New Risk • Jul 18
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 29% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹1,169, the stock trades at a trailing P/E ratio of 23.8x. Average trailing P/E is 29x in the Auto Components industry in India. Total returns to shareholders of 174% over the past three years. Reported Earnings • May 29
Full year 2026 earnings released: EPS: ₹49.14 (vs ₹36.37 in FY 2025) Full year 2026 results: EPS: ₹49.14 (up from ₹36.37 in FY 2025). Revenue: ₹11.0b (up 30% from FY 2025). Net income: ₹1.11b (up 35% from FY 2025). Profit margin: 10% (in line with FY 2025). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 28
India Nippon Electricals Limited, Annual General Meeting, Jul 30, 2026 India Nippon Electricals Limited, Annual General Meeting, Jul 30, 2026, at 10:00 Indian Standard Time. Announcement • May 25
India Nippon Electricals Limited to Report Q4, 2026 Results on May 28, 2026 India Nippon Electricals Limited announced that they will report Q4, 2026 results at 12:08 PM, Indian Standard Time on May 28, 2026 Reported Earnings • Feb 16
Third quarter 2026 earnings released: EPS: ₹11.02 (vs ₹7.06 in 3Q 2025) Third quarter 2026 results: EPS: ₹11.02 (up from ₹7.06 in 3Q 2025). Revenue: ₹2.80b (up 31% from 3Q 2025). Net income: ₹249.3m (up 56% from 3Q 2025). Profit margin: 8.9% (up from 7.4% in 3Q 2025). Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 27% per year. New Risk • Nov 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (dividend per share is over 5x cash flows per share). Share price has been volatile over the past 3 months (6.8% average weekly change). Large one-off items impacting financial results. Reported Earnings • Nov 16
Second quarter 2026 earnings released: EPS: ₹10.26 (vs ₹9.35 in 2Q 2025) Second quarter 2026 results: EPS: ₹10.26 (up from ₹9.35 in 2Q 2025). Revenue: ₹2.79b (up 33% from 2Q 2025). Net income: ₹232.0m (up 9.6% from 2Q 2025). Profit margin: 8.3% (down from 10% in 2Q 2025). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 08
India Nippon Electricals Limited to Report Q2, 2026 Results on Nov 14, 2025 India Nippon Electricals Limited announced that they will report Q2, 2026 results at 4:00 PM, Indian Standard Time on Nov 14, 2025 Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹1,046, the stock trades at a trailing P/E ratio of 27.1x. Average trailing P/E is 34x in the Auto Components industry in India. Total returns to shareholders of 133% over the past three years. Board Change • Sep 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. Independent Director Heramb Hajarnavis was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Aug 14
India Nippon Electricals Limited, Annual General Meeting, Sep 19, 2025 India Nippon Electricals Limited, Annual General Meeting, Sep 19, 2025, at 10:00 Indian Standard Time. Location: vidoe conferencing, India Reported Earnings • Aug 14
First quarter 2026 earnings released: EPS: ₹10.26 (vs ₹8.02 in 1Q 2025) First quarter 2026 results: EPS: ₹10.26 (up from ₹8.02 in 1Q 2025). Revenue: ₹2.37b (up 27% from 1Q 2025). Net income: ₹232.1m (up 28% from 1Q 2025). Profit margin: 9.8% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 24% per year. Announcement • Aug 14
India Nippon Electricals Limited Appoints K Kanakaraju as Chief Technology Officer D and Senior Management Personnel, with Effect from August 13, 2025 India Nippon Electricals Limited announced the appointment of Mr. K Kanakaraju is appointed as a Chief Technology Officer D and designated as Senior Management Personnel of the Company. Date of appointment is August 13, 2025. Mr. K. Kanakaraju is a mechanical engineer with over 35 years of rich experience in Research & Development, Product Design and Development, and Program Management across a range of leading engineering and manufacturing organizations. He is known for his key strengths in building talent & upskilling existing manpower for driving innovation along with robust systems and processes. Before joining INEL, he has been part of
Rane TRW Steering Systems Ltd., Premier Evolvics Pvt Ltd., Wipro Fluid Power Ltd., ELGI Ultra Industries Ltd., Lakshmi machine Works, BPL Systems and Projects Ltd., and Pricol Limited. Announcement • Aug 09
