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Icodex Publishing Solutions Ltd (544483)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544483 NSE: IT - Software | Small Cap | Icodex Publishing Share Price

₹44.59 0.00 (0.00%)

As on 01-Jun'26 16:59

Icodex Publishing Solutions Ltd (544483)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544483 NSE: IT - Software | Small Cap | Icodex Publishing Share Price

₹44.59 0.00 (0.00%)

As on 01-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹70 Cr.
Current Price
₹44.6
52-Week Low / High
₹29 / 82
TTM EPS
₹4.5
TTM Sales
₹25.9 Cr.
Book Value per Share
₹38.6
P/E Ratio
9.83
Higher than its 5-year historical median
Industry PE
22.2
Price to Book (P/B)
1.16
In line with its 5-year historical median
Price to Sales (P/S)
2.69
Lower than its 5-year historical median
EV/EBITDA
6.07
Higher than its 5-year historical median
Dividend Yield
0.00%
Profitability Efficiency
Return on Equity (ROE)
64.81%
Outperforms industry median
Return on Capital Employed (ROCE)
82.78%
Outperforms industry median
Return on Assets (ROA)
50.57%
Operating Profit Margin
61.9%
Net Profit Margin
40.94%
Gross Profit Margin
61.3%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
110.38%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
215.26%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
103.64%
Asset Quality
Promoter Holding
64.44%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹45 Cr.
Equity
₹15.6 Cr.
Face Value
₹10
All Time Low / High
₹29.01 / 81.60

Icodex Publishing Solutions stock performance

Key Ratios
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M-Cap below 100cr DeciZen not available

Q.1 Is Icodex Publishing Solutions Ltd a good quality company?
Icodex Publishing Solutions Ltd is a quality company, based on a 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.

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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.

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How does Icodex Publishing Solutions Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Icodex Publishing Solutions Ltd vs industry peers?
Icodex Publishing Solutions Ltd revenue CAGR is 38.81%, compared to the industry median CAGR of 9.84%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Icodex Publishing Solutions Ltd?
Promoters hold 64.44% of the Icodex Publishing Solutions Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Icodex Publishing Solutions Ltd over the last decade?
Over the last - year(s), the stock has delivered a CAGR of N/A% based on the current price.
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10 Year X-Ray :

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.
Icodex Publishing Solutions Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation ⓘ

Mar'22Mar'23Mar'24Mar'25TTM
ROCE % ⓘ69.6%56.2%65.6%82.8%-
Value Creation
Index ⓘ		4.03.03.74.9-

Growth Parameters ⓘ
Sales ⓘ8.29.510.421.926
Sales YoY Gr.-16.6%9%110.4%-
Adj EPS ⓘ1.11.53.57.44.5
YoY Gr.-33.9%137.7%113%-
BVPS (₹) ⓘ23.57.215.638.6
Adj Net
Profit ⓘ		1.31.84.297
Cash Flow from Ops. ⓘ1.21.33.86.4-
Debt/CF from Ops. ⓘ000.20.5-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘNANA38.8%110.4%
Adj EPS ⓘNANA89.3%113%
BVPSⓘNANA98.8%117.3%
Share Price - - - -

Key Financial Parameters ⓘ

Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity % ⓘ		55.153.265.165.416.8
Op. Profit
Mgn % ⓘ		21.920.44161.9NAN
Net Profit
Mgn % ⓘ		1618.34041.327.4
Debt to
Equity ⓘ		000.10.2-
Working Cap
Days ⓘ		086114880
Cash Conv.
Cycle ⓘ		0412390

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'22Mar'23Mar'24Mar'25
Sales8.189.5410.4021.88
Operating Expenses > ⓘ + 6.427.596.148.45
Manufacturing Costs0.050.090.010
Material Costs0000
Employee Cost 3.925.694.915.47
Other Costs > ⓘ 2.461.811.222.98
Operating Profit > ⓘ 1.761.954.2613.43
Operating Profit Margin (%) 21.5%20.4%41.0%61.4%
Other Income > ⓘ + 0.040.180.590.20
Exceptional Items > ⓘ 0000
Interest > ⓘ 00.010.040.22
Depreciation > ⓘ 0.140.280.360.59
Profit Before Tax > ⓘ 1.661.844.4512.82
Tax > ⓘ 0.370.030.053.86
Profit After Tax 1.291.814.408.96
PAT Margin (%) 15.7%19.0%42.3%40.9%
Adjusted EPS (₹)1.11.53.77.3
Dividend Payout Ratio (%)0%0%0%0%

Valuation of Icodex Publishing - 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'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 2.384.198.5919.05
Share Capital ⓘ 00012.24
Reserves ⓘ 2.384.198.596.81
Debt +00.020.882.99
Long Term Debt0000
Short Term Debt00.020.882.99
Minority Interest0000
Trade Payables0.861.060.270.23
Others Liabilities ⓘ 0.610.580.932.49
Total Liabilities ⓘ 3.855.8510.6724.75

