About International Conveyors Limited (ICL)

International Conveyors Limited (ICL) is a public limited company incorporated and domiciled in India, with its registered office located at Falta SEZ, South 24 Parganas, West Bengal. The company’s equity shares are listed on both the BSE Limited and the National Stock Exchange of India Limited, reflecting its longstanding presence in Indian capital markets.

ICL is engaged in the manufacturing and trading of conveyor belting systems, including PVC fire-resistant antistatic solid woven coal conveyor belting, ply conveyor belting, steel cord conveyor belting, and related fittings and accessories. Additionally, the company is active in power generation (wind energy) and investment operations, comprising equity, mutual fund, and inter-corporate deposit portfolios.

The company operates through two key manufacturing facilities — at Falta SEZ (West Bengal) and Chikalthana, Aurangabad (Maharashtra) — strategically located near major ports for logistical efficiency: approximately 50 km from Kolkata Port and 350 km from Mumbai Port, respectively. ICL’s operations are fully integrated, covering the entire production chain from yarn preparation and fabric weaving to compound mixing and finishing, ensuring consistent product quality and process control.

ICL’s products adhere to global standards, supported by ISO 9001:2015 certification and endorsements from international regulatory authorities, enabling the company to serve both domestic and overseas customers. The company reports that its export markets form a larger share of overall business compared to domestic sales, underscoring its position as a globally competitive conveyor belting manufacturer.

Beyond manufacturing, ICL also operates five windmills across Karnataka, Maharashtra, Gujarat, and Andhra Pradesh, supplying renewable power to respective state grids.

The company has a group structure consisting of three subsidiaries and one step-down subsidiary, located across India, Singapore, the USA, and Australia, reflecting a well-diversified international footprint.

Business Overview

• Core Segment: Conveyor belting – 94.22% of total revenue in FY2024–25.
• Investment (Treasury) Operations: Contributed 78.04% of profit before tax, highlighting the strategic significance of the company’s treasury function.
• Power Generation: Wind energy projects contribute ancillary income and align with sustainable energy goals.

Key Management

• Shri Yogesh Kajaria – Chairman & Managing Director
• Shri A. K. Gulgulia – Chief Financial Officer
• Ms. Dipti Sharma – Company Secretary

Latest Updates (FY2024–25)

1. 1. Change in Holding Company

• I G E (India) Pvt. Ltd. became ICL’s holding company effective May 23, 2024, after increasing its stake to 50.02% through an inter-se promoter transfer.

2. Leadership Transition

• Shri Yogesh Kajaria assumed the role of Chairman & Managing Director on December 6, 2024, succeeding the previous Managing Director who served until November 24, 2024.

3. Group Structure Rationalisation

• The Board approved the closure of the Singapore subsidiary (Conveyor Holdings Pte. Ltd.) and proposed to make the Australian entity a direct subsidiary of ICL India.
• The company is currently awaiting Reserve Bank of India (RBI) approval for this restructuring.

4. Credit Rating Update

• CARE Ratings revised the company’s credit rating on August 6, 2024, to:
  • Long-Term: CARE BBB–, Stable (from CARE BBB, Stable)
  • Short-Term: CARE A3 (from CARE A3+)

5. Manufacturing and Energy Footprint

• Two operational manufacturing facilities at Falta SEZ (West Bengal) and Aurangabad (Maharashtra).
• Five windmills across Karnataka, Maharashtra, Gujarat, and Andhra Pradesh, generating and supplying power to respective state grids.

6. Capital Allocation

• The company transferred Rs 10 crore to its General Reserve for the financial year ended March 31, 2025, reflecting financial prudence and long-term capital discipline.

Global Presence

• Subsidiaries: 3
• Step-Down Subsidiary: 1
• Countries of Presence: India, Singapore, the USA, and Australia.

Export Share: Higher than domestic, subject to foreign currency movements and global regulatory conditions.