Incredible Industries Limited (INCREDIBLE) AI Stock Analysis

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Incredible Industries Limited

(NSE:INCREDIBLE)

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Rating:53Neutral

Price Target:INR 29.00▲(1.40% 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 growthRevenue growth across the 2022–2026 period indicates that the company has maintained or expanded its sales base over multiple years. The 2026 rebound after a weaker 2025 provides evidence of business recovery, although future benefits depend on converting sales into stronger profits.

Negative Factors

Thin and vulnerable marginsPersistently thin net margins leave limited room to absorb changes in costs, pricing, or demand. For a steel business, this weak profitability reduces earnings resilience and makes modest operating pressure capable of having an outsized effect on net income and retained cash.

Incredible Industries Limited (INCREDIBLE) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 1.53B
Dividend Yield: ―
Average Volume (3M): 1,112
Price to Earnings (P/E): 11.6
Beta (1Y): 0.98
Revenue Growth: 5.11%
EPS Growth: -19.33%
Country: India
Employees: 190
Sector: General
Sector Strength: 55
Industry: Steel

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 portfoli...

Incredible Industries Limited Financial Statement Overview

Summary

Financials are mixed. Revenue growth over 2022–2026 and a steadily building equity base support the score, and leverage improved into 2025. However, profitability is consistently thin (roughly 0.7%–1.7% net margins) and cash generation is a major weakness, with free cash flow swinging to sharply negative in 2026 (about -151M) after strong positive in 2025, indicating elevated volatility and reduced flexibility.

Income Statement

55Neutral

Balance Sheet

70Positive

Cash Flow

38Negative

Financial statement breakdown
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	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	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

Technical Analysis SentimentNegative

Last Price28.60

Price Trends

50DMA32.24Negative

100DMA32.92Negative

200DMA34.20Negative

Market Momentum

MACD-0.90Positive

RSI39.47Neutral

STOCH6.45Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:INCREDIBLE, the sentiment is Negative. The current price of 28.60 is below the 20-day moving average (MA) of 30.88, below the 50-day MA of 32.24, and below the 200-day MA of 34.20, indicating a bearish trend. The MACD of -0.90 indicates Positive momentum. The RSI at 39.47 is Neutral, neither overbought nor oversold. The STOCH value of 6.45 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:INCREDIBLE.

Incredible Industries Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:INCREDIBLE against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:PRAKASHSTL	57Neutral	INR 563.50M	93.52	―	―	19.54%	-60.99%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:INCREDIBLE	53Neutral	INR 1.34B	11.61	―	―	5.11%	-19.33%
IN:SHAHALLOYS	46Neutral	INR 1.49B	3.39	―	―	-90.69%	―
IN:VSTL	45Neutral	INR 1.83B	24.11	―	―	20.90%	-36.24%
IN:HISARMETAL	44Neutral	INR 777.33M	16.36	―	0.67%	8.60%	73.72%
IN:SHYAMCENT	42Neutral	INR 995.09M	-16.71	―	―	-91.67%	44.09%

* General Sector Average

Performance Comparison

IN:INCREDIBLE and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:INCREDIBLE	Incredible Industries Limited	28.60	-17.10	-37.42%
IN:HISARMETAL	Hisar Metal Industries Limited	143.95	-37.70	-20.76%
IN:PRAKASHSTL	Prakash Steelage Limited	3.22	-1.82	-36.11%
IN:SHAHALLOYS	Shah Alloys Limited	75.50	-1.16	-1.51%
IN:SHYAMCENT	Shyam Century Ferrous Ltd.	4.69	-2.14	-31.33%
IN:VSTL	Vibhor Steel Tubes Ltd.	96.50	-46.80	-32.66%

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.

Date of analysis: Sep 12, 2026

Incredible Industries Limited AI Stock Analysis

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