Incredible Industries Limited (INCREDIBLE) AI Stock Analysis

Incredible Industries Limited

(NSE:INCREDIBLE)

Select Model

Rating:62Neutral

Price Target:INR 30.00▼(-2.44% Downside)

Action:reiterated

Date:09/12/26

Financial performance leads with revenue and equity growth providing stability despite cash flow volatility in the steel sector; neutral technicals and supportive valuation contribute secondarily.

Positive Factors

Multi-year Revenue GrowthRevenue growth across 2022–2026, including a sharp rebound in 2026 after the prior-year decline, indicates the company has maintained a path to expanding sales. A growing top line can support scale and fixed-cost absorption, although it has not yet translated into strong profitability.

Negative Factors

Thin Profit MarginsPersistently thin net margins leave limited protection against adverse steel pricing, cost changes, or weaker volumes. They also indicate that revenue growth is converting into only modest earnings, constraining reinvestment capacity and making returns less durable across the cycle.

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

Revenue grew from 4.93B to 8.40B with net income rising to 115M, supported by equity growth to 1.57B and lower debt-to-equity of 0.22; offset by thin margins, declining gross margins to 6.2%, and volatile free cash flow ending negative in 2026.

Income Statement

65Positive

Balance Sheet

75Positive

Cash Flow

55Neutral

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 Price30.75

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 30.75 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:INCREDIBLE	62Neutral	INR 1.34B	11.61	―	―	5.11%	-19.33%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:VSTL	50Neutral	INR 1.83B	24.11	―	―	20.90%	-36.24%
IN:SHAHALLOYS	46Neutral	INR 1.49B	3.39	―	―	-87.77%	1879.39%
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%
IN:PRAKASHSTL	40Underperform	INR 563.50M	93.52	―	―	19.54%	-60.99%

* 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	30.75	-13.18	-30.00%
IN:HISARMETAL	Hisar Metal Industries Limited	145.00	-36.65	-20.18%
IN:PRAKASHSTL	Prakash Steelage Limited	3.32	-1.73	-34.26%
IN:SHAHALLOYS	Shah Alloys Limited	73.60	-6.82	-8.48%
IN:SHYAMCENT	Shyam Century Ferrous Ltd.	4.53	-2.24	-33.09%
IN:VSTL	Vibhor Steel Tubes Ltd.	97.50	-49.40	-33.63%

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