Stock Price Movement and Market Context
On 12 Feb 2026, Incap Ltd’s stock exhibited notable volatility, with an intraday range spanning from a low of Rs.64 to a high of Rs.77.45, representing a 9.5% intraday volatility based on the weighted average price. Despite opening with a gap up of 6.9%, the stock ultimately closed at its lowest point in the past year. The day’s performance saw the stock outperform its sector by 6.55%, yet it remains significantly below its 52-week high of Rs.160.99.
Technical indicators reveal a mixed trend: the stock price is currently above its 5-day and 20-day moving averages but remains below the longer-term 50-day, 100-day, and 200-day moving averages. This suggests short-term resilience amid longer-term downward pressure.
In contrast, the broader market, represented by the Sensex, experienced a decline of 293.41 points (-0.66%) to close at 83,675.02, after opening 265.21 points lower. The Sensex is trading close to its 52-week high, just 2.97% shy of 86,159.02, and has recorded a 2.62% gain over the past three weeks. However, Incap Ltd’s stock has underperformed markedly, delivering a negative return of -31.55% over the last year compared to the Sensex’s positive 9.85% return.
Financial Performance and Fundamental Assessment
Incap Ltd’s recent financial disclosures highlight several areas of concern. The company has not declared results in the last six months, contributing to a weak long-term fundamental strength assessment. Its net sales for the latest six-month period stood at Rs.13.51 crores, reflecting a sharp decline of -43.66% compared to previous periods. Quarterly PBDIT has also reached a low of Rs.0.19 crores, while cash and cash equivalents have dwindled to Rs.0.08 crores, indicating constrained liquidity.
Over the past five years, the company’s net sales have grown at a negligible annual rate of 0.09%, underscoring limited top-line expansion. Additionally, the company’s ability to service its debt remains weak, with an average EBIT to interest ratio of 0.42, signalling potential challenges in meeting interest obligations.
Profitability has also been under pressure, with profits declining by 7% over the last year. Despite these challenges, the company maintains a return on equity (ROE) of 4.9%, and its stock trades at a price-to-book value of 2.2, which is considered attractive relative to its peers’ historical valuations.
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Market Position and Shareholding
Incap Ltd operates within the Other Electrical Equipment industry and sector, where it faces competitive pressures. The company’s market capitalisation grade is rated at 4, reflecting its relatively modest size and market presence. The Mojo Score assigned to the stock is 14.0, with a Mojo Grade of Strong Sell as of 15 Dec 2025, an upgrade from the previous Sell rating. This grading reflects the company’s current financial and market challenges.
Promoters remain the majority shareholders, maintaining control over the company’s strategic direction. Despite the stock’s recent price weakness, the shareholding structure has remained stable.
Comparative Performance and Valuation
Incap Ltd’s stock has significantly underperformed the broader market indices and its sector peers. While the BSE500 index has generated returns of 12.54% over the past year, Incap Ltd’s stock has declined by 31.55%. This divergence highlights the stock’s relative weakness amid a generally positive market environment.
Valuation metrics indicate that the stock is trading at a discount compared to its peers’ average historical valuations, which may reflect the market’s cautious stance given the company’s recent financial results and liquidity position.
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Summary of Key Metrics
To summarise, Incap Ltd’s stock has reached a 52-week low of Rs.64, reflecting a year-long decline of 31.55%. The company’s financial performance has been subdued, with net sales contracting by 43.66% in the latest six months and profitability under pressure. Liquidity remains tight, with cash reserves at a low Rs.0.08 crores. The stock’s valuation metrics suggest it is trading at a discount relative to peers, supported by a modest ROE of 4.9% and a price-to-book ratio of 2.2.
Despite short-term price gains today and a brief trend reversal after two days of consecutive falls, the stock remains below key longer-term moving averages, indicating ongoing caution among market participants.
Broader Market and Sector Context
The broader market environment has been mixed, with the Sensex experiencing a slight decline today but maintaining a positive trend over the past three weeks. Incap Ltd’s sector, Other Electrical Equipment, has seen varied performance, with the stock’s recent volatility and price movements diverging from sector averages.
Overall, the stock’s current position at a 52-week low reflects a combination of weak financial results, limited growth prospects, and market sentiment, as captured by its Strong Sell Mojo Grade and low fundamental strength scores.
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