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Integrated Cap. Serv Overview

1. Business Overview

Integrated Capital Services Ltd. (ICSL) is a Non-Banking Financial Company (NBFC) based in India. As an NBFC, it engages in the business of providing various financial services without holding a full banking license. Its core business model typically involves lending money in the form of secured and unsecured loans, asset financing, and potentially other financial activities such as investment advisory or trading. The company primarily makes money through interest income generated from its loan portfolio, fees charged for its services, and potential gains from investment activities.

2. Key Segments / Revenue Mix

Without specific detailed financial reports, the precise revenue mix and key segments are not publicly available. However, based on the nature of NBFCs in India, ICSL's operations likely involve:

Lending Activities: Providing various types of loans (e.g., personal loans, business loans, loans against property, vehicle finance).

Investment Activities: Investing in securities, bonds, or other financial instruments.

Specific segment contributions cannot be determined without access to the company's financial statements.

3. Industry & Positioning

The Indian NBFC sector is diverse, highly competitive, and regulated by the Reserve Bank of India (RBI). It plays a crucial role in providing credit to segments often underserved by traditional banks, including MSMEs, individuals in semi-urban/rural areas, and specific industry niches. The industry comprises large, diversified players alongside numerous smaller, specialized NBFCs. ICSL, based on general market visibility, appears to be a smaller to mid-sized player operating within this competitive landscape. Its positioning would depend on its specific geographical focus, target customer segments, and lending specializations, competing with a wide array of other NBFCs and commercial banks.

4. Competitive Advantage (Moat)

For a smaller NBFC like ICSL, establishing a strong, durable competitive advantage (moat) can be challenging. Potential sources of competitive advantage, if present, might include:

Niche Expertise: Deep understanding and efficient credit assessment in a specific segment or geography.

Strong Local Relationships: Established networks and trust with local businesses or communities.

Efficient Operations: Lower operating costs or superior asset quality management within its target segments.

Agility: Ability to adapt quickly to market changes or customer needs compared to larger, more bureaucratic banks.

However, broad brand recognition, significant scale advantages, or high switching costs are less likely to be present for a company of this profile.

5. Growth Drivers

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

Rising Credit Demand: Continuous demand for retail and MSME credit driven by India's economic growth and increasing financial inclusion.

Underbanked Segments: Ability to tap into population segments and geographical areas that are underserved by traditional banks.

Digitalization: Leveraging technology for efficient customer acquisition, loan processing, and risk assessment, potentially reducing operational costs.

Government Initiatives: Favorable government policies or schemes promoting lending to specific sectors (e.g., MSMEs, affordable housing).

Diversification: Expanding into new, profitable lending segments or financial services.

6. Risks

Integrated Capital Services Ltd. faces several inherent business risks:

Credit Risk: The primary risk of borrowers defaulting on loans, leading to Non-Performing Assets (NPAs) and impacting profitability.

Interest Rate Risk: Fluctuations in interest rates can impact both the cost of funds and the yield on assets, affecting net interest margins.

Liquidity Risk: Difficulty in raising funds at competitive rates or meeting short-term obligations, especially in times of market stress.

Regulatory Risk: Changes in RBI regulations regarding NBFC operations, capital adequacy, or asset classification norms can impact business models and profitability.

Competition: Intense competition from other NBFCs, banks, and fintech players for market share and funding.

Economic Slowdown: A downturn in the Indian economy can lead to increased loan defaults and reduced credit demand.

7. Management & Ownership

Integrated Capital Services Ltd. is likely a promoter-driven company, a common structure among Indian businesses. The promoter group typically holds a significant stake and plays a crucial role in strategic decision-making and day-to-day operations. Specific details regarding the management team's experience, track record, or the detailed ownership structure are not readily available without further investigation into public filings. The quality of management and governance is critical for an NBFC's long-term success, especially in navigating regulatory complexities and managing credit risk.

