Recent Price Movement and Market Context
On 11 Feb 2026, International Combustion (India) Ltd’s stock price fell to Rs.477, its lowest level in the past year. This decline comes after three consecutive days of losses, during which the stock has dropped by 12.82%. Despite this, the stock marginally outperformed its sector by 0.82% on the day of the new low. The share price currently trades below all key moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages, signalling sustained downward momentum.
In contrast, the broader market has shown resilience. The Nifty index closed at 25,953.85, up 0.07% on the day, and remains just 1.62% below its 52-week high of 26,373.20. The index has been on a three-week consecutive rise, gaining 3.61%, supported by bullish moving averages where the 50-day DMA is above the 200-day DMA. All market capitalisation segments, particularly large caps, have been gaining, with the Nifty Next 50 up 0.55%.
Financial Performance and Profitability Concerns
The stock’s decline is underpinned by weak financial results and deteriorating profitability metrics. For the quarter ended December 2025, the company reported a net loss after tax (PAT) of Rs. -2.65 crore, a sharp fall of 170.7% compared to the previous period. Net sales also declined by 12.80% to Rs. 72.19 crore, reflecting subdued demand or pricing pressures in its industrial manufacturing operations.
Return on Capital Employed (ROCE) for the half-year stood at a low 9.34%, while the average Return on Equity (ROE) remains modest at 8.41%. These figures indicate limited efficiency in generating profits from shareholders’ funds and capital employed. Over the past year, the company’s profits have contracted by 71.9%, further weighing on investor confidence.
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Long-Term Underperformance and Valuation Metrics
International Combustion (India) Ltd has underperformed significantly over the longer term. Its one-year return stands at -36.01%, contrasting sharply with the Sensex’s positive 10.41% gain over the same period. The stock has also lagged behind the BSE500 index across one-year, three-month, and three-year timeframes, highlighting persistent challenges in maintaining competitive performance.
The stock’s 52-week high was Rs.1049, indicating a steep decline of over 54% from that peak. Despite the recent fall, the company maintains a low average debt-to-equity ratio of 0.06 times, suggesting limited leverage risk. The Price to Book Value ratio is 0.9, which is considered fair, though the stock trades at a premium relative to its peers’ historical valuations.
Market Sentiment and Ratings
Reflecting the company’s financial and market challenges, the Mojo Score stands at 26.0 with a Mojo Grade of Strong Sell, an upgrade from the previous Sell rating on 4 Nov 2025. The market capitalisation grade is 4, indicating a micro-cap status with limited liquidity and market presence. The stock’s day change was recorded at -0.40% on the day it hit the 52-week low.
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Shareholding and Industry Position
The majority shareholding remains with the company’s promoters, maintaining control over strategic decisions. Operating within the industrial manufacturing sector, International Combustion (India) Ltd faces a competitive environment where efficiency and profitability are critical. The company’s current financial metrics and stock performance suggest ongoing challenges in these areas.
Summary of Key Financial Indicators
The following metrics highlight the company’s recent performance:
- New 52-week low price: Rs.477
- One-year stock return: -36.01%
- Return on Equity (average): 8.41%
- Return on Capital Employed (half-year): 9.34%
- Net sales decline (quarter): -12.80% to Rs.72.19 crore
- Net profit after tax (quarter): Rs. -2.65 crore, down 170.7%
- Debt to Equity ratio (average): 0.06 times
- Price to Book Value: 0.9
- Mojo Score: 26.0 (Strong Sell)
The stock’s performance and financial indicators reflect a period of subdued growth and profitability pressures, contributing to the recent decline to its 52-week low.
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