International Conveyors Ltd. (INTLCONV) AI Stock Analysis

• Market Cap: ₹4.88B
• Dividend Yield: 0.81%
• Average Volume (3M): 8.17K
• Price to Earnings (P/E): 6.4
• Beta (1Y): 1.44
• Revenue Growth: 34.91%
• EPS Growth: -19.40%
• Country: IN
• Employees: 94
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial - Machinery
• EPS (TTM): 4.68
• Shares Outstanding: 63,781,000
• 10 Day Avg. Volume: 6,179
• 30 Day Avg. Volume: 8,167
• PEG Ratio: 0.10
• Price to Book (P/B): 1.23
• Price to Sales (P/S): 2.92
• P/FCF Ratio: 30.52
• 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: 73 Outperform
• Price Target: ₹85.00 ▼(-13.13% Downside)
• Action: Reiterated Date: 10/31/25
• Date: Action: Reiterated 10/31/25

International Conveyors Ltd. scores well due to its strong financial performance and attractive valuation, which are the most significant factors. The technical analysis presents some short-term bearish signals, but the longer-term indicators remain positive. The absence of earnings call data and corporate events does not impact the score.

Positive Factors

Low leverage and strong equity base

A debt-to-equity of 0.24 and 71% equity ratio indicate low leverage and a strong capital base. This durable financial strength increases resilience to industry cycles, supports capex or working capital needs without heavy refinancing, and preserves strategic optionality over months.

High reported profitability margins

Sustained gross margin near 46% and reported net margin above 60% reflect durable pricing power and cost management in core conveyor products. High margins support reinvestment and funding of operations, giving a lasting buffer against volume variability over the medium term.

Strong free cash flow growth

Free cash flow rising ~32% year over year and positive operating cash conversion indicate the business generates cash beyond accounting profits. Durable cash generation improves ability to fund maintenance capex, pay down debt, or finance growth initiatives without external capital.

Negative Factors

Cyclical end-market exposure

Revenue is concentrated in heavy, cyclical sectors (mining, power, cement, ports). Structural demand swings in these industries can cause multi-month variability in order books and utilization, making revenue and capacity planning materially sensitive to commodity and infrastructure cycles.

Operational-efficiency headroom

A substantial gap between gross profitability and EBITDA suggests elevated overheads or inefficiencies. Persisting lower operating/EBITDA conversion constrains scalable profit growth and could limit resilience if input costs rise or volumes fall, requiring management action to improve long-term margins.

Negative EPS growth in recent period

Reported EPS decline (~8.6%) despite revenue and cash flow improvements signals potential one-offs, margin pressure in pockets, or higher non-operating charges. If sustained, negative EPS growth can erode investor-return metrics and limit retained earnings available for reinvestment.

International Conveyors Ltd. Business Overview & Revenue Model

Company Description

International Conveyors Limited, together with its subsidiaries, manufactures and markets PVC conveyor belting products in India and internationally. It operates through Conveyor Belting, Wind Energy, Trading Goods, and Investment segments. The company offers fire-resistance and anti-static conveyor belting for conveying coal, potash, phosphate, fertilizer, clay, gypsum, and salt, as well as for use in timber industry. It also trades in ply and steel cord conveyor belting products, and fittings and accessories. In addition, the company engages in the wind power generation through its windmills with a total installed capacity of 4.65 MW; and invests in equity instruments, mutual funds, and inter corporate deposits. International Conveyors Limited was incorporated in 1973 and is based in Kolkata, India.

How the Company Makes Money

INTLCONV generates revenue primarily through the sale of its conveyor belts and related products to various industries, including mining, cement, and power generation. The company has established key revenue streams through long-term contracts and partnerships with major players in these sectors, ensuring a steady demand for its products. Additionally, INTLCONV benefits from providing custom solutions and technical support services, which contribute to its earnings by enhancing customer loyalty and allowing for premium pricing on specialized offerings. The company's focus on innovation and quality also helps to maintain a competitive edge, attracting new clients and retaining existing ones.

International Conveyors Ltd. Financial Statement Overview

Summary

International Conveyors Ltd. shows strong financial performance with consistent revenue growth, high profitability margins, and a stable balance sheet. The company demonstrates effective cost management and a solid equity position, though there is room for improvement in operational efficiency and cash flow management.

Income Statement

International Conveyors Ltd. demonstrates a strong income statement with consistent revenue growth, as evidenced by a 13.38% increase in revenue from 2024 to 2025. The company maintains a high gross profit margin of 45.59% for 2025, indicating effective cost management. The net profit margin also improved significantly to 60.37% in 2025, up from 46.57% in 2024, suggesting enhanced profitability. However, the EBIT margin of 32.80% and EBITDA margin of 14.13% indicate potential areas for operational efficiency improvements.

