Rane (Madras) Ltd

₹ 805 1.58%

22 Nov - close price

About

Established in 1960, Rane (Madras) Limited (RML) is part of the Rane Group of Companies, a leading auto component group based out of
Chennai. RML has two divisions namely Steering and Linkages Division (SLD) and Light Metal Casting India Division (LMCI). Through its overseas subsidiary Rane Light Metal
Castings Inc. (RLMCA), RML manufactures high pressure light metal casting components from its facility in Kentucky, USA.^[1]

Key Points

Part of Rane Group^[1]
Rane (Madras) is a part of Rane group which is one of the preferred OE manufacturer and supplier for global auto majors. The Group serves a variety of industry segments: PVs, CVs, Farm Tractors, 2-wheelers, 3-wheelers, Railways and Stationary Engines. It manufactures Steering and Suspension systems, Friction materials, Valve train
components, Occupant safety systems and Light metal casting products.
Rane Holdings Ltd. holds 71.77% equity in the company.^[2]

Website BSE NSE

Market Cap ₹ 1,310 Cr.
Current Price ₹ 805
High / Low ₹ 1,529 / 624
Stock P/E 78.1
Book Value ₹ 167
Dividend Yield 0.00 %
ROCE 11.7 %
ROE 61.6 %
Face Value ₹ 10.0

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Pros

Company has delivered good profit growth of 27.1% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 36.3%

Cons

Stock is trading at 4.84 times its book value
Company has low interest coverage ratio.

* 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

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
	412.27	391.08	451.86	499.78	536.59	526.37	560.82	530.40	572.48	521.05	518.32	521.88	529.02
	381.92	362.81	409.62	452.99	493.29	472.80	503.86	480.24	520.32	470.92	491.55	477.37	491.75
Operating Profit	30.35	28.27	42.24	46.79	43.30	53.57	56.96	50.16	52.16	50.13	26.77	44.51	37.27
OPM %	7.36%	7.23%	9.35%	9.36%	8.07%	10.18%	10.16%	9.46%	9.11%	9.62%	5.16%	8.53%	7.05%
	0.88	2.87	5.48	1.20	0.45	17.32	-217.05	-17.04	-121.17	0.38	-0.55	0.37	2.31
Interest	4.83	5.53	6.62	4.92	6.64	7.65	8.43	9.97	12.39	14.64	13.41	14.15	14.93
Depreciation	15.16	15.40	16.00	16.37	15.99	17.79	22.85	19.18	19.48	20.85	21.57	20.59	20.74
Profit before tax	11.24	10.21	25.10	26.70	21.12	45.45	-191.37	3.97	-100.88	15.02	-8.76	10.14	3.91
Tax %	24.56%	24.49%	33.47%	24.87%	25.05%	26.71%	2.28%	25.19%	-107.17%	25.23%	-25.23%	25.54%	27.37%
	8.48	7.71	16.70	20.06	15.83	33.31	-195.73	2.97	7.23	11.23	-6.55	7.55	2.84
EPS in Rs	5.50	5.00	10.27	12.33	9.73	20.48	-120.34	1.83	4.45	6.90	-4.03	4.64	1.75
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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
	633	719	770	847	989	1,214	1,370	1,101	1,147	1,555	2,124	2,142	2,090
	577	651	701	769	893	1,079	1,228	1,020	1,057	1,427	1,906	1,961	1,932
Operating Profit	56	68	69	78	96	135	142	81	90	128	218	181	159
OPM %	9%	9%	9%	9%	10%	11%	10%	7%	8%	8%	10%	8%	8%
	1	-9	-2	-1	3	6	11	-19	-59	7	-214	-139	3
Interest	11	15	16	19	28	30	29	33	24	22	29	51	57
Depreciation	17	25	33	39	45	50	53	52	52	61	73	81	84
Profit before tax	30	20	17	19	26	60	70	-23	-45	51	-98	-91	20
Tax %	22%	15%	26%	24%	21%	31%	33%	4%	13%	29%	29%	-116%
	23	17	12	14	21	42	47	-24	-51	37	-127	15	15
EPS in Rs	23.04	15.96	11.84	13.41	19.66	36.02	39.45	-19.46	-34.80	22.51	-77.80	9.15	9.26
Dividend Payout %	30%	34%	38%	34%	31%	33%	22%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	12%
5 Years:	9%
3 Years:	23%
TTM:	-5%

Compounded Profit Growth
10 Years:	21%
5 Years:	27%
3 Years:	226%
TTM:	-92%

Stock Price CAGR
10 Years:	6%
5 Years:	26%
3 Years:	30%
1 Year:	-2%

Return on Equity
10 Years:	20%
5 Years:	23%
3 Years:	36%
Last Year:	62%

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	10	11	11	11	11	12	12	13	15	16	16	16	16
Reserves	120	130	135	142	160	250	299	280	284	359	231	245	255
	103	176	217	287	295	271	320	358	313	453	531	706	749
	128	142	172	174	225	279	247	216	335	366	400	385	447
Total Liabilities	361	458	534	613	691	811	878	866	946	1,194	1,178	1,352	1,467
	159	219	242	306	320	343	342	334	316	368	393	431	428
CWIP	6	4	29	7	27	14	12	10	15	16	16	13	24
Investments	0	0	0	0	0	0	1	80	107	174	40	29	41
	196	235	263	299	344	454	524	442	507	636	729	878	973
Total Assets	361	458	534	613	691	811	878	866	946	1,194	1,178	1,352	1,467

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
	70	45	67	37	90	73	71	116	107	29	130	130
	-31	-46	-85	-75	-60	-70	-87	-134	-95	-176	-173	-250
	-31	-6	18	38	-28	-1	21	24	-23	149	50	125
Net Cash Flow	8	-7	-0	-0	1	3	5	6	-12	2	7	5

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	53	55	54	52	56	64	58	54	77	74	65	58
Inventory Days	63	71	74	70	74	72	71	76	72	75	66	69
Days Payable	97	98	113	103	116	124	87	87	142	114	92	82
Cash Conversion Cycle	20	28	15	20	14	12	42	42	7	34	39	45
Working Capital Days	24	22	10	28	22	37	40	42	33	50	50	51
ROCE %	18%	16%	11%	10%	12%	18%	17%	7%	7%	10%	19%	12%

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
	71.14%	72.65%	72.65%	72.65%	72.65%	72.65%	72.65%	72.65%	72.65%	72.65%	72.65%	72.65%
	0.00%	0.03%	0.04%	0.03%	0.00%	0.12%	0.00%	0.01%	0.00%	0.01%	0.01%	0.21%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.11%	0.50%	0.63%	0.47%	0.00%	0.13%
	28.86%	27.32%	27.31%	27.33%	27.35%	27.24%	27.25%	26.86%	26.73%	26.88%	27.35%	27.01%
No. of Shareholders	14,425	18,445	18,036	16,689	17,010	15,830	14,287	14,594	13,331	13,432	12,830	13,345

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	57.80%	61.67%	62.84%	64.56%	69.45%	72.65%	72.65%	72.65%	72.65%
	0.00%	0.04%	0.00%	0.00%	0.00%	0.03%	0.12%	0.01%	0.21%
	0.11%	0.10%	0.09%	0.00%	0.00%	0.00%	0.00%	0.47%	0.13%
	42.09%	38.19%	37.07%	35.44%	30.55%	27.32%	27.24%	26.88%	27.01%
No. of Shareholders	7,724	8,971	9,588	11,436	13,746	18,445	15,830	13,432	13,345

* 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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