Banco Products (India) Ltd

₹ 552 8.03%

21 May 10:28 a.m.

bancoindia.com BSE: 500039 NSE: BANCOINDIA

About

Banco Products (India) Ltd manufactures and supplies engine cooling modules and systems for automotive and industrial applications in both the domestic and international markets. It was Incorporated in 1961, promoted by Mr. Mehul K. Patel who has more than 40 years of experience in the automotive industry ^[1]

Key Points

Product Portfolio
The company’s product portfolio comprises engine cooling modules such as radiators, charged air coolers, fuel coolers, oil coolers, AC condensers, deaeration plastic tanks, metal-layered gaskets, and hybrid elastomeric molded gaskets. ^[1]

Website BSE NSE

Market Cap ₹ 7,896 Cr.
Current Price ₹ 552
High / Low ₹ 595 / 259
Stock P/E 20.2
Book Value ₹ 91.1
Dividend Yield 2.00 %
ROCE 33.4 %
ROE 33.3 %
Face Value ₹ 2.00

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Pros

Company has delivered good profit growth of 39.9% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 28.3%
Company has been maintaining a healthy dividend payout of 53.2%

Cons

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

Part of BSE SmallCap BSE Allcap BSE Consumer Discretionary Nifty Microcap 250 Nifty Total Market

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	507	586	628	509	609	749	725	571	724	804	895	639	875
	427	519	569	369	511	653	602	482	610	671	689	581	660
Operating Profit	80	67	59	140	98	97	122	89	114	133	206	58	214
OPM %	16%	11%	9%	28%	16%	13%	17%	16%	16%	17%	23%	9%	24%
	-1	1	10	1	3	16	3	12	6	2	17	5	19
Interest	3	2	1	3	7	5	6	4	7	7	6	5	8
Depreciation	24	12	12	13	20	15	16	17	28	19	19	20	36
Profit before tax	53	55	56	126	74	93	104	81	86	109	197	39	190
Tax %	23%	37%	8%	22%	31%	26%	36%	15%	20%	37%	30%	21%	19%
	40	35	52	98	51	69	66	68	68	69	139	31	154
EPS in Rs	2.81	2.42	3.62	6.87	3.57	4.81	4.62	4.78	4.77	4.80	9.70	2.16	10.73
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	1,116	1,129	1,148	1,239	1,336	1,567	1,422	1,533	1,958	2,332	2,768	3,213
	951	1,027	1,002	1,096	1,157	1,405	1,300	1,354	1,686	1,966	2,340	2,601
Operating Profit	165	102	146	144	179	161	122	178	272	366	428	611
OPM %	15%	9%	13%	12%	13%	10%	9%	12%	14%	16%	15%	19%
	9	53	11	32	18	10	25	9	5	14	32	43
Interest	19	8	3	2	2	4	3	4	5	13	21	26
Depreciation	32	34	35	33	28	29	33	34	48	56	76	94
Profit before tax	122	113	119	141	167	138	111	150	224	311	363	534
Tax %	26%	22%	25%	31%	30%	50%	31%	24%	32%	24%	25%	27%
	90	88	90	97	117	69	77	114	152	236	271	392
EPS in Rs	6.28	6.13	6.29	6.80	8.17	4.83	5.36	7.95	10.66	16.47	18.98	27.39
Dividend Payout %	16%	24%	37%	66%	61%	83%	187%	13%	94%	67%	53%	40%

Compounded Sales Growth
10 Years:	11%
5 Years:	18%
3 Years:	18%
TTM:	16%

Compounded Profit Growth
10 Years:	21%
5 Years:	40%
3 Years:	37%
TTM:	42%

Stock Price CAGR
10 Years:	24%
5 Years:	76%
3 Years:	100%
1 Year:	71%

Return on Equity
10 Years:	19%
5 Years:	24%
3 Years:	28%
Last Year:	33%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	14	14	14	14	14	14	14	14	14	14	14	29
Reserves	574	605	674	705	793	818	696	814	967	987	1,037	1,274
	172	36	36	38	34	40	92	14	115	418	423	573
	183	164	232	211	356	322	287	344	405	435	508	970
Total Liabilities	944	819	956	969	1,197	1,195	1,089	1,187	1,502	1,855	1,982	2,846
	243	227	221	192	191	184	193	190	297	359	454	516
CWIP	12	11	3	4	13	13	3	1	15	18	10	5
Investments	71	1	1	91	24	69	9	1	1	0	0	38
	618	581	731	682	969	929	883	995	1,190	1,477	1,518	2,287
Total Assets	944	819	956	969	1,197	1,195	1,089	1,187	1,502	1,855	1,982	2,846

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	131	85	68	90	99	62	52	157	57	-41	458	164
	-42	88	-17	-59	-22	-52	149	-59	-104	-23	-114	-73
	-82	-136	-6	-61	-68	-49	-153	-78	-11	59	-339	-89
Net Cash Flow	7	36	46	-30	9	-39	49	20	-58	-6	5	3

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	70	57	70	60	70	63	75	64	60	65	63	69
Inventory Days	172	152	190	171	217	191	212	234	225	271	210	289
Days Payable	57	39	71	51	90	102	99	118	95	95	90	128
Cash Conversion Cycle	184	170	189	180	197	152	188	180	191	241	183	231
Working Capital Days	107	106	118	116	116	119	142	134	139	166	131	149
ROCE %	19%	12%	18%	17%	21%	17%	13%	19%	24%	26%	27%	33%

Shareholding Pattern

Numbers in percentages

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	67.88%	67.88%	67.88%	67.88%	67.88%	67.88%	67.88%	67.88%	67.88%	67.88%	67.88%	67.88%
	0.37%	0.74%	1.15%	1.88%	1.87%	2.07%	2.35%	3.00%	3.21%	3.08%	3.76%	3.88%
	0.02%	0.02%	0.02%	0.03%	0.02%	0.02%	0.08%	0.13%	0.14%	0.18%	0.21%	0.17%
	31.73%	31.37%	30.95%	30.20%	30.23%	30.04%	29.69%	28.97%	28.77%	28.86%	28.15%	28.07%
No. of Shareholders	35,755	43,257	43,180	40,571	40,550	48,399	47,751	51,172	52,823	58,795	60,527	67,945

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	67.88%	67.88%	67.88%	67.88%	67.88%	67.88%	67.88%	67.88%	67.88%
	0.40%	0.75%	0.83%	0.72%	0.26%	0.31%	1.88%	3.00%	3.88%
	4.32%	4.33%	3.92%	2.77%	0.02%	0.02%	0.03%	0.13%	0.17%
	27.39%	27.03%	27.36%	28.63%	31.83%	31.79%	30.20%	28.97%	28.07%
No. of Shareholders	22,063	22,966	24,859	26,837	31,346	36,279	40,571	51,172	67,945

* 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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Banco Products (India) Ltd

Banco Products (India) Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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