BSE: 517370
INCAP LTD.
Manufactures and sells electrical equipment, with key business contributions in FY25 coming from aluminium conductor exports to Ghana worth Rs 1,214.86 lakhs and a pulses trading segment worth Rs 377.07 lakhs, according to the FY25 AGM filing. FY26 revenue was Rs 3,166.73 lakhs, down about 5.7% from Rs 3,357.92 lakhs in FY25. Profit after tax fell to Rs 33.71 lakhs in FY26 from Rs 79.95 lakhs the year before, and Q1 FY27 revenue dropped 46% year-on-year to Rs 541.50 lakhs. Materials are by far the largest cost, accounting for 74.1% of revenue. Borrowings were reduced by Rs 457.62 lakhs during FY26 and the Board recommended a 10% dividend on face value. The company is based in Vijayawada, Andhra Pradesh, and is listed on BSE with promoter and promoter group holding roughly 89.4% of votes at the FY25 AGM. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Aluminium conductor exports, Pulses trading. Small, diversified electrical equipment maker with an adjacent commodity trading line, materials-heavy cost base
Exhibit 1: Financial summary, – (all audited; no estimate years)
| ₹ crore · consolidated |
|---|
| Revenue |
| EBITDA (ex other income) |
| margin % |
| Owners' profit |
| EPS, as reported (₹) |
| ROE % · ROCE % |
| Debt / equity (x) |
| Cash from operations |
| Capex |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q1 FY26 |
|---|---|
| Revenue | 10 |
| Profit before tax | 0 |
| Net profit | 0 |
| EPS (₹) | 0.00 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 64,618 | 16.9 | 4.30 | 10.5 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 61,818 | 52.3 | 11.46 | 32.5 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 38,368 | 22.7 | 8.90 | 15.7 | 35.0 | 25.7 | — | 30.8 |
| MTAR TECHNOLOGIES LIMITED | 21,476 | 160.9 | 26.11 | 114.7 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 17,071 | 86.8 | — | 84.5 | (26.2) | 8.6 | — | 12.3 |
| EMMVEE PHOTOVOLTAIC PWR L | 16,879 | 12.7 | 4.57 | 9.4 | 29.3 | 31.2 | — | 36.3 |
| AVALON TECHNOLOGIES LTD | 13,663 | 102.2 | 18.93 | 68.1 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 8,270 | 11.5 | 3.73 | 10.5 | 26.7 | 22.7 | 50.8 | 22.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| EBITDA margin | 5.1 | 12.6 | 43 of 51 | 16% |
| Market cap | 36 | 591 | 46 of 56 | 18% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · Compliance Certificate Reg 7(2) and (3) for H1 FY27 | compliance | minimal | — | — |
| 16 Oct 2026 · Incap Ltd Board Meeting on Oct 31, 2026 for Q2 FY26-27 Results | results | low | — | — |
| 12 Oct 2026 · Routine compliance certificate for Q2 FY27 dematerialization | compliance | minimal | — | — |
| 28 Sept 2026 · INCAP AGM: All 6 resolutions passed with 99.999% approval | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Incap 36th AGM on 26 Sep 2026 approved dividend and key director appointments | board shareholder meetings | low | — | — |
| 28 Aug 2026 · Notice of 36th AGM on September 26, 2026; 10 percent dividend recommended | board shareholder meetings | medium | — | — |
| 19 Aug 2026 · Record date fixed for FY26 dividend - 18 Sep 2026 | corporate actions | high | — | — |
| 19 Aug 2026 · Incap Ltd sets book closure for AGM and FY26 dividend | corporate actions | high | — | — |
| 1 Aug 2026 · INCAP Q1 FY27 revenue drops 46% YoY, PAT falls to Rs 11.09 lakh | results | high | — | — |
| 15 Jul 2026 · Board meeting on Aug 1, 2026 to consider Q1 FY27 results | results | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.