Incredible Industries Limited (INCREDIBLE) AI Stock Analysis

• Market Cap: ₹1.90B
• Dividend Yield: N/A
• Average Volume (3M): 11.11K
• Price to Earnings (P/E): 13.5
• Beta (1Y): 0.79
• Revenue Growth: 10.59%
• EPS Growth: 82.10%
• Country: IN
• Employees: 194
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Steel
• EPS (TTM): 0.32
• Shares Outstanding: 46,763,752
• 10 Day Avg. Volume: 1,455
• 30 Day Avg. Volume: 11,111
• PEG Ratio: 0.13
• Price to Book (P/B): 1.19
• Price to Sales (P/S): 0.23
• P/FCF Ratio: 6.09
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 68 Neutral
• Price Target: ₹44.00 ▲(13.67% Upside)

The score is driven primarily by solid financial performance led by a strong balance sheet and improving cash flow, offset by inconsistent revenue and volatile net profitability. Technicals are mixed (short-term support but weaker longer-term trend and negative MACD), while valuation looks reasonable based on the P/E.

Positive Factors

Balance sheet strength

A strong equity base and prudent leverage provide durable financial resilience, lowering bankruptcy risk and enabling funding for strategic investments. This structural strength supports capital allocation flexibility across technology, consumer goods, and renewables during multi-quarter cycles and downturns.

Cash generation

Growing operating and free cash flow supply sustainable internal funding for capex, R&D and debt servicing without constant external financing. Over 2-6 months this enhances strategic optionality, supports project execution in renewables, and cushions investment in product development.

Margin and ROE improvement

Stable gross margins plus rising operating margins and improving ROE point to better cost management and capital efficiency. These trends indicate potential for sustainable profitability improvement if revenue volatility is addressed, supporting long-term returns on invested capital.

Negative Factors

Revenue inconsistency

Irregular top-line performance undermines forecasting, scale economics and investment planning. Persistent revenue swings over multiple quarters can strain capacity utilization and make it harder to sustain R&D and sales investments critical to competitive positioning in tech and renewables.

Net profit margin volatility

Volatile net margins reduce retained earnings predictability and complicate long-term budgeting. Margin swings can force reactive cost cuts or capital allocation shifts, weakening strategic initiatives and potentially raising the cost of capital if lenders or partners perceive earnings instability.

Cash conversion inconsistency

Uneven conversion of reported profits into cash hints at working-capital swings or accrual-driven earnings, raising concerns about earnings quality. Over time this can stress liquidity for capex and contracted renewable projects, and necessitate closer monitoring of cash cycle management.

Incredible Industries Limited Business Overview & Revenue Model

Company Description

Incredible Industries Limited manufactures and sells iron and steel products in India. It offers steel related rolled products, such as TMT, wire rods, H. B. wire, etc., as well as provides related services. The company is also involved in the generation of electricity through wind power. It also exports its products. The company was formerly known as Adhunik Industries Limited and changed its name to Incredible Industries Limited in May 2021. Incredible Industries Limited was incorporated in 1979 and is based in Kolkata, India.

How the Company Makes Money

INCREDIBLE generates revenue through a multi-faceted model that includes direct sales of consumer products, subscription services for its technology platforms, and long-term contracts in the renewable energy sector. Key revenue streams consist of retail sales through both physical and online channels, partnerships with major retailers, and licensing agreements for its proprietary technology. Additionally, INCREDIBLE has established significant partnerships with environmental organizations and government bodies that facilitate funding and incentives, contributing to its earnings from renewable energy projects.

Incredible Industries Limited Financial Statement Overview

Summary

Financials are solid but uneven: a strong balance sheet (high equity ratio, manageable leverage, improving ROE) supports stability, while income statement results are mixed with volatile net margins and inconsistent revenue growth. Cash flow generation is positive with improving operating and free cash flow, but cash conversion versus net income is inconsistent.

Income Statement

Incredible Industries Limited shows a mixed performance in its income statement. The gross profit margin has been relatively stable, reflecting efficient cost management. However, the net profit margin has been volatile due to fluctuating net income, indicating potential challenges in maintaining consistent profitability. Revenue growth has been inconsistent, with a notable decline in the latest year, suggesting market or operational challenges. The EBIT and EBITDA margins show some improvement, but the overall profitability needs strengthening.

