International Conveyors Ltd. (INTLCONV) AI Stock Analysis

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International Conveyors Ltd.

(NSE:INTLCONV)

Select Model

Rating:79.5Outperform

Price Target:INR 89.00▲(13.99% Upside)

Action:reiterated

Date:08/22/26

The overall score is driven by a strong financial foundation and an exceptionally low valuation, which are partially offset by weak technical momentum. The company's robust balance sheet, high profitability, and excellent cash conversion are the most significant positive factors. The primary risk is the negative medium-term price trend, which suggests the market is not yet recognizing the company's fundamental strength.

Positive Factors

Strong revenue growth and profitabilityStrong recent growth combined with healthy gross and operating margins indicates the company can convert industrial demand into profitable revenue. If execution remains disciplined, this earnings base can support reinvestment and strengthen resilience over the next several quarters.

Negative Factors

Volatile revenue and earnings performanceThe uneven historical trajectory makes current growth less predictable than a consistently compounding industrial business. Revenue and margin reversals can complicate capacity planning, reduce visibility for investors, and leave profitability exposed when project timing or demand weakens.

International Conveyors Ltd. (INTLCONV) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 5.09B
Dividend Yield: 0.64%
Average Volume (3M): 10.65K
Price to Earnings (P/E): 3.6
Beta (1Y): 0.89
Revenue Growth: 54.91%
EPS Growth: 124.42%
Country: India
Employees: 88
Sector: General
Sector Strength: 55
Industry: Industrial - Machinery

International Conveyors Ltd. Business Overview & Revenue Model

Company Description

International Conveyors Limited (ICL), along with its affiliated entities, specializes in the worldwide manufacturing and distribution of PVC conveyor belting solutions. The company's business activities are structured across four main divisions: Con...

How the Company Makes Money

International Conveyors Ltd. primarily makes money by executing contracts for bulk material handling systems—most notably belt conveyor systems—sold to industrial customers and project owners. Its core revenue stream is the sale and delivery of engin...

International Conveyors Ltd. Financial Statement Overview

Summary

Strong overall financial health. Revenue grew 32% with a healthy 38.2% gross margin and 32.1% net margin. The balance sheet is robust with a low 0.17 debt-to-equity ratio and a 16.1% return on equity. Cash flow quality is high, with free cash flow at 92% of net income.

Income Statement

85Very Positive

Balance Sheet

90Very Positive

Cash Flow

80Positive

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	2.13B	2.13B	1.52B	1.34B	2.15B	2.01B
Gross Profit	913.00M	814.00M	692.50M	396.31M	855.40M	640.57M
EBITDA	-8.50M	989.90M	214.70M	879.47M	433.71M	198.51M
Net Income	1.36B	683.80M	917.10M	623.93M	287.20M	161.78M
Balance Sheet
Total Assets	0	5.69B	5.08B	4.39B	3.11B	3.05B
Cash, Cash Equivalents and Short-Term Investments	2.96B	2.96B	2.84B	1.80B	721.34M	19.61M
Total Debt	0	733.70M	863.70M	1.25B	648.00M	195.12M
Total Liabilities	-4.24B	1.44B	1.46B	1.66B	957.70M	888.45M
Stockholders Equity	4.24B	4.24B	3.62B	2.73B	2.15B	2.16B
Cash Flow
Free Cash Flow	-66.40M	391.50M	145.30M	109.64M	31.50M	335.01M
Operating Cash Flow	-62.30M	424.20M	149.30M	119.99M	35.90M	366.56M
Investing Cash Flow	-207.30M	-217.00M	432.90M	-475.95M	-184.80M	5.05M
Financing Cash Flow	227.20M	-166.10M	-541.10M	344.87M	152.90M	-369.25M

International Conveyors Ltd. Technical Analysis

Technical Analysis SentimentNegative

Last Price78.08

Price Trends

50DMA78.56Negative

100DMA77.80Positive

200DMA77.24Positive

Market Momentum

MACD-0.21Negative

RSI49.58Neutral

STOCH79.23Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:INTLCONV, the sentiment is Negative. The current price of 78.08 is below the 20-day moving average (MA) of 78.19, below the 50-day MA of 78.56, and above the 200-day MA of 77.24, indicating a neutral trend. The MACD of -0.21 indicates Negative momentum. The RSI at 49.58 is Neutral, neither overbought nor oversold. The STOCH value of 79.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:INTLCONV.

