Enkei Wheels India Ltd

Enkei Wheels India Ltd

₹ 648 -1.01%
24 Jun - close price
About

Enkei Wheels (India) Limited is India’s leading manufacturer and supplier of aluminium wheels. It is part of the Enkei Group, a globally renowned Japanese multinational conglomerate with more than six decades of experience in manufacturing aluminium wheels. [1]

Key Points

Formation
The company was formed under a scheme of arrangement in 2009 wherein the wheel division of Enkei Castalloy Ltd was demerged into Enkei Wheels (India) Ltd. Post the scheme of arrangement, the Rai Group (Indian promoter of Enkei Castalloy) got the castalloy business and renamed the company Alicon Castalloy Ltd; the Enkei Corporation (Foreign promoter of Enkei Castalloy) got the wheels business of the joint venture. [1]

  • Market Cap 1,165 Cr.
  • Current Price 648
  • High / Low 760 / 469
  • Stock P/E 46.7
  • Book Value 130
  • Dividend Yield 0.00 %
  • ROCE 7.01 %
  • ROE 5.15 %
  • Face Value 5.00

Pros

  • Company is expected to give good quarter

Cons

  • Stock is trading at 5.00 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has a low return on equity of 5.09% over last 3 years.
  • Company might be capitalizing the interest cost

* 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: Auto Ancillaries Industry: Auto Ancillaries

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Quarterly Results

Figures in Rs. Crores

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
112.46 68.28 119.23 150.56 170.66 159.41 184.71 148.72 132.43 176.69 206.76 200.25 221.61
102.23 65.38 109.17 137.14 155.56 163.31 162.44 153.47 129.61 162.93 184.80 184.66 198.69
Operating Profit 10.23 2.90 10.06 13.42 15.10 -3.90 22.27 -4.75 2.82 13.76 21.96 15.59 22.92
OPM % 9.10% 4.25% 8.44% 8.91% 8.85% -2.45% 12.06% -3.19% 2.13% 7.79% 10.62% 7.79% 10.34%
0.23 -0.45 0.36 1.93 3.64 8.87 3.17 0.09 2.01 9.26 2.17 0.50 6.53
Interest -1.67 2.17 0.92 0.64 0.70 1.69 2.38 1.75 2.08 2.76 2.86 2.77 2.93
Depreciation 4.95 4.98 4.96 4.26 5.53 6.35 8.32 8.21 9.30 7.93 11.93 12.39 12.38
Profit before tax 7.18 -4.70 4.54 10.45 12.51 -3.07 14.74 -14.62 -6.55 12.33 9.34 0.93 14.14
Tax % -15.32% 8.30% -7.27% 28.90% 28.86% -47.56% 8.75% 3.35% 32.82% 34.79% 36.40% -127.96% 37.34%
8.28 -4.31 4.88 7.43 8.90 -4.53 13.45 -14.12 -4.40 8.04 5.95 2.11 8.87
EPS in Rs 4.61 -2.40 2.71 4.13 4.95 -2.52 7.48 -7.86 -2.45 4.47 3.31 1.17 4.93
Raw PDF

Profit & Loss

Figures in Rs. Crores

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 TTM
287 320 384 385 407 465 474 267 235 451 663 716 805
265 299 346 346 373 423 450 270 235 413 617 655 731
Operating Profit 22 21 38 40 34 42 25 -4 0 38 46 61 74
OPM % 8% 7% 10% 10% 8% 9% 5% -1% 0% 8% 7% 9% 9%
6 6 0 -12 0 6 15 32 1 2 8 8 18
Interest 6 9 8 5 5 5 5 5 13 3 16 11 11
Depreciation 16 18 28 26 22 23 21 18 22 19 28 42 45
Profit before tax 6 1 2 -3 7 19 14 5 -33 17 10 16 37
Tax % 24% 20% -21% -91% 63% 44% 7% 47% 4% 7% 61% 27%
4 1 2 -5 3 11 13 3 -31 16 4 12 25
EPS in Rs 3.41 0.42 1.70 -3.87 1.84 6.99 7.85 1.60 -17.45 9.06 2.06 6.51 13.88
Dividend Payout % -0% -0% -0% -0% -0% -0% -0% -0% -0% -0% -0% -0%
Compounded Sales Growth
10 Years: 10%
5 Years: 9%
3 Years: 45%
TTM: 29%
Compounded Profit Growth
10 Years: 55%
5 Years: 7%
3 Years: 33%
TTM: 360%
Stock Price CAGR
10 Years: 25%
5 Years: 12%
3 Years: 20%
1 Year: 37%
Return on Equity
10 Years: -1%
5 Years: -2%
3 Years: 5%
Last Year: 5%

Balance Sheet

Figures in Rs. Crores

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023
Equity Capital 6 6 7 7 7 8 8 9 9 9 9 9
Reserves 6 10 12 -5 36 73 121 175 182 199 212 224
141 121 88 79 69 73 86 152 184 187 162 167
200 180 177 158 123 121 115 87 78 94 110 134
Total Liabilities 353 318 283 239 236 275 330 423 452 488 494 534
158 181 164 131 129 127 126 140 122 110 231 344
CWIP 25 -0 -0 -0 -0 2 55 101 189 218 100 2
Investments -0 -0 -0 -0 -0 -0 -0 -0 -0 3 3 4
170 136 119 108 107 147 148 182 142 158 159 183
Total Assets 353 318 283 239 236 275 330 423 452 488 494 534

Cash Flows

Figures in Rs. Crores

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023
26 18 26 13 17 25 39 6 16 28 49 59
-31 -15 -11 -6 -20 -44 -71 -89 -64 -37 -42 -56
-7 -25 -34 -8 3 20 42 104 37 12 -33 2
Net Cash Flow -12 -22 -18 -1 -0 2 11 21 -11 3 -26 4

Ratios

Figures in Rs. Crores

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023
Debtor Days 66 63 54 61 58 56 34 29 44 57 31 43
Inventory Days 53 21 31 33 22 33 72 183 168 56 67 56
Days Payable 151 106 113 102 61 55 56 87 100 51 58 65
Cash Conversion Cycle -32 -21 -28 -8 19 34 49 126 113 62 40 34
Working Capital Days -2 16 11 29 38 28 19 35 21 37 29 26
ROCE % 4% 3% 8% 15% 12% 14% 3% -9% -6% 6% 7% 7%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
74.97% 74.97% 74.97% 74.97% 74.97% 74.97% 74.97% 74.97% 74.97% 74.97% 74.97% 74.97%
0.01% 0.01% 0.01% 0.00% 0.00% 0.02% 0.02% 0.00% 0.02% 0.02% 0.02% 0.02%
25.03% 25.03% 25.03% 25.03% 25.03% 25.01% 25.02% 25.04% 25.02% 25.02% 25.02% 25.01%
No. of Shareholders 3,9593,7803,6713,5903,5723,5323,6533,6903,7333,7663,7103,911

* 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.

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