Instal Krakow S.A.

INK.WA

Engineering & Construction · Industrials

Price

36.40 PLN

+0.10 (+0.28%)

Market Cap

265.2M PLN

Exchange

Warsaw Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Exceptional

Dividends

Exceptional

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Winston Score History

The full picture

Instal Kraków S.A. is a Polish construction and installation company based in Kraków, Poland. It specializes in building technical systems inside large structures — things like heating, ventilation, plumbing, electrical systems, and fire protection. Its main customers are developers, public institutions, and industrial clients who need these systems installed in office buildings, hospitals, factories, and public infrastructure.

The company earns money by winning contracts to design and install these technical systems, typically on a project-by-project basis rather than through recurring subscriptions. It operates primarily in Poland, with a market cap of around $0.3 billion, making it a small regional player. Its competitive position relies on local expertise, established relationships with Polish developers and public-sector clients, and a track record in complex installations. The main risk the business faces is margin pressure from rising labor and materials costs, since construction contracts are often fixed-price and cost overruns can quickly eat into profits.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-16.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-38.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

0 PLN/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

40.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

261M PLN cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Instal Krakow S.A.'s revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 7.3M (2021) → 7.3M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

30.8%

Modest — 30.8% gross margin

Profit after running costs

Operating Margin

11.5%

Modest — 11.5% operating margin

Return on the money invested

ROCE

12.0%

Good — 12.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+0.8%

Nearly flat sales (+0.8% YoY)

Profit growth

EPS YoY

-6.9%

Earnings shrinking (-6.9% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

151%

Turns 151% of profit into real cash

Spare cash per sale

FCF Margin

18.0%

Converts sales into free cash efficiently (18.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

41.79x

Comfortably covers interest (41.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

6.7x

Attractive valuation — P/E 6.7

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

+6.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (6.7 → 0.7)

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Dividends

Dividend

Dividend Yield

6.35%

Healthy income — 6.35% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+16.9%

Dividend growing fast (16.9% YoY)

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