Key Metrics 
Check Before You Invest 
10 Yrs X-Ray 
Profit & Loss 
Valuation 
Analyst Note 
Balance Sheet 
Cash Flow 
Financial Ratio 
Qtr. Results 
News 
About
India Nippon Electricals Ltd (INDNIPPON)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532240 NSE: INDNIPPON Auto Ancillary | Small Cap | India Nipon Elect. Share Price
₹1,210.65 -27.40 (-2.21%)
As on 14-Jul'26 16:59
India Nippon Electricals Ltd (INDNIPPON)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532240 NSE: INDNIPPON Auto Ancillary | Small Cap | India Nipon Elect. Share Price
₹1,210.65 -27.40 (-2.21%)
As on 14-Jul'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹2,801 Cr.
Current Price
₹1,210.7
52-Week Low / High
₹653 / 1,247
TTM EPS
₹49.2
TTM Sales
₹1,068 Cr.
Book Value per Share
₹363.1
P/E Ratio
25.17
Higher than its 5-year historical median
Industry PE
45.3
Price to Book (P/B)
3.41
Higher than its 5-year historical median
Price to Sales (P/S)
2.62
Higher than its 5-year historical median
EV/EBITDA
18.72
Higher than its 5-year historical median
Dividend Yield
1.28%
Profitability Efficiency
Return on Equity (ROE)
14.52%
Outperforms industry median
Return on Capital Employed (ROCE)
19.13%
Outperforms industry median
Return on Assets (ROA)
11.09%
Operating Profit Margin
11.1%
Net Profit Margin
10.41%
Gross Profit Margin
13.8%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
26.47%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
26.43%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
35.63%
Asset Quality
Promoter Holding
70.37%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹810 Cr.
Equity
₹11.3 Cr.
Face Value
₹5
All Time Low / High
₹24.16 / 1182.05
Check Before You Invest
Quality
Very GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Strong
Is India Nippon Electricals Ltd a good quality company?
India Nippon Electricals 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 India Nippon Electricals Ltd performance compare with that of its Peers?
Revenue growth of India Nippon Electricals Ltd vs industry peers?
India Nippon Electricals Ltd revenue CAGR is 12.03%, compared to the industry median CAGR of 11.89%, indicating stable growth and maintaining its market share.
Promoter shareholding and pledge status of India Nippon Electricals Ltd?
Promoters hold 70.37% of the India Nippon Electricals Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of India Nippon Electricals Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 14.6% 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.
India Nippon Electricals 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 % ⓘ | 17% | 22.4% | 22.5% | 17.7% | 12% | 11% | 13.4% | 12.9% | 15.5% | 19.1% | - |
| Value Creation Index ⓘ | 0.2 | 0.6 | 0.6 | 0.3 | -0.1 | -0.2 | -0.1 | -0.1 | 0.1 | 0.4 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 351 | 452 | 525 | 479 | 481 | 566 | 656 | 724 | 845 | 1,068 | 1,068 |
| Sales YoY Gr. | - | 28.9% | 16.1% | -8.8% | 0.5% | 17.7% | 15.9% | 10.3% | 16.7% | 26.5% | - |
| Adj EPS ⓘ | 11.5 | 19.7 | 23.6 | 19.4 | 15 | 15.5 | 21.3 | 24.1 | 32 | 41.2 | 49.2 |
| YoY Gr. | - | 72.3% | 19.4% | -17.7% | -22.8% | 3.2% | 37.9% | 12.9% | 33% | 28.9% | - |
| BVPS (₹) ⓘ | 127.3 | 152.5 | 177.4 | 185.3 | 199 | 218.2 | 247.7 | 275.5 | 314.3 | 363.1 | 363.1 |
| Adj Net Profit ⓘ | 25.9 | 44.7 | 53.3 | 43.9 | 33.9 | 35 | 48.2 | 54.4 | 72.4 | 93.3 | 111 |
| Cash Flow from Ops. ⓘ | 34 | 26.4 | 35 | 49.3 | 38.7 | 8.4 | 56.9 | 62.8 | 49.4 | 40.5 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 13.2% | 17.3% | 17.6% | 26.5% | ||||
