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Incredible Industries Limited (INCREDIBLE) · mywealthgrid

About

Incredible Industries manufactures iron and steel products for the industrial sector. The company operates at mid-cap scale (₹149 Cr market cap) with quarterly revenues of ₹180–230 Cr. As a commoditized industrial-products player, it faces typical margin pressure and input-cost volatility characteristic of the steel and iron industry.

Face value: ₹10

Market cap

₹147 Cr

P/E

12.5×

P/B

0.9×

Dividend yield

ROE

7.6%

ROCE

11.6%

Debt / equity

0.21

OPM

2.7%

EPS (TTM)

₹2.5

Book value

₹33.6

52-week high

₹47.0

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin volatility: OPM swung from 1.7% (Sep 2024) to 4.1% (Mar 2025) to 1.8% (Sep 2025), indicating direct exposure to commodity and input-cost cycles typical of steel manufacturing.
Revenue stagnation: Jun 2026 revenue of ₹213.03 Cr versus ₹219.76 Cr a year prior; verify whether this reflects structural demand weakness or cyclical trough.
Weak profitability: ROE of 7.62% and net profit margins of 1.8–2.5% leave minimal room for operational or competitive pressures; verify whether this level is sustainable or signals underlying cost pressures.
Liquidity and shareholder concentration: Promoter holding 74.96% with 0% FII/DII presence and thin public float may limit stock liquidity and institutional support for valuation recovery.

Generated analysis · source review pending

Growth drivers

Margin recovery potential: Operating margin peaked at 4.1% in Mar 2025 (EPS ₹1.27) before contracting to 1.8%; verify whether raw-material cost stabilization or improved pricing can reattain prior highs.
Revenue floor stabilization: Recent quarters (Dec 2025–Jun 2026) held between ₹188–219 Cr; verify whether this base is holding or demand recovery is emerging in construction and manufacturing sectors.
Balance-sheet capacity for expansion: D/E of 0.21 leaves significant headroom; verify whether management is pursuing capex, capacity expansion or strategic acquisitions to drive growth.
Sector cyclical recovery: Verify whether India's infrastructure or manufacturing capex cycles are accelerating and lifting demand for industrial-products output.

Generated analysis · source review pending

₹31.4-31.5%1Y

Beta

0.76

Damps index moves

Volatility (1y)

40.5%

Annualised, daily returns

RSI (14)

51.7

Neither overbought nor oversold

Rel. strength (1y)

-41.2%

Behind the market

Beta is measured against NIFTY 50 over three years of weekly returns — 1 moves with the index, above 1 amplifies it, below 1 damps it.

Quick read

rule-based

Pros

+Profit CAGR of 26% over the last 5 years
+High promoter holding of 75% with no pledge

Cons

−Low return on equity of 7.1% (3-yr avg)
−Thin operating margin of 2.7%

Research score

Structured signal from quality, growth, valuation and momentum.

