India Cements Capital Ltd

INDCEMCAP

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Market Cap

₹ 32 Cr

P/E

210.71

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

OVERVALUED

Growth

EXCEPTIONAL

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

HIGH RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

India Cements Capital & Finance Ltd (ICCL) is a diversified financial services company under the Aruna Sugars group, focusing on foreign exchange transactions and money transfers.

Having gained an upgraded 'FAA' rating by CRISIL, the company shows growing financial stability and market trust in its deposit program.

The company collaborates with Mecklai & Mecklai, earning 50% of branch profits, showcasing a strategic partnership for financial growth.

ICCL aims to expand its financial services by applying to SEBI for a category-I merchant banker status, which would enhance its capabilities in managing public issues and other financial activities.

Its subsidiary, Aruna Securities, is actively participating in the capital market through its NSE membership, indicating strategic expansion in the securities segment.

Sector

Finance

Industry

Finance - Small

Market Cap

32 Cr

Volatility

Low Risk

P/E Ratio

210.7

Industry P/E

20.4

PEG Ratio

1.5

P/B Ratio

1.7

52W High

20.07

52W Low

13.50

Sales CAGR

-16.41%

51.15%

1.83%

10Y

1.97%

Profit CAGR

-62.91%

136.27%

32.57%

10Y

12.39%

ROE

TTM

0.82%

7.72%

4.12%

10Y

2.72%

ROCE

TTM

0.49%

2.09%

1.34%

10Y

1.15%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
INDCEMCAP	14.68	32 Cr	210.71	1.74	0.00	0.82	0.49	0.22
MEGFI	37.25	30 Cr	128.45	20.58	0.00	9.49	10.54	8.70
KARTKIN	1199.25	29 Cr	—	6.01	0.00	-0.48	-0.48	-0.36
SHVFL	26.51	28 Cr	52.25	1.21	0.00	2.31	2.31	2.32
MARUTISE	51.00	26 Cr	1.97	0.00	0.00	-62.07	1059.87	181.97
EASYFIN	—	24 Cr	—	1.07	0.00	-0.67	-0.15	-0.51
ESCORTSFIN	6.14	24 Cr	—	0.00	0.00	0.13	1.18	-5.47

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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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
Revenue	1.81	1.88	1.63	1.52	1.67	1.45	1.26	1.21	1.42	1.12
Expenses	1.11	1.17	1.41	1.42	1.28	1.30	1.37	1.24	1.25	1.25
Interest	0.02	0.05	0.03	0.04	0.01	0.01	0.01	0.04	0.01	0.01
Financing Profit	0.68	0.66	0.19	0.06	0.38	0.14	-0.12	-0.07	0.16	-0.14
Financing Margin %	37.57	35.11	11.66	3.95	22.75	9.66	-9.52	-5.79	11.27	-12.50
Other Income	0.09	0.11	0.12	0.14	0.10	0.11	0.12	0.16	0.10	0.11
Depreciation	0.01	0.01	0.01	0.02	0.02	0.02	0.02	0.02	0.02	0.02
Profit Before Tax	0.76	0.77	0.30	0.18	0.47	0.23	-0.02	0.07	0.25	-0.05
Tax %	25.00	24.68	23.33	27.78	25.53	21.74	50.00	28.57	28.00	-20.00
Net Profit	0.57	0.58	0.23	0.14	0.35	0.17	-0.02	0.05	0.18	-0.06
EPS in Rs	0.26	0.27	0.11	0.06	0.16	0.08	-0.01	0.02	0.08	-0.03
Gross NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Consolidated Profit Loss (in ₹ Crores)

