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INTLCONV - Intl. Conveyors

📊 NSE: INTLCONV 🏢 Miscellaneous 📅 Last Updated: 12/14/2025 8:24

📢 Recent Corporate Announcements

International Conveyors Acquires 3.6 Lakh Shares of Religare Enterprises for ₹7.50 Crore

🟡 NEUTRAL ⭐ 6/10

M&A 📅 25 Feb 2026, 07:19 PM

International Conveyors Limited has acquired 3,60,000 equity shares of Religare Enterprises Limited (REL) for a total cash consideration of ₹7.50 crore. The acquisition is intended for investment purposes and was completed on February 25, 2026. Religare Enterprises is a large financial services group with a FY 2024-25 turnover of ₹7,354.236 crore. This transaction does not involve any related party interests and was conducted at arm's length.

Acquired 3,60,000 equity shares of Religare Enterprises Limited for ₹7.50 crore
Target entity REL reported a significant turnover growth to ₹7,354.236 crore in FY 2024-25
The acquisition is a pure cash consideration for investment purposes
No promoter or group company interest involved in the target entity
Religare Enterprises operates in SME loans, housing finance, health insurance, and capital markets

💡 Investors should view this as a strategic deployment of surplus cash into a diversified financial services player. Monitor the market value of Religare Enterprises as it will impact the company's non-current investment valuations.

International Conveyors acquires 100% of Australian subsidiary for INR 35,548

🟡 NEUTRAL ⭐ 6/10

M&A 📅 13 Feb 2026, 10:51 PM

International Conveyors Limited (ICL) has acquired the entire share capital of its step-down subsidiary, International Conveyors Australia Pty Ltd, from its other subsidiary, Conveyor Holding Pvt. Ltd. This internal restructuring makes the Australian entity a direct subsidiary for a nominal cash consideration of INR 35,548. The target entity focuses on marketing PVC conveyor belting to Australian coal miners, though its turnover has declined from ₹11.36 Cr in FY23 to ₹4.51 Cr in FY25. The company expects this direct ownership to improve its reach and top-line growth in the Australian market.

Acquisition of 100% stake (100 shares) for a total cash consideration of INR 35,548
Target entity's turnover decreased significantly from ₹11.36 Cr in FY23 to ₹4.51 Cr in FY25
The move converts a step-down subsidiary into a direct wholly-owned subsidiary to improve market reach
Strategic focus remains on the Australian coal mining market, one of the world's largest producers

💡 As this is an internal restructuring with a negligible cost, it has no immediate impact on consolidated financials. Investors should monitor the Australian segment's performance to see if direct management can arrest the declining revenue trend.

International Conveyors Q3 PAT Jumps 48% YoY to ₹29.68 Cr; Revenue Up 35%

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 13 Feb 2026, 06:29 PM

International Conveyors Limited (INTLCONV) reported a strong performance for Q3 FY26, with consolidated revenue from operations rising 35.4% YoY to ₹35.34 crore. Net profit for the quarter saw a significant jump of 48.4% YoY, reaching ₹29.68 crore compared to ₹20.00 crore in the same period last year. While the core conveyor belt segment showed growth, the company's bottom line remains heavily influenced by its investment segment, which contributed ₹32.82 crore to the results. For the nine-month period, however, PAT is down 18% YoY due to exceptionally high other income in the previous year.

Consolidated Revenue from Operations grew 35.4% YoY to ₹35.34 crore in Q3 FY26.
Net Profit (PAT) increased by 48.4% YoY to ₹29.68 crore from ₹20.00 crore.
Investment segment remains a primary profit driver, contributing ₹32.82 crore to quarterly results.
Conveyor Belts segment revenue rose to ₹32.33 crore in Q3 FY26 from ₹23.99 crore in Q3 FY25.
Company allotted 4,02,000 equity shares under ESOP 2020, slightly diluting promoter holding to 49.71%.

💡 Investors should note the strong quarterly growth in the core conveyor belt business, but remain cautious about the high sensitivity of earnings to the company's investment portfolio performance. The stock is suitable for those tracking industrial infrastructure growth with an appetite for investment-led income volatility.

International Conveyors Files Q3 FY26 SEBI Reg 74(5) Compliance Certificate

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Jan 2026, 05:53 PM

International Conveyors Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The document, issued by Maheshwari Datamatics Pvt. Ltd., confirms that share certificates received for dematerialization during the quarter ended December 31, 2025, were processed correctly. It verifies that physical certificates were mutilated or cancelled and the names of the depositories were updated in the company's records. This is a standard regulatory filing required for all listed entities to ensure the integrity of electronic shareholding.

Compliance certificate submitted for the quarter ended December 31, 2025.
Issued by Registrar and Share Transfer Agent, Maheshwari Datamatics Pvt. Ltd.
Confirms that dematerialization requests were processed within stipulated SEBI timelines.
Physical share certificates were verified, cancelled, and substituted with the name of the depository.

💡 No action is required from investors as this is a routine administrative filing confirming regulatory compliance.

International Conveyors Announces Trading Window Closure from January 1, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 29 Dec 2025, 03:13 PM

International Conveyors Limited has announced the closure of its trading window for all designated persons starting January 01, 2026. This closure is a standard regulatory requirement ahead of the declaration of the un-audited financial results for the quarter and nine months ending December 31, 2025. The window will remain closed until 48 hours after the financial results are made public. The specific date for the board meeting to approve these results has not yet been announced.

Trading window closure effective from January 01, 2026.
Closure pertains to the financial results for the quarter and nine months ended December 31, 2025.
Restriction applies to Directors, KMPs, and all designated persons under the company's code of conduct.
Trading window will reopen 48 hours after the official announcement of financial results.