India Nippon Electricals Limited to Report Q1, 2026 Results on Aug 13, 2025 India Nippon Electricals Limited announced that they will report Q1, 2026 results on Aug 13, 2025 Reported Earnings • May 31
Full year 2025 earnings released: EPS: ₹36.37 (vs ₹26.21 in FY 2024) Full year 2025 results: EPS: ₹36.37 (up from ₹26.21 in FY 2024). Revenue: ₹8.75b (up 21% from FY 2024). Net income: ₹822.8m (up 39% from FY 2024). Profit margin: 9.4% (up from 8.2% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 22% per year. Announcement • May 24
India Nippon Electricals Limited to Report Q4, 2025 Results on May 30, 2025 India Nippon Electricals Limited announced that they will report Q4, 2025 results on May 30, 2025 Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹637, the stock trades at a trailing P/E ratio of 19x. Average trailing P/E is 28x in the Auto Components industry in India. Total returns to shareholders of 58% over the past three years. Declared Dividend • Feb 15
Dividend increased to ₹12.50 Dividend of ₹12.50 is 22% higher than last year. Ex-date: 21st February 2025 Payment date: 14th March 2025 Dividend yield will be 2.1%, which is higher than the industry average of 0.6%. Sustainability & Growth Dividend is covered by earnings (37% earnings payout ratio) but not covered by cash flows (103% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 4.9% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Feb 14
India Nippon Electricals Limited Approves Interim Dividend for the Financial Year 2024-25, Payable on or Before March 14, 2025 India Nippon Electricals Limited Board of Directors at their meeting held on February 13, 2025, approved Interim Dividend of INR 12.50 per equity share of INR 5 each for the Financial Year 2024-25. Pursuant to Regulation 42, informed that, the Record date for the said Interim Dividend shall be February 21, 2025. The list of shareholders as on the record date shall be entitled to receive the said interim dividend. The Interim dividend will be paid to such shareholders on or before March 14, 2025. Reported Earnings • Feb 14
Third quarter 2025 earnings released: EPS: ₹7.06 (vs ₹5.34 in 3Q 2024) Third quarter 2025 results: EPS: ₹7.06 (up from ₹5.34 in 3Q 2024). Revenue: ₹2.17b (up 21% from 3Q 2024). Net income: ₹159.6m (up 32% from 3Q 2024). Profit margin: 7.4% (up from 6.8% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Feb 08
India Nippon Electricals Limited to Report Q3, 2025 Results on Feb 13, 2025 India Nippon Electricals Limited announced that they will report Q3, 2025 results at 9:08 AM, Indian Standard Time on Feb 13, 2025 Reported Earnings • Nov 15
Second quarter 2025 earnings released: EPS: ₹9.35 (vs ₹7.75 in 2Q 2024) Second quarter 2025 results: EPS: ₹9.35 (up from ₹7.75 in 2Q 2024). Revenue: ₹2.19b (up 15% from 2Q 2024). Net income: ₹211.6m (up 21% from 2Q 2024). Profit margin: 9.7% (in line with 2Q 2024). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 09
India Nippon Electricals Limited to Report Q2, 2025 Results on Nov 13, 2024 India Nippon Electricals Limited announced that they will report Q2, 2025 results on Nov 13, 2024 Reported Earnings • Aug 07
First quarter 2025 earnings released: EPS: ₹8.02 (vs ₹4.09 in 1Q 2024) First quarter 2025 results: EPS: ₹8.02 (up from ₹4.09 in 1Q 2024). Revenue: ₹1.97b (up 23% from 1Q 2024). Net income: ₹181.4m (up 96% from 1Q 2024). Profit margin: 9.2% (up from 5.8% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 06
India Nippon Electricals Limited, Annual General Meeting, Sep 18, 2024 India Nippon Electricals Limited, Annual General Meeting, Sep 18, 2024, at 10:00 Indian Standard Time. Location: vidoe conferencing, India Announcement • Jul 31
India Nippon Electricals Limited to Report Q1, 2025 Results on Aug 06, 2024 India Nippon Electricals Limited announced that they will report Q1, 2025 results on Aug 06, 2024 Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹792, the stock trades at a trailing P/E ratio of 30.2x. Average trailing P/E is 30x in the Auto Components industry in India. Total returns to shareholders of 126% over the past three years. Reported Earnings • Jun 05
