BSE: 523638 | NSE: IPRINGLTD | Auto Ancillary | Small Cap
Past 10 year’s financial track record analysis by Moneyworks4me indicates that IP Rings Ltd is a below average quality company.
The key valuation ratios of IP Rings Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of IP Rings 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 % ⓘ | 6.4% | 7.5% | 5.4% | 11.1% | 10.8% | 6.1% | 7.3% | 10.1% | 6.2% | 4.4% | - |
| Value Creation Index ⓘ | -0.5 | -0.5 | -0.6 | -0.2 | -0.2 | -0.6 | -0.5 | -0.3 | -0.6 | -0.7 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 101 | 118 | 174 | 203 | 212 | 198 | 198 | 273 | 323 | 317 | 324 |
| Sales YoY Gr. | - | 16.7% | 46.9% | 16.9% | 4.5% | -6.7% | 0.3% | 37.4% | 18.6% | -2% | - |
| Adj EPS ⓘ | -0.5 | 0.5 | -0.8 | 6.3 | 6.7 | 1.5 | 4 | 6.5 | 0.5 | -2.5 | 0 |
| YoY Gr. | - | NA | -256% | NA | 7.5% | -77.1% | 156.5% | 63.3% | -92.9% | -650% | - |
| BVPS (₹) ⓘ | 40.4 | 40.1 | 68.3 | 74 | 80.2 | 79.7 | 83.1 | 88.2 | 87.6 | 84.1 | 83.6 |
| Adj Net Profit ⓘ | -0.5 | 0.5 | -1 | 7.9 | 8.5 | 2 | 5 | 8.2 | 0.6 | -3.2 | 0 |
| Cash Flow from Ops. ⓘ | -2.4 | 7.4 | 10.3 | 21.8 | 20.7 | 32.2 | 17 | 22.8 | 42.1 | 34.9 | - |
| Debt/CF from Ops. ⓘ | -27.4 | 11.6 | 5.8 | 3.3 | 4 | 2.5 | 5.5 | 4.8 | 2.3 | 2.4 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 13.5% | 8.4% | 16.9% | -2% | ||||
| Adj EPS ⓘ | NA | -182.2% | -186.2% | -650% | ||||
| BVPSⓘ | 8.5% | 1% | 0.4% | -4% | ||||
| Share Price | 12% | 23.8% | 17.9% | 19.6% | ||||
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 % ⓘ | -1.3 | 1.2 | -1.6 | 8.8 | 8.7 | 1.9 | 4.9 | 7.5 | 0.5 | -3 | 0 |
| Op. Profit Mgn % ⓘ | 12.6 | 13.2 | 8 | 12.2 | 13.4 | 11.5 | 12.5 | 12.1 | 8 | 7.3 | 8.2 |
| Net Profit Mgn % ⓘ | -0.5 | 0.4 | -0.6 | 3.9 | 4 | 1 | 2.5 | 3 | 0.2 | -1 | 0 |
| Debt to Equity ⓘ | 1.6 | 2.1 | 0.7 | 0.8 | 0.8 | 0.8 | 0.9 | 1 | 0.9 | 0.8 | 0.3 |
| Working Cap Days ⓘ | 172 | 181 | 164 | 177 | 176 | 175 | 190 | 172 | 164 | 175 | 76 |
| Cash Conv. Cycle ⓘ | 92 | 98 | 81 | 83 | 94 | 96 | 94 | 77 | 65 | 62 | -6 |
Sales growth is growing at healthy rate in last 3 years 16.86%
Debt to equity has declined versus last 3 years average to 0.78
Return on Equity has declined versus last 3 years average to 0.00%
Sales growth is not so good in last 4 quarters at 3.90%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 0 | -1.5 |
| TTM Sales (₹ Cr.) | 324 | 323 |
| BVPS (₹.) ⓘ | 83.6 | 83.9 |
| Reserves (₹ Cr.) ⓘ | 93 | 94 |
| P/BV ⓘ | 2.29 | 2.28 |
| PE ⓘ | 0.00 | 0.00 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 142.50 / 262.40 |
| All Time Low / High (₹) | 15.19 / 278.80 |
| Market Cap (₹ Cr.) | 242 |
| Equity (₹ Cr.) | 12.7 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 50.3 |
| 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 | 101 | 118 | 174 | 203 | 212 | 198 | 198 | 273 | 323 | 317 |
| Operating Expenses ⓘ | 89 | 103 | 160 | 179 | 184 | 176 | 174 | 240 | 297 | 294 |
| Manufacturing Costs | 29 | 33 | 57 | 64 | 69 | 64 | 70 | 107 | 129 | 123 |
| Material Costs | 33 | 40 | 58 | 67 | 66 | 63 | 60 | 82 | 112 | 110 |
| Employee Cost | 16 | 18 | 24 | 27 | 29 | 29 | 25 | 29 | 30 | 34 |
| Other Costs ⓘ | 9 | 12 | 20 | 21 | 20 | 21 | 20 | 22 | 26 | 27 |
| Operating Profit ⓘ | 13 | 15 | 13 | 24 | 28 | 22 | 24 | 33 | 26 | 23 |
