India Nipon Electric

₹646.8 9.2 | 1.4%

WEBSITE BSE:532240 NSE : INDIA NIPPON 10 May, 16:01

Market Cap ₹1463 Cr.

Stock P/E 27.6

P/B 2.4

Current Price ₹646.8

Book Value ₹ 264.8

Face Value 5

52W High ₹811

Dividend Yield 1.43%

52W Low ₹ 348.2

Edit Ratio

India Nipon Electric Research see more...

Overview Inc. Year: 1984Industry: Auto Ancillary

India Nippon Electricals Ltd is an primarily India- based producer of electronic ignition systems for 2-wheelers, three wheelers and transportable engines. The Company's merchandise encompass FlyWheel Magneto/Generator, Capacitor Discharge Ignition (CDI) & Transistor Ignition Units, Ignition coil Units, Integral Units (Combined CDI & Ignition Coil) and Regulator/Rectifier Units. The Company gives FlyWheel Magneto/Generator for motorbike, bike moped scooter and 3 wheeler general purpose engine, amongst others. It offers various types of Regulator/Rectifier Units, including half wave- alternating current (AC), half of wave-ac/direct current (DC), full wave-AC/DC, full wave-DC and single phase-shunt, and full wave-DC and single segment-collection, among others. It offers Digital and Analogue AC CDI, and Digital DC CDI, among others. Its products are also utilized in portable gensets, lawn movers and wood saw cutters, among others. The Company sells its products inside the domestic and export markets.

India Nipon Electric Share Price

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Peer Comparison

India Nipon Electric 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	159	148	149	156	186	156	158	160	190	179
Other Income	4	2	15	3	5	6	5	6	5	6
Total Income	163	150	164	159	192	163	163	165	195	185
Total Expenditure	138	135	137	146	167	144	143	150	170	164
Operating Profit	25	15	27	13	24	19	20	16	25	21
Interest	0	0	0	0	0	0	0	0	0	0
Depreciation	3	3	4	4	4	4	4	4	4	4
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	22	12	23	9	21	15	16	12	21	17
Provision for Tax	4	2	4	5	4	1	2	2	3	5
Profit After Tax	18	10	19	4	17	14	14	9	18	12
Adjustments	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	18	10	19	4	17	14	14	9	18	12
Adjusted Earnings Per Share	7.9	4.3	8.5	1.6	7.4	6	6.3	4.1	7.8	5.3

India Nipon Electric 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	269	263	328	336	351	452	525	479	481	566	656	687
Other Income	8	9	7	10	14	13	15	26	16	25	23	22
Total Income	277	271	335	346	365	465	540	505	497	592	679	708
Total Expenditure	235	238	294	301	314	388	448	422	436	517	603	627
Operating Profit	42	33	40	46	51	77	92	83	62	75	75	82
Interest	0	0	0	0	0	0	0	1	1	0	0	0
Depreciation	6	6	8	4	4	6	8	9	10	13	15	16
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	35	27	32	41	47	71	84	73	51	62	60	66
Provision for Tax	7	6	9	11	15	21	24	17	11	11	12	12
Profit After Tax	28	20	23	30	32	50	60	56	40	50	48	53
Adjustments	1	1	0	-2	-3	-0	-1	-2	-0	0	0	0
Profit After Adjustments	29	21	23	29	30	50	59	54	40	50	48	53
Adjusted Earnings Per Share	12.9	9.4	10.2	12.8	13.1	22	25.9	24	17.5	22.2	21.3	23.5

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	16%	11%	8%	9%
Operating Profit CAGR	0%	-3%	-1%	6%
PAT CAGR	-4%	-5%	-1%	6%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	80%	21%	10%	21%
ROE Average	9%	10%	12%	12%
ROCE Average	11%	12%	15%	16%

India Nipon Electric 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	204	213	223	257	275	342	400	420	451	505	560
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	0	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	21	28	-2	-7	-5	0	6	15	18	27	36
Total Current Liabilities	40	50	86	68	109	143	103	272	302	109	121
Total Liabilities	265	291	306	317	380	485	510	707	770	641	718
Fixed Assets	42	45	47	50	57	64	61	76	86	130	134
Other Non-Current Assets	104	99	69	79	79	127	151	143	171	157	218
Total Current Assets	119	148	191	188	244	295	298	488	513	354	366
Total Assets	265	291	306	317	380	485	510	707	770	641	718

India Nipon Electric 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	33	13	1	2	4	3	4	6	14	4	24
Cash Flow from Operating Activities	25	18	30	33	42	27	36	52	38	7	57
Cash Flow from Investing Activities	-16	-18	-17	-14	-36	-17	-17	-7	-34	28	-46
Cash Flow from Financing Activities	-12	-12	-11	-17	-7	-8	-18	-38	-15	-15	-22
Net Cash Inflow / Outflow	-3	-12	1	2	-1	1	2	8	-10	20	-11
Closing Cash & Cash Equivalent	29	1	2	4	3	4	6	14	4	24	13

