Icodex Publishing Solutions
Icodex Publishing Solutions (ICODEX) share price was ₹38.50 at the 27 Oct 2026 close; market capitalisation ₹60.19 Cr; sector Information Technology. The share price fell 26.7% over the year to 27 Oct 2026 (adjusted for splits and bonuses). In the Mar 2026 quarter, revenue rose 9.2% year on year to ₹12.04 Cr and net profit fell 65.7% year on year to ₹1.59 Cr (compared with Mar 2025). Promoters held 64.44% of Icodex Publishing Solutions in Sep 2026, unchanged from Mar 2026. Its Tapetide Score is 54/100 (Average) as of 28 Oct 2026.
Key Fundamentals
SMEIT - ServicesInformation TechnologyPrice-based figures as of 29 Oct 2026, 11:40 IST · TTM
Peer Comparison
Information Technology › IT Enabled Services
| ₹4,170.00 | 33.49 | 44,238 Cr | 6.25 | 0.48% | 18.95% | 23.97% | 11,971 Cr | 1,322 Cr | |
| ₹1,699.50 | 38.19 | 29,159 Cr | 10.42 | 0.00% | 25.77% | 29.57% | 3,367 Cr | 764 Cr | |
| ₹660.65 | 48.15 | 26,826 Cr | 7.00 | 1.78% | 13.93% | 15.47% | 6,523 Cr | 558 Cr | |
| ₹4,417.00 | 96.29 | 26,258 Cr | 12.48 | 0.07% | 28.46% | 39.27% | 3,760 Cr | 260 Cr | |
| ₹44.82 | 21.14 | 20,982 Cr | 2.05 | 0.33% | 9.57% | 12.50% | 8,051 Cr | 994 Cr | |
| ₹1,386.90 | 40.85 | 19,539 Cr | 4.92 | 0.00% | 12.45% | 15.30% | 2,922 Cr | 478 Cr | |
| ₹1,224.10 | 100.34 | 14,348 Cr | 11.44 | 0.00% | 22.20% | 28.26% | 431 Cr | 123 Cr | |
| Icodex Publishing Solutions (this company) | ₹38.50 | — | 60 Cr | 1.07 | 0.00% | 12.60% | 18.64% | — | — |
| Median 8 companies | ₹1,305.50 | 40.85 | 23,620 Cr | 6.63 | 0.04% | 16.44% | 21.31% | 3,760 Cr | 558 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the live price; other metrics are as reported in filings. A dash means the figure is not published for that company.
Tapetide Score
Data-driven rating, 0–100, as of . How it works →
Data confidence 84/100
Category scores
The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.
Key Insights
Strengths
3- Stock is trading at 1.06 times its book value
- Company has delivered good profit growth of 48.2% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 35.3%
Weaknesses
2- Though the company is reporting repeated profits, it is not paying out dividend
- Company has high debtors of 163 days.
Technical Indicators
Oscillators
Bullish
Overall
Bearish
Moving Averages
Bearish
Growth Rate
change over 1 year
change over 1 year
change over 1 year
change over 1 year Operating margin 24.5% · Mar 2026
Quarterly Results
| Particulars | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 10.84 | 11.03 | 13.89 | 12.04 |
| Expenses | 4.64 | 3.79 | 6.14 | 9.09 |
| Operating Profit | 6.2 | 7.24 | 7.75 | 2.95 |
| OPM % | 57.2% | 65.64% | 55.8% | 24.5% |
| Other Income | 0.07 | 0.13 | 0.13 | 0.54 |
| Interest | 0.08 | 0.15 | 0.16 | 0.2 |
| Depreciation | 0.17 | 0.42 | 0.37 | 0.38 |
| PBT | 6.02 | 6.8 | 7.35 | 2.91 |
| Tax % | 28.24% | 31.76% | 25.31% | 45.36% |
| Net Profit | 4.33 | 4.63 | 5.5 | 1.59 |
| EPS (₹) | 3.61 | 3.78 | 3.52 | 1.02 |
Profit & Loss
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Sales | 4.96 | 8.18 | 9.54 | 10.4 | 21.88 | 25.93 |
| Expenses | 3.99 | 6.42 | 7.59 | 6.14 | 8.4 | 15.2 |
| Operating Profit | 0.97 | 1.76 | 1.95 | 4.26 | 13.48 | 10.73 |
| OPM % | 19.56% | 21.52% | 20.44% | 40.96% | 61.61% | 41.38% |
| Other Income | 0.23 | 0.04 | 0.18 | 0.59 | 0.2 | 0.67 |
| Interest | 0.18 | 0 | 0.01 | 0.04 | 0.27 | 0.39 |
| Depreciation | 0.02 | 0.14 | 0.28 | 0.36 | 0.59 | 0.75 |
| PBT | 1 | 1.66 | 1.84 | 4.45 | 12.82 | 10.26 |
| Tax % | 1% | 22.29% | 1.63% | 0.9% | 30.11% | 30.9% |
| Net Profit | 0.99 | 1.29 | 1.81 | 4.4 | 8.96 | 7.09 |
| EPS (₹) | 0.82 | 1.08 | 1.51 | 3.67 | 7.32 | 4.53 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
Balance Sheet
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 0 | 0 | 0 | 0 | 12.24 | 15.64 |
| Reserves | 1.12 | 2.38 | 4.19 | 8.59 | 6.81 | 40.67 |
| Borrowings | 0 | 0 | 0.02 | 0.88 | 2.99 | 7.05 |
| Other Liabilities | 1.26 | 1.46 | 1.64 | 1.2 | 2.72 | 2.83 |
| Total Liabilities | 2.38 | 3.84 | 5.85 | 10.67 | 24.76 | 66.19 |
| Fixed Assets | 0.27 | 0.71 | 0.77 | 0.62 | 5.35 | 6.77 |
| CWIP | 0 | 0 | 0.53 | 3.38 | 8.85 | 21.47 |
| Investments | 0.5 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 1.61 | 3.13 | 4.55 | 6.67 | 10.56 | 37.95 |
| Total Assets | 2.38 | 3.84 | 5.85 | 10.67 | 24.76 | 66.19 |
Cash Flow
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Operating | — | 1.24 | 1.27 | 3.81 | 6.35 | 1.64 |
| Investing | — | -0.49 | -1.1 | -3.26 | -12.69 | -35.5 |
| Financing | — | 0 | 0.01 | 0.83 | 3.44 | 33.87 |
| Net Cash Flow | — | 0.75 | 0.19 | 1.38 | -2.9 | 0.01 |
| Free Cash Flow | — | 0.66 | 0.4 | 0.75 | -4.45 | -13.15 |
| CFO/EBITDA | — | 103 | 80 | 103 | 68 | 53 |
Ratios
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor Days | 65.49 | 53.55 | 69.25 | 48.08 | 82.41 | 163 |
| Cash Conversion Cycle | 65.49 | 53.55 | 69.25 | 48.08 | 82.41 | 163 |
| Working Capital Days | 8.09 | 0.45 | 21.04 | -2.46 | 23.86 | 49.55 |
| ROCE % | — | 94.86% | 56.15% | 65.64% | 83.08% | 24.94% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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51 extracted metrics + investor summaries across FY21–FY26.
Documents
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Company Information
Incorporated in 2018, Icodex Publishing Solutions Ltd is in the business of publishing and IT support services[1]
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