MarketFriction

ICDS Ltd

NSE ICDSLTD · BSE 511194 · Diversified Commercial Services
₹46.50 -4.87%
NSE close2026-10-01
52 week range36.40 - 77.69
Market cap₹68.8 Cr.
P/E106
ESM Price band 5%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales0.570.500.710.520.530.512.350.770.530.570.520.61
Expenses0.380.290.380.390.270.350.840.400.440.310.970.60
Operating Profit0.190.210.330.130.260.161.510.370.090.26-0.450.01
OPM %33.33%42.00%46.48%25.00%49.06%31.37%64.26%48.05%16.98%45.61%-86.54%1.64%
Other Income0.81-0.050.200.710.700.39-0.481.27-0.170.380.061.12
Interest0.020.020.020.020.020.020.020.020.010.020.010.02
Depreciation0.090.090.090.090.090.090.090.090.090.100.100.09
Profit before tax0.890.050.420.730.850.440.921.53-0.180.52-0.501.02
Tax %4.49%220.00%26.19%5.48%23.53%277.27%8.70%9.80%72.22%13.46%-16.00%7.84%
Net Profit0.85-0.060.310.690.65-0.770.841.38-0.320.46-0.420.93
EPS in Rs0.65-0.050.240.530.50-0.590.641.06-0.250.35-0.320.71
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales4.832.806.453.283.110.971.421.922.283.902.392.23
Expenses4.142.091.915.283.761.641.671.791.441.481.412.32
Operating Profit0.690.714.54-2.00-0.65-0.67-0.250.130.842.420.98-0.09
OPM %14.29%25.36%70.39%-60.98%-20.90%-69.07%-17.61%6.77%36.84%62.05%41.00%-4.04%
Other Income0.206.720.060.460.372.116.590.831.960.960.831.39
Interest0.140.140.070.060.080.080.070.060.080.080.060.06
Depreciation0.140.140.140.140.350.340.330.360.360.370.380.38
Profit before tax0.617.154.39-1.74-0.711.025.940.542.362.931.370.86
Tax %16.39%4.48%29.61%6.90%15.49%627.45%1.68%29.63%13.56%52.22%20.44%
Net Profit0.516.843.10-1.87-0.81-5.385.840.382.041.401.090.65
EPS in Rs0.395.252.38-1.44-0.62-4.134.480.291.571.070.840.49
Dividend Payout %0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth-7%20%8%-46%
Compounded Profit Growth12%18%62%-69%
Stock Price CAGR%-7%26%-5%
Return on Equity3%4%6%6%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital13.0313.0313.0313.0313.0313.0313.0313.0313.0313.0313.0313.03
Reserves3.483.9911.5614.6212.6611.816.3412.1912.4914.5115.9216.94
Borrowings1.311.310.120.540.720.200.140.480.300.130.260.00
Other Liabilities21.2120.5920.264.301.070.960.980.911.011.002.983.05
Total Liabilities39.0338.9244.9732.4927.4826.0020.4926.6126.8328.6732.1933.02
Fixed Assets0.240.207.617.497.3811.1110.7710.7410.389.999.739.40
CWIP0.000.000.000.000.000.000.000.000.000.000.000.00
Investments8.768.638.297.184.012.504.544.154.345.825.815.15
Other Assets30.0330.0929.0717.8216.0912.395.1811.7212.1112.8616.6518.47
Total Assets39.0338.9244.9732.4927.4826.0020.4926.6126.8328.6732.1933.02
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity-0.38-1.950.91-2.88-2.60-1.92-0.88-0.546.360.201.061.62
Cash from Investing Activity6.20-0.260.032.442.422.460.910.23-6.170.23-1.42-0.83
Cash from Financing Activity-3.470.00-1.190.420.15-0.54-0.080.31-0.20-0.180.11-0.27
Net Cash Flow2.35-2.21-0.25-0.03-0.03-0.01-0.040.01-0.010.25-0.250.52
Free Cash Flow-0.39-1.960.91-2.89-2.63-1.51-0.88-0.846.350.220.961.56
CFO/OP-22%-258%139%-18%91%103%118%164%5,069%57%110%59%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days24.1224.1813.047.368.9012.9141.3917.9915.2128.828.4213.74
Inventory Days2,265.812,488.4912,045.00
Days Payable36.504.8750.93
Cash Conversion Cycle2,253.422,507.8012,007.117.368.9012.9141.3917.9915.2128.828.4213.74
Working Capital Days736.52767.781,449.57-181.65-42.29-62.20-60.211,657.92-26.61966.93355.64656.69
ROCE %7.12%4.09%33.88%16.86%-6.15%-3.69%4.94%-2.26%2.33%9.12%11.85%7.23%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters51.40%51.40%51.40%51.40%51.40%51.40%51.40%51.39%51.39%51.39%51.39%51.40%
DIIs4.87%4.87%4.87%4.87%4.87%4.87%4.87%4.87%4.87%4.87%4.87%4.87%
Public43.74%43.74%43.74%43.73%43.75%43.73%43.74%43.73%43.73%43.73%43.73%43.74%
No. of Shareholders8,0568,1677,9948,0038,0858,5358,5008,4448,3778,3308,3638,340

