---
title: "Icodex Publishing Solutions Ltd (544483) — Share Price, Financials & Analysis"
symbol: "544483"
company: "Icodex Publishing Solutions Ltd"
canonical: "https://tapetide.com/stocks/544483"
isin: "INE111601014"
nse_symbol: "ICODEXPUBLISHINGSOLUTIONSLTD"
bse_code: "544483"
sector: "Information Technology"
industry: "IT Enabled Services"
market_cap_cr: 60.6
generated_at: "2026-09-13T19:57:43.001Z"
---

# Icodex Publishing Solutions Ltd (544483)

Canonical page: https://tapetide.com/stocks/544483

## Company

- **NSE Symbol:** ICODEXPUBLISHINGSOLUTIONSLTD
- **BSE Code:** 544483
- **ISIN:** INE111601014
- **Sector:** Information Technology
- **Industry:** IT Enabled Services
- **Macro Sector:** Information Technology
- **Stock Type:** EQUITY
- **Listed Since:** 2025-08-19
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** icodexsolutions.com

## About

Incorporated in 2018, Icodex Publishing Solutions Limited is engaged in the business of Software Product Development for Scholarly Publishing.[1]

## Latest Price

## Key Fundamentals

Observed at 2026-09-11T04:43:51.149391Z.

- **Market Cap:** ₹60.6 Cr
- **Classification:** SME
- **P/E (reported):** 8.5
- **Book Value:** ₹36.01
- **Price to Book:** 1.08
- **Dividend Yield:** 0%
- **ROE:** 47.02%
- **ROCE:** 66.66%
- **Debt to Equity:** 0.13
- **Revenue (yearly):** ₹25.93 Cr
- **Net Income:** ₹7.26 Cr
- **EBITDA:** ₹10.7 Cr
- **52-Week High:** ₹60.79
- **52-Week Low:** ₹29.01
- **RSI (14):** 54.18

## Tapetide Score

- **Score:** 57 / 100
- **Score date:** 2026-09-04
- **Archetype:** Out of Favour
- **What it means:** Financially sound, yet the market is not rewarding it. Cases like this usually need a specific reason the pessimism is misplaced, and patience for that reason to play out.
- **Pillar profile:** Quality: Good · Valuation: Fair · Momentum: Falling
- **Percentile:** 77.8 (of 4473 scored stocks)
- **Confidence:** 88%
- **Data coverage:** 76%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 54.36 | 9% |
| growth | 55.21 | 9% |
| momentum | 42.7 | 12% |
| ownership | 48.95 | 24% |
| quality | 74.82 | 22% |
| valuation | 55.79 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Stock is trading at 1.08 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

- Though the company is reporting repeated profits, it is not paying out dividend
- Company has high debtors of 163 days.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| cash flow growth | 66.67% | 400% | — |
| ebitda margin growth | -34.84% | -8.8% | 84.12% |
| net income growth | -19.33% | 58% | 48% |
| revenue growth | 17.33% | 40% | 39% |
| roce | 30.27% | 55.97% | 66.45% |
| roe | -8.15% | 47.14% | -46.94% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | 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 |
| Profit before tax | 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 in Rs | 43300 | 3.78 | 3.52 | 1.02 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | 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 |
| Profit before tax | 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 in Rs | 9900 | 12900 | 18100 | 44000 | 7.32 | 4.53 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | 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

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | — | 1.24 | 1.27 | 3.81 | 6.35 | 1.64 |
| Cash from Investing Activity | — | -0.49 | -1.1 | -3.26 | -12.69 | -35.5 |
| Cash from Financing Activity | — | 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/OP | — | 103 | 80 | 103 | 68 | 53 |

### Ratios

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 65.49 | 53.55 | 69.25 | 48.08 | 82.41 | 162.72 |
| Cash Conversion Cycle | 65.49 | 53.55 | 69.25 | 48.08 | 82.41 | 162.72 |
| 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 |

## Shareholding Pattern

### Quarterly

| Category | Jun 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- |
| Promoters | 64.44% | 64.44% | 64.44% |
| FIIs | 0.63% | 0% | 0% |
| DIIs | 1.38% | 0.07% | 0.01% |
| Government | 0% | 0% | 0% |
| Public | 28.5% | 27.58% | 26.75% |
| Others | 5.06% | 7.91% | 8.81% |
| No. of Shareholders | 1145 | 1113 | 949 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Buy
- **Buy / Neutral / Sell:** 7 / 6 / 6

