Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
post
Last Updated: April 2, 2026, 4:49 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 511194 | NSE: ICDSLTD

ICDS Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹27.02Overvalued by 37.31%vs CMP ₹43.10

P/E (23.8) × ROE (6.1%) × BV (₹23.00) × DY (2.00%)

₹19.78Overvalued by 54.11%vs CMP ₹43.10
MoS: -117.9% (Negative)Confidence: 68/100 (Moderate)Models: All 9: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹22.5223%Over (-47.7%)
Graham NumberEarnings₹30.5216%Over (-29.2%)
Earnings PowerEarnings₹8.4711%Over (-80.3%)
DCFCash Flow₹17.7814%Over (-58.7%)
Net Asset ValueAssets₹23.017%Over (-46.6%)
EV/EBITDAEnterprise₹25.619%Over (-40.6%)
Earnings YieldEarnings₹18.007%Over (-58.2%)
ROCE CapitalReturns₹10.507%Over (-75.6%)
Revenue MultipleRevenue₹4.495%Over (-89.6%)
Consensus (9 models)₹19.78100%Overvalued
Key Drivers: EPS CAGR -16.7% drags value — could be higher if earnings stabilize. | Wide model spread (₹4–₹31) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -16.7%

*Investments are subject to market risks

Investment Snapshot

67
ICDS Ltd scores 67/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health62/100 · Moderate
ROCE 11.8% AverageROE 6.1% AverageD/E 0.01 Low debtInterest Coverage 0.0x RiskyProfitable 4/5 years Consistent
Smart Money50/100 · Moderate
Promoter holding at 51.4% Stable
Earnings Quality55/100 · Moderate
OPM expanding (-5% → 49%) ImprovingWorking capital: 356 days Capital intensive
Quarterly Momentum100/100 · Strong
Revenue (4Q): +86% YoY AcceleratingProfit (4Q): +168% YoY StrongOPM: 45.6% (up 14.2% YoY) Margin expansion
Industry Rank65/100 · Strong
P/E 23.8 vs industry 171.3 Cheaper than peersROCE 11.8% vs industry 11.4% AverageROE 6.1% vs industry 25.6% Below peers3Y sales CAGR: 40% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

ICDS Ltd Investor Signals

Computed from valuation, cash flow, balance sheet, ownership and quarterly trend data already available in this stock page.

Value Trap Score
40/100
Moderate
Derived from: Cheapness + weak quality + weak cash support
Current data: P/E 23.8 vs Ind 171.3 | ROCE 11.8% | ROE 6.1% | CFO/NP N/A
Balance Sheet Stress
0/100
Comfortable
Derived from: Leverage + debt servicing + liquidity + debt trend
Current data: D/E 0.01x | IntCov 0.0x | Current 15.80x | Borrow/Reserve 0.01x
Cash Flow Reliability
43/100
Mixed
Derived from: Cash backing of earnings + working capital pressure
Current data: CFO ₹0 Cr | NP ₹1 Cr | CFO/NP N/A
Ownership Accumulation
0
Neutral
Derived from: FII + DII + promoter direction, adjusted by crowding
Current data: FII N/A | DII 0.00 pp | Prom 0.00 pp
Business Momentum
+100
Stable
Derived from: Latest quarter sales + profit + OPM change
Current data: Q Sales +7.5% | Q NP +243.8% | Q OPM +28.6 pp
Derived FieldValueHow it is derived
Valuation Gap %-54.1%((Fair Value - CMP) / CMP) × 100
Borrowings / Reserves0.01xLatest borrowings divided by latest reserves
CFO / Net ProfitN/ALatest operating cash flow divided by latest net profit
FII ChangeN/ALatest FII% minus previous FII%
DII Change0.00 ppLatest DII% minus previous DII%
Promoter Change0.00 ppLatest promoter% minus previous promoter%
Shareholder Count Change-47Latest shareholder count minus previous count
Quarterly Sales Change+7.5%Latest quarter sales vs previous quarter sales
Quarterly Profit Change+243.8%Latest quarter net profit vs previous quarter net profit
Quarterly OPM Change+28.6 ppLatest quarter OPM minus previous quarter OPM

