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International Combustion (India) Ltd (505737)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 505737 NSE: Engineering - Industrial Equipments | Small Cap | International Combus Share Price

₹511.40 6.30 (1.25%)

As on 03-Jul'26 16:59

International Combustion (India) Ltd (505737)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 505737 NSE: Engineering - Industrial Equipments | Small Cap | International Combus Share Price

₹511.40 6.30 (1.25%)

As on 03-Jul'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹122 Cr.
Current Price
₹511.4
52-Week Low / High
₹346 / 891
TTM EPS
₹-10
TTM Sales
₹293 Cr.
Book Value per Share
₹546.9
P/E Ratio
0.00
Lower than its 5-year historical median
Industry PE
57.8
Price to Book (P/B)
0.94
Lower than its 5-year historical median
Price to Sales (P/S)
0.42
Lower than its 5-year historical median
EV/EBITDA
17.77
Higher than its 5-year historical median
Dividend Yield
0.78%
Profitability Efficiency
Return on Equity (ROE)
11.76%
In line with industry median
Return on Capital Employed (ROCE)
13.42%
Underperforms industry median
Return on Assets (ROA)
6.59%
Operating Profit Margin
8%
Net Profit Margin
5.1%
Gross Profit Margin
6.8%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-1.28%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-38.86%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-25.06%
Asset Quality
Promoter Holding
52.88%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹128 Cr.
Equity
₹2.4 Cr.
Face Value
₹10
All Time Low / High
₹2.05 / 2300.00

International Combustion (India) stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is International Combustion (India) Ltd a good quality company?
International Combustion (India) Ltd is a weak quality company, based on a inconsistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does International Combustion (India) Ltd performance compare with that of its Peers?
Q.1 Revenue growth of International Combustion (India) Ltd vs industry peers?
International Combustion (India) Ltd revenue CAGR is 18.77%, compared to the industry median CAGR of 3.04%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of International Combustion (India) Ltd?
Promoters hold 52.88% of the International Combustion (India) Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of International Combustion (India) Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 7.9% based on the current price.

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
International Combustion (India) Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % -0.8%5.2%0.3%6%-0.3%-3.8%6.8%13%26.4%13.4%-
Value Creation
Index
-1.1-0.6-1.0-0.6-1.0-1.3-0.5-0.10.90.0-

Growth Parameters

Sales 93.3109108134124110169223297293293
Sales YoY Gr.-16.3%-0.9%24.6%-7.6%-11.6%54.2%31.8%33.4%-1.3%-
Adj EPS -5.70.8-15.410.6-11.1-2216.834.48353.2-10
YoY Gr.-NA-2079.5%NA-204.4%NANA104.6%141.4%-35.8%-
BVPS (₹) 384.1404.2393.8407.9396.3373.8393.1424.4504.4559.6546.9
Adj Net
Profit
-1.40.2-3.72.5-2.7-5.348.219.812.7-2
Cash Flow from Ops. -5.511.17.15.4-3.611.38.44.85.812.4-
Debt/CF from Ops. -6.43.244.3-7.21.212.75.32.6-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 13.6%18.8%20.2%-1.3%
Adj EPS NANA46.9%-35.8%
BVPS4.3%7.1%12.5%11%
Share Price 6.6% 19.9% -7.1% -40%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
-1.50.2-3.92.7-2.8-5.74.48.417.910-1.8
Op. Profit
Mgn %
1.53.12.57.52.1-1.56.37.812.982.2
Net Profit
Mgn %
-1.50.2-3.41.9-2.1-4.82.43.76.74.3-0.8
Debt to
Equity
0.40.40.30.20.30.20.10.10.30.20
Working Cap
Days
29925027624127128618316315918692
Cash Conv.
Cycle
190154167135164178104938811241

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales93109108134124110169223297293
Operating Expenses + 92105105124122111158205258270
Manufacturing Costs891013121014192323
Material Costs44534963555588119154156
Employee Cost 28313334393542485664
Other Costs 11121414161115192526
Operating Profit 133102-211173823
Operating Profit Margin (%) 1.5%3.1%2.5%7.5%1.7%-1.5%6.3%7.8%12.9%8.0%
Other Income + 2832221121
Exceptional Items 0000000003
Interest 1443322235
Depreciation 4555545456
Profit Before Tax -23-44-3-75123216
Tax -11-11-1-114121
Profit After Tax -12-24-2-5482015
PAT Margin (%) -0.6%2.0%-2.2%2.7%-1.5%-4.7%2.5%3.7%6.7%5.1%
Adjusted EPS (₹)-2.18.9-9.814.9-7.8-21.617.434.883.562.5
Dividend Payout Ratio (%)0%0%0%6.70%0%0%11.50%8.60%6%6.40%

Valuation of International Combus - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 92979497958994101121134
Share Capital 2222222222
Reserves 8994929592879299118131
Debt +3129221723139132931
Long Term Debt2420137101073
Short Term Debt71091023138132229
Minority Interest0000000000
Trade Payables13172226242528334540
Others Liabilities 19212021161216212925
Total Liabilities 155164158161158139146168223230

