India Nippon Electricals Ltd

₹ 829 0.57%

02 Jul - close price

indianippon.com BSE: 532240 NSE: INDNIPPON

About

India Nippon Electricals is a manufacturer of Ignition Systems for two-wheelers, three-wheelers, and portable engines ^[1]
It was incorporated in 1984 and was converted into a joint venture in 1986 between Lucas Indian Service Ltd, a wholly-owned subsidiary of Lucas-TVS Ltd and MAHLE Electric Drives Japan Corporation(Japan) – a company of MAHLE Group ^[2]

Key Points

Product Portfolio^[1]
INEL produces ignition system parts for OEMs in the vehicle industry and enjoys market leadership in the electronic ignition system products. They have recently entered the market for EVs. Company continues to expand its product portfolio with sensors, controllers, converters and engine control units etc.
The products are Electronic Ignition
System, Controllers, Sensors, Electric Vehicles and After Market.^[2]

Website BSE NSE

Market Cap ₹ 1,876 Cr.
Current Price ₹ 829
High / Low ₹ 849 / 426
Stock P/E 31.6
Book Value ₹ 276
Dividend Yield 1.24 %
ROCE 12.8 %
ROE 10.0 %
Face Value ₹ 5.00

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Pros

Company is almost debt free.
Company has been maintaining a healthy dividend payout of 36.8%

Cons

Stock is trading at 3.01 times its book value
The company has delivered a poor sales growth of 6.63% over past five years.
Company has a low return on equity of 9.27% over last 3 years.
Earnings include an other income of Rs.24.8 Cr.
Working capital days have increased from 69.6 days to 121 days

* 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

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	150	110	159	148	149	156	186	156	158	160	190	179	196
	134	107	138	135	136	146	167	146	143	150	170	164	174
Operating Profit	16	4	21	13	13	10	19	10	15	10	20	15	22
OPM %	11%	3%	13%	9%	9%	6%	10%	6%	9%	6%	10%	9%	11%
	4	4	4	2	4	21	5	9	-3	6	5	6	8
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	3	3	3	3	4	4	4	4	4	4	4	4	4
Profit before tax	17	5	22	12	13	27	21	15	8	12	21	17	26
Tax %	23%	20%	19%	19%	31%	19%	19%	9%	22%	21%	16%	30%	21%
	13	4	18	10	9	21	17	13	6	9	17	12	20
EPS in Rs	5.94	1.60	7.98	4.29	3.93	9.48	7.35	5.94	2.80	4.10	7.68	5.37	9.06
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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
	269	261	328	336	351	452	525	479	481	566	656	724
	235	236	294	300	313	388	448	422	435	515	603	658
Operating Profit	34	25	34	36	38	65	77	57	46	51	53	66
OPM %	12%	9%	10%	11%	11%	14%	15%	12%	10%	9%	8%	9%
	8	7	6	10	14	12	14	25	16	14	32	25
Interest	0	0	0	0	0	0	0	1	1	0	0	0
Depreciation	6	6	8	4	4	6	8	9	10	13	15	15
Profit before tax	35	26	32	41	47	71	84	72	52	52	70	76
Tax %	19%	25%	29%	26%	31%	29%	29%	23%	21%	22%	17%	22%
	28	20	23	31	32	50	60	55	41	40	58	59
EPS in Rs	12.55	8.70	10.03	13.54	14.34	22.15	26.31	24.40	17.99	17.80	25.58	26.21
Dividend Payout %	36%	52%	45%	33%	35%	29%	27%	28%	33%	35%	36%	39%

Compounded Sales Growth
10 Years:	11%
5 Years:	7%
3 Years:	15%
TTM:	10%

Compounded Profit Growth
10 Years:	12%
5 Years:	0%
3 Years:	13%
TTM:	10%

Stock Price CAGR
10 Years:	20%
5 Years:	15%
3 Years:	30%
1 Year:	87%

Return on Equity
10 Years:	11%
5 Years:	10%
3 Years:	9%
Last Year:	10%

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
Equity Capital	11	11	11	11	11	11	11	11	11	11	11	11
Reserves	196	204	214	255	277	334	390	408	439	482	549	612
	-0	-0	-0	-0	-0	-0	-0	5	5	4	4	3
	40	51	55	70	86	103	109	104	137	132	154	211
Total Liabilities	248	266	281	336	374	448	510	529	592	630	718	837
	36	39	42	44	52	59	61	76	86	130	134	144
CWIP	3	1	1	2	3	7	7	13	34	5	13	13
Investments	110	119	142	176	214	241	274	274	273	290	359	436
	99	108	97	113	105	141	169	166	200	204	211	245
Total Assets	248	266	281	336	374	448	510	529	592	630	718	837

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
	25	18	30	33	34	26	35	49	39	8	57	63
	-16	-18	-18	-14	-29	-17	-15	-5	-34	10	-33	-39
	-12	-12	-11	-17	-7	-8	-18	-38	-15	-15	-22	-25
Net Cash Flow	-3	-13	1	2	-1	1	2	7	-10	3	2	-1

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	68	83	71	66	69	75	72	67	83	76	66	71
Inventory Days	30	34	29	39	35	38	38	45	49	46	45	51
Days Payable	59	63	48	60	97	94	80	88	103	83	77	101
Cash Conversion Cycle	39	54	52	45	7	20	30	24	29	39	35	21
Working Capital Days	42	59	39	26	9	23	32	34	36	49	39	121
ROCE %	18%	12%	14%	15%	15%	22%	23%	15%	12%	9%	12%

Shareholding Pattern

Numbers in percentages

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	66.39%	66.39%	66.39%	70.39%	70.39%	70.38%	70.38%	70.38%	70.37%	70.37%	70.37%	70.37%
	0.00%	0.00%	0.01%	0.19%	0.13%	0.14%	0.11%	0.09%	0.08%	0.12%	0.15%	0.13%
	2.50%	2.48%	2.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	31.11%	31.13%	31.29%	29.43%	29.49%	29.47%	29.51%	29.53%	29.54%	29.51%	29.49%	29.50%
No. of Shareholders	17,497	19,822	19,631	18,486	18,789	18,270	18,103	18,399	18,213	17,772	17,877	18,533

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	66.39%	66.39%	66.39%	66.39%	66.39%	70.39%	70.38%	70.37%
	0.08%	0.07%	0.07%	0.08%	0.00%	0.19%	0.09%	0.13%
	0.35%	2.55%	3.39%	3.28%	2.87%	0.00%	0.00%	0.00%
	33.18%	30.99%	30.16%	30.25%	30.74%	29.43%	29.53%	29.50%
No. of Shareholders	8,821	12,255	12,229	13,720	14,193	18,486	18,399	18,533

* 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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India Nippon Electricals Ltd

India Nippon Electricals Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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