India Nippon Electricals Ltd

₹ 692 2.77%

22 Nov - 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 ₹ 1,566 Cr.
Current Price ₹ 692
High / Low ₹ 867 / 471
Stock P/E 21.8
Book Value ₹ 294
Dividend Yield 1.48 %
ROCE 12.8 %
ROE 10.0 %
Face Value ₹ 5.00

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Pros

Company has reduced debt.
Company is almost debt free.
Company has been maintaining a healthy dividend payout of 36.9%
Company's working capital requirements have reduced from 39.2 days to 29.4 days

Cons

The company has delivered a poor sales growth of 6.63% over past five years.
Company has a low return on equity of 9.20% over last 3 years.
Earnings include an other income of Rs.33.7 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 BSE SmallCap

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	159	148	149	156	186	156	158	160	190	179	196	187	210
	138	135	137	146	167	144	143	150	170	164	174	170	186
Operating Profit	21	13	12	10	19	12	15	10	20	15	22	17	24
OPM %	13%	9%	8%	6%	10%	8%	9%	6%	10%	8%	11%	9%	11%
	4	2	15	3	5	6	5	6	5	6	8	11	9
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	3	3	4	4	4	4	4	4	4	4	4	4	4
Profit before tax	22	12	23	9	21	15	16	12	21	17	26	23	28
Tax %	19%	19%	17%	58%	19%	9%	11%	21%	16%	30%	21%	22%	26%
	18	10	19	4	17	14	14	9	18	12	20	18	21
EPS in Rs	7.92	4.26	8.49	1.64	7.40	5.99	6.28	4.09	7.75	5.34	9.03	8.02	9.35
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	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
	269	261	324	336	351	452	525	479	481	566	656	724	771
	235	237	290	301	316	388	449	424	436	517	603	658	694
Operating Profit	34	24	33	35	35	64	76	55	45	50	53	66	77
OPM %	12%	9%	10%	10%	10%	14%	14%	11%	9%	9%	8%	9%	10%
	8	9	7	9	14	13	15	26	16	25	23	25	34
Interest	0	0	0	0	0	0	0	1	1	0	0	0	0
Depreciation	6	6	8	4	4	6	8	9	10	13	15	15	15
Profit before tax	35	27	32	40	44	71	83	71	51	62	60	76	95
Tax %	19%	24%	29%	27%	33%	29%	29%	24%	22%	18%	20%	22%
	29	21	23	29	30	50	59	54	40	50	48	59	72
EPS in Rs	12.93	9.39	10.21	12.80	13.08	22.01	25.88	24.02	17.52	22.21	21.32	26.21	31.74
Dividend Payout %	35%	48%	44%	35%	38%	30%	27%	28%	34%	28%	43%	39%

Compounded Sales Growth
10 Years:	11%
5 Years:	7%
3 Years:	15%
TTM:	16%

Compounded Profit Growth
10 Years:	11%
5 Years:	0%
3 Years:	14%
TTM:	32%

Stock Price CAGR
10 Years:	12%
5 Years:	16%
3 Years:	21%
1 Year:	39%

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

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	11	11	11	11	11	11	11	11	11	11	11	11	11
Reserves	193	202	212	245	264	331	389	408	440	494	549	612	654
	-0	-0	-0	-0	-0	-0	-0	5	5	4	4	3	3
	40	51	55	70	86	103	109	105	137	132	154	211	209
Total Liabilities	245	264	278	326	362	445	510	529	593	641	718	837	877
	42	45	47	50	57	64	66	81	91	130	134	143	147
CWIP	3	1	1	2	3	7	7	13	34	5	13	13	11
Investments	93	104	126	154	189	226	261	262	261	278	355	432	456
	106	115	104	121	112	148	176	173	207	228	215	249	264
Total Assets	245	264	278	326	362	445	510	529	593	641	718	837	877

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	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	42	27	36	52	38	7	57	63
	-16	-18	-17	-14	-36	-17	-17	-7	-34	28	-46	-39
	-12	-12	-11	-17	-7	-8	-18	-38	-15	-15	-22	-25
Net Cash Flow	-3	-12	1	2	-1	1	2	8	-10	20	-11	-1

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	38	54	52	45	7	20	30	24	29	39	35	21
Working Capital Days	43	60	40	26	9	23	32	34	36	49	39	29
ROCE %	18%	13%	14%	15%	14%	22%	22%	15%	12%	10%	11%	13%

Shareholding Pattern

Numbers in percentages

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	66.39%	70.39%	70.39%	70.38%	70.38%	70.38%	70.37%	70.37%	70.37%	70.37%	70.37%	70.37%
	0.01%	0.19%	0.13%	0.14%	0.11%	0.09%	0.08%	0.12%	0.15%	0.13%	0.14%	0.21%
	2.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	31.29%	29.43%	29.49%	29.47%	29.51%	29.53%	29.54%	29.51%	29.49%	29.50%	29.49%	29.43%
No. of Shareholders	19,631	18,486	18,789	18,270	18,103	18,399	18,213	17,772	17,877	18,533	19,120	20,689

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	66.39%	66.39%	66.39%	66.39%	66.39%	70.39%	70.38%	70.37%	70.37%
	0.08%	0.07%	0.07%	0.08%	0.00%	0.19%	0.09%	0.13%	0.21%
	0.35%	2.55%	3.39%	3.28%	2.87%	0.00%	0.00%	0.00%	0.00%
	33.18%	30.99%	30.16%	30.25%	30.74%	29.43%	29.53%	29.50%	29.43%
No. of Shareholders	8,821	12,255	12,229	13,720	14,193	18,486	18,399	18,533	20,689

* 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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