Fundamentals

Market Cap₹ 68.8 Cr.
Current Price₹ 52.8
Stock P/E106
Book Value₹ 23.0
ROCE7.23 %
ROE5.50 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)-46%
Compounded Profit Growth (TTM)-69%
Consolidated figures.
Valuation
Market capRs 61 Cr
Enterprise valueRs 56 Cr
P/E (TTM)93.19x
Price to book2.02x
Price to sales27.16x
EV / EBITDA43.39x
EV / EBIT61.31x
EV / sales25.29x
Price to cash flow37.39x
Earnings yield1.07%
P/E, 3-year average38.20x
P/B, 3-year average1.86x
P/E, 5-year average36.75x
P/B, 5-year average1.72x
Profitability
Operating margin (excl. other income)41.00%
Operating margin (incl. other income)75.73%
EBITDA margin58.30%
Pre-tax margin38.56%
Net profit margin29.15%
Net margin, latest quarter152.46%
ROE3.70%
ROCE4.83%
ROA3.34%
ROE, 3-year average5.45%
ROCE, 3-year average8.18%
ROA, 3-year average5.10%
ROE, 5-year average8.81%
ROCE, 5-year average10.69%
ROA, 5-year average8.30%
ROIC (approx.)2.84%
Tax rate20.44%
Other income / net worth2.77%
Growth
Sales growth (latest year)-38.72%
Profit growth (latest year)-22.14%
Sales CAGR, 3 years7.57%
Sales CAGR, 5 years19.76%
Profit CAGR, 3 years42.08%
Sales growth QoQ17.31%
Sales growth YoY (latest quarter)-20.78%
Profit growth YoY (latest quarter)-32.61%
Per share
EPS (TTM)Rs 0.50
EPS (latest year)Rs 0.84
EPS (latest quarter)Rs 0.71
EPS, 3-year averageRs 1.16
EPS, 5-year averageRs 1.65
Book value per shareRs 23.01
Sales per shareRs 1.71
Cash flow per shareRs 1.24
Free cash flow per shareRs 1.20
Efficiency
Asset turnover0.07x
Fixed asset turnover0.25x
Debtor days14 days
Debtors turnover26.56x
Creditor days51 days
Cash conversion cycle14 days
Working capital days657 days
Leverage
Cash and bankRs 4 Cr
Net debtRs -4 Cr
Net debt / EBITDA-3.21x
Interest coverage15.33x
Owners' fund to total sources90.76%
Cash flow
Cash from Operating Activity (latest year)Rs 2 Cr
Cash from Investing Activity (latest year)Rs -1 Cr
Cash from Financing Activity (latest year)Rs -0 Cr
Net Cash Flow (latest year)Rs 1 Cr
Free cash flow (latest year)Rs 2 Cr
Cash from ops / profit, 5 years0.81x
Sales to cash flow1.48x
Statement figures
Net sales (TTM)Rs 2 Cr
Net sales (latest year)Rs 2 Cr
Sales (latest quarter)Rs 1 Cr
Operating profit excl. other income (latest year)Rs 1 Cr
Operating profit (latest quarter)Rs 0 Cr
Other income (TTM)Rs 1 Cr
EBITDA (TTM)Rs 1 Cr
PBDT (TTM)Rs 1 Cr
Profit before tax (TTM)Rs 1 Cr
Tax (latest year)Rs 0 Cr
Net profit (TTM)Rs 1 Cr
Net profit (latest year)Rs 1 Cr
Net profit (latest quarter)Rs 1 Cr
Depreciation (TTM)Rs 0 Cr
Depreciation (latest quarter)Rs 0 Cr
Interest (TTM)Rs 0 Cr
Cost of goods sold (latest year)Rs 0 Cr
Total expenditure (latest year)Rs 1 Cr
Total income (latest year)Rs 3 Cr
Share capitalRs 13 Cr
ReservesRs 17 Cr
Shareholders' fundsRs 30 Cr
Total assetsRs 33 Cr
Net blockRs 9 Cr
InvestmentsRs 5 Cr
ReceivablesRs 0 Cr
Other liabilitiesRs 3 Cr
Shares outstanding (crore)1.30
Ownership
Promoter holding51.40% (+0.01 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 93.2 is at the 83th percentile of its own 4.4-year range (median 40.2, low 3.9, high 189.6).
P/B 2.02 is at the 50th percentile (median 1.96).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodICDSLTDNifty 50Difference
1 week-21.2%-2.8% -18.4 pts
1 month-5.5%-6.8% +1.3 pts
3 months+15.1%-7.6% +22.7 pts
6 months+7.8%+0.4% +7.4 pts
1 year-10.1%-9.9% -0.2 pts
2 years+14.6%-13.6% +28.2 pts
3 years+72.9%+14.2% +58.7 pts
5 years-44.0%+27.9% -71.9 pts