India Nipon Electric 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)	12.92	9.38	10.2	12.79	13.07	22.01	25.88	24.02	17.52	22.21	21.32
CEPS(Rs)	15.37	11.63	13.61	15.32	16.08	24.83	29.75	28.92	22.1	27.9	27.79
DPS(Rs)	4.5	4.5	4.5	4.5	5	6.5	7	6.75	6	6.25	9.25
Book NAV/Share(Rs)	88.55	92.4	96.75	113.42	121.75	151.36	177.01	185.57	199.36	223.33	247.71
Core EBITDA Margin(%)	11.15	8.32	9.11	9.21	9.39	13.65	14.51	11.72	9.37	8.67	7.96
EBIT Margin(%)	11.76	9.24	8.79	10.82	11.77	15.07	15.81	15.21	10.58	10.84	9.16
Pre Tax Margin(%)	11.7	9.19	8.74	10.79	11.76	15.06	15.8	15.1	10.46	10.76	9.09
PAT Margin (%)	9.45	7	6.23	7.98	8.07	10.66	11.21	11.6	8.19	8.78	7.26
Cash Profit Margin (%)	11.56	9	8.41	9.07	9.12	11.92	12.66	13.54	10.33	11.03	9.46
ROA(%)	11.12	7.35	7.63	9.78	9.25	11.6	11.97	9.21	5.37	7.12	7.1
ROE(%)	14.84	9.99	10.65	12.82	12.11	16.25	16.04	13.66	9.1	10.51	9.05
ROCE(%)	18.48	13.19	15.03	17.4	17.65	22.99	22.63	17.91	11.75	12.97	11.42
Receivable days	58.29	68.13	61.05	59.24	58.13	61.89	67.74	72.6	74.51	72.57	65.25
Inventory Days	20.03	20.06	17.47	20.52	21.66	20.8	22.87	27.97	31.1	29.79	29.03
Payable days	61.35	60.94	49.42	53.58	78.67	85.28	80.98	87.77	94.43	84.06	74.52
PER(x)	6.56	10.61	20.57	14.59	21.14	21.03	16.29	7.92	21.05	19.13	15.52
Price/Book(x)	0.96	1.08	2.17	1.64	2.27	3.06	2.38	1.02	1.85	1.9	1.34
Dividend Yield(%)	5.31	4.52	2.14	2.41	1.81	1.4	1.66	3.55	1.63	1.47	2.8
EV/Net Sales(x)	0.6	0.79	1.41	1.2	1.75	2.28	1.79	0.84	1.67	1.63	1.11
EV/Core EBITDA(x)	3.88	6.31	11.55	8.88	12.03	13.42	10.24	4.85	13.03	12.35	9.62
Net Sales Growth(%)	3.17	-2.36	24.77	2.48	4.53	28.85	16.1	-8.84	0.51	17.67	15.89
EBIT Growth(%)	-10.98	-23.7	19.17	28.6	13.53	51.21	18.39	-12.6	-30.36	21.23	-1.92
PAT Growth(%)	-8.43	-28.01	11.48	33.72	5.68	55.81	18.69	-5.99	-29.23	26.79	-4.02
EPS Growth(%)	-0.82	-27.38	8.71	25.34	2.23	68.42	17.56	-7.17	-27.07	26.8	-4.02
Debt/Equity(x)	0	0	0	0	0	0	0	0	0	0	0
Current Ratio(x)	2.99	2.95	2.23	2.77	2.23	2.07	2.89	1.79	1.7	3.26	3.01
Quick Ratio(x)	2.61	3.11	2.02	2.4	2.02	1.85	2.55	1.65	1.56	2.8	2.55
Interest Cover(x)	193.91	216.94	206.3	309.12	776.15	983.46	1018.91	131.24	91.17	126.59	144.86
Total Debt/Mcap(x)	0	0	0	0	0	0	0	0	0	0	0

India Nipon Electric Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	66.39	70.39	70.39	70.39	70.39	70.39	70.37	70.37	70.37	70.37
FII	0.01	0.19	0.13	0.15	0.11	0.09	0.08	0.12	0.15	0.13
DII	2.31	0	0	0	0	0	0	0	0	0
Public	31.29	29.43	29.49	29.46	29.51	29.52	29.55	29.51	29.48	29.5
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	1.5	1.59	1.59	1.59	1.59	1.59	1.59	1.59	1.59	1.59
FII	0	0	0	0	0	0	0	0	0	0
DII	0.05	0	0	0	0	0	0	0	0	0
Public	0.71	0.67	0.67	0.67	0.67	0.67	0.67	0.67	0.67	0.67
Others	0	0	0	0	0	0	0	0	0	0
Total	2.26	2.26	2.26	2.26	2.26	2.26	2.26	2.26	2.26	2.26

Pros

Debtor days have improved from 84.06 to 74.52days.
Company is almost debt free.

Cons

Company has a low return on equity of 10% over the last 3 years.

* 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.