Rane Brake Lining

₹946 25 | 2.7%

WEBSITE BSE:532987 NSE : RANE BRAKE 10 May, 16:01

Market Cap ₹731 Cr.

Stock P/E 18.2

P/B 2.6

Current Price ₹946

Book Value ₹ 363.6

Face Value 10

52W High ₹1092.2

Dividend Yield 3.17%

52W Low ₹ 645.5

Edit Ratio

Rane Brake Lining Research see more...

Overview Inc. Year: 2004Industry: Auto Ancillary

Rane Brake Lining Ltd manufactures and markets automobile components to original gadget producers and aftermarket customers in India and across the world. It offers friction material products, which include brake linings, disc pads, snatch facings, clutch buttons, brake shoes, and railway brake blocks for passenger automobiles, utility automobiles, commercial motors, two wheelers, and railways. The business enterprise was previously referred to as Rane Brake Products Ltd and modified its name to Rane Brake Lining Ltd in February 2008. The enterprise became founded in 1929 and is founded in Chennai, India.

Rane Brake Lining Share Price

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Peer Comparison

Rane Brake Lining Quarterly Results

#(Fig in Cr.)	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Net Sales	134	154	139	141	153	165	152	158	164	186
Other Income	3	3	3	4	1	1	1	0	1	1
Total Income	137	157	142	145	155	166	153	158	165	187
Total Expenditure	124	135	129	131	137	145	141	140	146	158
Operating Profit	14	22	12	14	17	21	12	18	19	29
Interest	0	0	0	0	0	0	0	0	0	0
Depreciation	5	6	5	5	5	5	5	5	5	6
Exceptional Income / Expenses	0	-1	0	0	0	0	0	0	0	-1
Profit Before Tax	8	16	8	9	12	16	7	13	14	21
Provision for Tax	1	3	2	2	3	4	2	3	3	6
Profit After Tax	7	13	6	6	9	12	5	10	10	15
Adjustments	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	7	13	6	6	9	12	5	10	10	15
Adjusted Earnings Per Share	8.9	16.9	7.5	8.4	11.9	15.5	6.7	12.4	13.1	19.9

Rane Brake Lining 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	376	384	416	448	466	482	514	471	424	506	599	660
Other Income	3	2	2	3	4	5	7	10	13	13	8	3
Total Income	380	387	418	452	471	488	521	481	437	518	607	663
Total Expenditure	344	344	371	394	393	407	446	410	365	461	542	585
Operating Profit	36	43	48	58	78	80	75	71	72	57	65	78
Interest	7	8	6	3	1	0	0	0	0	0	0	0
Depreciation	18	18	21	19	20	24	24	26	24	21	20	21
Exceptional Income / Expenses	0	0	0	0	-15	-2	-1	0	0	-1	0	-1
Profit Before Tax	11	17	21	35	43	55	49	45	47	35	45	55
Provision for Tax	2	-0	4	10	8	19	13	10	15	8	11	14
Profit After Tax	9	17	16	26	35	36	37	34	32	27	33	40
Adjustments	0	0	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	9	17	16	26	35	36	37	34	32	27	33	40
Adjusted Earnings Per Share	11.5	21.8	20.4	32.6	44.2	45.2	46.2	43.4	41	35	43.3	52.1

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	18%	8%	4%	5%
Operating Profit CAGR	14%	-3%	-4%	6%
PAT CAGR	22%	-1%	-2%	14%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	32%	6%	11%	21%
ROE Average	13%	13%	14%	16%
ROCE Average	18%	17%	19%	19%

Rane Brake Lining 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	102	112	122	138	167	188	210	229	238	243	261
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	45	27	11	5	0	0	0	0	0	0	0
Other Non-Current Liabilities	11	12	13	10	6	3	128	139	154	6	5
Total Current Liabilities	163	178	176	104	105	231	143	127	139	150	108
Total Liabilities	321	329	321	256	278	422	481	494	531	399	374
Fixed Assets	123	133	117	104	121	114	118	133	118	114	118
Other Non-Current Assets	26	10	12	14	15	17	145	152	166	21	18
Total Current Assets	173	186	192	138	141	291	218	209	248	264	238
Total Assets	321	329	321	256	278	422	481	494	531	399	374

Rane Brake Lining 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	2	1	3	1	2	1	10	14	38	50	21
Cash Flow from Operating Activities	33	29	45	52	62	49	44	73	46	11	49
Cash Flow from Investing Activities	-35	-10	-5	-8	-34	-19	-25	-35	-10	-18	-48
Cash Flow from Financing Activities	1	-17	-43	-44	-28	-21	-15	-15	-24	-22	-16
Net Cash Inflow / Outflow	-0	2	-2	1	-1	8	4	24	12	-28	-14
Closing Cash & Cash Equivalent	1	3	1	1	1	10	14	38	50	21	7

