Overview

Detailed Summary

International Conveyors Limited specializes in manufacturing PVC conveyor belts for the mining industry, with a focus on safety and reliability.
The company has a significant presence in international markets, accounting for 70% of its sales, making it the largest PVC belting exporter from India.
ICL is strategically positioned with long-term contracts in the potash industry, highlighting its strong order book and revenue visibility.
The company generates more renewable energy than it consumes, reflecting its commitment to sustainability and energy efficiency.
ICL enjoys high entry barriers in the industry due to stringent regulatory approvals and its extensive integrated manufacturing capabilities.

Sector: Industrial Manufacturing
Industry: Industrial Products
Market Cap: 498 Cr
Volatility: High Risk
P/E Ratio: 6.4
Industry P/E: 45.9
PEG Ratio: 0.1
P/B Ratio: 1.3
52W High: 114.30
52W Low: 59.84

Sales CAGR

1Y: 13.38%
3Y: -11.78%
5Y: 9.05%
10Y: 6.77%

Profit CAGR

1Y: 46.98%
3Y: 69.69%
5Y: 55.29%
10Y: —

ROE

TTM: 17.31%
3Y: 21.52%
5Y: 17.67%
10Y: 11.34%

ROCE

TTM: 17.50%
3Y: 28.35%
5Y: 24.54%
10Y: 18.21%

Technicals

‌

Forecasts

Peers

Industrials Capital Goods Industrial Manufacturing Industrial Products

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
LOKESHMACH		276.65	555 Cr	305.60	2.46	0.00	-1.28	3.33	0.40
GUJAPOLLO		425.00	536 Cr	-118.88	1.02	0.44	-0.60	1.06	-1.09
KALYANI		580.50	503 Cr	29.24	7.79	0.00	21.18	27.51	16.85
INTLCONV		78.08	498 Cr	6.42	1.27	0.95	17.31	17.50	13.83
HRS		239.55	480 Cr	63.71	6.76	0.00	0.00	0.00	4.98
TIRUPATI		465.00	476 Cr	32.84	5.17	0.00	9.64	10.98	4.53
TRUECOLORS		162.90	444 Cr	11.83	2.70	0.00	18.45	19.54	10.83
Median: 7 Co.	—	276.65	498 Cr	29.24	2.70	0.00	9.64	10.98	4.98

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	43	23	26	40	31	26	55	35	45	35
Expenses	33	19	24	35	26	26	44	30	34	30
Operating Profit	9.48	3.68	2.09	5.66	4.91	0.38	11	5.41	11	5.37
OPM %	22.17	16.32	8.05	14.01	15.96	1.46	19.27	15.26	23.86	15.20
Other Income	22	23	8.16	42	32	29	1.47	66	-32	36
Interest	2.48	2.20	2.09	2.75	2.18	1.64	1.85	1.87	2.64	2.08
Depreciation	0.47	0.49	0.51	0.43	0.44	0.45	0.42	0.38	0.39	0.40
Profit Before Tax	28	24	7.65	45	34	28	9.72	69	-25	39
Tax %	18.53	17.97	20.65	28.96	21.59	27.27	-34.05	24.60	29.29	22.99
Net Profit	23	19	6.07	32	27	20	13	52	-17	30
EPS in Rs	3.58	4.34	0.95	5.00	4.20	3.14	2.04	8.17	-2.72	4.68

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
Sales	61	59	86	99	169	205	215	134	152	147
Expenses	54	59	86	92	149	186	186	113	130	126
Operating Profit	7.02	0.42	-0.27	6.70	20	20	29	21	21	21
OPM %	11.49	0.71	-0.32	6.79	11.77	9.53	13.67	15.90	14.14	14.44
Other Income	8.10	7.77	8.67	8.16	8.97	14	14	67	105	128
Interest	6.06	6.64	10	9.85	4.87	4.22	3.91	8.95	8.42	7.54
Depreciation	2.94	2.51	2.10	1.78	1.74	2.11	2.27	1.94	1.74	1.69
Profit Before Tax	4.97	-3.94	-4.05	3.22	22	27	37	77	116	140
Tax %	33.58	-46.24	-41.27	-97.58	25.38	39.52	22.73	19.01	21.12	20.33
Net Profit	3.30	-5.77	-5.72	6.37	17	16	29	62	92	112
EPS in Rs	—	—	—	0.99	2.61	2.54	4.47	11.07	14.38	12.16
Dividend Payout %	10.20	-4.55	-5.88	21.28	40.65	41.67	25.70	11.20	5.18	—

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	6.75	6.75	6.75	6.75	6.75	6.75	6.75	6.47	6.34	6.34
Reserves	62	117	143	140	116	147	210	209	267	355
Borrowings	57	40	65	102	63	46	20	65	125	86
Other Liabilities	11	12	15	18	22	28	69	31	42	60
Total Liabilities	138	176	230	266	207	228	305	311	439	508
Fixed Assets	23	21	19	17	15	17	17	16	15	14
CWIP	1.30	1.21	1.20	1.20	1.28	0.00	0.29	0.00	0.00	0.06
Investments	42	101	143	170	102	147	119	157	252	299
Other Assets	71	52	67	78	89	64	168	138	172	195
Total Assets	138	176	230	266	207	228	305	311	439	508

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	12	16	-14	4.68	3.27	49	37	3.59	12	15
Cash from Investing Activity	-2.92	7.32	-4.05	-32	46	-26	0.51	-18	-48	43
Cash from Financing Activity	-8.23	-24	18	26	-49	-24	-37	15	34	-54
Net Cash Flow	1.00	-1.04	0.11	-0.90	0.37	-0.04	0.24	0.41	-1.11	4.11

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	May 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	70.65%	70.65%	70.65%	69.18%	68.60%	68.60%	68.60%	68.60%	69.14%	69.98%	70.07%	69.65%
FIIs	0.05%	0.07%	0.06%	0.01%	0.05%	0.01%	0.02%	0.00%	0.02%	0.16%	0.19%	0.37%
DIIs	0.00%	0.00%	0.00%	0.00%	-0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.53%	0.52%
Public	29.30%	29.28%	29.29%	30.81%	31.35%	31.39%	31.38%	31.40%	30.85%	29.86%	29.21%	29.46%
Total Shareholders	18,677	17,942	21,104	29,522	40,019	38,460	47,561	44,223	42,920	40,872	37,781	35,208

Market Transactions

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Projection

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q3 FY25

Available on Pro Plan