44/100

Business quality: 34
Growth: 39
Valuation: 90
Momentum

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Welspun Corp LimitedWELCORPWELCORP	₹68,741 Cr	₹70,904 Cr	₹17,300 Cr	₹2,403 Cr	13.3%	₹2,309 Cr	9.7%	19.2%	19.4%	85
Apl Apollo Tubes LimitedAPLAPOLLOAPLAPOLLO	₹58,753 Cr	₹59,205 Cr	₹22,897 Cr	₹1,841 Cr	7.8%	₹1,229 Cr	5.2%	30.8%	25.3%	-12
Shyam Metalics And Energy LimitedSHYAMMETLSHYAMMETL	₹29,244 Cr	₹30,225 Cr	₹19,574 Cr	₹2,519 Cr	12.6%	₹860 Cr	5.7%	13.5%	9.7%	8
Ratnamani Metals & Tubes LimitedRATNAMANIRATNAMANI	₹18,362 Cr	₹18,666 Cr	₹4,314 Cr	₹732 Cr	16.9%	₹433 Cr	11.9%	17.8%	12.5%	210
Jindal Saw LimitedJINDALSAWJINDALSAW	₹17,286 Cr	₹21,976 Cr	₹18,263 Cr	₹1,941 Cr	12.4%	₹653 Cr	5.2%	11.4%	8.1%	159
Usha Martin LimitedUSHAMARTUSHAMART	₹14,982 Cr	₹15,128 Cr	₹3,837 Cr	₹768 Cr	19.1%	₹507 Cr	12.6%	20%	15.4%	190
Godawari Power And Ispat LimitedGPILGPIL	₹14,517 Cr	₹14,943 Cr	₹5,808 Cr	₹1,263 Cr	23.3%	₹808 Cr	14.9%	20.1%	14.9%	73
Gallantt Ispat LimitedGALLANTTGALLANTT	₹12,793 Cr	₹13,340 Cr	₹4,437 Cr	₹655 Cr	16.2%	₹436 Cr	11%	19.2%	15.7%	58
Maharashtra Seamless LimitedMAHSEAMLESMAHSEAMLES	₹9,363 Cr	₹9,377 Cr	₹4,620 Cr	₹696 Cr	14.6%	₹737 Cr	15%	13.6%	10.6%	153
Jayaswal Neco Industries LimitedJAYNECOINDJAYNECOIND	₹8,863 Cr	₹10,960 Cr	₹7,589 Cr	₹1,409 Cr	18.6%	₹564 Cr	6.5%	22.9%	17.8%	151
Sunflag Iron And Steel Company LimitedSUNFLAGSUNFLAG	₹7,812 Cr	₹8,286 Cr	₹3,995 Cr	₹476 Cr	12.1%	₹206 Cr	5.1%	3.8%	2.3%	95
Man Industries (India) LimitedMANINDSMANINDS	₹6,912 Cr	₹7,411 Cr	₹3,875 Cr	₹532 Cr	12.3%	₹204 Cr	4.8%	18.4%	9.2%	114

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	410	374	487	670	502	494	536	741	818	756	840
COGS	-351	-340	422	612	449	437	487	689	762	695	772
Gross profit	—	—	66	59	53	57	49	52	56	61	68
	735	693	40	41	41	42	32	34	37	40	45
	25	21	25	17	12	15	17	18	19	21	23
OPM %	6.2%	5.6%	5.2%	2.6%	2.4%	3.1%	3.1%	2.4%	2.4%	2.8%	2.7%
Depreciation	3	—	4	4	6	6	6	6	6	5	5
Interest	18	15	15	9	5	4	6	5	6	3	3
	1	1	1	1	0	0	0	0	2	1	1
Profit before tax	5	3	7	5	1	5	6	7	10	13	17
Tax	3	1	2	2	0	2	2	2	4	1	5
Tax %	54.1%	33.6%	30.4%	28.2%	23.5%	33.9%	39.9%	31.2%	40.1%	5.7%	30.7%
	2	2	5	4	1	4	4	5	6	12	12
PAT margin %	0.6%	0.6%	1%	0.6%	0.2%	0.7%	0.7%	0.7%	0.7%	1.7%	1.4%
EPS (₹)	0.5	0.5	1	0.8	0.2	0.8	0.8	1.1	1.3	2.7	2.5
EPS adjusted (₹)	—	—	—	0.8	0.2	0.8	0.8	1.1	1.3	2.7	2.5
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	47	47	47	47	47	47	47	47
Reserves	—	68	71	75	80	86	98	110
Minority interest	—	—	—	0	—	0	—	0
	—	20	41	40	40	36	20	33
	—	32	34	40	42	41	29	31
Total equity & liabilities	—	166	193	202	209	210	194	221
	47	47	42	46	43	38	32	26
CWIP	—	0	0	0	0	5	11	35
Investments	—	0	0	0	0	0	0	0
	—	119	151	155	166	167	150	160
Total assets	—	166	193	202	209	210	194	221

