Incon Engineers Ltd

INCON

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Market Cap

₹ 6 Cr

P/E

—

Turned 1 L into 3.77 L in last 5 Years

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

LOW MARGIN

Technicals

Bullish

Risk

LOW RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Incon Engineers Ltd is a publicly listed company specializing in the manufacturing of chemical process equipment and agricultural equipment. They are global leaders in low and sub-micron grinding and classification of powders, specifically through their Fluid Energy Mills.

The company has expanded its operations to include the execution of turnkey projects for gas plants and welding electrode manufacturing plants, highlighting their expertise in industrial gas manufacturing.

A notable acquisition was Fluid Energy Systems, which bolstered their manufacturing capabilities and reduced project implementation times for fluid energy mills and chemical process equipment.

In the mid-90s, Incon Engineers underwent a significant expansion and diversification project, entering the cryogenic tank market in collaboration with Taylor Wharton Asia and the agricultural machinery market with Jiashan Tractor Factory.

The company went public in 1996 to support its expansion plans, marking a pivotal moment in its growth trajectory.

Sector

Capital Goods-Non Electrical Equipment

Industry

Engineering - Heavy - General - Medium / Small

Market Cap

6 Cr

Volatility

Low Risk

P/E Ratio

—

Industry P/E

64.1

PEG Ratio

—

P/B Ratio

—

52W High

17.70

52W Low

9.31

Sales CAGR

4486.67%

-44.48%

-0.64%

10Y

-9.61%

Profit CAGR

12.77%

—

10Y

—

ROE

TTM

64.58%

-534.97%

-22.79%

10Y

-30.50%

ROCE

TTM

-73.15%

-121.71%

-5.57%

10Y

-14.24%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
MANUGRAPH	16.17	49 Cr	—	0.50	0.00	-17.67	-13.40	-6.41
MHEL	73.27	29 Cr	10.02	2.46	0.00	26.07	18.74	6.79
MIVENMACH	78.51	24 Cr	—	0.00	0.00	10.59	25.13	-331.58
LIPPISYS	24.75	18 Cr	—	0.88	0.00	-4.86	-6.34	-4.26
ISHAN	0.75	16 Cr	25.00	0.68	0.00	3.82	6.58	1.09
ARROWHEAD	76.50	14 Cr	34.62	0.86	0.00	-0.62	2.64	-0.35
INCON	14.60	6 Cr	—	0.00	0.00	64.58	-73.15	-57.63

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	0.00	0.00	0.00	0.00	0.00	0.00	0.21	0.00	0.20	0.00
Expenses	0.15	0.15	0.15	0.20	0.16	0.13	0.29	0.13	0.26	0.16
Operating Profit	-0.15	-0.15	-0.15	-0.20	-0.16	-0.13	-0.08	-0.13	-0.06	-0.16
OPM %	—	—	—	—	—	—	-38.10	—	-30.00	—
Other Income	0.04	0.04	0.04	0.12	0.04	0.04	0.04	0.05	0.04	0.04
Interest	0.00	0.01	0.01	0.01	0.01	0.02	0.02	0.02	0.02	0.02
Depreciation	0.00	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Profit Before Tax	-0.11	-0.13	-0.14	-0.09	-0.13	-0.11	-0.07	-0.09	-0.04	-0.14
Tax %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Profit	-0.11	-0.13	-0.14	-0.09	-0.13	-0.11	-0.07	-0.09	-0.04	-0.14
EPS in Rs	-0.26	-0.31	-0.31	-0.20	-0.31	-0.26	-0.16	-0.22	-0.10	-0.33