💡 This is a routine compliance notification and requires no immediate action from shareholders. Investors should await the announcement of the board meeting date to assess the company's Q3 performance.

International Conveyors Allots 4.02 Lakh Equity Shares Under ESOP 2020

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 22 Dec 2025, 10:24 PM

International Conveyors Limited has allotted 402,000 equity shares to Shri Udit Sethia, a Non-Executive Director, following the exercise of options under the ICL ESOP 2020 plan. The shares were issued at an exercise price of Rs. 27.86 per share, leading to a total capital realization of approximately Rs. 1.12 crore. This allotment increases the company's total paid-up equity share capital from 6.33 crore to 6.37 crore shares. The new shares rank pari-passu with existing equity and represent a minor dilution of approximately 0.63%.

Allotment of 402,000 fully paid-up equity shares of face value Re. 1 each.
Exercise price fixed at Rs. 27.86 per share, including a premium of Rs. 26.86.
Total money realized by the company from this exercise is INR 1,11,99,720.
Post-allotment, the total paid-up equity capital stands at 6,37,81,000 shares.
The allotment was made to a Non-Executive Director via circular resolution dated December 22, 2025.

💡 This is a routine corporate action with negligible equity dilution. Investors should continue to monitor the company's core operational performance as this event has no significant impact on valuation.

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💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 13.4% YoY to INR 151.9 Cr in FY25. Segment-wise, Conveyor Belts contributed INR 143.71 Cr, Wind Energy INR 1.45 Cr, and Trading Goods INR 6.31 Cr. Q4 FY25 revenue surged 110.3% YoY to INR 26.0 Cr.

Geographic Revenue Split

Not explicitly disclosed in percentages, but Canada is identified as a major international market where demand fell due to coal and potash price declines. Australia and Europe are targeted for geographic diversification.

Profitability Margins

PAT margin improved significantly to 60.4% in FY25 from 46.6% in FY24, largely driven by non-operating income. Operating Profit Margin stood at 16.50% in FY25 compared to 15.58% in FY24. PAT for FY25 was INR 91.7 Cr, up 47.0% YoY.

EBITDA Margin

EBITDA from operations was INR 21.5 Cr in FY25, a marginal increase of 0.8% from INR 21.3 Cr in FY24. The PBILDT margin improved from 14.98% in FY23 to 16.07% in FY24 due to lower raw material prices.

Capital Expenditure

Not disclosed in absolute INR Cr for planned expansion, though the company notes continuous investment in new product development and geographic expansion.

Credit Rating & Borrowing

The company utilizes fund-based limits (64% average utilization) and non-fund based limits (46%). Finance costs were INR 8.4 Cr in FY25 on current borrowings of INR 86.3 Cr, implying an interest rate of approximately 9.7%.

⚙️ Operational Drivers

Raw Materials

PVC resins and chemicals (used for PVC covered fire retardant belts). Raw material costs represented 45.8% of total revenue in FY25 (INR 69.52 Cr).

Capacity Expansion

Current installed capacity not disclosed in units; however, the company is widening its product profile with new products having superior characteristics to revive international sales.

Raw Material Costs

Raw material costs were INR 69.52 Cr in FY25. Margins improved in FY24 due to a dip in raw material prices, though the company remains exposed to future price volatility.

Manufacturing Efficiency

Inventory turnover ratio improved to 8.69 in FY25 from 6.78 in FY24, indicating higher manufacturing and sales efficiency.

📈 Strategic Growth

Expected Growth Rate

13.40%

Growth Strategy

Growth is targeted through geographic diversification into Australia and Europe, entry into new customer segments, and the development of customized conveyor solutions. The company aims for a turnover exceeding INR 250 Cr to trigger positive credit rating actions.

Products & Services

PVC covered fire retardant conveyor belts, wind energy generation, and trading of goods.

Brand Portfolio

International Conveyors Limited (ICL).

New Products/Services

New products with superior characteristics compared to standard PVC belts are being launched to revive international sales, expected to benefit the company from H2FY25.

Market Expansion

Targeting Australia and Europe to reduce geographic concentration and revive export orders.

Market Share & Ranking

Operates in a niche segment with few competitors in the domestic market.

🌍 External Factors

Industry Trends

The global mining industry is growing, increasing the need for specialized belting. Clients now demand highly customized solutions rather than off-the-shelf products.

Competitive Landscape

Few competitors in the domestic fire-retardant PVC conveyor belt market.

Competitive Moat

Moat is based on operating in a niche segment with few competitors and having a long-standing reputation with major mining clients.

Macro Economic Sensitivity

Highly sensitive to global mining industry trends and commodity prices (coal/potash). Treasury operations are sensitive to stock market volatility.

Consumer Behavior

Shift toward demanding real-time simulations, quicker design cycles, and highly customized layouts for conveyor systems.

Geopolitical Risks

Slowdown in global financial markets or the Indian economy could affect the financial position.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with fire retardant standards and pollution norms for manufacturing PVC-based products.

Environmental Compliance

ESG risks are listed as Not Applicable (NA) in credit reports.

Taxation Policy Impact

Effective tax rate for FY25 was approximately 21.1% (INR 24.6 Cr total tax on INR 116.3 Cr PBT).

Legal Contingencies

The company faces scrutiny regarding inter-corporate loans and investments. Exposure to group companies (subsidiaries and affiliates) increased to INR 134.18 Cr (47% of tangible net worth) as of March 2024.

⚠️ Risk Analysis

Key Uncertainties

Treasury segment volatility is a major risk, as it contributes 78.04% of PBT (INR 78.61 Cr). Any stock market decline directly impacts the bottom line.