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International Conveyors Limited (INTLCONV)

₹78.19 -3.75% last close, 16 Oct

📊 NSE: INTLCONV 🏢 Industrial Products 📢 Latest filing: 26 Sep 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, International Conveyors' revenue was ₹35.3 Cr (-0.4% year on year, -63.6% on the previous quarter), and net profit ₹120 Cr (+130.1% year on year); the operating margin was 20.2%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹35.3	-0.4%	-63.6%
Operating profit	₹7.1	+31.6%	-61.8%
Net profit	₹120	+130.1%	—
EPS (₹)	18.79	+128.6%	—
Operating margin	20.2%	—	—

Full quarterly financials → Results calendar →

INTLCONV delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 84.04% of the INTLCONV shares traded on NSE were taken to delivery, against the stock's own 20-session average of 69.02%. That is higher than usual for this stock. Turnover was only ₹67 lakh, so a handful of trades can move this figure.

84.04%Delivery, 16 Oct

69.02%Own 20-session average

1.7×Volume vs its average

₹78.19NSE close · -3.75%

Delivery in the last 5 sessions: 67.1% · 88.3% · 84.2% · 85.9% · 84.0%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

International Conveyors Shareholders Approve ₹0.50 Dividend, Pass All AGM Resolutions

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Sep 2026, 04:12 PM

International Conveyors Limited announced the voting results of its 53rd Annual General Meeting held on September 24, 2026. All four resolutions were approved by shareholders with over 99.99% votes in favor, including the declaration of a dividend of ₹0.50 per equity share (face value ₹1 each). Other passed resolutions included adoption of FY26 financial statements, the re-appointment of retiring director Shri Udit Sethia, and the re-appointment of Independent Director Shri Sunit Mehra. Overall voting turnout stood at 73.28% of outstanding shares.

Approval of ₹0.50 per share dividend on face value of ₹1 with 99.9991% votes in favor
Overall voter turnout of 73.28% with 4,67,39,051 votes polled out of 6,37,81,000 shares
Adoption of FY26 audited standalone and consolidated financial statements approved with 99.9993% favor
Re-appointment of Shri Sunit Mehra as Non-Executive Independent Director passed as a special resolution

💡 Track the dividend disbursement timeline and watch for upcoming Q2 FY27 operational results to assess export recovery in key overseas conveyor belt markets.

International Conveyors Reconstitutes Stakeholders Relationship Committee Effective Sep 11, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Sep 2026, 05:35 PM

International Conveyors Limited has reconstituted its Stakeholders Relationship Committee via a circular resolution passed on September 11, 2026. Non-Executive Independent Director Shri Narayan Atal (DIN: 00237626) has been inducted as a member and appointed as the Chairman of the Committee. The four-member committee now comprises two Independent Directors, one Non-Independent Non-Executive Director, and one Executive Director. This update represents a routine corporate governance adjustment with no impact on business operations or financials.

Board approved committee reconstitution via circular resolution on September 11, 2026
Shri Narayan Atal (DIN: 00237626) appointed as Chairman and member of the committee
Reconstituted committee comprises 4 members including 2 Independent Directors
Effective date of reconstitution is September 11, 2026

💡 No action required; this is a procedural governance update. Investors should monitor upcoming quarterly results and core business operational developments.

International Conveyors: TDS Communication on Recommended ₹0.50/Share Dividend for FY26

🟡 NEUTRAL ⭐ 3/10

DIVIDEND 📅 02 Sep 2026, 09:42 PM

International Conveyors Limited issued a communication detailing the Tax Deduction at Source (TDS) norms on its recommended final dividend of ₹0.50 (50%) per equity share of ₹1 face value for FY 2025-26. The dividend is subject to shareholder approval at the Annual General Meeting scheduled for September 24, 2026. The eligibility record date has been fixed as September 17, 2026, with the register of members closing from September 18 to September 24, 2026. Shareholders seeking lower or nil withholding tax exemptions must submit requisite tax declarations by September 17, 2026.

Final dividend recommended at ₹0.50 per equity share (50% of ₹1 face value) for FY 2025-26
Record date set for September 17, 2026; book closure from September 18 to September 24, 2026
Annual General Meeting (AGM) to approve the dividend is scheduled for September 24, 2026
Prescribed TDS rate of 10% applies for resident individuals with dividend exceeding ₹10,000, and 20% for missing/invalid PAN
Tax exemption documents and declarations must be submitted to the RTA by September 17, 2026

💡 Eligible shareholders should verify their PAN and bank details with depositories/RTA and submit applicable exemption forms by September 17, 2026, ahead of the AGM on September 24, 2026.

