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International Convey Overview

1. Business Overview

International Conveyors Ltd. (INTLCONV) operates in the Engineering - Industrial Equipments sector in India. The company is primarily engaged in the manufacturing and sale of industrial conveyor belts and related material handling equipment. Its core business model revolves around supplying these critical components to various heavy industries, including mining, power generation, cement, steel, ports, and other bulk material handling sectors. The company makes money through the sale of its manufactured products, and potentially through associated services like installation, maintenance, and supply of spare parts.

2. Key Segments / Revenue Mix

Without specific financial data, typical segments for a conveyor manufacturer might include:

Conveyor Belts Manufacturing: This would likely be the primary revenue driver, encompassing various types of belts (e.g., textile reinforced, steel cord reinforced, specialty belts for heat/oil/flame resistance).

Material Handling Equipment: Potentially includes other components of conveyor systems or ancillary equipment.

Services & Spares: After-sales service, maintenance contracts, and sale of spare parts for their installed base.

Revenue mix would heavily depend on the demand from the industrial CapEx cycle and specific project requirements from its client base.

3. Industry & Positioning

The company operates within the broader Indian Engineering - Industrial Equipments industry, specifically focusing on the material handling and conveyor systems market. This industry is B2B, capital-intensive, and cyclical, heavily influenced by industrial growth and infrastructure development. The market for conveyor systems in India is likely characterized by a mix of organized and unorganized players, including domestic manufacturers and international competitors. INTLCONV positions itself as a supplier to core industrial sectors, competing on factors such as product quality, reliability, customization capabilities, pricing, and after-sales service. Its standing relative to peers would depend on its market share, technological capabilities, and client relationships.

4. Competitive Advantage (Moat)

Potential competitive advantages for INTLCONV, if established, could include:

Switching Costs: For critical industrial equipment like conveyor belts, once integrated into a complex system, switching suppliers can involve significant costs, operational disruptions, and requalification processes for clients.

Product Reliability & Durability: In heavy industries, reliable and durable equipment minimizes downtime, which is highly valued. A reputation for quality can build customer loyalty.

Niche Specialization: Expertise in manufacturing specialized conveyor belts for extreme conditions (e.g., high temperature, abrasive materials) or specific industry applications.

Customer Relationships: Long-standing relationships with large industrial clients and repeat orders.

Scale of Operations: While unconfirmed, if the company has achieved significant manufacturing scale, it could benefit from cost efficiencies in procurement and production.

5. Growth Drivers

Key factors that can drive INTLCONV's growth over the next 3-5 years include:

Increased Industrial CapEx: A general upturn in capital expenditure across manufacturing, mining, power, and infrastructure sectors in India.

Government Infrastructure Push: Ongoing government investments in ports, roads, railways, and smart cities which require significant bulk material handling solutions.

Growth in Core Industries: Expansion and modernization projects in sectors like cement, steel, thermal power, and mining will drive demand for new and replacement conveyor systems.

"Make in India" Initiative: Potential for increased domestic sourcing of industrial equipment, favoring local manufacturers.

Technological Upgrades: Adoption of more efficient, durable, or specialized conveyor belt technologies.

6. Risks

Cyclicality of Industrial Demand: The company's performance is closely tied to the CapEx cycles of core industries, making it susceptible to economic slowdowns.

Raw Material Price Volatility: Prices of key raw materials like steel, rubber, and chemicals are prone to fluctuations, impacting manufacturing costs and margins.

Intense Competition: Competition from both domestic and international players can lead to pricing pressure and margin erosion.

Project Execution Risk: Delays or cancellations of large industrial projects by clients can impact order books and revenue recognition.

Technological Obsolescence: Failure to innovate and keep pace with advancements in material handling technology could lead to loss of market share.

Working Capital Management: Dependence on large projects often requires efficient management of working capital due to extended credit cycles and inventory holding.

7. Management & Ownership

International Conveyors Ltd. is typically promoter-led, characteristic of many Indian companies. The quality of management would be assessed by their strategic vision, execution capabilities, financial prudence, and ability to navigate industry cycles. Ownership structure often involves a significant stake held by the promoter family or group, alongside institutional and public shareholders. The promoters' long-term commitment and industry experience are generally key to the company's stability and strategic direction.

