Duncan Engineering Ltd

₹ 430 0.24%

29 Sep 12:26 p.m.

About

Duncan Engineering is primarily a manufacturer of Pneumatics (It is a system that uses compressed air to transmit and control energy). It also manufactures Off-Highway Tyre Valves (OTR) valves and accessories. The company is a part of the JP Goenka group of companies. Headquartered in Pune, they have their integrated facility at Ranjangaon. ^[1]

Key Points

Joint Venture Schrader Bridgeport
Duncan Engineering Limited, incorporated as Schrader Duncan Limited in 1962, was promoted as a JV between Schrader Bridgeport International (a wholly-owned subsidiary of Tomkins Plc) and the Duncan Group (managed by the JP Goenka family). The company was renamed from Schrader Duncan Limited to Duncan Engineering Limited in December, 2016. ^[1] ^[2]

Website BSE

Market Cap ₹ 159 Cr.
Current Price ₹ 430
High / Low ₹ 625 / 245
Stock P/E 16.1
Book Value ₹ 126
Dividend Yield 0.23 %
ROCE 30.1 %
ROE 23.5 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Company has delivered good profit growth of 145% CAGR over last 5 years
Debtor days have improved from 40.0 to 31.0 days.
Company's working capital requirements have reduced from 26.3 days to 18.1 days

Cons

* 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.

Peer comparison

Sector: Engineering Industry: Engineering

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023
	4.55	11.60	11.96	13.37	11.04	13.72	14.06	16.95	16.41	18.58	16.63	18.47	15.64
	5.08	9.76	10.62	11.50	9.79	11.62	11.71	13.36	13.64	14.03	13.82	15.52	13.07
Operating Profit	-0.53	1.84	1.34	1.87	1.25	2.10	2.35	3.59	2.77	4.55	2.81	2.95	2.57
OPM %	-11.65%	15.86%	11.20%	13.99%	11.32%	15.31%	16.71%	21.18%	16.88%	24.49%	16.90%	15.97%	16.43%
	0.06	0.13	0.11	0.22	0.08	0.17	0.15	0.21	0.29	0.39	0.44	0.37	0.58
Interest	0.05	0.07	0.04	0.04	0.05	0.05	0.10	0.03	0.02	0.03	0.04	0.08	0.03
Depreciation	0.26	0.26	0.28	0.29	0.30	0.29	0.30	0.31	0.32	0.36	0.39	0.40	0.41
Profit before tax	-0.78	1.64	1.13	1.76	0.98	1.93	2.10	3.46	2.72	4.55	2.82	2.84	2.71
Tax %	0.00%	0.00%	0.00%	-240.91%	21.43%	26.42%	29.05%	26.30%	25.37%	26.81%	15.60%	23.24%	25.46%
	-0.78	1.65	1.13	5.99	0.77	1.42	1.49	2.56	2.02	3.33	2.38	2.18	2.02
EPS in Rs	-2.11	4.46	3.06	16.21	2.08	3.84	4.03	6.93	5.47	9.01	6.44	5.90	5.47
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
	54.42	61.94	69.13	64.15	36.47	34.21	40.72	44.46	43.38	41.48	55.77	70.10	69.32
	60.13	62.78	68.22	67.25	39.76	37.00	37.37	38.88	37.52	36.97	46.52	56.97	56.44
Operating Profit	-5.71	-0.84	0.91	-3.10	-3.29	-2.79	3.35	5.58	5.86	4.51	9.25	13.13	12.88
OPM %	-10.49%	-1.36%	1.32%	-4.83%	-9.02%	-8.16%	8.23%	12.55%	13.51%	10.87%	16.59%	18.73%	18.58%
	42.45	3.97	4.12	0.81	0.49	0.88	0.19	-0.07	-0.75	0.52	0.58	1.43	1.78
Interest	4.02	2.90	2.51	2.29	1.96	2.17	1.56	0.74	0.41	0.20	0.17	0.16	0.18
Depreciation	2.43	2.44	2.51	3.30	1.32	1.79	1.83	1.67	1.39	1.08	1.19	1.47	1.56
Profit before tax	30.29	-2.21	0.01	-7.88	-6.08	-5.87	0.15	3.10	3.31	3.75	8.47	12.93	12.92
Tax %	32.45%	122.62%	-900.00%	23.22%	-14.14%	0.00%	0.00%	10.32%	1.21%	-113.07%	26.33%	23.43%
	20.46	0.51	0.10	-6.05	-6.93	-5.88	0.15	2.78	3.26	7.99	6.24	9.90	9.91
EPS in Rs	55.36	1.38	0.27	-16.37	-18.75	-15.91	0.41	7.52	8.82	21.62	16.88	26.79	26.82
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.74%