Full year 2024 earnings released: EPS: ₹26.21 (vs ₹21.32 in FY 2023) Full year 2024 results: EPS: ₹26.21 (up from ₹21.32 in FY 2023). Revenue: ₹7.24b (up 10% from FY 2023). Net income: ₹593.0m (up 23% from FY 2023). Profit margin: 8.2% (up from 7.3% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 25
India Nippon Electricals Limited to Report Q4, 2024 Results on May 30, 2024 India Nippon Electricals Limited announced that they will report Q4, 2024 results on May 30, 2024 Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₹626, the stock trades at a trailing P/E ratio of 26.7x. Average trailing P/E is 28x in the Auto Components industry in India. Total returns to shareholders of 81% over the past three years. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹778, the stock trades at a trailing P/E ratio of 33.2x. Average trailing P/E is 31x in the Auto Components industry in India. Total returns to shareholders of 98% over the past three years. New Risk • Feb 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.5% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.9% average weekly change). Large one-off items impacting financial results. Upcoming Dividend • Feb 16
Upcoming dividend of ₹10.25 per share Eligible shareholders must have bought the stock before 23 February 2024. Payment date: 14 March 2024. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 1.4%. Within top quartile of Indian dividend payers (1.2%). Higher than average of industry peers (0.7%). Declared Dividend • Feb 15
Dividend increased to ₹10.25 Dividend of ₹10.25 is 11% higher than last year. Ex-date: 23rd February 2024 Payment date: 14th March 2024 Dividend yield will be 1.5%, which is higher than the industry average of 0.6%. Sustainability & Growth The dividend has increased by an average of 6.3% per year over the past 10 years. However, payments have been volatile during that time. Reported Earnings • Feb 14
Third quarter 2024 earnings released: EPS: ₹5.34 (vs ₹6.00 in 3Q 2023) Third quarter 2024 results: EPS: ₹5.34 (down from ₹6.00 in 3Q 2023). Revenue: ₹1.85b (up 18% from 3Q 2023). Net income: ₹120.8m (down 11% from 3Q 2023). Profit margin: 6.5% (down from 8.7% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 13
India Nippon Electricals Limited Approves Interim Dividend for the Financial Year 2023-24 India Nippon Electricals Limited at the meeting of the Board of Directors held on February 13, 2024, declared an Interim Dividend of INR 10.25 per fully paid-up equity share of INR 5 each, for the financial year 2023- 24. The interim dividend will be paid/dispatched within the due date to all the shareholders whose names appear in the Register of Members as on the Record Date. The Board of Directors fixed the Record Date as February 23, 2024 for this purpose. The dividend will be credited to the account of the shareholders or the dividend warrant in respect thereof will be dispatched within 30 days from the date of its declaration. Announcement • Feb 07
India Nippon Electricals Limited to Report Q3, 2024 Results on Feb 13, 2024 India Nippon Electricals Limited announced that they will report Q3, 2024 results on Feb 13, 2024 Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹672, the stock trades at a trailing P/E ratio of 27.9x. Average trailing P/E is 31x in the Auto Components industry in India. Total returns to shareholders of 111% over the past three years. Reported Earnings • Nov 10
Second quarter 2024 earnings released: EPS: ₹7.75 (vs ₹7.40 in 2Q 2023) Second quarter 2024 results: EPS: ₹7.75 (up from ₹7.40 in 2Q 2023). Revenue: ₹1.95b (up 4.5% from 2Q 2023). Net income: ₹175.4m (up 4.8% from 2Q 2023). Profit margin: 9.0% (in line with 2Q 2023). Over the last 3 years on average, earnings per share has increased by 13% per year and the company’s share price has also increased by 13% per year. Announcement • Oct 31
India Nippon Electricals Limited to Report Q2, 2024 Results on Nov 08, 2023 India Nippon Electricals Limited announced that they will report Q2, 2024 results on Nov 08, 2023 Announcement • Sep 21
