India Carbon Ltd (ICL) - Unlisted Shares
Fundamentals
- Current Price
- ₹1,200
- Market Cap
- ₹318.00 Cr
- ISIN
- INE743B01015
- Face Value
- ₹10
- P/E Ratio
- 10.50
- EPS
- ₹114.27
- P/B Ratio
- 0.61
- Book Value
- ₹1968.99
- Debt / Equity Ratio
- 0.00
Key Financials
Profit & Loss
| Metric | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|
| Net Revenue | 420.39 | 565.72 | 456.12 | 196.25 | 206.20 | 471.65 |
| Growth % | -25.69% | 24.03% | 132.42% | -4.83% | -56.28% | 0 |
| Total Operating Expenses | 424.48 | 533.57 | 356.46 | 174.00 | 260.68 | 295.27 |
| Growth % | -20.45% | 49.69% | 104.86% | -33.25% | -11.72% | 0 |
| Operating Profit (EBITDA) | -4.09 | 32.15 | 99.66 | 22.24 | -54.48 | 176.38 |
| Operating Profit Margin % | -0.97% | 5.68% | 21.85% | 11.33% | -26.42% | 37.40% |
| Other Income | 37.37 | 10.55 | 19.72 | 32.96 | 6.02 | 24.11 |
| Finance Costs | 4.09 | 6.71 | 1.08 | 0.85 | 1.19 | 1.44 |
| Depreciation and Amortization Expense | 2.25 | 1.60 | 2.03 | 2.15 | 2.06 | 1.80 |
| Profit beofore Tax | 26.94 | 34.39 | 116.27 | 52.21 | -51.71 | 197.25 |
| Income Tax | -3.34 | 10.46 | 34.92 | -0.72 | -15.25 | 43.54 |
| Tax % | -12.39% | 30.43% | 30.04% | -1.38% | 29.48% | 22.07% |
| Profit After Tax | 30.28 | 23.92 | 81.35 | 52.93 | -36.46 | 153.71 |
| Growth % | 26.58% | -70.59% | 53.71% | -245.15% | -123.72% | 0 |
| PAT % | 7.20% | 4.23% | 17.83% | 26.97% | -17.68% | 32.59% |
| EPS | 114.27 | 90.28 | 306.97 | 199.72 | -137.6 | 580.05 |
Company Financials
| Metric | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|
| Equity Capital | 2.65 | 2.65 | 2.65 | 2.65 | 2.65 | 2.65 |
| Reserves and Surplus | 519.13 | 431.41 | 433.24 | 331.42 | 241.48 | 295.16 |
| Total Equity | 521.78 | 434.06 | 435.89 | 334.07 | 244.13 | 297.81 |
| Long Term Borrowings | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.04 |
| Other Long Term Liabilities | 2.67 | 1.39 | 0.36 | 0.44 | 0.43 | 7.65 |
| Total Non-Current Liabilities | 2.67 | 1.39 | 0.36 | 0.44 | 0.43 | 7.69 |
| Short Term Borrowings | 0.00 | 115.00 | 57.99 | 17.86 | 10.01 | 14.98 |
| Other Current Liabilities | 8.90 | 11.68 | 42.81 | 19.26 | 38.18 | 40.85 |
| Total Current Liabilities | 8.90 | 126.68 | 100.80 | 37.12 | 48.20 | 55.83 |
| Equity + Liabilities | 533.35 | 562.14 | 537.04 | 371.62 | 292.76 | 361.33 |
| Fixed Assets (incl. WIP) | 22.95 | 22.42 | 19.46 | 14.36 | 15.87 | 15.11 |
| Other Non Current Assets | 287.43 | 202.19 | 211.08 | 182.35 | 97.12 | 116.06 |
| Total Non Current Assets | 310.37 | 224.61 | 230.54 | 196.71 | 112.98 | 131.17 |
| Trade Receivables | 16.36 | 46.56 | 60.20 | 21.93 | 29.28 | 23.78 |
| Cash and Bank Balances | 31.39 | 22.88 | 13.78 | 45.32 | 32.02 | 37.89 |
| Other Current Assets | 175.24 | 268.08 | 232.53 | 107.66 | 118.47 | 168.50 |
| Total Current Assets | 222.98 | 337.53 | 306.50 | 174.92 | 179.78 | 230.17 |
| Total Assets | 533.35 | 562.14 | 537.04 | 371.62 | 292.76 | 361.33 |
Shareholding Pattern
- Oxbow Calcining LLC, USA
- 30.66%%
- Shree Shyam Orchid Estates Ltd
- 26.41%%
- Anita Himatsingka
- 7.91%%
- Shaurya Veer Himatsingka
- 8.96%%
- Others
- 26.06%%
Strengths & Weaknesses
Strengths
- Experienced Promoters: Led by third-generation entrepreneur Rakesh Himatsingka with over 40 years of experience, supported by his son Shaurya Veer Himatsingka.
- Pioneer in CPC Manufacturing: Established Asia’s first CPC plant in 1961, with facilities in Guwahati, Assam, and Budge Budge, West Bengal.
- Strategic Equity Partnership: Oxbow Calcining LLC (US-based) holds a 30.66% stake and has board representation.
- Strategic Plant Location: Proximity to IOCL’s Guwahati refinery minimizes costs and lead times, with GST benefits under NEIDS, 2017.
- Strong Client Relationships: Long-standing ties with reputed players in aluminium, graphite, and ferroalloys industries, reducing customer concentration risk.
- Robust Capital Structure: Improved gearing (nil as of FY24), no term debt, and healthy net worth base.
Weaknesses
- Subdued FY24 Performance: Revenue declined to ₹420.39 crore due to muted graphite CPC demand, leading to operating losses of ₹4.09 crore.
- Moderate Capacity Utilization: Guwahati unit utilization dropped to 49% in FY24, while Budge Budge remained at full capacity
- Volatile RPC and CPC Prices: Profitability impacted by fluctuating raw material prices and limited bargaining power with suppliers.
- Working Capital-Intensive Operations: High inventory requirements led to an operating cycle of 154 days in FY24.
- Dependence on Cyclical Industries: CPC demand is tied to the aluminium and graphite industries, both of which are susceptible to economic slowdowns.
About India Carbon Ltd (ICL)
India Carbon Limited (ICL), established in 1961 and headquartered in Guwahati, is a leading producer of calcined petroleum coke (CPC), electrode carbon, and tamping pastes
Board of Directors
- Mr. Rakesh Himatsingka - Chairman & Managing Director
- Mr. Shaurya Veer Himatsingka - Deputy Managing Director & CEO
- Mr. Gordon Kenneth McIntosh - Director
- Mr. Alvaro Emilio Martinez - Director
- Mr. Tony William Grims - Director
- Mr. Mark Russell Jones - Director
- Mr. Hemant Kumar Khaitan - Independent Director
- Mr. Manoj Mohanka - Independent Director
- Mr. Soumendra Mohan Bas - Independent Director
- Mr. Sunirmal Talukdar - Independent Director
- Ms. Susmita Ghose - Independent Director
Senior Management
- Shri. Rakesh Himatsingka - Chairman & Managing Director
- Shri. Shaurya veer Himatsingka - Deputy Managing Director & CEO
- Shri. Vinod Kumar Agarwal - Chief Financial Officer
- Shri. Bhaskar Rakshit - Company Secretary