NSE: INTLCONV · BSE: 509709
INTL CONVEYORS LIMITED
Manufactures and sells conveyor belts, which generated Rs 173.41 crore of segment revenue in FY26, or 81.3 percent of period segment revenue. Trading goods contributed Rs 37.79 crore (17.7 percent), and a small wind energy segment added Rs 1.61 crore (0.8 percent). The conveyor belt segment also produced Rs 45.22 crore of segment EBIT, while trading goods contributed Rs 2.2 crore and wind energy Rs 0.46 crore. A separately disclosed 'Investment' line carries Rs 50.24 crore of EBIT against no segment revenue, indicating non-operating investment income. Materials are the largest cost line at 41.4 percent of revenue, with employee costs at 5.5 percent and other operating expenses at 20.1 percent. During FY26 the company acquired International Conveyors Australia Pty. Ltd. as a direct subsidiary. CARE Ratings upgraded its bank facility ratings in July 2026, citing the 44 percent FY26 revenue growth and improved debt coverage. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Conveyor Belts (81%), Trading Goods (18%), Wind Energy (1%), Unallocated (0%). Capital goods and industrial products manufacturer with a dominant conveyor belt line, a trading arm, a small wind energy operation, and material investment income.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 205 | 215 | 134 | 152 | 213 |
| EBITDA (ex other income) | 20 | 29 | 21 | 21 | 40 |
| margin % | 9.5 | 13.7 | 15.9 | 14.1 | 18.9 |
| Owners' profit | 16 | 29 | 62 | 92 | 68 |
| EPS, as reported (₹) | 2.40 | 4.28 | 9.82 | 14.47 | 10.77 |
| ROE % · ROCE % | 7.5 · 14.0 | 13.4 · 19.1 | 22.9 · 30.4 | 25.3 · 32.0 | 16.1 · 20.8 |
| Debt / equity (x) | 0.09 | 0.30 | 0.46 | 0.24 | 0.17 |
| Cash from operations | 37 | 4 | 12 | 15 | 35 |
| Capex | (3) | (0) | (1) | (0) | (3) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 31 | 26 | 55 | 35 | 45 | 35 | 97 | 35 |
| Profit before tax | 34 | 28 | 10 | 69 | (25) | 39 | 6 | 152 |
| Net profit | 27 | 20 | 13 | 52 | (17) | 30 | 4 | 120 |
| EPS (₹) | 4.23 | 3.16 | 2.06 | 8.22 | (2.74) | 4.68 | 0.63 | 18.79 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Conveyor Belts | 99 | 46.2 |
| Wind Energy | 1 | 0.4 |
| Trading Goods | 33 | 15.4 |
| Unallocated | 0 | 0.1 |
| CONVEYOR BELTS | 75 | 35.1 |
| WIND ENERGY | 1 | 0.4 |
| TRADING GOODS | 5 | 2.3 |
| UNALLOCATED | 0 | 0.1 |
| Total, before eliminations | 213 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,904 | 97.4 | 24.99 | 80.9 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 30,105 | 81.2 | 9.82 | 52.4 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 26,932 | 49.1 | 6.04 | — | 11.8 | 15.5 | — | 18.2 |
| JYOTI CNC AUTOMATION LTD | 21,121 | 65.7 | 10.55 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| KAYNES TECHNOLOGY IND LTD | 20,995 | 60.6 | 4.41 | 29.9 | 7.6 | 9.8 | — | 17.1 |
| LMW LIMITED | 17,483 | 100.1 | 6.10 | 56.6 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,085 | 459.6 | 3.84 | 39.1 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,360 | 48.5 | 7.34 | 50.4 | 11.7 | 11.5 | — | 15.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 3.8 | 26.7 | 5 of 130 | 97% |
| P/B | 1.2 | 3.1 | 25 of 112 | 78% |
| ROCE | 19.0 | 11.3 | 32 of 142 | 78% |
| ROE | 16.1 | 9.8 | 24 of 113 | 80% |
| Debt / Equity | 0.2 | 0.2 | 64 of 113 | 44% |
| EBITDA margin | 436.5 | 12.4 | 1 of 110 | 100% |
| Revenue growth | (0.4) | 20.6 | 79 of 114 | 31% |
| Profit growth | 130.1 | 17.1 | 19 of 109 | 83% |
| Market cap | 521 | 273 | 60 of 141 | 58% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Routine compliance: no dematerialisation requests in Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 26 Sept 2026 · Independent Director Sunit Mehra re-appointed for second 5-year term | management changes | medium | — | — |
| 26 Sept 2026 · All 4 resolutions passed at 53rd AGM including Rs 0.50 dividend declaration | board shareholder meetings | low | — | — |
| 24 Sept 2026 · AGM proceedings, dividend of Rs 0.50 per share declared for FY26 | board shareholder meetings | medium | — | — |
| 11 Sept 2026 · Reconstitution of Stakeholders Relationship Committee | management changes | medium | — | — |
| 3 Sept 2026 · Notice of 53rd AGM published in newspapers | compliance | minimal | — | — |
| 3 Sept 2026 · 53rd AGM notice published in newspapers on September 3, 2026 | compliance | minimal | — | — |
| 2 Sept 2026 · TDS communication on Rs 0.50 per share dividend for FY 2025-26, AGM on Sept 24 | compliance | minimal | — | — |
| 2 Sept 2026 · 53rd AGM on Sep 24, 2026; Rs 0.50 dividend, director re-appointment | board shareholder meetings | 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.