ING-GRAD stock (IG): revenue, margin, €3.00 dividend and the fair-value zone

ING-GRAD (IG) is one of those names rarely mentioned in daily Zagreb Stock Exchange commentary, yet it doubled its revenue in three years. In this text we walk through the numbers as they stand in the Burzovni list database — no estimates, no recommendations, with a note of where each data point comes from.

All values in the text refer to the official Zagreb Stock Exchange end-of-day close of 7 August 2026 and the company's most recently published financial reports.

What ING-GRAD does

ING-GRAD d.d. is a construction company headquartered in Zagreb, registered for specialised construction works. According to the notes to the financial statements, its main activity covers construction and finishing works, investment, design, construction supervision, the building of residential and commercial buildings, the sale of apartments and commercial space, and the sale of construction materials.

Its market is Croatia, with headquarters in Zagreb. The export share is not disclosed in the report — so we do not estimate it either.

This combination matters for reading the numbers that follow: ING-GRAD is not just a contractor but also an investor selling its own apartments and commercial space. A revenue structure that mixes contracted works and real-estate sales explains why the margin need not move in the same direction as revenue.

Revenue: +72.9% in three years

Over the whole period that is growth of +72.9%, two years in a row at a rate above 30%.

The EBITDA margin over the same period goes: 15.9% → 17.3% → 15.4%. So revenue is growing, but the margin fell back below its 2023 level in the final year. In absolute terms EBITDA still grows (from about €16M to about €26M), because 15.4% of €168M is more than 15.9% of €97M. But the direction of the margin is down — a fact worth keeping in mind when looking only at the revenue curve.

One step further down the income statement, the consolidated statements of ING-GRAD show for FY2024: operating revenue €128.0M, operating expenses €108.6M, depreciation €2.0M, operating profit (EBIT) €20.3M, profit before tax €20.6M, tax −€3.8M and net profit €16.8M. For FY2023 EBIT was €13.8M and net profit attributable to owners of the parent €11.5M.

The FY2025 line items in the consolidated table have not yet been extracted from the filing — with us an empty field means "not published / not extracted", never zero. More on how line items are standardised is in the methodology.

Price, liquidity and indicators

The last market price is €66.00 (7 Aug 2026, daily change −0.30%). Other data from the IG stock profile:

• 52-week range: €52.40–75.40
• Market capitalisation: €263M
• Average daily turnover: €87,677 (20 traded days, actual turnover)
• Liquidity: traded on 240 of roughly 250 working days over the past year (96%)
• P/E: 15.7
• P/B: 12.52
• Dividend yield: 4.55% with DPS of €3.00

Liquidity of 96% of traded days is above average for the ZSE — the stock trades almost every day. Average daily turnover of €87,677 is nevertheless modest in absolute terms, so larger individual orders can move the price. That is not a judgement but a description of the mechanics of the market being looked at.

A P/E of 15.7 and a P/B of 12.52 together say the market pays relatively little for profit and relatively much for book value. For a builder that does part of its work on other people's land and with a large share of payables, a low book base is not unusual — but the combination of those two numbers means P/B carries less information here than for, say, a bank or a hotelier. If these ratios are not your daily tool, a short explanation is in how to read the P/E ratio.

Dividend: three payouts in five years, but rising

ING-GRAD paid a dividend in 3 of the last 5 fiscal years (our data starts with FY2023):

The average payout over the period is €2.01 per share, and dividend growth measured as a CAGR from FY2023 to FY2025 is +164.3% per year — a number that looks dramatic primarily because the starting base (€0.43) was very low.

With the payout policy so far — about 62% of profit in years with a regular dividend — the expected dividend per share comes out at €2.94. That is a quantity derived from the company's behaviour so far, not an announcement. No upcoming payout is currently announced; the last one was paid on 29 July 2026.

The full calendar of payouts and announcements for all ZSE stocks is on the dividends page.

The gap to the fair-value zone

Our fair-value zone for IG is €92–124, and the market price of €66.00 sits 28.2% below the lower edge of that zone.

It is important to be precise about what that number is and what it is not. The fair-value zone is a range that comes out of publicly published reports and a publicly published methodology — it is not a price target, not a forecast and not a recommendation. The −28.2% gap is a factual statement about the relation of two numbers: where the price is and where the lower edge of the range is. Why the gap is what it is, and whether the market is right or not, the text does not claim. More on the concept itself is in what the fair-value zone is.

For context: with a gap this pronounced at a builder, three questions are usually asked — how much of the revenue growth is repeatable (contracted works have an end date), how much of the profit is tied to one-off real-estate sales, and what the structure of liabilities looks like. The answers are in the reports themselves, not in the ratios.

Sector context

On Friday 7 August 2026 CROBEXkonstrukt fell 2.13%, while the broader market measured by CROBEX slipped 0.24% (to 4,430.63 points, YTD +14.87%). Construction was among the weaker sectors on the exchange that day — INGRA lost 5.50%, and Dalekovod, with turnover of about €69 thousand, was the sixth most traded stock of the day.

Current values of all ZSE indices are on the indices page, and you can compare IG with other stocks by indicators in the screener.

What to actually say about these numbers

A summary of the facts, without a conclusion:

• Revenue has grown two years in a row at a rate above 30%, in total +72.9% over three years.
• The EBITDA margin fell over the same period from a peak of 17.3% to 15.4%, although EBITDA grows in absolute terms.
• FY2024 net profit is €16.8M per the consolidated statements.
• The dividend was paid in three of five years and rose from €0.43 to €3.00 per share.
• The price of €66.00 is 28.2% below the lower edge of our €92–124 fair-value zone.
• Liquidity is high by traded days (96%), but turnover is small in absolute terms (about €88 thousand a day).

Which of these facts you consider important and what conclusion you draw from them — that is your business. Burzovni list gives no buy or sell recommendations and promises no returns; it presents publicly published data in one place, with a source next to every number.

Sources: the IG stock profile and financial statements on Burzovni list (data from annual and consolidated reports published via EHO/ZSE), official Zagreb Stock Exchange end-of-day closes for 7 Aug 2026, the dividend calendar from issuers' EHO filings.

Informational content — not investment advice, a recommendation or an inducement to trade. The data may contain errors; the issuers' and the Zagreb Stock Exchange's original publications are authoritative.