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Indian Card Clothing Company Ltd (INDIANCARD)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 509692 NSE: INDIANCARD Textile - Machinery | Small Cap | Indian Card Clothing Share Price
₹182 -2.40 (-1.30%)
As on 30-Sep'26 15:32
Indian Card Clothing Company Ltd (INDIANCARD)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 509692 NSE: INDIANCARD Textile - Machinery | Small Cap | Indian Card Clothing Share Price
₹182 -2.40 (-1.30%)
As on 30-Sep'26 15:32
Key Metrics
Valuation Multiples
Market Cap
₹110 Cr.
Current Price
₹182
52-Week Low / High
₹154 / 299
TTM EPS
₹10.1
TTM Sales
₹42.2 Cr.
Book Value per Share
₹585
P/E Ratio
18.29
Higher than its 5-year historical median
Industry PE
74.6
Price to Book (P/B)
0.32
Lower than its 5-year historical median
Price to Sales (P/S)
2.60
Lower than its 5-year historical median
EV/EBITDA
7.19
In line with its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
1.09%
Underperforms industry median
Return on Capital Employed (ROCE)
1.71%
Underperforms industry median
Return on Assets (ROA)
0.92%
Operating Profit Margin
-25.9%
Net Profit Margin
8.85%
Gross Profit Margin
25.7%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
-2.77%
Operating Profit Growth (1 Year)
-
-
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-95.95%
Asset Quality
Promoter Holding
67.33%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹342 Cr.
Equity
₹5.9 Cr.
Face Value
₹10
All Time Low / High
₹12.50 / 451.85
Check Before You Invest
Quality
Not GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Weak
Is Indian Card Clothing Company Ltd a good quality company?
Indian Card Clothing Company 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 Indian Card Clothing Company Ltd performance compare with that of its Peers?
Revenue growth of Indian Card Clothing Company Ltd vs industry peers?
Indian Card Clothing Company Ltd revenue CAGR is -4.88%, compared to the industry median CAGR of 2.79%, indicating slower growth and losing its market share.
Promoter shareholding and pledge status of Indian Card Clothing Company Ltd?
Promoters hold 67.33% of the Indian Card Clothing Company Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Indian Card Clothing Company Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of -1.6% based on the current price.
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 endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
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.
Indian Card Clothing Company 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'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 18.2% | -19.5% | -19% | -0.5% | 1.8% | 118.7% | 2.9% | 3.6% | 33% | 1.8% | - |
| Value Creation Index ⓘ | 0.3 | -2.4 | -2.4 | -1.0 | -0.9 | 7.5 | -0.8 | -0.7 | 1.4 | -0.9 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 51.5 | 59.2 | 46.3 | 51.3 | 44.6 | 55.5 | 57 | 49.1 | 36.1 | 35.1 | 35 |
| Sales YoY Gr. | - | 14.9% | -21.8% | 10.8% | -13% | 24.4% | 2.6% | -13.8% | -26.5% | -2.8% | - |
| Adj EPS ⓘ | 1.4 | -21 | -42.6 | -13.2 | -1.6 | 62.7 | 13.1 | 16.1 | 64.9 | 7.8 | 10.4 |
| YoY Gr. | - | -1623.9% | NA | NA | NA | NA | -79.1% | 23.2% | 303% | -88.1% | - |
| BVPS (₹) ⓘ | 224.9 | 182.8 | 139.1 | 129.7 | 122.4 | 444.6 | 403.7 | 416.6 | 571 | 578.8 | 587.1 |
| Adj Net Profit ⓘ | 0.6 | -9.6 | -19.4 | -6 | -1 | 37.2 | 7.8 | 9.6 | 38.5 | 4.6 | 6 |
| Cash Flow from Ops. ⓘ | -5.9 | 0 | -35.4 | -10.7 | -1.6 | 1.5 | 2.9 | 1 | -16.4 | -15.7 | - |
| Debt/CF from Ops. ⓘ | -1.8 | 354.4 | -0.4 | -1.6 | -13.7 | 12.4 | 7 | 21.7 | -0.8 | 0 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | -4.2% | -4.7% | -14.9% | -2.8% | ||||
| Adj EPS ⓘ | 21.1% | NA | -16% | -88.1% | ||||
| BVPSⓘ | 11.1% | 36.5% | 12.8% | 1.4% | ||||
| Share Price | -1.8% | 1.3% | -11.5% | -29.8% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 0.7 | -10.3 | -26.5 | -9.8 | -1.4 | 22.1 | 3.1 | 3.9 | 13.1 | 1.4 | 1.8 |
