WEBSITE BSE:0 NSE: Inc. Year: 1999 Industry: Engineering - Industrial Equipments My Bucket: Add Stock
Last updated: 15:40
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1. Business Overview
Nitiraj Engineers Ltd. is an Indian company primarily engaged in the manufacturing and selling of electronic weighing scales and systems. Their product portfolio includes a wide range of weighing solutions such as precision balances, laboratory scales, retail scales, platform scales, crane scales, and specialized industrial weighing systems. The company designs, develops, manufactures, and markets these products, catering to various sectors including retail, industrial, laboratory, and jewellery. Their core business model involves in-house manufacturing, quality control, and a distribution network to reach end-users. They make money through the direct sale of their weighing products and associated services (like calibration and maintenance).
2. Key Segments / Revenue Mix
Based on publicly available information, Nitiraj Engineers Ltd. operates predominantly within a single business segment: "Electronic Weighing Scales & Systems." While they cater to diverse applications (retail, industrial, laboratory), these are generally considered product categories within their core manufacturing and sales operations rather than distinct reported business segments with separate revenue breakdowns. Therefore, their revenue is primarily derived from the sale of their entire range of weighing products.
3. Industry & Positioning
The Indian weighing scale industry is fragmented with a mix of organized and unorganized players, including domestic manufacturers and importers of international brands. The industry is driven by demand from various sectors like retail, logistics, manufacturing, and laboratories, all requiring precise measurement. Nitiraj Engineers Ltd. appears to be a smaller to mid-sized player within this market, focusing on a broad range of products often competing on factors like cost-effectiveness, reliability, and after-sales service. They likely face competition from larger established domestic brands as well as numerous smaller local manufacturers and traders of imported units.
4. Competitive Advantage (Moat)
Nitiraj Engineers Ltd.'s competitive advantages are likely derived from:
Established Brand Recognition: Having been in the market for some time, they would have developed a certain level of brand recall and trust among their customer base, particularly in specific regional markets.
Distribution & Service Network: A well-developed sales and service network across India, especially for maintenance and calibration, can be a differentiator in a product category where reliability and uptime are crucial.
Cost Efficiency: As an indigenous manufacturer, they might achieve cost efficiencies in production and distribution compared to importing certain types of scales, allowing for competitive pricing.
Product Customization: The ability to offer tailored solutions or specific configurations for industrial clients can provide a niche advantage.
5. Growth Drivers
Key factors that can drive growth for Nitiraj Engineers Ltd. over the next 3-5 years include:
Economic Growth & Industrialization: Expansion of manufacturing, logistics, and retail sectors in India will directly fuel demand for weighing solutions.
Regulatory Compliance: Increasing focus on accurate measurements and regulatory mandates in various industries (e.g., legal metrology, quality control) necessitates the use of certified weighing equipment.
Technological Upgrades: The move from mechanical to electronic weighing systems, and further advancements in smart scales and IoT-enabled solutions, can drive replacement demand and new product development.
Expansion into New Geographies/Segments: Tapping into underserved markets or specializing in high-growth niche applications could open new revenue streams.
Modernization of Retail & Logistics: Growth in organized retail, e-commerce, and modern warehousing facilities increases the need for efficient and accurate weighing equipment.
6. Risks
Intense Competition: The fragmented nature of the industry means constant price pressure and competition from numerous domestic and international players.
Technological Obsolescence: Rapid advancements in weighing technology could render older product lines less competitive if the company fails to innovate.
Raw Material Price Volatility: Fluctuations in the cost of electronic components, metals, and other raw materials can impact manufacturing costs and margins.
Economic Downturn: A slowdown in industrial activity or consumer spending could reduce demand for weighing scales.
Dependency on Key Markets: Over-reliance on specific industrial or retail segments could expose the company to sector-specific risks.
Supply Chain Disruptions: Dependence on global supply chains for electronic components can lead to production delays and increased costs.
