Banco Products (India) Ltd Stock Analysis

BSE: 500039 | NSE: BANCOINDIA | Auto Ancillary | Small Cap

BSE Share Price 31-Jan-2023 18:03
200.50 7.60 (3.94%)

DeciZen - Make an Informed Decision on Banco Products (I)

Overall Rating

1. Quality

2. Valuation

Fair

3. Price Trend

Semi Strong

Banco Products (I) Price Chart

P/E Ratio ( SA) :
7.11
Market Cap :
1,434 Cr.
52-wk low :
118.2
52-wk high :
269.8
Bole Toh?

1. Is Banco Products (India) Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Banco Products (India) Ltd is a average quality company.

2. Is Banco Products (India) Ltd undervalued or overvalued?

The key valuation ratios of Banco Products (India) Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

3. Is Banco Products (India) Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Banco Products (India) Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Banco Products (I):

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Banco Products (India) Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Value Creation Index Colour Code Guide

Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22TTM
ROCE % 8.8%14.7%9.4%18.4%20.3%19.9%18.5%10.1%13.6%12.5%-
Value Creation Index -0.40.1-0.30.30.50.40.3-0.3-0.0-0.1-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 446447420493510619736598654795905
YoY Gr. Rt. %-0.3%-6.1%17.4%3.5%21.4%19%-18.7%9.2%21.7%-
Adj EPS 4.88.95.611.214.316.316.58.510.911.428.2
YoY Gr. Rt. %-85%-36.6%99.8%27.4%13.9%1%-48.4%28.5%4.3%-
BVPS (₹) 4754.557.163.477.58692.774.785.995.899.2
Adj Net Profit 34.263.440.280.310211711860.878.181.4202
Cash Flow from Ops. 81.388.761.25958.123.846.659.159.31.4-
Debt/CF from Ops. 1.91.30.4000.10.1000-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 6.7%9.3%2.6%21.7%
Adj EPS 10.1%-4.5%-11.6%4.3%
BVPS 8.24.31.111.4
Share Price 13.3% -3.3% 26.8% 11.5%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22TTM
Return on Equity % 10.517.410.118.620.319.918.410.213.612.528.9
Op. Profit Mgn % 14.917.915.218.818.415.31412.417.912.715
Net Profit Mgn % 7.714.29.616.320.118.81610.21210.222.3
Debt to Equity 0.50.30.100000000
Working Cap Days 196182164128134144141166171177224
Cash Conv. Cycle 9810210087889084107107119142

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 28.90%

Sales growth is good in last 4 quarters at 19.60%

Sales growth has been subdued in last 3 years 2.60%

Net Profit has been subdued in last 3 years -11.55%

Latest Financials - Banco Products (India) Ltd.

Standalone Consolidated
TTM EPS (₹) 28.2 20.1
TTM Sales (₹ Cr.) 905 2,090
BVPS (₹.) 99.2 130.1
Reserves (₹ Cr.) 695 916
P/BV 2.02 1.54
PE 7.11 9.97
From the Market
52 Week Low / High (₹) 118.20 / 269.75
All Time Low / High (₹) 1.47 / 276.25
Market Cap (₹ Cr.) 1,434
Equity (₹ Cr.) 14.3
Face Value (₹) 2
Industry PE 35.2

Management X-Ray of Banco Products (I) :

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Banco Products (I)

Adj EPS (Rs.)
Sales (Cr.)
ROE (%)
ROCE (%)

News

Banco Products (India) Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Banco Products (I) on 31-Jan-2023 18:03 is : 200.5.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 31-Jan-2023 18:03 the market cap of Banco Products (I) stood at ₹ 1,434.
The latest PE ratio of Banco Products (I) as of 31-Jan-2023 18:03 is 7.11.
The latest PB ratio of Banco Products (I) as of 31-Jan-2023 18:03 is 2.02
The 52-week high of Banco Products (I) is ₹ 269.8 and the 52-week low is ₹ 118.2.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue / sales of Banco Products (I) is ₹ 905.4 ( Cr.) .

About Banco Products (India) Ltd

Banco Products (India) started in 1962 with the goal of supplying quality products and services for maximum client satisfaction to clients throughout the world. It is working in collaboration with Elring Klinger, Germany and Japan Metal Gaskets, Japan for the Indian market.

