Fiem Inds

₹1140.8 15.1 | 1.3%

WEBSITE BSE:532768 NSE : FIEM INDS 10 May, 16:01

Market Cap ₹3003 Cr.

Stock P/E 19.1

P/B 3.5

Current Price ₹1140.8

Book Value ₹ 324.5

Face Value 10

52W High ₹1925

Dividend Yield 2.63%

52W Low ₹ 821.9

Edit Ratio

Fiem Inds Research see more...

Equity Research: FIEM Industries

Overview Inc. Year: 1989Industry: Auto Ancillary

Fiem Industries Ltd is engaged in lighting fixtures, signaling system and parts; rear view mirror and elements; plastic molded elements, and LED luminaries commercial enterprise. The Company's segments comprises Automotive and LED Luminaries. Its Automotive section consists of automotive lighting fixtures and signaling system, rear view mirror, prismatic mirror, plastic molded elements, and sheet metallic additives for motorized vehicles and others parts for automotive. Its LED Luminaries Segment includes LED luminaries, along with indoor and out of doors lights, display panel and LED integrated passenger statistics device. It presents integrated passenger records systems for buses, railways, metros, airports and malls. Its luminaries encompass LED Bulbs and LED Tubes, LED Down Lights, LED Street Lights, Solar LED Street lighting fixtures and Solar LED Lantern. The Company has over 3 R&D centres, consisting of in India, Italy and Japan. It has over 10 production centers in India.

Fiem Inds Share Price

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Peer Comparison

Fiem Inds Quarterly Results

#(Fig in Cr.)	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Net Sales	419	389	490	445	525	442	436	475	509	487
Other Income	1	1	1	1	2	3	5	4	4	5
Total Income	420	390	490	445	527	446	441	478	513	492
Total Expenditure	368	342	425	388	453	382	376	414	441	422
Operating Profit	52	47	65	57	74	63	65	64	72	70
Interest	2	2	3	2	2	2	2	2	0	0
Depreciation	14	13	18	16	16	16	16	14	13	15
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	36	32	45	40	57	45	47	48	58	55
Provision for Tax	9	9	12	11	16	13	9	13	15	14
Profit After Tax	27	23	34	29	41	32	38	35	43	41
Adjustments	-0	-0	-0	0	0	0	-0	0	-0	-0
Profit After Adjustments	26	23	34	29	41	32	38	35	43	41
Adjusted Earnings Per Share	10	8.8	12.8	11.1	15.5	12.1	14.4	13.5	16.5	15.4

Fiem Inds Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	606	720	825	988	1015	1240	1449	1380	1221	1572	1848	1907
Other Income	1	1	1	1	5	5	1	2	3	3	11	18
Total Income	607	721	826	989	1019	1244	1450	1382	1224	1575	1859	1924
Total Expenditure	537	632	723	861	897	1099	1292	1223	1087	1378	1599	1653
Operating Profit	71	89	104	128	122	145	158	159	137	197	259	271
Interest	13	14	12	16	23	23	22	18	12	9	7	4
Depreciation	18	22	31	33	39	44	49	53	57	59	63	58
Exceptional Income / Expenses	0	0	0	0	-14	3	0	-1	-3	0	0	0
Profit Before Tax	39	53	61	79	46	82	87	87	65	129	189	208
Provision for Tax	12	16	18	22	13	29	30	8	18	34	49	51
Profit After Tax	28	37	42	57	33	53	57	79	47	95	140	157
Adjustments	0	0	0	0	-0	-0	-1	-4	-0	-1	-0	0
Profit After Adjustments	28	37	42	57	33	53	56	75	47	94	140	157
Adjusted Earnings Per Share	11.6	15.6	17.8	24	12.6	20	21.1	28.3	17.7	35.8	53.1	59.8

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	18%	10%	8%	12%
Operating Profit CAGR	31%	18%	12%	14%
PAT CAGR	47%	21%	21%	17%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	30%	58%	39%	18%
ROE Average	20%	15%	14%	17%
ROCE Average	28%	20%	19%	20%

Fiem Inds Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	168	197	227	273	410	449	477	525	569	642	761
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	76	58	51	91	119	87	93	58	22	8	0
Other Non-Current Liabilities	27	29	30	38	38	50	59	68	66	62	58
Total Current Liabilities	162	172	193	256	302	350	334	269	265	337	233
Total Liabilities	433	455	501	659	869	935	963	920	922	1049	1053
Fixed Assets	293	313	334	416	479	554	564	591	547	508	494
Other Non-Current Assets	9	6	12	32	36	32	61	45	48	20	27
Total Current Assets	131	136	154	211	354	350	337	285	327	520	532
Total Assets	433	455	501	659	869	935	963	920	922	1049	1053

Fiem Inds Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	5	2	2	3	2	23	2	4	47	110	68
Cash Flow from Operating Activities	71	77	82	122	46	125	121	207	136	92	131
Cash Flow from Investing Activities	-28	-41	-59	-108	-198	-44	-80	-47	-15	-74	39
Cash Flow from Financing Activities	-47	-36	-22	-13	173	-102	-38	-118	-57	-61	-55
Net Cash Inflow / Outflow	-4	0	1	1	21	-21	2	42	63	-42	114
Closing Cash & Cash Equivalent	2	2	3	5	23	2	4	47	110	68	183