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 4:49 am

Market Cap 56.2 Cr.
Current Price 43.1
Intrinsic Value₹19.78
High / Low 68.5/34.0
Stock P/E23.8
Book Value 23.0
Dividend Yield0.00 %
ROCE11.8 %
ROE6.05 %
Face Value 10.0
PEG Ratio-1.43

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for ICDS Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
ICDS Ltd 56.2 Cr. 43.1 68.5/34.023.8 23.00.00 %11.8 %6.05 % 10.0
Naga Dhunseri Group Ltd 237 Cr. 2,371 4,685/2,10023.5 13,0640.11 %1.37 %3.19 % 10.0
Muthoot Capital Services Ltd 298 Cr. 181 367/17524.4 3990.00 %11.0 %7.19 % 10.0
L&T Finance Holdings Ltd 61,248 Cr. 245 329/14021.6 1051.12 %8.71 %10.8 % 10.0
Motilal Oswal Financial Services Ltd 40,926 Cr. 680 1,097/48820.2 2140.88 %18.7 %25.2 % 1.00
Industry Average17,128.74 Cr1,145.63171.253,616.520.48%11.38%25.55%6.58

All Competitor Stocks of ICDS Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 0.480.600.500.570.500.710.520.530.512.350.770.530.57
Expenses 0.460.530.380.380.290.380.390.270.350.840.400.440.31
Operating Profit 0.020.070.120.190.210.330.130.260.161.510.370.090.26
OPM % 4.17%11.67%24.00%33.33%42.00%46.48%25.00%49.06%31.37%64.26%48.05%16.98%45.61%
Other Income -0.09-0.650.990.81-0.050.200.710.700.39-0.481.27-0.170.38
Interest 0.010.020.020.020.020.020.020.020.020.020.020.010.02
Depreciation 0.090.090.090.090.090.090.090.090.090.090.090.090.10
Profit before tax -0.17-0.691.000.890.050.420.730.850.440.921.53-0.180.52
Tax % 11.76%15.94%6.00%4.49%220.00%26.19%5.48%23.53%277.27%8.70%9.80%72.22%13.46%
Net Profit -0.19-0.800.940.85-0.060.310.690.65-0.770.841.38-0.320.46
EPS in Rs -0.15-0.610.720.65-0.050.240.530.50-0.590.641.06-0.250.35

Last Updated: March 3, 2026, 9:08 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 27, 2026, 7:25 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 5.065.604.832.806.453.283.113.091.421.922.283.904.22
Expenses 4.414.534.142.091.915.283.761.711.671.791.441.481.99
Operating Profit 0.651.070.690.714.54-2.00-0.651.38-0.250.130.842.422.23
OPM % 12.85%19.11%14.29%25.36%70.39%-60.98%-20.90%44.66%-17.61%6.77%36.84%62.05%52.84%
Other Income 1.840.440.206.720.060.460.370.066.590.831.960.961.00
Interest 0.500.330.140.140.070.060.080.080.070.060.080.080.07
Depreciation 0.080.150.140.140.140.140.350.340.330.360.360.370.37
Profit before tax 1.911.030.617.154.39-1.74-0.711.025.940.542.362.932.79
Tax % 3.66%10.68%16.39%4.48%29.61%6.90%15.49%627.45%1.68%29.63%13.56%52.22%
Net Profit 1.750.900.516.843.10-1.87-0.81-5.385.840.382.041.402.36
EPS in Rs 1.340.690.395.252.38-1.44-0.62-4.134.480.291.571.071.80
Dividend Payout % 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-48.57%-43.33%1241.18%-54.68%-160.32%56.68%-564.20%208.55%-93.49%436.84%-31.37%
Change in YoY Net Profit Growth (%)0.00%5.24%1284.51%-1295.85%-105.64%217.01%-620.88%772.75%-302.04%530.34%-468.21%

