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International Combustion India Ltd (505737)

📊 BSE: 505737 🏢 Industrial Products 📢 Latest filing: 20 Aug 2026 📝 Analysis written: 13 Nov 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, International Combustion's revenue was ₹65.9 Cr (+10.1% year on year, -23.4% on the previous quarter), and net profit ₹-4.0 Cr (a bigger loss than a year earlier); the operating margin was -3.9%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹65.9	+10.1%	-23.4%
Operating profit	₹-2.5	to loss	to loss
Net profit	₹-4.0	loss widened	to loss
EPS (₹)	-16.70	loss widened	to loss
Operating margin	-3.9%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

International Combustion Shareholders Approve 3-Year Reappointment of ED Rana Pratap Singh

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 20 Aug 2026, 04:51 PM

Shareholders of International Combustion (India) Limited approved the re-appointment of Mr. Rana Pratap Singh as Executive Director (Whole-Time Director) at the 90th AGM held on August 19, 2026. The re-appointment is effective for a 3-year term from May 1, 2026, to April 30, 2029. This brings continuity in executive management at a time when the company reported a TTM net loss of Rs 5 Cr on revenue of Rs 299 Cr.

Shareholders approved the reappointment of Mr. Rana Pratap Singh as Whole-Time Director at the 90th AGM on August 19, 2026
Tenure confirmed for a period of 3 years spanning May 1, 2026, to April 30, 2029
Follows initial Board approval based on NRC recommendations previously disclosed on April 30, 2026

💡 Track the upcoming quarterly financial results to evaluate turnaround efforts and operational margin recovery under the continuing management.

Rs 4.47 Cr Net Loss in Q1 FY27 as Geared Motor Segment Drags Performance

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 30 Jul 2026, 01:55 PM

International Combustion India Ltd reported a 10.05% YoY revenue growth to Rs 65.91 Cr for the quarter ended June 30, 2026. However, the company's net loss widened significantly to Rs 4.47 Cr, compared to a loss of Rs 0.93 Cr in the same quarter last year and a profit of Rs 1.08 Cr in the preceding quarter. The Geared Motor & Gear Box segment was the primary laggard, reporting a PBIT loss of Rs 4.47 Cr. Total expenses for the quarter reached Rs 70.96 Cr, exceeding total revenue and highlighting ongoing margin pressure.

Revenue from operations increased 10.05% YoY to Rs 65.91 Cr from Rs 59.89 Cr.
Net loss widened to Rs 4.47 Cr from a loss of Rs 0.93 Cr in June 2025.
Geared Motor & Gear Box segment reported a PBIT loss of Rs 4.47 Cr on revenue of Rs 19.64 Cr.
Heavy Engineering segment remained profitable with a PBIT of Rs 8.70 Cr on revenue of Rs 37.36 Cr.
Total expenses rose to Rs 70.96 Cr, representing 107.6% of quarterly revenue.

💡 Investors should closely monitor the Geared Motor & Gear Box segment, which is currently a significant drag on profitability despite being a strategic expansion area. Watch for management commentary on capacity utilization and the timeline for this segment to reach break-even.

Rs 3.99 Cr Net Loss in Q1; Revenue Grows 18.5% YoY to Rs 70.96 Cr

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 30 Jul 2026, 01:39 PM

International Combustion India reported a widening net loss of Rs 3.99 Cr for the quarter ended June 30, 2026, compared to a loss of Rs 0.93 Cr in the same period last year. While revenue from operations grew 18.5% YoY to Rs 70.96 Cr, profitability was severely hampered by the Building Material division, which posted a PBIT loss of Rs 4.47 Cr. The Heavy Engineering and Geared Motor segments remained profitable at the operating level but were insufficient to offset the overall losses. Total expenses rose to Rs 74.95 Cr, representing 105.6% of the quarterly revenue.

Revenue from operations increased to Rs 70.96 Cr from Rs 59.89 Cr in the year-ago quarter.
Net loss widened significantly to Rs 3.99 Cr from a loss of Rs 0.93 Cr in June 2025.
Building Material segment reported a PBIT loss of Rs 4.47 Cr on revenue of Rs 9.33 Cr.
Geared Motor & Gear Box segment contributed a PBIT of Rs 1.67 Cr on revenue of Rs 19.64 Cr.
Total expenses surged to Rs 74.95 Cr, driven by a 26% increase in raw material costs to Rs 39.41 Cr.

💡 Monitor the turnaround progress of the Building Material division, as its current losses are eroding the profits generated by the core engineering segments. Investors should also track the impact of the ongoing Rs 10 Cr capex on capacity utilization and margins in future quarters.

