Stock Price Movement and Market Context
On 24 Nov 2025, International Combustion (India) recorded its lowest price in the past year at Rs.608. Despite this, the stock showed some resilience by gaining after four consecutive days of decline, touching an intraday high of Rs.628.8, which represents a 2.93% increase from the low. The stock outperformed its sector by 1.93% on the day, although it remains below all key moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages, indicating a prevailing downward trend.
In contrast, the broader market has demonstrated strength, with the Sensex opening 88.12 points higher and trading at 85,379.45, just 0.49% shy of its 52-week high of 85,801.70. The Sensex has been on a three-week consecutive rise, gaining 2.6% during this period, supported by mega-cap stocks and trading above its 50-day and 200-day moving averages.
Financial Performance Highlights
International Combustion (India) has experienced a notable divergence from the market's positive trajectory. Over the last year, the stock has generated a return of -34.85%, while the Sensex has recorded a gain of 7.90%. The BSE500 index, representing a broader market benchmark, has delivered returns of 6.67% in the same period, further underscoring the stock’s underperformance.
The company’s quarterly profit after tax (PAT) stood at Rs.0.12 crore, reflecting a decline of 42.9% compared to the previous corresponding period. The return on capital employed (ROCE) for the half-year was recorded at 9.34%, which is among the lowest levels for the company. These figures suggest subdued profitability and capital efficiency challenges.
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Valuation and Shareholding Structure
Despite the recent price weakness, International Combustion (India) maintains a relatively low debt-to-equity ratio averaging 0.06 times, indicating limited leverage. The return on equity (ROE) stands at 9.2%, which, combined with a price-to-book value of 1.1, suggests the stock is trading at a valuation that is broadly in line with its historical peer group averages.
Over the past year, while the stock price has declined by nearly 35%, the company’s profits have shown an increase of 8.6%. The price/earnings to growth (PEG) ratio is 1.4, reflecting the relationship between valuation and earnings growth. The majority shareholding remains with the promoters, indicating stable ownership control.
Industry and Sector Considerations
International Combustion (India) operates within the industrial manufacturing sector, which has faced mixed conditions in recent months. While the broader market indices have shown strength, the stock’s performance suggests sector-specific pressures or company-level factors have weighed on investor sentiment. The stock’s 52-week high was Rs.1,049, highlighting the extent of the price contraction over the past year.
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Summary of Key Metrics
The stock’s recent low of Rs.608 contrasts sharply with its 52-week high of Rs.1,049, representing a significant price range within the last year. The company’s financial indicators, including a subdued PAT of Rs.0.12 crore and a ROCE of 9.34%, reflect the challenges faced in generating returns on capital. The low debt level and reasonable valuation metrics provide some context to the stock’s current market position.
While the broader market and sector indices have shown positive momentum, International Combustion (India) remains below its key moving averages, signalling that the stock is still in a phase of price consolidation or correction relative to its historical levels.
Conclusion
International Combustion (India) has reached a notable 52-week low of Rs.608 amid a backdrop of subdued financial results and market underperformance. The stock’s valuation and capital structure metrics suggest a measured risk profile, but the price action indicates ongoing market caution. Investors and market participants will likely continue to monitor the company’s financial updates and sector developments closely as the stock navigates this challenging phase.
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