INTLCONV Schedules 53rd AGM on Sep 24, 2026; Proposes Re 0.50 Per Share Dividend

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 02 Sep 2026, 08:44 PM

International Conveyors Limited has issued the notice for its 53rd Annual General Meeting (AGM) to be held on September 24, 2026. Key agenda items include the adoption of FY26 financial statements and approval of a recommended dividend of Rs 0.50 per equity share (face value Re 1). Shareholders will also vote on the re-appointment of Director Shri Udit Sethia and a second five-year term for Independent Director Shri Sunit Mehra starting September 25, 2026.

53rd AGM scheduled for September 24, 2026, at 2:00 PM at Falta SEZ, West Bengal
Recommendation of dividend of Rs 0.50 per equity share (face value Re 1)
Re-appointment of Shri Sunit Mehra as Independent Director for a 5-year term from Sep 25, 2026 to Sep 24, 2031
Adoption of audited Standalone & Consolidated Financial Statements for FY ended March 31, 2026

💡 Eligible shareholders can participate in remote e-voting and monitor voting results following the AGM on September 24, 2026.

International Conveyors Fixes Sep 17, 2026 as Record Date for FY26 Final Dividend and 53rd AGM

🟡 NEUTRAL ⭐ 3/10

DIVIDEND 📅 21 Aug 2026, 12:03 AM

International Conveyors Limited has fixed Thursday, September 17, 2026, as the record date and cut-off date for determining shareholder eligibility for the final dividend of FY 2025-26 and remote e-voting. The company's Register and Share Transfer Books will remain closed from September 18, 2026, to September 24, 2026. The 53rd Annual General Meeting (AGM) is scheduled to be held on Thursday, September 24, 2026, where the final dividend will be placed for shareholder approval.

Record date and cut-off date set as September 17, 2026
Book closure period scheduled from September 18, 2026, to September 24, 2026
53rd Annual General Meeting (AGM) to be held on September 24, 2026
Final dividend for FY 2025-26 subject to shareholder approval at the ensuing AGM

💡 Investors seeking dividend eligibility must hold shares before the ex-dividend date preceding September 17, 2026. Monitor AGM outcome disclosures on September 24, 2026, for dividend approval details.

International Conveyors Re-appoints Sunit Mehra as Independent Director for 5-Year Term

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 14 Aug 2026, 08:57 PM

The Board of Directors of International Conveyors Limited has approved the re-appointment of Shri Sunit Mehra as a Non-Executive Independent Director. His second term is for 5 consecutive years, spanning from September 25, 2026, to September 24, 2031. The reappointment is subject to shareholder approval at the upcoming Annual General Meeting. There is no change to the composition of Board Committees resulting from this reappointment.

Re-appointment of Shri Sunit Mehra approved by the Board on August 14, 2026
Second term spans 5 consecutive years from September 25, 2026 to September 24, 2031
Re-appointment is subject to shareholder approval at the ensuing AGM
No change in the constitution of the Committees of the Board

💡 Track voting results on the resolution during the upcoming Annual General Meeting (AGM); no operational impact is anticipated.

Board Approves Reclassification of Two Promoters to Public Category Under SEBI LODR

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 14 Aug 2026, 08:38 PM

International Conveyors Limited has received and approved requests from two promoters, Ms. Smiti Somany and Ms. Pushpa Bagla, seeking reclassification from 'Promoter and Promoter Group' to 'Public' shareholder category. The Board confirmed at its meeting on August 14, 2026, that the applicants hold less than 10% of total voting rights and have no board representation or managerial control. The reclassification will have no operational or managerial impact on the company and remains subject to required shareholder and regulatory approvals.

Board approved reclassification requests from Ms. Smiti Somany and Ms. Pushpa Bagla on August 14, 2026
Applicants confirmed to hold less than 10% of total voting rights in the company
No board representation, key managerial roles, or special rights held by the applicants
Reclassification remains subject to compliance with SEBI LODR Regulation 31A and shareholder approval

💡 Track the upcoming shareholder voting process and subsequent stock exchange filings for final reclassification confirmation.

International Conveyors Receives Promoter Reclassification Request for 1.29% Stake

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 14 Aug 2026, 07:46 PM

International Conveyors Limited has received requests from two promoter group members, Ms. Smiti Somany and Ms. Pushpa Bagla, to be reclassified from the 'Promoter and Promoter Group' category to the 'Public' category under Regulation 31A of SEBI LODR Regulations. Ms. Smiti Somany holds 7,90,000 equity shares (1.24%) and Ms. Pushpa Bagla holds 31,359 equity shares (0.05%), representing a combined 1.29% equity stake. The applicants confirmed they do not exercise control, hold any board representation, or participate in the day-to-day operations of the company. The requests were placed before the Board of Directors on August 14, 2026, for consideration.