Fiem Inds Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	11.59	15.58	17.75	23.96	12.59	19.97	21.14	28.33	17.74	35.78	53.13
CEPS(Rs)	19.26	24.69	30.6	37.81	27.49	36.83	40.11	50.11	39.57	58.63	77.23
DPS(Rs)	4	6	7	8	8	9	12	13	16	20	30
Book NAV/Share(Rs)	64.43	76.5	89.22	108.39	155.82	170.73	181.29	199.59	216.32	244.01	289.2
Core EBITDA Margin(%)	10.42	11.13	11.34	11.64	10.39	11.04	10.84	11.37	10.9	12.28	13.4
EBIT Margin(%)	7.83	8.47	8.05	8.71	6.1	8.19	7.53	7.57	6.24	8.71	10.57
Pre Tax Margin(%)	5.89	6.65	6.72	7.26	4.04	6.41	6	6.29	5.29	8.17	10.17
PAT Margin (%)	4.15	4.69	4.69	5.25	2.93	4.13	3.91	5.7	3.82	6.04	7.54
Cash Profit Margin (%)	6.9	7.44	8.08	8.28	6.4	7.61	7.29	9.56	8.48	9.77	10.96
ROA(%)	6.51	8.39	8.88	9.88	4.34	5.83	5.97	8.36	5.09	9.67	13.31
ROE(%)	19.53	22.11	21.43	24.25	9.9	12.24	12.23	15.7	8.57	15.73	19.93
ROCE(%)	18.02	22.79	23.05	26.07	13.33	16.79	17.36	16.39	12.25	21.35	27.5
Receivable days	37.21	33.56	32.93	34.29	38.4	37.77	36.67	29.59	23.47	29.52	31.02
Inventory Days	25.87	20.91	18.88	19.62	27.19	34.75	36.21	36.54	36.57	34.86	35.45
Payable days	69.11	63.54	60.87	76.13	93.56	91.53	82.64	77.25	82.13	80.2	68.75
PER(x)	8.35	13.31	17.79	19.17	38.29	21.99	12.12	4.44	15.69	12.58	14.72
Price/Book(x)	1.5	2.71	3.54	4.24	3.09	2.57	1.41	0.63	1.29	1.84	2.7
Dividend Yield(%)	2.07	1.45	1.11	0.87	0.83	1.02	2.34	5.16	2.87	2.22	1.92
EV/Net Sales(x)	0.6	0.85	1.05	1.25	1.45	1.06	0.58	0.28	0.55	0.72	1.01
EV/Core EBITDA(x)	5.15	6.88	8.39	9.63	12.02	9.03	5.32	2.43	4.94	5.79	7.23
Net Sales Growth(%)	13.32	18.81	14.57	19.71	2.68	22.18	16.88	-4.76	-11.51	28.75	17.54
EBIT Growth(%)	2.4	28.57	8.41	30.48	-27.51	51.3	4.54	-4.2	-26.73	79.62	42.52
PAT Growth(%)	31.15	34.46	13.95	34.98	-42.22	58.79	7.68	38.92	-40.38	103.17	46.76
EPS Growth(%)	31.15	34.46	13.95	34.98	-47.48	58.67	5.88	33.99	-37.38	101.67	48.5
Debt/Equity(x)	0.87	0.65	0.55	0.54	0.55	0.35	0.36	0.19	0.1	0.04	0
Current Ratio(x)	0.81	0.79	0.8	0.82	1.17	1	1.01	1.06	1.23	1.54	2.28
Quick Ratio(x)	0.51	0.55	0.53	0.57	0.83	0.6	0.57	0.58	0.79	0.99	1.53
Interest Cover(x)	4.04	4.65	6.05	6.03	2.97	4.59	4.94	5.92	6.58	16.01	26.38
Total Debt/Mcap(x)	0.58	0.24	0.15	0.13	0.18	0.14	0.25	0.31	0.07	0.02	0

Fiem Inds Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	66.56	66.56	66.56	66.56	66.56	66.56	66.56	66.56	66.56	66.56
FII	10.45	10.78	4	5.55	5.97	3.91	3.95	2.9	2.32	2
DII	0.19	0.21	0.97	0.82	0.93	0.8	0.81	0.85	0.8	1.65
Public	22.8	22.45	28.46	27.07	26.54	28.72	28.69	29.69	30.32	29.79
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	0.88	0.88	0.88	0.88	0.88	0.88	0.88	0.88	0.88	1.75
FII	0.14	0.14	0.05	0.07	0.08	0.05	0.05	0.04	0.03	0.05
DII	0	0	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.04
Public	0.3	0.3	0.37	0.36	0.35	0.38	0.38	0.39	0.4	0.78
Others	0	0	0	0	0	0	0	0	0	0
Total	1.32	1.32	1.32	1.32	1.32	1.32	1.32	1.32	1.32	2.63

Pros

Company has delivered good profit growth of 21% CAGR over last 5 years
Debtor days have improved from 80.2 to 68.75days.
Company has reduced debt.
Company is almost debt free.

Cons

Stock is trading at 3.5 times its book value.

* 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.