Sharescart Research Club logo

Ikoma Technologies Overview

1. Business Overview

Ikoma Technologies Ltd. operates in the Engineering - Industrial Equipments sector in India. The company likely specializes in the design, manufacturing, sale, and servicing of a range of industrial machinery, equipment, components, or integrated systems for various industries. Its core business model would typically be Business-to-Business (B2B), supplying capital goods and related services to sectors such as manufacturing, infrastructure, power, automotive, chemicals, or other heavy industries. The company generates revenue by selling its manufactured equipment, providing spare parts, offering installation and commissioning services, and undertaking maintenance, repair, and overhaul (MRO) contracts or annual maintenance contracts (AMCs) for its installed base.

2. Key Segments / Revenue Mix

Without specific financial reports, the exact revenue mix is not available. However, for a company in this industry, typical segments could include:

Equipment Manufacturing & Sales: Revenue from the direct sale of new industrial machinery and systems.

Aftermarket Services: Revenue from spare parts, consumables, maintenance contracts, repairs, retrofits, and upgrades for existing equipment.

Project-based Solutions: For more complex engagements, revenue derived from engineering, procurement, and construction (EPC) contracts or turn-key solutions.

Segmentation might also occur by product type (e.g., pumps, valves, heavy fabrication, automation systems) or by end-user industry (e.g., Automotive, Power, Cement, Steel).

3. Industry & Positioning

The Indian Engineering - Industrial Equipments industry is characterized by a mix of large global players, established domestic manufacturers, and numerous smaller specialized firms. It is capital-intensive, cyclical in nature (tied to industrial capital expenditure cycles), and driven by infrastructure development, manufacturing growth, and technological advancements. Competition can be intense, focusing on product quality, reliability, customization capabilities, after-sales service, and pricing. Ikoma Technologies Ltd. would likely position itself either as a specialist in certain types of equipment, a cost-effective solution provider, or a company known for its robust engineering and service capabilities within specific regional or industrial niches in India.

4. Competitive Advantage (Moat)

Potential competitive advantages for Ikoma Technologies could include:

Switching Costs: For complex, integrated industrial systems, the cost and disruption of switching suppliers can be high once equipment is installed and systems are integrated. This applies more to specialized or mission-critical equipment.

Intangible Assets (Brand/Reputation): A long-standing reputation for reliability, quality, and timely after-sales service can create trust and preference among industrial customers. Specific patents or proprietary technologies might also offer an edge.

Cost Advantage: Efficient manufacturing processes, robust supply chain management, and economies of scale (if the company has significant production volumes) could lead to a cost leadership position in certain product categories.

Deep Customer Relationships: Long-term engagement with key industrial clients, understanding their specific needs, and offering customized solutions can build strong, lasting relationships.

5. Growth Drivers

Key factors that can drive growth for Ikoma Technologies Ltd. over the next 3-5 years include:

'Make in India' and Production Linked Incentive (PLI) Schemes: Government initiatives promoting domestic manufacturing and boosting industrial output.

Infrastructure Development: Continued government spending on roads, railways, ports, airports, and power, driving demand for industrial equipment.

Manufacturing Sector Growth: Expansion and modernization across various industries (e.g., automotive, capital goods, consumer durables, renewables) leading to increased demand for machinery.

Technological Upgrades & Automation: Adoption of Industry 4.0 technologies, automation, and advanced manufacturing processes requiring new or upgraded equipment.

Export Opportunities: Leveraging India's cost advantage and engineering talent to cater to demand in other developing markets.

Aftermarket Services: Growing installed base and focus on preventative maintenance can drive recurring revenue from services and spare parts.

6. Risks

Cyclical Demand: Sensitivity to economic downturns, industrial capital expenditure cycles, and slowdowns in key end-user industries.

Raw Material Price Volatility: Fluctuations in prices of steel, non-ferrous metals, and other inputs can impact profitability, especially on fixed-price contracts.

Intense Competition: Pressure from both domestic and international players, leading to pricing pressures and potential market share erosion.

Technological Obsolescence: Failure to innovate or adapt to new manufacturing technologies and customer requirements could lead to loss of competitiveness.

Supply Chain Disruptions: Global events, geopolitical issues, or logistics challenges can disrupt the availability and cost of components and raw materials.

Working Capital Management: High capital intensity requiring efficient management of inventory, receivables, and payables.

Environmental & Regulatory Changes: Stricter environmental norms or changes in industrial policy could impact operations or demand.