8. Outlook

Integrated Capital Services Ltd. operates in a dynamic and growing Indian financial services sector, specifically the NBFC space, which benefits from consistent credit demand across various segments of the economy. The bull case for ICSL hinges on its ability to effectively identify and serve profitable niches, maintain disciplined credit underwriting, manage its asset quality, and secure funding at competitive rates. Growth could be driven by India's overall economic expansion and the increasing formalization of credit.

However, the company faces significant headwinds. The bear case highlights risks such as intense competition from larger, better-funded banks and NBFCs, the inherent cyclicality of credit markets, potential increases in NPAs during economic downturns, and the ever-present threat of adverse regulatory changes. Maintaining a healthy balance sheet, robust risk management, and adequate capitalization will be crucial for sustained performance in this competitive environment.

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Integrated Cap. Serv Key Financials

Market Cap ₹16 Cr.

Stock P/E -2351.6

P/B 1.9

Current Price ₹4.6

Book Value ₹ 2.3

Face Value 1

52W High ₹5.6

Dividend Yield 0%

52W Low ₹ 3.2

Integrated Cap. Serv Share Price

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Volume
Price

Integrated Cap. Serv Quarterly Price

Show Value Show %

Integrated Cap. Serv Peer Comparison

Integrated Cap. Serv 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 -0.1 -0 0 -0 0 -0 0 0 0 -0.1

Integrated Cap. Serv 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 2 2 3 2 2 1 1 1 2 1 1 0
Other Income 0 0 1 0 0 0 2 0 0 0 0 0
Total Income 2 2 4 3 2 1 3 1 2 1 1 0
Total Expenditure 1 1 2 1 2 1 1 6 1 1 1 0
Operating Profit 1 1 2 1 -0 0 2 -5 1 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 1 1 2 1 -1 -0 2 -6 1 -0 -0 0
Provision for Tax 0 0 0 0 0 -0 -0 -1 0 -0 -0 0
Profit After Tax 1 1 1 0 -1 -0 2 -5 1 -0 -0 0
Adjustments 0 0 1 0 -3 -1 -2 0 0 -0 -0 0
Profit After Adjustments 1 1 3 1 -4 -1 0 -5 1 -0 -0 0
Adjusted Earnings Per Share 0 0.2 0.7 0.1 -1.1 -0.4 0.1 -1.3 0.2 -0 -0 -0.1

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 0% 0% 0% -7%
Operating Profit CAGR 0% 0% 0% -100%
PAT CAGR 0% 0% 0% -100%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 15% 13% 7% 13%
ROE Average -0% 3% -6% -1%
ROCE Average -0% 3% -6% 0%

Integrated Cap. Serv 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 11 12 10 10 6 6 6 8 9 9 9
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 0 2 5 5 5 4 3 3 2 2 0
Other Non-Current Liabilities -0 -0 0 0 0 0 -0 -1 -1 -1 -1
Total Current Liabilities 1 2 2 2 1 1 1 1 1 1 3
Total Liabilities 13 15 16 17 13 11 10 11 11 11 11
Fixed Assets 2 8 8 9 8 8 8 9 8 9 9
Other Non-Current Assets 9 7 7 7 4 3 1 1 1 1 1
Total Current Assets 2 0 1 1 0 0 1 2 2 2 2
Total Assets 13 15 16 17 13 11 10 11 11 11 11

Integrated Cap. Serv 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 1 0 0 0 1 2 1 0
Cash Flow from Operating Activities 1 1 1 1 -0 1 -2 2 1 -1 2
Cash Flow from Investing Activities 1 -3 -0 -0 0 -0 4 -0 0 -0 0
Cash Flow from Financing Activities -1 1 -1 -0 -0 -1 -1 -1 -1 0 -2
Net Cash Inflow / Outflow 0 -0 1 -0 -0 -0 1 1 -0 -1 0
Closing Cash & Cash Equivalent 0 0 1 0 0 0 1 2 1 0 0

