Banco Products (India) Ltd

₹ 618 -0.79%

25 Aug 10:24 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 ₹ 8,842 Cr.
Current Price ₹ 618
High / Low ₹ 880 / 502
Stock P/E 18.3
Book Value ₹ 118
Dividend Yield 3.74 %
ROCE 30.9 %
ROE 31.2 %
Face Value ₹ 2.00

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Pros

Company has delivered good profit growth of 32.6% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 30.3%

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

Consumer Discretionary Automobile and Auto Components Auto Components Auto Components & Equipments

Part of Nifty Smallcap 500 BSE Consumer Discretionary Nifty Microcap 250 Nifty Total Market BSE 1000 Nifty Total Market Momentum Quality 50

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	749	725	571	724	804	895	639	875	970	1,038	789	1,099	1,184
	653	602	482	610	671	689	581	660	788	889	664	874	971
Operating Profit	97	122	89	114	133	206	58	214	182	149	125	225	213
OPM %	13%	17%	16%	16%	17%	23%	9%	24%	19%	14%	16%	20%	18%
	16	3	12	6	2	17	5	19	14	59	27	20	6
Interest	5	6	4	7	7	6	5	8	7	8	8	-0	5
Depreciation	15	16	17	28	19	19	20	36	24	25	26	60	35
Profit before tax	93	104	81	86	109	197	39	190	164	175	119	186	179
Tax %	26%	36%	15%	20%	37%	30%	21%	19%	33%	20%	28%	21%	31%
	69	66	68	68	69	139	31	154	110	139	86	147	122
EPS in Rs	4.81	4.62	4.78	4.77	4.80	9.70	2.16	10.73	7.66	9.71	6.00	10.31	8.56
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	1,129	1,148	1,239	1,336	1,567	1,422	1,533	1,958	2,332	2,768	3,213	3,896	4,110
	1,027	1,002	1,096	1,157	1,405	1,300	1,354	1,686	1,966	2,340	2,601	3,215	3,398
Operating Profit	102	146	144	179	161	122	178	272	366	428	611	681	712
OPM %	9%	13%	12%	13%	10%	9%	12%	14%	16%	15%	19%	17%	17%
	53	11	32	18	10	25	9	5	14	32	43	120	112
Interest	8	3	2	2	4	3	4	5	13	21	26	23	21
Depreciation	34	35	33	28	29	33	34	48	56	76	94	135	145
Profit before tax	113	119	141	167	138	111	150	224	311	363	534	644	659
Tax %	22%	25%	31%	30%	50%	31%	24%	32%	24%	25%	27%	25%
	88	90	97	117	69	77	114	152	236	271	392	482	495
EPS in Rs	6.13	6.29	6.80	8.17	4.83	5.36	7.95	10.66	16.47	18.98	27.39	33.68	34.58
Dividend Payout %	24%	37%	66%	61%	83%	187%	13%	94%	67%	53%	40%	0%

Compounded Sales Growth
10 Years:	13%
5 Years:	21%
3 Years:	19%
TTM:	22%

Compounded Profit Growth
10 Years:	18%
5 Years:	33%
3 Years:	25%
TTM:	11%

Stock Price CAGR
10 Years:	19%
5 Years:	45%
3 Years:	35%
1 Year:	6%

Return on Equity
10 Years:	21%
5 Years:	27%
3 Years:	30%
Last Year:	31%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	14	14	14	14	14	14	14	14	14	14	29	29
Reserves	605	674	705	793	818	696	814	967	987	1,037	1,274	1,656
	36	36	38	34	40	92	14	115	418	423	573	614
	164	232	211	356	322	287	344	405	435	508	868	760
Total Liabilities	819	956	969	1,197	1,195	1,089	1,187	1,502	1,855	1,982	2,744	3,058
	227	221	192	191	184	193	190	297	359	454	516	472
CWIP	11	3	4	13	13	3	1	15	18	10	5	11
Investments	1	1	91	24	69	9	1	1	0	0	38	79
	581	731	682	969	929	883	995	1,190	1,477	1,518	2,185	2,496
Total Assets	819	956	969	1,197	1,195	1,089	1,187	1,502	1,855	1,982	2,744	3,058

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	85	68	90	99	62	52	157	57	-41	458	164	380
	88	-17	-59	-22	-52	149	-59	-104	-23	-114	-73	-175
	-136	-6	-61	-68	-49	-153	-78	-11	59	-339	-89	-189
Net Cash Flow	36	46	-30	9	-39	49	20	-58	-6	5	3	16
Free Cash Flow	61	48	89	49	21	26	125	-15	-135	363	86	267
CFO/OP	110%	70%	97%	90%	77%	72%	103%	39%	13%	128%	45%	80%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	57	70	60	70	63	75	64	60	65	63	69	69
Inventory Days	152	190	171	217	191	212	234	225	271	210	289	263
Days Payable	39	71	51	90	102	99	118	95	95	90	128	100
Cash Conversion Cycle	170	189	180	197	152	188	180	191	241	183	231	232
Working Capital Days	103	107	105	108	111	120	132	133	123	102	106	125
ROCE %	12%	18%	17%	21%	17%	13%	19%	24%	26%	27%	32%	31%

Insights

In beta

Mar 2016

Mar 2017

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Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Export Revenue Share (% of Standalone Turnover)
% of standalone turnover ・Standalone data

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R&D Expenditure (% of Standalone Turnover)
% of standalone turnover ・Standalone data

Total Workforce (Employees + Workers)
Number ・Standalone data

Installed Capacity (Radiators per year)
million radiators per year ・Standalone data

Energy Intensity (per unit of physical output)
GJ per unit ・Standalone data

Number of Countries Exported To
Number ・Standalone data

Number of Dealers/Distributors
Number ・Standalone data

Water Intensity (per unit of physical output)
KL per unit ・Standalone data

R&D Expenditure (Percentage of Turnover)
% ・Standalone data

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	67.88%	67.88%	67.88%	67.88%	67.88%	67.88%	67.88%	67.88%	67.88%	67.88%	67.88%	67.88%
	2.07%	2.35%	3.00%	3.21%	3.08%	3.76%	3.88%	3.83%	4.40%	4.00%	4.06%	3.92%
	0.02%	0.08%	0.13%	0.14%	0.18%	0.21%	0.17%	0.43%	0.29%	0.22%	0.22%	0.24%
	30.04%	29.69%	28.97%	28.77%	28.86%	28.15%	28.07%	27.85%	27.42%	27.89%	27.83%	27.98%
No. of Shareholders	48,399	47,751	51,172	52,823	58,795	60,527	67,945	69,540	72,708	76,314	76,781	76,328

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
	67.88%	67.88%	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%	4.06%	3.92%
	4.32%	4.33%	3.92%	2.77%	0.02%	0.02%	0.03%	0.13%	0.17%	0.22%	0.24%
	27.39%	27.03%	27.36%	28.63%	31.83%	31.79%	30.20%	28.97%	28.07%	27.83%	27.98%
No. of Shareholders	22,063	22,966	24,859	26,837	31,346	36,279	40,571	51,172	67,945	76,781	76,328

* 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

Insights

Shareholding Pattern

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