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Latest filing: 2026-08-11 14:26
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₹3.96 Cr Q1 Net Profit: Incredible Industries reports 6.6% YoY profit growth despite revenue dip
Incredible Industries reported a mixed Q1 FY27, with net profit rising 6.6% YoY to ₹3.96 Cr from ₹3.72 Cr. However, total income from operations saw a slight contraction of 3.06%, falling to ₹213.03 Cr compared to ₹219.76 Cr in the same quarter last year. Sequentially, performance was weaker than Q4 FY26, where the company recorded a profit of ₹4.52 Cr on revenue of ₹219.43 Cr. The company continues to operate in a high-volume, low-margin environment with an EPS of ₹0.85 for the quarter.
Confidence: HIGH
What changedThe company has released its unaudited financial results for the first quarter of FY27, showing a slight YoY improvement in profitability despite a minor decline in top-line revenue.
Why it mattersFor a small-cap steel player with a ₹151 Cr market cap, maintaining profitability during periods of revenue contraction is vital. The results reflect the ongoing challenge of low pricing power in the commodity steel segment.
Q1 FY27 Revenue: ₹213.03 CrQ1 FY27 Net Profit: ₹3.96 CrYoY Revenue Growth: -3.06%YoY Net Profit Growth: +6.65%Q1 FY27 EPS: ₹0.85
📅 Short termThe stock is likely to remain neutral in the short term as the results are largely in line with historical quarterly trends and do not show a significant breakout in margins.
📈 Long termLong-term value depends on the successful execution of brownfield expansions and the ability to shift toward higher-margin integrated operations to counter cheap imports and raw material volatility.
⚠ Risk flags
- Thin operating margins (TTM OPM 2.7%)
- Negative revenue growth of 3.06% YoY
- High sensitivity to iron ore and coal price fluctuations
Key Highlights
Total Income for Q1 FY27 stood at ₹213.03 Cr, down 3.06% from ₹219.76 Cr in Q1 FY26.
Net Profit after tax increased to ₹3.96 Cr, a 6.65% improvement over the ₹3.72 Cr reported in the year-ago period.
Basic and Diluted EPS for the quarter was ₹0.85, compared to ₹0.80 in Q1 FY26 and ₹1.02 in Q4 FY26.
Total Comprehensive Income for the period was ₹4.05 Cr, slightly higher than the net profit due to other comprehensive income.
Equity Share Capital remained stable at ₹46.76 Cr with a face value of ₹10 per share.
👀 What to Watch
Investors should monitor the company's ability to manage raw material costs, as the thin operating margins (TTM OPM 2.7%) leave little room for error. Watch for updates on the brownfield capacity expansion and backward integration projects which are critical for margin expansion.
Incredible Industries Assigned 'BBB' Rating for New Rs 105 Cr Term Loan; Total Limits Rs 147 Cr
Incredible Industries has received a new 'ACUITE BBB/Stable' rating for a Rs 105 Cr term loan, alongside reaffirmations for Rs 42 Cr in existing facilities. This brings the total rated bank debt to Rs 147 Cr, a substantial increase compared to the current reported debt of Rs 34 Cr. The new funding is intended for the company's brownfield expansion and backward integration strategy. While the investment-grade rating is positive, the significant jump in leverage on thin 2.7% operating margins warrants close monitoring of interest coverage.
Confidence: HIGH
What changedAcuite Ratings has assigned a credit rating to a new Rs 105 Cr term loan facility, signaling the company is moving forward with major debt-funded expansion.
Why it mattersThe company is shifting from a low-leverage model (D/E 0.22) to a more aggressive capital structure to fund growth, which increases financial risk given the commodity nature of the steel business.
New Term Loan Rated: Rs 105.00 CrTotal Rated Quantum: Rs 147.00 CrRated Debt vs Net Worth: ~93.6%Current Debt: Rs 34 CrTTM Operating Margin: 2.7%
📅 Short termThe rating confirmation provides the necessary regulatory and banking clearance for the company to draw down funds for its expansion, which is a procedural positive.
📈 Long termThe structural shift in debt levels will require the company to significantly improve its operating efficiency and capacity utilization to maintain healthy debt-service coverage ratios.