Integrated Cap. Serv 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 0.16 0.7 0.14 -1.13 -0.38 0.07 -1.27 0.21 -0.01 -0.01
CEPS(Rs) 0.2 0.18 0.38 0.19 -0.13 0.01 0.58 -1.22 0.26 0.04 0.04
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 0 2.28 2.71 2.94 1.81 1.55 1.62 1.97 2.18 2.17 2.16
Core EBITDA Margin(%) 43.46 37.84 25.29 39.49 -17.11 19.66 -15.97 -695.99 61.52 1.26 9.19
EBIT Margin(%) 38.76 40.64 64.26 40.58 -26.76 2.18 279.92 -715.39 56.55 -14.57 -2.95
Pre Tax Margin(%) 38.68 39.55 63.27 31.97 -37.61 -17.65 255.54 -733.4 56.55 -14.57 -2.95
PAT Margin (%) 25.79 26.15 46.35 19.88 -42.91 -17.58 285.58 -601.38 46.58 -4.5 -1.04
Cash Profit Margin (%) 31.53 31.53 53.56 27.99 -30.35 4.07 316 -575.97 57.84 27.73 23.56
ROA(%) 4.61 3.83 7.55 2.95 -4.54 -1.35 17.06 -41.77 6.7 -0.21 -0.06
ROE(%) 8.05 6.66 13.12 4.86 -8 -2.72 33 -70.65 10.04 -0.3 -0.09
ROCE(%) 7.33 6.41 11.64 6.75 -3.16 0.19 18.96 -56.02 9.13 -0.78 -0.19
Receivable days 65.42 61.15 45.47 56.13 60.88 52.4 40.12 14.39 32.33 199.5 106.35
Inventory Days 0 0 0 0 0 0 0 0 0 0 0
Payable days 0 0 0 0 0 0 0 0 0 0 0
PER(x) 0 10.62 3.16 32.74 0 0 30.78 0 14.27 0 0
Price/Book(x) 0 0.77 0.81 1.56 0.76 0.74 1.27 3.11 1.37 1.73 1.98
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 2.71 5.83 4.69 8.37 6.19 9.19 15.49 30.77 7 26.96 24.48
EV/Core EBITDA(x) 5.98 12.68 6.56 17.19 -43.62 38.58 4.99 -4.46 10.33 152.67 113.05
Net Sales Growth(%) 24.47 -11.75 26.09 -3.06 -36.34 -41.37 -29.43 15.1 112.17 -67.05 26.04
EBIT Growth(%) 14.91 -7.47 99.38 -38.78 -141.98 104.78 8958.85 -394.15 116.77 -108.49 74.51
PAT Growth(%) -32.77 -10.52 123.45 -58.41 -237.39 75.98 1246.31 -342.37 116.43 -103.18 70.76
EPS Growth(%) 0 0 322.45 -79.82 -906.41 66.33 117.46 -2003 116.47 -103.5 -97.26
Debt/Equity(x) 0.05 0.18 0.47 0.46 0.77 0.81 0.61 0.41 0.26 0.28 0.33
Current Ratio(x) 1.98 0.25 0.58 0.6 0.3 0.26 0.98 1.26 1.43 1.36 0.55
Quick Ratio(x) 1.98 0.25 0.58 0.6 0.31 0.26 0.98 1.26 1.43 1.36 0.63
Interest Cover(x) 470.7 37.24 65.02 4.72 -2.47 0.11 11.48 -39.74 9011 0 0
Total Debt/Mcap(x) 0 0.34 0.58 0.29 1.01 1.09 0.48 0.13 0.19 0.16 0.16

Integrated Cap. Serv Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 65.89 65.89 65.89 65.89 65.89 65.89 65.89 65.89 65.89 65.89
FII 0 0 0 0 0 0 0 0 0 0
DII 0 0 0 0 0 0 0 0 0 0
Public 34.11 34.11 34.11 34.11 34.11 34.11 34.11 34.11 34.11 34.11
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Integrated Cap. Serv News

Integrated Cap. Serv Pros & Cons

Pros

  • Company has reduced debt.
  • Company is almost debt free.

Cons

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