India Nippon Electricals Ltd
₹ 1,185
-2.14%
15 Jul
12:07 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 ₹ 2,680 Cr.
- Current Price ₹ 1,185
- High / Low ₹ 1,247 / 653
- Stock P/E 29.4
- Book Value ₹ 363
- Dividend Yield 1.30 %
- ROCE 17.0 %
- ROE 11.9 %
- Face Value ₹ 5.00
Pros
- Company is almost debt free.
- Company has delivered good profit growth of 18.1% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 35.0%
Cons
- Company has a low return on equity of 11.5% over last 3 years.
- Earnings include an other income of Rs.45.8 Cr.
* 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 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 324 | 336 | 351 | 452 | 525 | 479 | 481 | 566 | 656 | 724 | 845 | 1,068 | |
| 290 | 301 | 316 | 388 | 449 | 424 | 436 | 517 | 603 | 658 | 751 | 950 | |
| Operating Profit | 33 | 35 | 35 | 64 | 76 | 55 | 45 | 50 | 53 | 66 | 94 | 119 |
| OPM % | 10% | 10% | 10% | 14% | 14% | 11% | 9% | 9% | 8% | 9% | 11% | 11% |
| 7 | 9 | 14 | 13 | 15 | 26 | 16 | 25 | 23 | 25 | 30 | 46 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 1 |
| Depreciation | 8 | 4 | 4 | 6 | 8 | 9 | 10 | 13 | 15 | 15 | 21 | 18 |
| Profit before tax | 32 | 40 | 44 | 71 | 83 | 71 | 51 | 62 | 60 | 76 | 103 | 146 |
| Tax % | 29% | 27% | 33% | 29% | 29% | 24% | 22% | 18% | 20% | 22% | 20% | 24% |
| 23 | 29 | 30 | 50 | 59 | 54 | 40 | 50 | 48 | 59 | 82 | 111 | |
| EPS in Rs | 10.21 | 12.80 | 13.08 | 22.01 | 25.88 | 24.02 | 17.52 | 22.21 | 21.32 | 26.21 | 36.37 | 49.14 |
| Dividend Payout % | 44% | 35% | 38% | 30% | 27% | 28% | 34% | 28% | 43% | 39% | 34% | 32% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 12% |
| 5 Years: | 17% |
| 3 Years: | 18% |
| TTM: | 26% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 14% |
| 5 Years: | 18% |
| 3 Years: | 24% |
| TTM: | 11% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 19% |
| 5 Years: | 26% |
| 3 Years: | 39% |
| 1 Year: | 55% |
| Return on Equity | |
|---|---|
| 10 Years: | 11% |
| 5 Years: | 11% |
| 3 Years: | 11% |
| Last Year: | 12% |
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 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 |
| Reserves | 212 | 245 | 264 | 331 | 389 | 408 | 440 | 494 | 549 | 612 | 700 | 810 |
| 0 | 0 | 0 | 0 | 0 | 5 | 5 | 4 | 4 | 3 | 2 | 2 | |
| 55 | 70 | 86 | 103 | 109 | 105 | 137 | 132 | 154 | 211 | 226 | 244 | |
| Total Liabilities | 278 | 326 | 362 | 445 | 510 | 529 | 593 | 641 | 718 | 837 | 939 | 1,067 |
| 47 | 50 | 57 | 64 | 66 | 81 | 91 | 130 | 134 | 143 | 154 | 173 | |
| CWIP | 1 | 2 | 3 | 7 | 7 | 13 | 34 | 5 | 13 | 13 | 4 | 7 |
| Investments | 126 | 154 | 189 | 226 | 261 | 262 | 261 | 278 | 355 | 432 | 472 | 532 |
| 104 | 121 | 112 | 148 | 176 | 173 | 207 | 228 | 215 | 249 | 308 | 355 | |
| Total Assets | 278 | 326 | 362 | 445 | 510 | 529 | 593 | 641 | 718 | 837 | 939 | 1,067 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 30 | 33 | 42 | 27 | 36 | 52 | 38 | 7 | 57 | 63 | 50 | 40 | |
| -17 | -14 | -36 | -17 | -17 | -7 | -34 | 28 | -46 | -39 | -12 | -18 | |
| -11 | -17 | -7 | -8 | -18 | -38 | -15 | -15 | -22 | -25 | -30 | -36 | |
| Net Cash Flow | 1 | 2 | -1 | 1 | 2 | 8 | -10 | 20 | -11 | -1 | 8 | -15 |
| Free Cash Flow | 19 | 27 | 29 | 9 | 21 | 45 | 1 | 4 | 32 | 39 | 26 | 14 |
| CFO/OP | 114% | 118% | 152% | 70% | 80% | 126% | 109% | 33% | 128% | 118% | 77% | 60% |
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 | 71 | 66 | 69 | 75 | 72 | 67 | 83 | 76 | 66 | 71 | 73 | 71 |
| Inventory Days | 29 | 39 | 35 | 38 | 38 | 45 | 49 | 46 | 45 | 51 | 46 | 45 |
| Days Payable | 48 | 60 | 97 | 94 | 80 | 88 | 103 | 83 | 77 | 95 | 89 | 72 |