Rane Brake Lining 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)	11.5	21.76	20.37	32.57	44.16	45.2	46.18	43.41	41.03	35.02	43.29
CEPS(Rs)	34.1	44.79	46.85	56.47	68.81	75.17	76.84	76.65	72.54	62.73	69.16
DPS(Rs)	4	7.5	7	10	15	15.5	15.5	17	25	20	25
Book NAV/Share(Rs)	128.96	141.92	153.86	174.37	210.83	237.94	265.2	289.28	306.66	314.15	337.88
Core EBITDA Margin(%)	7.72	9.27	9.66	10.68	13.21	14.45	12.54	12.37	13.15	8.37	9.03
EBIT Margin(%)	4.28	5.62	5.65	7.61	7.85	10.6	9.2	9.14	10.66	6.58	7.15
Pre Tax Margin(%)	2.57	3.86	4.37	6.97	7.71	10.57	9.12	9.13	10.55	6.58	7.14
PAT Margin (%)	2.14	3.97	3.42	5.06	6.3	6.88	6.76	7.02	7.15	5.14	5.36
Cash Profit Margin (%)	6.34	8.17	7.87	8.77	9.82	11.45	11.25	12.39	12.64	9.2	8.57
ROA(%)	2.89	5.29	4.95	8.92	13.09	10.22	8.09	7.04	6.2	5.82	8.66
ROE(%)	9.16	16.06	13.77	19.84	22.93	20.14	18.36	15.66	13.63	11.27	13.28
ROCE(%)	9.78	12.68	14.54	22.89	25.73	29.27	23.11	18.94	19.63	14.44	17.71
Receivable days	62.06	67.85	67.75	67.44	65.77	77.68	88.21	88.73	93.21	92.48	72.27
Inventory Days	24.23	23.59	21.36	20.83	21.88	25.15	29.36	42.5	52.62	57.49	56.02
Payable days	88.3	93.62	92.09	111.28	131.89	143.25	152.3	172.98	194.75	161.9	104.45
PER(x)	8.26	6.01	15.98	11.7	23.29	20.68	13.01	8.03	19.33	17.47	14.54
Price/Book(x)	0.74	0.92	2.12	2.18	4.88	3.93	2.27	1.21	2.59	1.95	1.86
Dividend Yield(%)	4.21	5.74	2.15	2.63	1.46	1.66	2.58	4.88	3.15	3.27	3.97
EV/Net Sales(x)	0.43	0.47	0.74	0.73	1.76	1.54	0.93	0.54	1.33	0.89	0.8
EV/Core EBITDA(x)	4.51	4.24	6.46	5.67	10.53	9.27	6.39	3.59	7.87	7.96	7.42
Net Sales Growth(%)	4.81	2.04	8.41	7.69	3.94	3.47	6.55	-8.35	-10	19.27	18.45
EBIT Growth(%)	-36.46	33.99	9.1	45.53	12.24	26.61	-9.72	-10.06	6.09	-26.85	28.65
PAT Growth(%)	-43.79	89.12	-6.39	59.9	35.6	2.35	2.18	-6	-7.4	-14.87	23.61
EPS Growth(%)	-43.79	89.12	-6.39	59.9	35.6	2.35	2.18	-5.99	-5.48	-14.65	23.61
Debt/Equity(x)	0.88	0.72	0.42	0.2	0.04	0.08	0.08	0.07	0	0	0
Current Ratio(x)	1.06	1.05	1.09	1.33	1.35	1.26	1.52	1.65	1.78	1.76	2.21
Quick Ratio(x)	0.89	0.89	0.94	1.03	1.01	1.1	1.17	1.15	1.31	1.09	1.36
Interest Cover(x)	2.5	3.18	4.42	11.88	55.74	344.06	127.44	2235	98.79	1734.5	892.6
Total Debt/Mcap(x)	1.2	0.78	0.2	0.09	0.01	0.02	0.04	0.06	0	0	0

Rane Brake Lining Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	68.6	70.93	70.93	70.93	70.93	70.93	70.93	70.93	70.93	70.93
FII	0	0	0.01	0.13	0	0	0	0.08	0.34	0.01
DII	8.7	4.75	3.56	3.56	3.56	3.56	3.56	3.56	3.57	3.56
Public	22.71	24.32	25.5	25.38	25.52	25.52	25.52	25.44	25.16	25.51
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	0.53	0.55	0.55	0.55	0.55	0.55	0.55	0.55	0.55	0.55
FII	0	0	0	0	0	0	0	0	0	0
DII	0.07	0.04	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03
Public	0.18	0.19	0.2	0.2	0.2	0.2	0.2	0.2	0.19	0.2
Others	0	0	0	0	0	0	0	0	0	0
Total	0.77	0.77	0.77	0.77	0.77	0.77	0.77	0.77	0.77	0.77

Pros

Debtor days have improved from 161.9 to 104.45days.
Company is almost debt free.

Cons

Company has a low return on equity of 13% over the last 3 years.
The company has delivered a poor profit growth of -1% over past five 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.