Incorporated in 1973, International ConveyorsLtd is engaged in the manufacturing of Conveyor Belting[1]
Business Overview:[1][2][3]ICL is an ISO 9001:2015-certified company and India’s only listed player inPVC Conveyor Belting, a critical consumable for high-growth sectors like mining and bulk transportation of materials such as coal, potash, and salt.- The company specializes insolid woven conveyor beltingfor both underground and above-ground applications.- Its in-housedesign teammanages the entire process, from preliminary system designs involving power and tension calculations to detailed design.- In addition to its core manufacturing operations, ICL also engages in thetrading of steel cord conveyor belts and fasteners.- The company has atreasury segmentthat focuses on investments in equity instruments, inter-corporate deposits, and mutual funds.
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Honeywell Auto | 33965.00 | 58.21 | 30043.78 | 0.31 | 119.50 | 3.82 | 1149.40 | 12.26 | 18.40 | 4537.80 | 12.66 | 516.10 | 119.50 | 7.17 | 9.98 | 0.02 |
| 2. | Kaynes Tech | 3612.20 | 63.86 | 24182.39 | 0.00 | 121.41 | 101.64 | 906.22 | 58.40 | 14.28 | 3225.35 | 16.21 | 378.68 | 121.41 | 5.17 | 7.24 | 0.19 |
| 3. | Jyoti CNC Auto. | 924.05 | 60.68 | 21003.75 | 0.00 | 85.50 | 12.68 | 507.90 | 17.93 | 24.35 | 1943.26 | 26.50 | 346.13 | 85.50 | 11.48 | 12.99 | 0.40 |
| 4. | Aditya Infotech | 1386.60 | 82.77 | 16291.82 | 0.00 | 69.98 | 196.78 | 919.64 | 37.48 | 19.49 | 3111.87 | 7.96 | 150.44 | 69.98 | 10.25 | 6.24 | 0.08 |
| 5. | LMW | 14761.00 | 131.56 | 15822.20 | 0.20 | 40.92 | 67.29 | 821.88 | 6.88 | 4.48 | 3086.08 | 4.91 | 120.27 | 40.92 | 5.57 | 2.07 | 0.00 |
| 6. | Tega Inds. | 1878.60 | 59.71 | 14118.76 | 0.11 | 44.94 | 522.44 | 405.35 | 14.73 | 17.80 | 1706.82 | 21.45 | 236.44 | 44.94 | 8.47 | 10.07 | 0.21 |
| 7. | Syrma SGS Tech. | 708.15 | 59.47 | 13658.20 | 0.21 | 66.34 | 76.77 | 1145.89 | 37.60 | 11.67 | 3883.93 | 10.01 | 229.67 | 64.06 | 4.85 | 4.37 | 0.12 |
| 8. | Intl. Conveyors | 81.67 | 8.30 | 519.65 | 0.92 | -18.76 | -167.24 | 39.68 | 22.70 | 26.73 | 152.57 | 17.70 | 62.59 | -18.76 | 1.33 | 17.00 | 0.32 |
| – | Median: 118 Co. | 271.1 | 31.82 | 613.79 | 0.0 | 6.25 | 12.93 | 75.77 | 15.94 | 16.17 | 228.71 | 14.03 | 15.93 | 6.07 | 3.55 | 7.69 | 0.19 |
Standalone figures in ₹ crores
| Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 53 | 63 | 44 | 48 | 42 | 42 | 22 | 32 | 29 | 32 | 26 | 53 | 34 | 40 |
Expenses | 48 | 54 | 36 | 40 | 35 | 33 | 19 | 29 | 24 | 26 | 26 | 42 | 28 | 30 |
Operating Profit | 5 | 9 | 7 | 9 | 7 | 9 | 3 | 3 | 5 | 6 | 1 | 11 | 5 | 10 |
Other Income | 3 | 3 | 3 | 4 | 14 | 21 | 23 | 7 | 42 | 32 | 29 | -15 | 66 | -33 |
Profit before tax | 7 | 11 | 9 | 11 | 18 | 27 | 23 | 8 | 44 | 35 | 28 | -7 | 69 | -26 |
Tax % | 3% | 26% | 21% | 30% | 20% | 19% | 18% | 20% | 29% | 21% | 27% | -51% | 25% | -28% |
Net Profit | 7 | 8 | 7 | 8 | 15 | 22 | 19 | 6 | 31 | 28 | 20 | -3 | 52 | -19 |
EPS in Rs | 1.00 | 1.19 | 1.03 | 1.17 | 2.31 | 3.50 | 3.01 | 0.98 | 4.96 | 4.40 | 3.18 | -0.51 | 8.24 | -2.96 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 135 | 97 | 76 | 47 | 48 | 78 | 91 | 166 | 205 | 208 | 138 | 141 | 153 |
