ICDS Limited (ICDSLTD)
₹46.50 +3.98% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, ICDS's revenue was ₹0.6 Cr (-20.8% year on year, +17.3% on the previous quarter), and net profit ₹0.9 Cr (-32.6% year on year); the operating margin was 1.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹0.6 | -20.8% | +17.3% |
| Operating profit | ₹0.0 | -97.3% | from loss |
| Net profit | ₹0.9 | -32.6% | from loss |
| EPS (₹) | 0.71 | -33.0% | from loss |
| Operating margin | 1.6% | — | — |
ICDSLTD exchange data
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📢 Recent Corporate Announcements
ICDS Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, issued by Registrar and Share Transfer Agent Cameo Corporate Services Limited on October 1, 2026, confirms the processing of dematerialisation requests. All security certificates received were verified, mutilated, cancelled, and substituted with depositories' names within the stipulated timelines. This is a purely procedural regulatory disclosure with no impact on business operations or financials.
- Compliance certificate submitted under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Covers the quarter ended September 30, 2026
- Issued by RTA Cameo Corporate Services Limited on October 1, 2026
- Filed with stock exchanges on October 7, 2026
ICDS Limited has submitted the Scrutinizer's Report and voting results for its 55th Annual General Meeting held on September 24, 2026. A total of 67,99,406 votes were polled across 68 members, representing 52.20% of outstanding shares. All three ordinary resolutions, including the adoption of FY26 financials, reappointment of director Sri Kalsank Umesh Kini, and approval of material related party transactions with subsidiary Manipal Properties Limited, passed with 99.93% votes in favor.
- Total votes polled stood at 67,99,406, representing 52.1959% of the 1,30,26,700 total outstanding shares
- All three resolutions passed with 67,94,406 votes (99.93%) in favour and 5,000 votes (0.07%) against
- Approved material related party transactions between the company and subsidiary Manipal Properties Limited
- A total of 57 shareholders attended the AGM via video conferencing (15 promoter group, 42 public)
ICDS Limited concluded its 55th Annual General Meeting on September 24, 2026. Shareholders approved all three resolutions with requisite majority, including the adoption of audited financial statements for the year ended March 31, 2026. The meeting also approved the reappointment of retiring director Mr. Kalsank Umesh Kini and cleared material related party transactions with subsidiary Manipal Properties Ltd. Detailed voting results and the scrutiniser's report will be submitted within statutory timelines.
- 55th Annual General Meeting held on September 24, 2026 via video conference.
- Adopted audited financial statements for FY ended March 31, 2026 with requisite majority.
- Reappointed Mr. Kalsank Umesh Kini (DIN 07231231) as director retiring by rotation.
- Approved material related party transactions between ICDS and subsidiary Manipal Properties Ltd.
ICDS Limited has submitted a response to the stock exchange regarding a query on significant movement in its share price. The company confirmed that it is not aware of any company-specific reasons causing the price volatility. Furthermore, management clarified that all material events have already been disclosed in compliance with SEBI LODR regulations and no undisclosed events are pending.
- Response submitted on 04.09.2026 addressing exchange queries on price movement
- Company confirmed zero undisclosed material events or developments affecting share price
- Company reiterated adherence to SEBI LODR compliance and disclosure requirements
ICDS Limited has announced that its 55th Annual General Meeting (AGM) will be held on Thursday, September 24, 2026, at 3:00 PM via Video Conference/Other Audio Visual Means. The Register of Members and Share Transfer Books will remain closed from September 18, 2026, to September 24, 2026 (both days inclusive) for AGM purposes. The cut-off date for determining shareholder voting eligibility is September 17, 2026, with remote e-voting open from September 21 to September 23, 2026.
- 55th Annual General Meeting scheduled for September 24, 2026, at 3:00 PM via VC/OAVM
- Book closure period fixed from September 18, 2026, to September 24, 2026 (both days inclusive)
- Remote e-voting window runs from 10:00 AM on September 21, 2026, to 5:00 PM on September 23, 2026
- Cut-off date for determining shareholder voting eligibility is September 17, 2026
ICDS Limited reported a consolidated Profit After Tax (PAT) of Rs 0.93 Cr for the quarter ended June 30, 2026, down from Rs 1.38 Cr in the same period last year. Total consolidated revenue stood at Rs 1.61 Cr, with the rental segment contributing Rs 0.53 Cr. On a standalone basis, total revenue fell to Rs 1.48 Cr from Rs 1.81 Cr YoY, while PAT dropped 35.6% to Rs 0.79 Cr. The company's core financial services (recovery) segment reported a loss of Rs 16.42 Lakhs, highlighting continued reliance on non-operational income and trading gains.