View Standalone

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
Revenue	391	6.32	5.47	5.27	1.78	2.52	4.53	6.84	5.59	5.34
Expenses	390	5.32	5.42	5.28	2.79	2.67	3.94	5.10	5.20	5.16
Interest	0.05	0.12	0.13	0.17	0.05	0.11	0.09	0.14	0.07	0.07
Financing Profit	0.69	0.89	-0.08	-0.18	-1.07	-0.27	0.50	1.59	0.32	0.11
Financing Margin %	0.18	14.03	-1.50	-3.38	-60.38	-10.74	10.97	23.31	5.69	2.06
Other Income	0.23	0.33	0.42	0.35	0.63	0.63	0.40	0.46	0.49	0.49
Depreciation	0.14	0.14	0.13	0.11	0.08	0.07	0.05	0.05	0.06	0.08
Profit Before Tax	0.79	1.08	0.20	0.06	-0.52	0.29	0.84	2.00	0.74	0.53
Tax %	30.06	25.97	33.86	79.72	-2.67	16.29	14.27	24.61	25.07	28.30
Net Profit	0.55	0.80	0.13	0.01	-0.27	0.25	0.72	1.51	0.56	0.38
EPS in Rs	—	—	0.06	0.01	-0.12	0.10	0.33	0.70	0.25	0.06
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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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	22	22	22	22	22	22	22	22	22	22
Reserves	5.35	5.90	-6.26	-6.11	-6.14	-6.41	-6.17	-5.45	-3.94	-3.38
Borrowings	41	43	43	43	44	44	45	44	44	45
Other Liabilities	5.62	6.38	7.77	4.63	4.05	3.85	3.96	4.70	4.92	4.76
Total Liabilities	73	77	66	64	63	63	64	65	67	68
Fixed Assets	0.71	0.77	0.69	0.62	0.58	0.55	0.49	0.48	0.52	0.54
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	0.09	0.10	0.06	1.60	1.60	1.60	0.00	0.00
Other Assets	73	76	66	63	63	61	62	63	66	67
Total Assets	73	77	66	64	63	63	64	65	67	68

Consolidated Cash Flows (in ₹ Crores)

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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	1.60	-1.07	2.10	-3.70	2.04	1.77	-1.55	—	—	0.02
Cash from Investing Activity	0.20	0.29	0.27	0.35	0.28	-2.22	0.63	0.00	0.00	0.40
Cash from Financing Activity	-0.02	-0.16	0.38	0.17	0.15	0.34	0.27	—	—	0.37
Net Cash Flow	1.78	-0.94	2.75	-3.18	2.47	-0.11	-0.66	0.00	0.00	0.80

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	74.90%	74.90%	74.90%	74.90%	74.90%	74.90%	74.90%	74.90%	74.90%	74.90%	50.11%	50.11%
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	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	25.09%	25.09%	25.09%	25.09%	25.09%	25.09%	25.09%	25.09%	25.09%	25.09%	49.89%	49.89%
Total Shareholders	13,908	14,003	14,202	14,304	14,824	15,257	15,489	15,990	16,222	16,596	16,546	16,140

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Jun 19, 2025	Sri saradha logistics private...	Insider - Promoter	Disposal	15.00	8.06 Cr	53,72,000	24.7
Jul 29, 2024	Icl financial services limited	Insider - Promoter Group	Disposal	21.41	11.13 Cr	52,00,000	23.96
Jul 29, 2024	N srinivasan	Insider - Promoter	Disposal	21.41	0.05 Cr	21,750	0.1
Jul 29, 2024	Icl securities limited	Insider - Promoter Group	Disposal	21.41	11.13 Cr	52,00,000	23.96
Jul 29, 2024	Sri saradha logistics private...	Insider - Promoter Group	Acquisition	21.41	22.31 Cr	1,04,21,750	48.0

Projection

Actions

Action Type

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Announcements

Last 7 days

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Documents

Presentations

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Presentations

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

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
Revenue	1.81	1.88	1.63	1.52	1.67	1.45	1.26	1.21	1.42	1.12
Expenses	1.11	1.17	1.41	1.42	1.28	1.30	1.37	1.24	1.25	1.25
Interest	0.02	0.05	0.03	0.04	0.01	0.01	0.01	0.04	0.01	0.01
Financing Profit	0.68	0.66	0.19	0.06	0.38	0.14	-0.12	-0.07	0.16	-0.14
Financing Margin %	37.57	35.11	11.66	3.95	22.75	9.66	-9.52	-5.79	11.27	-12.50
Other Income	0.09	0.11	0.12	0.14	0.10	0.11	0.12	0.16	0.10	0.11
Depreciation	0.01	0.01	0.01	0.02	0.02	0.02	0.02	0.02	0.02	0.02
Profit Before Tax	0.76	0.77	0.30	0.18	0.47	0.23	-0.02	0.07	0.25	-0.05
Tax %	25.00	24.68	23.33	27.78	25.53	21.74	50.00	28.57	28.00	-20.00
Net Profit	0.57	0.58	0.23	0.14	0.35	0.17	-0.02	0.05	0.18	-0.06
EPS in Rs	0.26	0.27	0.11	0.06	0.16	0.08	-0.01	0.02	0.08	-0.03
Gross NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Consolidated Profit Loss (in ₹ Crores)