Compounded Sales Growth
10 Years:	1%
5 Years:	11%
3 Years:	17%
TTM:	13%

Compounded Profit Growth
10 Years:	20%
5 Years:	145%
3 Years:	25%
TTM:	32%

Stock Price CAGR
10 Years:	28%
5 Years:	36%
3 Years:	64%
1 Year:	72%

Return on Equity
10 Years:	4%
5 Years:	23%
3 Years:	24%
Last Year:	24%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	3.70	3.70	3.70	3.70	3.70	3.70	3.70	3.70	3.70	3.70	3.70	3.70
Reserves	27.07	31.40	31.49	25.44	18.52	12.66	12.78	15.49	18.67	26.69	32.97	42.71
	27.60	17.79	16.27	18.38	18.59	14.62	9.30	6.73	0.70	0.25	1.19	1.48
	23.91	15.72	11.95	17.30	13.26	9.54	9.92	8.91	9.58	11.44	13.22	15.26
Total Liabilities	82.28	68.61	63.41	64.82	54.07	40.52	35.70	34.83	32.65	42.08	51.08	63.15
	31.48	30.04	28.64	27.15	23.92	20.84	19.43	16.49	15.75	15.56	15.83	16.67
CWIP	0.05	0.13	0.02	0.22	0.06	0.17	0.00	0.05	0.00	0.00	0.00	0.00
Investments	0.17	0.15	0.15	0.01	0.01	0.03	0.00	0.00	0.00	1.00	8.95	23.19
	50.58	38.29	34.60	37.44	30.08	19.48	16.27	18.29	16.90	25.52	26.30	23.29
Total Assets	82.28	68.61	63.41	64.82	54.07	40.52	35.70	34.83	32.65	42.08	51.08	63.15

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	1.04	-13.68	0.95	0.43	1.61	4.33	6.87	4.79	7.37	6.17	9.25	13.79
	2.96	22.90	4.26	-1.86	-1.51	1.84	-0.21	0.49	-2.90	-5.03	-8.77	-15.13
	-5.19	-9.22	-4.06	-0.24	0.05	-6.15	-6.88	-3.27	-6.44	-0.65	0.27	0.13
Net Cash Flow	-1.19	0.00	1.15	-1.67	0.15	0.02	-0.22	2.00	-1.97	0.49	0.75	-1.21

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	85.65	100.41	92.50	91.61	129.11	80.77	48.67	45.24	39.29	51.12	37.89	31.03
Inventory Days	97.97	123.55	88.82	127.71	179.91	145.66	143.67	110.18	133.40	117.60	114.68	103.75
Days Payable	107.32	99.13	72.61	116.38	145.41	98.86	110.84	66.14	81.43	94.66	81.97	71.96
Cash Conversion Cycle	76.30	124.84	108.71	102.94	163.61	127.56	81.50	89.28	91.27	74.07	70.61	62.83
Working Capital Days	143.20	106.90	90.76	94.45	161.33	104.99	59.16	61.90	46.19	34.49	26.44	18.07
ROCE %	-15.59%	-3.90%	-0.06%	-11.36%	-9.33%	-10.36%	5.88%	17.72%	22.29%	14.52%	25.26%	30.11%

Shareholding Pattern

Numbers in percentages

	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023
	74.56%	74.56%	74.56%	74.56%	74.56%	74.56%	74.56%	74.56%	74.56%	74.56%	74.56%	74.56%
	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%
	25.38%	25.38%	25.38%	25.38%	25.38%	25.38%	25.38%	25.38%	25.38%	25.38%	25.37%	25.39%
No. of Shareholders	2,802	2,785	2,761	2,911	3,076	3,107	3,769	3,645	3,523	3,455	3,362	3,494

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Jun 2023
	74.56%	74.56%	74.56%	74.56%	74.56%	74.56%	74.56%	74.56%
	1.92%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%
	23.52%	25.38%	25.38%	25.38%	25.38%	25.38%	25.37%	25.39%
No. of Shareholders	3,431	3,234	2,937	2,840	2,761	3,769	3,362	3,494

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Duncan Engineering Ltd

Duncan Engineering Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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