Icodex Publish. (544483)

Score breakdown: P/E: 3/3 · ROCE: 2/2 · Growth: 2/2 · Dividend: 0/1

Key Financials

Strengths

• P/E of 6.07 with 28.14% sales growth and 27.02% profit growth gives a PEG of only 0.22.
• ROCE of 82.77% indicates exceptionally efficient capital use.
• Piotroski F-Score of 7/9 points to solid financial health on available data.
• Latest quarter net profit of ₹6 Cr on ₹14 Cr sales shows strong recent profitability.

Concerns

• Market cap of just ₹62 Cr makes it a micro-cap vulnerable to volatility and limited institutional interest.
• Zero dividend yield means returns must come entirely from capital appreciation.
• Insufficient data: book value, debt/equity, promoter holding, and 52-week range are all unavailable.
• Growth rate is excellent but unverified; sustainability of the order book and client base is unknown.

AI Analysis

Let me examine Icodex Publish the way I would any business. At ₹39.33, the entire company is worth ₹62 crore. It trades at a P/E of 6.07, which is cheap by any historical standard. The latest quarter shows sales of ₹14 crore and net profit of ₹6 crore, so momentum is evident. Sales grew 28.14% and profit grew 27.02%, nearly in lockstep, telling me the growth is real and not just financial engineering. Return on capital employed of 82.77% is extraordinary; a business that converts that much into profits has an asset-light model or genuine pricing power. The Piotroski F-score of 7 out of 9 strengthens my confidence. With a PEG of 0.22, the market is paying less than one-quarter of the growth rate — a classic Graham bargain if growth persists. But I must stop and ask: what is the moat? I have no promoter holding data, no book value, no debt-equity ratio. That is insufficient for a full appraisal. A ₹62 crore market cap is tiny; one lost client or technology shift can hurt. There is no dividend yield, so the investor depends entirely on capital gains. Benjamin Graham would say price is what you pay, value is what you get. At P/E 6, the margin of safety may be adequate, but I cannot verify the quality of earnings or the balance sheet. I would want to know promoter stake, cash conversion, order book, and why the stock is cheap. If the numbers are clean, this has the look of a fast grower trading far below intrinsic value; if not, it is a value trap. I would start small, monitor quarterly results, and wait for confirmation.

Data from BSE/NSE filings. AI analysis is for educational purposes only — not investment advice. Scoring methodology · Disclaimer