| Op. Profit Mgn % ⓘ | -7.2 | -12.6 | -31.4 | -1.2 | 5 | 4.4 | 6 | -4.5 | -36.9 | -32.1 | -41.4 |
| Net Profit Mgn % ⓘ | 1.2 | -16.2 | -41.9 | -11.7 | -2.1 | 67 | 13.6 | 19.5 | 106.8 | 13.1 | 17.9 |
| Debt to Equity ⓘ | 0.1 | 0.1 | 0.2 | 0.3 | 0.3 | 0.1 | 0.1 | 0.1 | 0 | 0 | - |
| Working Cap Days ⓘ | 193 | 196 | 265 | 244 | 261 | 177 | 184 | 225 | 551 | 861 | 699 |
| Cash Conv. Cycle ⓘ | 98 | 80 | 97 | 75 | 84 | 74 | 79 | 79 | 100 | 129 | 621 |
Valuation of Indian Card Clothing - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 65 | 72 | 58 | 61 | 54 | 67 | 66 | 55 | 42 | 42 |
| Operating Expenses ⓘ + | 69 | 79 | 73 | 63 | 53 | 65 | 65 | 61 | 56 | 53 |
| Operating Profit ⓘ | -4 | -8 | -16 | -2 | 1 | 2 | 1 | -5 | -14 | -11 |
| Operating Profit Margin (%) | -6.5% | -10.7% | -27.6% | -3.2% | 1.1% | 2.4% | 1.7% | -9.6% | -32.3% | -25.9% |
| Other Income ⓘ + | 24 | 6 | 3 | 2 | 3 | 6 | 13 | 20 | 44 | 23 |
| Interest ⓘ | 2 | 2 | 3 | 3 | 2 | 2 | 2 | 2 | 3 | 1 |
| Depreciation ⓘ | 6 | 5 | 4 | 4 | 4 | 5 | 5 | 5 | 5 | 5 |
| Profit Before Tax ⓘ | 12 | -23 | -20 | -4 | -2 | 221 | 4 | 7 | 100 | 5 |
| Tax ⓘ | 3 | -5 | 1 | 1 | 1 | 31 | 0 | -1 | 8 | 1 |
| Profit After Tax | 9 | -18 | -20 | -5 | -2 | 191 | 4 | 8 | 92 | 4 |
| PAT Margin (%) | 13.3% | -25.4% | -35.6% | -8.3% | -4.5% | 286.7% | 5.7% | 14.4% | 218.6% | 8.9% |
| Adjusted EPS (₹) | 19.1 | -40.1 | -45.1 | -11.1 | -3.9 | 321.4 | 6.2 | 13.4 | 154.6 | 6.3 |
| Dividend Payout Ratio (%) | 63% | 0% | 0% | 0% | 0% | 7.80% | 405.60% | 0% | 0% | 0% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 104 | 85 | 64 | 59 | 72 | 262 | 238 | 246 | 338 | 343 | |
| Debt + | 10 | 12 | 12 | 18 | 22 | 19 | 21 | 21 | 13 | 0 | |
| Minority Interest | 5 | 5 | 5 | 5 | 5 | 5 | 0 | 0 | 0 | 0 | |
| Trade Payables | 10 | 15 | 11 | 9 | 7 | 8 | 9 | 11 | 11 | 7 | |
| Others Liabilities ⓘ | 19 | 28 | 14 | 6 | 6 | 5 | 11 | 10 | 47 | 47 | |
| Total Liabilities ⓘ | 148 | 146 | 106 | 97 | 112 | 300 | 280 | 288 | 409 | 397 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 42 | 37 | 34 | 33 | 42 | 26 | 25 | 28 | 27 | 26 | |
| CWIP ⓘ | 2 | 1 | 0 | 1 | 0 | 0 | 1 | 0 | 1 | 1 | |
| Investments ⓘ | 63 | 65 | 27 | 15 | 8 | 30 | 150 | 182 | 250 | 271 | |
| Inventories | 17 | 19 | 17 | 14 | 12 | 10 | 11 | 10 | 10 | 12 | |
| Trade Receivables | 12 | 13 | 11 | 11 | 12 | 14 | 15 | 11 | 9 | 11 | |
| Cash Equivalents | 4 | 4 | 5 | 9 | 27 | 189 | 44 | 23 | 41 | 7 | |
| Others Assets ⓘ | 8 | 7 | 12 | 15 | 11 | 31 | 34 | 34 | 71 | 69 | |
| Total Assets ⓘ | 148 | 146 | 106 | 97 | 112 | 300 | 280 | 288 | 409 | 397 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | -9 | 0 | -35 | -11 | -2 | -0 | 3 | 2 | -17 | -16 |
| Cash Flow From Investing Activity ⓘ + | 11 | 2 | 36 | 13 | -2 | 167 | -121 | -21 | 57 | -4 |
| Cash Flow From Financing Activity ⓘ + | -14 | -2 | -1 | 2 | 17 | -5 | -31 | -2 | -12 | -15 |
| Net Cash Flow ⓘ | -12 | 0 | 1 | 4 | 13 | 162 | -149 | -21 | 28 | -34 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 8.38 | -19.22 | -27.63 | -8.32 | -3.75 | 114.19 | 1.5 | 3.29 | 31.43 | 1.09 |
| ROCE (%) | 11.91 | -19.44 | -19.64 | -1.75 | -0.11 | 119.1 | 2.25 | 3.65 | 33.18 | 1.71 |
| Asset Turnover Ratio | 0.47 | 0.49 | 0.46 | 0.6 | 0.52 | 0.32 | 0.23 | 0.2 | 0.12 | 0.1 |
| PAT to CFO Conversion(x) | -1 | N/A | N/A | N/A | N/A | -0 | 0.75 | 0.25 | -0.18 | -4 |
| Working Capital Days | ||||||||||
| Receivable Days | 62.60 | 62.70 | 76.50 | 66.20 | 77.20 | 69.40 | 80.50 | 88.10 | 86.70 | 84.80 |
| Inventory Days | 79.80 | 88.90 | 111.50 | 90.40 | 86.60 | 60.70 | 59.30 | 68.50 | 86.50 | 99.10 |
| Payable Days | 166.90 | 181.10 | 205.50 | 166.70 | 164.60 | 113.70 | 162.90 | 223.70 | 329 | 283.10 |
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Indian Card Clothing Company Ltd FAQs
The current trading price of Indian Card Clothing on 30-Sep-2026 15:32 is ₹182.0.