ICDS Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:-4%
5 Years:5%
3 Years:40%
TTM:81%
Compounded Profit Growth
10 Years:5%
5 Years:27%
3 Years:64%
TTM:17%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:6%
1 Year:16%
Return on Equity
10 Years:2%
5 Years:-2%
3 Years:5%
Last Year:5%

Last Updated: September 5, 2025, 3:41 pm

Balance Sheet

Last Updated: December 4, 2025, 3:04 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 13.0313.0313.0313.0313.0313.0313.0313.0313.0313.0313.0313.0313.03
Reserves 2.593.483.9911.5614.6212.6611.816.3412.1912.4914.5115.9216.98
Borrowings 4.781.311.310.120.540.720.200.140.480.300.130.260.09
Other Liabilities 21.5921.2120.5920.264.301.070.960.980.911.011.002.982.99
Total Liabilities 41.9939.0338.9244.9732.4927.4826.0020.4926.6126.8328.6732.1933.09
Fixed Assets 0.260.240.207.617.497.3811.1110.7710.7410.389.999.739.58
CWIP 0.000.000.000.000.000.000.000.000.000.000.000.000.00
Investments 11.248.768.638.297.184.012.504.544.154.345.825.816.00
Other Assets 30.4930.0330.0929.0717.8216.0912.395.1811.7212.1112.8616.6517.51
Total Assets 41.9939.0338.9244.9732.4927.4826.0020.4926.6126.8328.6732.1933.09

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + -1.37-0.38-1.950.91-2.88-2.60-1.92-0.88-0.546.360.201.06
Cash from Investing Activity + 1.016.20-0.260.032.442.422.460.910.23-6.170.23-1.42
Cash from Financing Activity + 0.12-3.470.00-1.190.420.15-0.54-0.080.31-0.20-0.180.11
Net Cash Flow -0.242.35-2.21-0.25-0.03-0.03-0.01-0.040.01-0.010.25-0.25
Free Cash Flow -1.38-0.39-1.960.91-2.89-2.63-1.51-0.88-0.846.350.220.96
CFO/OP -163%-22%-258%139%-18%91%103%-57%164%5,069%57%110%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-4.13-0.24-0.620.594.00-2.72-0.851.24-0.73-0.170.712.16

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 18.0324.1224.1813.047.368.9012.9112.9917.9915.2128.828.42
Inventory Days 2,269.532,265.812,488.4912,045.00
Days Payable 7.1036.504.8750.93
Cash Conversion Cycle 2,280.472,253.422,507.8012,007.117.368.9012.9112.9917.9915.2128.828.42
Working Capital Days 571.30736.52767.781,449.57-181.65-42.29-62.20-3.541,657.92-26.61966.93355.64
ROCE %12.36%7.12%4.09%33.88%16.86%-6.15%-3.69%4.94%-2.26%2.33%9.12%11.85%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 51.67%51.67%51.40%51.40%51.40%51.40%51.40%51.40%51.40%51.39%51.39%51.39%
DIIs 4.89%4.89%4.87%4.87%4.87%4.87%4.87%4.87%4.87%4.87%4.87%4.87%
Public 43.44%43.45%43.74%43.74%43.74%43.73%43.75%43.73%43.74%43.73%43.73%43.73%
No. of Shareholders 8,0738,0158,0568,1677,9948,0038,0858,5358,5008,4448,3778,330

