Icodex Publish.

  • Market Cap: Micro Cap
  • Industry: Software Products
  • ISIN: INE111601014
  • NSEID:
  • BSEID: 544483
INR
47.40
0.1 (0.21%)
BSENSE

Apr 17

BSE+NSE Vol: 1200

  • Price Points
  • Score
  • Mojo Parameters
  • Total Return
  • News and Corporate Actions
  • Key factors
  • Shareholding
  • Financials
  • CompanyCV
stock-summaryPrice Point
High/Low

1Day

52 Week

Valuation
Technical
Day's Volume

CASH

1.2 k (-90.91%) Volume

Shareholding (Sep 2025)

FII

0.00%

Held by 0 FIIs

DII

0.07%

Held by 0 DIIs

Promoter

64.44%

How has been the historical performance of Icodex Publish.?

15-Nov-2025

Icodex Publish has shown strong financial growth over the past two years, with net sales increasing to 10.40 Cr in March 2024 from 9.54 Cr in March 2023, and profit after tax rising to 4.40 Cr from 1.81 Cr. Key metrics such as operating profit margin and total assets have also improved significantly during this period.

Answer:<BR>The historical performance of Icodex Publish shows a positive trend in key financial metrics over the past two years.<BR><BR>Breakdown:<BR>In the standalone annual results for March 2024, Icodex Publish reported net sales of 10.40 Cr, an increase from 9.54 Cr in March 2023. Total operating income also rose to 10.40 Cr from 9.54 Cr, while total expenditure decreased to 6.14 Cr from 7.59 Cr, leading to an operating profit (PBDIT) of 4.85 Cr, up from 2.13 Cr the previous year. Profit before tax improved significantly to 4.45 Cr from 1.84 Cr, resulting in a profit after tax of 4.40 Cr compared to 1.81 Cr in the prior year. The operating profit margin increased to 40.96% from 20.44%, and the profit after tax margin rose to 42.31% from 18.97%. On the balance sheet, total assets grew to 24.75 Cr in March 2025 from 10.67 Cr in March 2024, with total liabilities also increasing to 24.75 Cr from 10.67 Cr. Cash flow from operating activities improved to 6.00 Cr from 3.00 Cr, while cash flow from investing activities showed a larger outflow of -9.00 Cr compared to -3.00 Cr the previous year. Overall, Icodex Publish has demonstrated strong growth in sales, profitability, and asset accumulation over the reported periods.

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Is Icodex Publish. overvalued or undervalued?

19-Nov-2025

As of November 18, 2025, Icodex Publish. is rated very attractive and undervalued with a PE ratio of 9.77 and strong ROCE of 35.32%, significantly outperforming peers like TCS and Infosys, despite recent underperformance against the Sensex, while showing a robust 21.45% return over the past month.

As of 18 November 2025, the valuation grade for Icodex Publish. has moved from does not qualify to very attractive, indicating a significant improvement in its perceived value. The company is currently assessed as undervalued, supported by a PE ratio of 9.77, an EV to EBIT of 5.39, and a robust ROCE of 35.32%. <BR><BR>In comparison to its peers, TCS has a PE ratio of 22.2 and EV to EBITDA of 15.6, while Infosys shows a PE of 21.95 and an EV to EBITDA of 14.37. These comparisons highlight Icodex Publish.'s favorable valuation metrics relative to established competitors in the software products industry. Additionally, while the stock has recently underperformed the Sensex over the past week, it has shown a strong return of 21.45% over the past month, reinforcing the potential for growth as it aligns more closely with its intrinsic value.

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Why is Icodex Publishing Solutions Ltd falling/rising?

19-Apr-2026

As of 18-Apr, Icodex Publishing Solutions Ltd's stock price is currently at 47.40, reflecting a recent upward trend with a 1.72% gain over the last two days and a 34.43% increase over the past month. However, the stock has declined 4.49% in the past week, and investor participation is decreasing significantly.

As of 18-Apr, Icodex Publishing Solutions Ltd's stock price is rising, currently at 47.40, with a change of 0.1 (0.21%) increase. This upward movement follows a trend where the stock has gained for the last two days, resulting in a total return of 1.72% during this period. Additionally, the stock has shown strong performance over the past month, with a significant increase of 34.43%, outperforming the Sensex, which only rose by 3.18% in the same timeframe.<BR><BR>Despite this recent rise, it's important to note that the stock has experienced a decline of 4.49% over the past week, contrasting with the Sensex's gain of 1.22%. Furthermore, the stock's year-to-date performance shows a slight decrease of 0.21%, while the Sensex has fallen by 7.89%. <BR><BR>Investor participation appears to be declining, as indicated by a significant drop in delivery volume, which fell by 97.75% against the 5-day average. However, the stock remains liquid enough for trading, based on its average traded value. Overall, the recent rise in stock price can be attributed to short-term gains and positive performance over the last month, despite some concerning trends in investor participation and recent weekly performance.

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Which are the latest news on Icodex Publish.?

