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Poor Management Efficiency with a low ROE of 8.41%
- The company has been able to generate a Return on Equity (avg) of 8.41% signifying low profitability per unit of shareholders funds
Negative results in Dec 25
With ROE of 2.5, it has a Expensive valuation with a 1 Price to Book Value
Underperformed the market in the last 1 year
Stock DNA
Industrial Manufacturing
INR 130 Cr (Micro Cap)
39.00
35
0.74%
-0.04
2.53%
0.99
Total Returns (Price + Dividend) 
Latest dividend: 4 per share ex-dividend date: Sep-03-2025
Risk Adjusted Returns v/s 
Returns Beta
News

International Combustion (India) Ltd Downgraded to Strong Sell Amid Valuation and Financial Concerns
International Combustion (India) Ltd has been downgraded from a Sell to a Strong Sell rating by MarketsMOJO as of 8 May 2026, reflecting deteriorating valuation metrics, weakening financial trends, and subdued technical indicators. The micro-cap industrial manufacturing company’s latest assessment highlights significant challenges across quality, valuation, financial performance, and technical outlook, signalling caution for investors.
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International Combustion (India) Ltd: Valuation Shifts Signal Price Attractiveness Challenges
International Combustion (India) Ltd has witnessed a notable shift in its valuation parameters, moving from fair to expensive territory, despite a mixed performance record relative to the broader market. This change in price attractiveness, reflected in key metrics such as the price-to-earnings (P/E) and price-to-book value (P/BV) ratios, warrants a detailed analysis for investors seeking clarity on the stock’s current standing within the industrial manufacturing sector.
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International Combustion (India) Ltd is Rated Sell
International Combustion (India) Ltd is rated 'Sell' by MarketsMOJO, with this rating last updated on 21 Apr 2026. However, the analysis and financial metrics discussed here reflect the stock's current position as of 03 May 2026, providing investors with an up-to-date view of the company’s fundamentals, returns, and market performance.
Read full news article Announcements 
Announcement under Regulation 30 (LODR)-Change in Directorate
30-Apr-2026 | Source : BSEIntimation for reappointment of Mr. Rana Pratap Singh as Whole Time Director of the Company fora further period of 3 years effective from 1st May 2026 to 30th April 2026.
Announcement under Regulation 30 (LODR)-Credit Rating
28-Apr-2026 | Source : BSEIntimation of Credit Rating
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
27-Apr-2026 | Source : BSEFormat of Initial Disclosure to be made by an entity identified as a Large Corporate.
| Sr. No. | Particulars | Details |
| 1 | Name of Company | International Combustion India Ltd |
| 2 | CIN NO. | L36912WB1936PLC008588 |
| 3 | Outstanding borrowing of company as on 31st March / 31st December as applicable (in Rs cr) | 0.00 |
| 4 | Highest Credit Rating during the previous FY | BBB- |
| 4a | Name of the Credit Rating Agency issuing the Credit Rating mentioned in (4) | CRISIL LTD. |
| 5 | Name of Stock Exchange# in which the fine shall be paid in case of shortfall in the required borrowing under the framework | BSE |
Designation: Company Secretary and Compliance Officer
EmailId: secretarial@internationalcombustion.in
Designation: Chief Financial Officer
EmailId: ak.neogi@internationalcombustion.in
Date: 27/04/2026
Note: In terms para of 3.2(ii) of the circular beginning F.Y 2022 in the event of shortfall in the mandatory borrowing through debt securities a fine of 0.2% of the shortfall shall be levied by Stock Exchanges at the end of the two-year block period. Therefore an entity identified as LC shall provide in its initial disclosure for a financial year the name of Stock Exchange to which it would pay the fine in case of shortfall in the mandatory borrowing through debt markets.
Corporate Actions 
No Upcoming Board Meetings
International Combustion (India) Ltd has declared 40% dividend, ex-date: 03 Sep 25
No Splits history available
No Bonus history available
No Rights history available
Quality key factors 
Valuation key factors
Technicals key factors
Shareholding Snapshot : Mar 2026
Shareholding Compare (%holding) 
Promoters
None
Held by 0 Schemes
Held by 0 FIIs
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39.83%
Quarterly Results Snapshot (Standalone) - Dec'25 - YoY
YoY Growth in quarter ended Dec 2025 is -12.80% vs 12.85% in Dec 2024
YoY Growth in quarter ended Dec 2025 is -142.95% vs 11.98% in Dec 2024
Half Yearly Results Snapshot (Standalone) - Sep'25
Growth in half year ended Sep 2025 is 9.61% vs -13.22% in Sep 2024
Growth in half year ended Sep 2025 is -140.91% vs -81.56% in Sep 2024
Nine Monthly Results Snapshot (Standalone) - Dec'25
YoY Growth in nine months ended Dec 2025 is 0.61% vs -4.34% in Dec 2024
YoY Growth in nine months ended Dec 2025 is -142.45% vs -49.85% in Dec 2024
Annual Results Snapshot (Standalone) - Mar'25
YoY Growth in year ended Mar 2025 is -1.28% vs 33.35% in Mar 2024
YoY Growth in year ended Mar 2025 is -25.06% vs 140.07% in Mar 2024






