India Nippon Electricals Ltd
India Nippon Electricals is a manufacturer of Ignition Systems for two-wheelers, three-wheelers, and portable engines [1]
It was incorporated in 1984 and was converted into a joint venture in 1986 between Lucas Indian Service Ltd, a wholly-owned subsidiary of Lucas-TVS Ltd and MAHLE Electric Drives Japan Corporation(Japan) – a company of MAHLE Group [2]
- Market Cap ₹ 2,251 Cr.
- Current Price ₹ 995
- High / Low ₹ 1,010 / 545
- Stock P/E 25.8
- Book Value ₹ 314
- Dividend Yield 1.28 %
- ROCE 15.4 %
- ROE 12.3 %
- Face Value ₹ 5.00
Pros
- Company has reduced debt.
- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 36.6%
Cons
- Stock is trading at 3.19 times its book value
- Company has a low return on equity of 10.9% over last 3 years.
* 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.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
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 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 261 | 328 | 336 | 351 | 452 | 525 | 479 | 481 | 566 | 656 | 724 | 845 | 883 | |
| 236 | 294 | 300 | 313 | 388 | 448 | 422 | 435 | 515 | 603 | 658 | 751 | 783 | |
| Operating Profit | 25 | 34 | 36 | 38 | 65 | 77 | 57 | 46 | 51 | 53 | 66 | 94 | 100 |
| OPM % | 9% | 10% | 11% | 11% | 14% | 15% | 12% | 10% | 9% | 8% | 9% | 11% | 11% |
| 7 | 6 | 10 | 14 | 12 | 14 | 25 | 16 | 14 | 32 | 25 | 30 | 31 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 6 | 8 | 4 | 4 | 6 | 8 | 9 | 10 | 13 | 15 | 15 | 21 | 21 |
| Profit before tax | 26 | 32 | 41 | 47 | 71 | 84 | 72 | 52 | 52 | 70 | 76 | 103 | 110 |
| Tax % | 25% | 29% | 26% | 31% | 29% | 29% | 23% | 21% | 22% | 17% | 22% | 20% | |
| 20 | 23 | 31 | 32 | 50 | 60 | 55 | 41 | 40 | 58 | 59 | 82 | 87 | |
| EPS in Rs | 8.70 | 10.03 | 13.54 | 14.34 | 22.15 | 26.31 | 24.40 | 17.99 | 17.80 | 25.58 | 26.21 | 36.26 | 38.55 |
| Dividend Payout % | 52% | 45% | 33% | 35% | 29% | 27% | 28% | 33% | 35% | 36% | 39% | 34% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 10% |
| 5 Years: | 12% |
| 3 Years: | 14% |
| TTM: | 18% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 14% |
| 5 Years: | 12% |
| 3 Years: | 34% |
| TTM: | 28% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 18% |
| 5 Years: | 24% |
| 3 Years: | 29% |
| 1 Year: | 28% |
| Return on Equity | |
|---|---|
| 10 Years: | 11% |
| 5 Years: | 10% |
| 3 Years: | 11% |
| Last Year: | 12% |
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 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 |
| Reserves | 204 | 214 | 255 | 277 | 334 | 390 | 408 | 439 | 482 | 549 | 612 | 700 |
| -0 | -0 | -0 | -0 | -0 | -0 | 5 | 5 | 4 | 4 | 3 | 2 | |
| 51 | 55 | 70 | 86 | 103 | 109 | 104 | 137 | 132 | 154 | 211 | 226 | |
| Total Liabilities | 266 | 281 | 336 | 374 | 448 | 510 | 529 | 592 | 630 | 718 | 837 | 939 |
| 39 | 42 | 44 | 52 | 59 | 61 | 76 | 86 | 130 | 134 | 143 | 154 | |
| CWIP | 1 | 1 | 2 | 3 | 7 | 7 | 13 | 34 | 5 | 13 | 13 | 4 |
| Investments | 119 | 142 | 176 | 214 | 241 | 274 | 274 | 273 | 290 | 359 | 436 | 477 |
| 108 | 97 | 113 | 105 | 141 | 169 | 166 | 200 | 204 | 211 | 245 | 304 | |
| Total Assets | 266 | 281 | 336 | 374 | 448 | 510 | 529 | 592 | 630 | 718 | 837 | 939 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 18 | 30 | 33 | 34 | 26 | 35 | 49 | 39 | 8 | 57 | 63 | 49 | |
| -18 | -18 | -14 | -29 | -17 | -15 | -5 | -34 | 10 | -33 | -39 | -12 | |