| Cash Conversion Cycle | 52 | 45 | 7 | 20 | 30 | 24 | 29 | 39 | 35 | 27 | 30 | 43 |
| Working Capital Days | 40 | 26 | 9 | 23 | 32 | 33 | 35 | 49 | 38 | 29 | 37 | 46 |
| ROCE % | 14% | 15% | 14% | 22% | 22% | 15% | 12% | 10% | 11% | 13% | 15% | 17% |
Insights
In beta| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Number of Permanent Employees count |
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| Aftermarket Sales INR Mn |
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| FWM Share within Key Customers % |
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| Indian 2-Wheeler Industry Volume Mn units |
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| 2-Wheeler Share of Revenue % |
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| Export Share of Revenue % |
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| INEL FWM Volume Mn units |
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| Top Customer (Customer A) Concentration % |
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| R&D Expenditure (Percentage of Turnover) % ・Standalone data |
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Documents
Announcements
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Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
1d - Certificate under Regulation 74(5) of SEBI (DP) Regulations, 2018 for the quarter ended 30th June 2026.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
9 Jul - Copies of Newspaper advertisement published in "Business Standard" (English) and "Hindu" (Tamil) editions confirming completion of dispatch of Notice of the 41st Annual ....
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Letter To Shareholders - Annual Report FY 2025-26
8 Jul - 41st AGM on 30 July 2026; annual report FY2025-26 shared via web link and QR code.
- Reg. 34 (1) Annual Report. 8 Jul
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Business Responsibility and Sustainability Reporting (BRSR)
8 Jul - India Nippon Electricals submitted voluntary BRSR for FY 2025-26 with annual report and AGM notice.
Annual reports
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Financial Year 2026
from bse
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Concalls
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Jun 2026TranscriptAI SummaryPPT
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Mar 2026TranscriptAI SummaryPPT
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Feb 2026TranscriptAI SummaryPPT
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Nov 2025TranscriptAI SummaryPPT
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Sep 2025TranscriptAI SummaryPPT
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Aug 2025TranscriptAI SummaryPPT
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Jun 2025TranscriptAI SummaryPPT
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Jun 2025TranscriptAI SummaryPPT
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Mar 2025TranscriptAI SummaryPPT
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Feb 2025TranscriptAI SummaryPPT
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Dec 2024TranscriptAI SummaryPPT
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Aug 2024TranscriptAI SummaryPPT
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Jul 2024TranscriptAI SummaryPPT
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Jun 2024TranscriptAI SummaryPPT
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Mar 2024TranscriptAI SummaryPPT
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Jan 2024TranscriptAI SummaryPPT
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.