India Nippon Electricals Ltd
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]
- Market Cap ₹ 1,418 Cr.
- Current Price ₹ 627
- High / Low ₹ 867 / 545
- Stock P/E 18.7
- Book Value ₹ 294
- Dividend Yield 1.99 %
- ROCE 12.8 %
- ROE 10.0 %
- Face Value ₹ 5.00
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.29.8 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
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
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 | 807 | |
| 235 | 237 | 290 | 301 | 316 | 388 | 449 | 424 | 436 | 517 | 603 | 658 | 719 | |
| Operating Profit | 34 | 24 | 33 | 35 | 35 | 64 | 76 | 55 | 45 | 50 | 53 | 66 | 88 |
| OPM % | 12% | 9% | 10% | 10% | 10% | 14% | 14% | 11% | 9% | 9% | 8% | 9% | 11% |
| 8 | 9 | 7 | 9 | 14 | 13 | 15 | 26 | 16 | 25 | 23 | 25 | 30 | |
| 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 | 18 |
| Profit before tax | 35 | 27 | 32 | 40 | 44 | 71 | 83 | 71 | 51 | 62 | 60 | 76 | 99 |
| 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 | 76 | |
| 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 | 33.46 |
| 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: | 18% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 11% |
| 5 Years: | 0% |
| 3 Years: | 14% |
| TTM: | 43% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 12% |
| 5 Years: | 23% |
| 3 Years: | 13% |
| 1 Year: | -11% |
| 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% |
Documents
Announcements
-
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
11 Apr - Certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 31st March 2025
- Closure of Trading Window 26 Mar
- Announcement under Regulation 30 (LODR)-Investor Presentation 20 Mar
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
13 Mar - Of schedule of Investor/Analyst meet to be held on Friday, 21st March 2025.
-
Disclosure Under Regulation 30 Of SEBI (LODR) Regulations, 2015
11 Mar - Company received a penalty of Rs. 11,89,648 from GST officer.
Annual reports
-
Financial Year 2024
from bse
-
Financial Year 2023
from bse
-
Financial Year 2022
from bse
-
Financial Year 2021
from bse
-
Financial Year 2020
from bse
-
Financial Year 2019
from bse
-
Financial Year 2018
from bse
-
Financial Year 2017
from bse
-
Financial Year 2016
from bse
-
Financial Year 2015
from bse
-
Financial Year 2014
from bse
-
Financial Year 2013
from bse
-
Financial Year 2012
from bse
-
Financial Year 2011
from nse
-
Financial Year 2011
from bse
Product Portfolio[1]
1. Electronic Ignition System
The company offers modern ignition systems that replace conventional mechanical ignition in older vehicles. These systems ensure precise ignition of the air-fuel mixture in the engine’s cylinders, enhancing combustion efficiency and power generation.
2. Controllers
It develops electronic control units (ECUs) and modules that manage and regulate various vehicle systems.
3. Sensors
The company provides a range of sensors installed throughout vehicles to monitor critical operating conditions.
4. Electric Vehicles
Through its center in Tamil Nadu, the company focuses on developing EV technology products for emission control and compliance. They design mechatronic products with advanced software solutions for a wide range of applications.
5. Aftermarket
The company has a dedicated team for the aftermarket segment, working to strengthen its brand image, expand its product range, and enhance sales promotion efforts.