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	8.7%	10.5%	11.5%	9.2%	7%	6.9%	8.1%	8.1%
EBITDA margin %	2.6%	2.4%	3.1%	3.1%	2.4%	2.4%	2.8%	2.7%
EBIT margin %	2%	1.2%	1.9%	2.1%	1.6%	1.7%	2.1%	2.1%
PAT margin %	0.6%	0.2%	0.7%	0.7%	0.7%	0.7%	1.7%	1.4%
Working capital
Receivable days	—	27	40	25	13	20	20	14
Inventory days	—	45	28	37	27	25	29	24
Payable days	—	13	7	12	9	9	7	7
NWC days	—	59	60	50	32	36	42	31
Leverage
Current ratio	—	2.81	3.16	3.13	2.75	2.58	3.3	3.41
Debt to EBITDA	—	1.72	2.69	2.38	2.28	1.86	0.92	1.45
Debt to equity	—	0.18	0.34	0.33	0.32	0.27	0.13	0.21
Interest coverage	1.6	1.3	2.3	2	2.3	2.7	4.8	7.5
Asset turnover	—	3.02	2.56	2.66	3.54	3.9	3.9	3.79
Return ratios
Return on assets %	—	0.6%	1.9%	1.8%	2.3%	2.8%	6.4%	5.2%
Return on capital employed %	—	5%	7.2%	7.8%	8.3%	10.8%	11.3%	11.6%
Return on equity %	—	0.9%	3.1%	2.9%	3.9%	4.5%	8.6%	7.3%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.96%	74.96%	74.96%	74.96%	74.96%	74.96%	74.96%	74.96%	74.96%	74.96%	74.96%	74.96%
FII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
DII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	25.04%	25.04%	25.04%	25.04%	25.04%	25.04%	25.04%	25.04%	25.04%	25.04%	25.04%	25.04%
No. of shareholders	—	—	—	—	—	—	—	—	7,334	7,265	7,188	7,169

Promoter holding up 0 percentage points since Sep 2023.

2 deals · 25 Mar 2026 – 25 Mar 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
25 Mar 2026	RND STEELS LIMITED	Bulk	BSE	Sell	3,40,000	₹31.30	₹1.06 Cr
25 Mar 2026	CHANDRA KANTA AGARWAL	Bulk	BSE	Buy	3,40,000	₹31.30	₹1.06 Cr

1–2 of 2

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. RAMA SHANKAR GUPTAExecutive Director-Chairperson-MD
Mrs. SONAM AGARWALNon-Executive - Independent Director
Mrs. SHILPI MODINon-Executive - Independent Director
Mr. SANJAY KALOYANon-Executive - Non Independent Director
Mr. DEEPAK KUMAR AGARWALLANon-Executive - Independent Director
Mr. RAJ PRAKASH VERMANon-Executive - Non Independent Director
Mr. Amit AgrawalChief Financial Officer
Bharat AgarwalCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Incredible Industries Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results10 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

19 announcementsExport CSV

22 Sept 2026, 2:51 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

19 Sept 2026, 4:14 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

18 Sept 2026, 5:26 pmCompany Update

Announcement under Regulation 30 (LODR)-Meeting Updates

Meeting Updates PDF

18 Sept 2026, 5:21 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

26 Aug 2026, 4:11 pmCompany Update

Dispatch Of Letter To Shareholders Whose E-Mail Addresses Are Not Registered With Company/ Registrar & Share Transfer Agent/ Depository Participants.

General PDF

26 Aug 2026, 1:25 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

25 Aug 2026, 4:02 pmAGM/EGM

Submission Of 47Th Annual Report Of The Company For The Financial Year 2025-26 Along With Notice Of 47Th Annual General Meeting

AGM PDF

25 Aug 2026, 3:52 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

Date	Category	Subject	Filing
22 Sept 2026, 2:51 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
19 Sept 2026, 4:14 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF

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₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	25	-13	20	10	24	37	10
	-6	-1	-11	-3	-4	-4	-36
	-21	14	-9	-7	-13	-22	9
Net cash flow	-3	0	-0	1	7	11	-18
Free cash flow	19	-14	10	8	19	31	-13
CFO / Operating profit %	209.1%	-83.5%	117.4%	58.7%	123.2%	175.4%	42.3%

Incredible Industries Limited

Incredible Industries Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Credit ratings

Events

1

Announcements

Not in the F&O segment

No fund holdings on record

1

Announcements

Annual reports

Credit ratings

Compounded sales growth

Compounded profit growth

Stock price CAGR

Return on equity

Incredible Industries Limited

Incredible Industries Limited

About

Key insights

Key risks

Growth drivers

Risk & technicals

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Credit ratings

Events

Board meetings1

Announcements

Not in the F&O segment

No fund holdings on record

Board meetings1

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Stock price CAGR

Return on equity

1

1