India Nippon Electricals Ltd
₹ 785
-2.00%
25 Aug
2:15 p.m.
About
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]
Key Points
- Market Cap ₹ 1,775 Cr.
- Current Price ₹ 785
- High / Low ₹ 850 / 545
- Stock P/E 20.3
- Book Value ₹ 314
- Dividend Yield 1.61 %
- 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 39.0%
Cons
- Stock is trading at 2.54 times its book value
- Company has a low return on equity of 10.6% over last 3 years.
- Working capital days have increased from 55.6 days to 99.1 days
* 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.
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Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
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 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 261 | 324 | 336 | 351 | 452 | 525 | 479 | 481 | 566 | 656 | 724 | 845 | 883 | |
| 237 | 290 | 301 | 316 | 388 | 449 | 424 | 436 | 517 | 603 | 658 | 751 | 783 | |
| Operating Profit | 24 | 33 | 35 | 35 | 64 | 76 | 55 | 45 | 50 | 53 | 66 | 94 | 100 |
| OPM % | 9% | 10% | 10% | 10% | 14% | 14% | 11% | 9% | 9% | 8% | 9% | 11% | 11% |
| 9 | 7 | 9 | 14 | 13 | 15 | 26 | 16 | 25 | 23 | 25 | 30 | 32 | |
| 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 | 27 | 32 | 40 | 44 | 71 | 83 | 71 | 51 | 62 | 60 | 76 | 103 | 110 |
| Tax % | 24% | 29% | 27% | 33% | 29% | 29% | 24% | 22% | 18% | 20% | 22% | 20% | |
| 21 | 23 | 29 | 30 | 50 | 59 | 54 | 40 | 50 | 48 | 59 | 82 | 87 | |
| EPS in Rs | 9.39 | 10.21 | 12.80 | 13.08 | 22.01 | 25.88 | 24.02 | 17.52 | 22.21 | 21.32 | 26.21 | 36.37 | 38.61 |
| Dividend Payout % | 48% | 44% | 35% | 38% | 30% | 27% | 28% | 34% | 28% | 43% | 39% | 34% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 10% |
| 5 Years: | 12% |
| 3 Years: | 14% |
| TTM: | 18% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 14% |
| 5 Years: | 13% |
| 3 Years: | 27% |
| TTM: | 28% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 15% |
| 5 Years: | 17% |
| 3 Years: | 25% |
| 1 Year: | 0% |
| Return on Equity | |
|---|---|
| 10 Years: | 11% |
| 5 Years: | 10% |
| 3 Years: | 11% |
| Last Year: | 12% |
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 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 |
| Reserves | 202 | 212 | 245 | 264 | 331 | 389 | 408 | 440 | 494 | 549 | 612 | 700 |
| 0 | 0 | 0 | 0 | 0 | 0 | 5 | 5 | 4 | 4 | 3 | 2 | |
| 51 | 55 | 70 | 86 | 103 | 109 | 105 | 137 | 132 | 154 | 211 | 226 | |
| Total Liabilities | 264 | 278 | 326 | 362 | 445 | 510 | 529 | 593 | 641 | 718 | 837 | 939 |
| 45 | 47 | 50 | 57 | 64 | 66 | 81 | 91 | 130 | 134 | 143 | 155 | |
| CWIP | 1 | 1 | 2 | 3 | 7 | 7 | 13 | 34 | 5 | 13 | 13 | 4 |
| Investments | 104 | 126 | 154 | 189 | 226 | 261 | 262 | 261 | 278 | 355 | 432 | 472 |
| 115 | 104 | 121 | 112 | 148 | 176 | 173 | 207 | 228 | 215 | 249 | 308 | |
| Total Assets | 264 | 278 | 326 | 362 | 445 | 510 | 529 | 593 | 641 | 718 | 837 | 939 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 18 | 30 | 33 | 42 | 27 | 36 | 52 | 38 | 7 | 57 | 63 | 50 | |
| -18 | -17 | -14 | -36 | -17 | -17 | -7 | -34 | 28 | -46 | -39 | -12 | |
| -12 | -11 | -17 | -7 | -8 | -18 | -38 | -15 | -15 | -22 | -25 | -30 | |
| Net Cash Flow | -12 | 1 | 2 | -1 | 1 | 2 | 8 | -10 | 20 | -11 | -1 | 8 |
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 | 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 | 101 | 89 |
| Cash Conversion Cycle | 54 | 52 | 45 | 7 | 20 | 30 | 24 | 29 | 39 | 35 | 21 | 30 |
| Working Capital Days | 60 | 40 | 26 | 9 | 23 | 32 | 33 | 35 | 49 | 38 | 29 | 99 |
| ROCE % | 13% | 14% | 15% | 14% | 22% | 22% | 15% | 12% | 10% | 11% | 13% | 15% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Investor Presentation
20 Aug - Presentation on the unaudited financial results of the Company for the quarter ended June 30, 2025
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Announcement under Regulation 30 (LODR)-Newspaper Publication
16 Aug - Newspaper publication - Unaudited financial results for the quarter ended 30th June 2025
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Report Of Violation Related To Code Of Conduct Under The SEBI (Prohibition Of Insider Trading) Regulations, 2015
14 Aug - Insider trading violation by officer; Rs.68 profit disgorged, warning issued, no penalty imposed.
-
Annual General Meeting Of The Company To Be Held On Friday, 19Th September 2025
14 Aug - Q1 FY25-26 results approved; new CTO appointed; secretarial auditor appointed; AGM on Sept 19, 2025.
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Announcement under Regulation 30 (LODR)-Change in Management
13 Aug - Q1 FY2025-26 results approved; new secretarial auditor and CTO appointed; 40th AGM scheduled Sept 19, 2025.
Annual reports
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Financial Year 2024
from bse
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Financial Year 2023
from bse
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Financial Year 2022
from bse
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Financial Year 2021
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Financial Year 2020
from bse
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Financial Year 2019
from bse
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Financial Year 2018
from bse
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Financial Year 2017
from bse
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Financial Year 2016
from bse
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Financial Year 2015
from bse
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Financial Year 2014
from bse
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Financial Year 2013
from bse
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Financial Year 2012
from bse
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Financial Year 2011
from nse
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Financial Year 2011
from bse
Concalls
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Aug 2025TranscriptNotesPPT
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Jun 2025TranscriptNotesPPT
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Jun 2025TranscriptNotesPPT
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Mar 2025TranscriptNotesPPT
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Feb 2025TranscriptNotesPPT
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Dec 2024TranscriptNotesPPT
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Aug 2024TranscriptNotesPPT
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Jul 2024TranscriptNotesPPT
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Jun 2024TranscriptNotesPPT
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Mar 2024TranscriptNotesPPT
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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.