International Combustion (India) Limited (INTLCOMBQ.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

+6.3%

₹414.61

vs ₹390.00 price

Levered DCF

₹1,099.04

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C+

Overall 2 / 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	-37.32×	13.4×	21.17×	12.44×	17.74×	-7.19×	-12.43×	17.46×
P/B	0.68×	1.5×	3.5×	1.02×	0.78×	0.42×	0.25×	0.63×
P/S	0.3×	0.68×	1.42×	0.46×	0.44×	0.34×	0.19×	0.46×
EV / EBITDA	14.38×	9.01×	11.75×	6.23×	6.66×	-26.17×	18.27×	6.75×
Gross margin	19.1%	22.8%	47.3%	45.9%	14.5%	42.4%	48.4%	45.5%
Operating margin	-0.2%	5.8%	28.3%	5.5%	3.1%	-9.3%	-1.9%	3.5%
Net margin	-0.8%	4.3%	6.7%	3.7%	2.5%	-4.8%	-1.5%	2.7%
Current ratio	1.72×	1.87×	1.73×	1.83×	1.91×	1.75×	1.63×	1.67×
Debt / equity	0.21×	0.24×	0.26×	0.13×	0.09×	0.16×	0.28×	0.24×
Interest coverage	-0.14×	3.42×	27×	6.07×	3.06×	-4.34×	-0.85×	1.46×
Dividend yield	1.1%	0.6%	0.2%	0.5%	0.0%	0.1%	1.3%	0.0%
Payout ratio	-39.4%	9.4%	3.6%	5.8%	0.2%	-0.5%	-16.4%	0.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-1.8%	9.4%	16.6%	8.2%	4.4%	-5.8%	-2.0%	3.6%
Return on invested capital	-0.2%	9.3%	36.6%	7.3%	3.9%	-7.5%	-1.1%	3.3%
Return on assets	-1.0%	5.4%	8.9%	4.9%	2.8%	-3.6%	-1.2%	2.2%
Free cash flow yield	15.0%	0.9%	-3.6%	-4.9%	8.6%	27.5%	-42.2%	6.1%
Earnings yield	-2.7%	6.3%	4.7%	8.0%	5.6%	-13.9%	-8.0%	5.7%
Enterprise value	₹1B	₹2.2B	₹4.5B	₹1.1B	₹776.4M	₹491M	₹472.2M	₹836.2M
Net debt / EBITDA	1.74×	0.96×	0.72×	0.59×	0.34×	-6.38×	9.27×	1.78×
Cash conversion cycle (days)	111	133	145	134	127	206	237	183