| -12 | -11 | -17 | -7 | -8 | -18 | -38 | -15 | -15 | -22 | -25 | -30 | |
| Net Cash Flow | -13 | 1 | 2 | -1 | 1 | 2 | 7 | -10 | 3 | 2 | -1 | 7 |
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 | 83 | 71 | 66 | 69 | 75 | 72 | 67 | 83 | 76 | 66 | 71 | 73 |
| Inventory Days | 34 | 29 | 39 | 35 | 38 | 38 | 45 | 49 | 46 | 45 | 51 | 46 |
| Days Payable | 63 | 48 | 60 | 97 | 94 | 80 | 88 | 103 | 83 | 77 | 95 | 89 |
| Cash Conversion Cycle | 54 | 52 | 45 | 7 | 20 | 30 | 24 | 29 | 39 | 35 | 27 | 30 |
| Working Capital Days | 59 | 39 | 26 | 9 | 23 | 32 | 33 | 35 | 49 | 38 | 29 | 37 |
| ROCE % | 12% | 14% | 15% | 15% | 22% | 23% | 15% | 12% | 9% | 12% | 13% | 15% |
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Newspaper Publication
3 Sep - Copies of newspaper advertisement published in Business Standard (English) and Hindu (Tamil) editions today i.e. September 03, 2025, regarding special window for re-lodgement of transfer …
-
Letter To Shareholders - Annual Report FY 2024-25
29 Aug - Letters with weblink/QR for 40th AGM on 19 Sep 2025 and FY2024-25 annual report.
-
Announcement under Regulation 30 (LODR)-Newspaper Publication
29 Aug - Copies of Newspaper advertisement published in "Business Standard" (English) and "Hindu" (Tamil) confirming completion of dispatch of Notice of 40th AGM and Annual Report of …
-
Business Responsibility and Sustainability Reporting (BRSR)
28 Aug - India Nippon files FY2024-25 Business Responsibility & Sustainability Report; annual report available (FY ended March 31, 2025).
- Book Closure For The Purpose Of 40Th Annual General Meeting 28 Aug
Annual reports
-
Financial Year 2025
from bse
-
Financial Year 2024
from bse
-
Financial Year 2023
from bse
-
Financial Year 2022
from bse
-
Financial Year 2021
from bse
-
Financial Year 2020
from bse
-
Financial Year 2019
from bse
-
Financial Year 2018
from bse
-
Financial Year 2017
from bse
-
Financial Year 2016
from bse
-
Financial Year 2015
from bse
-
Financial Year 2014
from bse
-
Financial Year 2013
from bse
-
Financial Year 2012
from bse
-
Financial Year 2011
from nse
Concalls
-
Aug 2025TranscriptNotesPPT
-
Jun 2025TranscriptNotesPPT
-
Jun 2025TranscriptNotesPPT
-
Mar 2025TranscriptNotesPPT
-
Feb 2025TranscriptNotesPPT
-
Dec 2024TranscriptNotesPPT
-
Aug 2024TranscriptNotesPPT
-
Jul 2024TranscriptNotesPPT
-
Jun 2024TranscriptNotesPPT
-
Mar 2024TranscriptNotesPPT
-
Jan 2024TranscriptNotesPPT
Product Portfolio[1]
1. Electronic Ignition System
The company offers modern ignition systems that replace conventional mechanical ignition in older vehicles. These systems ensure precise ignition of the air-fuel mixture in the engine’s cylinders, enhancing combustion efficiency and power generation.
2. Controllers
It develops electronic control units (ECUs) and modules that manage and regulate various vehicle systems.
3. Sensors
The company provides a range of sensors installed throughout vehicles to monitor critical operating conditions.
4. Electric Vehicles
Through its center in Tamil Nadu, the company focuses on developing EV technology products for emission control and compliance. They design mechatronic products with advanced software solutions for a wide range of applications.
5. Aftermarket
The company has a dedicated team for the aftermarket segment, working to strengthen its brand image, expand its product range, and enhance sales promotion efforts.