International Conveyors Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

International Conveyors Ltd trades at ₹77.7, in a downtrend and 26 weeks into that stage. That is −4.5% against its own 200-day average. It sits at 13% of a 52-week range of ₹77 to ₹84. On relative strength it has no relative-strength read yet.

Today the stock is in a downtrend — week 26 of stage 4, confirmed. At ₹77.7 it trades −4.5% versus its 200-day average and sits at 13% of its 52-week range (₹77–₹84).

Against the market, two honest reads. Cumulative: over the last 4 months the stock moved −2% while the NIFTY 500 moved +1% — behind the index over the full window. Recent form: no trailing-13-week read yet — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

International Conveyors Ltd trades at 7.3× P/E, near the bottom of its own range — cheaper only 21% of the time. Its long-run median P/E is 16.1×, measured across 8.8 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 7.3× is near the bottom of its own range — cheaper only 21% of the time, against a long-run median of 16.1× measured over 8.8 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

At its price on 13 June 2026, International Conveyors Ltd was priced for profit growth of about 0.1% a year. The market pays that at 7.3× P/E, the 21st percentile of its own 9-year range.

What the two numbers say together. The multiple is low against its own past, and the growth the price is paying for is the whole of what a buyer is backing. Both readings sit on the same earnings, so they are one reading rather than two.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements. Every other number on this page is read off the live quote.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

International Conveyors Ltd reads as mixed on its fundamental arc. Mixed — revenue growth is rising at +77.7% (single-quarter readings) while profit growth is falling at −69.4% (single-quarter readings) — the curves disagree, so the per-curve reads carry the story. The read is built from 9 quarters across 3 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

Revenue Revenue is the top line: everything the company billed its customers in the period.

International Conveyors Ltd reported ₹97.0 Cr of revenue in the Mar 26 quarter, +77.7% year on year. That is the 3rd straight quarter of year-on-year growth. Over 10 years it has compounded at 9.8% a year. The last full year, FY26, came in at ₹213 Cr. The last four reported quarters add to ₹213 Cr.

FY26 revenue came in at ₹213 Cr (+40.1% on the year), capping 10 years at 9.8% compound. The latest quarter (Mar 26) printed ₹97.0 Cr, +77.7% year on year — the 3rd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +37.0% growth against the decade's 9.8% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +40.4% over the last 4 quarters against +26.1%/yr over the last 8 — accelerating; TTM profit −25.4% vs +4.7%/yr — rolling over.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

International Conveyors Ltd's operating margin is 19.2% in the Mar 26 quarter, −0.1 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 12 fiscal years the operating margin has ranged −5.0% to 19.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 19.2%, −0.1 pp against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged −5.0%–19.0%, and FY26's 19.0% is the top of that band — a record year.

🚨 Why the margin moved: operating margin went −0.1 pp year on year while gross margin went −4.3 pp — the loss came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

International Conveyors Ltd earned ₹4.0 Cr of net profit in the Mar 26 quarter, −69.4% year on year. Full-year FY26 profit was ₹68.0 Cr. That is 4.1% of the quarter's revenue. The same quarter a year earlier earned ₹13.0 Cr. 1 of the last 12 reported quarters were loss-making.

Mar 26 profit was ₹4.0 Cr, −69.4% year on year. On the full year, FY26 printed ₹68.0 Cr (−26.1%).

🚨 Why profit moved: revenue contributed +77.7% and the margin −0.1 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit −30.6% vs revenue +37.0%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 28% of International Conveyors Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹35.0 Cr of operating cash against ₹68.0 Cr of profit. After ₹3.0 Cr of capital spending, ₹32.0 Cr was left as free cash.

FY26: operating cash of ₹35.0 Cr against reported profit of ₹68.0 Cr, leaving free cash of ₹32.0 Cr after ₹3.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 28% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at 28%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

International Conveyors Ltd's cash conversion cycle runs 42 days in FY26, down from 50 days in FY21. Capital spending ran ₹5.0 Cr over the last 3 years. At FY26 sales of ₹213 Cr each day of that cycle holds about ₹0.6 Cr, so roughly ₹25.0 Cr sits inside the business at any moment.

FY26: debtors at 45 days, inventory at 84 days — roughly 2.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 42 days, tighter than FY21's 50.

The full loop: cash goes out to suppliers and production on day 0; stock waits 84 days to sell; customers pay about 45 days after that; and suppliers themselves are paid at 87 days — netting out to the 42-day cycle.

In money terms: at FY26 sales of ₹213 Cr, each day of the cycle holds about ₹0.6 Cr — so the 42-day loop keeps roughly ₹25.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹5.0 Cr over the last 3 fiscal years against ₹6.0 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

International Conveyors Ltd earns a ROCE of 21% in FY26. That is up from a trough of 0% in FY16. Return on invested capital clears the cost of that capital by +1.7 percentage points, so growth here adds value rather than only size. The wiring behind it is 31.9% net margin on 0.37× asset turns.

FY26 ROCE is 21%, recovered from a FY16 trough of 0% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 31.9% net margin × 0.37× asset turns × 1.34× balance-sheet leverage ≈ 15.8% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 13.7% − 12.0% = a +1.7 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

International Conveyors Ltd carries ₹73.0 Cr of borrowings against ₹424 Cr of equity in FY26, a debt-to-equity of 0.17. Operating profit covers the interest bill 5×. Over 5 years borrowings went from ₹46.0 Cr to ₹73.0 Cr. Capital spending ran ₹5.0 Cr across the last 3 of those years.

FY26: borrowings of ₹73.0 Cr against equity of ₹424 Cr — a debt-to-equity of 0.17. Operating profit covers the interest bill 5×. Over 5 years borrowings went from ₹46.0 Cr to ₹73.0 Cr while capital spending ran ₹5.0 Cr in just the last 3 — part of the build-out is riding on borrowed money.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters added 1.3 points of International Conveyors Ltd over 8 quarters, the biggest move on the register. That takes promoters to 69.9% of the company. Foreign institutions moved +0.8 points over the same window, to 0.8%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: +1.3 points over 8 quarters to 69.9%; Foreign institutions: +0.8 points over 8 quarters to 0.8%; Domestic institutions: +0.5 points over 8 quarters to 0.5%.

Why the register moved: promoters drove it (+1.3 points), alongside foreign institutions (+0.8 points) — steady accumulation by institutions reading the same numbers this page reads.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

International Conveyors Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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