90th AGM Scheduled for August 19, 2026; Annual Report for FY 2025-26 Released

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Jul 2026, 04:48 PM

International Combustion India Ltd has scheduled its 90th Annual General Meeting (AGM) for August 19, 2026, to be held via video conferencing. The company has dispatched letters to shareholders without registered email addresses, providing access to the FY 2025-26 Annual Report. This comes as the company manages a TTM revenue of ‹ 293 Cr and a net loss of ‹ 2 Cr. Shareholders are reminded to update KYC details by the cut-off date of August 12, 2026, to remain eligible for future electronic payments.

90th Annual General Meeting scheduled for August 19, 2026, at 2:00 PM IST via Video Conferencing.
Cut-off date for shareholder eligibility and KYC updates is set for August 12, 2026.
Company reported TTM revenue of ‹ 293 Cr against a market capitalization of ‹ 143 Cr.
Ongoing capex of ‹ 10 Cr is currently being utilized to enhance manufacturing capacity.

💡 Investors should review the Annual Report for updates on the new Industrial Gear Boxes vertical and the execution timeline of the ‹ 10 Cr capacity expansion.

International Combustion India Proposes ₹200 Cr Borrowing Limit in 90th AGM Notice

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 24 Jul 2026, 02:45 PM

International Combustion India has issued a notice for its 90th Annual General Meeting (AGM) scheduled for August 19, 2026. The most significant proposal is a special resolution to increase the company's borrowing limit to ₹200 Crores, which is substantially higher than its current debt of ₹27 Crores. This proposed limit represents approximately 154% of the company's current net worth (₹130 Cr) and 140% of its market capitalization (₹143 Cr). Additionally, the company seeks to re-appoint Mr. Rana Pratap Singh as Executive Director for a three-year term.

Proposed borrowing limit of ₹200 Crores under Section 180(1)(c), providing significant headroom over current debt of ₹27 Crores.
Re-appointment of Mr. Rana Pratap Singh as Executive Director for a 3-year term effective May 1, 2026.
AGM scheduled for August 19, 2026, via video conferencing, with a voting cut-off date of August 12, 2026.
Proposed ratification of ₹90,000 remuneration for Cost Auditors (M/s. DD & Associates) for FY26.
The borrowing limit of ₹200 Crores is ~1.54x the company's current Net Worth of ₹130 Crores.

💡 Monitor the AGM for management commentary regarding the intended use of the expanded ₹200 Cr borrowing limit, particularly if it relates to the new Industrial Gear Boxes vertical or further capacity expansion.

International Combustion FY26: Net Loss of ₹2.39 Cr, Margins Collapse to 2.4%

🔴 NEGATIVE ⭐ 6/10

ROUTINE 📅 24 Jul 2026, 02:24 PM

International Combustion India Ltd's FY26 Annual Report reveals a sharp financial downturn, with the company swinging to a net loss of ₹2.39 Cr from a profit of ₹14.95 Cr in FY25. While revenue remained flat at ₹293.40 Cr, operating margins (PBIDT) collapsed from 9.45% to just 2.40%. Consequently, the company has skipped dividend payments for FY26, compared to ₹4.00 per share in the previous year. Investors should note a special resolution to set borrowing limits at ₹200 Cr, which is significantly higher than the current market cap of ₹143 Cr.

Net profit swung from a ₹14.95 Cr profit in FY25 to a ₹2.39 Cr loss in FY26.
Operating profit margin (PBIDT to Revenue) dropped sharply from 9.45% in FY25 to 2.40% in FY26.
Proposed borrowing limit of ₹200 Cr represents approximately 140% of the company's current market capitalization of ₹143 Cr.
Dividend per share reduced to ₹0 for FY26, down from ₹4.00 paid in FY25.
Revenue from operations remained stagnant at ₹293.40 Cr vs ₹292.98 Cr in the previous year.

💡 Monitor the 90th AGM on August 19, 2026, for management commentary on margin recovery strategies and the specific intended use for the expanded ₹200 Cr borrowing limit.

Board Meeting Scheduled for July 30, 2026, to Approve Q1 FY27 Financial Results

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 22 Jul 2026, 04:44 PM

International Combustion India Ltd has scheduled a board meeting on July 30, 2026, to approve unaudited financial results for the quarter ended June 30, 2026. The company is currently navigating a challenging period with a TTM net loss of ₹2 Cr on revenue of ₹293 Cr. Investors will be monitoring if the company can improve upon the ₹59.89 Cr revenue and ₹0.93 Cr loss reported in the same quarter of the previous year (June 2025). The trading window for insiders has been closed since July 1, 2026, as per regulatory requirements.

