WEBSITE BSE:544347 NSE: CLN Inc. Year: 2019 Industry: Batteries My Bucket: Add Stock
Last updated: 10:43
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1. Business Overview
CLN Energy Ltd. operates in the battery sector in India. Its core business is likely the manufacturing, assembly, and/or distribution of various types of batteries. This could include lead-acid batteries (for automotive, industrial, and inverter applications) and/or lithium-ion batteries (for electric vehicles, renewable energy storage, and consumer electronics). The company primarily makes money by selling its battery products to original equipment manufacturers (OEMs), aftermarket retailers, industrial clients, or directly to consumers, depending on its specific product portfolio and target markets.
2. Key Segments / Revenue Mix
Specific key segments and their revenue contributions for CLN Energy Ltd. are not available from the provided information. In the broader battery industry, typical segments include:
Automotive (SLI batteries, EV batteries)
Industrial (UPS, telecom, railway, material handling)
Inverter/Home UPS
Renewable Energy Storage (solar, wind grid integration)
Consumer Electronics (portable devices)
Without company-specific data, it is not possible to detail CLN Energy's actual revenue mix.
3. Industry & Positioning
The Indian battery industry is dynamic and growing, driven by factors such as increasing vehicle production (including EVs), rising demand for energy storage solutions in renewable energy projects, and growing consumer electronics penetration. The market is competitive, with established players like Exide Industries and Amara Raja Batteries, as well as numerous smaller and niche manufacturers. CLN Energy Ltd.'s specific positioning (e.g., market share, specialization in a particular battery chemistry or application, cost leadership, premium segment) relative to its peers cannot be determined without further data. It is likely one of the many participants aiming to capitalize on the sector's growth.
4. Competitive Advantage (Moat)
Without specific information about CLN Energy Ltd., it's not possible to definitively identify any durable competitive advantages. Potential moats in the battery industry could include:
Cost Leadership: Achieving economies of scale or superior manufacturing efficiency.
Technological Prowess: Proprietary technology, R&D capabilities, or patents in advanced battery chemistries.
Strong Brand & Distribution Network: A well-recognized brand name, extensive distribution channels, and after-sales service.
Switching Costs: High costs or complexities for customers to switch suppliers (more common in B2B industrial applications).
Whether CLN Energy Ltd. possesses any of these attributes is unknown.
5. Growth Drivers
Key factors that could drive growth for a battery company like CLN Energy Ltd. in India over the next 3-5 years include:
Electric Vehicle (EV) Adoption: Rapid growth in electric two-wheelers, three-wheelers, and gradually four-wheelers, driving demand for lithium-ion batteries.
Renewable Energy Integration: Increasing installation of solar and wind power projects requiring grid-scale and distributed energy storage systems.
Government Initiatives: Policies like the Production Linked Incentive (PLI) scheme for Advanced Chemistry Cell (ACC) battery manufacturing in India.
Industrial and Telecom Sector Demand: Continued need for reliable power backup solutions.
Consumer Electronics Growth: Rising demand for portable devices and gadgets.
6. Risks
Key business risks for CLN Energy Ltd. include:
Raw Material Price Volatility: Significant fluctuations in prices of key battery raw materials (e.g., lithium, cobalt, nickel, lead), impacting manufacturing costs and profitability.
Technological Obsolescence: Rapid advancements in battery technology (e.g., solid-state batteries, new chemistries) could render existing technologies less competitive.
Intense Competition: A highly competitive market with established players and new entrants, potentially leading to price wars and margin pressure.
Supply Chain Disruptions: Reliance on global supply chains for certain components and raw materials, making the company vulnerable to geopolitical events or logistics issues.
Regulatory Changes: Evolving safety standards, environmental regulations, and import/export policies related to batteries.
Capital Intensity: Battery manufacturing, especially for advanced chemistries, requires significant capital investment.
7. Management & Ownership
Specific information regarding the promoters, management team's quality, or the ownership structure of CLN Energy Ltd. is not available. In India, many companies, especially in the manufacturing sector, are promoter-led, meaning the founding family or individuals often retain significant control and influence over management and strategic decisions.
8. Outlook
The outlook for companies in the Indian battery sector is generally positive, driven by strong underlying demand trends in EVs and renewable energy. For CLN Energy Ltd., the ability to capitalize on this market growth will depend on its strategic execution. A bull case would involve successful product diversification, effective cost management, robust R&D, and strong customer acquisition in key growth segments. Conversely, a bear case could see the company struggling with intense competition, inability to secure raw material supplies, lagging technological adoption, or insufficient capital to scale operations, leading to market share erosion and profitability pressures. The actual trajectory will be determined by its specific capabilities and market dynamics.
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Market Cap ₹422 Cr.