7. Management & Ownership
Nitiraj Engineers Ltd. is a promoter-driven company. The Promoters and Promoter Group hold a significant stake, which is common among many small to mid-cap Indian companies. This typically implies close operational control and alignment of interests between management and shareholders, but can also present risks related to succession planning or related-party transactions. Specific details on individual management quality would require deeper analysis of their tenure, strategic decisions, and financial performance over time, which is not readily available in a high-level overview.
8. Outlook
Nitiraj Engineers Ltd. operates in a staple industry with consistent demand driven by economic activity and regulatory requirements for accurate measurement. The ongoing industrialization and modernization in India present a foundational growth opportunity for weighing scale manufacturers. However, the company faces significant competition from a multitude of players, both domestic and international, which can exert pressure on pricing and market share. Its ability to innovate, maintain cost efficiency, and expand its service network will be crucial for sustained growth. The outlook is cautiously optimistic for companies that can leverage their manufacturing capabilities and distribution reach while navigating competitive pressures and technological shifts effectively.
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Market Cap ₹203 Cr.
Stock P/E 42
P/B 2.4
Current Price ₹198
Book Value ₹ 82.4
Face Value 10
52W High ₹269.8
Dividend Yield 0.76%
52W Low ₹ 170
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 16 | 20 | 53 | 4 | 13 | 37 | 23 | 11 | 16 | 11 |
| Other Income | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 16 | 20 | 53 | 5 | 13 | 37 | 23 | 11 | 17 | 12 |
| Total Expenditure | 13 | 17 | 42 | 6 | 12 | 27 | 22 | 11 | 14 | 10 |
| Operating Profit | 3 | 4 | 11 | -1 | 1 | 10 | 1 | 0 | 3 | 1 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 2 | 3 | 10 | -2 | 0 | 9 | 0 | -0 | 2 | 1 |
| Provision for Tax | 0 | 1 | 2 | -1 | 0 | 2 | 0 | -0 | 1 | 0 |
| Profit After Tax | 2 | 2 | 7 | -2 | 0 | 7 | -0 | -0 | 2 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 |
| Profit After Adjustments | 2 | 2 | 7 | -2 | 0 | 7 | -0 | -0 | 2 | 0 |
| Adjusted Earnings Per Share | 1.6 | 2.1 | 7.2 | -1.6 | 0 | 6.4 | -0.1 | -0.3 | 1.6 | 0.4 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 44 | 56 | 53 | 39 | 54 | 48 | 53 | 40 | 46 | 100 | 77 | 61 |
| Other Income | 0 | 0 | 0 | 2 | 1 | 2 | 0 | 1 | 0 | 1 | 1 | 0 |
| Total Income | 44 | 57 | 54 | 41 | 55 | 50 | 54 | 40 | 47 | 101 | 77 | 63 |
| Total Expenditure | 37 | 48 | 46 | 35 | 45 | 44 | 45 | 38 | 43 | 82 | 67 | 57 |