### Moving Averages — summary: **Neutral**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 37.56 | Buy |
| EMA (10) | 37.6 | Buy |
| SMA (20) | 37.44 | Buy |
| EMA (20) | 37.7 | Buy |
| SMA (50) | 38.68 | Buy |
| EMA (50) | 38.87 | Sell |
| SMA (100) | 40.77 | Sell |
| EMA (100) | 40.76 | Sell |
| SMA (200) | 44.65 | Sell |
| EMA (200) | 44.73 | Sell |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 52.34 | Neutral |
| MACD (12,26,9) | -0.31 | Buy |
| Stochastic (14,3,3) | 43.81 | Neutral |
| ADX (14) | 17.31 | Neutral |
| Williams %R (14) | -34.67 | Neutral |
| ATR (14) | 2.5 | High Volatility |
| ROC (12) | 4.56 | Buy |
| Stoch RSI (14) | 85.69 | Sell |
| UO (7,14,28) | 53.63 | Neutral |

## Filings & Documents

### Exchange Filings & Announcements

| Date | Document |
| --- | --- |
| 2026-09-08 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=6373f0d5-5817-4880-9750-dd47e75c091e.pdf) |
| 2026-09-07 | [Notice For The 08Th Annual General Meeting Of The Company For The Financial Year 2025-26 Scheduled On Wednesday 30Th September 2026 At 2:30 PM (IST)](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=f5c0c53b-66ce-4ff3-a29b-018229cc4b63.pdf) |
| 2026-09-07 | [Reg. 34 (1) Annual Report.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=041dde5d-9728-490a-bcd3-6b0e86da8f4e.pdf) |
| 2026-09-05 | [Opening Of New Branch - Intimation Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=be8de234-4d04-4e99-a9c2-7f4004d6335b.pdf) |
| 2026-09-04 | [Board Meeting Outcome for Meeting Held On 04Th September 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=09614a24-7787-4366-9028-fd30014bf2f0.pdf) |
| 2026-09-04 | [Announcement under Regulation 30 (LODR)-Change in Management](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=f3fbe7b0-4024-4db0-a1fe-7dfecb0191d6.pdf) |
| 2026-08-16 | [Scrutinizers Report](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=524a9557-35a5-4255-9b66-33d565f22de7.pdf) |
| 2026-08-16 | [Shareholder Meeting / Postal Ballot-Scrutinizer"s Report](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=70af3536-0afa-4cc0-aa34-aa5a51ba42db.pdf) |
| 2026-08-16 | [Shareholder Meeting / Postal Ballot-Outcome of Postal_Ballot](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=cda5bf7d-5c2e-42fd-98b1-1ab4f0884033.pdf) |
| 2026-08-04 | [Board Meeting Outcome for Noting Of Monitoring Agency Report For Quarter Ended 30 June 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=40a99980-ea2a-479f-83f8-c5e1a3eb0cf1.pdf) |

### Results & Financial Statements

| Date | Document |
| --- | --- |
| 2026-05-15 | [Financial Results For The Half Year And Financial Year Ended On 31St March 2026.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=32b8eae0-29b7-48ae-b3f4-8923192f4daf.pdf) |
| 2025-11-14 | [Submission Of Standalone Unaudited Financial Results For The Half-Year Ended 30Th September 2025 Along With The Limited Review Report](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=ab0a6172-fccb-47e6-b901-028d2c19bd70.pdf) |

