BSE: 532240 | NSE: INDNIPPON | Auto Ancillary | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that India Nippon Electricals Ltd is a good quality company.
The key valuation ratios of India Nippon Electricals Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of India Nippon Electricals Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 14.8% | 17% | 17% | 22.4% | 22.5% | 17.7% | 12% | 11% | 13.4% | 12.9% | - |
| Value Creation Index ⓘ | 0.1 | 0.2 | 0.2 | 0.6 | 0.6 | 0.3 | -0.1 | -0.2 | -0.1 | -0.1 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 328 | 336 | 351 | 452 | 525 | 479 | 481 | 566 | 656 | 724 | 771 |
| Sales YoY Gr. | - | 2.5% | 4.5% | 28.9% | 16.1% | -8.8% | 0.5% | 17.7% | 15.9% | 10.3% | - |
| Adj EPS ⓘ | 9.8 | 12.1 | 11.5 | 19.7 | 23.6 | 19.4 | 15 | 15.5 | 21.3 | 24.1 | 31.8 |
| YoY Gr. | - | 23.8% | -5.5% | 72.3% | 19.4% | -17.7% | -22.8% | 3.2% | 37.9% | 12.9% | - |
| BVPS (₹) ⓘ | 98 | 117.6 | 127.3 | 152.5 | 177.4 | 185.3 | 199 | 218.2 | 247.7 | 275.5 | 294.2 |
| Adj Net Profit ⓘ | 22.2 | 27.4 | 25.9 | 44.7 | 53.3 | 43.9 | 33.9 | 35 | 48.2 | 54.4 | 72 |
| Cash Flow from Ops. ⓘ | 29.9 | 33.2 | 34 | 26.4 | 35 | 49.3 | 38.7 | 8.4 | 56.9 | 62.8 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 9.2% | 6.6% | 14.6% | 10.3% | ||||
| Adj EPS ⓘ | 10.5% | 0.4% | 17.1% | 12.9% | ||||
| BVPSⓘ | 12.2% | 9.2% | 11.5% | 11.2% | ||||
| Share Price | 11.1% | 15.4% | 20.7% | 38.3% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 10.1 | 11.2 | 9.4 | 14.1 | 14.3 | 10.7 | 7.8 | 7.4 | 9.2 | 9.2 | 11.2 |
| Op. Profit Mgn % ⓘ | 10.6 | 10.7 | 10.8 | 14.3 | 14.8 | 11.9 | 9.8 | 9 | 8.2 | 9.2 | 10 |
| Net Profit Mgn % ⓘ | 6.8 | 8.2 | 7.4 | 9.9 | 10.2 | 9.2 | 7 | 6.2 | 7.3 | 7.5 | 9.3 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Working Cap Days ⓘ | 122 | 103 | 98 | 114 | 115 | 148 | 219 | 173 | 106 | 106 | 92 |
| Cash Conv. Cycle ⓘ | 41 | 38 | 19 | 17 | 27 | 34 | 35 | 37 | 38 | 30 | 54 |
Return on Equity has increased versus last 3 years average to 11.20%
Sales growth is growing at healthy rate in last 3 years 14.59%
Net Profit is growing at healthy rate in last 3 years 17.14%
Sales growth is good in last 4 quarters at 16.43%
No data to display
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 31.8 | 31.7 |
| TTM Sales (₹ Cr.) | 771 | 771 |
| BVPS (₹.) ⓘ | 294.2 | 294.2 |
| Reserves (₹ Cr.) ⓘ | 654 | 654 |
| P/BV ⓘ | 2.38 | 2.38 |
| PE ⓘ | 21.99 | 22.02 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 467.65 / 860.00 |
| All Time Low / High (₹) | 24.16 / 860.00 |
| Market Cap (₹ Cr.) | 1,581 |
| Equity (₹ Cr.) | 11.3 |
| Face Value (₹) | 5 |
| Industry PE ⓘ | 51.1 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 328 | 336 | 351 | 452 | 525 | 479 | 481 | 566 | 656 | 724 |
| Operating Expenses ⓘ | 294 | 300 | 313 | 388 | 448 | 422 | 435 | 515 | 603 | 658 |
| Manufacturing Costs | 17 | 15 | 17 | 21 | 23 | 23 | 22 | 26 | 29 | 29 |
| Material Costs | 227 | 233 | 234 | 297 | 342 | 315 | 325 | 395 | 454 | 500 |
| Employee Cost | 35 | 39 | 43 | 52 | 57 | 60 | 66 | 68 | 80 | 88 |
| Other Costs ⓘ | 15 | 13 | 19 | 18 | 26 | 24 | 22 | 26 | 40 | 41 |
| Operating Profit ⓘ | 34 | 36 | 38 | 65 | 77 | 57 | 46 | 51 | 53 | 66 |
| Operating Profit Margin (%) | 10.4% | 10.6% | 10.8% | 14.3% | 14.7% | 11.9% | 9.6% | 9.0% | 8.1% | 9.2% |
| Other Income ⓘ | 6 | 10 | 14 | 12 | 14 | 25 | 16 | 14 | 40 | 25 |
| Interest ⓘ | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 |
