INCAP LTD. (INCAP) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of INCAP LTD. ₹18.39, price ₹78.50, upside -76.6%, quality 64 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range ₹16.96 – ₹145.17 · fair‑value band ₹13.79 – ₹22.98 · the ₹78.50 price screens above the ₹18.39 fair value. Dashed = 300-day average. As of Sep 27, 2026.
Follow INCAP in your weekly email
Every Wednesday you see whether INCAP is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Incap Limited engages in manufacture and sale of aluminum electrolytic capacitors in India and internationally.
Show more
Incap Limited engages in manufacture and sale of aluminum electrolytic capacitors in India and internationally. The company offers radial, snap in, and SMD electrolytic capacitors, as well as motor start, LUG terminal, and professional screw terminal capacitors; and transmission line-item materials, such as composite long rod and glass disc insulators, hardware materials, conductor accessories, special dampers, and OPGW. It also provides solar services comprising PV modules, lighting systems, and power packs, as well as EPC, operation and maintenance, and rooftop services. The company was incorporated in 1990 and is based in Vijayawada, India.
Stock analysis
INCAP LTD. (INCAP) currently trades at ₹78.50, while our model-based Fair Value estimate is ₹18.39, 76.6% below the price, so the stock looks overvalued today.
Show more
Valuation
Bull case: the DCF Models group reads highest at a median of ₹81.87 per share, and 6 of the 26 models we run sit above the ₹78.50 price.
Bear case: the Earnings-Based group reads lowest at ₹3.58, and 20 of the 26 models stay below the price. Evidence for this calculation is low.
Scenario range: ₹13.79 (bear) to ₹22.98 (bull), the price of ₹78.50 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 64/100 (solid quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
INCAP LTD. reported revenue of ₹317M in FY2026 versus ₹232M in FY2022, a compound +8.1%/yr. Reported net income was ₹3.4M in FY2026, compounding −19.5%/yr from FY2022.
Key figures
Market cap ₹403M (≈ $4.2M) · P/E ratio 270.7 · P/S ratio 2.88 · EPS (TTM) ₹0.2900 · Dividend yield 1.3% · Net margin 1.1% · Return on equity 0.9% · Return on assets (EBIT) 1.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 38% below its 52-week high and 17% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −52% fair-value upside, at −77%, INCAP screens richer than that median.
Fair Value models
Bear ₹13.79Fair Value ₹18.39Bull ₹22.98
Price ₹78.50 · Upside -76.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.72/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−5.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.7%
Start year 2021 (pandemic)
Revenue growth 8 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.4%
’18
’19
’20
’21
’22
’23
’24
’25
’26
What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−9.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−10.4%
Dividend (yield on the price)1.3%
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−2% → 2%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−5.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about −9.5% a year for the price.
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Electronic Components · 647 stocks
Beats the industry median on 5/14 measures
Overall it trails its industry peers.
Valuation
Quality Score64 · Top 25%
Fair Value upside−76.6% · Bottom 25%
Profitability
Return on equity (TTM)0.9% · Below median
Return on assets0.9% · Below median
Net margin (TTM)0.6% · Below median
Operating margin (TTM)3.3% · Below median
Growth and dividend
Revenue growth−45.7% · Bottom 25%
Dividend yield (TTM)1.3% · Above median
Balance sheet
Debt / equity0.02× · Below median
Valuation Multiplesvs Electronic Components median · lower = cheaper
P/E (TTM)270.7× · Priciest 25%
P/B2.51× · Pricier than median
P/S (TTM)1.49× · Cheaper than median
P/FCF7.9× · Cheapest 25%
EV/EBITDA39.1× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)0· sector 62
PAST (return on equity)4· sector 27
HEALTH (low debt)99· sector 95
DIVIDEND (yield)25· sector 24
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "INCAP LTD. Fair Value". https://www.fairvalue-calculator.com/stock/INCAP
Frequently asked questions
Is INCAP LTD. (INCAP) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of ₹18.39 versus a price of ₹78.50, about −77% upside (overvalued).
What is the fair value of INCAP?
Our model-based fair value for INCAP LTD. is ₹18.39 (as of Sep 27, 2026), built from audited fundamentals. The current price: ₹78.50.
What is the quality score of INCAP?
INCAP LTD. has a Quality Score of 64/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for INCAP LTD. (INCAP)?
Our model-based price target is the fair value of ₹18.39 (as of Sep 27, 2026) from 26 valuation models. Cautious scenario ₹13.79, optimistic scenario ₹22.98. It is a calculation from audited fundamentals, not an analyst target.
What is the INCAP LTD. stock forecast for 2026?
Our models put fair value at ₹18.39, about −77% upside versus a price of ₹78.50 (overvalued). Cautious scenario ₹13.79, optimistic scenario ₹22.98. The calculation is refreshed regularly with new filings.
What is the revenue of INCAP LTD. (INCAP)?
