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10 Yrs X-Ray 
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Banco Products (India) Ltd (BANCOINDIA)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500039 NSE: BANCOINDIA Auto Ancillary | Small Cap | Banco Products (I) Share Price
₹618.15 -12.75 (-2.02%)
As on 11-Sep'26 16:01
Banco Products (India) Ltd (BANCOINDIA)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500039 NSE: BANCOINDIA Auto Ancillary | Small Cap | Banco Products (I) Share Price
₹618.15 -12.75 (-2.02%)
As on 11-Sep'26 16:01
Key Metrics
Valuation Multiples
Market Cap
₹9,024 Cr.
Current Price
₹618.2
52-Week Low / High
₹503 / 880
TTM EPS
₹34.6
TTM Sales
₹4,078 Cr.
Book Value per Share
₹126.3
P/E Ratio
18.25
In line with its 5-year historical median
Industry PE
49.2
Price to Book (P/B)
5.00
Lower than its 5-year historical median
Price to Sales (P/S)
2.21
Lower than its 5-year historical median
EV/EBITDA
11.67
Lower than its 5-year historical median
Dividend Yield
3.72%
Profitability Efficiency
Return on Equity (ROE)
32.26%
Outperforms industry median
Return on Capital Employed (ROCE)
35.86%
Outperforms industry median
Return on Assets (ROA)
16.60%
Operating Profit Margin
17.7%
Net Profit Margin
12.36%
Gross Profit Margin
19.4%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
12.69%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
11.98%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
22.94%
Asset Quality
Promoter Holding
67.88%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,778 Cr.
Equity
₹28.6 Cr.
Face Value
₹2
All Time Low / High
₹0.74 / 879.60
Check Before You Invest
Quality
Very GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Semi Strong
Is Banco Products (India) Ltd a good quality company?
Banco Products (India) Ltd is a good quality company, based on a consistently good multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Banco Products (India) Ltd performance compare with that of its Peers?
Revenue growth of Banco Products (India) Ltd vs industry peers?
Banco Products (India) Ltd revenue CAGR is 20.52%, compared to the industry median CAGR of 0.79%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Banco Products (India) Ltd?
Promoters hold 67.88% of the Banco Products (India) Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Banco Products (India) Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 18.9% based on the current price.
10 Year X-Ray :
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 endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
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 majority of the past ten years indicating its past ten year financial track record is very good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 27.1% | 25.1% | 27.3% | 16.8% | 18.2% | 17% | 39.8% | 40.4% | 39.2% | 49.3% | - |
| Value Creation Index ⓘ | 0.9 | 0.8 | 1.0 | 0.2 | 0.3 | 0.2 | 1.8 | 1.9 | 1.8 | 2.7 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 510 | 619 | 736 | 598 | 654 | 795 | 1,004 | 1,011 | 1,105 | 1,245 | 1,265 |
| Sales YoY Gr. | - | 21.4% | 19% | -18.7% | 9.2% | 21.7% | 26.2% | 0.8% | 9.3% | 12.7% | - |
| Adj EPS ⓘ | 7.2 | 8.3 | 8.2 | 4.3 | 5.5 | 5.7 | 16.5 | 17.5 | 18.1 | 28.3 | 29 |
| YoY Gr. | - | 15.4% | -0.2% | -48.4% | 28.5% | 4.2% | 190.7% | 5.8% | 3.3% | 56.3% | - |
| BVPS (₹) ⓘ | 38.7 | 43 | 46.4 | 37.4 | 43 | 47.9 | 51.1 | 51.9 | 59.4 | 73.6 | 76.7 |
| Adj Net Profit ⓘ | 102 | 118 | 118 | 60.8 | 78.1 | 81.4 | 237 | 250 | 258 | 404 | 415 |
| Cash Flow from Ops. ⓘ | 58.1 | 23.8 | 46.6 | 59.1 | 59.3 | 1.4 | 68 | 154 | 95.1 | 161 | - |
| Debt/CF from Ops. ⓘ | 0 | 0.1 | 0.1 | 0 | 0 | 0 | 0 | 0 | 0.1 | 0 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 10.4% | 13.8% | 7.5% | 12.7% | ||||
| Adj EPS ⓘ | 16.5% | 38.9% | 19.5% | 56.3% | ||||
| BVPSⓘ | 7.4% | 11.4% | 13% | 23.9% | ||||
| Share Price | 18.6% | 42.9% | 37.4% | -0.1% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 20.3 | 20.2 | 18.4 | 10.2 | 13.6 | 12.5 | 33.4 | 34 | 32.5 | 42.5 | 38.6 |
