Nitiraj Engineers Ltd

₹ 205 -0.43%

11 Jun 1:43 p.m.

About

Incorporated in 1989, Nitiraj Engineers Ltd manufactures and sells Electronic Weighing Scales, Currency Counting Machines, Taxi Fare Meters, etc.^[1]

Key Points

Business Overview:^[1]^[2]^[3]
Company is a manufacturer of Electronic Weighing Scales and Systems, Currency Counting Machines and Electronic Fare Meters under the brand name Phoenix. Company supplies machines to various state governments under Child Growth Monitoring Systems (CGMS) program. These machines have advanced technology support in form of data collection, plotting, MIS and dissemination.
It has a sales and service network of 13 Branch offices, 430 Dealers distributors in Middle East and SAARC Countries. Company's associate entity is engaged into software development, software solutions, IT consulting services and IT enabled services etc.

Website NSE - BE

Market Cap ₹ 210 Cr.
Current Price ₹ 205
High / Low ₹ 422 / 186
Stock P/E 43.5
Book Value ₹ 80.8
Dividend Yield 0.73 %
ROCE 8.39 %
ROE 5.95 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company is almost debt free.
Debtor days have improved from 43.5 to 32.2 days.

Cons

Stock is trading at 2.53 times its book value
Company has a low return on equity of 7.50% 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

Consumer Discretionary Consumer Durables Consumer Durables Consumer Electronics

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	13.59	7.50	15.85	11.36	11.37	11.71	15.91	20.25	52.58	4.27	12.56	37.08	22.61
	13.82	6.86	14.98	10.28	10.40	9.91	13.15	16.68	42.32	5.89	11.86	27.47	21.86
Operating Profit	-0.23	0.64	0.87	1.08	0.97	1.80	2.76	3.57	10.26	-1.62	0.70	9.61	0.75
OPM %	-1.69%	8.53%	5.49%	9.51%	8.53%	15.37%	17.35%	17.63%	19.51%	-37.94%	5.57%	25.92%	3.32%
	-2.90	0.03	0.08	0.00	0.17	0.23	0.09	0.17	0.50	0.26	0.21	0.09	0.35
Interest	0.15	0.14	0.07	0.08	0.04	0.05	0.00	0.01	0.02	0.03	0.01	0.07	0.10
Depreciation	0.88	0.89	0.91	0.92	0.96	0.81	0.85	0.87	0.83	0.81	0.86	0.93	0.91
Profit before tax	-4.16	-0.36	-0.03	0.08	0.14	1.17	2.00	2.86	9.91	-2.20	0.04	8.70	0.09
Tax %	-28.12%	-27.78%	633.33%	-250.00%	214.29%	24.79%	20.00%	25.17%	25.13%	-25.00%	50.00%	25.17%	155.56%
	-3.00	-0.26	-0.22	0.28	-0.17	0.87	1.61	2.14	7.42	-1.65	0.02	6.51	-0.06
EPS in Rs	-2.93	-0.25	-0.21	0.27	-0.17	0.85	1.57	2.09	7.24	-1.61	0.02	6.35	-0.06
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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
	41.02	43.51	61.06	58.84	38.80	53.88	47.86	53.40	39.63	46.08	100.44	76.52
	35.33	37.36	52.48	50.89	35.02	45.17	44.26	45.29	37.83	42.54	82.05	67.09
Operating Profit	5.69	6.15	8.58	7.95	3.78	8.71	3.60	8.11	1.80	3.54	18.39	9.43
OPM %	13.87%	14.13%	14.05%	13.51%	9.74%	16.17%	7.52%	15.19%	4.54%	7.68%	18.31%	12.32%
	0.16	0.36	0.15	0.31	2.26	1.14	1.88	0.23	-2.62	0.28	1.00	0.91
Interest	0.05	0.30	0.74	0.51	0.05	0.11	0.45	0.28	0.50	0.32	0.09	0.20
Depreciation	0.57	0.67	0.95	0.90	1.75	1.26	1.42	3.09	3.13	3.68	3.36	3.51
Profit before tax	5.23	5.54	7.04	6.85	4.24	8.48	3.61	4.97	-4.45	-0.18	15.94	6.63
Tax %	25.62%	24.55%	23.86%	32.85%	27.59%	28.54%	28.25%	26.76%	-24.72%	105.56%	24.47%	27.15%
	3.89	4.18	5.36	4.60	3.07	6.07	2.59	3.63	-3.36	-0.37	12.04	4.83
EPS in Rs	29.92	32.15	7.15	4.47	2.98	5.89	2.53	3.54	-3.28	-0.36	11.75	4.71
Dividend Payout %	0.00%	0.00%	0.00%	3.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	12.77%	0.00%

