Aplab Ltd

₹ 46.1 -1.98%

04 Jul 10:52 a.m.

About

Incorporated in 1962, Aplab Ltd manufactures
& markets Professional Electronic Equipment business^[1]

Key Points

Business Overview:^[1]^[2]
AL, based in Thane, is a manufacturer of Test & Measurement instruments, primarily focused on producing electrical and electronic equipment. Operating in the Industrial Power Electronics market, it is notably the only Indian manufacturer of rack-mount programmable AC and DC power sources.

Website BSE

Market Cap ₹ 116 Cr.
Current Price ₹ 46.1
High / Low ₹ 65.7 / 28.2
Stock P/E 446
Book Value ₹ 4.13
Dividend Yield 0.00 %
ROCE -8.82 %
ROE 2.95 %
Face Value ₹ 10.0

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Pros

Debtor days have improved from 169 to 125 days.
Company's working capital requirements have reduced from 161 days to 124 days

Cons

Stock is trading at 11.4 times its book value
Company has low interest coverage ratio.
The company has delivered a poor sales growth of 4.35% over past five years.
Promoters have pledged or encumbered 29.4% of their holding.

* 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

Industrials Capital Goods Electrical Equipment Other Electrical Equipment

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	16.46	10.89	10.56	11.54	18.49	9.11	10.88	11.93	17.61	9.93	13.86	15.94	23.93
	10.97	12.12	11.49	10.54	11.27	8.34	9.34	11.19	15.88	9.10	13.26	23.94	25.33
Operating Profit	5.49	-1.23	-0.93	1.00	7.22	0.77	1.54	0.74	1.73	0.83	0.60	-8.00	-1.40
OPM %	33.35%	-11.29%	-8.81%	8.67%	39.05%	8.45%	14.15%	6.20%	9.82%	8.36%	4.33%	-50.19%	-5.85%
	-1.34	-1.44	0.07	-0.41	0.06	0.06	0.06	0.05	-0.03	0.06	1.88	0.46	2.69
Interest	0.70	0.67	0.66	0.75	0.93	0.67	1.35	0.33	1.09	0.67	0.82	0.77	0.95
Depreciation	0.08	0.12	0.12	0.12	0.08	0.14	0.11	0.08	0.12	0.12	0.13	0.10	0.13
Profit before tax	3.37	-3.46	-1.64	-0.28	6.27	0.02	0.14	0.38	0.49	0.10	1.53	-8.41	0.21
Tax %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-3,252.38%
	3.37	-3.46	-1.64	-0.28	6.27	0.02	0.14	0.38	0.49	0.10	1.53	-8.41	7.04
EPS in Rs	1.68	-1.73	-0.82	-0.14	3.14	0.01	0.06	0.17	0.22	0.05	0.69	-3.35	2.80
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	94.86	74.18	70.89	72.04	61.03	53.19	51.47	53.02	51.36	51.48	49.05	63.67
	82.20	76.93	76.44	74.36	65.02	55.68	47.45	47.75	44.42	45.27	44.51	71.64
Operating Profit	12.66	-2.75	-5.55	-2.32	-3.99	-2.49	4.02	5.27	6.94	6.21	4.54	-7.97
OPM %	13.35%	-3.71%	-7.83%	-3.22%	-6.54%	-4.68%	7.81%	9.94%	13.51%	12.06%	9.26%	-12.52%
	0.93	0.71	0.82	1.55	0.38	18.50	3.42	1.32	-1.08	-1.72	0.15	5.09
Interest	10.22	10.63	11.24	11.21	10.82	8.06	6.21	6.60	5.31	3.84	3.45	3.20
Depreciation	2.78	1.76	1.62	1.56	1.44	1.29	1.02	0.38	0.38	0.45	0.44	0.49
Profit before tax	0.59	-14.43	-17.59	-13.54	-15.87	6.66	0.21	-0.39	0.17	0.20	0.80	-6.57
Tax %	0.00%	0.00%	0.00%	0.00%	0.00%	18.77%	0.00%	0.00%	0.00%	0.00%	0.00%	-103.96%
	0.59	-14.43	-17.59	-13.54	-15.87	5.41	0.21	-0.39	0.17	0.20	0.80	0.26
EPS in Rs	0.30	-7.22	-8.80	-6.77	-7.94	2.70	0.10	-0.20	0.08	0.10	0.36	0.10
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Compounded Sales Growth
10 Years:	-2%
5 Years:	4%
3 Years:	7%
TTM:	30%