| Op. Profit Mgn % ⓘ | 18.4 | 15.3 | 14 | 12.4 | 17.9 | 12.7 | 16.9 | 17.9 | 17.7 | 16.7 | 16.8 |
| Net Profit Mgn % ⓘ | 20.1 | 19.1 | 16 | 10.2 | 12 | 10.2 | 23.6 | 24.8 | 23.4 | 32.5 | 32.8 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - |
| Working Cap Days ⓘ | 134 | 144 | 141 | 166 | 171 | 177 | 170 | 182 | 178 | 191 | 113 |
| Cash Conv. Cycle ⓘ | 88 | 90 | 84 | 107 | 107 | 119 | 122 | 131 | 128 | 124 | 95 |
Valuation of Banco Products (I) - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,239 | 1,336 | 1,567 | 1,422 | 1,533 | 1,958 | 2,332 | 2,768 | 3,213 | 3,896 |
| Operating Expenses ⓘ + | 1,096 | 1,157 | 1,391 | 1,300 | 1,354 | 1,686 | 1,968 | 2,346 | 2,602 | 3,213 |
| Operating Profit ⓘ | 144 | 179 | 176 | 122 | 178 | 272 | 364 | 422 | 610 | 683 |
| Operating Profit Margin (%) | 11.6% | 13.4% | 11.2% | 8.6% | 11.6% | 13.9% | 15.6% | 15.3% | 19.0% | 17.5% |
| Other Income ⓘ + | 32 | 15 | 10 | 25 | 9 | 5 | 16 | 38 | 44 | 99 |
| Interest ⓘ | 2 | 2 | 4 | 3 | 4 | 5 | 13 | 21 | 26 | 25 |
| Depreciation ⓘ | 33 | 28 | 29 | 33 | 34 | 48 | 56 | 76 | 94 | 135 |
| Profit Before Tax ⓘ | 141 | 164 | 153 | 111 | 150 | 224 | 311 | 363 | 534 | 644 |
| Tax ⓘ | 44 | 50 | 69 | 35 | 36 | 71 | 75 | 91 | 142 | 162 |
| Profit After Tax | 97 | 114 | 83 | 77 | 114 | 152 | 236 | 271 | 392 | 482 |
| PAT Margin (%) | 7.8% | 8.5% | 5.3% | 5.4% | 7.4% | 7.8% | 10.1% | 9.8% | 12.2% | 12.4% |
| Adjusted EPS (₹) | 6.8 | 8.2 | 4.8 | 5.4 | 8.0 | 10.7 | 16.5 | 19.0 | 27.4 | 33.7 |
| Dividend Payout Ratio (%) | 66.20% | 61.30% | 82.80% | 186.80% | 12.60% | 93.80% | 66.80% | 52.70% | 40.20% | 68.30% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 720 | 808 | 833 | 710 | 828 | 982 | 1,002 | 1,052 | 1,303 | 1,684 | |
| Debt + | 38 | 34 | 39 | 91 | 14 | 19 | 289 | 219 | 316 | 426 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 96 | 182 | 256 | 222 | 285 | 303 | 349 | 397 | 609 | 569 | |
| Others Liabilities ⓘ | 115 | 174 | 67 | 65 | 60 | 197 | 215 | 315 | 516 | 379 | |
| Total Liabilities ⓘ | 969 | 1,198 | 1,195 | 1,089 | 1,187 | 1,502 | 1,855 | 1,982 | 2,744 | 3,058 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 192 | 191 | 184 | 193 | 190 | 297 | 359 | 454 | 516 | 472 | |
| CWIP ⓘ | 4 | 13 | 13 | 3 | 1 | 15 | 18 | 10 | 5 | 11 | |
| Investments ⓘ | 91 | 24 | 69 | 9 | 1 | 1 | 0 | 0 | 38 | 79 | |
| Inventories | 322 | 439 | 479 | 476 | 564 | 720 | 995 | 922 | 1,381 | 1,498 | |
| Trade Receivables | 205 | 257 | 272 | 294 | 270 | 324 | 413 | 481 | 611 | 738 | |
| Cash Equivalents | 85 | 200 | 127 | 70 | 123 | 82 | 18 | 63 | 119 | 81 | |
| Others Assets ⓘ | 70 | 74 | 51 | 43 | 38 | 63 | 50 | 52 | 73 | 179 | |
| Total Assets ⓘ | 969 | 1,198 | 1,195 | 1,089 | 1,187 | 1,502 | 1,855 | 1,982 | 2,744 | 3,058 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 90 | 99 | 62 | 52 | 157 | 57 | -41 | 458 | 164 | 380 |
| Cash Flow From Investing Activity ⓘ + | -59 | -22 | -52 | 149 | -59 | -104 | -23 | -114 | -38 | -175 |
| Cash Flow From Financing Activity ⓘ + | -61 | -68 | -49 | -153 | -78 | -11 | 59 | -339 | -123 | -189 |
| Net Cash Flow ⓘ | -30 | 9 | -39 | 49 | 20 | -58 | -6 | 5 | 3 | 16 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 13.83 | 14.94 | 10.17 | 9.93 | 14.79 | 16.85 | 23.77 | 26.45 | 33.3 | 32.26 |
| ROCE (%) | 19.28 | 20.77 | 18.31 | 13.69 | 18.68 | 24.85 | 28.2 | 29.95 | 38.7 | 35.86 |
| Asset Turnover Ratio | 1.35 | 1.25 | 1.31 | 1.25 | 1.35 | 1.46 | 1.39 | 1.44 | 1.36 | 1.34 |
| PAT to CFO Conversion(x) | 0.93 | 0.87 | 0.75 | 0.68 | 1.38 | 0.38 | -0.17 | 1.69 | 0.42 | 0.79 |
| Working Capital Days | ||||||||||
| Receivable Days | 59.60 | 62.30 | 61.50 | 72.50 | 67.20 | 55.40 | 57.70 | 59 | 62.10 | 63.20 |
| Inventory Days | 91.10 | 102.80 | 107 | 122.60 | 123.90 | 119.70 | 134.30 | 126.40 | 130.90 | 134.90 |
| Payable Days | 57.80 | 68.90 | 87.30 | 106.40 | 105.30 | 91.80 | 89 | 85 | 105.40 | 103.50 |
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Banco Products (India) Ltd FAQs
The current trading price of Banco Products (I) on 11-Sep-2026 16:01 is ₹618.1.