View Standalone

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
Revenue	391	6.32	5.47	5.27	1.78	2.52	4.53	6.84	5.59	5.34
Expenses	390	5.32	5.42	5.28	2.79	2.67	3.94	5.10	5.20	5.16
Interest	0.05	0.12	0.13	0.17	0.05	0.11	0.09	0.14	0.07	0.07
Financing Profit	0.69	0.89	-0.08	-0.18	-1.07	-0.27	0.50	1.59	0.32	0.11
Financing Margin %	0.18	14.03	-1.50	-3.38	-60.38	-10.74	10.97	23.31	5.69	2.06
Other Income	0.23	0.33	0.42	0.35	0.63	0.63	0.40	0.46	0.49	0.49
Depreciation	0.14	0.14	0.13	0.11	0.08	0.07	0.05	0.05	0.06	0.08
Profit Before Tax	0.79	1.08	0.20	0.06	-0.52	0.29	0.84	2.00	0.74	0.53
Tax %	30.06	25.97	33.86	79.72	-2.67	16.29	14.27	24.61	25.07	28.30
Net Profit	0.55	0.80	0.13	0.01	-0.27	0.25	0.72	1.51	0.56	0.38
EPS in Rs	—	—	0.06	0.01	-0.12	0.10	0.33	0.70	0.25	0.06
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

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	22	22	22	22	22	22	22	22	22	22
Reserves	5.35	5.90	-6.26	-6.11	-6.14	-6.41	-6.17	-5.45	-3.94	-3.38
Borrowings	41	43	43	43	44	44	45	44	44	45
Other Liabilities	5.62	6.38	7.77	4.63	4.05	3.85	3.96	4.70	4.92	4.76
Total Liabilities	73	77	66	64	63	63	64	65	67	68
Fixed Assets	0.71	0.77	0.69	0.62	0.58	0.55	0.49	0.48	0.52	0.54
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	0.09	0.10	0.06	1.60	1.60	1.60	0.00	0.00
Other Assets	73	76	66	63	63	61	62	63	66	67
Total Assets	73	77	66	64	63	63	64	65	67	68

Consolidated Cash Flows (in ₹ Crores)

View Standalone

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	1.60	-1.07	2.10	-3.70	2.04	1.77	-1.55	—	—	0.02
Cash from Investing Activity	0.20	0.29	0.27	0.35	0.28	-2.22	0.63	0.00	0.00	0.40
Cash from Financing Activity	-0.02	-0.16	0.38	0.17	0.15	0.34	0.27	—	—	0.37
Net Cash Flow	1.78	-0.94	2.75	-3.18	2.47	-0.11	-0.66	0.00	0.00	0.80

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
INDCEMCAP	14.68	32 Cr	210.71	1.74	0.00	0.82	0.49	0.22
MEGFI	37.25	30 Cr	128.45	20.58	0.00	9.49	10.54	8.70
KARTKIN	1199.25	29 Cr	—	6.01	0.00	-0.48	-0.48	-0.36
SHVFL	26.51	28 Cr	52.25	1.21	0.00	2.31	2.31	2.32
MARUTISE	51.00	26 Cr	1.97	0.00	0.00	-62.07	1059.87	181.97
EASYFIN	—	24 Cr	—	1.07	0.00	-0.67	-0.15	-0.51
ESCORTSFIN	6.14	24 Cr	—	0.00	0.00	0.13	1.18	-5.47

Overview

Detailed Summary

India Cements Capital & Finance Ltd (ICCL) is a diversified financial services company under the Aruna Sugars group, focusing on foreign exchange transactions and money transfers.

Having gained an upgraded 'FAA' rating by CRISIL, the company shows growing financial stability and market trust in its deposit program.

The company collaborates with Mecklai & Mecklai, earning 50% of branch profits, showcasing a strategic partnership for financial growth.

ICCL aims to expand its financial services by applying to SEBI for a category-I merchant banker status, which would enhance its capabilities in managing public issues and other financial activities.

Its subsidiary, Aruna Securities, is actively participating in the capital market through its NSE membership, indicating strategic expansion in the securities segment.

Sector

Finance

Industry

Finance - Small

Market Cap

32 Cr

Volatility

Low Risk

P/E Ratio

210.7

Industry P/E

20.4

PEG Ratio

1.5

P/B Ratio

1.7

52W High

20.07

52W Low

13.50

Sales CAGR

-16.41%

51.15%

1.83%

10Y

1.97%

Profit CAGR

-62.91%

136.27%

32.57%

10Y

12.39%

ROE

TTM

0.82%

7.72%

4.12%

10Y

2.72%

ROCE

TTM

0.49%

2.09%

1.34%

10Y

1.15%