1. At a Glance – Blink and You’ll Miss the Margins
₹163 crore market cap. Stock price ₹35.7. Three-month return: –20.6%. Six-month return: –9.5%. Promoters chilling at 75% holding, zero pledges, zero dividend, zero drama… at least on the surface.
This is a Kolkata-based steel roller with ₹851 crore TTM sales, ₹12.8 crore PAT, and margins so thin you could use them as bookmark ribbons. Operating margin sits at ~2.8%, ROE ~9%, ROCE ~9.7% — basically the company is profitable, solvent, and allergic to excitement.
Valuation looks “reasonable” on paper: P/E 12.7×, P/B 1.11×, EV/EBITDA 6.6×. Debt is just ₹18 crore, current ratio a comfortable 3.7×, interest coverage 8×. Balance sheet says “responsible adult.” Stock price says “mid-life crisis.”
Latest quarter? Sales up 16.8% YoY, profit down 41% YoY. So volumes came to the party, margins forgot the address.
Welcome to Incredible Industries — not incredible, not terrible, just very… steel-like.
2. Introduction – This Company Has Seen Things
Founded in 1979, Incredible Industries (formerly Adhunik Industries) has survived steel cycles, commodity crashes, regulatory headaches, promoter reshuffles, and market apathy. That alone deserves a slow clap.
This is not a startup story. This is a “been there, rolled that” kind of company. No fancy alloys, no EV hype, no defence PSU aura. Just good old TMT bars, wire rods, nails, and a small 1.5 MW windmill quietly spinning in the background like a responsible ESG checkbox.
The company operates a 1.70 lakh MTPA rolling capacity unit in Kolkata. Revenue is almost entirely from finished steel products (95%), with a pinch of other operating income.
What stands out isn’t explosive growth — it’s survival. Over the last five years, profit CAGR is ~65%, while sales CAGR is a much more modest ~9%. Translation? Cost discipline improved, leverage reduced, interest costs came down, but pricing power is still missing.
And yes, there was a related-party transaction episode back in FY15-16 involving fund transfers and SEBI non-compliance. Ancient history? Maybe. Forgotten? Never. Small-cap investors have elephant memories.
So the real question: is Incredible Industries a boring
compounder in disguise, or just another low-margin steel grinder waiting for the next cycle punch?
3. Business Model – WTF Do They Even Do?
Imagine explaining this company to a friend who thinks steel is just “iron but angrier.”
Incredible Industries buys steel billets/inputs, rolls them into TMT bars, wire rods, nails, stirrups, and sells them largely into the construction ecosystem. That’s it. No magic.
Product Stack (a.k.a. How Many Ways Can You Bend Steel?)
- TMT Bars – Earthquake-resistant, corrosion-resistant. Used in buildings that don’t want to fall down.
- Wire Rods & HB Wire – Raw material for downstream steel products.
- Adhunik Nails – Polished steel nails. Small, sharp, and surprisingly profitable when volumes behave.
- Link EDGE Stirrups – Structural rings that improve building strength. Niche, but important.
- Other odds & ends – Annealing, torkari, wire nails.
There’s also a 1.5 MW wind power unit, which won’t save the planet but does shave off some electricity bills.
This is a volume game, not a brand game. Pricing is dictated by steel prices, demand cycles, and competition from much larger players. Margins are wafer-thin, so efficiency matters more than ambition.
If you’re looking for a moat, you won’t find one. If you’re looking for operational discipline and balance-sheet sanity, keep reading.
4. Financials Overview – Numbers Don’t Lie, But They Do Smirk
EPS Annualisation Rule
Latest quarter EPS (Q3 FY26 / Dec 2025): ₹0.38
Annualised EPS = ₹0.38 × 4
