At a Glance
ICL is India’s only listed PVC conveyor belt manufacturer — and no, we’re not talking escalators. We’re talkingcoal mines,potash, andsalt giantsusing ICL’s belts to move millions of tons. Oh, and while the operating business chugs along, their treasury throws in bonus net profits just for fun.
1. ⚙️ WTF Do They Even Do?
International Conveyors Ltd (ICL):
- Specializes insolid woven PVC conveyor belts, mainly formining, power, salt, and material handlingsectors.
- Also trades insteel cord conveyor belts,fasteners, andbelt accessories.
- Operates atreasury business: parks funds inmutual funds, stocks, inter-corporate deposits, and sometimes generatesmore profit from it than the core business. Yes, that’s legal.
🧪 Summary:
This is a hybrid: 50% industrial, 50% finance
bro.
2. 🧾 Financials – Belted But Profitable
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales (â‚ą Cr) | 169 | 205 | 215 | 134 | 152 |
| Other Income (₹ Cr) | 9 | 14 | 14 | 67 | 105 🚨 |
| Net Profit (â‚ą Cr) | 17 | 16 | 29 | 62 | 92 |
| EPS (â‚ą) | 2.46 | 2.40 | 4.36 | 9.84 | 14.47 |
| ROCE (%) | 14% | 14% | 16% | 24% | 29.5% |
| ROE (%) | – | – | 23% | 29% | 28.9% |
🧠Takeaway:
- Sales dippedpost FY23, butprofits explodedthanks totreasury gains.
- Core OPM holds at 14–16% — not bad for a niche cap goods player.
- Consistent double-digit EPS andexcellent capital efficiency.
3. 💰 Valuation – Still Cheap or Fully Priced?
| Metric | Value |
|---|---|
| CMP | â‚ą93.6 |
| EPS (TTM) | â‚ą14.47 |
| P/E | 6.47x (📉) |
| Book Value | â‚ą57.1 |
| P/B | 1.64x |
| Dividend Yield | 1.18% |
🧮Fair Value Range:
Let’s value it two ways:
- Core Business (EPS â‚ą7) x 10 = â‚ą70
- Treasury kicker (EPS â‚ą7.5) x 8 = â‚ą60
👉 Combined
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3 thoughts on “🛞 International Conveyors Ltd: India’s Belt Manufacturer That Prints More Than Just Belts”
technically if i speak international conveyors has not been able to cross 120 its life time highs that is also a very bad sign
core income of international conveyors ltd is not growing from 4 years ,all incomes from other incomes ,when price of stock comes up relatives of management or promoters them selves start selling ,thats another problem,no demand for products of international conveyors from 4 years ,no increase in sales also
be very very cautious in international conveyors ltd ,this kind of false moves are coming from 4 years and trapping investors ,volumes get created ,investors and buy than stock does not moves for year or years ,so avoid international conveyors