Compounded Profit Growth
10 Years:	7%
5 Years:	16%
3 Years:	-45%
TTM:	-82%

Stock Price CAGR
10 Years:	16%
5 Years:	86%
3 Years:	60%
1 Year:	-19%

Return on Equity
10 Years:	%
5 Years:	%
3 Years:	%
Last Year:	3%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00	10.00	10.00	11.09	12.57
Reserves	21.84	7.02	-10.57	-23.03	-37.54	-31.64	-31.38	-31.08	-30.76	-29.81	-3.83	-2.20
	74.85	72.78	71.71	66.30	70.28	70.20	71.36	71.71	47.62	50.24	28.84	29.94
	48.83	42.05	65.49	70.61	68.55	59.67	48.54	43.90	39.54	45.08	35.24	29.65
Total Liabilities	150.52	126.85	131.63	118.88	106.29	103.23	93.52	89.53	66.40	75.51	71.34	69.96
	57.68	55.04	53.33	51.61	16.78	4.26	3.70	3.47	6.54	7.37	7.03	6.73
CWIP	0.00	0.00	0.00	0.35	0.82	2.35	3.59	3.88	1.08	0.00	0.49	1.21
Investments	2.26	0.07	0.07	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.03
	90.58	71.74	78.23	66.90	88.67	96.60	86.21	82.16	58.76	68.12	63.80	61.99
Total Assets	150.52	126.85	131.63	118.88	106.29	103.23	93.52	89.53	66.40	75.51	71.34	69.96

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-9.37	-3.64	-5.70	4.45	-27.50	2.32	-23.38	-1.02	18.73	-2.89	-3.38	1.89
	0.20	2.68	0.07	-0.42	-1.57	20.69	31.67	-0.25	-0.38	0.02	0.18	-0.73
	6.53	-1.67	12.05	-7.16	30.06	-23.37	-8.33	0.35	-19.10	2.62	3.46	0.67
Net Cash Flow	-2.64	-2.63	6.43	-3.13	0.99	-0.36	-0.03	-0.92	-0.75	-0.25	0.25	1.82

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	109.66	90.00	102.77	88.92	36.42	131.89	134.24	104.71	124.51	212.92	169.14	124.51
Inventory Days	288.61	275.19	152.39	102.72	168.84	184.91	301.69	243.23	300.66	544.09	663.21	193.62
Days Payable	198.46	103.01	192.21	18.98	156.27	152.70	164.50	167.18	129.08	194.05	190.71	98.96
Cash Conversion Cycle	199.81	262.18	62.95	172.66	48.99	164.11	271.42	180.76	296.09	562.96	641.64	219.18
Working Capital Days	104.54	136.44	-56.89	-126.67	165.25	205.04	177.07	173.62	44.84	161.23	196.38	124.34
ROCE %	11.00%	-4.08%	-8.40%	-4.91%	-11.74%	-8.51%	7.41%	13.71%	18.98%	21.64%	14.67%	-8.82%

Shareholding Pattern

Numbers in percentages

2 Recently

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	59.29%	59.29%	59.29%	59.29%	63.28%	63.28%	63.28%	63.28%	63.28%	63.28%	67.61%	67.60%
	0.00%	1.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
	40.69%	39.25%	40.70%	40.69%	36.70%	36.69%	36.71%	36.69%	36.69%	36.70%	32.37%	32.38%
No. of Shareholders	4,456	4,549	4,745	4,536	4,381	4,536	4,560	4,875	5,191	5,121	5,426	5,490

	Dec 2011	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	59.29%	58.96%	58.97%	58.97%	58.54%	49.06%	59.29%	59.29%	63.28%	67.60%
	0.02%	0.05%	0.11%	0.11%	0.11%	0.05%	0.02%	0.02%	0.02%	0.02%
	40.70%	41.00%	40.92%	40.92%	41.35%	50.90%	40.69%	40.69%	36.69%	32.38%
No. of Shareholders	4,745	4,083	3,937	3,875	3,831	3,902	4,517	4,536	4,875	5,490

* 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.

Click on the line-items to see the names of individual entities.

Aplab Ltd

Aplab Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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