Nitiraj Engineers Ltd

₹ 209 -3.34%

19 Mar 3:40 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

Market Cap ₹ 214 Cr.
Current Price ₹ 209
High / Low ₹ 359 / 170
Stock P/E
Book Value ₹ 65.9
Dividend Yield 0.72 %
ROCE 0.38 %
ROE -0.35 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.

Cons

Stock is trading at 3.17 times its book value
Company has low interest coverage ratio.
The company has delivered a poor sales growth of 3.16% over past five years.
Company has a low return on equity of 1.36% 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

Consolidated Figures in Rs. Crores / View Standalone

	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
	26.00	21.87	7.07	11.64	15.19	4.99	8.78	12.27	13.59	7.50	15.85	11.36	11.37
	23.75	20.52	6.77	10.07	13.57	4.68	8.11	11.31	13.93	6.90	15.04	10.28	10.42
Operating Profit	2.25	1.35	0.30	1.57	1.62	0.31	0.67	0.96	-0.34	0.60	0.81	1.08	0.95
OPM %	8.65%	6.17%	4.24%	13.49%	10.66%	6.21%	7.63%	7.82%	-2.50%	8.00%	5.11%	9.51%	8.36%
	0.05	1.83	0.08	0.05	0.14	0.06	0.18	0.06	-2.90	0.03	0.08	0.07	0.36
Interest	0.18	0.27	0.15	0.04	0.04	0.08	0.14	0.13	0.15	0.14	0.07	0.08	0.04
Depreciation	0.56	0.86	0.75	0.77	0.79	0.72	0.75	0.78	0.88	0.89	0.91	0.92	0.96
Profit before tax	1.56	2.05	-0.52	0.81	0.93	-0.43	-0.04	0.11	-4.27	-0.40	-0.09	0.15	0.31
Tax %	25.00%	31.22%	0.00%	14.81%	30.11%	-2.33%	125.00%	36.36%	-27.40%	-25.00%	211.11%	-133.33%	96.77%
	1.14	1.27	-0.52	0.69	0.66	-0.41	-0.09	0.08	-3.11	-0.30	-0.28	0.36	0.00
EPS in Rs	1.11	1.24	-0.51	0.67	0.64	-0.40	-0.09	0.08	-3.03	-0.29	-0.27	0.35	0.00
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	61.06	67.81	39.44	53.88	47.86	53.40	39.63	46.08
	52.48	59.86	35.69	45.22	44.43	45.38	38.00	42.59
Operating Profit	8.58	7.95	3.75	8.66	3.43	8.02	1.63	3.49
OPM %	14.05%	11.72%	9.51%	16.07%	7.17%	15.02%	4.11%	7.57%
	0.15	0.31	2.26	1.14	1.88	0.23	-2.62	0.47
Interest	0.74	0.51	0.05	0.11	0.45	0.28	0.50	0.32
Depreciation	0.95	0.90	1.75	1.26	1.42	3.09	3.13	3.68
Profit before tax	7.04	6.85	4.21	8.43	3.44	4.88	-4.62	-0.04
Tax %	23.86%	32.85%	27.79%	28.71%	29.65%	27.25%	-23.81%	475.00%
	5.36	4.60	3.04	6.02	2.41	3.54	-3.53	-0.23
EPS in Rs	7.15	4.47	2.95	5.84	2.35	3.45	-3.44	-0.22
Dividend Payout %	0.00%	3.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Compounded Sales Growth
10 Years:	%
5 Years:	3%
3 Years:	-1%
TTM:	16%

Compounded Profit Growth
10 Years:	%
5 Years:	%
3 Years:	%
TTM:	49%

Stock Price CAGR
10 Years:	%
5 Years:	34%
3 Years:	45%
1 Year:	-39%

Return on Equity
10 Years:	%
5 Years:	3%
3 Years:	1%
Last Year:	0%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Equity Capital	6.00	8.20	8.20	8.20	10.25	10.25	10.25	10.25
Reserves	25.63	49.42	52.58	58.60	58.96	61.04	57.45	57.33
	7.19	0.00	0.00	0.00	5.35	0.62	3.97	3.20
	6.33	7.55	3.28	5.99	3.89	7.25	5.56	9.04
Total Liabilities	45.15	65.17	64.06	72.79	78.45	79.16	77.23	79.82
	8.73	10.80	12.50	26.80	37.53	28.10	36.31	33.60
CWIP	0.00	0.00	0.00	0.00	0.00	11.15	1.60	1.60
Investments	1.01	22.01	24.66	1.93	1.75	2.04	1.94	1.49
	35.41	32.36	26.90	44.06	39.17	37.87	37.38	43.13
Total Assets	45.15	65.17	64.06	72.79	78.45	79.16	77.23	79.82

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	-4.29	-4.96	-2.84	15.86	9.90	1.54	1.45	0.71
	-0.80	-2.97	-3.33	-15.61	-10.90	-4.01	-5.69	0.50
	5.17	14.82	0.00	-0.06	4.62	-0.46	2.96	-1.19
Net Cash Flow	0.07	6.90	-6.17	0.19	3.62	-2.93	-1.28	0.02

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	62.23	29.17	38.78	104.19	74.13	60.35	75.98	51.64
Inventory Days	264.20	158.45	223.01	239.67	198.70	175.08	260.16	340.96
Days Payable	84.29	104.66	53.95	79.62	48.31	29.56	16.66	38.34
Cash Conversion Cycle	242.13	82.96	207.83	264.25	224.51	205.87	319.49	354.26
Working Capital Days	100.55	53.77	144.65	188.12	118.90	170.61	206.12	182.34
ROCE %		15.26%	4.86%	12.70%	4.20%	7.05%	-1.48%	0.38%

Insights

In beta

Mar 2014

Mar 2015

Mar 2016

Mar 2017

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Installed Manufacturing Capacity
Scales per annum ・Standalone data

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Number of Branch Offices
Numbers ・Standalone data

Number of Dealers
Numbers ・Standalone data

Total Employee Strength
Numbers ・Standalone data

Segment Share - Commercial Weighing Scales
Percentage ・Standalone data

Capacity Utilization
Percentage ・Standalone data

Daily Production Volume (Peak Orders)
Machines per day ・Standalone data

Factory Floor Area Expansion
Square Feet ・Standalone data

Order Book Value
INR Crores ・Standalone data

Shareholding Pattern

Numbers in percentages

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 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%	0.05%	0.00%	0.00%	0.00%
	30.93%	30.93%	30.93%	30.93%	30.93%	30.93%	30.93%	30.93%	30.88%	30.93%	30.93%	30.93%
No. of Shareholders	1,641	1,647	1,430	1,787	1,961	2,062	2,843	3,428	4,571	4,356	4,258	4,013

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Dec 2025
	66.56%	66.56%	66.78%	68.06%	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%
	33.44%	33.43%	21.78%	31.95%	30.93%	30.93%	30.93%	30.93%	30.88%	30.93%
No. of Shareholders	831	641	592	512	506	1,355	1,641	1,961	4,571	4,013

* 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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