Integrated Capital Services Limited (ICSL.BO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-245.6%

-₹5.68

vs ₹3.90 price

Levered DCF

-₹8.29

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

D+

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-11.63×	-297.92×	-587.88×	14.19×	-4.83×	3.94×	-25.16×	-6.95×
P/B	1.74×	1.69×	1.5×	1.2×	2.7×	1.27×	0.74×	0.73×
P/S	17.24×	23.07×	26.3×	6.65×	29.05×	11.18×	4.43×	2.98×
EV / EBITDA	32.34×	177.01×	2,398.48×	10.33×	146.17×	-78.95×	30.63×	-20.93×
Gross margin	76.7%	65.6%	59.1%	86.0%	69.7%	59.0%	68.4%	63.4%
Operating margin	-27.7%	-15.4%	59.1%	50.3%	-6.2%	-46.2%	2.8%	14.8%
Net margin	-148.5%	-7.8%	-4.5%	46.6%	-601.4%	285.6%	-17.6%	-42.9%
Current ratio	9.18×	0.55×	1.36×	1.43×	1.26×	0.98×	0.26×	0.3×
Debt / equity	0.25×	0.28×	0.23×	0.23×	0.1×	0.27×	0.49×	0.46×
Interest coverage	0×	0×	0×	8,014×	0×	-1.91×	0.14×	6.84×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	2.2%	4.4%	2.9%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	8.5%	-111.9%	-20.2%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-15.0%	-0.6%	-0.3%	8.4%	-55.9%	32.3%	-2.9%	-10.5%
Return on invested capital	5.2%	-0.7%	0.8%	6.1%	-0.3%	-3.2%	0.3%	2.0%
Return on assets	-11.7%	-0.4%	-0.2%	6.1%	-36.5%	17.5%	-1.4%	-5.3%
Free cash flow yield	-15.3%	12.8%	-10.1%	5.5%	4.6%	-28.5%	14.8%	-10.9%
Earnings yield	-8.6%	-0.3%	-0.2%	7.0%	-20.7%	25.5%	-4.0%	-14.4%
Enterprise value	₹146.3M	₹174.9M	₹158.3M	₹111.6M	₹210.6M	₹82M	₹67.5M	₹75.5M
Net debt / EBITDA	0.33×	22.5×	306.58×	0.52×	-5.2×	-8.68×	12.06×	-7.91×
Cash conversion cycle (days)	106	36	223	169	14	17	45	38