⚠ Risk flags
- Significant increase in leverage
- Thin operating margins (2.7%)
- Commodity price sensitivity
Key Highlights
Assigned 'ACUITE BBB' rating with a Stable outlook for a new Rs 105.00 Cr term loan.
Reaffirmed 'ACUITE BBB' for Rs 28.00 Cr Cash Credit and 'ACUITE A3+' for Rs 14.00 Cr non-fund based limits.
Total rated bank facilities now stand at Rs 147.00 Cr, representing ~94% of the company's current Net Worth.
The new Rs 105 Cr term loan is significantly larger than the company's existing debt of Rs 34 Cr.
Ratings are valid until October 07, 2026, or until the next rating action.
👀 What to Watch
Monitor the execution timeline of the brownfield expansion project and the impact of increased interest costs on the company's thin net profit margins (1.4% TTM).
Rs 147 Cr Credit Rating: Acuite Assigns BBB/Stable for New Rs 105 Cr Term Loan
Acuite Ratings has assigned a new 'ACUITE BBB/Stable' rating to Incredible Industries for a Rs 105 Cr term loan, while reaffirming existing ratings for working capital facilities. The total rated quantum has increased to Rs 147 Cr, which is significant compared to the company's current reported debt of Rs 34 Cr and net worth of Rs 157 Cr. The new term loans are provided by Bank of India (Rs 54 Cr) and Central Bank of India (Rs 51 Cr), likely to fund the company's brownfield expansion strategy. This represents a substantial increase in leverage for a company with thin operating margins of 2.7%.
Confidence: HIGH
What changedAcuite Ratings assigned a new investment-grade rating for a substantial Rs 105 Cr term loan and reaffirmed ratings for existing working capital limits.
Why it mattersThe new debt is equivalent to approximately 67% of the company's net worth, indicating a major capital expenditure phase that could significantly alter the company's financial profile and production capacity.
Total Rated Quantum: Rs 147.00 CrNew Term Loan Assignment: Rs 105.00 CrTerm Loan vs Net Worth: ~67%TTM Revenue: Rs 840 CrOperating Profit Margin: 2.7%
📅 Short termThe market will likely view the investment-grade rating (BBB) as a positive sign of creditworthiness for the new debt, though the increased interest burden will be watched.
📈 Long termThe structural impact depends on whether the expansion project can generate sufficient cash flows to service the significantly higher debt levels in a competitive steel market.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Significant increase in leverage
- Execution risk of brownfield expansion
- Thin operating margins sensitive to raw material costs
Key Highlights
New rating of ACUITE BBB (Stable) assigned to Rs 105.00 Cr Term Loan facilities.
Existing Rs 28.00 Cr Cash Credit facility reaffirmed at ACUITE BBB (Stable).
Short-term rating for Rs 14.00 Cr non-fund based limits reaffirmed at ACUITE A3+.
Total bank facilities rated by Acuite now stand at Rs 147.00 Cr.
New term loan funding is split between Bank of India (Rs 54 Cr) and Central Bank of India (Rs 51 Cr).
👀 What to Watch
Monitor the execution timeline of the brownfield expansion funded by this new debt and track if the backward integration leads to an improvement in the current 2.7% operating margins.
Incredible Industries FY26 Revenue Rises 11% to ₹840 Cr; Annual Net Profit Dips to ₹11.8 Cr
Incredible Industries Limited reported a total income of ₹84,020.78 Lakhs for the full year ended March 31, 2026, marking an 11.1% growth over the previous year's ₹75,614.48 Lakhs. Despite the revenue growth, the annual net profit after tax saw a slight decline of 5.4%, falling to ₹1,181.64 Lakhs from ₹1,248.72 Lakhs in FY25. On a quarterly basis, Q4 FY26 profit stood at ₹475.21 Lakhs, showing a strong sequential recovery from Q3 FY26 (₹179.35 Lakhs) but remaining lower than the ₹584.07 Lakhs reported in the same quarter last year.
Key Highlights
Annual Total Income increased by 11.1% year-on-year to ₹84,020.78 Lakhs.
Annual Net Profit after Tax decreased by 5.4% year-on-year to ₹1,181.64 Lakhs.
Q4 FY26 Net Profit showed a significant sequential jump of 165% compared to Q3 FY26.