| Depreciation ⓘ | 8 | 4 | 4 | 6 | 8 | 9 | 10 | 13 | 15 | 15 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -8 | 0 |
| Profit Before Tax ⓘ | 32 | 41 | 47 | 71 | 84 | 72 | 52 | 52 | 70 | 76 |
| Tax ⓘ | 9 | 11 | 15 | 21 | 24 | 17 | 11 | 11 | 12 | 16 |
| Profit After Tax | 23 | 31 | 32 | 50 | 60 | 55 | 41 | 40 | 58 | 59 |
| PAT Margin (%) | 6.9% | 9.1% | 9.2% | 11.1% | 11.3% | 11.5% | 8.5% | 7.1% | 8.8% | 8.2% |
| Adjusted EPS (₹) | 10.0 | 13.5 | 14.3 | 22.2 | 26.3 | 24.4 | 18.0 | 17.8 | 25.6 | 26.2 |
| Dividend Payout Ratio (%) | 45% | 33% | 35% | 29% | 27% | 28% | 33% | 35% | 36% | 39% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 226 | 266 | 288 | 345 | 401 | 419 | 450 | 494 | 560 | 623 |
| Share Capital ⓘ | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 |
| Reserves ⓘ | 214 | 255 | 277 | 334 | 390 | 408 | 439 | 482 | 549 | 612 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Trade Payables | 30 | 39 | 62 | 76 | 75 | 76 | 92 | 90 | 96 | 138 |
| Others Liabilities ⓘ | 54 | 22 | 42 | 66 | 34 | 118 | 227 | 46 | 63 | 77 |
| Total Liabilities ⓘ | 309 | 326 | 392 | 488 | 510 | 613 | 769 | 630 | 719 | 838 |
Fixed Assets | ||||||||||
| Gross Block | 107 | 48 | 60 | 73 | 82 | 107 | 126 | 183 | 202 | 225 |
| Accumulated Depreciation | 66 | 4 | 8 | 14 | 22 | 31 | 41 | 53 | 67 | 82 |
| Net Fixed Assetsⓘ | 42 | 44 | 52 | 59 | 61 | 76 | 86 | 130 | 134 | 143 |
| CWIP ⓘ | 1 | 2 | 3 | 7 | 7 | 13 | 34 | 5 | 13 | 13 |
| Investmentsⓘ | 142 | 176 | 214 | 241 | 274 | 274 | 273 | 290 | 359 | 436 |
| Inventories | 18 | 25 | 22 | 31 | 35 | 39 | 44 | 50 | 56 | 69 |
| Trade Receivables | 63 | 61 | 66 | 93 | 104 | 88 | 109 | 118 | 119 | 142 |
| Cash Equivalents | 4 | 10 | 3 | 7 | 7 | 21 | 25 | 13 | 19 | 15 |
| Others Assetsⓘ | 40 | 8 | 31 | 50 | 23 | 103 | 199 | 23 | 18 | 20 |
| Total Assets ⓘ | 309 | 326 | 392 | 488 | 510 | 613 | 769 | 630 | 719 | 838 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 30 | 33 | 34 | 26 | 35 | 49 | 39 | 8 | 57 | 63 |
| PBT ⓘ | 32 | 41 | 47 | 71 | 84 | 72 | 52 | 52 | 70 | 76 |
| Adjustment ⓘ | 2 | -5 | -9 | -6 | -5 | -15 | -3 | 0 | -13 | -8 |
| Changes in Working Capital ⓘ | 4 | 6 | 7 | -20 | -20 | 9 | 1 | -34 | 11 | 11 |
| Tax Paid ⓘ | -8 | -9 | -11 | -18 | -24 | -17 | -11 | -9 | -11 | -16 |
| Cash Flow From Investing Activity ⓘ | -18 | -14 | -29 | -17 | -15 | -5 | -34 | 10 | -33 | -39 |
| Capex | -10 | -6 | -13 | -18 | -15 | -19 | -37 | -21 | -25 | -24 |
| Net Investments | -21 | -14 | -25 | -1 | -7 | 17 | -1 | 27 | -26 | -22 |
| Others ⓘ | 14 | 6 | 9 | 1 | 7 | -3 | 4 | 4 | 19 | 8 |
| Cash Flow From Financing Activityⓘ | -11 | -17 | -7 | -8 | -18 | -38 | -15 | -15 | -22 | -25 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Paid ⓘ | 0 | 0 | 0 | 0 | 0 | -1 | -1 | 0 | 0 | 0 |
| Dividend Paid ⓘ | -10 | -15 | -7 | -8 | -18 | -29 | -14 | -14 | -21 | -23 |
| Others ⓘ | -2 | -2 | 0 | 0 | 0 | -8 | -1 | -1 | -1 | -1 |
| Net Cash Flow ⓘ | 1 | 2 | -1 | 1 | 2 | 7 | -10 | 3 | 2 | -1 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 10.46 | 12.54 | 11.7 | 15.83 | 15.95 | 13.46 | 9.36 | 8.53 | 10.98 | 10.02 |
| ROCE (%) | 14.78 | 17 | 17.02 | 22.4 | 22.51 | 17.71 | 12.02 | 11.03 | 13.37 | 12.87 |
| Asset Turnover Ratio | 1.22 | 1.2 | 1.11 | 1.07 | 1.06 | 0.86 | 0.7 | 0.82 | 0.99 | 0.94 |
| PAT to CFO Conversion(x) | 1.3 | 1.06 | 1.06 | 0.52 | 0.58 | 0.89 | 0.95 | 0.2 | 0.98 | 1.07 | Working Capital Days |
| Receivable Days | 61 | 59 | 58 | 62 | 68 | 73 | 75 | 73 | 65 | 65 |
| Inventory Days | 17 | 21 | 22 | 21 | 23 | 28 | 31 | 30 | 29 | 31 |
