Banco Products (India) Ltd - Stock Valuation and Financial Performance

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

Banco Products (I) Share Price

594.75 -2.00 -0.34%
as on 28-Mar'24 16:01

DeciZen - make an informed investing decision on Banco Products (I)

Overall Rating
Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

Banco Products (India) stock performance -

mw4me loader
P/E Ratio (SA):
17.30
Market Cap:
4,267.9 Cr.
52-wk low:
207
52-wk high:
733

Is Banco Products (India) Ltd an attractive stock to invest in?

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 good 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 Overvalued zone.

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

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Banco Products (India) Ltd is likely to Fall 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 majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 14.7%9.4%18.4%20.3%19.9%18.5%10.1%13.6%12.5%33.4%-
Value Creation
Index
0.1-0.30.30.50.40.3-0.30.0-0.11.4-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 4474204935106197365986547951,004981
Sales YoY Gr.--6.1%17.4%3.5%21.4%19%-18.7%9.2%21.7%26.2%-
Adj EPS 8.95.611.214.316.316.58.510.911.433.134.5
YoY Gr.--36.6%99.8%27.4%13.9%1%-48.4%28.5%4.3%190.3%-
BVPS (₹) 54.557.163.477.58692.774.785.995.8102.1116.3
Adj Net
Profit
63.440.280.310211711860.878.181.4237247
Cash Flow from Ops. 88.761.25958.123.846.659.159.31.468-
Debt/CF from Ops. 1.30.4000.10.10000-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 9.4%10.2%18.8%26.2%
Adj EPS 15.8%15.2%57.3%190.3%
BVPS7.2%3.5%11%6.6%
Share Price 23.1% 31.3% 61% 183.1%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
17.410.118.620.319.918.410.213.612.533.431.6
Op. Profit
Mgn %
17.915.218.818.415.31412.417.912.716.918.9
Net Profit
Mgn %
14.29.616.320.118.81610.21210.223.625.2
Debt to
Equity
0.30.100000000-
Working Cap
Days
182164128134144141166171177170104
Cash Conv.
Cycle
1021008788908410710711912177

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 31.60%

Sales growth is growing at healthy rate in last 3 years 18.82%

Net Profit is growing at healthy rate in last 3 years 57.28%

Sales growth is not so good in last 4 quarters at 3.22%

Latest Financials - Banco Products (India) Ltd.

Standalone Consolidated
TTM EPS (₹) 34.5 35.6
TTM Sales (₹ Cr.) 981 2,627
BVPS (₹.) 116.3 155.9
Reserves (₹ Cr.) 818 1,101
P/BV 5.13 3.83
PE 17.30 16.78
From the Market
52 Week Low / High (₹) 207.00 / 733.00
All Time Low / High (₹) 1.47 / 733.00
Market Cap (₹ Cr.) 4,268
Equity (₹ Cr.) 14.3
Face Value (₹) 2
Industry PE 46

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 (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales4474204935106197365986547951,004
Operating Expenses 367356400417525635524537694834
Manufacturing Costs546674657180737591106
Material Costs249223260284376464368383505621
Employee Cost 26292730343838364251
Other Costs 39393937445345435655
Operating Profit 806493939410174117101170
Operating Profit Margin (%) 17.9%15.2%18.8%18.3%15.3%13.7%12.4%17.9%12.7%16.9%
Other Income 34123261708346829132
Interest 14620010100
Depreciation 17161917171820202021
Exceptional Items 0000090000
Profit Before Tax 8353104137147174101104110281
Tax 16122127275131242435
Profit After Tax 664282110120123708086246
PAT Margin (%) 14.8%9.9%16.7%21.5%19.3%16.7%11.6%12.2%10.8%24.5%
Adjusted EPS (₹)9.35.811.515.316.717.29.711.212.034.3
Dividend Payout Ratio (%)22%51%40%59%60%47%206%18%167%64%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 390409454555615664535615685731
Share Capital 14141414141414141414
Reserves 376395440540601649521601671716
Minority Interest0000000000
Debt92522233300
Long Term Debt22400000000
Short Term Debt70022233300
Trade Payables36234039687258947690
Others Liabilities 50656016491618212323
Total Liabilities 569502556612735755613733785844

Fixed Assets

Gross Block215231246254271308324342368404
Accumulated Depreciation91107126142159177196216234254
Net Fixed Assets124123120112112131128126134150
CWIP 7301722062
Investments 198172163253186215155147151155
Inventories76798594136127102156196249
Trade Receivables92749896114131147169194231
Cash Equivalents 6277337140119611076716
Others Assets66221619403018303640
Total Assets 569502556612735755613733785844

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 8961595824475959168
PBT 8353104137147174101104110281
Adjustment 311-7-42-51-74-1514-2-97
Changes in Working Capital 218-16-7-28-16-8-43-86-73
Tax Paid -18-11-22-30-45-37-19-16-20-43
Cash Flow From Investing Activity -36331-313533182-38-41127
Capex -24-8-12-13-25-27-11-19-32-34
Net Investments -17-20-68-4-48159-20-3549
Others 387343506510835126112
Cash Flow From Financing Activity -82-103-45-70-59-79-194-1-15-201
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing -15-22-230000000
Interest Paid -14-6-200-10-100
Dividend Paid -25-6-22-64-59-77-1640-14-200
Others -27-702-50-1-29000
Net Cash Flow 42145-42004721-54-6
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)18.310.4419.0621.7620.4819.2411.6113.9313.1834.7
ROCE (%)19.5212.6623.7527.0725.1427.3416.7818.1816.9539.75
Asset Turnover Ratio0.850.851.010.950.941.010.890.981.061.25
PAT to CFO Conversion(x)1.351.450.720.530.20.380.840.740.010.28
Working Capital Days
Receivable Days69675963616083878377
Inventory Days64625659666469718080
Payable Days47484451525565726149

Banco Products (India) Ltd Stock 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 28-Mar-2024 16:01 is ₹594.8.
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 28-Mar-2024 16:01 the market cap of Banco Products (I) stood at ₹4,267.9.
The latest P/E ratio of Banco Products (I) as of 28-Mar-2024 16:01 is 17.30.
The latest P/B ratio of Banco Products (I) as of 28-Mar-2024 16:01 is 5.13.
The 52-week high of Banco Products (I) is ₹733.0 and the 52-week low is ₹207.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Banco Products (I) is ₹980.8 ( 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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