8. Outlook

The outlook for International Conveyors Ltd. is inherently tied to the broader economic performance and industrial CapEx cycle in India. On the bullish side, India's long-term growth trajectory, continued focus on infrastructure development, and expansion in core manufacturing sectors present a significant demand opportunity for industrial equipment like conveyor systems. Should the industrial CapEx cycle turn robust, and government infrastructure spending remain strong, INTLCONV is well-positioned to capitalize on this demand, especially if it maintains strong client relationships and product quality. However, a more cautious view acknowledges the cyclical nature of the business, vulnerability to raw material price fluctuations, and intense competition. Economic downturns, delays in large industrial projects, or a slowdown in key client sectors could impact order inflows and profitability. Therefore, while long-term growth prospects are supported by India's economic fundamentals, the company's performance will be subject to short-to-medium term volatility based on macroeconomic conditions and specific industry trends.

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International Convey Key Financials

Market Cap ₹501 Cr.

Stock P/E 5.5

P/B 1.2

Current Price ₹78.5

Book Value ₹ 66.2

Face Value 1

52W High ₹114.3

Dividend Yield 0.96%

52W Low ₹ 59.8

International Convey Share Price

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Volume
Price

International Convey Quarterly Price

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International Convey Peer Comparison

International Convey 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 43 23 26 40 31 26 55 35 45 35
Other Income 22 23 8 42 32 29 1 66 -32 36
Total Income 64 45 34 83 63 55 56 101 13 71
Total Expenditure 33 19 24 35 26 26 44 30 34 30
Operating Profit 31 26 10 48 37 30 12 71 -22 41
Interest 2 2 2 3 2 2 2 2 3 2
Depreciation 0 0 1 0 0 0 0 0 0 0
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 28 24 8 45 34 28 10 69 -25 39
Provision for Tax 5 4 2 13 7 8 -3 17 -7 9
Profit After Tax 23 19 6 32 27 20 13 52 -17 30
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 23 19 6 32 27 20 13 52 -17 30
Adjusted Earnings Per Share 3.6 3 1 5 4.2 3.2 2.1 8.2 -2.7 4.7

International Convey 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 96 84 60 56 86 99 169 205 215 134 152 170
Other Income 4 6 8 8 9 8 9 14 15 67 105 71
Total Income 100 90 68 64 94 107 178 219 230 201 257 241
Total Expenditure 91 86 54 59 86 92 149 186 187 113 130 138
Operating Profit 9 4 14 5 8 15 29 33 43 88 126 102
Interest 5 6 6 7 10 10 5 4 4 9 8 9
Depreciation 5 3 3 3 2 2 2 2 2 2 2 0
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax -1 -5 5 -4 -4 3 22 27 37 77 116 93
Provision for Tax 2 -1 2 2 2 -3 6 11 8 15 25 16
Profit After Tax -3 -4 3 -6 -6 6 17 16 29 62 92 78
Adjustments 0 0 0 -2 0 0 0 0 0 0 0 0
Profit After Adjustments -3 -4 3 -7 -6 6 17 16 29 62 92 78
Adjusted Earnings Per Share -0.4 -0.7 0.5 -1.1 -0.8 0.9 2.5 2.4 4.4 9.8 14.5 12.3

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 13% -9% 9% 5%
Operating Profit CAGR 43% 56% 53% 30%
PAT CAGR 48% 79% 73% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -6% 13% 12% 15%
ROE Average 29% 23% 18% 7%
ROCE Average 29% 24% 20% 11%

International Convey 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 74 69 124 150 147 122 154 216 215 273 362
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 1 2 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities -0 -1 27 25 26 21 29 41 48 51 72
Total Current Liabilities 82 67 48 79 115 84 73 85 95 158 118
Total Liabilities 156 136 199 253 288 228 256 342 358 482 552
Fixed Assets 24 23 21 19 17 15 17 17 16 15 14
Other Non-Current Assets 48 51 131 174 214 142 183 165 145 120 72
Total Current Assets 84 62 47 61 57 71 57 160 197 347 466
Total Assets 156 136 199 253 288 228 256 342 358 482 552

International Convey 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 4 2 3 2 2 1 2 2 2 2 1
Cash Flow from Operating Activities 9 12 16 -14 5 3 49 37 4 12 15
Cash Flow from Investing Activities -8 -3 7 -4 -32 46 -26 1 -18 -48 43
Cash Flow from Financing Activities -3 -8 -24 18 26 -49 -24 -37 15 34 -54
Net Cash Inflow / Outflow -2 1 -1 0 -1 0 -0 0 0 -1 4
Closing Cash & Cash Equivalent 2 3 2 2 1 2 2 2 2 1 5

