Shanthi Gears

₹570 12.7 | 2.3%

WEBSITE BSE:522034 NSE : SHANTHI GEAR 10 May, 16:01

Market Cap ₹4373 Cr.

Stock P/E 53.2

P/B 12.7

Current Price ₹570

Book Value ₹ 45

Face Value 1

52W High ₹645

Dividend Yield 0.88%

52W Low ₹ 370

Edit Ratio

Shanthi Gears Research see more...

Overview Inc. Year: 1972Industry: Auto Ancillary

Shanthi Gears Ltd is an business gearing solutions organization. The Company is engaged in designing and manufacturing gears, gearboxes, geared vehicles, and tools assemblies, using our currently integrated manufacturing centres. It gives various products and services cutting edge gear solutions for a wide range of applications and specialised tools reconditioning services. The Company gives programs together with metallic, sugar, cement, crane and fabric managing, energy, paper, rubber and plastics, off-dual carriageway & mining, technique, compressor, railways, textile, and aerospace. It offers various offerings, which includes reconditioning of gearboxes and foundry.

Shanthi Gears Share Price

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Quarterly Price

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Peer Comparison

Shanthi Gears 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	95	104	99	109	115	123	121	135	126	154
Other Income	2	2	2	3	3	3	4	4	4	10
Total Income	97	106	101	112	118	126	125	139	129	163
Total Expenditure	77	85	81	87	92	97	98	107	102	127
Operating Profit	20	21	20	25	26	29	27	33	27	36
Interest	0	0	0	0	0	0	0	0	0	0
Depreciation	3	3	3	3	3	3	3	3	3	4
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	17	19	18	23	23	27	24	30	24	32
Provision for Tax	3	6	4	6	6	7	6	9	7	6
Profit After Tax	14	12	13	17	18	19	18	21	17	26
Adjustments	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	14	12	13	17	18	19	18	21	17	26
Adjusted Earnings Per Share	1.8	1.6	1.8	2.2	2.3	2.5	2.4	2.7	2.3	3.3

Shanthi Gears 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	147	156	155	165	184	214	242	242	216	337	446	536
Other Income	8	10	12	9	11	12	12	7	9	9	11	22
Total Income	154	166	167	174	195	226	254	249	225	346	457	556
Total Expenditure	103	114	137	134	148	177	201	208	189	277	355	434
Operating Profit	51	52	30	40	46	49	53	41	35	69	101	123
Interest	1	1	0	0	0	0	0	0	0	0	0	0
Depreciation	29	26	17	17	18	16	11	8	9	10	11	13
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	22	26	13	23	29	33	42	33	26	59	90	110
Provision for Tax	7	8	4	5	6	5	9	8	6	16	23	28
Profit After Tax	15	18	9	18	23	29	33	25	20	42	67	82
Adjustments	0	0	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	15	18	9	18	23	29	33	25	20	42	67	82
Adjusted Earnings Per Share	1.9	2.2	1.1	2.2	2.8	3.5	4.1	3.3	2.6	5.5	8.7	10.7

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	32%	23%	16%	12%
Operating Profit CAGR	46%	35%	16%	7%
PAT CAGR	60%	39%	18%	16%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	52%	57%	36%	23%
ROE Average	24%	17%	14%	10%
ROCE Average	32%	22%	19%	13%

Shanthi Gears 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	258	266	271	284	306	318	302	229	237	260	302
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	10	61	30	26	-3	-5	-5	-3	0	-1	-4
Total Current Liabilities	22	29	35	34	40	41	50	53	90	95	98
Total Liabilities	290	356	335	344	344	354	348	279	327	354	396
Fixed Assets	116	95	82	66	58	50	52	53	67	59	63
Other Non-Current Assets	8	65	38	54	26	26	27	51	44	42	40
Total Current Assets	166	196	215	224	259	279	269	175	217	254	293
Total Assets	290	356	335	344	344	354	348	279	327	354	396

Shanthi Gears 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	34	2	4	3	1	2	1	19	1	2	1
Cash Flow from Operating Activities	49	29	-6	46	14	42	27	56	31	35	63
Cash Flow from Investing Activities	-67	-12	10	-43	-13	-26	40	24	-18	-16	-26
Cash Flow from Financing Activities	-14	-15	-5	-5	0	-17	-49	-98	-12	-19	-23
Net Cash Inflow / Outflow	-32	2	-1	-2	1	-1	18	-18	1	-1	14
Closing Cash & Cash Equivalent	2	4	3	1	2	1	20	1	2	1	15