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	0.18	0.88	0.50	0.21	2.46	1.21	0.13	0.00	0.21	0.41
Expenses	0.52	0.89	0.72	0.55	1.73	1.31	0.68	0.66	0.69	0.81
Operating Profit	-0.34	-0.01	-0.21	-0.33	0.73	-0.10	-0.55	-0.66	-0.49	-0.40
OPM %	-193.21	-1.48	-42.02	-156.77	29.69	-8.43	-410.38	-14,568.89	-235.47	-97.56
Other Income	0.10	0.09	0.12	0.12	0.15	0.14	0.22	0.24	0.16	0.17
Interest	0.00	0.00	0.00	0.00	0.08	0.03	0.00	0.03	0.07	0.08
Depreciation	0.03	0.03	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.00
Profit Before Tax	-0.27	0.05	-0.12	-0.24	0.79	-0.01	-0.36	-0.47	-0.41	-0.31
Tax %	0.00	0.00	-4.59	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Profit	-0.27	0.05	-0.13	-0.24	0.79	-0.01	-0.36	-0.47	-0.41	-0.31
EPS in Rs	-0.62	0.08	-0.27	-0.53	1.82	-0.02	-0.43	-1.08	-0.95	-0.81
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	5.71	5.71	5.71	5.71	5.71	5.71	5.71	5.71	5.71	5.71
Reserves	-5.06	-5.30	-5.27	-5.40	-5.61	-4.82	-4.82	-5.18	-5.66	-6.07
Borrowings	0.00	0.00	0.00	0.00	0.25	1.75	0.00	0.11	0.52	0.85
Other Liabilities	0.23	0.40	0.42	0.43	0.87	1.38	0.30	0.21	0.17	0.46
Total Liabilities	0.88	0.82	0.86	0.75	1.22	4.03	1.19	0.85	0.74	0.95
Fixed Assets	0.65	0.62	0.59	0.57	0.55	0.55	0.53	0.51	0.49	0.47
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	0.24	0.20	0.27	0.18	0.68	3.48	0.66	0.34	0.25	0.48
Total Assets	0.88	0.82	0.86	0.75	1.22	4.03	1.19	0.85	0.74	0.95

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-0.02	-0.02	0.12	-0.13	-0.29	-1.38	1.85	-0.17	-0.46	-0.43
Cash from Investing Activity	-0.00	0.01	-0.00	0.00	0.00	-0.01	0.00	0.03	0.00	0.13
Cash from Financing Activity	0.00	0.00	0.00	0.00	0.25	1.48	-1.84	0.11	0.40	0.29
Net Cash Flow	-0.02	-0.01	0.12	-0.13	-0.04	0.09	0.01	-0.03	-0.06	-0.01

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	66.34%	66.34%	66.34%	66.34%	66.34%	66.34%	66.34%	66.34%	66.34%	66.34%	66.34%	66.34%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	4.64%	4.64%	4.64%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Public	29.02%	29.02%	29.02%	33.64%	33.64%	33.64%	33.64%	33.64%	33.64%	33.64%	33.64%	33.64%
Total Shareholders	2,876	2,843	2,784	2,736	2,737	2,864	2,852	2,857	2,830	2,823	2,794	2,796

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Jun 12, 2024	Stock vertex ventures	Bulk	Buy	23.59	0.07 Cr	30,000	0.69

Projection

Actions

Action Type

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Announcements

Last 7 days

Newest

Sentiment

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Documents

Presentations

Concalls

Reports

Presentations

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Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	0.00	0.00	0.00	0.00	0.00	0.00	0.21	0.00	0.20	0.00
Expenses	0.15	0.15	0.15	0.20	0.16	0.13	0.29	0.13	0.26	0.16
Operating Profit	-0.15	-0.15	-0.15	-0.20	-0.16	-0.13	-0.08	-0.13	-0.06	-0.16
OPM %	—	—	—	—	—	—	-38.10	—	-30.00	—
Other Income	0.04	0.04	0.04	0.12	0.04	0.04	0.04	0.05	0.04	0.04
Interest	0.00	0.01	0.01	0.01	0.01	0.02	0.02	0.02	0.02	0.02
Depreciation	0.00	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Profit Before Tax	-0.11	-0.13	-0.14	-0.09	-0.13	-0.11	-0.07	-0.09	-0.04	-0.14
Tax %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Profit	-0.11	-0.13	-0.14	-0.09	-0.13	-0.11	-0.07	-0.09	-0.04	-0.14
EPS in Rs	-0.26	-0.31	-0.31	-0.20	-0.31	-0.26	-0.16	-0.22	-0.10	-0.33