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 29-Sep-2026 the market cap of Indian Card Clothing stood at ₹109.5 Cr
The latest P/E ratio of Indian Card Clothing as of 29-Sep-2026 is 17.72.
The latest P/B ratio of Indian Card Clothing as of 29-Sep-2026 is 0.31.
The 52-week high of Indian Card Clothing is ₹299.0 and the 52-week low is ₹154.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Indian Card Clothing is ₹34.61 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Indian Card Clothing Company Ltd is a below average quality company.
The key valuation ratios of Indian Card Clothing Company Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Indian Card Clothing Company Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Indian Card Clothing Company Ltd
Indian Card Clothing Company Ltd. (ICC) was incorporated on June 24.1955 as a private limited company and was converted into a public limited company on March 27, 1975. The company was promoted by The English Card Clothing Co. Ltd. England and Carclo Engineering Group Ltd. and the entire share capital was held by them in the proportion of 77.5% and 22.5% respectively till the offer for sale by them to the Indian public during September 1978.
The company is engaged in the manufacturing and marketing of card clothing. It manufactures wide range of wires, tops, flexible card clothing, cotton card clothing and woolen card clothing.
ICC has mastered change to keep its position as a leader with products developed to handle the evolving needs of increased rate of outputs – going as high as 150 kg/hour. And to meet more exacting quality standards worldwide innovation has become an ongoing process at ICC and this state-of-the-mind is instilled in every employee, in every department, in every stage of the production process.
The result is a wide range of wires, tops and flexible card clothing to suit every requirement, depending on the type of fibre being processed and the quality parameters desired. In fact, ICC is one of the few companies in the world that manufactures card clothing to process every fibre. Natural or man made. On every type of carding machine, be it conventional cards or super high production cards.
The R&D Cell at ICC is constantly tuned to market needs, experimenting with fresh ideas and technologies. Making significant breakthroughs in tooth geometry, surface treatment, etc. Recent developments include special alloy steel wires in the Maxus, Primus and Tenace series, a new generation of Triumph Tops and specially developed AeroDoffer wires for better doffing.
ICC now has a line of Card Upgrade products which aim at adding carding efficiency to older cards. ICC's Web Catcher and Accura Carding Elements have added significantly to the returns at hundreds of mills, where they have been installed in the last couple of years.
They can also supply from their sister concern Garnett Wire Ltd, UK who manufacture interlocking wires as well as metallic wires in heavier cross section commonly used in blow room lines, woollen, nonwoven & worsted machineries.
ICC has developed a versatile machine that can be used for mounting all types of rollers in the card room and blow room. The All-Roller Mounting Machine - ARM 08 comes with some state-of-the-art features that makes perfect mounting of wires quite easy. ICC is constantly finding solutions to improve carding quality by looking beyond card clothing. In the process they have developed the below accessories to improve carding performance and your machine's uptime.
Web Catcher-Web Catcher is a simple device that replaces Apron Doffing on carding machine and increases carding machine's uptime.
Accura Carding Systems-ICC presents an opportunity to improve quality of carding on existing cards by upgrading them with three vital components - Accura Carding Systems.
XTRAC Systems- After the success of Accura Carding Elements retrofits on the older models of card, ICC has now introduced XTRAC systems for the later model cards.
Product range of the company includes:
- Accura BeaterSegment
- Sharprite wire resharpening device
- Sharprite Tops
- All rollers mounting machine ARM 08
- Clipit4060 Flat Clipping Machine
- The latest development Xtrac
Achievements/ recognition:
- ISO 9001 Certification.
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