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Incredible Industries Limited
(INCREDIBLE)
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Rating:53Neutral
Price Target:
₹34.00
▲(0.06% Upside)
Action:Reiterated
Date:09/12/26
The score is driven primarily by mixed financial performance: a stable and improving balance sheet and revenue growth are offset by consistently thin margins and a sharp deterioration in free cash flow in 2026. Technicals add a slight headwind due to negative MACD and price below longer-term averages, while valuation offers moderate support via a ~13x P/E.
Positive Factors
Multi-year revenue growth
A multi-year revenue increase indicates expanding business activity and provides a constructive foundation for future operating leverage. The 2026 rebound also shows that demand recovered after the prior-year decline, supporting the company’s ability to sustain top-line progress over the coming quarters.
Negative Factors
Persistently thin margins
Persistently thin net margins leave limited room to absorb increases in costs, weaker selling prices, or operating disruptions. This makes earnings less durable than revenue growth alone suggests and leaves the company more exposed to normal volatility in the steel industry.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-year revenue growth
A multi-year revenue increase indicates expanding business activity and provides a constructive foundation for future operating leverage. The 2026 rebound also shows that demand recovered after the prior-year decline, supporting the company’s ability to sustain top-line progress over the coming quarters.
Read all positive factors
Incredible Industries Limited (INCREDIBLE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹1.57B
Dividend YieldN/A
Average Volume (3M)1.00K
Price to Earnings (P/E)13.0
Beta (1Y)0.98
Revenue Growth5.11%
EPS Growth-19.33%
CountryIN
Employees190
SectorGeneral
Sector StrengthN/A
IndustrySteel
Share Statistics
EPS (TTM)2.58
Shares Outstanding46,763,752
10 Day Avg. Volume1,750
30 Day Avg. Volume1,001
Financial Highlights & Ratios
PEG Ratio-2.31
Price to Book (P/B)0.82
Price to Sales (P/S)0.15
P/FCF Ratio-8.59
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Incredible Industries Limited Business Overview & Revenue Model
Company Description
Incredible Industries Limited, which rebranded from Adhunik Industries Limited in May 2021, is an Indian enterprise primarily engaged in the production and distribution of various iron and steel goods across the nation. Its extensive product portf...
Incredible Industries Limited Financial Statement Overview
Summary
Income Statement
55
Neutral
Balance Sheet
70
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 8.34B | 8.40B | 7.56B | 8.20B | 7.41B | 5.36B |
| Gross Profit | 565.54M | 530.60M | 468.45M | 584.09M | 520.50M | 494.74M |
| EBITDA | 242.89M | 241.66M | 220.77M | 212.89M | 180.19M | 171.99M |
| Net Income | 117.64M | 115.16M | 124.87M | 59.68M | 49.07M | 35.61M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 2.21B | 1.94B | 2.10B | 2.09B | 2.02B |
| Cash, Cash Equivalents and Short-Term Investments | 162.75M | 136.91M | 202.83M | 76.09M | 6.74M | 22.00K |
| Total Debt | 0.00 | 342.88M | 231.09M | 432.09M | 491.48M | 476.02M |
| Total Liabilities | -1.57B | 643.54M | 488.10M | 774.34M | 826.26M | 799.38M |
| Stockholders Equity | 1.57B | 1.57B | 1.45B | 1.33B | 1.27B | 1.22B |
Cash Flow | ||||||
| Free Cash Flow | 21.94M | -150.87M | 283.21M | 184.96M | 79.05M | 99.14M |
| Operating Cash Flow | 35.34M | 78.43M | 343.25M | 238.29M | 104.09M | 196.13M |
| Investing Cash Flow | -147.26M | -370.15M | -49.05M | -41.43M | -25.85M | -108.70M |
| Financing Cash Flow | -68.41M | 110.79M | -188.42M | -127.61M | -71.52M | -89.05M |
Incredible Industries Limited Technical Analysis
Positive
33.98
Price Trends
33.28
Positive
34.25
Negative
35.63
Negative
Market Momentum
-0.33
Positive
52.29
Neutral
53.49
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:INCREDIBLE, the sentiment is Positive. The current price of 33.98 is above the 20-day moving average (MA) of 33.13, above the 50-day MA of 33.28, and below the 200-day MA of 35.63, indicating a neutral trend. The MACD of -0.33 indicates Positive momentum. The RSI at 52.29 is Neutral, neither overbought nor oversold. The STOCH value of 53.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:INCREDIBLE.
Incredible Industries Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | ₹1.57B | 13.02 | ― | ― | 5.11% | -19.33% | |
52 Neutral | ₹858.06M | 17.54 | ― | 0.61% | 8.60% | 73.72% | |
52 Neutral | ₹1.83B | 4.40 | ― | ― | -90.69% | ― | |
50 Neutral | ₹2.24B | 29.93 | ― | ― | 20.90% | -36.24% | |
48 Neutral | ₹1.05B | -17.83 | ― | 1.40% | -91.67% | 44.09% | |
47 Neutral | ₹654.50M | 105.63 | ― | 0.39% | 19.54% | -60.99% |
* General Sector Average
IN:INCREDIBLE
Incredible Industries Limited
33.60
-10.55
-23.90%
IN:HISARMETAL
Hisar Metal Industries Limited
158.90
-27.52
-14.76%
IN:PRAKASHSTL
Prakash Steelage Limited
3.74
-1.92
-33.92%
IN:SHAHALLOYS
Shah Alloys Limited
92.55
19.56
26.80%
IN:SHYAMCENT
Shyam Century Ferrous Ltd.
4.96
-2.55
-33.95%
IN:VSTL
Vibhor Steel Tubes Ltd.
118.05
-41.65
-26.08%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.