin %
- 9.86%
- ROE %
- 24.92%
- ROCE %
- 22.10%
- 7.99%
- Debtor Days
- 81
- Inventory Days
- 234
- Payable Days
- 167
- 147
- Debt to Equity (x)
- 1.19x
- Interest Coverage (x)
- 3.34x
- 1.46x
- Revenue Growth %
- 17.36%
- Operating Profit Growth %
- 38.44%
- Net Profit Growth %
- 49.75%
- 50.22%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 3.18x
Documents
Announcements
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Annual Reports
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Credit Ratings
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Concalls
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