Suprajit Engineering Ltd - Stock Valuation and Financial Performance

BSE: 532509 | NSE: SUPRAJIT | Auto Ancillary | Small Cap

Suprajit Engineering Share Price

374.10 -2.35 -0.62%
as on 09-Apr'25 16:59

DeciZen - make an informed investing decision on Suprajit Engineering

Overall Rating
Bole Toh

1. Quality

2. Valuation

Undervalued

3. Price Trend

Suprajit Engineering stock performance -

P/E Ratio (CD):
39.12
Market Cap:
5,131.2 Cr.
52-wk low:
352.1
52-wk high:
640

Is Suprajit Engineering Ltd an attractive stock to invest in?

1. Is Suprajit Engineering Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Suprajit Engineering Ltd is a good quality company.

2. Is Suprajit Engineering Ltd undervalued or overvalued?

The key valuation ratios of Suprajit Engineering Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.

3. Is Suprajit Engineering Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Suprajit Engineering Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Suprajit Engineering:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Suprajit Engineering Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Value Creation Index Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
ROCE % 23.1%25.3%23.6%23.2%21.5%13.1%16.7%18.4%15.7%14.5%-
Value Creation
Index
0.70.80.70.70.5-0.10.20.30.10.1-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 6129531,2031,4311,5901,5631,6411,8402,7522,8963,183
Sales YoY Gr.-55.7%26.3%19%11.1%-1.7%5%12.2%49.6%5.2%-
Adj EPS 4.25.67.89.78.78.19.810.810.211.39.6
YoY Gr.-34.2%40.2%24.3%-10.6%-6.6%21.3%9.8%-5.9%11.1%-
BVPS (₹) 20.134.137.546.855.160.770.277.787.797.695.2
Adj Net
Profit
49.873.2109136121113138149141156131
Cash Flow from Ops. 67.292.8126217145232161182239249-
Debt/CF from Ops. 2.93.231.62.51.621.72.72.5-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 18.9%12.7%20.9%5.2%
Adj EPS 11.8%5.4%4.7%11.1%
BVPS19.2%12.1%11.6%11.4%
Share Price 11.8% 24.6% -0.8% -12.5%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
Return on
Equity %
22.321.322.5231713.914.914.412.212.19.9
Op. Profit
Mgn %
15.816.316.916.614.71414.414.111.411.210.7
Net Profit
Mgn %
8.18.69.19.57.67.38.48.15.15.44.1
Debt to
Equity
0.80.70.70.50.50.50.30.30.50.5-
Working Cap
Days
12211813714114214714613811413395
Cash Conv.
Cycle
6866797777777477697637

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 20.85%

Sales growth is good in last 4 quarters at 13.15%

Return on Equity has declined versus last 3 years average to 9.90%

Net Profit has been subdued in last 3 years 4.69%

Latest Financials - Suprajit Engineering Ltd.

Standalone Consolidated
TTM EPS (₹) 19.5 9.6
TTM Sales (₹ Cr.) 1,696 3,183
BVPS (₹.) 97.9 95.2
Reserves (₹ Cr.) 1,329 1,292
P/BV 3.82 3.93
PE 19.20 39.12
From the Market
52 Week Low / High (₹) 352.05 / 639.95
All Time Low / High (₹) 3.25 / 639.95
Market Cap (₹ Cr.) 5,131
Equity (₹ Cr.) 13.7
Face Value (₹) 1
Industry PE 39.9

Quarterly Results

 Mar'24 YoY Gr. Rt. %Jun'24 YoY Gr. Rt. %Sep'24 YoY Gr. Rt. %Dec'24 YoY Gr. Rt. %
Sales (₹ Cr.) 783 12735 8.1834 17.6832 14.8
Adj EPS (₹) 4.3 44.32.8 15.10 -98.42.4 -16.2
Op. Profit Mgn % 12.06 -40 bps11.75 123 bps7.56 -229 bps11.67 -38 bps
Net Profit Mgn % 7.55 168 bps5.19 32 bps0.06 -484 bps4.02 -154 bps

Management X-Ray of Suprajit Engineering:

Shareholding Pattern

JavaScript chart by amCharts 3.21.5
JavaScript chart by amCharts 3.21.5Promoters:44.64%Institutions:24.06%Non-Institutions:31.29%

Promoter's Holding & Share Pledging

JavaScript chart by amCharts 3.21.5Sep22Dec22Mar23Jun23Sep23Dec23Mar24Jun24Sep24Dec240%10%20%30%40%50%
Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Valuation of Suprajit Engineering

