Banco Products (India) Ltd

₹ 1,000 -4.75%

26 Dec - close price

bancoindia.com BSE: 500039 NSE: BANCOINDIA

About

Banco Products (India) Ltd manufactures and supplies engine cooling modules and systems for automotive and industrial applications in both the domestic and international markets. It was Incorporated in 1961, promoted by Mr. Mehul K. Patel who has more than 40 years of experience in the automotive industry ^[1]

Key Points

Product Portfolio
The company’s product portfolio comprises engine cooling modules such as radiators, charged air coolers, fuel coolers, oil coolers, AC condensers, deaeration plastic tanks, metal-layered gaskets, and hybrid elastomeric molded gaskets. ^[1]

Website BSE NSE

Market Cap ₹ 7,149 Cr.
Current Price ₹ 1,000
High / Low ₹ 1,190 / 505
Stock P/E 39.8
Book Value ₹ 113
Dividend Yield 1.00 %
ROCE 40.4 %
ROE 34.6 %
Face Value ₹ 2.00

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Pros

Company is almost debt free.
Company has a good return on equity (ROE) track record: 3 Years ROE 28.0%
Company has been maintaining a healthy dividend payout of 95.7%

Cons

Stock is trading at 8.85 times its book value
Earnings include an other income of Rs.71.7 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Auto Ancillaries Industry: Auto Ancillaries

Part of BSE Allcap BSE Consumer Discretionary Nifty Microcap 250 Nifty Total Market BSE SmallCap

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	209	192	227	252	261	237	254	272	242	233	264	257	282
	184	167	197	208	223	196	208	215	200	194	222	212	231
Operating Profit	25	25	29	44	38	41	46	57	42	39	42	45	51
OPM %	12%	13%	13%	17%	15%	18%	18%	21%	17%	17%	16%	17%	18%
	21	1	3	3	110	8	12	72	5	37	28	1	6
Interest	0	0	0	0	0	0	0	0	0	0	1	2	0
Depreciation	5	5	5	5	5	5	5	6	6	6	6	6	6
Profit before tax	40	21	27	41	143	44	53	124	41	71	62	38	51
Tax %	13%	27%	30%	18%	6%	25%	15%	11%	25%	14%	14%	26%	25%
	35	15	19	34	134	33	45	110	31	61	53	28	38
EPS in Rs	4.87	2.10	2.67	4.72	18.72	4.62	6.28	15.43	4.30	8.49	7.46	3.89	5.30
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	438	437	420	493	510	619	736	598	654	795	1,004	1,011	1,037
	371	357	356	400	417	525	635	524	537	694	834	831	860
Operating Profit	66	80	64	93	93	94	101	74	117	101	170	181	177
OPM %	15%	18%	15%	19%	18%	15%	14%	12%	18%	13%	17%	18%	17%
	10	34	12	32	61	70	92	46	8	29	132	142	72
Interest	12	14	6	2	0	0	1	0	1	0	0	1	3
Depreciation	16	17	16	19	17	17	18	20	20	20	21	24	25
Profit before tax	48	83	53	104	137	147	174	101	104	110	281	297	221
Tax %	28%	20%	22%	21%	20%	19%	29%	31%	23%	22%	13%	14%
	35	66	42	82	110	120	123	70	80	86	246	255	180
EPS in Rs	4.87	9.29	5.83	11.48	15.33	16.74	17.19	9.72	11.19	11.98	34.33	35.69	25.14
Dividend Payout %	37%	22%	51%	40%	59%	60%	47%	206%	18%	167%	64%	56%

Compounded Sales Growth
10 Years:	9%
5 Years:	7%
3 Years:	16%
TTM:	3%

Compounded Profit Growth
10 Years:	14%
5 Years:	17%
3 Years:	47%
TTM:	-18%

Stock Price CAGR
10 Years:	20%
5 Years:	57%
3 Years:	79%
1 Year:	53%

Return on Equity
10 Years:	20%
5 Years:	22%
3 Years:	28%
Last Year:	35%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	14	14	14	14	14	14	14	14	14	14	14	14	14
Reserves	322	376	395	440	540	601	649	521	601	671	716	728	794
	156	114	23	2	2	2	3	3	3	0	0	5	4
	68	65	70	100	60	123	89	75	116	99	113	108	115
Total Liabilities	561	569	502	556	618	741	755	613	733	785	844	855	927
	126	124	123	120	112	112	131	128	126	134	150	153	155
CWIP	2	7	3	0	1	7	2	2	0	6	2	8	10
Investments	182	198	172	163	253	186	215	155	147	151	155	160	202
	251	240	204	272	251	435	407	328	460	493	536	534	560
Total Assets	561	569	502	556	618	741	755	613	733	785	844	855	927

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	81	89	61	59	58	24	47	59	59	1	68	154
	-84	-3	63	31	-31	35	33	182	-38	-41	127	93
	-3	-82	-103	-45	-70	-59	-79	-194	-1	-15	-201	-244
Net Cash Flow	-7	4	21	45	-42	-0	-0	47	21	-54	-6	3

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	75	77	65	73	68	67	65	89	94	89	84	73
Inventory Days	131	111	122	112	121	132	100	102	148	142	146	157
Days Payable	39	53	35	53	50	66	57	57	90	55	50	50
Cash Conversion Cycle	167	135	151	132	139	133	108	134	153	176	180	180
Working Capital Days	102	96	82	78	101	82	92	116	133	148	143	143
ROCE %	12%	19%	12%	24%	25%	25%	26%	16%	18%	17%	40%	40%

Shareholding Pattern

Numbers in percentages

5 Recently

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	67.88%	67.88%	67.88%	67.88%	67.88%	67.88%	67.88%	67.88%	67.88%	67.88%	67.88%	67.88%
	0.34%	0.31%	0.37%	0.74%	1.15%	1.88%	1.87%	2.07%	2.35%	3.00%	3.21%	3.08%
	0.02%	0.02%	0.02%	0.02%	0.02%	0.03%	0.02%	0.02%	0.08%	0.13%	0.14%	0.18%
	31.76%	31.79%	31.73%	31.37%	30.95%	30.20%	30.23%	30.04%	29.69%	28.97%	28.77%	28.86%
No. of Shareholders	34,631	36,279	35,755	43,257	43,180	40,571	40,550	48,399	47,751	51,172	52,823	58,795

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	67.88%	67.88%	67.88%	67.88%	67.88%	67.88%	67.88%	67.88%	67.88%
	0.40%	0.75%	0.83%	0.72%	0.26%	0.31%	1.88%	3.00%	3.08%
	4.32%	4.33%	3.92%	2.77%	0.02%	0.02%	0.03%	0.13%	0.18%
	27.39%	27.03%	27.36%	28.63%	31.83%	31.79%	30.20%	28.97%	28.86%
No. of Shareholders	22,063	22,966	24,859	26,837	31,346	36,279	40,571	51,172	58,795

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Banco Products (India) Ltd

Banco Products (India) Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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