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Incon Engineers Overview

1. Business Overview

Incon Engineers Ltd. operates in the Engineering - Industrial Equipments sector in India. The company is primarily involved in the design, manufacturing, supply, and likely installation and servicing of industrial equipment and components for various industries. Its core business model revolves around catering to the capital expenditure needs of industrial clients, offering customized or standard engineering solutions. The company makes money by selling these industrial equipment and related engineering services.

2. Key Segments / Revenue Mix

Specific revenue breakdowns into distinct segments are not publicly detailed for Incon Engineers Ltd. However, within the Engineering - Industrial Equipments sector, revenue typically originates from:

Product Sales: Manufacturing and selling various types of industrial machinery, components, or systems.

Project-based Engineering & Installation: Providing end-to-end solutions for specific industrial projects, which may include design, procurement, fabrication, and on-site installation.

After-Sales Services: Maintenance, spare parts, and repair services for the supplied equipment.

3. Industry & Positioning

The Indian Engineering - Industrial Equipments industry is competitive, cyclical, and largely driven by capital expenditure cycles across manufacturing, infrastructure, and process industries. It comprises a mix of large integrated players (e.g., L&T, Thermax) and numerous smaller to mid-sized specialized firms. Incon Engineers Ltd., as a specialized player, likely positions itself by focusing on specific equipment types, niche industries, or regional expertise, competing on factors like technical specifications, quality, delivery timelines, and cost-effectiveness rather than sheer scale.

4. Competitive Advantage (Moat)

For a company like Incon Engineers, potential competitive advantages (moats) are likely to stem from:

Technical Expertise & Specialization: Deep knowledge in specific engineering processes or equipment types, allowing it to meet complex client requirements.

Client Relationships: Long-standing relationships with industrial clients built on trust, reliability, and consistent performance.

Quality & Customization: Ability to deliver high-quality, customized solutions that precisely fit unique industrial needs.

Operational Efficiency: Efficient manufacturing processes and supply chain management to offer competitive pricing.

Brand and scale are generally stronger for larger players in this sector.

5. Growth Drivers

Key factors that can drive growth for Incon Engineers over the next 3-5 years include:

Government Initiatives: "Make in India," Production Linked Incentive (PLI) schemes, and infrastructure development pushing industrial capacity expansion.

Manufacturing Sector Growth: Increased capital expenditure by industries such as steel, cement, power, chemicals, and automotive.

Modernization & Automation: Demand for upgraded and automated industrial equipment to improve efficiency and reduce costs.

New Product Development & Market Expansion: Successful introduction of new equipment or services and entry into new geographies or client segments.

Export Opportunities: Growing demand for Indian-engineered equipment in developing economies.

6. Risks

Cyclicality of CAPEX: The company's performance is highly dependent on the industrial capital expenditure cycle, making it vulnerable to economic slowdowns.

Raw Material Price Volatility: Fluctuations in steel, other metals, and energy prices can impact profitability.

Intense Competition: The presence of numerous domestic and international players can lead to pricing pressure and margin erosion.

Technological Obsolescence: Rapid technological advancements may require continuous R&D investment to stay competitive.

Working Capital Management: Large project-based orders often require significant working capital, leading to financial strain if not managed efficiently.

Project Execution Risk: Delays, cost overruns, or performance issues in executing complex industrial projects can damage reputation and financial health.

7. Management & Ownership

Information on the specific management quality beyond general corporate governance standards is typically limited for smaller public companies. In Indian companies of this nature, promoter families often hold significant ownership stakes and are actively involved in the management and strategic direction of the company. The ownership structure would typically involve a substantial promoter holding, with the remainder held by public shareholders and potentially some institutional investors. Promoter vision and integrity are crucial for long-term value creation.

8. Outlook

Incon Engineers Ltd. operates in a crucial sector that stands to benefit from India's industrial growth story and government-led manufacturing initiatives. The bullish case rests on sustained economic growth driving industrial CAPEX, the company's ability to capitalize on its specialized expertise, strong client relationships, and efficient project execution. However, the company faces inherent risks associated with the cyclical nature of the engineering industry, intense competition, and raw material price volatility. Its performance will be significantly influenced by its ability to innovate, manage working capital effectively, and navigate the competitive landscape while maintaining quality and delivery standards.