MRP
spaceLock icon
MOS
spaceLock icon%
DP
spaceLock icon
Base EPS
spaceLock icon
DPS
spaceLock icon
MRP: ₹ 0
DP: ₹0
Base EPS ₹:
DPS ₹:
MOS (%):
Expected EPS Growth Rate:
0%
Base 0%
50%
Expected Rate of Return:
0%
Base 0%
50%
Future PE:
0
Base 0
200
YTD 1Y 3Y 5Y 10Y Max
YTD 1Y 3Y 5Y 10Y Max
YTD 1Y 3Y 5Y 10Y Max
YTD 1Y 3Y 5Y 10Y Max

Event Update

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Analyst's Notes

Suprajit Engg: Q1FY24 Result Update - 19 Aug 2023

Particulars

Q1FY24

YoY Trend

Comments

Revenue

680

+5%

EV segment performance was subdued due to FAME (EV Production linked subsidy) issues.

EBITDA

72

+32%

 

EBITDA Margin

11%

 +214 bps

Margin improvement on back of higher contribution and better margin performance from Global automotive plants segment.

PAT

33

+21%

PAT growth was negatively impacted by higher interest cost & lower other income.

Stable results with recovery expected in global markets & EV segment

Suprajit Engineering : Expensive valuation for ancillary business - 15 Sep 2017

Suprajit Engineering reported flat revenues and 7% decline in profits. It was primarily due to lower after sales revenues due to GST destocking and poor exports by Phoenix Lamps. Lower volumes led to lower profit margins due to unfavourable operating leverage.

Based on our estimates, revenue growth of the company would lie between 10-12% CAGR. However, the company is utilizing its cash flows from cable business to acquire companies and grow faster. Dependence on OEMs is high and margins are thin. A lot depends on how the company manages working capital. Acquisition using debt is risky as slowdown in auto could lead to lower volumes and hence poor cash flows.

The new businesses are yet to turnaround and margins are lower than flagship cable business. The company has paid a full price to acquire these companies hence won’t generate value immediately.

Assuming steady state Net margins of 9% and revenue growth of 14% including inorganic growth, we believe the valuation stands at Rs. 150-160/share at fair multiple of 15X. We believe currently the market is factoring very high growth rates and price multiples for the company. We retain our SELL call. 

Key Ratios of Suprajit Engineering

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Company Name CMP(₹)
Change ₹(%)
Market Cap
Net Sales (₹ Cr.)
Latest EPS (₹)
Net Profit Margin %
Latest P/E
Latest P/BV
TVS Holdings 8,065.8 60.8 (0.8%) Small Cap 40,248 550.3 4.4 14.6 4
CIE Automotive India 387.4 0.5 (0.1%) Small Cap 8,964 21.8 9.1 17.7 2.2
Varroc Engineering 400.5 -5.2 (-1.3%) Small Cap 7,552 6.4 7.1 63.6 4
JBM Auto 587.5 -13.4 (-2.2%) Small Cap 5,009 8.1 3.8 74.3 11
Minda Corporation 475.9 -7.7 (-1.6%) Small Cap 4,651 11.5 4.9 42.2 5.3
Wheels India 617.4 -4.4 (-0.7%) Small Cap 4,607 43.7 1.4 14.2 1.8
Steel Strips Wheels 182.6 -3.2 (-1.7%) Small Cap 4,357 13.3 5 14 2
ZF Comm Vehic Contr 12,073 -683.8 (-5.4%) Small Cap 3,784 229.1 10.5 55.7 7.8
Sandhar Tech 361.4 -6.1 (-1.7%) Small Cap 3,521 22.4 3.1 16.4 2
Gabriel India 518.7 -8.5 (-1.6%) Small Cap 3,343 14.7 5.6 36 6.7
Shows rows:

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Sales6129531,2031,4311,5901,5631,6411,8402,7522,896
Operating Expenses 5157979991,1951,3571,3441,4041,5812,4402,573
Manufacturing Costs23344049474850559195
Material Costs3725646897999159159551,0791,6171,698
Employee Cost 83125198257304293308336574621
Other Costs 38737289918891111157159
Operating Profit 96155203237233219237260313323
Operating Profit Margin (%) 15.8%16.3%16.9%16.5%14.6%14.0%14.4%14.1%11.4%11.2%
Other Income 4162021382234373960
Interest 17263027252319153651
Depreciation 91627374158575995104
Exceptional Items 0-6-100-2701200
Profit Before Tax 75123164193205133194235220228
Tax 24435055712952626861
Profit After Tax 5080114138134104143173152167
PAT Margin (%) 8.2%8.4%9.5%9.7%8.4%6.7%8.7%9.4%5.5%5.8%
Adjusted EPS (₹)4.25.58.19.99.67.410.212.511.012.1
Dividend Payout Ratio (%)23%19%14%14%16%24%17%16%21%21%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Equity and Liabilities

