Nitiraj Engineers Ltd

₹ 218 -3.72%

25 Sep - 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

Products:
The product portfolio includes analytical and electromagnetic balances for labs, pharma, and jewellery; commercial, retail, and industrial scales; and healthcare devices like baby, adult, BMI, and growth-monitoring instruments. Other lines cover currency-counting machines, access-control and automation products, plus digital fare meters and mechanical scales, though individual revenue figures are unavailable.^[1] ^[2]

Website NSE

Market Cap ₹ 223 Cr.
Current Price ₹ 218
High / Low ₹ 241 / 168
Stock P/E
Book Value ₹ 65.9
Dividend Yield 0.69 %
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 3.30 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:	38%
3 Years:	28%
1 Year:	8%

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
Free Cash Flow	-5.09	-7.59	-5.13	1.51	0.42	-2.47	-3.46	-0.12
CFO/OP	-50%	-62%	-76%	183%	289%	26%	156%	20%

Ratios

Consolidated / 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 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 ・Standalone data

Number of Dealers
count ・Standalone data

Annual Production Capacity
scales per year ・Standalone data

Number of Products (SKUs)
count ・Standalone data

Commercial Weighing Scale Revenue Share
% of revenue

Capacity Utilization
% ・Standalone data

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

4 Recently

	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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