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 10-Sep-2026 the market cap of Banco Products (I) stood at ₹9,024.2 Cr
The latest P/E ratio of Banco Products (I) as of 10-Sep-2026 is 21.72.
The latest P/B ratio of Banco Products (I) as of 10-Sep-2026 is 8.22.
The 52-week high of Banco Products (I) is ₹879.6 and the 52-week low is ₹503.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Banco Products (I) is ₹1,265 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Banco Products (India) Ltd is a good quality company.
The key valuation ratios of Banco Products (India) Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
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.
About Banco Products (India) Ltd
Banco Products (India), part of Banco Group of Companies, is a trusted name in the automotive components industry with a strong legacy of innovation, quality, and global presence. The company specializes in manufacturing engine cooling and sealing systems, catering to a diverse range of domestic and international Original Equipment Manufacturers (OEMs) and aftermarket clients. The resilience of the company is further enhanced by its three wholly owned subsidiaries: NRF Holding B.V. (Formerly known as Nederlandse Radiateuren Fabriek B.V.), a prominent player in the European thermal management market; Banco Gaskets (India) Limited, focused on specialized gasket manufacturing and domestic market growth; and Banco New Energy Cooling Systems Limited, driving forward the Group's commitment to future-ready, energy-efficient thermal technologies. Together, these entities form a synergistic global network that underpins sustained growth and innovation.
The company, established in 1961 as a private limited company, has regularly expanded its footprint, product scope and has added new plants and capacities. The company was listed on the Indian stock exchange in 1987. The company is recognized as Star Export House by Ministry of Commerce and Trade, Government of India. The company has regularly invested in establishing world-class research and development capabilities. The company’s R&D Centre at Vadodara is recognized as by the Department of Science, Government of India.
Business area of the company
The company is a leading designer and manufacturer of high-performance engine cooling modules catering to the automotive, off-highway, and industrial segments. With a legacy spanning over decades, the company continues to deliver innovative, application-engineered solutions to OEMs and the automotive aftermarket, both domestically and globally.
Product Portfolio
Core Products:
- Radiators
- Charge Air Coolers
- Fuel Coolers and Oil Coolers
- AC Condensers
- De-Aeration Plastic Tanks
- Metal Layered Gaskets
- Elastomeric Moulded Gaskets
Milestone
- 1961: Started as a private company
- 1969: Engine cooling module for 3000hp traction locomotive
- 1987: Listed on Indian stock exchange
- 1996: ISO-9002 certification
- 2002: ISO/TS-16949 certification
- 2003: Standard Aluminum radiator production
- 2007: recognized STAR export house
- 2010: Acquired 100% shares of NRF B. V. Netherlands
- 2012: Started SEZ Plant with capacity to produce 1 million unit p.a. for exports
- 2013: New Aluminum Radiator Plants for Domestic OEM and after-market
- 2014: Development & Production of all Aluminum Brazed Products
- 2015: Initializing of NRF USA
- 2016: Development & production of EGR (Exhaust Gas Recovery) Cololers
- 2019: Completed the transaction for sale of shares in Lake Minerals (Mauritius), Mauritius to Agro Scientific Investments, Mauritius.
- 2021: Incorporated wholly owned subsidiary company namely ‘Banco New Energy Cooling Systems’.
- 2025: Nederlandse Radiateuren Fabriek B.V. (NRF) opened a new production facility in Panattoni Park Gdansk West II, Poland.
- 2025: Nederlandse Radiateuren Fabriek B.V. (NRF) has opened an office and established a legal entity in Istanbul Turkey, called NRF TURKEY OTOMOTIV TICARET ANONIM SIRKETI.
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