International Conveyors Limited (ICL) has reached a significant milestone in its employee stock option plan (ESOP) implementation. The company recently received in-principle approval from the National Stock Exchange (NSE) to list up to 33,75,000 equity shares under its ICL Employee Stock Option Plan 2020.

Key Details of the Approval

Conditions for Listing

The in-principle approval from NSE is subject to several conditions that International Conveyors must fulfill:

1. Statutory Approvals: The company needs to secure all necessary statutory and other approvals.
2. Regulatory Compliance: Adherence to SEBI regulations and guidelines is mandatory.
3. Documentation: Submission of required documentation post-allotment of shares.
4. Listing Regulations: Compliance with all conditions set forth in SEBI (LODR) Regulations, 2015.

Implications for ICL

This approval marks a significant step for International Conveyors Limited in implementing its employee stock option plan. ESOPs are widely recognized as an effective tool for companies to align employee interests with those of shareholders, potentially boosting motivation and retention.

The successful listing of these shares, once all conditions are met, could provide eligible employees with an opportunity to participate in the company's equity ownership. This move may also enhance ICL's ability to attract and retain talent in a competitive market.

Next Steps

International Conveyors will need to carefully navigate the regulatory requirements and ensure all conditions are met before the final listing of these shares can take place. Shareholders and potential investors should keep an eye on further announcements from the company regarding the progress of this ESOP implementation.

International Conveyors Limited , a leading manufacturer of conveyor belts, has released its unaudited financial results for the second quarter and half-year ended September 30, 2025, showcasing a mixed performance across various segments.

Standalone Performance

On a standalone basis, the company reported revenue from operations of Rs. 3,966.00 lakhs for Q2 FY26, marking a significant increase from Rs. 3,321.00 lakhs in the previous quarter. However, the company's profit after tax saw a substantial decrease to Rs. 2,876.00 lakhs in Q2 FY26, compared to Rs. 5,443.00 lakhs in Q1 FY26.

For the half-year period ending September 30, 2025, International Conveyors Limited achieved a standalone revenue of Rs. 6,146.00 lakhs, with a profit after tax of Rs. 2,790.00 lakhs.

Consolidated Results

The consolidated financial results paint a slightly different picture. For Q2 FY26, the company's quarterly revenue stood at Rs. 3,536.00 lakhs, with a profit after tax of Rs. 1,736.00 lakhs. The consolidated half-year revenue reached Rs. 6,077.00 lakhs.

Segment-wise Performance

The company's performance varied across different segments:

The Conveyor Belts segment continues to be the primary revenue driver for the company.

Financial Position

As of September 30, 2025, the company's consolidated balance sheet shows:

• Total Assets: Rs. 55,996.00 lakhs
• Total Equity: Rs. 39,133.00 lakhs (including share capital of Rs. 634.00 lakhs and other equity of Rs. 38,499.00 lakhs)
• Total Liabilities: Rs. 16,863.00 lakhs

Earnings Per Share

The basic earnings per share (EPS) for the standalone entity was Rs. 2.96 for Q2 FY26, while the consolidated EPS stood at Rs. 2.74 for the same period.

Management Commentary

The company's management noted that the loss reported during Q2 FY26 is primarily attributable to mark-to-market adjustments in the investment portfolio as per Ind-AS 109. However, for the first half of FY26, there was a mark-to-market gain, indicating the volatile nature of investment valuations.

Subsidiaries and Global Presence

International Conveyors Limited operates through several subsidiaries, enhancing its global footprint:

1. International Belting Limited (India)
2. International Conveyors America Limited, Inc. (USA)
3. Conveyor Holdings Pte Limited (Singapore)
4. International Conveyors Australia Pty Ltd (Australia, step-down subsidiary)

Conclusion

While International Conveyors Limited has shown growth in its operational revenue, the fluctuations in profit, particularly due to investment portfolio adjustments, highlight the challenges faced by the company in the current economic environment. The diverse geographical presence through its subsidiaries may provide some resilience, but investors should closely monitor the company's performance in the coming quarters.

The unaudited financial results were reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on November 13, 2025. The statutory auditors have carried out a limited review of these financial results and have expressed an unqualified conclusion.