Red flags

F-score 5 of 8
lookProfit leans on other income Other income was 61% of pre-tax profit in 2026
lookOn NSE surveillance On NSE surveillance: ESM
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹1 Cr -20.8% vs Jun 2025. Net profit ₹1 Cr -32.6%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2024-09-17Annual General Meeting
2023-09-20Annual General Meeting
2022-09-20Annual General Meeting
2021-09-23 Annual General Meeting
2020-09-23 Annual General Meeting
2019-09-19 Annual General Meeting
2018-09-19 Annual General Meeting
2017-09-20 Annual General Meeting
2016-09-21 Annual General Meeting
2015-09-23 Annual General Meeting
2014-09-19Annual General Meeting
2013-09-18Annual General Meeting
2012-08-17Annual General Meeting
2011-09-12Annual General Meeting
2010-09-21Annual General Meeting
2009-09-23Annual General Meeting
2008-09-19Annual General Meeting
2007-08-16Agm
2006-08-09Agm
DateTypeWhat it says
2026-09-25Shareholder meetingVoting results.
2026-09-24Shareholder meetingProceedings of Annual General Meeting held on September 24, 2026
2026-09-04Price movementSignificant movement in price has been observed in ICDS Limited. The Exchange, in order to ensure that investors have latest relevant information abou...
2026-09-03Price movementSignificant movement in price has been observed in ICDS Limited. The Exchange, in order to ensure that investors have latest relevant information abou...
2026-08-29UpdatesBook Closure intimation for the purpose of AGM.
2026-08-11Board meeting outcomeOutcome of Board Meeting held on August 11, 2026.
2026-08-11Board meeting outcomeICDS Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-06Structural Digital DatabasePursuant to provisions of Regulation 3(5) and Regulation 3(6) of SEBI PIT Regulations, we are herewith submitting the SDD compliance certificate for t...
2026-05-29Board meeting outcomeICDS Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
2026-04-29UpdatesApproval of inter-corporate Loan.
2026-04-14Structural Digital DatabasePursuant to provisions of regulations 3(5) and 3(6) of SEBI (PIT) regulations we are submitting herewith SDD Compliance Certificate for the Quarter e...
2026-04-09Disclosure under SEBI TakeovT Satish U Pai has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Ac...
2026-03-17Price movementSignificant movement in price has been observed in ICDS Limited. The Exchange, in order to ensure that investors have latest relevant information abou...
2026-03-16Price movementSignificant movement in price has been observed in ICDS Limited. The Exchange, in order to ensure that investors have latest relevant information abou...
2026-02-12Board meeting outcomeICDS Limited has submitted to the Exchange, the financial results for the period ended December 31, 2025.
2025-11-12Board meeting outcomeICDS Limited has submitted to the Exchange, the financial results for the period ended September 30, 2025.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
ESM: stage 1Less than 100 unique PAN traded in previous 30 daysScrip PE is greater than 50 (4 trailing quarters)
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03