ICDS Ltd: Intrinsic Value & Share Price Analysis

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

As of 13 June 2026, ICDS Ltd's intrinsic value is 21.38, which is 49.81% lower than the current market price of 42.60, suggesting the stock is overvalued. Calculated using the PE ratio method factoring in ROE (3.70 %), book value (23.0), dividend yield (0.00 %), and 5-year EPS CAGR.

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

ICDS Ltd is trading at 42.60 as of 13 June 2026, with a FY2026-2027 high of 62.3 and low of 34.0. The stock is currently in the middle of its 52-week range. Market cap stands at 55.5 Cr..

Q: Is ICDS Ltd financially healthy?

Key indicators: ROCE of 4.83 % is on the lower side. Dividend yield is 0.00 %.

Q: 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.

Fair Value

₹35.35Overvalued by 17.02%vs CMP ₹42.60

P/E (50.9) × ROE (3.7%) × BV (₹23.00) × DY (2.00%)

₹21.38Overvalued by 49.81%vs CMP ₹42.60

MoS: -99.3% (Negative)Confidence: 68/100 (Moderate)Models: All 9: Overvalued

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹29.45	23%	Over (-30.9%)
Graham Number	Earnings	₹30.52	16%	Over (-28.4%)
Earnings Power	Earnings	₹8.55	11%	Over (-79.9%)
DCF	Cash Flow	₹17.86	14%	Over (-58.1%)
Net Asset Value	Assets	₹23.00	7%	Over (-46%)
EV/EBITDA	Enterprise	₹25.70	9%	Over (-39.7%)
Earnings Yield	Earnings	₹18.00	7%	Over (-57.7%)
ROCE Capital	Returns	₹10.47	7%	Over (-75.4%)
Revenue Multiple	Revenue	₹4.49	5%	Over (-89.5%)
Consensus (9 models)		₹21.38	100%	Overvalued

Key Drivers: EPS CAGR -16.7% drags value — could be higher if earnings stabilize. | ROE 3.7% is below cost of equity.

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

Analyst Summary

ICDS Ltd operates in the Finance & Investments segment, NSE: ICDSLTD | BSE: 511194, current market price is ₹42.60, market cap is 55.5 Cr.. At a glance, stock P/E is 50.9, ROE is 3.70 %, ROCE is 4.83 %, book value is 23.0, dividend yield is 0.00 %. The latest intrinsic value estimate is ₹21.38, around 49.8% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹4 Cr versus the prior period change of 71.1%, while latest net profit is about ₹1 Cr with a prior-period change of -31.4%. The 52-week range shown on this page is 62.3/34.0, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisICDS 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 L65993KA1971PL…

This summary is generated from the stock page data available for ICDS Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

ICDS Ltd scores 61/100 (Average)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health54/100 · Moderate

ROCE 4.8% WeakROE 3.7% WeakD/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 Rank40/100 · Moderate

P/E 50.9 vs industry 41.7 In-lineROCE 4.8% vs industry 9.5% Below peersROE 3.7% vs industry 24.1% 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.

Share Price and Basic Stock Data

Last Updated: June 12, 2026, 8:48 am

Market Cap	55.5 Cr.
Current Price	42.6
Intrinsic Value	₹21.38
High / Low	62.3/34.0
Stock P/E	50.9
Book Value	23.0
Dividend Yield	0.00 %
ROCE	4.83 %
ROE	3.70 %
Face Value	10.0
PEG Ratio	-3.05

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

Stock P/E Current Price Intrinsic Value

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	55.5 Cr.	42.6	62.3/34.0	50.9	23.0	0.00 %	4.83 %	3.70 %	10.0
Nalwa Sons Investments Ltd	2,780 Cr.	5,410	8,778/4,659	51.0	29,541	0.00 %	0.48 %	0.34 %	10.0
Piramal Enterprises Ltd	25,483 Cr.	1,124	1,356/1,055	49.0	1,202	0.98 %	6.78 %	1.63 %	2.00
Maharashtra Scooters Ltd	13,768 Cr.	12,047	18,538/10,901	44.3	24,180	1.83 %	1.06 %	1.06 %	10.0
NBI Industrial Finance Company Ltd	535 Cr.	1,810	3,174/1,539	43.0	8,929	0.03 %	0.56 %	0.42 %	5.00
Industry Average	17,604.30 Cr	1,186.59		41.69	3,241.06	0.47%	9.50%	24.14%	6.58

