Stock Performance and Market Context
On 18 Feb 2026, International Combustion (India) Ltd’s share price touched an intraday low of Rs.450, representing a fall of 2.25% on the day and a day change of -1.43%. This new low comes after the stock has declined consecutively for eight trading sessions, resulting in a cumulative loss of 18.62% over this period. The stock’s current price is substantially below its 52-week high of Rs.1,049, highlighting a steep downward trajectory over the past year.
The stock is trading below all key moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages, signalling sustained bearish momentum. In comparison, the Sensex index, despite a volatile session where it fell by 335.23 points to 83,218.36 (-0.28%), remains 3.53% below its own 52-week high of 86,159.02. The Sensex’s 50-day moving average is positioned above its 200-day moving average, indicating a more stable medium-term trend relative to International Combustion’s shares.
Financial Performance and Profitability Metrics
International Combustion’s financial results have contributed to the stock’s decline. The company reported a net loss after tax (PAT) of Rs. -2.65 crores in the quarter ended December 2025, a sharp deterioration of 170.7% compared to the previous period. Net sales also fell by 12.80% to Rs.72.19 crores in the same quarter, reflecting weakening revenue generation.
Return on Capital Employed (ROCE) for the half-year period was recorded at a low 9.34%, while the average Return on Equity (ROE) stands at 8.41%, indicating limited profitability relative to shareholders’ funds. These figures are below industry averages and contribute to the company’s current market valuation challenges.
Long-Term Underperformance
Over the past year, International Combustion has delivered a total return of -39.40%, significantly underperforming the Sensex’s positive return of 9.56% during the same period. The stock has also lagged behind the BSE500 index over the last three years, one year, and three months, underscoring persistent challenges in generating shareholder value.
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Valuation and Capital Structure
The company maintains a conservative capital structure with an average debt-to-equity ratio of 0.06 times, indicating minimal reliance on debt financing. Despite this, the stock trades at a premium relative to its peers’ historical valuations, with a price-to-book value ratio of 0.8 and a return on equity of 2.5 in recent assessments, suggesting a fair valuation in the current market context.
Profitability has been under pressure, with profits declining by 71.9% over the past year, further weighing on investor confidence and share price performance.
Shareholding and Industry Position
The majority shareholding remains with the company’s promoters, maintaining control over strategic decisions. International Combustion operates within the industrial manufacturing sector, which has seen mixed performance amid broader economic fluctuations and sector-specific pressures.
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Mojo Score and Analyst Ratings
International Combustion currently holds a Mojo Score of 26.0, categorised as a Strong Sell. This rating was downgraded from Sell on 4 Nov 2025, reflecting deteriorating fundamentals and market outlook. The company’s market cap grade is 4, indicating a smaller market capitalisation relative to larger industrial peers.
The stock’s recent underperformance and financial metrics have contributed to this assessment, signalling caution in the current environment.
Summary of Key Metrics
To summarise, International Combustion (India) Ltd’s stock has declined to Rs.450, its lowest level in 52 weeks, following a series of negative financial results and sustained price weakness. The company’s profitability ratios, including ROE and ROCE, remain subdued, while sales and net profits have contracted significantly. The stock’s performance contrasts with broader market indices, which have maintained relative strength over the same period.
Trading below all major moving averages and with a Strong Sell Mojo Grade, the stock reflects ongoing challenges within the industrial manufacturing sector and company-specific factors impacting investor sentiment.
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