India Nippon Electricals Limited Announces Retirement of Directors India Nippon Electricals Limited announced that Mr. K G Raghavan and Mr. R Vijayaraghavan, Independent Directors of the company have retired at the conclusion of the AGM held on September 20, 2023. The Independent Directors were re-appointed for a second term of 4 years at the AGM held on 16th August 2019 up to the AGM of the company held on September 20, 2023 (for the fiscal year 2022-23). Mr. K G Raghavan retired from directorship as he served 2 terms as Independent Director of the company. Mr. R Vijayaraghavan retired from directorship as he served 2 terms as Independent Director of the company. Reported Earnings • Aug 11
First quarter 2024 earnings released: EPS: ₹4.09 (vs ₹1.64 in 1Q 2023) First quarter 2024 results: EPS: ₹4.09 (up from ₹1.64 in 1Q 2023). Revenue: ₹1.65b (up 6.3% from 1Q 2023). Net income: ₹92.6m (up 150% from 1Q 2023). Profit margin: 5.6% (up from 2.4% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Jul 28
India Nippon Electricals Limited to Report Q1, 2024 Results on Aug 10, 2023 India Nippon Electricals Limited announced that they will report Q1, 2024 results on Aug 10, 2023 Announcement • Jul 22
India Nippon Electricals Limited Announces Board Resignations This is to inform that the promoter entities of India Nippon Electricals Limited viz., Lucas Indian Service Limited (LIS), Mahle Electric Drives Japan Corporation (MEDJ) and Mahle Holding India Private Limited (MHIPL) have executed an agreement titled, `Termination Agreement and Mutual Release' on July 17, 2023 and the details thereof furnished to the Stock Exchanges. The Non-executive Directors of the Company representing Mahle Holding India Private Limited and Mahle Electric Drives Japan Corporation, as detailed below, have tendered their resignations July 19, 2023. Mr. Jakob Ruemmler (DIN: 09237428), Non-Executive Director (Representing Mahle Holding India Private Limited) Resignation to take effect from the closing hours of 19th July 2023 Mr. Kiyoyasu Kawakami (DIN: 09283649) Non-Executive Director (Representing Mahle Electric Drives Japan Corporation) Resignation to take effect from the closing hours of 19th July 2023. Reported Earnings • May 27
Full year 2023 earnings released: EPS: ₹21.32 (vs ₹21.76 in FY 2022) Full year 2023 results: EPS: ₹21.32 (down from ₹21.76 in FY 2022). Revenue: ₹6.79b (up 20% from FY 2022). Net income: ₹482.3m (down 2.0% from FY 2022). Profit margin: 7.1% (down from 8.7% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 13% per year. Announcement • May 19
India Nippon Electricals Limited to Report Q4, 2023 Results on May 26, 2023 India Nippon Electricals Limited announced that they will report Q4, 2023 results on May 26, 2023 Upcoming Dividend • Feb 17
Upcoming dividend of ₹9.25 per share at 2.5% yield Eligible shareholders must have bought the stock before 24 February 2023. Payment date: 16 March 2023. Trailing yield: 2.5%. Within top quartile of Indian dividend payers (1.6%). Higher than average of industry peers (0.6%). Reported Earnings • Feb 15
Third quarter 2023 earnings released: EPS: ₹6.00 (vs ₹4.26 in 3Q 2022) Third quarter 2023 results: EPS: ₹6.00 (up from ₹4.26 in 3Q 2022). Revenue: ₹1.56b (up 5.5% from 3Q 2022). Net income: ₹135.6m (up 41% from 3Q 2022). Profit margin: 8.7% (up from 6.5% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 2% per year. Announcement • Feb 15
India Nippon Electricals Limited Declares an Interim Dividend for the Financial Year 2022-2023 India Nippon Electricals Limited announced that its board meeting held on February 14, 2023, declared an interim dividend of INR 9.25 per fully paid up equity share of INR 5 each, for the financial year 2022-2023. The interim dividend will be paid/dispatched within the due date to all the shareholders whose names appear in the Register of Members as on the Record Date. The board of directors fixed the record date as February 24, 2023 for this purpose. Announcement • Feb 07
India Nippon Electricals Limited to Report Q3, 2023 Results on Feb 14, 2023 India Nippon Electricals Limited announced that they will report Q3, 2023 results on Feb 14, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: ₹7.40 (vs ₹7.92 in 2Q 2022) Second quarter 2023 results: EPS: ₹7.40 (down from ₹7.92 in 2Q 2022). Revenue: ₹1.86b (up 18% from 2Q 2022). Net income: ₹167.4m (down 6.6% from 2Q 2022). Profit margin: 9.0% (down from 11% in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • Nov 13