Full-year Earnings Per Share (EPS) declined to ₹2.53 from ₹2.67 in the previous fiscal year.
Reserves (excluding revaluation) grew to ₹11,035.30 Lakhs from ₹9,848.65 Lakhs.
👀 What to Watch
Investors should note the healthy top-line growth but remain cautious about the slight margin compression that led to lower annual profits. The strong sequential recovery in Q4 suggests improving operational efficiency which needs to be sustained in the next fiscal.
Incredible Industries FY26 Revenue Up 11% to ₹840 Cr; Net Profit Dips to ₹11.5 Cr
Incredible Industries Limited reported an 11.1% year-on-year growth in annual revenue, reaching ₹84,029.78 lacs for FY26. However, annual net profit saw a decline of 7.8%, falling to ₹1,151.64 lacs from ₹1,248.72 lacs in the previous fiscal year, primarily due to higher raw material and operational expenses in the final quarter. The company is aggressively investing in its SMS Project and Rolling Mill upgrades at Durgapur, with Capital Work-in-Progress (CWIP) rising to ₹3,533.88 lacs. No dividend was recommended for the year.
Key Highlights
Annual Revenue from Operations increased 11.1% YoY to ₹84,029.78 lacs.
Net Profit for FY26 declined to ₹1,151.64 lacs compared to ₹1,248.72 lacs in FY25.
Capital Work-in-Progress (CWIP) surged to ₹3,533.88 lacs for the SMS Project and mill upgrades, expected to be completed in FY 2026-27.
Earnings Per Share (EPS) for the full year decreased to ₹2.54 from ₹2.70.
The Board of Directors recommended no dividend for the financial year ended March 31, 2026.
👀 What to Watch
Investors should focus on the execution and commissioning of the SMS Project and Rolling Mill upgrades in FY 2026-27, which are key to future margin expansion. While revenue is growing, the dip in profitability and lack of dividend suggests a phase of heavy capital reinvestment.
Incredible Industries Board Meeting on May 29 to Approve FY26 Results and Dividend
Incredible Industries Limited has scheduled a Board Meeting for May 29, 2026, to review and approve the audited financial results for the quarter and full year ended March 31, 2026. The board will also discuss and potentially recommend a dividend for the financial year 2025-26. The trading window for insiders, which has been closed since April 1, 2026, will remain shut until 48 hours after the results are officially declared. This meeting is a key event for shareholders to assess the company's annual profitability and payout policy.
Key Highlights
Board meeting scheduled for May 29, 2026, to approve audited financial results for Q4 and FY 2025-26.
The board will consider recommending a dividend for the financial year 2025-26 during the meeting.
Trading window for designated persons has been closed since April 1, 2026, per SEBI regulations.
The meeting will be held at the company's corporate office in Kolkata.
👀 What to Watch
Investors should monitor the outcome of the May 29 meeting for the company's annual financial performance and any dividend announcements which could impact the stock price.
Incredible Industries Withdraws Credit Rating for ₹45 Crore Bank Facilities
Incredible Industries Limited has announced the withdrawal of its credit ratings by Infomerics Valuation and Rating Private Limited, effective April 30, 2026. The withdrawal affects bank facilities totaling ₹45 crore, which previously held a long-term rating of 'IVR BBB-/Negative' and a short-term rating of 'IVR A3'. These ratings were notably under the 'Issuer Not Cooperating' category prior to withdrawal. The company initiated this request after obtaining No Objection Certificates (NOCs) from its lenders, including Bank of India, Canara Bank, and Punjab National Bank.
Key Highlights
Withdrawal of credit ratings for ₹45.00 crore total bank facilities.
Previous ratings were 'IVR BBB-/Negative' and 'IVR A3' under 'ISSUER NOT COOPERATING' status.
NOCs secured from Bank of India, Canara Bank, and Punjab National Bank for the withdrawal.
The withdrawal was executed at the company's request as per SEBI regulations.
👀 What to Watch
Investors should monitor whether the company seeks a new rating from a different agency, as the previous 'Issuer Not Cooperating' status and subsequent withdrawal can sometimes signal transparency concerns.
