Mindteck (India) Ltd

₹ 300 -2.10%

11 Dec 3:55 p.m.

About

Incorporated in 1991, Mindteck Ltd is in the business of rendering engineering and IT services^[1]

Key Points

Business Overview:^[1]
Mindteck is a CMMI Level 5 and ISO 9001:2015, ISO 13485:2016, and ISO 27001 certified, engineering and technology solutions company
which specializes in embedded systems, enterprise applications, testing, and professional services provided to Fortune 1000 companies, start-ups, universities, and government entities worldwide

Website BSE NSE

Market Cap ₹ 956 Cr.
Current Price ₹ 300
High / Low ₹ 368 / 135
Stock P/E 33.0
Book Value ₹ 76.7
Dividend Yield 0.27 %
ROCE 16.4 %
ROE 13.2 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company is almost debt free.
Company has delivered good profit growth of 59.6% CAGR over last 5 years

Cons

Stock is trading at 3.92 times its book value
The company has delivered a poor sales growth of 5.19% over past five years.
Company has a low return on equity of 12.0% 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.

Peer comparison

Sector: IT - Software Industry: Computers - Software - Medium / Small

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	75.97	75.72	73.67	81.26	84.07	82.66	88.74	93.41	98.47	95.75	97.90	108.15	108.23
	69.82	70.26	69.20	74.68	77.90	75.18	81.88	85.81	89.71	87.21	90.37	99.15	99.64
Operating Profit	6.15	5.46	4.47	6.58	6.17	7.48	6.86	7.60	8.76	8.54	7.53	9.00	8.59
OPM %	8.10%	7.21%	6.07%	8.10%	7.34%	9.05%	7.73%	8.14%	8.90%	8.92%	7.69%	8.32%	7.94%
	0.95	1.05	1.65	1.33	1.03	0.98	1.09	1.68	1.60	1.52	1.66	0.23	1.75
Interest	0.18	0.21	0.24	0.25	0.25	0.26	0.25	0.26	0.22	0.22	0.19	0.18	0.19
Depreciation	1.21	1.16	1.27	1.22	1.10	1.10	1.11	1.12	1.10	1.11	1.14	1.13	1.14
Profit before tax	5.71	5.14	4.61	6.44	5.85	7.10	6.59	7.90	9.04	8.73	7.86	7.92	9.01
Tax %	22.77%	13.42%	35.14%	20.50%	19.15%	22.39%	17.91%	21.14%	18.03%	17.64%	17.56%	19.44%	15.98%
	4.41	4.45	2.99	5.12	4.73	5.51	5.41	6.23	7.41	7.19	6.48	6.38	7.57
EPS in Rs	1.37	1.39	0.93	1.59	1.47	1.71	1.71	1.97	2.34	2.28	2.04	2.01	2.38
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	264	329	319	312	342	297	299	276	287	299	337	386	410
	261	300	290	291	331	296	295	272	267	278	310	353	376
Operating Profit	4	29	29	21	11	1	4	4	20	21	27	32	34
OPM %	1%	9%	9%	7%	3%	0%	1%	2%	7%	7%	8%	8%	8%
	0	1	1	2	3	0	3	-59	5	23	4	6	5
Interest	0	0	0	0	0	1	1	2	2	1	1	1	1
Depreciation	1	1	2	2	2	1	2	7	6	5	5	4	5
Profit before tax	3	29	28	21	11	-0	4	-64	16	38	26	34	34
Tax %	58%	35%	31%	-25%	19%	4,608%	37%	1%	33%	13%	20%	19%
	1	19	19	26	9	-6	3	-65	11	33	21	27	28
EPS in Rs	0.34	5.96	6.13	8.23	2.93	-1.77	0.86	-20.25	3.39	10.38	6.57	8.62	8.71
Dividend Payout %	-0%	13%	13%	10%	27%	-45%	92%	-0%	-0%	8%	12%	9%

Compounded Sales Growth
10 Years:	2%
5 Years:	5%
3 Years:	10%
TTM:	13%

Compounded Profit Growth
10 Years:	4%
5 Years:	60%
3 Years:	36%
TTM:	18%

Stock Price CAGR
10 Years:	20%
5 Years:	69%
3 Years:	34%
1 Year:	62%

Return on Equity
10 Years:	3%
5 Years:	8%
3 Years:	12%
Last Year:	13%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	25	25	25	25	25	25	25	25	25	25	25	25	32
Reserves	104	123	139	165	172	167	170	104	115	150	166	196	212
	4	-0	-0	-0	1	0	-0	13	26	8	6	2	0
	37	48	56	42	43	44	44	42	41	46	46	52	54
Total Liabilities	170	195	219	231	240	236	239	184	207	229	243	276	298
	90	92	92	91	90	97	101	51	38	38	36	33	31
CWIP	-0	-0	-0	-0	0	-0	-0	-0	-0	-0	-0	-0	-0
Investments	-0	-0	-0	-0	-0	8	14	0	-0	-0	-0	-0	-0
	80	103	127	140	150	130	125	133	169	191	207	243	268
Total Assets	170	195	219	231	240	236	239	184	207	229	243	276	298

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	-6	14	23	17	-12	4	-13	15	34	22	13	22
	-1	-2	-1	1	1	-12	-2	13	-25	-19	-7	-12
	4	-4	-3	-2	-1	-3	-3	-9	13	-3	-15	-2
Net Cash Flow	-3	8	19	16	-11	-11	-18	19	22	-0	-9	8

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	64	63	71	68	75	71	86	75	87	89	93	88
Inventory Days
Days Payable
Cash Conversion Cycle	64	63	71	68	75	71	86	75	87	89	93	88
Working Capital Days	32	32	31	46	59	57	79	68	52	49	57	56
ROCE %	2%	21%	18%	12%	6%	1%	3%	-1%	12%	12%	14%	16%

Shareholding Pattern

Numbers in percentages

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	63.91%	63.90%	63.84%	63.79%	64.40%	65.04%	65.01%	64.93%	64.91%	64.83%	64.61%	64.49%
	0.38%	0.21%	0.30%	0.24%	0.22%	0.20%	0.21%	0.20%	0.20%	0.33%	0.22%	0.04%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.00%
	34.09%	34.27%	34.24%	34.35%	33.74%	33.11%	33.13%	33.23%	33.23%	33.92%	35.15%	35.47%
	1.62%	1.62%	1.62%	1.61%	1.63%	1.65%	1.65%	1.64%	1.64%	0.92%	0.00%	0.00%
No. of Shareholders	19,297	22,328	22,886	22,855	20,783	19,962	19,809	19,272	20,710	22,246	25,624	32,698

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	64.73%	64.29%	64.13%	64.13%	64.13%	63.90%	65.04%	64.83%	64.49%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.21%	0.20%	0.33%	0.04%
	0.00%	0.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	35.27%	34.01%	34.25%	34.25%	34.25%	34.27%	33.11%	33.92%	35.47%
	0.00%	1.63%	1.62%	1.62%	1.62%	1.62%	1.65%	0.92%	0.00%
No. of Shareholders	10,735	10,825	10,694	10,971	9,843	22,328	19,962	22,246	32,698

* 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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Documents

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Concalls

Jul 2024

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May 2019

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Feb 2019

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Aug 2018

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Feb 2018

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Feb 2016

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