| Operating Profit | 7 | 9 | 8 | 6 | 10 | 5 | 8 | 2 | 4 | 19 | 10 | 5 |
| Interest | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 2 | 1 | 1 | 3 | 3 | 4 | 3 | 4 | 4 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3 | -0 | 0 | 0 | 0 |
| Profit Before Tax | 6 | 7 | 7 | 4 | 8 | 4 | 5 | -4 | -0 | 16 | 7 | 3 |
| Provision for Tax | 1 | 2 | 2 | 1 | 2 | 1 | 1 | -1 | 0 | 4 | 2 | 1 |
| Profit After Tax | 4 | 6 | 5 | 3 | 6 | 3 | 4 | -3 | -0 | 12 | 5 | 2 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 4 | 6 | 5 | 3 | 6 | 3 | 4 | -3 | -0 | 12 | 5 | 2 |
| Adjusted Earnings Per Share | 0 | 0 | 4.5 | 3 | 5.9 | 2.5 | 3.5 | -3.3 | -0.4 | 11.7 | 4.7 | 1.6 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -23% | 24% | 10% | 6% |
| Operating Profit CAGR | -47% | 71% | 15% | 4% |
| PAT CAGR | -58% | 0% | 11% | 2% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -23% | 39% | 35% | NA% |
| ROE Average | 6% | 7% | 4% | 8% |
| ROCE Average | 8% | 10% | 6% | 11% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 28 | 34 | 58 | 61 | 67 | 69 | 72 | 68 | 68 | 80 | 83 |
| 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 | 1 | 1 | 0 | 0 | 0 | 0 | 1 | -0 | 0 | 2 | 3 |
| Total Current Liabilities | 8 | 14 | 8 | 3 | 6 | 11 | 7 | 9 | 11 | 11 | 9 |
| Total Liabilities | 37 | 49 | 65 | 64 | 73 | 81 | 80 | 77 | 79 | 93 | 94 |
| Fixed Assets | 12 | 12 | 11 | 13 | 27 | 38 | 28 | 36 | 33 | 32 | 35 |
| Other Non-Current Assets | 3 | 4 | 29 | 32 | 11 | 12 | 18 | 8 | 10 | 10 | 10 |
| Total Current Assets | 22 | 32 | 25 | 20 | 35 | 31 | 34 | 32 | 36 | 50 | 49 |
| Total Assets | 37 | 49 | 65 | 64 | 73 | 81 | 80 | 77 | 79 | 93 | 94 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 4 | 1 | 1 | 8 | 1 | 2 | 4 | 2 | 0 | 0 | 2 |
| Cash Flow from Operating Activities | -3 | -3 | -5 | -3 | 16 | 10 | 2 | 1 | 1 | 18 | 14 |
| Cash Flow from Investing Activities | -2 | -2 | -3 | -3 | -16 | -11 | -4 | -6 | 0 | -13 | -12 |
| Cash Flow from Financing Activities | 1 | 4 | 15 | -0 | -0 | 5 | -0 | 3 | -1 | -3 | -2 |
| Net Cash Inflow / Outflow | -3 | 0 | 7 | -6 | 0 | 4 | -3 | -1 | 0 | 2 | -0 |
| Closing Cash & Cash Equivalent | 1 | 1 | 8 | 1 | 2 | 5 | 2 | 0 | 0 | 2 | 2 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0 | 0 | 4.49 | 3 | 5.92 | 2.52 | 3.54 | -3.28 | -0.36 | 11.74 | 4.71 |
| CEPS(Rs) | 6.48 | 8.32 | 5.37 | 4.7 | 7.15 | 3.91 | 6.56 | -0.22 | 3.23 | 15.02 | 8.14 |
| DPS(Rs) | 0 | 0 | 0.3 | 0 | 0 | 0 | 0 | 0 | 0 | 1.5 | 1.5 |
| Book NAV/Share(Rs) | 0 | 0 | 56.21 | 59.33 | 65.25 | 67.77 | 69.89 | 66.55 | 65.93 | 77.71 | 80.78 |
| Core EBITDA Margin(%) | 14.12 | 15.23 | 11.72 | 9.56 | 15.56 | 7.44 | 15.07 | 4.46 | 7.63 | 18.27 | 12.29 |
| EBIT Margin(%) | 13.4 | 14.18 | 10.85 | 10.9 | 15.43 | 8.38 | 9.76 | -9.89 | 0.3 | 15.92 | 8.89 |