Fixed Assets

Net Fixed Assets +39504744454239395760
Gross Block865557606566687295103
Accumulated Depreciation4751015202429333843
CWIP 6100000430
Investments 2531252218151111912
Inventories30303439454345537066
Trade Receivables41393941382936466773
Cash Equivalents 3322336569
Others Assets 11111213888101110
Total Assets 155164158161158139146168223230

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + -61175-41185612
PBT -23-44-3-75123216
Adjustment 32767566911
Changes in Working Capital -874-5-613-2-11-29-8
Tax Paid 10-0-0-1-0-1-2-6-4
Cash Flow From Investing Activity + -15-843531-9-19-8
Capex -17-10-4-2-6-1-2-10-21-6
Net Investments 228444312-5
Others 0000700003
Cash Flow From Financing Activity + 21-4-11-8-0-14-7214-5
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 21-2-6-6-10-2-0-19-5
Interest Paid -1-4-4-3-3-2-2-2-3-5
Dividend Paid -0-0-0-0-0-0-0-0-1-1
Others 12-1113-10-5597
Net Cash Flow 1-0-0-01-03-310

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)-0.562.27-2.463.72-1.95-5.614.538.517.9811.76
ROCE (%)-0.775.20.295.99-0.3-3.836.771326.4213.42
Asset Turnover Ratio0.690.740.670.840.780.741.181.421.511.29
PAT to CFO Conversion(x)N/A5.5N/A1.25N/AN/A20.630.30.8
Working Capital Days
Receivable Days143.20123.10129.90108.20116.70112.7069.9067.307087.20
Inventory Days109.2092.30108.20100125.10147.6095.708175.9085
Payable Days119.30104.20149.20138.90164.70163.90109.8093.9092.5099.40

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

International Combustion (India) Ltd FAQs

The current trading price of International Combus on 03-Jul-2026 16:59 is ₹511.4.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 02-Jul-2026 the market cap of International Combus stood at ₹122.2 Cr

The latest P/E ratio of International Combus as of 02-Jul-2026 is 0.00.

The latest P/B ratio of International Combus as of 02-Jul-2026 is 0.94.

The 52-week high of International Combus is ₹891.0 and the 52-week low is ₹346.0.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of International Combus is ₹293 ( Cr.) .

Past 10 year’s financial track record analysis by Moneyworks4me indicates that International Combustion (India) Ltd is a below average quality company.

The key valuation ratios of International Combustion (India) Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of International Combustion (India) Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About International Combustion (India) Ltd

International Combustion commenced operations in the year 1936 based in Calcutta as a trading house representing the interests of International Combustion, U.K. In 1974 the company changed its status from Private to Public Limited Company.

In 1961, the company started its manufacturing activities, and presently has three manufacturing divisions :

  • Heavy Engineering Division
  • Polymer Division
  • Bauer Division

From a modest beginning with manufacture of mineral grinding mills, the company serves all the major core industries with a specialised range of products.Foreign technical collaborations and licensing agreements with world leaders in the respective product groups have ensured manufacture of premium quality equipment.

In 1989 the company entered into a collaboration with Gummi Kuper GmbH of West Germany for manufacture of rubber and polyourethane screen decks and liners. While in 1995 the company also entered into a new licence agreement with Mogensen GmbH & Co. of Germany for manufacture of 'flip flop' screens, highly specialised equipment used for grinding moist and sticky material such as limestone lignite etc.

Fully equipped manufacturing facilities at Calcutta, Nagpur and Aurangabad ensure total control over production and product quality.

Their strong Marketing and Service organization spread over the country assures quick and direct contact with customers during all phases - consultation, contractual negotiation, followed by execution, and after sales service.

Product range of the company includes:

Heavy Engineering Division:

Vibratory Equipment :

  • The Total Programme
  • Circular and  Linear Motion Screens
  • Vibrating  Feeders
  • Omni Screens
  • Mogensen Sizers Flip Flop Screens
  • Exciters Accessories

Bulk Material Handling -Grinding Mills Drying System

Bauer Division - Under license from Danfoss Bauer, Germany, IC offers a comprehensive range of Geared Motors, Gear Boxes and Electric Motors.

  • B- 2000 Series
  • Fact Sheet

Polymer Division

  • Clamp on system
  • Tensioned decks
  • Flat screen decks
  • Modular screen decks

Clientele:

  • Essar Steel
  • Kudremukh Iron Ore Company
  • Southern Iron & Steel
  • Indian Iron and Steel
  • Lloyds Metals & Ferro Alloys
  • Tata Iron & Steel Co.
  • Ispat Metallics
  • Nippon Denro Ispat
  • Vikram Ispat
  • Ferro Alloy Corporation
  • ACC NIHON Castings
  • DCM Engineering
  • India Charge Chrome
  • Amtek Industries
  • Ghatge Patil Industries
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