Stock P/E 32.7
P/B 4.5
Current Price ₹400
Book Value ₹ 89.5
Face Value 10
52W High ₹659.1
Dividend Yield 0%
52W Low ₹ 260
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) |
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| Net Sales |
| Other Income |
| Total Income |
| Total Expenditure |
| Operating Profit |
| Interest |
| Depreciation |
| Exceptional Income / Expenses |
| Profit Before Tax |
| Provision for Tax |
| Profit After Tax |
| Adjustments |
| Profit After Adjustments |
| Adjusted Earnings Per Share |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|
| Net Sales | 122 | 129 | 133 | 219 | |
| Other Income | 0 | 0 | 0 | 1 | |
| Total Income | 122 | 129 | 133 | 220 | |
| Total Expenditure | 115 | 115 | 114 | 194 | |
| Operating Profit | 6 | 13 | 19 | 26 | |
| Interest | 0 | 0 | 0 | 1 | |
| Depreciation | 1 | 6 | 6 | 6 | |
| Exceptional Income / Expenses | 0 | -7 | 0 | 0 | |
| Profit Before Tax | 5 | 1 | 12 | 19 | |
| Provision for Tax | 1 | 0 | 2 | 6 | |
| Profit After Tax | 4 | 1 | 10 | 13 | |
| Adjustments | 0 | 0 | 0 | 0 | |
| Profit After Adjustments | 4 | 1 | 10 | 13 | |
| Adjusted Earnings Per Share | 4.8 | 1 | 12.8 | 12.2 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 65% | 22% | 0% | 0% |
| Operating Profit CAGR | 37% | 63% | 0% | 0% |
| PAT CAGR | 30% | 48% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -1% | NA% | NA% | NA% |
| ROE Average | 24% | 54% | 72% | 72% |
| ROCE Average | 32% | 70% | 96% | 96% |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Shareholder's Funds | 3 | 4 | 13 | 94 |
| Minority's Interest | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 15 | 31 | 24 | -2 |
| Total Current Liabilities | 44 | 74 | 73 | 104 |
| Total Liabilities | 62 | 108 | 111 | 196 |
| Fixed Assets | 5 | 16 | 18 | 18 |
| Other Non-Current Assets | 8 | 8 | 1 | 9 |
| Total Current Assets | 49 | 84 | 92 | 169 |
| Total Assets | 62 | 108 | 111 | 196 |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 1 | 1 | 4 |
| Cash Flow from Operating Activities | 8 | 15 | 7 | -67 |
| Cash Flow from Investing Activities | -9 | -15 | -5 | -13 |
| Cash Flow from Financing Activities | 2 | 0 | 0 | 83 |
| Net Cash Inflow / Outflow | 1 | -0 | 2 | 4 |
| Closing Cash & Cash Equivalent | 1 | 1 | 3 | 8 |
| # | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Earnings Per Share (Rs) | 4.75 | 0.95 | 12.78 | 12.24 |
| CEPS(Rs) | 6.51 | 8.49 | 21.16 | 18.2 |
| DPS(Rs) | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 3.73 | 4.68 | 17.46 | 89.54 |
| Core EBITDA Margin(%) | 5.24 | 10.39 | 14.09 | 11.3 |
| EBIT Margin(%) | 4.15 | 0.76 | 9.36 | 8.99 |
| Pre Tax Margin(%) | 4.12 | 0.7 | 9.23 | 8.6 |
| PAT Margin (%) | 2.99 | 0.57 | 7.38 | 5.9 |
| Cash Profit Margin (%) | 4.1 | 5.05 | 12.22 | 8.76 |
| ROA(%) | 5.9 | 0.86 | 8.94 | 8.42 |
| ROE(%) | 127.49 | 22.63 | 115.44 | 23.96 |
| ROCE(%) | 176.65 | 30.25 | 146.5 | 31.85 |
| Receivable days | 22.86 | 46.51 | 68.74 | 83.25 |
| Inventory Days | 111.3 | 97.8 | 92.71 | 83.02 |
| Payable days | 108.35 | 175.5 | 231.96 | 123.3 |
| PER(x) | 0 | 0 | 0 | 20.83 |
| Price/Book(x) | 0 | 0 | 0 | 2.85 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0 | -0 | -0 | 1.26 |
| EV/Core EBITDA(x) | 0.02 | -0.05 | -0.02 | 10.67 |
| Net Sales Growth(%) | 0 | 5.86 | 3.02 | 65.16 |
| EBIT Growth(%) | 0 | -80.69 | 1175.12 | 58.55 |
| PAT Growth(%) | 0 | -79.99 | 1243.28 | 32.01 |
| EPS Growth(%) | 0 | -79.99 | 1243.28 | -4.17 |
| Debt/Equity(x) | 0 | 0 | 0 | 0.17 |
| Current Ratio(x) | 1.12 | 1.14 | 1.26 | 1.63 |
| Quick Ratio(x) | 0.28 | 0.71 | 0.77 | 1.01 |
| Interest Cover(x) | 148.84 | 13.82 | 69.28 | 23.16 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0.06 |
| # | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|
| Promoter | 72.6 | 72.6 | 72.6 |
| FII | 12.6 | 12.6 | 12.6 |
| DII | 1.9 | 1.56 | 1.88 |
| Public | 12.9 | 13.24 | 12.92 |
| Others | 0 | 0 | 0 |
| Total | 100 | 100 | 100 |
| # | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|
| Promoter | 0.77 | 0.77 | 0.77 |
| FII | 0.13 | 0.13 | 0.13 |
| DII | 0.02 | 0.02 | 0.02 |
| Public | 0.14 | 0.14 | 0.14 |
| Others | 0 | 0 | 0 |
| Total | 1.06 | 1.06 | 1.06 |
* The pros and cons are machine generated.
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