Dashboard/INCREDIBLE

INCREDIBLE

UNDERVALUED

INCREDIBLE INDUSTRIES LIMITED

Others · NSE

↑ 36.3% vs fair value

52W Low

₹28

+13.7% from low

52W High

₹53

-39.5% from high

News sentiment (3 articles)

3 bull0 neutral0 bear

✦

Analyst Note

2d ago

INCREDIBLE INDUSTRIES trades at ₹31.96 against a fair value of ₹50.13, suggesting 37% upside with high confidence. The stock sports an attractive PE of 11.2x and strong balance sheet with 0.12 debt-to-equity, though earnings contracted 40% year-on-year despite 16.8% revenue growth and solid 5-year earnings CAGR of 51.9%. Cash-backed earnings and improving ROCE of 10.9% provide fundamental support, while sentiment remains consistently bullish. This suits value-conscious investors comfortable with near-term earnings volatility seeking recovery plays.

Valuation Gauge

UNDERVALUED+36.3% Margin of Safety

OVERVALUEDFAIRLY VALUEDUNDERVALUED

Current Price

₹32

Fair Value

₹50

Fair Value Analysis

₹50

Based on free cash flow projections and balance sheet strength analysis and earnings growth potential for Others sector companies | ROCE improving (latest 12.5%) — capital allocation becoming more efficient. | Growth capped at 6.9% (ROE 6.0%×1.15) — historical CAGR exceeds sustainable rate or COVID period unverifiable. | COVID-resilient: PAT dropped from ₹4Cr (FY2019) to ₹1Cr (FY2020) during COVID but has fully recovered.

High confidence

Cash Flow Analysis

33% weight

₹86

Balance Sheet Value

33% weight

₹38

Growth Valuation

33% weight

₹27

Price vs Market

INCREDIBLE

Nifty 50

Shareholding Pattern

Stock Health Score

B+

Financially Healthy

7.4 / 10

Profitability

6/10

ROE of 6.0% is below the Others sector benchmark of 15%

Debt & Leverage

10/10

D/E ratio of 0.1x is well within the Others sector norm of 0.8x — strong balance sheet

Valuation vs Peers

10/10

P/E of 16.1x trades at a 60% discount to Others sector median (40x) — attractively valued

Cash Flow

4/10

FCF margin of 4.3% — thin cash generation, watch capex trends

Earnings Growth

10/10

5yr EPS CAGR of 51.9% is well above the Others sector average of 12.0% — strong growth

Dividend

4/10

No dividend — typical for growth-stage companies

Sentiment Trend — Last 30 Days

Historical Returns

Key Ratios & Growth

FCF Yield

22.2%

Free cash flow / market cap

Revenue Growth (YoY)

+21.6%

Year-on-year revenue change

Profit Growth (YoY)

+92.6%

Year-on-year PAT change

Operating Cash Flow

₹37 Cr

TTM cash from operations

Key Financials

EPS (TTM)

₹2

P/E Ratio

16.1x

P/B Ratio

ROE

6.1%

ROCE

10.9%

Debt / Equity

0.12x

Beta

0.22

Div Yield

—

FCF (Cr)

₹31 Cr

Revenue (Cr)

₹721 Cr

EPS Growth 5Y

51.9%

Mkt Cap (Cr)

₹146 Cr

52W High

₹52.9

52W Low

₹28.1

Book Value/Share

₹32.1

Financial History

Period	Revenue	Op Profit	OPM%	PAT	EPS
TTM	₹851 Cr	₹24 Cr	3.0%	₹13 Cr	₹2.75
2025-03-31	₹753 Cr	₹21 Cr	3.0%	₹12 Cr	₹2.67
2024-03-31	₹816 Cr	₹19 Cr	2.0%	₹6 Cr	₹1.28
2023-03-31	₹736 Cr	₹18 Cr	2.0%	₹5 Cr	₹1.05
2022-03-31	₹531 Cr	₹17 Cr	3.0%	₹4 Cr	₹0.76
2021-03-31	₹484 Cr	₹15 Cr	3.0%	₹4 Cr	₹0.78
2020-03-31	₹496 Cr	₹12 Cr	2.0%	₹1 Cr	₹0.22
2019-03-31	₹666 Cr	₹17 Cr	3.0%	₹4 Cr	₹0.81
2018-03-31	₹478 Cr	₹25 Cr	5.0%	₹5 Cr	₹1.04
2017-03-31	₹372 Cr	₹23 Cr	6.0%	₹2 Cr	₹0.49
2016-03-31	₹410 Cr	₹27 Cr	7.0%	₹2 Cr	₹0.49
2015-03-31	₹411 Cr	₹39 Cr	9.0%	₹11 Cr	₹2.30
2014-03-31	₹441 Cr	₹35 Cr	8.0%	₹4 Cr	₹0.93

Compounded Growth Rates

Sales Growth

3Y+5.0%

5Y+11.9%

10Y+7.6%

Profit Growth

3Y+37.5%

5Y+26.6%

10Y+20.6%

EPS Growth

3Y+37.8%

5Y+28.7%

10Y+18.8%

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