Fixed Assets

Net Fixed Assets ⓘ +0.710.770.625.35
Gross Block0.871.211.426.75
Accumulated Depreciation0.160.440.801.39
CWIP ⓘ 00.533.388.85
Investments ⓘ 0000
Inventories0000
Trade Receivables1.201.811.374.94
Cash Equivalents 1.491.683.063.63
Others Assets ⓘ 0.441.062.241.97
Total Assets ⓘ 3.855.8510.6724.75

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity ⓘ + 1.241.273.816.35
PBT ⓘ 1.661.844.4512.82
Adjustment ⓘ 0.100.200.210.57
Changes in Working Capital ⓘ 0.06-0.48-0.28-5.73
Tax Paid ⓘ -0.58-0.29-0.57-1.30
Cash Flow From Investing Activity ⓘ + -0.49-1.10-3.26-9.22
Capex -0.58-0.87-3.06-10.80
Net Investments 0000
Others ⓘ 0.09-0.23-0.201.58
Cash Flow From Financing Activity ⓘ + 00.010.833.44
Net Proceeds from Shares ⓘ 0001.50
Net Proceeds from Borrowing ⓘ 0000
Interest Paid ⓘ 0-0.01-0.03-0.17
Dividend Paid ⓘ 0000
Others ⓘ 00.020.862.11
Net Cash Flow ⓘ 0.750.191.380.57

Financial Ratio

PARTICULARSMar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)54.0655.1168.7964.81
ROCE (%)69.6256.1765.5682.78
Asset Turnover Ratio2.131.971.261.24
PAT to CFO Conversion(x)0.960.70.870.71
Working Capital Days
Receivable Days53.6057.7055.9052.70
Inventory Days0000
Payable Days0000

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Icodex Publishing Solutions Ltd FAQs

The current trading price of Icodex Publishing on 01-Jun-2026 16:59 is ₹44.59.

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 31-May-2026 the market cap of Icodex Publishing stood at ₹69.73 Cr

The latest P/E ratio of Icodex Publishing as of 31-May-2026 is 9.83.

The latest P/B ratio of Icodex Publishing as of 31-May-2026 is 1.16.

The 52-week high of Icodex Publishing is ₹81.60 and the 52-week low is ₹29.01.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Icodex Publishing is ₹25.93 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Icodex Publishing Solutions Ltd is a average quality company.

The key valuation ratios of Icodex Publishing Solutions Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

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

About Icodex Publishing Solutions Ltd

Icodex Publishing Solutions Limited was incorporated on May 28, 2018 as ‘Icodex Publishing Solutions Private Limited’, a private limited company under the Companies Act, 2013, pursuant to a certificate of incorporation issued by the Registrar of Companies, Central Registration Centre. Subsequently, pursuant to a resolution passed by the Board of Directors in their meeting held on June 14, 2024 and by the Shareholders in their Extra Ordinary General meeting (EGM) held on June 25, 2024, the name of the Company was changed to ‘Icodex Publishing Solutions Limited’ and a fresh certificate of incorporation dated August 20, 2024 was issued by the Registrar of Companies, Central Processing Centre.

Icodex Publishing Solutions was incorporated with a focus to provide software products to the scholarly and academic publishing industry. Since inception, the company is engaged in the business of Software Product Development for Scholarly Publishing. The company’s Software products help in publication of research papers, studies and academic articles; that help researchers, academicians, and scholars in their field of work. It specializes in a developing and providing publishing products and software, which support the publishing process, i.e., from manuscript preparation till print and digital content distribution.

The company also provides Business Process Management services that support the publishing process with activities like Quality assurance checks, editorial services and back-end support to its Global Publishing Client. The company also provides IT support services which includes installation of all kinds of hardware and peripherals and back-end support.

The company operates as a software service provider for a Global Publishing Company (Client) headquartered in the United States (US) that provides content and services for research, education and professional development. The Client publishes books, journals, reference works and other materials in print and online in scientific, technical, medical and scholarly fields. Its software service includes providing various software to the authors, publishers and peer reviewers in the publishing ecosystem using which all the three stakeholders can ease their individual level of work in the publication of ultimate articles and/or research papers vide reduction in time and ease of use.

Business area of the company 

The company is engaged in the business of Software Product Development for Scholarly Publishing. The company also provides Business Process Management services that support the publishing process with activities like Quality assurance checks, editorial services and back-end support to its Global Publishing Client.

Awards and accreditations

  • February 2022: The company obtained the Information Security Management System as per ISO/IEC 27001:2013 from TUV NORD.

History and milestones

  • May 2018: Incorporation of the company under the name of Icodex Publishing Solutions Private Limited.
  • January 2019: Company took its first Delivery Centre on lease at Office No.302, Marisoft 1, Marigold Complex, Kalyani Nagar, Pune.
  • January 2021: The company was recognized as a start-up by the Department for Promotion of Industry and Internal Trade (DIPP).

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