Shareholding Pattern Chart

No. of Shareholders

ICDS Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE / ROE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 1.081.560.294.48-4.13
Diluted EPS (Rs.) 1.081.560.294.48-4.13
Cash EPS (Rs.) 1.361.840.574.73-3.87
Book Value[Excl.RevalReserv]/Share (Rs.) 22.2221.1419.5919.3614.86
Book Value[Incl.RevalReserv]/Share (Rs.) 22.2221.1419.5919.3614.86
Revenue From Operations / Share (Rs.) 3.001.751.480.890.80
PBDIT / Share (Rs.) 2.592.150.73-0.131.10
PBIT / Share (Rs.) 2.311.870.45-0.390.84
PBT / Share (Rs.) 2.251.810.404.560.78
Net Profit / Share (Rs.) 1.081.560.294.48-4.13
NP After MI And SOA / Share (Rs.) 1.081.560.294.48-4.13
PBDIT Margin (%) 86.56122.8850.00-15.42137.40
PBIT Margin (%) 77.12106.9331.08-43.85104.89
PBT Margin (%) 75.12103.6127.76508.3597.25
Net Profit Margin (%) 35.9589.3419.78499.70-514.33
NP After MI And SOA Margin (%) 35.9589.3419.78499.70-514.33
Return on Networth / Equity (%) 4.847.391.4923.14-27.79
Return on Capital Employeed (%) 10.198.682.27-1.985.46
Return On Assets (%) 4.357.101.4121.93-26.27
Total Debt / Equity (X) 0.010.000.010.010.01
Asset Turnover Ratio (%) 0.120.080.070.040.04
Current Ratio (X) 4.9624.7915.7214.5615.80
Quick Ratio (X) 4.9624.7915.7214.5615.80
Interest Coverage Ratio (X) 43.2436.9815.07-2.4618.00
Interest Coverage Ratio (Post Tax) (X) 18.9627.896.96-8.39-66.37
Enterprise Value (Cr.) 54.2645.3617.7150.4953.03
EV / Net Operating Revenue (X) 13.9119.919.2143.2350.67
EV / EBITDA (X) 16.0716.2018.42-280.3236.88
MarketCap / Net Operating Revenue (X) 14.3321.4211.7644.6252.97
Price / BV (X) 1.931.770.882.072.86
Price / Net Operating Revenue (X) 14.3321.4211.7644.6452.99
EarningsYield 0.020.040.010.11-0.09

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

ICDS Ltd. is a Public Limited Listed company incorporated on 21/10/1971 and has its registered office in the State of Karnataka, India. Company's Corporate Identification Number(CIN) is L65993KA1971PLC002106 and registration number is 002106. Currently company belongs to the Industry of Finance & Investments. Company's Total Operating Revenue is Rs. 3.18 Cr. and Equity Capital is Rs. 13.03 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Finance & InvestmentsSyndicate House, Upendra Nagar, Manipal Karnataka 576104Contact not found
Management
NamePosition Held
Mr. Sujir PrabhakarChairman & Managing Director
Mr. T Sachin PaiNon Executive Director
Mr. K Umesh KiniNon Executive Director
Mrs. RoopashreeNon Exe. Women Independent Director
Mr. K Bhujangesha KamathNon Exe. & Ind. Director
Mr. Jayaram V PrabhuInd. Non-Executive Director

FAQ

What is the intrinsic value of ICDS Ltd and is it undervalued?

As of 05 April 2026, ICDS Ltd's intrinsic value is ₹19.78, which is 54.11% lower than the current market price of ₹43.10, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (6.05 %), book value (₹23.0), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of ICDS Ltd?

ICDS Ltd is trading at ₹43.10 as of 05 April 2026, with a FY2026-2027 high of ₹68.5 and low of ₹34.0. The stock is currently in the middle of its 52-week range. Market cap stands at ₹56.2 Cr..

How does ICDS Ltd's P/E ratio compare to its industry?

ICDS Ltd has a P/E ratio of 23.8, which is below the industry average of 171.25. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is ICDS Ltd financially healthy?

Key indicators for ICDS Ltd: ROCE of 11.8 % is moderate; ROE of 6.05 % is below ideal levels (industry average: 25.55%). Dividend yield is 0.00 %.

Is ICDS Ltd profitable and how is the profit trend?

ICDS Ltd reported a net profit of ₹1 Cr in Mar 2025 on revenue of ₹4 Cr. Compared to ₹6 Cr in Mar 2022, the net profit shows a declining trend.

Does ICDS Ltd pay dividends?

ICDS Ltd has a dividend yield of 0.00 % at the current price of ₹43.10. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in ICDS Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
Explore Industry-wise Stock Analysis Reports