Stock Price Movement and Market Context
On 24 Nov 2025, International Combustion (India) touched an intraday low of Rs.608, the lowest price recorded in the past year. Despite this, the stock showed some resilience by gaining after four consecutive days of decline, reaching an intraday high of Rs.628.8, which represents a 2.93% rise from the low point. The day’s trading saw the stock outperform its sector by 1.93%, although it remains below all key moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages. This positioning indicates a prevailing downward trend in the stock’s price over multiple time horizons.
The broader market environment contrasts with the stock’s performance. The Sensex opened 88.12 points higher and was trading at 85,379.45, up 0.17% on the day. The benchmark index is nearing its 52-week high of 85,801.70, currently just 0.49% away. The Sensex has been on a three-week consecutive rise, gaining 2.6% during this period, supported by mega-cap stocks leading the gains. The index is trading above its 50-day moving average, which itself is positioned above the 200-day moving average, signalling a bullish trend for the broader market.
Financial Performance and Valuation Metrics
International Combustion (India) has experienced a challenging financial year relative to the market. Over the past 12 months, the stock has recorded a return of -34.85%, significantly underperforming the Sensex, which has shown a positive return of 7.90% over the same period. The BSE500 index also generated returns of 6.67%, further highlighting the stock’s relative weakness.
Quarterly financial results for September 2025 reveal a flat performance, with the profit after tax (PAT) at Rs.0.12 crore, reflecting a decline of 42.9% compared to the previous quarter. The return on capital employed (ROCE) for the half-year stands at 9.34%, which is among the lowest levels recorded for the company. These figures suggest subdued profitability and capital efficiency in recent periods.
Despite these challenges, the company maintains a low average debt-to-equity ratio of 0.06 times, indicating limited leverage and a conservative capital structure. The return on equity (ROE) is reported at 9.2%, which, combined with a price-to-book value of 1.1, suggests that the stock is trading at a valuation that is broadly in line with its historical peer group averages. Over the past year, profits have risen by 8.6%, while the price-earnings-to-growth (PEG) ratio stands at 1.4, reflecting the relationship between earnings growth and valuation.
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Shareholding and Industry Position
The majority shareholding in International Combustion (India) remains with the promoters, providing a stable ownership structure. The company operates within the industrial manufacturing sector, which has seen mixed performance amid broader economic conditions. While the stock has underperformed its sector peers and the market indices, its valuation metrics suggest it is not trading at an excessive premium or discount relative to historical norms.
Technical Indicators and Trend Analysis
The stock’s position below all major moving averages indicates that the prevailing trend remains subdued. The 5-day, 20-day, 50-day, 100-day, and 200-day moving averages all lie above the current price level of Rs.608, signalling that the stock has yet to establish upward momentum. The recent intraday high of Rs.628.8 after a series of declines may indicate some short-term price support, but the overall technical picture remains cautious.
In contrast, the Sensex’s bullish positioning, trading above its 50-day moving average with the 50-day above the 200-day, highlights a divergence between the broader market and International Combustion (India). This divergence underscores the stock’s relative weakness within the industrial manufacturing sector and the wider market.
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Summary of Key Price and Performance Levels
The 52-week high for International Combustion (India) was Rs.1,049, recorded earlier in the year. The current 52-week low of Rs.608 represents a decline of approximately 42% from that peak. This wide price range over the past year reflects significant volatility and challenges faced by the company in maintaining its market valuation.
While the stock has shown some recovery from the recent lows during the trading session, it remains positioned below critical technical levels and has not yet demonstrated sustained upward momentum. The company’s financial results and valuation metrics provide a mixed picture, with modest profit growth but subdued returns on capital and equity.
Investors and market participants will likely continue to monitor the stock’s price action and financial disclosures closely, given its divergence from broader market trends and sector performance.
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