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Incon Engineers Key Financials

Market Cap ₹5 Cr.

Stock P/E -13.3

P/B -2.7

Current Price ₹12.6

Book Value ₹ -4.8

Face Value 10

52W High ₹18.4

Dividend Yield 0%

52W Low ₹ 9.3

Incon Engineers Share Price

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Volume
Price

Incon Engineers Quarterly Price

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Incon Engineers Peer Comparison

Incon Engineers 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 0 0 0 0 0 0 0 0 0 0
Other Income 0 0 0 0 0 0 0 0 0 0
Total Income 0 0 0 0 0 0 0 0 0 0
Total Expenditure 0 0 0 0 0 0 0 0 0 0
Operating Profit -0 -0 -0 -0 -0 -0 -0 -0 -0 -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 -0 -0 -0 -0 -0 -0 -0 -0 -0
Provision for Tax 0 0 0 0 0 0 0 0 0 0
Profit After Tax -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
Adjustments 0 -0 0 0 0 -0 0 0 0 0
Profit After Adjustments -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
Adjusted Earnings Per Share -0.3 -0.3 -0.2 -0.3 -0.3 -0.2 -0.2 -0.1 -0.3 -0.3

Incon Engineers 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 1 1 0 1 1 0 2 1 0 0 0 0
Other Income 0 0 0 0 0 0 0 0 0 0 0 0
Total Income 1 1 0 1 1 0 3 1 0 0 0 0
Total Expenditure 1 1 1 1 1 1 2 1 1 1 1 0
Operating Profit -0 -0 -0 0 -0 -0 1 0 -0 -0 -0 0
Interest 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 0 0 0 0 0 0 0 0 0 0 0 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 1 -0 -0 -0 -0 0
Provision for Tax 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Tax -0 -0 -0 0 -0 -0 1 -0 -0 -0 -0 0
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments -0 -0 -0 0 -0 -0 1 -0 -0 -0 -0 0
Adjusted Earnings Per Share -0.3 -0.4 -0.6 0.1 -0.3 -0.5 1.8 -0 -0.8 -1.1 -0.9 -0.9

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 0% -100% 0% -100%
Operating Profit CAGR 0% 0% 0% 0%
PAT CAGR 0% 0% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -4% 0% 22% 3%
ROE Average 0% 0% 0% 0%
ROCE Average -65% -61% -25% -27%

Incon Engineers 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 1 1 0 0 0 0 1 1 1 0 -0
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 0 0 0 0 0 0 2 0 0 0 0
Other Non-Current Liabilities 0 0 0 0 0 0 0 0 0 0 0
Total Current Liabilities 0 0 0 0 0 1 1 0 0 0 1
Total Liabilities 1 1 1 1 1 1 4 1 1 1 1
Fixed Assets 1 1 1 1 1 1 1 1 1 0 0
Other Non-Current Assets 0 0 0 0 0 0 0 0 0 0 0
Total Current Assets 0 0 0 0 0 1 3 1 0 0 0
Total Assets 1 1 1 1 1 1 4 1 1 1 1

Incon Engineers 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 0
Cash Flow from Operating Activities 0 -0 -0 0 -0 -0 -1 2 -0 -0 -0
Cash Flow from Investing Activities -0 -0 0 -0 0 0 -0 0 0 0 0
Cash Flow from Financing Activities -0 0 0 0 0 0 1 -2 0 0 0
Net Cash Inflow / Outflow 0 -0 -0 0 -0 -0 0 0 -0 -0 -0
Closing Cash & Cash Equivalent 0 0 0 0 0 0 0 0 0 0 0