- Consolidated PAT decreased to Rs 93.43 Lakhs in Q1 FY27 from Rs 137.58 Lakhs in Q1 FY26
- Rental income from premises remained stable at Rs 53.25 Lakhs compared to Rs 51.27 Lakhs YoY
- Trading activities segment profit stood at Rs 68.71 Lakhs, down from Rs 131.06 Lakhs in the previous year's quarter
- Financial Services (Recovery) segment reported a loss of Rs 16.42 Lakhs versus a profit of Rs 8.87 Lakhs YoY
- Standalone EPS for the quarter declined to Rs 0.61 from Rs 0.94 in Q1 FY26
ICDS Limited reported a consolidated net profit of Rs 0.93 Cr for the quarter ended June 30, 2026, marking a sharp recovery from a loss of Rs 0.42 Cr in the preceding quarter. Standalone total revenue for the quarter reached Rs 1.42 Cr, which represents approximately 71% of the company's total TTM revenue of Rs 2 Cr. The performance was bolstered by rental income of Rs 53.25 Lakhs and significant trading segment profits of Rs 68.71 Lakhs. The company continues to operate with zero debt and a positive net worth of Rs 25 Cr.
- Consolidated Net Profit stood at Rs 93.43 Lakhs for Q1 FY27 vs a loss of Rs 42.20 Lakhs in Q4 FY26.
- Total Standalone Revenue of Rs 141.65 Lakhs in Q1 FY27 is nearly 71% of the entire FY26 TTM revenue.
- Rental income from premises contributed Rs 53.25 Lakhs to the consolidated top line.
- Trading activities segment reported a profit of Rs 68.71 Lakhs, reversing a segment loss of Rs 102.10 Lakhs in the previous quarter.
- The company is pursuing further recoveries from a legacy 1991-92 legal case where it previously recovered Rs 652.18 Lakhs in 2022.
ICDS Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Cameo Corporate Services Limited, confirms that physical share certificates received for dematerialization during the quarter ended June 30, 2026, were processed and cancelled. The registrar has updated the register of members with the depositories' names within the stipulated time limits. This is a standard administrative filing required for all listed companies in India.
- Compliance certificate for the quarter ended June 30, 2026
- Confirmation of dematerialization processing under SEBI Regulation 74(5)
- Registrar and Share Transfer Agent identified as Cameo Corporate Services Limited
- Filing submitted to exchanges on July 7, 2026
ICDS Limited has submitted its Structured Digital Database (SDD) compliance certificate for the quarter ended June 30, 2026. The company confirmed that it maintains an internal, non-tamperable database to track Unpublished Price Sensitive Information (UPSI) as required by SEBI. During the quarter, the company recorded exactly one event in the database. No non-compliances were reported, indicating adherence to standard corporate governance protocols regarding insider trading.
- Captured 1 event of Unpublished Price Sensitive Information (UPSI) during the quarter ended June 30, 2026
- Maintains a non-tamperable database with an audit trail capable of keeping records for 8 years
- Reported NIL non-compliances for the previous quarter
- Compliance certified under Regulation 3(5) and 3(6) of SEBI PIT Regulations
ICDS Limited has announced the closure of its trading window for insiders starting July 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the announcement of the Unaudited Financial Results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the board meeting where the results are approved. The specific date for the board meeting has not yet been disclosed.
- Trading window closure begins on July 1, 2026.
- Closure is related to the Q1 financial results for the period ending June 30, 2026.
- Trading window will reopen 48 hours after the results are officially announced.
- Board meeting date for result approval will be notified separately.