Compounded Sales Growth
10 Years:	6%
5 Years:	10%
3 Years:	25%
TTM:	-24%

Compounded Profit Growth
10 Years:	1%
5 Years:	20%
3 Years:	163%
TTM:	-59%

Stock Price CAGR
10 Years:	%
5 Years:	30%
3 Years:	48%
1 Year:	-19%

Return on Equity
10 Years:	6%
5 Years:	6%
3 Years:	8%
Last Year:	6%

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	1.00	1.00	6.00	8.20	8.20	8.20	10.25	10.25	10.25	10.25	10.25	10.25
Reserves	22.87	27.06	25.63	49.42	52.61	58.68	59.22	61.39	57.97	57.33	69.41	72.56
	0.25	2.02	7.19	0.00	0.00	0.00	5.35	0.62	3.97	3.20	0.23	0.02
	8.58	6.98	6.33	7.55	3.28	5.99	3.89	7.25	5.56	9.04	10.63	10.17
Total Liabilities	32.70	37.06	45.15	65.17	64.09	72.87	78.71	79.51	77.75	79.82	90.52	93.00
	11.62	12.20	8.73	10.80	12.50	26.80	33.45	28.10	36.31	33.60	32.58	37.01
CWIP	0.00	0.50	0.00	0.00	0.00	0.00	4.08	11.15	1.60	1.60	1.60	0.00
Investments	0.01	0.01	1.01	22.01	24.69	2.01	2.01	2.39	2.46	1.49	12.30	18.72
	21.07	24.35	35.41	32.36	26.90	44.06	39.17	37.87	37.38	43.13	44.04	37.27
Total Assets	32.70	37.06	45.15	65.17	64.09	72.87	78.71	79.51	77.75	79.82	90.52	93.00

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
	5.69	-2.94	-4.29	-4.96	-2.80	15.86	9.90	1.54	1.45	0.71	17.87	14.20
	-1.25	-1.76	-0.80	-2.97	-3.33	-15.61	-10.90	-4.01	-5.69	0.50	-12.84	-12.44
	-1.02	1.48	5.17	14.82	0.00	-0.06	4.62	-0.46	2.96	-1.19	-3.20	-1.83
Net Cash Flow	3.42	-3.21	0.07	6.90	-6.14	0.19	3.62	-2.93	-1.28	0.02	1.84	-0.08

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	61.57	52.09	62.23	33.62	39.42	104.19	74.13	60.35	75.98	51.64	46.48	32.25
Inventory Days	116.02	217.39	264.20	158.45	223.01	239.67	198.70	175.08	260.16	340.96	112.77	161.51
Days Payable	49.62	26.50	84.29	104.66	53.95	79.62	48.31	29.56	16.66	38.34	16.49	20.25
Cash Conversion Cycle	127.97	242.98	242.13	87.41	208.47	264.25	224.51	205.87	319.49	354.26	142.76	173.51
Working Capital Days	64.78	129.19	143.53	61.97	147.03	188.12	159.70	172.18	241.86	207.13	90.63	178.25
ROCE %	23.30%	21.55%	22.58%	15.26%	7.26%	12.77%	4.43%	7.14%	-1.23%	0.45%	21.00%	8.39%

Shareholding Pattern

Numbers in percentages

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	69.07%	69.07%	69.07%	69.07%	69.07%	69.07%	69.07%	69.07%	69.07%	69.07%	69.07%	69.07%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.05%
	30.94%	30.93%	30.93%	30.93%	30.93%	30.93%	30.93%	30.93%	30.93%	30.93%	30.93%	30.88%
No. of Shareholders	1,615	1,548	1,542	1,641	1,647	1,430	1,787	1,961	2,062	2,843	3,428	4,571

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	66.56%	66.56%	66.78%	68.06%	69.07%	69.07%	69.07%	69.07%	69.07%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.05%
	33.44%	33.43%	21.78%	31.95%	30.93%	30.93%	30.93%	30.93%	30.88%
No. of Shareholders	831	641	592	512	506	1,355	1,641	1,961	4,571

* 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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