Menon Pistons

₹92.6 0.9 | 0.9%

WEBSITE BSE:531727 NSE : MENON PISTON 18 May, 12:50

Market Cap ₹472 Cr.

Stock P/E 19.1

P/B 3.6

Current Price ₹92.6

Book Value ₹ 25.8

Face Value 1

52W High ₹125.9

Dividend Yield 1.08%

52W Low ₹ 46.1

Edit Ratio

Menon Pistons Research see more...

Overview Inc. Year: 1977Industry: Auto Ancillary

Menon Pistons Ltd is engaged in production of auto components, such as pistons, gudgeon pins and rings required for business and passenger motors. The Company's product variety includes piston assemblies for an array of features catering to numerous packages, such as heavy duty diesel engines for generation of power/off highway motors/gasoline engines; heavy/medium/light commercial vehicles with diesel engines; passenger automobile (diesel and gasoline) engines, and bi-wheeler (four stroke)/small engine applications. The Company develops and produces pistons with diameters starting from 130 millimeters to 190 millimeters featuring single alfin and dual alfin gravity die forged pistons. Its products encompass 1 MW Piston, 140 mm dia BEML Piston, Articulated Piston, Cooled Gallery Cut Section, TATA 497 Euro II Piston, TATA 4SP Euro III Piston and Kirloskar Copeland Pistons. It's plants are located at Sangli and Kolhapur.

Menon Pistons Share Price

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Peer Comparison

Menon Pistons 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	52	55	56	59	66	64	63	72	64	59
Other Income	0	0	0	0	0	0	0	0	0	0
Total Income	52	55	57	59	66	64	63	72	65	59
Total Expenditure	44	46	47	49	55	52	52	59	52	49
Operating Profit	8	9	9	10	11	12	12	13	12	10
Interest	0	0	0	1	1	1	1	0	1	1
Depreciation	2	2	2	2	2	3	3	2	2	2
Exceptional Income / Expenses	0	0	0	0	0	3	0	0	0	0
Profit Before Tax	6	7	7	8	8	11	8	10	9	7
Provision for Tax	2	2	3	2	2	5	2	3	2	3
Profit After Tax	5	5	4	6	6	7	5	8	7	4
Adjustments	0	0	-0	0	0	0	0	0	0	0
Profit After Adjustments	5	5	4	6	6	7	5	8	7	4
Adjusted Earnings Per Share	0.9	1	0.8	1.2	1.2	1.3	1.1	1.5	1.4	0.9

Menon Pistons Profit & Loss

#(Fig in Cr.)	Mar 2022	Mar 2023	TTM
Net Sales	212	251	258
Other Income	0	1	0
Total Income	213	252	259
Total Expenditure	178	207	212
Operating Profit	35	45	47
Interest	1	3	3
Depreciation	7	10	9
Exceptional Income / Expenses	0	3	0
Profit Before Tax	26	35	34
Provision for Tax	8	12	10
Profit After Tax	19	23	24
Adjustments	0	0	0
Profit After Adjustments	19	23	24
Adjusted Earnings Per Share	3.7	4.6	4.9

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	18%	0%	0%	0%
Operating Profit CAGR	29%	0%	0%	0%
PAT CAGR	21%	0%	0%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	93%	65%	35%	29%
ROE Average	22%	21%	21%	21%
ROCE Average	30%	26%	26%	26%

Menon Pistons Balance Sheet

#(Fig in Cr.)	Mar 2022	Mar 2023
Shareholder's Funds	97	118
Minority's Interest	0	0
Borrowings	19	5
Other Non-Current Liabilities	2	3
Total Current Liabilities	41	49
Total Liabilities	158	174
Fixed Assets	50	62
Other Non-Current Assets	13	15
Total Current Assets	95	97
Total Assets	158	174

Menon Pistons Cash Flow

#(Fig in Cr.)	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	13	1
Cash Flow from Operating Activities	1	49
Cash Flow from Investing Activities	-26	-24
Cash Flow from Financing Activities	13	-25
Net Cash Inflow / Outflow	-12	-1
Closing Cash & Cash Equivalent	1	0

Menon Pistons Ratios

#	Mar 2022	Mar 2023
Earnings Per Share (Rs)	3.69	4.58
CEPS(Rs)	5.04	6.53
DPS(Rs)	0.75	1
Book NAV/Share(Rs)	18.94	23.08
Core EBITDA Margin(%)	16.24	17.49
EBIT Margin(%)	13.15	15.15
Pre Tax Margin(%)	12.45	13.99
PAT Margin (%)	8.85	9.28
Cash Profit Margin (%)	12.09	13.23
ROA(%)	11.88	14.04
ROE(%)	19.46	21.78
ROCE(%)	22.02	29.76
Receivable days	102.35	83.4
Inventory Days	47.38	39.71
Payable days	82.68	59.85
PER(x)	13.29	8.6
Price/Book(x)	2.59	1.71
Dividend Yield(%)	1.53	2.54
EV/Net Sales(x)	1.31	0.82
EV/Core EBITDA(x)	7.99	4.59
Net Sales Growth(%)	0	18.37
EBIT Growth(%)	0	36.41
PAT Growth(%)	0	24.13
EPS Growth(%)	0	24.14
Debt/Equity(x)	0.31	0.1
Current Ratio(x)	2.34	1.99
Quick Ratio(x)	1.66	1.44
Interest Cover(x)	18.78	13.05
Total Debt/Mcap(x)	0.12	0.06

Menon Pistons Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	74.37	74.37	74.37	74.37	74.37	74.37	74.37	74.37	74.37	74.37
FII	0.06	0.06	0.06	0.05	0.04	0.04	0.04	0.04	0.04	0.04
DII	0.42	0.42	0.42	0	0	0	0	0	0	0
Public	25.16	25.16	25.16	25.58	25.59	25.59	25.59	25.59	25.59	25.59
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	3.79	3.79	3.79	3.79	3.79	3.79	3.79	3.79	3.79	3.79
FII	0	0	0	0	0	0	0	0	0	0
DII	0.02	0.02	0.02	0	0	0	0	0	0	0
Public	1.28	1.28	1.28	1.3	1.31	1.31	1.31	1.31	1.31	1.31
Others	0	0	0	0	0	0	0	0	0	0
Total	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.1

Pros

Company has a good return on equity (ROE) track record: 3 Years ROE 21%
Debtor days have improved from 82.68 to 59.85days.
Company has reduced debt.
Company is almost debt free.

Cons

Stock is trading at 3.6 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.