Board meeting date set for July 30, 2026, to review Q1 FY27 performance
Trading window for insiders closed from July 1, 2026, until 48 hours post-results
Company reported a TTM revenue of ₹293 Cr against a market cap of ₹144 Cr
Previous year's corresponding quarter (June 2025) saw a net loss of ₹0.93 Cr
Ongoing ₹10 Cr capex is being monitored for capacity enhancement

💡 Watch for the earnings release on July 30 to see if the new Industrial Gear Boxes vertical and marketing expansion in the Building Material division are contributing to a turnaround in profitability.

View All 505737 Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total revenue from operations declined 1.28% YoY to INR 292.98 Cr. Segment-wise performance: Mineral & Material Processing & Handling Equipment revenue was flat at INR 197.14 Cr (-0.1% YoY); Geared Motor and Gear Box revenue fell 6.68% to INR 75.84 Cr; Building Material revenue decreased 1.18% to INR 25.16 Cr.

Geographic Revenue Split

Not disclosed in available documents, though manufacturing units are located in Nagpur, Kolkata, Aurangabad, and Ajmer.

Profitability Margins

Operating Profit Margin significantly declined from 11.23% to 5.83% (a 48.09% drop) due to higher operating costs without sales growth. Net Profit Margin fell from 6.68% to 5.08% (a 23.95% drop). Return on Net Worth decreased from 17.98% to 11.76% (a 34.59% drop).

EBITDA Margin

Operating margin was 5.83% in FY25, down from 11.23% in FY24. Core profitability was impacted by a 57.78% drop in Profit Before Tax from operations, which fell from INR 32.07 Cr to INR 13.54 Cr.

Capital Expenditure

The company is undertaking ongoing capital expenditure of approximately INR 10 Cr for expansion and new product development.

Credit Rating & Borrowing

CRISIL reaffirmed 'CRISIL BBB/Stable/CRISIL A3+' ratings. Total bank loan facilities were enhanced to INR 125 Cr from INR 120 Cr. Interest Coverage Ratio declined 67.26% to 3.71x in FY25 due to higher interest costs and lower EBIT.

⚙️ Operational Drivers

Raw Materials

Steel and engineering components represent 50-60% of total operating revenue.

Capacity Expansion

Ongoing capex of INR 10 Cr is being utilized to enhance capacity. Current revenue capacity is approximately INR 300 Cr based on peak historical sales.

Raw Material Costs

Raw material costs account for 50-60% of operating revenue. Profitability is highly susceptible to volatility in these prices, as seen in the operating margin drop to 5.83% in FY25.

Manufacturing Efficiency

Capacity utilization is a key monitorable; H1 FY25 revenue of INR 123.36 Cr was lower than expected, indicating potential underutilization during the industry slowdown.

📈 Strategic Growth

Growth Strategy

The company is introducing a new business vertical of Industrial Gear Boxes within the Geared Motors segment to tap into demand across various industries. It is also expanding marketing infrastructure for the Building Material division (CAPA products) to increase market reach and capitalize on high demand.

Products & Services

Heavy-duty grinding mills, screening and feeding equipment, conveyors, bulk material handling equipment, industrial gear boxes, geared motors, and dry mix mortars.

Brand Portfolio

Bauer Geared Motors, Cementos CAPA.

New Products/Services

Introduction of Industrial Gear Boxes as a new vertical within the Geared Motors segment in FY25.

Market Expansion

Expanding marketing infrastructure to increase the reach of the Building Material division across India.

Strategic Alliances

Technical tie-ups with Kuper GmbH, ADEN, Fleximat, Bauer Geared Motors GmbH, and Cementos CAPA.

🌍 External Factors

Industry Trends

The engineering and capital goods industry is cyclical and currently facing headwinds from a slowdown in core sectors. The industry is evolving toward high-end technical products and industrial automation, where the company is positioning itself through global technical collaborations.

Competitive Landscape

Intense competition from domestic players offering low-cost products, which has shrunk margins for the company's premium offerings.

Competitive Moat

Moat is built on a 90-year track record and technical tie-ups with global leaders like Bauer and Cementos CAPA, providing a technological edge and established relationships in core industries that are difficult for new entrants to replicate.

Macro Economic Sensitivity

Highly sensitive to the investment cycles of core sectors like steel and mining; a slowdown in these sectors led to a 57.78% drop in operating PBT.

⚖️ Regulatory & Governance

Industry Regulations

The company operates under Indian Accounting Standards (IND AS) and maintains a Risk Management Plan and Vigil Mechanism as per SEBI regulations.

⚠️ Risk Analysis

Key Uncertainties

Primary risks include the cyclicality of demand from the steel and mining sectors and the volatility of raw material prices, which account for 50-60% of revenue.