Shareholders Fund 2414485246557708499821,0751,2131,352
Share Capital 12131414141414141414
Reserves 2294345106417568359681,0611,1991,338
Minority Interest05400000000
Debt166259330282298311270294570546
Long Term Debt657619310897663514265203
Short Term Debt100183137174201245235281305344
Trade Payables5795105182175214248194292328
Others Liabilities 65105176183204207213176346337
Total Liabilities 5299601,1351,3021,4471,5811,7131,7392,4222,563

Fixed Assets

Gross Block2494515836076577808198591,1621,302
Accumulated Depreciation811202763104167221271355451
Net Fixed Assets168331556544553613598588807852
CWIP 1718232715510287
Investments 11214923130172276320262445513
Inventories80167202236271276315343483445
Trade Receivables125210244289292275332297461519
Cash Equivalents 6192232476494188107119
Others Assets216785678661505091110
Total Assets 5299601,1351,3021,4471,5811,7131,7392,4222,563

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Cash Flow From Operating Activity 6793126217145232161182239249
PBT 75123164193205133194235220228
Adjustment 2341515160965848117107
Changes in Working Capital -8-39-354-5350-43-43-14-7
Tax Paid -23-33-54-31-68-47-48-58-85-79
Cash Flow From Investing Activity -76-240-169-125-89-157-6037-579-112
Capex -41-54-39-25-59-66-25-53-92-91
Net Investments -35-30-130-100-30-94-3589-172-21
Others 0-157000400-3160
Cash Flow From Financing Activity 715147-85-42-61-86-111223-122
Net Proceeds from Shares 014600000000
Net Proceeds from Borrowing 3717-31-72-18-29-42-47278-60
Interest Paid -16-22-29-28-24-23-19-15-34-52
Dividend Paid -13-15-15-17-21-36-10-27-28-31
Others 025121332227-14-22721
Net Cash Flow -1448141515107-11716
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Ratios
ROE (%)22.5723.3423.4123.4918.7812.8515.5916.8313.313.04
ROCE (%)23.0625.3423.6323.1921.513.1216.7418.4115.6914.49
Asset Turnover Ratio1.361.391.241.191.161.0311.071.321.16
PAT to CFO Conversion(x)1.341.161.111.571.082.231.131.051.571.49
Working Capital Days
Receivable Days67596467676668625062
Inventory Days43445255586466655558
Payable Days57495366717888755567

Suprajit Engineering Ltd Stock News

Suprajit Engineering Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Suprajit Engineering on 09-Apr-2025 16:59 is ₹374.1.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 09-Apr-2025 16:59 the market cap of Suprajit Engineering stood at ₹5,131.2.
The latest P/E ratio of Suprajit Engineering as of 09-Apr-2025 16:59 is 19.20.
The latest P/B ratio of Suprajit Engineering as of 09-Apr-2025 16:59 is 3.82.
The 52-week high of Suprajit Engineering is ₹640.0 and the 52-week low is ₹352.1.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Suprajit Engineering is ₹1,696 ( Cr.) .

About Suprajit Engineering Ltd

Suprajit Engineering Ltd (SEL) was incorporated on May 24, 1985 as a private limited company and was converted into public limited company on June 15, 1995. Suprajit started manufacturing high quality liner cables exacting Japanese standards for the automotive industry in 1987. It is today India’s most preferred manufacturer of cables and instruments and meets the demand of virtually every major OEM in the automotive sector. It is a customer centric company, ready to take on challenging product development and manufacturing to international specifications for a wide range of automotive cables and instruments. Today catering to a wide spectrum of automotive and non-automotive cable requirements Suprajit has achieved a phenomenal growth, making it India's largest manufacturer of automotive cables.