7. Management & Ownership

As is common in India, Ikoma Technologies Ltd. is likely founded and promoted by a specific individual or family group (promoters) who hold a significant ownership stake and play a crucial role in strategic decision-making and day-to-day operations. The quality of management would be critical in navigating industry cycles, driving innovation, ensuring operational efficiency, and expanding market reach. The ownership structure would typically involve the promoter group, institutional investors (domestic and foreign), and public shareholders, with the promoter group maintaining a controlling interest.

8. Outlook

Ikoma Technologies Ltd. operates in an industry with significant long-term growth potential, driven by India's industrialization, infrastructure push, and 'Make in India' initiatives. The company could benefit from increased capital expenditure across various manufacturing sectors and a growing demand for advanced industrial equipment. However, the outlook is balanced by inherent industry risks such as cyclical demand, intense competition, volatility in raw material prices, and the need for continuous technological adaptation. Sustained growth will depend on the company's ability to innovate, maintain product quality and reliability, offer competitive pricing, expand its service network, and efficiently manage its working capital and supply chain amidst a dynamic economic environment. Focus on specific niche markets or advanced engineering solutions could provide resilience and competitive advantage.

Want to Start Investing in Top Unlisted Stocks?

Our experts help you choose the right stocks based on performance, risk, and growth potential.

Ikoma Technologies Key Financials

Market Cap ₹109 Cr.

Stock P/E 82.4

P/B 15.2

Current Price ₹61

Book Value ₹ 4

Face Value 10

52W High ₹107.8

Dividend Yield 0%

52W Low ₹ 13.8

Ikoma Technologies Share Price

| |

Volume
Price

Ikoma Technologies Quarterly Price

Show Value Show %

Ikoma Technologies Peer Comparison

Ikoma Technologies Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 3 6 29 13 0 0 7 2 0 0
Other Income 0 0 0 0 0 0 0 0 0 0
Total Income 3 6 29 13 0 0 7 2 0 0
Total Expenditure 3 4 23 8 0 1 9 0 1 0
Operating Profit 0 1 6 5 -0 -1 -1 1 -1 -0
Interest 0 0 0 0 0 0 0 0 0 0
Depreciation 0 0 0 0 0 0 0 0 0 0
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 0 1 5 5 -1 -1 -2 1 -1 -0
Provision for Tax 0 0 1 1 -0 -0 -0 0 -0 -0
Profit After Tax 0 1 4 4 -1 -1 -1 1 -1 -0
Adjustments 0 0 0 0 0 0 0 0 -0 0
Profit After Adjustments 0 1 4 4 -1 -1 -1 1 -1 -0
Adjusted Earnings Per Share 0.1 0.3 1.7 1.7 -0.2 -0.3 -0.6 0.4 -0.3 -0.1

Ikoma Technologies Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 0 0 0 0 0 0 0 0 0 38 20 9
Other Income 0 0 0 0 0 0 0 0 0 0 0 0
Total Income 0 0 0 0 0 0 0 0 0 38 20 9
Total Expenditure 0 0 0 0 0 0 0 0 1 30 17 10
Operating Profit -0 -0 -0 -0 -0 -0 -0 -0 -1 7 3 -1
Interest 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 0 0 0 0 0 0 0 0 0 0 1 0
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax -0 -0 -0 -0 -0 -0 -0 -0 -1 7 2 -2
Provision for Tax 0 0 0 0 0 0 0 0 0 2 1 0
Profit After Tax -0 -0 -0 -0 -0 -0 -0 -0 -1 5 1 -1
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments -0 -0 -0 -0 -0 -0 -0 -0 -1 5 1 -1
Adjusted Earnings Per Share -0 -0 -0 -0 -0.1 -0 -0 -0 -0.3 2.3 0.6 -0.6

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -47% 0% 0% 0%
Operating Profit CAGR -57% 0% 0% 0%
PAT CAGR -80% 0% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -42% 138% NA% NA%
ROE Average 14% 46% 28% 13%
ROCE Average 22% -96% -119% -78%

Ikoma Technologies Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds -0 -0 -0 -0 -0 -0 -1 -1 -1 9 9
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 0 0 0 0 0 1 1 1 1 1 1
Other Non-Current Liabilities 0 0 0 0 0 0 0 0 0 4 2
Total Current Liabilities 0 0 0 0 0 0 0 0 0 41 45
Total Liabilities 0 0 0 0 0 0 0 0 0 55 57
Fixed Assets 0 0 0 0 0 0 0 0 0 4 12
Other Non-Current Assets 0 0 0 0 0 0 0 0 0 0 2
Total Current Assets 0 0 0 0 0 0 0 0 0 51 43
Total Assets 0 0 0 0 0 0 0 0 0 55 57

