Rane (Madras) Ltd

₹ 872 -2.19%

23 Dec - 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 ₹ 1,418 Cr.
Current Price ₹ 872
High / Low ₹ 1,529 / 624
Stock P/E 363
Book Value ₹ 158
Dividend Yield 0.00 %
ROCE 6.36 %
ROE 43.7 %
Face Value ₹ 10.0

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Pros

Cons

Stock is trading at 5.51 times its book value
Though the company is reporting repeated profits, it is not paying out dividend
Company has low interest coverage ratio.
Company might be capitalizing the interest cost

* 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 Consumer Discretionary BSE Allcap 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
	458.41	437.79	505.43	549.27	600.37	583.24	621.56	588.34	611.24	521.05	518.32	522.01	529.02
	437.86	425.64	478.54	520.12	566.88	540.38	566.07	545.95	579.36	474.05	493.47	481.49	493.26
Operating Profit	20.55	12.15	26.89	29.15	33.49	42.86	55.49	42.39	31.88	47.00	24.85	40.52	35.76
OPM %	4.48%	2.78%	5.32%	5.31%	5.58%	7.35%	8.93%	7.21%	5.22%	9.02%	4.79%	7.76%	6.76%
	10.18	12.21	4.82	1.09	0.27	26.86	-0.51	-17.14	-84.82	1.37	-0.64	1.45	1.57
Interest	5.67	5.78	4.50	5.00	6.52	9.32	12.80	14.40	13.46	14.64	13.87	14.83	15.63
Depreciation	20.02	20.39	21.34	21.88	21.90	24.55	28.27	24.32	23.94	20.85	21.92	21.14	21.31
Profit before tax	5.04	-1.81	5.87	3.36	5.34	35.85	13.91	-13.47	-90.34	12.88	-11.58	6.00	0.39
Tax %	54.76%	138.12%	143.27%	197.62%	99.06%	33.86%	31.42%	7.42%	-119.67%	29.43%	-19.08%	43.17%	274.36%
	2.28	-4.31	-2.54	-3.28	0.05	23.71	9.54	-14.47	17.77	9.09	-9.37	3.41	-0.68
EPS in Rs	1.48	-2.80	-1.56	-2.02	0.03	14.58	5.87	-8.90	10.93	5.59	-5.76	2.10	-0.42
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	876	1,195	1,400	1,555	1,277	1,267	1,742	2,354	2,239	2,090
	797	1,106	1,273	1,438	1,230	1,236	1,667	2,171	2,092	1,942
Operating Profit	79	89	127	117	47	31	75	184	147	148
OPM %	9%	7%	9%	8%	4%	2%	4%	8%	7%	7%
	-2	11	9	10	12	7	52	6	-101	4
Interest	19	30	34	35	38	28	21	35	57	59
Depreciation	41	57	61	66	66	66	81	97	91	85
Profit before tax	17	13	40	26	-45	-55	26	58	-103	8
Tax %	27%	66%	40%	91%	2%	10%	58%	49%	-103%
	13	4	24	2	-46	-61	11	30	3	2
EPS in Rs	12.05	4.11	20.87	2.02	-36.26	-41.98	6.55	18.46	1.86	1.51
Dividend Payout %	37%	146%	58%	420%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	%
5 Years:	8%
3 Years:	21%
TTM:	-13%

Compounded Profit Growth
10 Years:	%
5 Years:	114%
3 Years:	56%
TTM:	-97%

Stock Price CAGR
10 Years:	8%
5 Years:	22%
3 Years:	38%
1 Year:	2%

Return on Equity
10 Years:	%
5 Years:	2%
3 Years:	18%
Last Year:	44%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	11	11	12	12	13	15	16	16	16	16
Reserves	140	147	218	218	171	167	212	225	240	241
	338	362	357	417	470	470	585	668	728	770
	212	267	315	290	268	380	417	439	385	448
Total Liabilities	701	787	902	937	922	1,032	1,230	1,349	1,369	1,475
	361	365	386	386	382	415	477	490	453	448
CWIP	7	28	16	16	50	31	18	29	27	36
Investments	0	0	0	1	1	1	1	1	2	2
	333	394	499	535	489	586	733	829	887	989
Total Assets	701	787	902	937	922	1,032	1,230	1,349	1,369	1,475

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	31	88	65	45	69	46	-6	88	120
	-74	-77	-78	-60	-103	-80	-124	-106	-110
	43	-7	14	26	34	21	134	35	-14
Net Cash Flow	-0	4	1	11	0	-13	5	17	-4

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	67	57	64	58	55	78	74	65	55
Inventory Days	75	76	73	71	80	81	76	67	67
Days Payable	117	118	123	89	97	150	115	91	80
Cash Conversion Cycle	25	15	14	39	38	9	35	41	43
Working Capital Days	24	22	33	36	20	36	52	50	49
ROCE %		9%	13%	10%	-1%	-4%	-0%	12%	6%

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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