ICDSLTD
ICDS financials
- Market cap
- ₹84 Cr
- Sector
- Services
What ICDS Limited does
ICDS Limited earns commission income as a registered corporate insurance agent, selling life and non-life insurance products on behalf of LIC of India, ICICI Lombard General Insurance, Shriram General Insurance and Bajaj Allianz General Insurance. The company was originally a Type II deposit-taking NBFC, but the RBI cancelled that license in October 2002; a fresh application for a Certificate of Registration filed in March 2025 was returned by the RBI, which cited the company not meeting the principal business criteria for NBFCs. It also has a wholly owned subsidiary, Manipal Properties Limited, with which it undertakes related-party transactions.
Segments
- Insurance distribution (corporate agency)
- Investment/holding activities via subsidiary
- Insurance principals (corporate agency tie-ups)
- 4 (LIC of India, ICICI Lombard General Insurance, Shriram General Insurance, Bajaj Allianz General Insurance)
- Wholly owned subsidiaries
- 1 (Manipal Properties Limited)
- NBFC (Certificate of Registration) status
- Cancelled by RBI in Oct 2002 (Type II deposit-taking NBFC); re-registration application filed Mar 2025 returned by RBI in FY25
Quarterly results
Q1 FY27: revenue down 28.8%, net profit down 35.8% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 2 | 1 | 0 +0% | 0 +18% | 0 −85% | 0 −29% |
| EBITDA | 0 | 0 | 1 | 0 | -0 −160% | 0 +800% | -1 −145% | -0 −162% |
| Net profit | 1 | -1 | 1 | 1 | -0 −194% | 0 +132% | -1 −187% | 1 −36% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +32.9% 1Y
1Y: ₹47.05 on 10 Sept 2025 → ₹62.52. High ₹71.45 (4 Sept 2026), low ₹37.6 (9 Mar 2026).
Financials, as filed
Revenue grew 3.2% a year over 2 years, FY24 to FY26. Operating margin narrowed to -22.3%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹2 Cr | ₹3 Cr | ₹2 Cr |
| Operating profit | ₹0 Cr | ₹1 Cr | ₹-0 Cr |
| Operating margin | 14.7% | 45.3% | -22.3% |
| Interest | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Depreciation | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Net profit | ₹2 Cr | ₹1 Cr | ₹0 Cr |
| Net margin | 100.0% | 25.8% | 27.7% |
| Cash from operations | ₹-0 Cr | ₹1 Cr | ₹1 Cr |
| Free cash flow | ₹-0 Cr | ₹1 Cr | ₹1 Cr |
| ROCE | 7.6% | 10.5% | 5.2% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹13 Cr | ₹13 Cr | ₹13 Cr | ₹13 Cr | ₹13 Cr | ₹13 Cr |
| Reserves | ₹4 Cr | ₹10 Cr | ₹10 Cr | ₹11 Cr | ₹17 Cr | ₹12 Cr |
| Borrowings | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other liabilities | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹3 Cr | ₹3 Cr |
| Total liabilities | ₹18 Cr | ₹24 Cr | ₹23 Cr | ₹25 Cr | ₹33 Cr | ₹28 Cr |
| Fixed assets | ₹8 Cr | ₹8 Cr | ₹8 Cr | ₹7 Cr | ₹10 Cr | ₹7 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹5 Cr | ₹4 Cr | ₹4 Cr | ₹6 Cr | ₹6 Cr | ₹5 Cr |
| Other assets | ₹5 Cr | ₹12 Cr | ₹11 Cr | ₹12 Cr | ₹18 Cr | ₹16 Cr |
| Total assets | ₹18 Cr | ₹24 Cr | ₹23 Cr | ₹25 Cr | ₹33 Cr | ₹28 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
The ownership split has held steady since Jun 2025. The shareholder count shrank 1% to 8,340.
- Promoters
- 51.4%
- DIIs
- 4.9%
- Public
- 43.7%
Since Jun 2025
- Promoters +0.01 pp
- Public +0.01 pp
- DIIs 0.00 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 51.4%, DIIs 4.9%, Public 43.7%.Dec '23: Promoters 51.4%, DIIs 4.9%, Public 43.7%.Mar '24: Promoters 51.4%, DIIs 4.9%, Public 43.7%.Jun '24: Promoters 51.4%, DIIs 4.9%, Public 43.7%.Sep '24: Promoters 51.4%, DIIs 4.9%, Public 43.8%.Dec '24: Promoters 51.4%, DIIs 4.9%, Public 43.7%.Mar '25: Promoters 51.4%, DIIs 4.9%, Public 43.7%.Jun '25: Promoters 51.4%, DIIs 4.9%, Public 43.7%.Sep '25: Promoters 51.4%, DIIs 4.9%, Public 43.7%.Dec '25: Promoters 51.4%, DIIs 4.9%, Public 43.7%.Mar '26: Promoters 51.4%, DIIs 4.9%, Public 43.7%.Jun '26: Promoters 51.4%, DIIs 4.9%, Public 43.7%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- T Satish U Pai Huf newly disclosed 0.82% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of ICDS Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Teaching Fraternity And Education Trust | 16.15% | unchanged |
| Music And Fine Arts Education Trust | 11.34% | unchanged |
| Mahendra Girdharilal Wadhwani | 7.20% | unchanged |
| The Academy Of General Education | 6.67% | unchanged |
| LICI Asm Non Par Insurer | 4.85% | unchanged |
| Sharath Investments Private Limited | 3.88% | unchanged |
| T Satish U Pai | 3.24% | unchanged |
| Saraswati Holding Corporation Inc | 3.07% | unchanged |
| Manipal Technologies Limited | 2.92% | unchanged |
| Kasturba Medical College Trust | 1.69% | unchanged |
| Manipal Institute Of Technology Trust | 1.60% | unchanged |
| Dipak Kanayalal Shah | 1.54% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse ICDS Limited
Guides on how to read this kind of business and the numbers that matter.