Shanthi Gears 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)	1.89	2.25	1.14	2.17	2.76	3.5	4.08	3.28	2.63	5.54	8.74
CEPS(Rs)	5.39	5.38	3.19	4.22	4.94	5.4	5.38	4.38	3.78	6.89	10.16
DPS(Rs)	0.6	1	0.5	0.5	0.75	1	6	2	1.5	2.5	5
Book NAV/Share(Rs)	31.53	32.61	33.14	34.75	37.49	38.9	36.97	29.81	30.92	33.89	39.42
Core EBITDA Margin(%)	26.95	24.56	10.89	16.86	17.53	16.83	17.04	14.33	12.1	17.89	20.24
EBIT Margin(%)	14.02	15.39	7.86	12.76	14.05	15.18	17.63	13.57	12.21	17.49	20.32
Pre Tax Margin(%)	13.64	15.1	7.79	12.71	13.98	15.11	17.57	13.49	12.1	17.42	20.24
PAT Margin (%)	9.56	10.71	5.54	9.74	11.04	13.02	13.8	10.4	9.36	12.6	15.05
Cash Profit Margin (%)	27.21	25.62	15.5	18.91	19.79	20.1	18.19	13.86	13.47	15.68	17.49
ROA(%)	5.35	5.7	2.7	5.23	6.55	8.19	9.5	8.04	6.65	12.46	17.86
ROE(%)	6.12	7.02	3.47	6.39	7.63	9.16	10.76	9.49	8.66	17.09	23.85
ROCE(%)	8.9	10.09	4.92	8.38	9.7	10.68	13.74	12.39	11.3	23.73	32.21
Receivable days	55.3	55.53	69.55	75.78	75.68	84.3	84.57	71.33	72.41	64.75	57.49
Inventory Days	111.69	95.96	123.34	132.44	127.04	111.43	97.42	98.65	117.68	77.03	53.54
Payable days	17.9	77.74	120.65	135.74	122.75	98.46	92.37	96.22	149.54	108.21	74.72
PER(x)	29.87	29.65	96.08	37.83	40.21	36.93	32.24	20.26	48.29	32.57	41.62
Price/Book(x)	1.79	2.05	3.31	2.36	2.96	3.32	3.56	2.23	4.11	5.32	9.23
Dividend Yield(%)	1.06	1.5	0.46	0.61	0.68	0.77	4.56	3.01	1.18	1.39	1.37
EV/Net Sales(x)	2.79	3.11	5.2	4.06	4.91	4.92	4.37	2.1	4.26	3.9	6.06
EV/Core EBITDA(x)	7.98	9.32	26.9	16.75	19.43	21.56	19.83	12.32	26.1	18.98	26.62
Net Sales Growth(%)	-15.3	6.3	-0.37	6.19	11.63	16.4	12.87	0.25	-11.04	56.39	32.21
EBIT Growth(%)	-46.77	16.53	-49.98	75.72	23.25	16.38	27.85	-22.82	-19.98	124.14	53.57
PAT Growth(%)	-45.01	18.81	-49.29	90.24	26.96	26.97	16.69	-24.47	-19.93	110.56	57.88
EPS Growth(%)	-45.01	18.81	-49.29	90.23	26.96	26.97	16.69	-19.54	-19.93	110.56	57.88
Debt/Equity(x)	0	0	0	0	0	0	0	0	0	0	0
Current Ratio(x)	7.38	6.83	6.24	6.63	6.41	6.75	5.34	3.32	2.4	2.67	3
Quick Ratio(x)	5.51	5.15	4.34	4.65	4.55	5.33	3.95	2.16	1.54	2	2.32
Interest Cover(x)	37.18	52.86	120.18	290.38	220.23	222.13	304.29	173.05	109.63	245.71	244.76
Total Debt/Mcap(x)	0	0	0	0	0	0	0	0	0	0	0

Shanthi Gears Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	70.47	70.47	70.47	70.47	70.47	70.47	70.47	70.47	70.47	70.47
FII	3.07	2.9	2.96	2.97	3.64	3.7	3.73	3.61	3.44	3.49
DII	0.74	0.88	0.98	0.99	0.88	0.85	0.69	0.62	0.59	0.5
Public	25.73	25.74	25.59	25.56	25	24.99	25.11	25.3	25.5	25.54
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	5.41	5.41	5.41	5.41	5.41	5.41	5.41	5.41	5.41	5.41
FII	0.24	0.22	0.23	0.23	0.28	0.28	0.29	0.28	0.26	0.27
DII	0.06	0.07	0.07	0.08	0.07	0.06	0.05	0.05	0.05	0.04
Public	1.97	1.97	1.96	1.96	1.92	1.92	1.93	1.94	1.96	1.96
Others	0	0	0	0	0	0	0	0	0	0
Total	7.67	7.67	7.67	7.67	7.67	7.67	7.67	7.67	7.67	7.67

Pros

Debtor days have improved from 108.21 to 74.72days.
Company is almost debt free.

Cons

Stock is trading at 12.7 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.