Stock Price Movement and Market Context
On 21 Nov 2025, International Combustion (India) recorded an intraday low of Rs.610, representing a decline of 2.06% for the day. Despite this, the stock managed to outperform its sector by 1.01% and showed signs of a short-term reversal after three consecutive days of decline. However, the share price remains below all key moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages, indicating a persistent downward trend.
In contrast, the broader market index, Sensex, opened lower at 85,347.40 points, down 0.33%, and was trading at 85,393.92 points during the day, remaining 0.48% below its 52-week high of 85,801.70. The Sensex continues to trade above its 50-day moving average, which itself is positioned above the 200-day moving average, signalling a generally bullish market environment that International Combustion (India) has not mirrored.
Performance Over the Past Year
The stock’s performance over the last twelve months has been notably weaker than the market. International Combustion (India) has recorded a negative return of 33.48%, while the Sensex has delivered a positive return of 10.67% over the same period. This divergence highlights the stock’s relative underperformance within the industrial manufacturing sector and the broader market.
Furthermore, the BSE500 index, representing a wider market benchmark, has generated returns of 8.93% in the past year, emphasising the stock’s lagging position compared to its peers and the overall market.
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Financial Results and Profitability Metrics
Recent quarterly results for International Combustion (India) indicate a subdued financial position. The company reported a profit after tax (PAT) of Rs.0.12 crore, reflecting a decline of 42.9% compared to the previous quarter. This flat result has contributed to the cautious market sentiment surrounding the stock.
Return on Capital Employed (ROCE) for the half-year period stands at 9.34%, which is among the lowest levels recorded for the company. This figure suggests limited efficiency in generating returns from the capital invested in the business during this period.
Return on Equity (ROE) is reported at 9.2%, which, while modest, indicates some level of profitability relative to shareholder equity. The company’s Price to Book Value ratio is 1.1, suggesting that the stock is trading close to its book value and is valued fairly in comparison to its historical averages and peers.
Balance Sheet and Debt Position
International Combustion (India) maintains a conservative capital structure, with an average debt-to-equity ratio of 0.06 times. This low leverage indicates limited reliance on debt financing, which may provide some stability in volatile market conditions.
Despite the low debt levels, the company’s financial performance has not translated into positive stock price momentum, as reflected in the recent 52-week low.
Shareholding and Market Capitalisation
The majority of shares in International Combustion (India) are held by promoters, indicating concentrated ownership. The company’s market capitalisation grade is rated at 4, reflecting its standing within the industrial manufacturing sector and its relative size in the market.
Valuation and Profit Growth
Over the past year, the company’s profits have shown an increase of 8.6%, despite the negative stock price returns. The Price/Earnings to Growth (PEG) ratio stands at 1.4, which provides a measure of valuation relative to earnings growth. This suggests that while the stock price has declined, the underlying profit growth has not been proportionally reflected in the market valuation.
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Summary of Key Price Levels
The stock’s 52-week high was recorded at Rs.1,049, which contrasts sharply with the current 52-week low of Rs.610. This wide range over the past year underscores the volatility and challenges faced by International Combustion (India) in maintaining investor confidence and market valuation.
Despite the recent price weakness, the stock has shown some resilience by gaining after a short period of consecutive declines, though it remains below all major moving averages, signalling continued caution among market participants.
Market Environment and Sector Performance
The industrial manufacturing sector, in which International Combustion (India) operates, has experienced mixed performance in recent months. While the broader market indices have maintained a generally positive trajectory, this stock’s performance has diverged, reflecting company-specific factors and market dynamics.
Given the current market conditions and the stock’s valuation metrics, International Combustion (India) remains a subject of close observation for its price movements and financial developments.
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