| Payable Days | 49 | 54 | 79 | 85 | 81 | 88 | 94 | 84 | 75 | 85 |
INEL was incorporated in 1984 and converted into a joint venture in 1986 between Lucas Indian Service, a wholly-owned subsidiary of Lucas-TVS and Kokusan Denki Co, Japan - a group company of Hitachi Japan, to manufacture Electronic Ignition Systems for two-wheelers, three wheelers and portable engines. Over the years the company has enlarged its customer base and now supplies to most of the manufacturers of two-wheelers, three wheelers and gensets. INEL makes the entire range of 2/3 wheelers, digital and analog ignition products. Commencing its operation in Hosur (Tamil Nadu), over the years INEL has set up two more units with excellent facilities, one at Pondicherry and the other at Rewari (Haryana) to be nearer to customers and offer service such as just-in-time supplies and to improve response time for introduction of new products.
Milestones:
1985 Formation of the company 1986 Established manufacturing unit in Hosur, Tamil Nadu. Commencement of production and supply to TVS Motor Company for Motor Cycles. 1987 Commencement of supply to Bajaj Auto for Motor Cycles 1988 Supply to Hero Motors - Moped 1989 Introduction of Electronic Ignition Systems for TVS Champ 1990 Supply to Birla Yamaha - Genset 1991 Commencement of supply to Hero Honda Motor Cycle 1992 Supply to Honda SIEL Power Products for Genset 1993 Introduction of Integral Unit (IU) for Mopeds to TVS Motor Company. Commencement of supply to Yamaha Motor India for Motor Cycles. Crossed supply of one million Flywheel Magnetos since commencement of production 1994 Export of Ignition coils to Kokusan Denki Co, Japan Recognition by Department of Science & Technology, Government of India 1995 Commencement of supply to Kinetic Motor Co. for Scooters 1997 Commencement of supply to Royal Enfield Motors Decennial Celebrations of INEL 1998 Second Manufacturing Unit established at Pondicherry Commencement of supply of multi-pole Flywheel Magnetos and Regulator for 3W Diesel to Bajaj Auto Certified by BVQI for ISO - 9001 Quality System for Hosur Unit 1999 Commencement of supply to Piaggio Greaves. Commencement of supply to LML-Moped 2001 Introduction / Commencement of supply of Digital CDI ignition system for TVS Motor Company. Commencement of supply to Honda Motorcycle & Scooter India. Third Manufacturing Unit established at Rewari, Haryana Certified by BVQI for QS-9001 Quality system for Hosur Unit 2002 Certified by BVQI for ISO- 14001 EMS System for Hosur Unit. Crossed cumulative supply of 10 million Flywheel Magnetos 2004 A state-of-the-art electronic facility set up in Pondicherry unit. Certified by BVQI ISO 14001 for Rewari Unit. Commencement of supply to Lombardini, Italy
Products:
• FlyWheel Magneto/Generator • Capacitor Discharge Ignition Unit • Ignition Coil • Integral Unit • Regulator/Rectifier Units
Clients: • TVS Motor Company • Hero Honda Motors • Honda Motorcycle & Scooter • Bajaj Auto • Yamaha Motors • Royal Enfield • LML • Hero Motors • Majestic Auto • Kinetic Motor Company• Greaves Cotton • Lombardini India • Piaggio India • Honda SIEL Power Products • Birla Power Solutions • Kokusan Denki Co.
Awards and achievement:
• Certificates of recognition from BVQI for ISO 9001 in the year 1998• QS 9000 in the year 2001 and • ISO 14001 in the year 2002
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Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
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