Second quarter 2023 earnings released: EPS: ₹7.40 (vs ₹7.92 in 2Q 2022) Second quarter 2023 results: EPS: ₹7.40 (down from ₹7.92 in 2Q 2022). Revenue: ₹1.92b (up 21% from 2Q 2022). Net income: ₹167.4m (down 6.6% from 2Q 2022). Profit margin: 8.7% (down from 11% in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Reported Earnings • Aug 11
First quarter 2023 earnings released: EPS: ₹1.64 (vs ₹1.54 in 1Q 2022) First quarter 2023 results: EPS: ₹1.64 (up from ₹1.54 in 1Q 2022). Revenue: ₹1.59b (up 44% from 1Q 2022). Net income: ₹37.1m (up 6.3% from 1Q 2022). Profit margin: 2.3% (down from 3.2% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • May 30
Full year 2022 earnings released: EPS: ₹22.21 (vs ₹17.52 in FY 2021) Full year 2022 results: EPS: ₹22.21 (up from ₹17.52 in FY 2021). Revenue: ₹5.66b (up 18% from FY 2021). Net income: ₹502.5m (up 27% from FY 2021). Profit margin: 8.9% (up from 8.2% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Feb 14
Upcoming dividend of ₹6.25 per share Eligible shareholders must have bought the stock before 21 February 2022. Payment date: 12 March 2022. Payout ratio is a comfortable 30% but the company is paying out more than the cash it is generating. Trailing yield: 1.3%. Lower than top quartile of Indian dividend payers (1.4%). Higher than average of industry peers (0.7%). Reported Earnings • Feb 13
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹4.26 (down from ₹7.85 in 3Q 2021). Revenue: ₹1.48b (down 3.0% from 3Q 2021). Net income: ₹96.3m (down 46% from 3Q 2021). Profit margin: 6.5% (down from 12% in 3Q 2021). The decrease in margin was primarily driven by lower revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • Aug 09
First quarter 2022 earnings released: EPS ₹1.54 (vs ₹2.48 loss in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₹1.10b (up 220% from 1Q 2021). Net income: ₹34.9m (up ₹90.9m from 1Q 2021). Profit margin: 3.2% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Reported Earnings • May 30
Full year 2021 earnings released: EPS ₹17.52 (vs ₹24.02 in FY 2020) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: ₹4.97b (up 3.9% from FY 2020). Net income: ₹396.4m (down 27% from FY 2020). Profit margin: 8.0% (down from 11% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 01
Upcoming dividend of ₹6.00 per share Eligible shareholders must have bought the stock before 08 April 2021. Payment date: 25 April 2021. Trailing yield: 1.8%. Lower than top quartile of Indian dividend payers (1.9%). Higher than average of industry peers (0.8%). Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improved over the past week After last week's 16% share price gain to ₹416, the stock is trading at a trailing P/E ratio of 24.9x, up from the previous P/E ratio of 21.5x. This compares to an average P/E of 35x in the Auto Components industry in India. Total return to shareholders over the past three years is a loss of 12%. Is New 90 Day High Low • Feb 18
New 90-day high: ₹416 The company is up 18% from its price of ₹351 on 20 November 2020. The Indian market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 32% over the same period. Reported Earnings • Feb 13
Third quarter 2021 earnings released: EPS ₹7.85 (vs ₹3.71 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₹1.54b (up 33% from 3Q 2020). Net income: ₹177.6m (up 111% from 3Q 2020). Profit margin: 12% (up from 7.2% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 08
New 90-day high: ₹370 The company is up 12% from its price of ₹332 on 09 October 2020. The Indian market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 26% over the same period. Is New 90 Day High Low • Dec 24
New 90-day high: ₹366 The company is up 11% from its price of ₹331 on 24 September 2020. The Indian market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 20% over the same period. Is New 90 Day High Low • Dec 03
New 90-day high: ₹358 The company is up 6.0% from its price of ₹339 on 04 September 2020. The Indian market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 18% over the same period. 