International Conveyors Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:INTLCONV against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:INTLCONV	80Outperform	INR 5.05B	3.65	―	0.64%	54.91%	124.42%
IN:PIXTRANS	79Outperform	INR 23.66B	17.33	―	0.50%	12.64%	46.33%
IN:ELECON	71Outperform	INR 102.17B	40.70	―	0.45%	4.79%	-52.69%
IN:ISGEC	60Neutral	INR 72.60B	34.78	―	0.61%	21.43%	11.20%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:HERCULES	53Neutral	INR 3.83B	98.49	―	1.68%	45.70%	46.88%
IN:SOMICONVEY	49Neutral	INR 983.60M	21.72	―	―	-19.72%	-25.61%

* General Sector Average

Performance Comparison

IN:INTLCONV and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:INTLCONV	International Conveyors Ltd.	78.08	-9.97	-11.32%
IN:ELECON	Elecon Engineering Co. Ltd.	443.70	-99.90	-18.38%
IN:HERCULES	Hercules Hoists Limited	116.25	-49.16	-29.72%
IN:ISGEC	ISGEC Heavy Engineering Ltd.	983.30	96.13	10.84%
IN:PIXTRANS	PIX Transmissions Ltd	1793.55	360.35	25.14%
IN:SOMICONVEY	Somi Conveyor Beltings Limited	82.50	-59.35	-41.84%

International Conveyors Ltd. Corporate Events

International Conveyors Sets Record Date and AGM Schedule for Final Dividend

Aug 20, 2026

International Conveyors Limited has scheduled book closure from September 18 to September 24, 2026, to determine eligible shareholders for its proposed final dividend for the financial year 2025-26 and to facilitate the conduct of its 53rd Annual Gen...

International Conveyors Board Clears Q1 Results, AGM, Dividend and Promoter Reclassification

Aug 14, 2026

International Conveyors Ltd. said its board has approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, underscoring ongoing regulatory compliance and financial transparency under SEBI’s listing rules. Th...

International Conveyors Publishes Notice on Transfer of Unclaimed Shares to IEPF

Jul 25, 2026

International Conveyors Ltd. has notified the stock exchanges that it has published a newspaper notice regarding the upcoming transfer of certain equity shares to the Investor Education and Protection Fund, in line with Section 124(6) of the Companie...

CARE upgrades International Conveyors’ bank ratings amid improved FY26 performance

Jul 9, 2026

CARE Ratings has reaffirmed and upgraded International Conveyors Limited’s bank facilities, assigning a long‑term rating of CARE BBB; Stable and improving several facilities from CARE BBB‑; Stable and CARE A3 to CARE BBB; Stable and CARE A3+. The rat...

International Conveyors Closes Trading Window Ahead of June-Quarter Results

Jun 29, 2026

International Conveyors Ltd. has announced that its trading window for dealing in company securities will be closed from July 1, 2026 until 48 hours after the announcement of unaudited financial results for the quarter ended June 30, 2026. The restri...

International Conveyors Corrects EPS Classification in June 2025 Results

Jun 25, 2026

International Conveyors Limited has clarified an error in its previously submitted consolidated financial results for the quarter ended June 30, 2025, after the National Stock Exchange of India sought clarification under Regulation 33 of the SEBI lis...

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: Aug 22, 2026

International Conveyors Ltd. AI Stock Analysis