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Consolidated Standalone

Shriram Pistons & Rings

₹2067.8 67.8 | 3.4%

WEBSITE BSE:0 NSE : 18 May, 12:44

Market Cap ₹9108 Cr.

Stock P/E 20.6

P/B 4.6

Current Price ₹2067.8

Book Value ₹ 449.1

Face Value 10

52W High ₹2206

Dividend Yield 0.48%

52W Low ₹ 729.5

Edit Ratio

Shriram Pistons & Rings Research see more...

Overview Inc. Year: 1963Industry: Engineering - Industrial Equipments

Shriram Pistons & Rings Ltd is an India-based enterprise, which is engaged in production of numerous products, along with pistons, piston pins, piston rings and engine valves. The Company caters to both domestic and worldwide markets. The Company operates via automotive additives segment. The Company has various product portfolio, spread throughout various market segments, including original equipment manufacturers (OEMs) and after market, each in domestic and export markets, and throughout various vehicle segments, inclusive of cars, two wheelers, tractors, commercial vehicles and stationary engines. The Company provides a range of Pistons and Piston Pins, which includes Nano Friks, Piston Pin Bore Bushing, Thin Walled Piston, Groove Anodizing, Forged piston, Crown Anodizing and Cooling Gallery Piston. To create Piston Rings, the Company uses iron and metallic materials, along with alloyed grey cast iron, spheroidal graphite forged iron and grey forged iron, amongst others.

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Shriram Pistons & Rings Share Price

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Peer Comparison

Shriram Pistons & Rings 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 511 587 620 652 636 701 716 752 766 856
Other Income 7 10 7 12 12 16 19 23 19 24
Total Income 518 597 627 664 648 717 735 775 785 879
Total Expenditure 438 503 526 537 519 566 570 594 604 679
Operating Profit 80 95 100 127 129 151 165 181 181 201
Interest 3 2 3 5 5 6 6 7 8 9
Depreciation 26 25 24 24 23 24 23 22 29 34
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 51 68 73 98 100 121 136 151 143 158
Provision for Tax 13 17 19 25 26 30 35 38 36 41
Profit After Tax 38 50 55 73 75 91 101 113 108 116
Adjustments 0 0 0 0 0 -0 1 1 -0 3
Profit After Adjustments 38 50 55 73 75 91 102 114 107 120
Adjusted Earnings Per Share 8.5 11.4 12.4 16.6 17 20.7 23.1 25.8 24.4 27.2

Shriram Pistons & Rings 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 1052 1170 1244 1393 1463 1729 1955 1607 1597 2065 2609 3090
Other Income 9 10 17 17 26 25 24 20 20 29 47 85
Total Income 1062 1179 1262 1410 1489 1754 1979 1627 1616 2094 2656 3174
Total Expenditure 872 940 1054 1160 1207 1437 1661 1425 1381 1760 2149 2447
Operating Profit 189 239 207 250 281 318 317 202 235 334 507 728
Interest 32 38 32 26 20 16 14 12 13 11 19 30
Depreciation 88 101 96 93 90 90 94 103 103 102 95 108
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 70 101 79 131 171 211 209 86 120 220 393 588
Provision for Tax 21 31 22 39 53 72 71 13 31 57 99 150
Profit After Tax 49 70 57 92 118 139 138 73 89 164 294 438
Adjustments 0 0 0 0 0 0 0 0 0 0 -0 5
Profit After Adjustments 49 70 57 92 118 139 138 73 89 164 293 443
Adjusted Earnings Per Share 10.9 15.6 12.8 20.5 26.4 31 30.9 16.3 19.8 37.1 66.6 100.5

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 26% 18% 9% 10%
Operating Profit CAGR 52% 36% 10% 10%
PAT CAGR 79% 59% 16% 20%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 168% 75% 34% NA%
ROE Average 21% 14% 13% 13%
ROCE Average 26% 18% 17% 16%

Shriram Pistons & Rings 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 500 560 607 695 794 913 1026 1071 1148 1255 1527
Minority's Interest 0 0 0 0 0 0 0 0 0 0 14
Borrowings 314 280 196 177 121 66 71 42 48 40 146
Other Non-Current Liabilities 61 67 71 73 65 64 69 76 67 78 86
Total Current Liabilities 304 287 314 347 425 520 468 396 467 534 700
Total Liabilities 1179 1194 1189 1292 1405 1563 1635 1585 1731 1908 2474
Fixed Assets 725 713 667 597 577 555 613 741 703 689 733
Other Non-Current Assets 47 36 31 94 87 93 125 96 80 61 136
Total Current Assets 408 445 491 602 741 915 897 748 948 1157 1605
Total Assets 1179 1194 1189 1292 1405 1563 1635 1585 1731 1908 2474