International Convey 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) -0.44 -0.66 0.49 -1.1 -0.85 0.94 2.46 2.4 4.44 9.84 14.47
CEPS(Rs) 0.28 -0.16 0.92 -0.48 -0.54 1.21 2.72 2.71 4.79 10.15 14.74
DPS(Rs) 0.25 0.05 0.05 0.05 0.05 0.2 1 1 1.1 1.1 0.75
Book NAV/Share(Rs) 11.01 10.22 18.37 22.16 21.73 18.12 22.69 31.66 33.05 42.89 56.91
Core EBITDA Margin(%) 4.84 -1.95 9.6 -4.32 -0.32 6.79 11.78 9.53 12.86 15.57 14.13
EBIT Margin(%) 4.41 0.7 18.06 4.56 7.36 13.25 16.05 15.1 18.84 62.8 81.98
Pre Tax Margin(%) -0.81 -5.88 8.14 -6.66 -4.73 3.27 13.16 13.04 17.04 56.24 76.43
PAT Margin (%) -2.99 -5.13 5.4 -9.74 -6.68 6.45 9.82 7.88 13.17 45.55 60.29
Cash Profit Margin (%) 1.88 -1.22 10.22 -5.49 -4.23 8.26 10.85 8.91 14.21 46.97 61.43
ROA(%) -1.9 -3.04 1.97 -2.55 -2.11 2.47 6.87 5.41 8.21 14.86 17.74
ROE(%) -3.89 -6.22 3.42 -4.22 -3.86 4.73 12.07 8.82 13.44 25.69 29
ROCE(%) 3.29 0.47 7.57 1.43 2.72 6.03 14.11 14.24 15.95 25.4 29.49
Receivable days 89.16 86.51 72.43 92.61 101.54 101.49 49.5 37.41 35.46 50.45 48.46
Inventory Days 84.67 89.63 105.38 90.3 51.59 72.45 56.17 49.29 47.23 71.82 57.71
Payable days 62.16 46.64 63.39 96.6 80.43 101.02 63.95 84.21 90.12 125.24 96.13
PER(x) 0 0 38.85 0 0 21.47 17.67 34.65 10.81 8.07 4.6
Price/Book(x) 2.32 1.64 1.03 1.07 1.22 1.12 1.92 2.62 1.45 1.85 1.17
Dividend Yield(%) 0.98 0.3 0.26 0.21 0.19 0.99 2.3 1.2 2.29 1.38 1.13
EV/Net Sales(x) 2.35 1.99 2.77 3.95 3.27 2.01 1.99 2.82 1.69 4.67 3.28
EV/Core EBITDA(x) 24.46 41.81 11.89 42.62 33.3 13.32 11.68 17.46 8.39 7.11 3.94
Net Sales Growth(%) -27.31 -12.04 -28.89 -6.14 52.14 15.31 71.56 21.21 4.8 -37.71 13.37
EBIT Growth(%) -68.32 -86 1705.34 -75.5 133.29 107.56 107.7 14.08 32.64 109.26 44.99
PAT Growth(%) -162.78 -50.57 174.1 -274.71 0.87 211.39 161.05 -2.67 77.56 117.21 46.98
EPS Growth(%) -162.78 -50.59 174.1 -325.26 23.11 211.38 161.05 -2.67 85.22 121.76 46.98
Debt/Equity(x) 0.78 0.84 0.32 0.44 0.69 0.51 0.3 0.09 0.3 0.46 0.24
Current Ratio(x) 1.03 0.93 0.99 0.77 0.5 0.84 0.77 1.89 2.07 2.2 3.95
Quick Ratio(x) 0.74 0.64 0.65 0.61 0.4 0.5 0.44 1.52 1.8 2.02 3.78
Interest Cover(x) 0.84 0.11 1.82 0.41 0.61 1.33 5.56 7.31 10.47 9.59 14.78
Total Debt/Mcap(x) 0.34 0.51 0.31 0.41 0.57 0.46 0.16 0.03 0.21 0.25 0.2

International Convey Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 69.18 68.6 68.6 68.6 68.6 69.14 69.98 70.07 69.65 69.86
FII 0.01 0.05 0.01 0.02 0 0.02 0.16 0.19 0.37 0.85
DII 0 0 0 0 0 0 0 0.53 0.52 0.54
Public 30.81 31.35 31.39 31.38 31.4 30.85 29.86 29.21 29.46 28.75
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

International Convey News

International Convey Pros & Cons

Pros

  • Company has delivered good profit growth of 72% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 23%
  • Debtor days have improved from 125.24 to 96.13days.
  • Company is almost debt free.

Cons

  • Earnings include an other income of Rs. 105 Cr.
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