ICDS Limited has released its audited financial results for the fiscal year ended March 31, 2026, receiving a clean, unmodified audit opinion. While the group reported a consolidated net loss for the final quarter, it achieved a net profit for the full financial year. The company's subsidiary, Manipal Properties Limited, contributed significantly with an annual net profit of Rs. 62.92 Lakhs on revenues of Rs. 94.79 Lakhs. The results indicate stable annual performance despite quarterly fluctuations.
- Audited consolidated and standalone financial results for FY26 approved with an unmodified audit opinion.
- Subsidiary Manipal Properties Limited reported FY26 revenue of Rs. 94.79 Lakhs and net profit of Rs. 62.92 Lakhs.
- The group reported a consolidated net loss for the quarter ended March 31, 2026, but remained profitable for the full year.
- Subsidiary total assets stood at Rs. 518.92 Lakhs as of March 31, 2026.
- Financial statements were prepared in accordance with Indian Accounting Standards (Ind-AS).
ICDS Limited's Board has approved an inter-corporate loan of up to ₹5 Crore to Manipal Energy and Infratech Limited. The loan is unsecured and carries an interest rate of 12% per annum, which is expected to contribute to the company's interest income over the next year. The repayment period is strictly defined as 12 months from the date of disbursement. The company has explicitly stated that this is not a related party transaction.
- Approved inter-corporate loan amount of up to ₹5 Crore.
- Fixed interest rate of 12% per annum to be charged on the loan.
- Loan is unsecured with a repayment tenure of 12 months.
- The borrower, Manipal Energy and Infratech Limited, is not a related party.
- Agreement executed on April 29, 2026, with zero outstanding balance as of the disclosure date.
ICDS Limited has submitted its Structured Digital Database (SDD) compliance certificate for the quarter ended March 31, 2026, as per SEBI (Prohibition of Insider Trading) Regulations. The company confirmed that its internal database is non-tamperable and capable of maintaining records for eight years. During the quarter, the company identified and recorded one specific event involving Unpublished Price Sensitive Information (UPSI). No instances of non-compliance were reported, reflecting a disciplined approach to regulatory governance.
- Successfully submitted SDD compliance certificate for the quarter ended March 31, 2026.
- Captured 1 UPSI event in the database during the reporting period.
- Maintained a non-tamperable internal database with an 8-year audit trail capability.
- Reported NIL non-compliances and no remedial actions were required.
Promoter T Satish U Pai has submitted the annual disclosure under Regulation 31(4) of the SEBI Takeover Regulations for ICDS Limited. The filing confirms that the promoter group and Persons Acting in Concert (PAC) have not created any encumbrance, directly or indirectly, on their shareholding during the financial year ended March 31, 2026. This routine disclosure provides transparency to shareholders regarding the status of promoter-held shares. The absence of pledged shares is generally viewed as a sign of financial stability within the promoter group.
- Annual declaration submitted under Regulation 31(4) of SEBI (SAST) Regulations, 2011.
- Promoter T Satish U Pai confirmed zero encumbrance of shares for the financial year ended March 31, 2026.
- The declaration covers the entire promoter group and all Persons Acting in Concert (PAC).
- The disclosure was formally submitted to both the BSE and NSE on April 02, 2026.
ICDS Limited has announced the closure of its trading window for all designated insiders starting April 1, 2026. This move is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's audited financial results for the quarter and year ending March 31, 2026. The window will remain closed until 48 hours after the board meeting results are officially declared. The specific date for the board meeting to approve these results will be announced at a later time.
- Trading window closure scheduled to begin on April 1, 2026.
- Closure pertains to the audited financial results for the quarter and year ending March 31, 2026.
- Trading restriction will be lifted 48 hours after the announcement of the financial results.
- Board meeting date for result approval is yet to be determined and communicated.
Financial Performance
Revenue Growth by Segment
Revenue from operations grew 71.28% YoY in FY25 to INR 390.18 lakhs. For H1 FY26, the Financial Services (Recovery) segment grew 1650% to INR 28.01 lakhs from INR 1.60 lakhs YoY. Rent on premises declined slightly by 0.56% to INR 101.11 lakhs from INR 101.68 lakhs. The 'Others' segment (insurance marketing) declined 23.9% to INR 0.92 lakhs from INR 1.21 lakhs.