All Competitor Stocks of ICDS Ltd

Quarterly Result

Metric	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	0.48	0.60	0.50	0.57	0.50	0.71	0.52	0.53	0.51	2.35	0.77	0.53	0.57
Expenses	0.46	0.53	0.38	0.38	0.29	0.38	0.39	0.27	0.35	0.84	0.40	0.44	0.31
Operating Profit	0.02	0.07	0.12	0.19	0.21	0.33	0.13	0.26	0.16	1.51	0.37	0.09	0.26
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	-0.65	0.99	0.81	-0.05	0.20	0.71	0.70	0.39	-0.48	1.27	-0.17	0.38
Interest	0.01	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.01	0.02
Depreciation	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.10
Profit before tax	-0.17	-0.69	1.00	0.89	0.05	0.42	0.73	0.85	0.44	0.92	1.53	-0.18	0.52
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	-0.80	0.94	0.85	-0.06	0.31	0.69	0.65	-0.77	0.84	1.38	-0.32	0.46
EPS in Rs	-0.15	-0.61	0.72	0.65	-0.05	0.24	0.53	0.50	-0.59	0.64	1.06	-0.25	0.35

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

Quarterly Chart

Profit & Loss - Annual Report

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

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	5.06	5.60	4.83	2.80	6.45	3.28	3.11	3.09	1.42	1.92	2.28	3.90	4.22
Expenses	4.41	4.53	4.14	2.09	1.91	5.28	3.76	1.71	1.67	1.79	1.44	1.48	1.99
Operating Profit	0.65	1.07	0.69	0.71	4.54	-2.00	-0.65	1.38	-0.25	0.13	0.84	2.42	2.23
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	1.84	0.44	0.20	6.72	0.06	0.46	0.37	0.06	6.59	0.83	1.96	0.96	1.00
Interest	0.50	0.33	0.14	0.14	0.07	0.06	0.08	0.08	0.07	0.06	0.08	0.08	0.07
Depreciation	0.08	0.15	0.14	0.14	0.14	0.14	0.35	0.34	0.33	0.36	0.36	0.37	0.37
Profit before tax	1.91	1.03	0.61	7.15	4.39	-1.74	-0.71	1.02	5.94	0.54	2.36	2.93	2.79
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	1.75	0.90	0.51	6.84	3.10	-1.87	-0.81	-5.38	5.84	0.38	2.04	1.40	2.36
EPS in Rs	1.34	0.69	0.39	5.25	2.38	-1.44	-0.62	-4.13	4.48	0.29	1.57	1.07	1.80
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

Year	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
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: June 8, 2026, 5:00 am

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	13.03	13.03	13.03	13.03	13.03	13.03	13.03	13.03	13.03	13.03	13.03	13.03
Reserves	3.48	3.99	11.56	14.62	12.66	11.81	6.34	12.19	12.49	14.51	15.92	16.94
Borrowings	1.31	1.31	0.12	0.54	0.72	0.20	0.14	0.48	0.30	0.13	0.26	0.00
Other Liabilities	21.21	20.59	20.26	4.30	1.07	0.96	0.98	0.91	1.01	1.00	2.98	3.05
Total Liabilities	39.03	38.92	44.97	32.49	27.48	26.00	20.49	26.61	26.83	28.67	32.19	33.02
Fixed Assets	0.24	0.20	7.61	7.49	7.38	11.11	10.77	10.74	10.38	9.99	9.73	9.40
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	8.76	8.63	8.29	7.18	4.01	2.50	4.54	4.15	4.34	5.82	5.81	5.15
Other Assets	30.03	30.09	29.07	17.82	16.09	12.39	5.18	11.72	12.11	12.86	16.65	18.47
Total Assets	39.03	38.92	44.97	32.49	27.48	26.00	20.49	26.61	26.83	28.67	32.19	33.02

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity +	-0.38	-1.95	0.91	-2.88	-2.60	-1.92	-0.88	-0.54	6.36	0.20	1.06	1.62
Cash from Investing Activity +	6.20	-0.26	0.03	2.44	2.42	2.46	0.91	0.23	-6.17	0.23	-1.42	-0.83
Cash from Financing Activity +	-3.47	0.00	-1.19	0.42	0.15	-0.54	-0.08	0.31	-0.20	-0.18	0.11	-0.27
Net Cash Flow	2.35	-2.21	-0.25	-0.03	-0.03	-0.01	-0.04	0.01	-0.01	0.25	-0.25	0.52
Free Cash Flow	-0.39	-1.96	0.91	-2.89	-2.63	-1.51	-0.88	-0.84	6.35	0.22	0.96	1.56
CFO/OP	-22%	-258%	139%	-18%	91%	103%	118%	164%	5,069%	57%	110%	215%

Free Cash Flow

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Free Cash Flow	0.65	-0.24	-0.62	0.59	4.00	-2.72	-0.85	1.24	-0.73	-0.17	0.71	2.16

