Incap

BSE: INCAP · Other Electrical Equipment

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Snapshot

Unlock Incap's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Incap Limited is an Indian manufacturer specialising in the production of aluminium electrolytic capacitors. The company serves a diverse range of industries, including consumer electronics, industrial automation, power supplies, and telecommunications.

Business Model

The company generates revenue through the manufacturing and sale of radial, axial, and snap-in capacitors from its facility in Nidamanuru. It operates as a niche player in the passive electronic components market, supplying both domestic and international clients.

Growth Outlook

Growth is expected to be driven by the increasing demand for electronic components across the industrial automation and telecommunications sectors. The company leverages its long-standing presence in the Indian manufacturing landscape to maintain its market position.

Key Risks

  • Raw Material Price Volatility. Fluctuations in the cost of aluminium and other raw materials can significantly impact the company's manufacturing margins.
  • Technological Obsolescence. The rapid evolution of electronic components may render traditional capacitor designs less competitive against newer, more efficient alternatives.
  • Intense Competition. The company faces stiff competition from both domestic manufacturers and low-cost imports from global markets.
  • Cyclical Demand. Demand for electronic components is highly sensitive to the cyclical nature of the consumer electronics and industrial automation sectors.

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Key Metrics

REVENUE

₹39 Cr

TTM · standalone

+103.2%YoY

NET PROFIT

₹1 Cr

TTM · standalone

+39.2%YoY

RETURN ON EQUITY

6.4%

TTM · standalone

+1.8 ppYoY

RETURN ON CAPITAL EMPLOYED

10.0%

TTM · standalone

+3.1 ppYoY

P/E

54.9x

Q1 FY26 · standalone

54.9 vs 73.0x5Y avg

EV/EBITDA

20.6x

Q1 FY26 · standalone

20.6 vs 22.5x5Y avg

EBITDA MARGIN

5.3%

TTM · standalone

-2.8 ppYoY

NET PROFIT MARGIN

1.9%

Q3 FY26 · standalone

+0.7 ppYoY

DEBT TO EQUITY

0.3x

Q2 FY26 · standalone

-0.24xYoY

Peers · Other Electrical Equipment

CompanyMkt CapP/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
IncapINCAP
₹40 Cr55.4820.78103.2%5.3%6.4%10.0%-4.1%
Urja GlobalURJA
₹483 Cr919.00199.754.0%0.8%1.0%-29.9%
S&S Power Switchgears LimitedS&SPOWER
₹418 Cr51.7239.6032.1%4.0%10.2%6.2%-8.7%
Artemis Electricals and Projects LimitedAEPL
₹386 Cr45.2428.4616.3%9.6%13.0%-41.0%
RMC SwitchgearsRMC
₹261 Cr12.0%-69.8%
Magnus Steel and Infra LimitedMAGNUS
₹8 Cr18.9815.7412.6%31.0%209.7%

As of Q1 FY26

Financials