19-Apr-2026
No latest news for Icodex Publish. found.

iScoreScore
Click here to find our call on this stock
Strong Sell
Sell
Hold
Buy
Strong Buy

Dashboard

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Unrated Stock - No Analysis Available
stock-summaryMojo Parameters

Mojo Parameters

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Stock DNA

stock-summary
Industry

Software Products

stock-summary
Market cap

INR 74 Cr (Micro Cap)

stock-summary
P/E

8.00

stock-summary
Industry P/E

23

stock-summary
Dividend Yield

0.00%

stock-summary
Debt Equity

-0.34

stock-summary
Return on Equity

16.37%

stock-summary
Price to Book

1.35

Revenue and Profits:
Net Sales:
(Quarterly Results - )
Net Profit:
stock-summaryTotal Returns
Total Returns (Price + Dividend) stock-summary
Dividend Yield (0%)
TimePeriod
Price Return
Dividend Return
Total Return
3 Months
-0.23%
0%
-0.23%
6 Months
2.8%
0%
2.8%
1 Year
0%
0%
0.0%
2 Years
0%
0%
0.0%
3 Years
0%
0%
0.0%
4 Years
0%
0%
0.0%
5 Years
0%
0%
0.0%

Icodex Publish. for the last several years.

Risk Adjusted Returns v/s stock-summary
Returns Beta
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Beta has not been calculated since enough price history is not available
stock-summaryNews & Corporate Actions

News

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No Recent News for the Company

Announcements stock-summary

Compliances-Reg.24(A)-Annual Secretarial Compliance

16-Apr-2026 | Source : BSE

As per Reg 15(2) of SEBI (LODR) Regulations 2015 the compliance with the corporate governance provisions as specified in SEBI (LODR) Regulations 2015 shall not apply inter alia to the entity which has listed its specified securities on SME Exchange Board. Accordingly iCodex Publishing Solutions Limited has listed its specified securities on SME Exchange of BSE Limited. Hence the requirement for submission of Annual Secretarial Compliance Report under Reg 24(A) and Corporate Governance Report under Reg 27(2) of SEBI (LODR) Regulations 2015 is not applicable to the Company.

Clarification On Movement In Price

08-Apr-2026 | Source : BSE

Reply to clarification sought on movement in price of shares of the Company

Clarification sought from Icodex Publishing Solutions Ltd

07-Apr-2026 | Source : BSE

The Exchange has sought clarification from Icodex Publishing Solutions Ltd on April 7 2026 with reference to significant movement in price in order to ensure that investors have latest relevant information about the company and to inform the market so that the interest of the investors is safeguarded.

The reply is awaited.

Corporate Actions stock-summary

stock-summary
BOARD MEETING

No Upcoming Board Meetings

stock-summary
DIVIDEND

No Dividend history available

stock-summary
SPLITS

No Splits history available

stock-summary
BONUS

No Bonus history available

stock-summary
RIGHTS

No Rights history available

stock-summaryKey Factors

Quality key factors stock-summary

Factor
Value
Sales Growth (5y)
9.00%
EBIT Growth (5y)
133.53%
EBIT to Interest (avg)
6.14
Debt to EBITDA (avg)
0.31
Net Debt to Equity (avg)
-0.03
Sales to Capital Employed (avg)
0.37
Tax Ratio
30.11%
Dividend Payout Ratio
0
Pledged Shares
0
Institutional Holding
0.07%
ROCE (avg)
35.32%
ROE (avg)
47.19%

Valuation key factors

Factor
Value
P/E Ratio
8
Industry P/E
23
Price to Book Value
1.35
EV to EBIT
4.34
EV to EBITDA
4.15
EV to Capital Employed
1.53
EV to Sales
2.55
PEG Ratio
NA
Dividend Yield
NA
ROCE (Latest)
35.32%
ROE (Latest)
16.37%

Technicals key factors

Indicator
Weekly
Monthly
MACD
Mildly Bullish
RSI
No Signal
Bollinger Bands
Mildly Bullish
KST
Dow Theory
Mildly Bullish
Bearish
OBV
No Trend
Mildly Bullish
stock-summary Technical Indicator Scale: Bearish, Mildly Bearish, Sideways, Mildly Bullish, Bullish  Turned 
stock-summaryShareholding
Shareholding Snapshot : Sep 2025stock-summary
Shareholding Compare (%holding) stock-summary
Majority shareholders

Promoters

Pledged Promoter Holdings

None

Mutual Funds

Held by 0 Schemes

FIIs

Held by 0 FIIs

Promoter with highest holding

Chetan Shankarlal Soni (31.99%)

Highest Public shareholder

Comercinate Enterprises Private Limited (2.03%)

Individual Investors Holdings

27.58%

stock-summaryFinancial
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    "alert": "No Quarterly Results declared by Icodex Publish."
  },
  {
    "link": "half-yearly",
    "btn_text": "All Half Yearly Results",
    "alert": "No Half Yearly Results declared by Icodex Publish."
  },
  {
    "link": "nine-monthly",
    "btn_text": "All Nine Monthly Results",
    "alert": "No Nine Monthly Results declared by Icodex Publish."
  },
  {
    "link": "annual",
    "btn_text": "All Annual Results",
    "alert": "No Annual Results declared by Icodex Publish."
  }
]
stock-summaryCompany CV
About Icodex Publishing Solutions Ltd stock-summary
stock-summary
Icodex Publishing Solutions Ltd
Micro Cap
Software Products
Icodex Publishing Solutions Limited was incorporated on May 28, 2018 as `Icodex Publishing Solutions Private Limited', a Private Limited Company, issued by the Registrar of Companies, Central Registration Centre and was subsequently changed to `Icodex Publishing Solutions Limited' vide fresh Certificate of Incorporation dated August 20, 2024 issued by the Central Processing Centre. The Company was incorporated to provide software products to the scholarly and academic publishing industry.
Company Coordinates stock-summary
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