ICDS Limited

: ICDSLTD · Diversified Commercial Services

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Snapshot

Unlock ICDS Limited's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

ICDS Limited is a diversified commercial services company that transitioned away from its former NBFC status. Its current operations focus on the recovery of legacy dues, trading in securities, rental income from investment properties, and the marketing of insurance products.

Business Model

The company generates revenue through a mix of fee-based activities, insurance product distribution, and income derived from its investment property portfolio. It also manages the liquidation of legacy assets and trading in financial securities.

Management Commentary

Management is focused on the systematic recovery of outstanding dues and the repayment of liabilities following the company's strategic exit from the NBFC sector. Efforts are directed towards stabilising operations through fee-based services and asset monetisation.

Growth Outlook

Growth is expected to be driven by the expansion of fee-based service offerings and the effective management of the company's existing investment property portfolio. Future performance remains tied to the successful recovery of legacy dues and market-linked trading gains.

Key Risks

  • Asset Recovery Uncertainty. The company faces significant risks regarding the successful recovery of legacy dues, which may impact cash flow and financial stability.
  • Market Volatility. As the company engages in trading shares and securities, its financial performance is susceptible to fluctuations in the Indian capital markets.
  • Regulatory and Compliance Risk. Operating in the insurance marketing and financial services space requires strict adherence to evolving regulatory frameworks and licensing requirements.
  • Property Market Exposure. Reliance on rental income exposes the company to risks associated with the commercial real estate sector, including occupancy rates and rental yield pressures.

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Key Metrics

REVENUE

₹2 Cr

TTM · consolidated

-38.9%YoY

NET PROFIT

₹1 Cr

TTM · consolidated

-22.0%YoY

EPS

₹0.85

TTM · consolidated

-21.3%YoY

RETURN ON EQUITY

3.8%

TTM · consolidated

-1.3 ppYoY

RETURN ON CAPITAL EMPLOYED

4.8%

TTM · consolidated

-5.8 ppYoY

P/E

47.6x

Q4 FY26 · consolidated

47.6 vs 83.9x5Y avg

EV/EBITDA

31.3x

Q4 FY26 · consolidated

31.3 vs 10.9x5Y avg

EBITDA MARGIN

75.3%

TTM · consolidated

-10.6 ppYoY

NET PROFIT MARGIN

-80.8%

Q4 FY26 · consolidated

-116.5 ppYoY

DEBT TO EQUITY

0.0x

Q4 FY26 · consolidated

-0.01xYoY

Peers · Diversified Commercial Services

CompanyMkt CapP/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
ICDS LimitedICDSLTD
₹54 Cr48.7529.66-38.9%75.3%3.8%4.8%-9.9%
Radiant Cash Management Services LimitedRADIANTCMS
₹419 Cr13.367.121.8%12.5%10.0%14.0%-34.1%
Kalind LtdKALIND
₹382 Cr0.188.3129444.4%59.0%55.4%72.3%-91.9%
Majestic AutoMAJESAUT
₹377 Cr3.854.85-45.0%167.0%15.7%18.6%+4.9%
Dev Accelerator LimitedDEVX
₹340 Cr28.743.7255.5%5.5%12.8%
Mizzen VenturesMIZVEN
₹94 Cr89.1348.9576.2%2.2%3.7%-83.7%

As of Q4 FY26

Financials