Rolex Rings Ltd

About

Rolex Rings is a leading manufacturer of forged and machined components in India and is one of the top 5 forging companies in India. The company is a Global supplier of hot rolled forged, machined bearing rings and automotive components for various segments of vehicles, Industrial Machinery, Wind Turbines and Railways

Key Points

Leading Forging company [1]
Rolex Rings limited is one of the top 5 Forging companies in India and a leading manufacturer and global supplier of hot rolled forged and machined bearing rings and automotive components for segments of vehicles including passenger vehicles, commercial vehicles, two-wheeler vehicles, and off-highway vehicles and electric vehicles.

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  • Market Cap 2,906 Cr.
  • Current Price 1,067
  • High / Low 1,265 / 1,008
  • Stock P/E 33.4
  • Book Value 132
  • Dividend Yield 0.00 %
  • ROCE 15.6 %
  • ROE 27.7 %
  • Face Value 10.0

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 26.67%

Cons

  • Stock is trading at 8.10 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • The company has delivered a poor sales growth of 0.59% over past five years.
  • Tax rate seems low
  • Company might be capitalizing the interest cost
  • Debtor days have increased from 81.46 to 101.15 days.
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Quarterly Results

Figures in Rs. Crores

Jun 2020 Mar 2021 Jun 2021
73 209 227
72 165 174
Operating Profit 1 44 54
OPM % 2% 21% 24%
Other Income 0 6 4
Interest -0 4 7
Depreciation 6 6 6
Profit before tax -5 39 45
Tax % 35% 0% 32%
Net Profit -3 39 30
EPS in Rs -1.24 16.21 12.64

Profit & Loss

Figures in Rs. Crores

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
598 696 770 904 666 616
489 543 609 703 544 507
Operating Profit 109 153 161 201 121 109
OPM % 18% 22% 21% 22% 18% 18%
Other Income 2 9 7 7 9 3
Interest 58 55 50 42 32 12
Depreciation 22 23 23 25 27 25
Profit before tax 32 84 95 141 72 75
Tax % 22% 9% 22% 58% 27% -16%
Net Profit 25 77 74 59 53 87
EPS in Rs 10.26 31.90 30.69 24.62 22.08 36.26
Dividend Payout % 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years:%
5 Years:1%
3 Years:-7%
TTM:-7%
Compounded Profit Growth
10 Years:%
5 Years:29%
3 Years:6%
TTM:64%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:%
1 Year:%
Return on Equity
10 Years:%
5 Years:38%
3 Years:27%
Last Year:28%

Balance Sheet

Figures in Rs. Crores

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
38 38 38 32 33 36
Reserves -24 53 126 183 236 323
Borrowings 602 530 431 377 250 238
140 157 222 198 177 212
Total Liabilities 741 764 804 782 686 797
335 346 336 382 374 372
CWIP 8 0 40 1 0 1
Investments 0 0 0 0 0 0
398 418 428 399 312 423
Total Assets 741 764 804 782 686 797

Cash Flows

Figures in Rs. Crores

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
156 136 194 184 59
-35 32 -36 -14 -36
-128 -121 -158 -168 -20
Net Cash Flow -7 47 -1 1 3

Ratios

Figures in Rs. Crores

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 105 92 95 73 70 101
Inventory Days 167 150 161 135 145 217
Days Payable 139 142 98 77 82 149
Cash Conversion Cycle 133 100 158 131 133 169
Working Capital Days 135 111 87 102 107 137
ROCE % 22% 24% 31% 19% 16%

Shareholding Pattern

Numbers in percentages

Sep 2021
57.64
4.06
17.91
20.40

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