Nitiraj Engineers Ltd

₹ 214 -3.90%

21 Jul - close price

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

Market Cap ₹ 219 Cr.
Current Price ₹ 214
High / Low ₹ 237 / 168
Stock P/E 207
Book Value ₹ 80.3
Dividend Yield 0.70 %
ROCE 1.79 %
ROE 1.28 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.

Cons

Stock is trading at 2.66 times its book value
The company has delivered a poor sales growth of -2.77% over past five years.
Company has a low return on equity of 7.37% over last 3 years.
Earnings include an other income of Rs.1.48 Cr.
Working capital days have increased from 154 days to 280 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.

Peer comparison

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	11.37	11.71	15.91	20.25	52.58	4.27	12.56	37.08	22.61	10.54	16.39	11.31	8.18
	10.40	9.91	13.15	16.68	42.32	5.89	11.86	27.47	21.86	10.52	13.68	10.20	8.48
Operating Profit	0.97	1.80	2.76	3.57	10.26	-1.62	0.70	9.61	0.75	0.02	2.71	1.11	-0.30
OPM %	8.53%	15.37%	17.35%	17.63%	19.51%	-37.94%	5.57%	25.92%	3.32%	0.19%	16.53%	9.81%	-3.67%
	0.17	0.23	0.09	0.17	0.50	0.26	0.21	0.09	0.35	0.36	0.40	0.34	0.37
Interest	0.04	0.05	0.00	0.01	0.02	0.03	0.01	0.07	0.10	0.00	0.03	0.01	0.02
Depreciation	0.96	0.81	0.85	0.87	0.83	0.81	0.86	0.93	0.91	0.81	0.91	0.92	0.90
Profit before tax	0.14	1.17	2.00	2.86	9.91	-2.20	0.04	8.70	0.09	-0.43	2.17	0.52	-0.85
Tax %	214.29%	24.79%	20.00%	25.17%	25.13%	-25.00%	50.00%	25.17%	155.56%	-25.58%	25.35%	23.08%	-25.88%
	-0.17	0.87	1.61	2.14	7.42	-1.65	0.02	6.51	-0.06	-0.32	1.63	0.39	-0.64
EPS in Rs	-0.17	0.85	1.57	2.09	7.24	-1.61	0.02	6.35	-0.06	-0.31	1.59	0.38	-0.62
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	43.51	61.06	58.84	38.80	53.88	47.86	53.40	39.63	46.08	100.44	76.52	46.41
	37.36	52.48	50.89	35.02	45.17	44.26	45.29	37.83	42.54	82.05	67.09	42.87
Operating Profit	6.15	8.58	7.95	3.78	8.71	3.60	8.11	1.80	3.54	18.39	9.43	3.54
OPM %	14.13%	14.05%	13.51%	9.74%	16.17%	7.52%	15.19%	4.54%	7.68%	18.31%	12.32%	7.63%
	0.36	0.15	0.31	2.26	1.14	1.88	0.23	-2.62	0.28	1.00	0.91	1.48
Interest	0.30	0.74	0.51	0.05	0.11	0.45	0.28	0.50	0.32	0.09	0.20	0.06
Depreciation	0.67	0.95	0.90	1.75	1.26	1.42	3.09	3.13	3.68	3.36	3.51	3.54
Profit before tax	5.54	7.04	6.85	4.24	8.48	3.61	4.97	-4.45	-0.18	15.94	6.63	1.42
Tax %	24.55%	23.86%	32.85%	27.59%	28.54%	28.25%	26.76%	-24.72%	105.56%	24.47%	27.15%	24.65%
	4.18	5.36	4.60	3.07	6.07	2.59	3.63	-3.36	-0.37	12.04	4.83	1.06
EPS in Rs	32.15	7.15	4.47	2.98	5.89	2.53	3.54	-3.28	-0.36	11.75	4.71	1.03
Dividend Payout %	0.00%	0.00%	3.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	12.77%	31.83%	0.00%