| Pre Tax Margin(%) | 12.72 | 12.86 | 10.11 | 10.76 | 15.23 | 7.46 | 9.23 | -11.13 | -0.39 | 15.84 | 8.63 |
| PAT Margin (%) | 9.62 | 9.76 | 6.79 | 7.79 | 10.9 | 5.34 | 6.75 | -8.39 | -0.8 | 11.96 | 6.29 |
| Cash Profit Margin (%) | 11.16 | 11.07 | 8.11 | 12.22 | 13.16 | 8.28 | 12.5 | -0.56 | 7.14 | 15.29 | 10.87 |
| ROA(%) | 12 | 12.76 | 8.05 | 4.76 | 8.86 | 3.37 | 4.52 | -4.28 | -0.48 | 14 | 5.17 |
| ROE(%) | 16.12 | 17.89 | 10.11 | 5.19 | 9.5 | 3.79 | 5.15 | -4.8 | -0.55 | 16.35 | 5.95 |
| ROCE(%) | 21.52 | 22.61 | 14.98 | 7.26 | 13.46 | 5.72 | 7.17 | -5.52 | 0.19 | 21.34 | 8.4 |
| Receivable days | 55.08 | 53.78 | 42.6 | 44.47 | 64.17 | 94.67 | 62.89 | 77.88 | 58.1 | 35.01 | 46.48 |
| Inventory Days | 82.23 | 106.17 | 84.17 | 110.06 | 97.75 | 119.51 | 94.63 | 132.91 | 151.81 | 74.53 | 81.85 |
| Payable days | 37.06 | 28.15 | 30.77 | 26.38 | 24.86 | 33.92 | 29.94 | 27.75 | 26.45 | 16.37 | 23.04 |
| PER(x) | 0 | 0 | 14.79 | 17.58 | 6.22 | 21.98 | 13.49 | 0 | 0 | 14.77 | 56.48 |
| Price/Book(x) | 0 | 0 | 1.18 | 0.89 | 0.56 | 0.82 | 0.68 | 1.1 | 1.07 | 2.23 | 3.29 |
| Dividend Yield(%) | 0 | 0 | 0.36 | 0 | 0 | 0 | 0 | 0 | 0 | 0.86 | 0.56 |
| EV/Net Sales(x) | 0.06 | 0.22 | 1.13 | 1.36 | 0.67 | 1.19 | 0.88 | 1.96 | 1.62 | 1.74 | 3.53 |
| EV/Core EBITDA(x) | 0.38 | 1.43 | 7.33 | 8.71 | 3.67 | 10.4 | 5.64 | 32.79 | 18.65 | 9.02 | 26.11 |
| Net Sales Growth(%) | 6.09 | 29.6 | -5.15 | -27.41 | 38.77 | -11.14 | 11.52 | -25.79 | 16.29 | 117.96 | -23.82 |
| EBIT Growth(%) | 10.53 | 37.17 | -7.99 | -41.61 | 99.92 | -52.79 | 29.49 | -175.38 | 103.51 | 0 | -57.42 |
| PAT Growth(%) | 7.56 | 31.5 | -16.34 | -33.21 | 97.4 | -57.39 | 40.45 | -192.43 | 88.96 | 3348.45 | -59.86 |
| EPS Growth(%) | 0 | 0 | -38.79 | -33.21 | 97.41 | -57.39 | 40.45 | -192.43 | 88.97 | 3348.7 | -59.86 |
| Debt/Equity(x) | 0.07 | 0.21 | 0 | 0 | 0 | 0.08 | 0 | 0.05 | 0.04 | 0 | 0 |
| Current Ratio(x) | 2.8 | 2.27 | 3.32 | 6.7 | 6.06 | 2.95 | 4.96 | 3.7 | 3.16 | 4.56 | 5.59 |
| Quick Ratio(x) | 1.13 | 0.88 | 1.81 | 2.57 | 3.05 | 1.62 | 2.97 | 1.93 | 1.11 | 2.92 | 3.72 |
| Interest Cover(x) | 19.76 | 10.74 | 14.52 | 79.43 | 77.85 | 9.08 | 18.57 | -7.99 | 0.44 | 187.02 | 34.04 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0.09 | 0 | 0.05 | 0.04 | 0 | 0 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 69.07 | 69.07 | 69.07 | 69.07 | 69.07 | 69.07 | 69.07 | 69.07 | 69.07 | 69.07 |
| FII | 0 | 0 | 0 | 0 | 0 | 0.05 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 30.93 | 30.93 | 30.93 | 30.93 | 30.93 | 30.88 | 30.93 | 30.93 | 30.93 | 30.93 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 |
* The pros and cons are machine generated.
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