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Swing Capital

Incredible Industries Ltd

NSE: INCREDIBLE BSE: 538365Metal

Incorporated in 1979, Incredible Industries does manufacturing and sale of iron and steel related rolled products[1]

₹35.3
52W: ₹26 — ₹53.4
PE 12.8 · Book ₹32.2 · +10% vs book
Market Cap₹165 Cr
Stock P/E12.8Price to Earnings
ROCE9.73%Return on Capital
ROE8.97%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Company has reduced debt.
  • +Stock is trading at 1.09 times its book value
  • +Company has delivered good profit growth of 65.3% CAGR over last 5 years

Weaknesses

  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −The company has delivered a poor sales growth of 8.73% over past five years.
  • −Company has a low return on equity of 5.94% over last 3 years.

Shareholding Pattern

Promoters74.97%
FIIs0%
DIIs0%
Public25.04%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters74.96%74.96%74.96%74.96%74.96%74.96%74.96%74.97%▲0.0
FIIs0%0%0%0%0%0%0%0%
DIIs0%0%0%0%0%0%0%0%
Public25.05%25.05%25.03%▼0.025.04%▲0.025.04%25.04%25.04%25.04%

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales208.96158.66222.35182.89181.17161.87230.22219.76212.13188.98
Expenses205.73154.28214.7177.83178.08158.14220.78213.23208.3184.8
Operating Profit3.234.387.655.063.093.739.446.533.834.18
OPM %1.55%2.76%3.44%2.77%1.71%2.3%4.1%2.97%1.81%2.21%
Net Profit0.530.983.121.6223.035.843.721.491.79
EPS ₹0.110.210.670.350.430.651.250.80.320.38

AI Insights

Revenue Trend

TTM revenue at ₹851Cr, up 13% YoY. OPM at 3%.

Debt Position

Borrowings at ₹18Cr. Debt-to-equity ratio: 0.17x. Healthy balance sheet.

Capex Cycle

CWIP at ₹13Cr (43% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 0% (+0.00pp change). FIIs: 0% (+0.00pp change). Promoters hold 74.97%.

Margin & Efficiency

ROCE declining from 15% (Mar 2014) to 10% (Mar 2025). Working capital days: 39.

Valuation

PE 12.8x with 9.73% ROCE. Price is 10% above book value of ₹32.2. Dividend yield: 0%.

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