INCAP LTD. reported trailing-twelve-month revenue of about ₹271M (latest available figure, as of Sep 27, 2026).
Does INCAP LTD. pay a dividend?
INCAP LTD. currently shows a dividend yield of about 1.27% relative to its recent price (as of Sep 27, 2026).
What growth is priced into INCAP LTD. (INCAP)?
For today's price to be fair in a discounted-cash-flow model, INCAP LTD. would have to grow free cash flow by -5.8 % per year for five years (discount rate 11.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.7 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of INCAP use?
Our models discount INCAP LTD. at 11.0 %: a base by market capitalisation (nano), damped by beta 0.56, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For INCAP LTD. that is -5.8 % per year a year over ten years, using the same discount rate (11.0 %) and the same formula as our fair value.
How much growth has INCAP LTD. (INCAP) delivered so far?
Over the past 5 years revenue at INCAP LTD. grew +8.7 % a year. The price currently implies -5.8 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of INCAP LTD. (INCAP) growing?
The median revenue growth in the sector is +16.6 % a year. That is the yardstick for the growth priced into INCAP LTD. (-5.8 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of INCAP LTD. (INCAP)?
The free-cash-flow yield on the price is 12.65 %: that much free cash flow INCAP LTD. produces per unit of market value. When it exceeds the discount rate of our models (11.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of INCAP LTD. (INCAP)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For INCAP LTD. it is ₹18.39 per share (as of Sep 27, 2026), against a price of ₹78.50. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is INCAP LTD. stock overvalued or undervalued in 2026?
As of Sep 27, 2026, INCAP trades above its calculated fair value: price ₹78.50, fair value ₹18.39, a gap of about −77% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of INCAP?
No. The price is what the market pays today (₹78.50); the fair value is what the company's own numbers justify (₹18.39). For INCAP LTD. the two are ₹60.11 per share apart. That gap is exactly why we show both numbers side by side.
How much is INCAP LTD. worth?
The market values INCAP LTD. at about ₹403M (market capitalisation, as of Sep 27, 2026). Per share that is ₹78.50; our models calculate a fair value of ₹18.39 per share.
What do the bullish and bearish scenarios say about INCAP?
Our models span a range for INCAP LTD.: cautious scenario ₹13.79, base ₹18.39, optimistic ₹22.98 per share (as of Sep 27, 2026, price ₹78.50). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of INCAP?
INCAP LTD. trades at a price-to-earnings ratio of 270.7 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹18.39 is built from several models across several years. Other multiples: P/B 2.5, P/S 1.5, EV/EBITDA 39.1.
How solid is the balance sheet of INCAP LTD. (INCAP)?
Balance-sheet figures for INCAP LTD. (as of Sep 27, 2026): return on equity 0.9%, debt of 0.02 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is INCAP from its 52-week high?
INCAP LTD. trades at ₹78.50, about 38% below its 52-week high of ₹127.50 and 17% above the low of ₹67.18 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹18.39 is for.
Which stocks are comparable to INCAP LTD.?
From the same area (Technology) we also value Amphenol Corporation, Delta Electronics, Inc, Corning Incorporated, Hon Hai Precision Industry Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is INCAP LTD. stock attractive at the current price?
The data as of Sep 27, 2026: price ₹78.50, calculated fair value ₹18.39 (−77%), Quality Score 64/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of INCAP calculated?
We run INCAP LTD. through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹18.39, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.9 % above its aggregate fair value. INCAP LTD. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of INCAP LTD. (INCAP)?
The closing price on Oct 1, 2026 was ₹78.50. Our model-based fair value is ₹18.39, about −77% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with INCAP LTD. right now?
The price sits above even our optimistic bull case (₹22.98). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (64/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of INCAP LTD.
How large is the market capitalisation of INCAP LTD. (INCAP)?
The market capitalisation of INCAP LTD. is ₹403M (≈ $4.2M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of INCAP LTD. (INCAP)?
The price-to-sales ratio of INCAP LTD. is 2.88 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of INCAP LTD. (INCAP)?
Earnings per share at INCAP LTD. are ₹0.2900 (price ÷ EPS = P/E 270.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of INCAP LTD. (INCAP)?
The dividend yield of INCAP LTD. is 1.3%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of INCAP LTD. (INCAP)?
The net margin of INCAP LTD. is 1.1% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of INCAP LTD. (INCAP)?
The return on equity (ROE) of INCAP LTD. is 0.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of INCAP LTD. (INCAP)?
On an EBIT basis the return on assets of INCAP LTD. is 1.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of INCAP LTD. (INCAP)?
The operating margin of INCAP LTD. is 3.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at INCAP LTD. (INCAP)?
Revenue at INCAP LTD. is growing −45.7% versus a year earlier (3y avg +14.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net debt does INCAP LTD. (INCAP) carry?
The net debt of INCAP LTD. is ₹23.3M (fiscal year 2025, ≈ 0.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch INCAP LTD. in the live analysis
One click puts INCAP LTD. on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