Incredible Industries Credit Rating Downgraded to IVR BBB- (Negative) on Non-Cooperation
Infomerics Valuation and Rating Private Limited (IVRPL) has downgraded Incredible Industries Limited's long-term bank facilities from IVR BBB/Stable to IVR BBB-/Negative. The short-term rating was also lowered from IVR A3+ to IVR A3, with both ratings now classified under the 'ISSUER NOT COOPERATING' category. The downgrade is attributed to the company's failure to submit requisite information to the agency. However, the company clarified that it maintains a valid rating from Acuité Ratings and is currently seeking lender NOCs to formally withdraw from IVRPL.
Key Highlights
Long-term bank facility rating downgraded from IVR BBB (Stable) to IVR BBB- (Negative).
Short-term bank facility rating downgraded from IVR A3+ to IVR A3.
Ratings moved to 'ISSUER NOT COOPERATING' status due to non-submission of information.
Company is in the process of withdrawing ratings from IVRPL and awaiting lender NOCs.
Maintains an active alternative credit rating from Acuité Ratings & Research Limited.
👀 What to Watch
Investors should exercise caution as 'Non-Cooperation' status can sometimes signal underlying transparency issues, though the company claims this is a transition between agencies. Monitor for any potential increase in borrowing costs or changes in lender terms.
Incredible Industries Q3 Net Profit Rises 20.6% QoQ to ₹1.79 Cr; YoY Profit Declines
Incredible Industries reported a total income of ₹189.66 crore for Q3 FY26, showing a sequential growth of 16.7% from ₹162.56 crore in Q2. Net profit for the quarter improved to ₹1.79 crore compared to ₹1.49 crore in the previous quarter, though it remains significantly lower than the ₹3.03 crore reported in the same quarter last year. For the nine-month period ending December 2025, the company achieved a profit of ₹7.00 crore, a slight increase from ₹6.65 crore in the previous year. The results indicate a recovery in operational performance on a quarter-on-quarter basis despite year-on-year bottom-line pressure.
Key Highlights
Total Income for Q3 FY26 stood at ₹189.66 crore, up from ₹162.56 crore in Q2 FY26.
Net Profit grew 20.6% sequentially to ₹1.79 crore from ₹1.49 crore in the preceding quarter.
Year-on-year Net Profit for the quarter declined by 40.7% from ₹3.03 crore in Q3 FY25.
Nine-month (9M FY26) Profit After Tax reached ₹7.00 crore compared to ₹6.65 crore in 9M FY25.
Earnings Per Share (EPS) for the quarter improved to ₹0.38 from ₹0.32 in Q2 FY26.
👀 What to Watch
Investors should focus on the company's ability to maintain sequential margin growth and monitor if the year-on-year profit decline is a temporary cyclical issue in the iron and steel sector. The stock remains a neutral hold pending more consistent year-on-year performance.
Incredible Industries Q3 Net Profit Rises 20.6% QoQ to ₹1.79 Crore
Incredible Industries reported a total income of ₹189.66 crore for the quarter ended December 31, 2025, representing a 17.2% sequential growth from ₹161.87 crore in Q2. Net profit for the quarter improved to ₹1.79 crore compared to ₹1.49 crore in the previous quarter. For the nine-month period, total income reached ₹621.96 crore, up from ₹526.62 crore in the prior year, though net profit remained nearly flat at ₹6.70 crore due to higher operational and finance costs. The company continues to operate solely in the Iron & Steel products segment.
Key Highlights
Total Income for Q3 FY26 stood at ₹189.66 crore, up 17.2% from ₹161.87 crore in Q2 FY26.
Net Profit for the quarter increased to ₹1.79 crore from ₹1.49 crore in the preceding quarter.
Nine-month revenue grew by 18.1% YoY to ₹621.96 crore compared to ₹526.62 crore in the previous year.
Finance costs for the nine-month period increased significantly to ₹4.18 crore from ₹2.68 crore YoY.
Earnings Per Share (EPS) for the quarter was ₹0.38, while the nine-month EPS stood at ₹1.43.
👀 What to Watch
Investors should note the steady sequential growth in revenue and profitability, though rising finance costs and margin pressure in the steel sector warrant a cautious watch. The stock remains a hold for those tracking the small-cap industrial metals space.