Incon Engineers 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) -0.33 -0.37 -0.63 0.12 -0.29 -0.55 1.82 -0.02 -0.83 -1.09 -0.95
CEPS(Rs) -0.2 -0.26 -0.56 0.19 -0.24 -0.5 1.87 0.04 -0.77 -1.05 -0.91
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) -1.32 -1.69 -2.25 -2.17 -2.48 -2.96 -1.14 -1.15 -1.97 -3.08 -4.03
Core EBITDA Margin(%) -22.85 -39.72 -193.21 -1.48 -41.28 -155.41 29.69 -8.43 -410.38 0 -235.47
EBIT Margin(%) -19.08 -31.17 -153.06 6.1 -23.22 -107.74 34.99 1.62 -264.38 -9742.22 -165.55
Pre Tax Margin(%) -19.5 -31.27 -153.73 5.95 -24.1 -110.87 31.93 -0.54 -266.84 0 -198.55
PAT Margin (%) -19.5 -31.27 -153.73 5.95 -25.2 -110.87 31.93 -0.54 -266.84 0 -198.55
Cash Profit Margin (%) -11.9 -22.19 -137.17 9.11 -20.34 -100.57 32.81 1.38 -249.51 0 -190.26
ROA(%) -12.55 -16.34 -32.26 6.25 -15.78 -23.98 29.93 -0.25 -35.08 -59.44 -48.56
ROE(%) 0 0 0 0 0 0 0 0 0 0 0
ROCE(%) -15.78 -21.68 -51.08 12.53 -30.84 -68.65 57.42 1.1 -46.21 -72.35 -64.52
Receivable days 36.16 30.07 0 0 0.25 0.63 190.24 417.42 308.98 2023.72 228.66
Inventory Days 85.15 39.97 118.66 18.96 7.57 244.54 44.69 50.44 9.54 283.89 97
Payable days 92.61 115.38 587.4 29.79 73.55 -1621.27 74.32 92.85 333.91 7806.94 318.53
PER(x) 0 0 0 53.63 0 0 2.51 0 0 0 0
Price/Book(x) -1.82 -5.22 -3.65 -2.99 0 0 -4.02 -21.08 -5.66 -4.49 -3.26
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 1.2 7.16 19.63 2.99 8.5 21.44 1.48 8.61 36.33 1439.19 31.52
EV/Core EBITDA(x) -10.46 -32.42 -14.38 32.27 -46.29 -22 4.11 243.83 -14.7 -15.44 -20.04
Net Sales Growth(%) 24.12 -30.23 -65.23 394.51 -42.83 -57.69 1055.21 -51.03 -88.9 -96.64 4486.67
EBIT Growth(%) -465.7 -13.98 -70.73 119.69 -317.78 -96.33 475.2 -97.74 -1915.38 -23.84 22.06
PAT Growth(%) -504.44 -11.9 -70.95 119.14 -342.19 -86.12 432.69 -100.83 -5396.92 -32.07 13.16
EPS Growth(%) -504.65 -11.89 -70.94 119.14 -342.15 -86.11 432.72 -100.83 -5404.67 -32.08 13.16
Debt/Equity(x) 0 0 0 0 0 2.35 1.96 0 0.21 9.57 -2.38
Current Ratio(x) 1.47 1.03 0.59 0.69 0.41 0.79 2.58 2.4 1.91 1.3 0.37
Quick Ratio(x) 1.16 0.88 0.33 0.66 0.38 0.47 2.34 2.39 1.89 1.28 0.29
Interest Cover(x) -46.12 -328.75 -229.46 41.84 -26.45 -34.46 11.42 0.75 -107.27 -13.09 -5.02
Total Debt/Mcap(x) 0 0 0 0 0 0 0.89 0 0.02 0.09 0.15

Incon Engineers Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 66.34 66.34 66.34 66.34 66.34 66.34 66.34 66.34 66.34 66.34
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 33.64 33.64 33.64 33.64 33.64 33.64 33.64 33.64 33.64 33.64
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Incon Engineers News

Incon Engineers Pros & Cons

Pros

  • Stock is trading at -2.7 times its book value
  • Debtor days have improved from 7806.94 to 318.53days.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 0% over the last 3 years.
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