The company is having four modern manufacturing plants based at Baroda (Vadodara), approximately 400 kilometers north from Bombay (Mumbai), with state-of-the-art facilities for Production, Design & Development and Quality Assurance. We have a dedicated and professional team working on innovative programs using advanced technology to meet tough challenges.

With a personnel strength of 600 plus dedicated to produce a better product, combined with constant investments in Design and Development, Banco Products (India) Limited is at the forefront of its field.

Banco Products (India) has been a dedicated supplier of high quality engine cooling components and engine sealing gaskets to the automotive industry for over four decades. It offers a complete line of radiators, intercoolers, oil-coolers and all types of engine gaskets.

In February 2010, the board of the company  decided to acquire Nederlandse Radiateuren Fabroiek and its subsidiaries, engaged in the business of manufacturing and distribution of heat transfer products, by purchasing 100 per cent of its equity from shareholders at an aggregate consideration of 17.70 million euros. In March the the company completed the acquisition and Nederlandse Radiateurn Fabriek B.V. - Netherlands become 100% subsidiary of the Company with effect from February 23, 2010.

In 2009, Banco Products finalised contracts with three US-based auto wholesalers in the July-September quarter, marking its entry into the US market.

In  September 2008, Banco Products (I)  announced that the Board of Directors at its meeting held on August 30, 2008, inter alia, has approved a proposal for amalgamation of Ganga Investments Pvt. Ltd with the Company. The Board of directors also approved share exchange ratio recommended by valuers as 236:1 i.e. 236 equity share of Rs 2 each of the Company to be given in exchange of every one equity shares of Rs 100 each held by the shareholders of Ganga Investments Pvt. Ltd whose names appear on Record Date as may be fixed by the Company in due course of time after obtaining the various approvals.

In 2007, Banco Products (I) allotted 6,78,208 equity shares of the face value of Rs 10 each share at a price of Rs 150 per share (33,91,040 equity shares of Rs 2 each at price of Rs 30 per share after sub division) to Japan Metal Gaskets Company Ltd Japan on preferential basis.

Products range of the company:

Gasket- The company manufactures a complete sealing solutions for applications in area of Automotive, Industrial and Agriculture. The company manufactures and exports a whole range of automotive gaskets for diesel engines, agriculture diesel engines, cylinder head gaskets including asbestos steel composite cylinder head gasket, copper cylinder head gasket, edge-moulded cylinder head gasket, gasket head kit, steel composite cylinder head gasket, graphite composite cylinder head gasket and multi layered steel cylinder head gasket.

Radiator- The company manufactures and exports radiators ranging from high performance radiator, auto radiator, car radiator, industrial radiators, intercoolers ranging from air to water intercooler, air to air intercooler, custom designed inter cooler, cabin heater and replacement cores for various automotive, industrial and agricultural applications. Banco also manufactures oil coolers in both brazed aluminium and copper-brass designs for automotive and off road applications.

Banco is a supplier and exporter of radiators and charge air coolers to all major OEMS within India and some leading companies in Europe. Our list of Customers include Tata Motors, Ashok Leyland, Mahindra & Mahindra, Same, Bharat Earth Movers Limited, Caterpillar, John Deere, Tafe, JCB, Massey Ferguson, Indian Railways, Boss Manufacturing Limited and Case New Holland.

It also caters to radiator replacement and auto and car part radiator markets with extensive range of radiators covering popular German, French and Japanese cars.

Compressed Fibre Jointing Sheets (CFJS) - Banco manufactures high quality compressed jointing sheets using non asbestos raw materials. Banco Products exports all varieties of compressed fibre jointing sheets which cover a complete range of Automotive and Industrial applications world wide.

Milestones and Awards

The quality systems of the company are certified to ISO/TS 16949:2002.

2010
-Banco Products (India) Ltd acquired of 100% Equity shareholding of NEDERLANDSE RADIATEURN FABRIEK B.V. - Netherlands
-Company has commenced manufacturing unit at Rudrapur mainly to meet the requirements in and around Rudrapur.

2011
- Banco Products (India) Ltd which is already holding 99.80% Equity Sharers of Kilimanjaro Biochem Limited, acquired 00.20% Equity Shares of Kilimanjaro Biochem Limited & now Kilimanjaro Biochem Limited is Wholly Owned Subsidiary of Banco Products (India) Limited
-Company made investment in 100% Equity shareholding of Lake Minerals (Mauritius) Limited

2012
-Banco Products (India) Ltd - Commercial production of Radiators started at its manufacturing facilities

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