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

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	18.03	24.12	24.18	13.04	7.36	8.90	12.91	12.99	17.99	15.21	28.82	8.42
Inventory Days	2,269.53	2,265.81	2,488.49	12,045.00
Days Payable	7.10	36.50	4.87	50.93
Cash Conversion Cycle	2,280.47	2,253.42	2,507.80	12,007.11	7.36	8.90	12.91	12.99	17.99	15.21	28.82	8.42
Working Capital Days	571.30	736.52	767.78	1,449.57	-181.65	-42.29	-62.20	-3.54	1,657.92	-26.61	966.93	355.64
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

Month	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 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	8,073	8,015	8,056	8,167	7,994	8,003	8,085	8,535	8,500	8,444	8,377	8,330

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

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21
FaceValue	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	1.08	1.56	0.29	4.48	-4.13
Diluted EPS (Rs.)	1.08	1.56	0.29	4.48	-4.13
Cash EPS (Rs.)	1.36	1.84	0.57	4.73	-3.87
Book Value[Excl.RevalReserv]/Share (Rs.)	22.22	21.14	19.59	19.36	14.86
Book Value[Incl.RevalReserv]/Share (Rs.)	22.22	21.14	19.59	19.36	14.86
Revenue From Operations / Share (Rs.)	3.00	1.75	1.48	0.89	0.80
PBDIT / Share (Rs.)	2.59	2.15	0.73	-0.13	1.10
PBIT / Share (Rs.)	2.31	1.87	0.45	-0.39	0.84
PBT / Share (Rs.)	2.25	1.81	0.40	4.56	0.78
Net Profit / Share (Rs.)	1.08	1.56	0.29	4.48	-4.13
NP After MI And SOA / Share (Rs.)	1.08	1.56	0.29	4.48	-4.13
PBDIT Margin (%)	86.56	122.88	50.00	-15.42	137.40
PBIT Margin (%)	77.12	106.93	31.08	-43.85	104.89
PBT Margin (%)	75.12	103.61	27.76	508.35	97.25
Net Profit Margin (%)	35.95	89.34	19.78	499.70	-514.33
NP After MI And SOA Margin (%)	35.95	89.34	19.78	499.70	-514.33
Return on Networth / Equity (%)	4.84	7.39	1.49	23.14	-27.79
Return on Capital Employeed (%)	10.19	8.68	2.27	-1.98	5.46
Return On Assets (%)	4.35	7.10	1.41	21.93	-26.27
Total Debt / Equity (X)	0.01	0.00	0.01	0.01	0.01
Asset Turnover Ratio (%)	0.12	0.08	0.07	0.04	0.04
Current Ratio (X)	4.96	24.79	15.72	14.56	15.80
Quick Ratio (X)	4.96	24.79	15.72	14.56	15.80
Interest Coverage Ratio (X)	43.24	36.98	15.07	-2.46	18.00
Interest Coverage Ratio (Post Tax) (X)	18.96	27.89	6.96	-8.39	-66.37
Enterprise Value (Cr.)	54.26	45.36	17.71	50.49	53.03
EV / Net Operating Revenue (X)	13.91	19.91	9.21	43.23	50.67
EV / EBITDA (X)	16.07	16.20	18.42	-280.32	36.88
MarketCap / Net Operating Revenue (X)	14.33	21.42	11.76	44.62	52.97
Price / BV (X)	1.93	1.77	0.88	2.07	2.86
Price / Net Operating Revenue (X)	14.33	21.42	11.76	44.64	52.99
EarningsYield	0.02	0.04	0.01	0.11	-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. 1.65 Cr. and Equity Capital is Rs. 13.03 Cr. for the Year ended 31/03/2026.

INDUSTRY	ADDRESS	CONTACT
Finance & Investments	Syndicate House, Upendra Nagar, Manipal Karnataka 576104	Contact not found

Management
Name	Position Held
Mr. Sujir Prabhakar	Chairman & Managing Director
Mr. T Sachin Pai	Non Executive Director
Mr. K Umesh Kini	Non Executive Director
Mrs. Roopashree	Non Exe. Women Independent Director
Mr. K Bhujangesha Kamath	Non Exe. & Ind. Director
Mr. Jayaram V Prabhu	Ind. Non-Executive Director

FAQ

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

As of 13 June 2026, ICDS Ltd's intrinsic value is ₹21.38, which is 49.81% lower than the current market price of ₹42.60, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (3.70 %), 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 ₹42.60 as of 13 June 2026, with a FY2026-2027 high of ₹62.3 and low of ₹34.0. The stock is currently in the middle of its 52-week range. Market cap stands at ₹55.5 Cr..

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

ICDS Ltd has a P/E ratio of 50.9, which is above the industry average of 41.69. The premium over industry average may reflect growth expectations or speculative interest.

Is ICDS Ltd financially healthy?

Key indicators for ICDS Ltd: ROCE of 4.83 % is on the lower side compared to the industry average of 9.50%; ROE of 3.70 % is below ideal levels (industry average: 24.14%). 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 ₹42.60. The company is currently not paying meaningful dividends.