Incorporated in **1936** and headquartered in **Kolkata**, International Combustion (India) Limited (ICIL) is a diversified engineering entity specializing in heavy equipment manufacturing, power transmission solutions, and advanced building materials. The company serves as a critical technology provider to India’s core industrial sectors, including **Steel, Cement, Mining, Power, and Infrastructure**. --- ### **Core Business Segments & Product Portfolio** ICIL operates through three distinct business divisions, each supported by international technical collaborations and specialized manufacturing facilities. | Segment | Key Products & Technologies | Strategic Partners | |:---|:---|:---| | **Heavy Engineering (Mineral & Material Processing)** | Heavy Duty Grinding Mills, **Omni-Screens**, **Flip-Flow Screens**, Vibrating Screeners, Feeders, Cone/Jaw/Roll Crushers, and Dryers. | **Aden Advanced Engineering** (Brazil), **IMS** (South Africa), **Mogensen** & **Allgaier** (Germany). | | **Bauer Division (Power Transmission)** | Industrial Geared Motors and specialized Gear Boxes for heavy-duty applications. | **Bauer Geared Motor GmbH** (Germany). | | **Building Material Division** | **CAPA** branded Tile Adhesives, Grouts, Waterproofing Compounds, and Dry Mix Mortars. | **Cementos Capa, SL** (Spain). | --- ### **Strategic Manufacturing Footprint & Capacity Expansion** Following a major **CAPEX** program completed in **2024**, the company has significantly de-bottlenecked its production lines to meet rising demand in the capital goods sector. * **Nagpur Works (Maharashtra):** The hub for Heavy Engineering. Capacity was increased by **~30%** through the construction of new manufacturing halls and the installation of advanced CNC plasma cutting, hydraulic press brakes, and submerged welding systems. * **Aurangabad Works (Maharashtra):** Dedicated to the Bauer Division. Capacity was enhanced by **~40%** to address previous backlogs. The facility has integrated **Lean Manufacturing Systems** and new CNC hobbing and turning machinery. * **Ajmer Works (Rajasthan):** Focuses on the Building Material Division (Dry Mix Mortars). Current capacity is optimized for regional demand and export requirements. * **Baidyabati Works (West Bengal):** Specializes in Mineral and Material Processing and Handling Equipment. --- ### **Technological Edge & Intellectual Property Strategy** ICIL has transitioned from a traditional licensee to a technology owner and global OEM supplier. * **Global Patent Leadership:** The company holds **Global Patent Rights** (excluding South Africa) for **Omni Screens**, a high-efficiency screening technology. * **Specialized Solutions:** ICIL manufactures **Flip-Flop Screens** designed specifically for "difficult-to-screen" materials like wet coal, a critical component for Indian thermal power plants. * **Reverse Sourcing:** In a testament to ICIL’s manufacturing quality, global partners including **Bauer, Mogensen, and Allgaier** now source finished equipment and components from ICIL’s Indian plants for their international markets. * **New Verticals:** The company is launching a new heavy-duty **Industrial Gear Box** vertical by the end of **FY 2024-25** and is exploring **Solid Waste Management** systems under the "Waste to Wealth" mission. --- ### **Financial Performance & Solvency Metrics** The company has demonstrated a robust recovery and growth trajectory over the last three fiscal years, characterized by a **165% YoY increase in PBT** in the most recent audited cycle. #### **Key Financial Indicators (₹ in Crore)** | Metric | FY 2023-24 | FY 2022-23 | FY 2021-22 | |:---|:---|:---|:---| | **Revenue from Operations** | **296.78** | **222.56** | **168.89** | | **Profit Before Tax (PBT)** | **32.07** | **12.10** | **5.27** | | **Total Equity** | **120.56** | **90.12** | **81.45** | | **Gearing Ratio** | **0.26** | **0.13** | **0.11** | #### **Credit Ratings (As of Feb 2026)** * **Long-Term Rating:** **CRISIL BBB** (Outlook: **Negative**). The negative outlook reflects potential pressure on liquidity and working capital cycles despite stable operational performance. * **Short-Term Rating:** **CRISIL A3+**. --- ### **Market Expansion & Future Growth Drivers** 1. **Institutional Pivot:** The Building Material Division is shifting from a purely retail-focused model to securing **large-scale institutional projects**, improving volume stability. 2. **Export Growth:** Through its partnership with **Cementos Capa**, ICIL is now exporting building materials back to **European markets**. 3. **Pet Care Diversification:** At the group level, ICIL is entering the **₹5,000 crore** Indian pet-care market in **FY26**, with a planned investment of **₹500 crore** over five years, aiming for a **10% market share**. 4. **Import Substitution:** By localizing the manufacture of **Cone, Jaw, and Roll Crushers** via the **Aden (Brazil)** collaboration, ICIL is positioning itself as a primary beneficiary of the "Make in India" initiative. --- ### **Risk Profile & Mitigation Framework** ICIL employs an **Enterprise Risk Management (ERM)** framework to navigate the inherent volatility of the engineering sector. * **Cyclicality & Fixed-Price Contracts:** Exposure to the steel and mining cycles is high. To protect margins against **raw material (Steel) volatility**, the company is increasingly focusing on niche, high-tech products where value-add is higher than commodity sensitivity. * **Supply Chain Resilience:** To counter global lead-time delays for imported components, ICIL has strategically increased **inventory levels**, accepting higher working capital carry-costs to ensure on-time delivery to clients. * **Working Capital Intensity:** The business requires significant liquidity for project execution. The company recently secured a **₹5 Crore Term Loan** from UCO Bank (**9.60% interest**) to bolster asset coverage. * **Regulatory Landscape:** ICIL is monitoring the implementation of the **New Labour Codes (effective Nov 2025)**. While the current assessment is neutral, final rules may impact long-term social security provisions. * **Currency Exposure:** The company maintains a **natural hedge** due to its balanced profile of limited imports and growing exports, resulting in **limited foreign exchange risk**.