Ikoma Technologies Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 0 0 0 0 0 0 0 0 0 0 6
Cash Flow from Operating Activities -0 -0 -0 -0 -0 -0 -0 -0 -1 1 8
Cash Flow from Investing Activities 0 0 0 0 0 0 0 0 0 -0 -10
Cash Flow from Financing Activities 0 0 0 0 0 0 0 0 0 5 -3
Net Cash Inflow / Outflow -0 -0 -0 0 -0 -0 -0 0 -0 6 -5
Closing Cash & Cash Equivalent 0 0 0 0 0 0 0 0 0 6 1

Ikoma Technologies Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) -0.01 -0.02 -0.03 -0.03 -0.08 -0.04 -0.04 -0.01 -0.32 2.25 0.58
CEPS(Rs) -0.01 -0.02 -0.03 -0.03 -0.08 -0.04 -0.04 -0.01 -0.32 2.46 0.9
DPS(Rs) 0 0 0 0 0 0 0 0 0 0.75 0
Book NAV/Share(Rs) -0.07 -0.09 -0.13 -0.16 -0.24 -0.27 -0.31 -0.33 -0.65 4.13 3.94
Core EBITDA Margin(%) -3020 0 0 0 0 0 0 0 0 19.48 12.5
EBIT Margin(%) -3020 0 0 0 0 0 0 0 0 18.24 11.39
Pre Tax Margin(%) -3096.01 0 0 0 0 0 0 0 0 17.74 9.5
PAT Margin (%) -3096.01 0 0 0 0 0 0 0 0 13.58 6.65
Cash Profit Margin (%) -3096.01 0 0 0 0 0 0 0 0 14.82 10.28
ROA(%) -26.46 -47.26 -70.28 -55.8 -152.76 -76.27 -75.9 -17.19 -379.94 18.51 2.35
ROE(%) 0 0 0 0 0 0 0 0 0 123.81 14.35
ROCE(%) 0 0 0 0 0 -261.09 -283.91 -24.93 -438.46 128.83 21.68
Receivable days 0 0 0 0 0 0 0 0 0 366.92 478.58
Inventory Days 0 0 0 0 0 0 0 0 0 46.75 0
Payable days 0 0 0 0 0 0 0 0 0 1500.58 1866.98
PER(x) 0 0 0 0 0 0 0 0 0 4.14 191.94
Price/Book(x) 0 0 0 0 0 0 0 0 -3.63 2.26 28.19
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 8.05 0
EV/Net Sales(x) 0 0 0 0 0 0 0 0 0 0.44 12.79
EV/Core EBITDA(x) -815.84 -446.21 -300.29 -351.05 -127.24 -270.39 -276.49 -727.69 -9.47 2.26 85.18
Net Sales Growth(%) 231.96 -47.18 -25.14 -100 0 0 0 0 0 0 -47.44
EBIT Growth(%) -49.54 -82.88 -48.6 14.19 -179.99 52.77 1.86 61.87 -2151.86 1336.16 -67.2
PAT Growth(%) -52.66 -78.39 -48.63 14.21 -180.12 52.79 1.83 61.82 -2148.6 1020.08 -74.26
EPS Growth(%) -52.09 -79.05 -48.63 14.21 -180.17 52.85 1.84 61.66 -2141.96 801.9 -74.27
Debt/Equity(x) -0.91 -0.71 -0.53 -0.68 -1.06 -1.05 -1.04 -1.31 -1.07 0.13 0.14
Current Ratio(x) 0.02 0 0 0.1 0.4 0.33 0.15 4.66 0.64 1.24 0.96
Quick Ratio(x) 0.02 0 0 0.1 0.4 0.33 0.15 4.66 0.64 1.12 0.96
Interest Cover(x) -39.73 0 -5822.21 0 -2152.06 0 -3001.85 -613.44 -5567 36.62 6.05
Total Debt/Mcap(x) 0 0 0 0 0 0 0 0 0.29 0.06 0

Ikoma Technologies Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 41.87 36.7 36.7 36.7 36.7 36.7 36.7 36.7 36.7 36.7
FII 0 0 0 0 0 0 0 0 0 0
DII 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
Public 58.11 63.29 63.29 63.29 63.29 63.29 63.29 63.29 63.29 63.29
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Ikoma Technologies News

Ikoma Technologies Pros & Cons

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 46%
  • Company is almost debt free.

Cons

  • Promoter holding is low: 36.7%.
  • Debtor days have increased from 1500.58 to 1866.98days.
  • Stock is trading at 15.2 times its book value.
whatsapp