Compounded Sales Growth
10 Years:	-3%
5 Years:	-3%
3 Years:	0%
TTM:	-39%

Compounded Profit Growth
10 Years:	-15%
5 Years:	-22%
3 Years:	%
TTM:	-77%

Stock Price CAGR
10 Years:	%
5 Years:	33%
3 Years:	32%
1 Year:	1%

Return on Equity
10 Years:	5%
5 Years:	5%
3 Years:	7%
Last Year:	1%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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	1.00	6.00	8.20	8.20	8.20	10.25	10.25	10.25	10.25	10.25	10.25	10.25
Reserves	27.06	25.63	49.42	52.61	58.68	59.22	61.39	57.97	57.33	69.41	72.56	72.08
	2.02	7.19	0.00	0.00	0.00	5.35	0.62	3.97	3.20	0.23	0.02	0.02
	6.98	6.33	7.55	3.28	5.99	3.89	7.25	5.56	9.04	10.63	10.17	10.81
Total Liabilities	37.06	45.15	65.17	64.09	72.87	78.71	79.51	77.75	79.82	90.52	93.00	93.16
	12.20	8.73	10.80	12.50	26.80	33.45	28.10	36.31	33.60	32.58	35.16	39.08
CWIP	0.50	0.00	0.00	0.00	0.00	4.08	11.15	1.60	1.60	1.60	1.86	0.00
Investments	0.01	1.01	22.01	24.69	2.01	2.01	2.39	2.46	1.49	12.30	18.72	8.26
	24.35	35.41	32.36	26.90	44.06	39.17	37.87	37.38	43.13	44.04	37.26	45.82
Total Assets	37.06	45.15	65.17	64.09	72.87	78.71	79.51	77.75	79.82	90.52	93.00	93.16

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-2.94	-4.29	-4.96	-2.80	15.86	9.90	1.54	1.45	0.71	17.87	14.20	-3.43
	-1.76	-0.80	-2.97	-3.33	-15.61	-10.90	-4.01	-5.69	0.50	-12.84	-12.44	6.29
	1.48	5.17	14.82	0.00	-0.06	4.62	-0.46	2.96	-1.19	-3.20	-1.83	-1.60
Net Cash Flow	-3.21	0.07	6.90	-6.14	0.19	3.62	-2.93	-1.28	0.02	1.84	-0.08	1.27
Free Cash Flow	-4.70	-5.09	-7.59	-5.09	1.51	0.42	-2.47	-3.45	-0.12	15.54	7.86	-8.86
CFO/OP	-16%	-50%	-62%	-74%	182%	275%	25%	141%	20%	108%	160%	-82%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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	52.09	62.23	33.62	39.42	104.19	74.13	60.35	75.98	51.64	46.48	32.25	37.04
Inventory Days	217.39	264.20	158.45	223.01	239.67	198.70	175.08	260.16	340.96	112.77	161.51	424.80
Days Payable	26.50	84.29	104.66	53.95	79.62	48.31	29.56	16.66	38.34	16.49	20.25	41.69
Cash Conversion Cycle	242.98	242.13	87.41	208.47	264.25	224.51	205.87	319.49	354.26	142.76	173.51	420.15
Working Capital Days	112.24	100.55	61.97	147.03	188.12	118.90	170.61	206.12	182.34	90.20	92.68	279.98
ROCE %	21.55%	22.58%	15.26%	7.26%	12.77%	4.43%	7.14%	-1.23%	0.45%	21.00%	7.96%	1.79%

Insights

In beta

Mar 2014

Mar 2015

Mar 2016

Mar 2017

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2024

Mar 2025

Government Sales Share
% of revenue

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Number of Branch Offices
count

Number of Dealers
count

Annual Production Capacity
scales per year

Number of Products (SKUs)
count

Commercial Weighing Scale Revenue Share
% of revenue

Capacity Utilization
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	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%	0.05%	0.00%	0.00%	0.00%	0.00%	0.00%
	30.93%	30.93%	30.93%	30.93%	30.93%	30.93%	30.88%	30.93%	30.93%	30.93%	30.93%	30.93%
No. of Shareholders	1,430	1,787	1,961	2,062	2,843	3,428	4,571	4,356	4,258	4,013	3,545	3,598

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
	66.56%	66.56%	66.78%	68.06%	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%	0.05%	0.00%	0.00%
	33.44%	33.43%	21.78%	31.95%	30.93%	30.93%	30.93%	30.93%	30.88%	30.93%	30.93%
No. of Shareholders	831	641	592	512	506	1,355	1,641	1,961	4,571	3,545	3,598

* 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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