| Operating Profit Margin (%) | 12.6% | 12.9% | 7.7% | 11.8% | 13.0% | 10.9% | 12.3% | 12.1% | 8.0% | 7.3% |
| Other Income ⓘ | 1 | 1 | 2 | 1 | 1 | 1 | 1 | 2 | 3 | 3 |
| Interest ⓘ | 8 | 9 | 10 | 7 | 8 | 9 | 7 | 10 | 11 | 11 |
| Depreciation ⓘ | 7 | 7 | 8 | 8 | 10 | 11 | 12 | 14 | 16 | 17 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | -1 | 0 | -3 | 10 | 11 | 2 | 7 | 11 | 2 | -3 |
| Tax ⓘ | -1 | 0 | -1 | 3 | 3 | 1 | 2 | 3 | 1 | 0 |
| Profit After Tax | 0 | 0 | -1 | 7 | 8 | 1 | 5 | 8 | 2 | -3 |
| PAT Margin (%) | -0.5% | 0.2% | -0.8% | 3.6% | 3.7% | 0.6% | 2.5% | 3.0% | 0.5% | -0.9% |
| Adjusted EPS (₹) | -0.5 | 0.2 | -1.1 | 5.8 | 6.3 | 0.9 | 3.9 | 6.5 | 1.4 | -2.2 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 16% | 0% | 38% | 31% | 73% | 0% |
| 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 | 41 | 40 | 87 | 94 | 102 | 101 | 105 | 112 | 111 | 107 |
| Share Capital ⓘ | 7 | 7 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 |
| Reserves ⓘ | 33 | 33 | 74 | 81 | 89 | 88 | 93 | 99 | 98 | 94 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 55 | 76 | 47 | 60 | 72 | 68 | 79 | 87 | 71 | 58 |
| Long Term Debt | 21 | 14 | 18 | 24 | 34 | 28 | 39 | 50 | 41 | 34 |
| Short Term Debt | 34 | 62 | 29 | 36 | 38 | 40 | 40 | 36 | 30 | 24 |
| Trade Payables | 15 | 17 | 33 | 28 | 35 | 30 | 53 | 63 | 90 | 98 |
| Others Liabilities ⓘ | 19 | 22 | 22 | 24 | 19 | 39 | 35 | 39 | 43 | 46 |
| Total Liabilities ⓘ | 129 | 156 | 189 | 207 | 228 | 237 | 273 | 301 | 316 | 308 |
Fixed Assets | ||||||||||
| Gross Block | 146 | 165 | 177 | 117 | 150 | 162 | 199 | 223 | 238 | 247 |
| Accumulated Depreciation | 78 | 85 | 93 | 23 | 32 | 43 | 54 | 69 | 84 | 100 |
| Net Fixed Assetsⓘ | 68 | 80 | 85 | 95 | 118 | 119 | 145 | 154 | 154 | 146 |
| CWIP ⓘ | 0 | 1 | 4 | 4 | 2 | 19 | 2 | 5 | 2 | 2 |
| Investmentsⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 2 |
| Inventories | 25 | 27 | 34 | 35 | 40 | 38 | 47 | 53 | 60 | 59 |
| Trade Receivables | 24 | 34 | 49 | 47 | 49 | 38 | 56 | 67 | 76 | 77 |
| Cash Equivalents | 1 | 2 | 2 | 5 | 6 | 12 | 7 | 3 | 6 | 6 |
| Others Assetsⓘ | 9 | 11 | 16 | 20 | 13 | 11 | 16 | 18 | 18 | 15 |
| Total Assets ⓘ | 129 | 156 | 189 | 207 | 228 | 237 | 273 | 301 | 316 | 308 |
| 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 ⓘ | -2 | 7 | 10 | 22 | 21 | 32 | 17 | 23 | 42 | 35 |
| PBT ⓘ | -1 | 0 | -3 | 10 | 11 | 2 | 7 | 11 | 2 | -3 |
| Adjustment ⓘ | 14 | 15 | 18 | 15 | 18 | 23 | 18 | 25 | 26 | 29 |
| Changes in Working Capital ⓘ | -7 | -8 | -5 | -2 | -6 | 7 | -6 | -11 | 15 | 10 |
| Tax Paid ⓘ | -1 | 0 | 0 | -2 | -3 | 0 | -1 | -2 | -1 | -1 |
| Cash Flow From Investing Activity ⓘ | -6 | -20 | 30 | -24 | -22 | -15 | -26 | -27 | -13 | -7 |
| Capex | -6 | -20 | -18 | -18 | -30 | -30 | -14 | -26 | -12 | -9 |
| Net Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | 0 | -1 |
| Others ⓘ | 0 | 0 | 48 | -6 | 8 | 15 | -13 | 0 | 0 | 3 |
| Cash Flow From Financing Activityⓘ | 8 | 11 | -36 | 6 | 2 | -11 | 4 | 1 | -27 | -27 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 0 | 0 | 0 | 6 | 8 | -3 | 11 | 19 | -6 | -7 |
| Interest Paid ⓘ | 0 | -8 | -10 | -7 | -7 | -8 | -7 | -10 | -10 | -11 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 | 0 | -2 | 0 | -2 | -3 | -1 |
