Incredible Industries Limited (INCREDIBLE) AI Stock Analysis

• Market Cap: ₹1.55B
• Dividend Yield: N/A
• Average Volume (3M): 11.11K
• Price to Earnings (P/E): 26.5
• Beta (1Y): 0.74
• Revenue Growth: 10.59%
• EPS Growth: 82.10%
• Country: IN
• Employees: 194
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Steel
• EPS (TTM): 0.38
• 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: 59 Neutral
• Price Target: ₹36.00 ▼(-7.00% Downside)
• Action: Reiterated Date: 03/11/26
• Date: Action: Reiterated 03/11/26

The score is driven primarily by a reasonably strong financial position (especially balance sheet strength and improving cash flow), offset by weak technicals with the stock trading below key moving averages and negative MACD. Valuation (P/E 26.5) is not compelling enough to outweigh the current weak price trend.

Positive Factors

Balance sheet strength

A high equity ratio and manageable leverage provide a durable financial cushion that supports operations through cycles. Improved ROE indicates the company is deploying shareholder capital more effectively, enabling sustainable reinvestment or deleveraging over the next several quarters.

Improving cash generation

Growing operating cash flow and expanding free cash flow strengthen internal funding for capex, debt servicing and strategic initiatives. Improved cash generation enhances flexibility and reduces reliance on external financing, supporting medium-term investment and stability.

Margin resilience and operational improvement

Stable gross margins signal effective cost control or pricing power while rising EBIT/EBITDA margins reflect improving operational efficiency. These trends support durable earnings quality and provide room to absorb demand volatility without immediate margin erosion.

Negative Factors

Inconsistent revenue growth

Erratic top-line performance and a recent decline reduce visibility into future sales and utilization. Persistent revenue instability can impair investment planning, weaken bargaining power with suppliers/customers, and limit sustainable margin expansion over the medium term.

Volatile net profit margins

Wide swings in net margins indicate earnings are sensitive to one-off items, cost swings or pricing pressures. This volatility undermines predictability of retained earnings and free cash flow, complicating long-term targets for returns, dividends, or reinvestment.

Inconsistent cash conversion

When net income does not reliably convert to cash, liquidity and coverage metrics become less dependable. Even with rising FCF, inconsistent cash conversion raises risk that profits may not fund debt obligations or capex without external financing during stress periods.

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.

Incredible Industries Limited Financial Statement Overview

Summary

Overall fundamentals are solid but uneven: a relatively strong balance sheet (high equity ratio, manageable leverage, improved ROE) supports stability, while income statement quality is mixed with volatile net margins and inconsistent revenue growth (including a recent decline). Cash generation is improving (operating cash flow and free cash flow growth), but cash conversion from earnings 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	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	8.24B	7.56B	8.20B	7.41B	5.36B	4.93B
Gross Profit	584.89M	468.45M	584.09M	520.50M	494.74M	570.73M
EBITDA	244.56M	220.77M	212.89M	180.19M	171.99M	155.28M
Net Income	140.68M	124.87M	59.68M	49.07M	35.61M	36.27M
Balance Sheet
Total Assets	1.94B	1.94B	2.10B	2.09B	2.02B	1.93B
Cash, Cash Equivalents and Short-Term Investments	162.36M	202.83M	76.09M	6.74M	22.00K	1.64M
Total Debt	179.69M	231.09M	432.09M	491.48M	476.02M	410.03M
Total Liabilities	437.98M	488.10M	774.34M	826.26M	799.38M	750.83M
Stockholders Equity	1.51B	1.45B	1.33B	1.27B	1.22B	1.18B
Cash Flow
Free Cash Flow	21.94M	283.21M	184.96M	79.05M	99.14M	-137.98M
Operating Cash Flow	35.34M	343.25M	238.29M	104.09M	196.13M	-126.21M
Investing Cash Flow	-147.26M	-49.05M	-41.43M	-25.85M	-108.70M	-9.36M
Financing Cash Flow	-68.41M	-188.42M	-127.61M	-71.52M	-89.05M	135.80M

Incredible Industries Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 38.71
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• 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 Negative. The current price of 38.71 is above the 20-day moving average (MA) of 35.00, above the 50-day MA of 36.71, and below the 200-day MA of 41.36, indicating a bearish trend. The MACD of -1.04 indicates Positive momentum. The RSI at 45.61 is Neutral, neither overbought nor oversold. The STOCH value of 36.21 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:INCREDIBLE.

Incredible Industries Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RPPL	63 Neutral	₹1.16B	16.55	―	―	10.14%	73.18%
TAINWALCHM	63 Neutral	₹1.72B	13.34	―	1.64%	―	―
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
INCREDIBLE	59 Neutral	₹1.55B	26.50	―	―	10.59%	82.10%
INDIANCARD	47 Neutral	₹1.11B	-59.27	―	―	-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.