Ms. Smiti Somany requested reclassification of 7,90,000 equity shares (1.24% of share capital).
Ms. Pushpa Bagla requested reclassification of 31,359 equity shares (0.05% of share capital).
Total promoter stake sought to be reclassified into public category stands at 1.29% (8,21,359 shares).
Board of Directors considered the requests in its meeting held on August 14, 2026.

💡 Track the upcoming shareholder approval and stock exchange approvals required under SEBI Regulation 31A to complete the reclassification process.

International Conveyors Q1 Revenue at ₹35.32 Cr; Two Promoters Seek Reclassification to Public

🟡 NEUTRAL ⭐ 6/10

BOARD_MEETING 📅 14 Aug 2026, 03:01 PM

International Conveyors Limited (ICL) reported a consolidated revenue of ₹35.32 cr for Q1 FY27, representing a significant sequential decline from ₹97.03 cr in Q4 FY26. The company's total income was bolstered by ₹14.70 cr in 'Other Income,' which accounts for nearly 29% of the total income for the quarter. A key corporate development is the request from two promoters, Ms. Pushpa Bagla and Ms. Smiti Somany, to be reclassified as 'Public' shareholders. Additionally, the board confirmed the 53rd AGM for September 24, 2026, and set the dividend payment date for late September.

Consolidated revenue from operations for Q1 FY27 stood at ₹35.32 cr, a 63.6% decrease compared to ₹97.03 cr in the preceding quarter.
Total income for the quarter reached ₹50.02 cr, significantly aided by ₹14.70 cr in other income (treasury/investments).
Two promoters, Ms. Pushpa Bagla and Ms. Smiti Somany, submitted a formal request on August 14, 2026, for reclassification to the Public category.
The 53rd Annual General Meeting is scheduled for September 24, 2026, with a record date of September 17, 2026, for dividend entitlement.
Shri Sunit Mehra re-appointed as an Independent Director for a second 5-year term effective September 25, 2026.

💡 Investors should monitor the volatility in core operational revenue and the high reliance on treasury income. The upcoming AGM and the finalization of promoter reclassification are the next key administrative milestones.

International Conveyors Q1 Revenue at ₹35.32 Cr; Promoter Reclassification Approved

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 14 Aug 2026, 02:46 PM

International Conveyors Limited (ICL) reported consolidated revenue from operations of ₹35.32 Cr for the quarter ended June 30, 2026. This represents a significant normalization compared to the anomalous ₹3,546 Cr reported in the same quarter last year. Total income for the quarter stood at ₹50.02 Cr, supported by ₹14.70 Cr in other income. The board also approved the reclassification of two promoters, Ms. Pushpa Bagla and Ms. Smiti Somany, to the 'Public' category, and confirmed the dividend payment timeline for late September 2026.

Consolidated revenue from operations for Q1 FY27 stood at ₹35.32 Cr.
Other income contributed ₹14.70 Cr, representing approximately 29% of the total income of ₹50.02 Cr.
Dividend payment (recommended in May 2026) is scheduled for on or after September 29, 2026.
Record date for dividend entitlement and AGM voting fixed for September 17, 2026.
Two promoters requested reclassification to the 'Public' category, subject to shareholder and regulatory approval.

💡 Investors should monitor the company's ability to scale core operations toward its stated ₹250 Cr annual turnover target, as current quarterly revenues remain volatile and heavily reliant on treasury income.

Promoter I G E (India) Discloses Encumbrance on Shares via July 11 Facility Agreement

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 28 Jul 2026, 12:32 PM

I G E (India) Private Limited, a promoter of International Conveyors Limited, has disclosed the creation of an encumbrance on its equity shares. This action is linked to a facility agreement dated July 11, 2026, involving Zenox Technology Services Private Limited and Kotak Mahindra Bank Limited. The encumbrance arises from contractual covenants and a corporate guarantee provided by the promoter group. While the specific number of shares encumbered was not detailed in the provided extract, the filing follows SEBI Takeover Regulations for promoter disclosures.