Expenses | 114 | 85 | 72 | 42 | 49 | 79 | 82 | 146 | 185 | 178 | 117 | 118 | 126 |
Operating Profit | 21 | 13 | 3 | 5 | -0 | -1 | 9 | 20 | 20 | 30 | 22 | 23 | 27 |
Other Income | 2 | 3 | 4 | 7 | 7 | 9 | 8 | 8 | 13 | 14 | 66 | 88 | 47 |
Interest | 5 | 5 | 6 | 6 | 7 | 10 | 10 | 5 | 5 | 4 | 9 | 9 | 8 |
Depreciation | 6 | 5 | 3 | 3 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
Profit before tax | 13 | 6 | -2 | 3 | -2 | -4 | 5 | 21 | 26 | 37 | 77 | 101 | 64 |
Net Profit | 8 | 4 | -1 | 1 | -4 | -6 | 8 | 15 | 16 | 29 | 62 | 76 | 50 |
EPS in Rs | 1.24 | 0.63 | -0.19 | 0.20 | -0.54 | -0.81 | 1.25 | 2.25 | 2.31 | 4.45 | 9.80 | 12.03 | 7.95 |
Dividend Payout % | 20% | 39% | -26% | 25% | -9% | -6% | 16% | 44% | 43% | 24% | 11% | 6% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 6 | 6 | 6 | 6 |
Reserves | 74 | 76 | 74 | 126 | 158 | 152 | 129 | 162 | 221 | 223 | 281 | 355 | 383 |
Borrowings | 55 | 58 | 56 | 40 | 65 | 102 | 66 | 49 | 23 | 68 | 129 | 91 | 123 |
Other Liabilities | 19 | 16 | 10 | 11 | 12 | 21 | 22 | 26 | 62 | 31 | 35 | 51 | 50 |
Total Liabilities | 155 | 158 | 147 | 183 | 242 | 281 | 224 | 245 | 313 | 329 | 452 | 503 | 563 |
Fixed Assets | 28 | 23 | 22 | 20 | 18 | 16 | 14 | 16 | 16 | 15 | 14 | 13 | 12 |
Gross Block | 67.55 | 67.82 | 69.96 | 22.42 | 22.92 | 22.86 | 23.15 | 26.44 | 29.22 | 29.43 | 30.32 | 30.52 | – |
Accumulated Depreciation | 39.46 | 44.71 | 47.82 | 2.81 | 5.30 | 7.24 | 9.01 | 10.73 | 12.76 | 14.57 | 16.39 | 17.99 | – |
CWIP | 2 | 3 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
Investments | 42 | 53 | 53 | 111 | 157 | 182 | 125 | 171 | 139 | 181 | 276 | 306 | 337 |
Other Assets | 82 | 79 | 71 | 52 | 67 | 82 | 83 | 58 | 157 | 133 | 162 | 184 | 213 |
Total Assets | 155 | 158 | 147 | 183 | 242 | 281 | 224 | 245 | 313 | 329 | 452 | 503 | 563 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 23 | 11 | 13 | 20 | -9 | 3 | 7 | 45 | 38 | 4 | 13 | 11 |
Cash from Investing Activity | -25 | -10 | -3 | 1 | -9 | -29 | 39 | -22 | -0 | -19 | -48 | 43 |
Cash from Financing Activity | 4 | -3 | -10 | -22 | 18 | 26 | -46 | -24 | -38 | 15 | 35 | -54 |
Net Cash Flow | 3 | -3 | -0 | -0 | -0 | 0 | 1 | -1 | -0 | 0 | 0 | -0 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 69 | 116 | 154 | 116 | 165 | 148 | 117 | 35 | 43 | 34 | 70 | 57 |
Inventory Days | 88 | 111 | 95 | 177 | 131 | 78 | 232 | 92 | 79 | 68 | 86 | 75 |
Days Payable | 71 | 90 | 58 | 80 | 116 | 114 | 141 | 77 | 109 | 73 | 97 | 114 |
Cash Conversion Cycle | 86 | 137 | 191 | 213 | 180 | 112 | 208 | 50 | 13 | 30 | 60 | 18 |
Working Capital Days | -6 | -10 | -23 | -6 | -113 | -267 | -94 | -54 | 119 | 38 | 6 | 163 |
ROCE % | 14% | 8% | 2% | 5% | 2% | 3% | 6% | 12% | 13% | 15% | 23% | 27% |
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External media mentions & references
Stock Analysis
Incorporated in 1973, International Conveyors Ltd is engaged in the manufacturing of Conveyor Belting.
ICL is India’s only listed player in PVC Conveyor Belting for sectors like mining. The company also trades steel cord conveyor belts and fasteners, and has a treasury segment focusing on investments.
Currently no data available for Order Book.
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