| Others ⓘ | 8 | 19 | -26 | 7 | 1 | 1 | 0 | -7 | -8 | -8 |
| Net Cash Flow ⓘ | 0 | -2 | 4 | 4 | 0 | 6 | -5 | -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 (%) | -1.19 | 0.53 | -2.28 | 8.14 | 8.13 | 1.09 | 4.81 | 7.56 | 1.56 | -2.51 |
| ROCE (%) | 6.39 | 7.53 | 5.44 | 11.06 | 10.76 | 6.09 | 7.33 | 10.08 | 6.21 | 4.38 |
| Asset Turnover Ratio | 0.91 | 0.93 | 1.1 | 1.05 | 0.98 | 0.85 | 0.78 | 0.95 | 1.05 | 1.02 |
| PAT to CFO Conversion(x) | N/A | N/A | N/A | 3.14 | 2.63 | 32 | 3.4 | 2.88 | 21 | N/A | Working Capital Days |
| Receivable Days | 70 | 81 | 80 | 84 | 83 | 81 | 87 | 83 | 81 | 88 |
| Inventory Days | 73 | 71 | 58 | 61 | 65 | 72 | 78 | 67 | 64 | 68 |
| Payable Days | 137 | 136 | 150 | 159 | 149 | 149 | 214 | 223 | 211 | 249 |
IP Rings was born out of the technical collaboration between India Pistons Limited and Nippon Piston Ring Company Ltd., Japan - a world class leader in Ring Technology in 1991. IP Rings was promoted by India Pistons Ltd., Simpson & Company Ltd., Tractors and Farm Equipment Ltd., and Amalgamations Pvt Ltd., Chennai. State-of-the-Art manufacturing facility at Maraimalai Nagar, 50 Kms. from Chennai.
IP Rings manufactures a wide range of sophisticated piston rings. A model manufacturing unit, the Company’s production plant is fully integrated and has a wide spectrum of Surface Engineering Technologies.
IP Rings is the only Company in India, which has got under one roof, facilities for all the surface treatments, which are currently used in contemporary engines. Its plant at Maraimalainagar has the following surface treatment facilities.
Plasma Spray: IP Rings has one of the best plasma spray facilities, which is capable of spraying alloy powders and also multi-layer coatings. Plasma sprayed coatings improve the scuff and wear resistance and are recommended for high operating temperatures.
Gas Nitriding : IP Rings has a fully automatic Gas Nitriding frunace, capable of giving extremely close tolerances on mechanical properties and case depth. This results in excellent wear-resistance and prolonged engine life for gasolene engines - both for passenger cars and two-wheelers.
Nifflex-S & Nifflex-H: IP Rings has the facility to manufacture 3 piece steel oil control ring, consisting of an expander and two side rails, based on the famous Nifflex-S, Nifflex-Hdesign of NPR, Japan. These rings ensure total conformability of the oil ring to the cylinder bore throughout the life of the engine and give better and long life oil control.
Chrome Plating : IP Rings has a fully automated chrome plating facility, which can carry out besides periphery plating, chrome plating of the side faces of the rings, as well as the bore surface. Thus, it can cater to the entire range of chrome plating requirements.
Entire spectrum of the automobile industry from two-wheelers to Heavy Commercial Vehicles and Tractors are catered by them.
Product range of the company includes:
Clientele:Tata Motors, Maruti, Ashok Leyland, Hyundai. Eicher, HM, TVS, Royal Enfield, Simpson, Nippon Pistons etc.
Achievements/ recognition:
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
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.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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