International Conveyors Limited — PPTs, 11-06-2025: Investor Presentation

1. Financial Highlights:

Revenue rose 13.4% YoY to Rs. 151.9 Cr in FY25, with Q4 revenue doubling to Rs. 54.6 Cr. EBITDA held steady at Rs. 21.5 Cr, while PAT surged 47% to Rs. 91.7 Cr. EBITDA margin dipped to 14.1% from 15.9%, but PAT margin expanded to 60.4%. The equity base stands at Rs. 361.8 Cr, borrowings fell to Rs. 86.3 Cr from Rs. 124.6 Cr, and cash increased slightly to Rs. 5.3 Cr. Investments rose to Rs. 306.2 Cr, reflecting robust liquidity. Working capital remains well-managed with stable receivable (56 days) and payable (55 days) periods.

2. Strategic Initiatives & Growth Drivers:

ICL is upgrading Aurangabad and Falta plants with automation and capacity enhancements to meet rising demand. The firm is diversifying beyond Canada’s potash focus into the USA, Australia, South Africa, and Europe, targeting soda ash and salt sectors. Growth is supported by long replacement cycles and revived mining capex in potash and coal. Strong in-house R&D and rigorous safety standards differentiate products.

3. Business Developments:

No recent acquisitions reported. Strategic marketing alliances aim to introduce PVC belts with thicker abrasion-resistant covers. Long-term contracts with leading miners across continents remain intact, along with expanding product offerings tailored to specific customers and regions.

4. Market Position & Competitive Advantage:

ICL is India’s sole listed PVC conveyor belting specialist with 40+ years of experience, holding a 35% domestic market share and over 80% of India’s PVC belting exports. High entry barriers due to stringent dual-stage international approvals and deep customer relationships provide sustainable advantages. Fully integrated manufacturing and accredited quality labs boost global positioning.

5. Investor Implications:

Revenue and profit momentum backed by global mining capex recovery and product diversification signals positive growth potential. Focus on automation, capacity scaling, and geographic diversification reduces risks linked to market concentration. Replacement demand cycles and visible order book support stable revenues. Margins and progress in new markets warrant monitoring.