Geographic Revenue Split
Primarily concentrated in Karnataka, India, with the registered office and operations based in Manipal and Udupi. Specific regional % splits are not disclosed.
Profitability Margins
Net Profit Margin for FY25 was 20.89% (INR 81.51 lakhs profit on INR 390.18 lakhs revenue). For H1 FY26, the PBT margin stood at 103.2% (INR 134.30 lakhs PBT on INR 130.04 lakhs revenue) due to significant contributions from other income and fair value gains.
EBITDA Margin
EBITDA margin for FY25 was approximately 85.06% (INR 331.92 lakhs EBITDA on INR 390.18 lakhs revenue), reflecting the low-cost nature of rental and recovery-based income.
Capital Expenditure
Not explicitly disclosed in the provided documents; however, the company focuses on investment properties rather than heavy industrial manufacturing.
Credit Rating & Borrowing
Borrowings are minimal, standing at INR 8.76 lakhs as of September 30, 2025, down 66.6% from INR 26.27 lakhs in March 2025. Interest expenses for H1 FY26 were INR 0.28 lakhs.
Operational Drivers
Raw Materials
Not applicable as the company operates in financial services, rentals, and trading.
Capacity Expansion
Not applicable for the current business model of recovery and rentals.
Raw Material Costs
Not applicable; however, unallocable expenditure (operating costs) for H1 FY26 was INR 25.54 lakhs, representing 19.6% of revenue.
Strategic Growth
Growth Strategy
The company is focusing on fee-based activities, maximizing rentals from investment properties, and aggressive recovery of old dues that were previously written off. It also leverages its foray into marketing life and general insurance products to diversify income.
Products & Services
Rental of investment properties, recovery of written-off loans and advances, trading of shares and securities, and marketing of life and general insurance policies.
Brand Portfolio
ICDS Limited.
New Products/Services
Marketing of insurance products of life and general insurance companies, which contributed INR 0.92 lakhs in H1 FY26.
Strategic Alliances
Partnerships with life and general insurance companies for product marketing.
External Factors
Industry Trends
The industry is seeing a shift toward asset monetization and fee-based financial services. ICDS is positioning itself by pivoting from traditional lending to recovering legacy debts (INR 179.65 lakhs in FY25) and managing investment properties.
Competitive Landscape
Competes with other NBFCs in recovery and local real estate players in the rental market.
Competitive Moat
The moat is built on a portfolio of owned investment properties providing steady cash flow (INR 2.03 Cr in FY25) and a specialized legal framework for recovering old dues, which are high-margin as the principal was already written off.
Macro Economic Sensitivity
Sensitive to interest rate changes and real estate market cycles in Karnataka, which affect rental yields and recovery valuations.
Consumer Behavior
Shift toward insurance as a preferred financial product, supporting the company's insurance marketing segment.
Geopolitical Risks
Low, as operations are concentrated in the Indian domestic market.
Regulatory & Governance
Industry Regulations
Subject to the Code on Social Security 2020, which may impact provident fund and gratuity contributions once the effective date and rules are notified.
Taxation Policy Impact
The company has opted for the Direct Tax Vivad Se Vishwas (DTVSV) Scheme 2024 to resolve a long-standing dispute for Assessment Year 1998-99 regarding book profits under Section 115JA.
Legal Contingencies
Pending dispute regarding an advance of INR 280.56 lakhs paid to stockbroker Hiten P. Dalal in 1991-92 for securities purchase. The company has also not recognized deferred tax assets on provision for doubtful debts as a matter of prudence.
Risk Analysis
Key Uncertainties
The primary uncertainty is the timing and amount of recovery from old dues, which can be volatile (INR 179.65 lakhs in FY25 vs INR 28.01 lakhs in H1 FY26).
Geographic Concentration Risk
High concentration in Karnataka, specifically the Udupi/Manipal region, making it vulnerable to local economic downturns.
Third Party Dependencies
Dependent on insurance companies for marketing commissions and the legal system for debt recovery.
Technology Obsolescence Risk
Low risk given the nature of rental and recovery businesses, though digital transformation in insurance marketing is necessary.
Credit & Counterparty Risk
Credit risk is managed through the provision for doubtful debts; the company has chosen not to recognize deferred tax assets on these provisions as a conservative measure.
