International Conveyors Limited (ICL) has announced that CARE Ratings Limited has reviewed and reaffirmed its credit ratings, with several facilities being upgraded. The long-term bank facilities of ₹24.00 crore have been upgraded from CARE BBB-; Stable to CARE BBB; Stable. Similarly, the long-term/short-term bank facilities totaling ₹25.00 crore have been upgraded from CARE BBB-; Stable / CARE A3 to CARE BBB; Stable / CARE A3+. Short-term bank facilities of ₹30.91 crore have also been upgraded from CARE A3 to CARE A3+. The rating action is attributed to ICL's improved financial performance in FY26, marked by growth in its scale of operations and an improved operating margin. CARE Ratings noted the company's experienced promoters, a healthy investment portfolio, its niche market segment with limited domestic competition, a reputable clientele, and a comfortable capital structure with improved debt coverage indicators. Key strengths highlighted include the company's experienced promoters, a healthy investment portfolio valued at approximately ₹325.51 crore as of December 31, 2025, and its operation in a niche segment of solid woven PVC conveyor belts primarily used in underground mines. ICL serves a reputed clientele, including major domestic player Coal India Limited, and has a significant export market. The company's capital structure remains comfortable, with overall gearing improving to 0.21x as of March 31, 2026. The total operating income grew by approximately 44% year-on-year to ₹203.65 crore in FY26, with PBILDT margins improving to 20.01%. However, the ratings are constrained by exposure to group companies, volatility in raw material prices, foreign currency fluctuations, and working capital-intensive operations. The report also details the group's involvement in the delisting process of Elpro International Limited, including raised loans and pledged shares. The outlook for the company remains Stable, with expectations of sustained operational performance.