Balance Sheet

The balance sheet of International Conveyors Ltd. reveals a solid financial position with a debt-to-equity ratio of 0.24, suggesting low leverage and a strong equity base. The return on equity (ROE) improved to 25.35% in 2025, indicating effective use of equity to generate profits. The equity ratio of 71.23% highlights the company's financial stability. However, the company should monitor its total liabilities, which have slightly increased.

Cash Flow

The cash flow statement shows robust free cash flow growth, with a 32.52% increase from 2024 to 2025. The operating cash flow to net income ratio of 0.16 suggests that the company is generating sufficient cash from operations relative to its net income. The free cash flow to net income ratio stands at 0.16, indicating strong cash conversion. However, the company should aim to enhance its operating cash flow for further improvement.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	1.47B	1.52B	1.34B	2.15B	2.01B	1.69B
Gross Profit	644.70M	692.50M	396.31M	855.40M	694.31M	648.43M
EBITDA	1.48B	214.70M	879.47M	433.71M	198.51M	289.02M
Net Income	1.12B	917.10M	623.93M	287.20M	161.78M	166.22M
Balance Sheet
Total Assets	0.00	5.08B	4.39B	3.11B	3.05B	2.28B
Cash, Cash Equivalents and Short-Term Investments	2.84B	2.84B	1.80B	769.26M	19.61M	17.66M
Total Debt	0.00	863.70M	1.25B	648.00M	195.12M	456.52M
Total Liabilities	-3.62B	1.46B	1.66B	957.70M	888.45M	739.15M
Stockholders Equity	3.62B	3.62B	2.73B	2.15B	2.16B	1.54B
Cash Flow
Free Cash Flow	0.00	145.30M	109.64M	31.50M	335.01M	472.50M
Operating Cash Flow	0.00	149.30M	119.99M	35.90M	366.56M	492.65M
Investing Cash Flow	0.00	432.90M	-475.95M	-184.80M	5.05M	-257.46M
Financing Cash Flow	0.00	-541.10M	344.87M	152.90M	-369.25M	-235.63M

International Conveyors Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 97.85
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:INTLCONV, the sentiment is Negative. The current price of 97.85 is above the 20-day moving average (MA) of 79.45, above the 50-day MA of 82.65, and above the 200-day MA of 89.17, indicating a bearish trend. The MACD of -1.02 indicates Positive momentum. The RSI at 39.78 is Neutral, neither overbought nor oversold. The STOCH value of 14.42 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:INTLCONV.

International Conveyors Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
INTLCONV	73 Outperform	₹4.88B	6.41	―	0.81%	34.91%	-19.40%
MANAKSIA	67 Neutral	₹3.75B	7.20	―	―	51.38%	-19.06%
MODISONLTD	65 Neutral	₹4.29B	9.68	―	4.34%	15.26%	62.57%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
HPAL	56 Neutral	₹3.24B	24.68	―	0.94%	13.33%	-21.39%
LORDSCHLO	54 Neutral	₹3.08B	11.54	―	―	39.31%	―
MAHASTEEL	54 Neutral	₹12.47B	114.07	―	―	11.83%	124.74%

International Conveyors Ltd. Corporate Events

International Conveyors Buys Religare Shares in ₹7.5 Crore Investment Deal

International Conveyors Limited has disclosed that it acquired equity shares of Religare Enterprises Limited, an investment company, for a total cash consideration of ₹7.50 crore. The purchase, completed on February 25, 2026, is classified as a non-related-party, investment-purpose transaction, indicating a capital allocation move aimed at financial returns rather than a shift in core operations, and may modestly diversify the company’s investment exposure without requiring regulatory approvals.

Religare Enterprises Limited reported a turnover of ₹7,354.236 crore in FY 2024-25, suggesting that International Conveyors is taking exposure to a substantially larger financial services player through this stake. While the size of the deal is relatively small compared with Religare’s scale, the transaction underscores International Conveyors’ continued use of surplus capital for portfolio investments, which could incrementally influence returns for shareholders over time.

International Conveyors Allots 402,000 ESOP Shares to Non-Executive Director, Expands Equity Base

International Conveyors Limited has allotted 402,000 fully paid-up equity shares of face value Re 1 each to non-executive director Udit Sethia following the exercise of options granted under the company’s ICL Employee Stock Option Plan 2020. The issuance, approved by the board via circular resolution on 22 December 2025, increases the company’s paid-up equity share capital from 63,379,000 to 63,781,000 shares, modestly diluting existing holdings while reinforcing the firm’s use of equity-based incentives in line with SEBI’s share-based employee benefit regulations.