Facility agreement executed on July 11, 2026, involving Kotak Mahindra Bank and CTL Trusteeship
Corporate guarantee provided by promoter I G E (India) Private Limited on July 11, 2026
Disclosure submitted to stock exchanges on July 14, 2026
Encumbrance involves multiple promoter entities including R.C.A Limited and Amaranth Daksha Private Limited

💡 Investors should monitor the upcoming quarterly shareholding pattern to determine the total percentage of promoter shares pledged or encumbered.

International Conveyors Reports Zero Demat Requests for Quarter Ended June 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Jul 2026, 11:08 PM

International Conveyors Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The report, issued by Registrar Maheshwari Datamatics Pvt. Ltd., covers the period from April 1, 2026, to June 30, 2026. It confirms that no dematerialization requests for equity shares were processed or confirmed during this timeframe. This is a standard administrative filing required for listed companies and has no impact on financial or operational performance.

Compliance certificate submitted for the quarter ended June 30, 2026
Zero (0) dematerialization requests were confirmed during the reporting period
Reporting period spans from April 1, 2026, to June 30, 2026
Registrar and Share Transfer Agent confirmed as Maheshwari Datamatics Pvt. Ltd.

💡 This is a routine procedural filing. Investors should monitor upcoming quarterly financial results for updates on the company's expansion into Australia and Europe.

CARE upgrades International Conveyors' ratings to BBB (Stable) on 44% FY26 revenue growth

🟢 POSITIVE ⭐ 9/10

REGULATORY 📅 09 Jul 2026, 11:11 PM

CARE Ratings has upgraded International Conveyors Limited's (ICL) long-term bank facilities to 'CARE BBB; Stable' and short-term facilities to 'CARE A3+'. The upgrade follows a 44% YoY growth in Total Operating Income to ₹203.65 crore in FY26, alongside an improvement in PBILDT margins from 17.05% to 20.01%. The company maintains a strong liquidity position with an investment portfolio valued at ₹325.51 crore as of December 2025. However, the rating remains constrained by significant exposure to group companies and raw material price volatility.

Total Operating Income grew 44% YoY to ₹203.65 crore in FY26 from ₹141.75 crore in FY25.
PBILDT margin improved to 20.01% in FY26, driven by better fixed overhead absorption.
Outstanding order book stood at ₹76.01 crore as of April 30, 2026, with 90% being export orders.
Overall gearing improved to 0.21x as of March 31, 2026, from 0.29x in the previous year.
Investment portfolio market value reached ₹325.51 crore as of December 31, 2025, primarily in listed equities.

💡 Investors should monitor the execution of the ₹76.01 crore order book and track any potential capital outflows related to the delisting process of group company Elpro International Limited.

Trading Window Closure from July 01, 2026, for Q1 FY27 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Jun 2026, 11:12 PM

International Conveyors Limited has announced the closure of its trading window for all designated persons starting July 01, 2026. This action is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the company's unaudited financial results are declared. The specific date for the board meeting to approve these results has not yet been disclosed.

Trading window closure begins on July 01, 2026, for the quarter ending June 30, 2026
Restriction applies to all Directors, Key Managerial Personnel (KMP), and designated persons
Window to reopen 48 hours after the announcement of unaudited financial results
Company reported a TTM revenue of ₹3724 Cr and TTM PAT of ₹68 Cr
Inventory turnover ratio improved to 8.69 in FY25 from 6.78 in FY24

💡 Investors should wait for the official board meeting date announcement to assess the company's Q1 FY27 performance, particularly focusing on whether the revenue stabilizes after significant quarterly fluctuations.

International Conveyors Rectifies EPS Reporting Error of Rs. 8.22 for Q1 FY26

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 25 Jun 2026, 02:29 PM

International Conveyors Limited (INTLCONV) has issued a clarification to the National Stock Exchange regarding its consolidated financial results for the quarter ended June 30, 2025. The company admitted to a clerical error where an EPS of Rs. 8.22 was mistakenly reported under 'discontinued operations' instead of 'continuing operations'. A revised financial statement was submitted on April 16, 2026, to correct this classification. This update ensures the accuracy of the company's financial disclosures without changing the underlying profit figures.

Clarified reporting error in the consolidated financial results for the quarter ended June 30, 2025.
EPS of Rs. 8.22 was incorrectly placed in the discontinued operations column (23-ii).
The figure has been reclassified to continuing operations (column 23-i) in the revised filing.
Revised financial results were officially submitted to the exchange on April 16, 2026.
Company assured the exchange of improved accuracy in future regulatory submissions.

💡 No fundamental action is required as this is a technical correction of a clerical error. Investors should update their records to reflect that the Rs. 8.22 EPS pertains to continuing operations.

View All INTLCONV Announcements on Live Market Tracking →

💰 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.