It has one of the largest manufacturing capacities for any one company in a specific country in the world. Suprajit is committed to being a world class organization, supplying cables and components to overseas and domestic customers in automobile and non-automobile sectors. With ISO/TS 169 49 2002 certifications, Suprajit practices a philosophy of continuous improvement and adopts processes that ensures fool proof & defect free manufacturing. Suprajit also seamlessly and efficiently satisfies its customer needs by optimizing production cycles. In 2011 - Gills Cables Limited was renamed as Suprajit Europe Ltd.

Business area of the company

The Company is engaged in the business of manufacturing and selling of automotive and other components and that are considered as single segment.

Products

  • Motion Control Solutions
  • Control Cable Systems
  • Push-Pull Assemblies
  • Brake Cable and Lever Systems
  • Rotary Push-Pull Lever Control Systems
  • Gear Shifter Mechanism and Cable
  • Joysticks & Remote Valve Control Systems
  • Commercial Controls

Awards

2017-18

  • Volkswagen - ‘A’ Grade Supplier Award, Quality Performance Award.
  • Honda Motor Cycles and Scooters – Quality and Delivery Achievement Award.
  • General Motors - Supplier Quality Excellence Award (3 years in a row).
  • John Deere - Accelerated Global Sourcing Award.
  • Brose Key Supplier Award.
  • Bajaj Auto Limited - TPM Excellence Award.
  • Tata Motors - Green Card for ‘0’ PPM.
  • Hero MotoCorp Limited - Direct Online Supply (DOL) Award.
  • Bajaj Auto Limited - Quality Consistency Gold Award.
  • Yamaha - Cost Reduction & VA/VE activity award.
  • TVS, Bajaj and Mahindra - various Awards.
  • KSFC: Entrepreneur of the year for the promoter.
  • CNBC/ICICI/CRISIL: SME of the year Auto Ancillary of the year.
  • NASSCOM: Best IT user Award in Automotive Sector.
  • KSFC: Outstanding Enterprise of the State.
  • BMA - Entrepreneur of the year.

2018-19

  • Volkswagen - Grade Supplier Award, Quality Performance Award
  • Honda Motor Cycles and Scooters -Quality and Delivery Achievement Award
  • General Motors - Supplier Quality Excellence Award (3 years in a row)
  • John Deere - Accelerated Global Sourcing Award
  • Brose Key Supplier Award
  • Bajaj Auto Limited - TPM Excellence Award Tata Motors - Green Card for '0' PPM
  • Hero MotoCorp Limited -Direct Online Supply (DOL) Award
  • Bajaj Auto Limited - Quality Consistency Gold Award
  • Yamaha - Cost Reduction & VA/VE Activity Award A grade excellence Award
  • TVS. Bajaj and Mahindra - various Awards
  • Best Delivery and Quality Supplier of the Year - AISIN Group

2019-20

  • Volkswagen -'A' Grade Supplier Award, Quality Performance Award
  • Honda Motor Cycles and Scooters - Quality and Delivery Achievement Award
  • General Motors -Supplier Quality Excellence Award (3 years in a row)
  • John Deere - Accelerated Global Sourcing Award
  • Brose Key Supplier Award
  • Bajaj Auto Limited - TPM Excellence Award
  • Tata Motors -Green Card for '0' PPM
  • Hero MotoCorp Limited -Direct Online Supply (DOL) Award
  • Bajaj Auto Limited -Quality Consistency Gold Award
  • Yamaha - Cost Reduction & VA/VE activity award
  • A grade excellence Award
  • TVS, Bajaj and Mahindra -various Awards

Milestones

1985:

  • Commencement of operations

1985-95:

  • Two new cable plants in Bangalore

1996-2005:

  • Listing of shares on BSE and NSE
  • India’s largest cable maker
  • Acquisition of Shah Concabs -4W cable competitor
  • Plants in Bangalore, Manesar and Chakan
  • Enterprise by State award by KSFC

2006-2010:

  • New plants in Pantnagar, Haridwar and Manesar
  • 100% EOU for non-automotive cables in Bangalore
  • Acquisition of CTP Gills Cables, one of the oldest cable companies with marquee global customers - now renamed as Suprajit Europe.

2011-2020:

  • Consolidating position as established global mechanical cable maker; diversifying and de-risking revenue profile
  • New plant at SAL, Banglore and Pathredi.
  • Acquisition of Speedo cable business (4W business) of Pricol
  • Acquisition of Wescon Controls, Wichita, USA
  • Launched two new plants in Chennai and Sanand
  • Launched Capex of Rs 100 crore to expand cable capacity to 300 million with 2 new plants
  • Acquisition of Osram Kamai Plant (Halogen Bulbs division)
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