Shriram Pistons & Rings 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 7 31 45 8 83 122 143 82 53 205 277
Cash Flow from Operating Activities 153 180 129 255 183 175 157 297 190 219 395
Cash Flow from Investing Activities -197 -65 -45 -67 -55 -65 -158 -214 -10 -56 -209
Cash Flow from Financing Activities 68 -101 -111 -113 -89 -88 -61 -111 -28 -91 53
Net Cash Inflow / Outflow 24 14 -27 75 39 21 -62 -28 152 72 240
Closing Cash & Cash Equivalent 31 45 18 83 122 143 82 53 205 277 517

Shriram Pistons & Rings 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) 10.94 15.57 12.81 20.48 26.39 31.04 30.94 16.32 19.83 37.13 66.62
CEPS(Rs) 30.57 38.04 34.27 41.2 46.49 51.22 52.02 39.35 42.75 60.3 88.22
DPS(Rs) 3.5 3.5 3.5 4 7 10 10 6 6 10 15
Book NAV/Share(Rs) 109.37 122.91 133.49 153.18 175.31 201.89 227.19 237.04 254.39 282.7 344.55
Core EBITDA Margin(%) 15.48 17.74 13.98 15.04 15.72 16.49 15.03 11.33 13.5 14.75 17.64
EBIT Margin(%) 8.72 10.7 8.18 10.17 11.78 12.81 11.42 6.15 8.3 11.22 15.8
Pre Tax Margin(%) 6 7.78 5.83 8.48 10.52 11.88 10.7 5.38 7.51 10.67 15.06
PAT Margin (%) 4.2 5.39 4.21 5.93 7.27 7.83 7.08 4.55 5.56 7.92 11.26
Cash Profit Margin (%) 11.74 13.17 11.27 11.93 12.81 12.92 11.91 10.96 11.98 12.86 14.89
ROA(%) 4.4 5.87 4.81 7.39 8.76 9.36 8.66 4.54 5.35 8.99 13.41
ROE(%) 10.43 13.4 9.99 14.29 16.07 16.46 14.42 7.03 8.07 13.72 21.27
ROCE(%) 11.96 14.94 12.11 16.71 19.27 21.71 20.06 8.55 10.92 17.57 25.82
Receivable days 47.09 47.57 53.25 51.83 51.74 57.49 63.2 67.6 64.31 59.92 52.54
Inventory Days 55.56 49.17 52.76 50.06 50.44 53.63 58.64 72.46 64.58 53.72 47.03
Payable days 105.09 141.9 134.03 147.78 175.7 171.1 149.72 165.42 175.19 146.21 114.04
PER(x) 0 0 0 0 22.92 24.49 16.61 12.22 20.07 9.49 7.56
Price/Book(x) 0 0 0 0 3.45 3.76 2.26 0.84 1.56 1.25 1.46
Dividend Yield(%) 0 0 0 0 0.58 0.66 0.97 1.5 0.75 1.42 1.49
EV/Net Sales(x) 0.39 0.3 0.24 0.15 1.9 1.97 1.2 0.56 1.03 0.65 0.72
EV/Core EBITDA(x) 2.18 1.47 1.46 0.84 9.88 10.7 7.38 4.48 7.01 4 3.69
Net Sales Growth(%) 6.2 11.14 6.38 11.94 5 18.25 13.04 -17.81 -0.63 29.32 26.38
EBIT Growth(%) -25.09 36.11 -19.5 41.19 21.72 18.8 -1.8 -55.73 34.15 74.76 78
PAT Growth(%) -41.67 42.3 -17.71 59.87 28.88 17.6 -0.31 -47.25 21.52 84.3 79.67
EPS Growth(%) -41.67 42.3 -17.71 59.87 28.88 17.6 -0.31 -47.25 21.52 87.22 79.41
Debt/Equity(x) 0.88 0.69 0.52 0.42 0.29 0.2 0.12 0.1 0.11 0.11 0.2
Current Ratio(x) 1.34 1.55 1.57 1.74 1.74 1.76 1.92 1.89 2.03 2.17 2.29
Quick Ratio(x) 0.78 0.93 0.88 1.13 1.18 1.22 1.18 1.15 1.44 1.54 1.81
Interest Cover(x) 3.21 3.67 3.47 6.04 9.37 13.84 16.03 7.98 10.55 20.28 21.37
Total Debt/Mcap(x) 0 0 0 0 0.08 0.05 0.05 0.12 0.07 0.08 0.13

Shriram Pistons & Rings Shareholding Pattern

# Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Promoter 46.75 46.75 46.75 46.75 46.75 46.75 46.75 46.75 46.75 46.75
FII 0 0 0 0 0 0 0.03 0.08 1.07 1.35
DII 10.28 10.28 10.28 10.17 10.11 10.05 9.59 9.29 13.07 12.55
Public 42.97 42.97 42.97 43.08 43.14 43.2 43.63 43.88 39.11 39.35
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Debtor days have improved from 146.21 to 114.04days.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 46.75%.
  • Company has a low return on equity of 14% over the last 3 years.
  • Stock is trading at 4.6 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.

Shriram Pistons & Rings News

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