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	0.18	0.88	0.50	0.21	2.46	1.21	0.13	0.00	0.21	0.41
Expenses	0.52	0.89	0.72	0.55	1.73	1.31	0.68	0.66	0.69	0.81
Operating Profit	-0.34	-0.01	-0.21	-0.33	0.73	-0.10	-0.55	-0.66	-0.49	-0.40
OPM %	-193.21	-1.48	-42.02	-156.77	29.69	-8.43	-410.38	-14,568.89	-235.47	-97.56
Other Income	0.10	0.09	0.12	0.12	0.15	0.14	0.22	0.24	0.16	0.17
Interest	0.00	0.00	0.00	0.00	0.08	0.03	0.00	0.03	0.07	0.08
Depreciation	0.03	0.03	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.00
Profit Before Tax	-0.27	0.05	-0.12	-0.24	0.79	-0.01	-0.36	-0.47	-0.41	-0.31
Tax %	0.00	0.00	-4.59	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Profit	-0.27	0.05	-0.13	-0.24	0.79	-0.01	-0.36	-0.47	-0.41	-0.31
EPS in Rs	-0.62	0.08	-0.27	-0.53	1.82	-0.02	-0.43	-1.08	-0.95	-0.81
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	5.71	5.71	5.71	5.71	5.71	5.71	5.71	5.71	5.71	5.71
Reserves	-5.06	-5.30	-5.27	-5.40	-5.61	-4.82	-4.82	-5.18	-5.66	-6.07
Borrowings	0.00	0.00	0.00	0.00	0.25	1.75	0.00	0.11	0.52	0.85
Other Liabilities	0.23	0.40	0.42	0.43	0.87	1.38	0.30	0.21	0.17	0.46
Total Liabilities	0.88	0.82	0.86	0.75	1.22	4.03	1.19	0.85	0.74	0.95
Fixed Assets	0.65	0.62	0.59	0.57	0.55	0.55	0.53	0.51	0.49	0.47
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	0.24	0.20	0.27	0.18	0.68	3.48	0.66	0.34	0.25	0.48
Total Assets	0.88	0.82	0.86	0.75	1.22	4.03	1.19	0.85	0.74	0.95

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-0.02	-0.02	0.12	-0.13	-0.29	-1.38	1.85	-0.17	-0.46	-0.43
Cash from Investing Activity	-0.00	0.01	-0.00	0.00	0.00	-0.01	0.00	0.03	0.00	0.13
Cash from Financing Activity	0.00	0.00	0.00	0.00	0.25	1.48	-1.84	0.11	0.40	0.29
Net Cash Flow	-0.02	-0.01	0.12	-0.13	-0.04	0.09	0.01	-0.03	-0.06	-0.01

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
MANUGRAPH	16.17	49 Cr	—	0.50	0.00	-17.67	-13.40	-6.41
MHEL	73.27	29 Cr	10.02	2.46	0.00	26.07	18.74	6.79
MIVENMACH	78.51	24 Cr	—	0.00	0.00	10.59	25.13	-331.58
LIPPISYS	24.75	18 Cr	—	0.88	0.00	-4.86	-6.34	-4.26
ISHAN	0.75	16 Cr	25.00	0.68	0.00	3.82	6.58	1.09
ARROWHEAD	76.50	14 Cr	34.62	0.86	0.00	-0.62	2.64	-0.35
INCON	14.60	6 Cr	—	0.00	0.00	64.58	-73.15	-57.63

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overview

Detailed Summary

A notable acquisition was Fluid Energy Systems, which bolstered their manufacturing capabilities and reduced project implementation times for fluid energy mills and chemical process equipment.

The company went public in 1996 to support its expansion plans, marking a pivotal moment in its growth trajectory.

Sector

Capital Goods-Non Electrical Equipment

Industry

Engineering - Heavy - General - Medium / Small

Market Cap

6 Cr

Volatility

Low Risk

P/E Ratio

—

Industry P/E

64.1

PEG Ratio

—

P/B Ratio

—

52W High

17.70

52W Low

9.31

Sales CAGR

4486.67%

-44.48%

-0.64%

10Y

-9.61%

Profit CAGR

12.77%

—

10Y

—

ROE

TTM

64.58%

-534.97%

-22.79%

10Y

-30.50%

ROCE

TTM

-73.15%

-121.71%

-5.57%

10Y

-14.24%