Balance Sheet

The balance sheet of Incredible Industries Limited is relatively strong, with a solid equity base as indicated by a high equity ratio. The debt-to-equity ratio is manageable, suggesting prudent leverage. Return on equity has improved, reflecting better utilization of equity to generate profits. However, the company should monitor its debt levels to ensure long-term financial stability.

Cash Flow

Cash flow analysis reveals a positive trend in operating cash flow, indicating good cash generation from core operations. Free cash flow has shown significant growth, which is a positive sign for future investments and debt servicing. However, the operating cash flow to net income ratio indicates some inconsistency in converting income into cash, which could be a concern if not addressed.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	7.93B	7.56B	8.20B	7.41B	5.36B	4.93B
Gross Profit	591.05M	468.45M	584.09M	520.50M	494.74M	570.73M
EBITDA	235.07M	220.77M	212.89M	180.19M	171.99M	155.28M
Net Income	145.82M	124.87M	59.68M	49.07M	35.61M	36.27M
Balance Sheet
Total Assets	0.00	1.94B	2.10B	2.09B	2.02B	1.93B
Cash, Cash Equivalents and Short-Term Investments	202.83M	202.83M	76.09M	6.74M	22.00K	1.64M
Total Debt	0.00	231.09M	432.09M	491.48M	476.02M	410.03M
Total Liabilities	-1.45B	488.10M	774.34M	826.26M	799.38M	750.83M
Stockholders Equity	1.45B	1.45B	1.33B	1.27B	1.22B	1.18B
Cash Flow
Free Cash Flow	0.00	283.21M	184.96M	79.05M	99.14M	-137.98M
Operating Cash Flow	0.00	343.25M	238.29M	104.09M	196.13M	-126.21M
Investing Cash Flow	0.00	-49.05M	-41.43M	-25.85M	-108.70M	-9.36M
Financing Cash Flow	0.00	-188.42M	-127.61M	-71.52M	-89.05M	135.80M

Incredible Industries Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 38.71
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:INCREDIBLE, the sentiment is Positive. The current price of 38.71 is above the 20-day moving average (MA) of 37.54, below the 50-day MA of 39.44, and below the 200-day MA of 41.75, indicating a neutral trend. The MACD of -0.52 indicates Negative momentum. The RSI at 60.45 is Neutral, neither overbought nor oversold. The STOCH value of 72.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:INCREDIBLE.

Incredible Industries Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
INCREDIBLE	68 Neutral	₹1.90B	13.53	―	―	10.59%	82.10%
TAINWALCHM	63 Neutral	₹1.71B	23.08	―	1.64%	―	―
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
RPPL	60 Neutral	₹1.16B	10.30	―	―	10.14%	73.18%
INDIANCARD	47 Neutral	₹1.31B	5.27	―	―	-10.80%	-66.88%

Incredible Industries Limited Corporate Events

Incredible Industries Sets Board Meet to Review Q3 FY26 Results, Extends Trading Window Closure

Incredible Industries Limited has scheduled a meeting of its Board of Directors on 5 February 2026 at its corporate office in Kolkata to consider, approve and take on record the unaudited financial results for the quarter and nine months ended 31 December 2025. In line with SEBI’s Listing and Prohibition of Insider Trading regulations and the company’s internal code of conduct, the trading window for designated persons and their immediate relatives has been closed from 1 January 2026 and will remain shut until 48 hours after the announcement of these unaudited results, underscoring the company’s adherence to market disclosure norms and insider trading safeguards for investors.

Incredible Industries Announces Trading Window Closure Ahead of Financial Results

Incredible Industries Limited has announced the closure of its trading window as per SEBI regulations, in anticipation of a board meeting scheduled for November 14, 2025. This meeting will discuss and approve the unaudited financial results for the quarter and half-year ending September 30, 2025. The trading window closure impacts designated persons and their immediate relatives, restricting their ability to trade in the company’s securities until 48 hours after the financial results are declared.