### Other Documents

| Date | Document |
| --- | --- |
| 8 Apr - Responded to BSE price-movement query; no undisclosed or impending corporate action. | [Clarification On Movement In Price 8 Apr - Responded to BSE price-movement query; no undisclosed or impending corporate action.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/f9557f2f-936f-4d08-9157-e3fde074c8f8.pdf) |
| 31 Jan - Investor Presentation on Q3 FY26 Earnings Update for the Unaudited Standalone Financial Results of the company for the Quarter ended on December 31, 2025. | [Announcement under Regulation 30 (LODR)-Investor Presentation 31 Jan - Investor Presentation on Q3 FY26 Earnings Update for the Unaudited Standalone Financial Results of the company for the Quarter ended on December 31, 2025.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/8654f403-9909-4242-ab3b-51cfdd7c4063.pdf) |
| 30 Jan - Board approved unaudited standalone financial results for quarter ended December 31, 2025; limited review report dated January 30, 2026. | [Board Meeting Outcome for Outcome Of Board Meeting Held On Today I.E. On January 30, 2026 30 Jan - Board approved unaudited standalone financial results for quarter ended December 31, 2025; limited review report dated January 30, 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/46a0acf1-886f-4ee2-b12f-4b30345bc4ee.pdf) |
| 30 Jan - Approved unaudited standalone results for quarter ended Dec 31, 2025; limited review report filed. | [Unaudited Standalone Financial Results For The Quarter Ended On December 31, 2025 30 Jan - Approved unaudited standalone results for quarter ended Dec 31, 2025; limited review report filed.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/31183702-d8fb-4980-bbfd-fcba706138a6.pdf) |
| 26 Mar - Trading window closed from 1 April 2026 until 48 hours after standalone audited results for year/H1 ended 31 March 2026. | [Closure of Trading Window 26 Mar - Trading window closed from 1 April 2026 until 48 hours after standalone audited results for year/H1 ended 31 March 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/a6cf4df6-2ce4-416f-be25-d2f676a947cb.pdf) |
| 25 Feb - Proposed 8,000 MTPA welded tubes capacity; Rs400mn investment; completion by end Q3 FY2026-27. | [Intimation Regarding Capacity Addition 25 Feb - Proposed 8,000 MTPA welded tubes capacity; Rs400mn investment; completion by end Q3 FY2026-27.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/bba34c90-2b48-4abe-a630-276e538b9393.pdf) |
| 24h - CFO Vaibhav Ashok Rupnar resigned effective 04-Mar-2026; disclosure delayed due to administrative transition. | [Announcement under Regulation 30 (LODR)-Resignation of Chief Financial Officer (CFO) 24h - CFO Vaibhav Ashok Rupnar resigned effective 04-Mar-2026; disclosure delayed due to administrative transition.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/bb55d202-1980-4e99-9659-e940bbb64891.pdf) |
| 23 Jan - Board meeting on Jan 30, 2026 to approve unaudited standalone results for quarter ended Dec 31, 2025. | [Board Meeting Intimation for Meeting To Be Held On Friday, January 30, 2026 23 Jan - Board meeting on Jan 30, 2026 to approve unaudited standalone results for quarter ended Dec 31, 2025.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/be24ca43-3a1e-42cf-9e0a-cbe83d24cb47.pdf) |
| 22 Apr - Board approved ₹10.8 crore credit facilities from ICICI Bank on 22 April 2026. | [Board Meeting Outcome for Board Meeting Outcome-Availing Of Credit Facilities From ICICI Bank And Creation Of Charge Thereon 22 Apr - Board approved ₹10.8 crore credit facilities from ICICI Bank on 22 April 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/67d1c471-4f96-4c72-8998-fe9f4dd04b09.pdf) |
| 19 Feb - GEDA approved 3.9MW(AC)/4.99MW(DC) solar project; cost Rs17.99Cr; annual generation 7,740,738 kWh. | [Intimation Under Regulation 30 Of SEBI (LODR) Regulations, 2015 For Setting Up Of 3.9 MW (AC)/4.99 MW(DC) Ground Mounted Solar Project Under Gujarat Integrated Renewable Energy Policy - 2025 For Captive Generating Plant 19 Feb - GEDA approved 3.9MW(AC)/4.99MW(DC) solar project; cost Rs17.99Cr; annual generation 7,740,738 kWh.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/b5625235-d7b6-4437-a43e-7f032b9a6c7b.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Nov 2025 | [Concall - Nov 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/5e24a853-6cc2-4677-b130-cdb11010f766.pdf) |
| Jun 2025 | [Concall - Jun 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/7584a744-07a6-41f9-9ff1-6e902f321bbd.pdf) |
| Aug 2025 | [Concall - Aug 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/b26fe4d8-4b1d-4943-bca3-dfb8fbed7f8b.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from bse | [Financial Year 2025 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/67ed0078-1e66-4a69-bf8c-5f096bbc4af0.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T19:57:43.001Z.