| Adj EPS ⓘ | 15.3% | 22.5% | 24.6% | 28.9% | ||||
| BVPSⓘ | 12.4% | 12.8% | 13.6% | 15.5% | ||||
| Share Price | 19.7% | 26.4% | 39.3% | 53.5% | ||||
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 % ⓘ | 9.4 | 14.1 | 14.3 | 10.7 | 7.8 | 7.4 | 9.2 | 9.2 | 10.9 | 12.2 | 13.5 |
| Op. Profit Mgn % ⓘ | 10.8 | 14.3 | 14.8 | 11.9 | 9.8 | 9 | 8.2 | 9.2 | 11.1 | 11.1 | 11.1 |
| Net Profit Mgn % ⓘ | 7.4 | 9.9 | 10.2 | 9.2 | 7 | 6.2 | 7.3 | 7.5 | 8.6 | 8.7 | 10.4 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Working Cap Days ⓘ | 98 | 114 | 115 | 148 | 219 | 173 | 106 | 105 | 110 | 107 | 76 |
| Cash Conv. Cycle ⓘ | 19 | 17 | 27 | 34 | 35 | 37 | 38 | 32 | 31 | 35 | 46 |
Profit And Loss
(All Figures are in Crores.)| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 351 | 452 | 525 | 479 | 481 | 566 | 656 | 724 | 845 | 1,068 |
| Operating Expenses ⓘ + | 313 | 388 | 448 | 422 | 435 | 515 | 603 | 658 | 751 | 950 |
| Operating Profit ⓘ | 38 | 65 | 77 | 57 | 46 | 51 | 53 | 66 | 94 | 119 |
| Operating Profit Margin (%) | 10.8% | 14.3% | 14.7% | 11.9% | 9.6% | 9.0% | 8.1% | 9.2% | 11.1% | 11.1% |
| Other Income ⓘ + | 14 | 12 | 14 | 25 | 16 | 14 | 40 | 25 | 30 | 31 |
| Interest ⓘ | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 1 |
| Depreciation ⓘ | 4 | 6 | 8 | 9 | 10 | 13 | 15 | 15 | 21 | 18 |
| Profit Before Tax ⓘ | 47 | 71 | 84 | 72 | 52 | 52 | 70 | 76 | 103 | 146 |
| Tax ⓘ | 15 | 21 | 24 | 17 | 11 | 11 | 12 | 16 | 21 | 35 |
| Profit After Tax | 32 | 50 | 60 | 55 | 41 | 40 | 58 | 59 | 82 | 111 |
| PAT Margin (%) | 9.2% | 11.1% | 11.3% | 11.5% | 8.5% | 7.1% | 8.8% | 8.2% | 9.7% | 10.4% |
| Adjusted EPS (₹) | 14.3 | 22.2 | 26.3 | 24.4 | 18.0 | 17.8 | 25.6 | 26.2 | 36.3 | 49.2 |
| Dividend Payout Ratio (%) | 34.90% | 29.40% | 26.60% | 27.70% | 33.40% | 35.10% | 36.20% | 39.10% | 34.50% | 31.50% |
Valuation of India Nipon Elect. - Standalone
Analyst's Notes
No data found!
Balance Sheet
(All Figures are in Crores.)| 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 + | 288 | 345 | 401 | 419 | 450 | 494 | 560 | 623 | 711 | 821 | |
| Debt + | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 62 | 76 | 75 | 76 | 92 | 90 | 96 | 130 | 140 | 147 | |
| Others Liabilities ⓘ | 42 | 66 | 34 | 118 | 227 | 46 | 63 | 83 | 87 | 99 | |
| Total Liabilities ⓘ | 392 | 488 | 510 | 613 | 769 | 630 | 719 | 837 | 939 | 1,067 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 52 | 59 | 61 | 76 | 86 | 130 | 134 | 143 | 154 | 173 | |
| CWIP ⓘ | 3 | 7 | 7 | 13 | 34 | 5 | 13 | 13 | 4 | 7 | |
| Investments ⓘ | 214 | 241 | 274 | 274 | 273 | 290 | 359 | 436 | 477 | 532 | |
| Inventories | 22 | 31 | 35 | 39 | 44 | 50 | 56 | 69 | 72 | 91 | |
| Trade Receivables | 66 | 93 | 104 | 88 | 109 | 118 | 119 | 142 | 170 | 206 | |
| Cash Equivalents | 3 | 7 | 7 | 21 | 25 | 13 | 19 | 15 | 19 | 6 | |
| Others Assets ⓘ | 31 | 50 | 23 | 103 | 199 | 23 | 18 | 19 | 43 | 52 | |
| Total Assets ⓘ | 392 | 488 | 510 | 613 | 769 | 630 | 719 | 837 | 939 | 1,067 | |
Cash Flow
(All Figures are in Crores.)| 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 ⓘ + | 34 | 26 | 35 | 49 | 39 | 8 | 57 | 63 | 49 | 40 |
| Cash Flow From Investing Activity ⓘ + | -29 | -17 | -15 | -5 | -34 | 10 | -33 | -39 | -12 | -14 |
| Cash Flow From Financing Activity ⓘ + | -7 | -8 | -18 | -38 | -15 | -15 | -22 | -25 | -30 | -36 |
| Net Cash Flow ⓘ | -1 | 1 | 2 | 7 | -10 | 3 | 2 | -1 | 7 | -10 |
Financial Ratio
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 11.7 | 15.83 | 15.95 | 13.46 | 9.36 | 8.53 | 10.98 | 10.02 | 12.3 | 14.52 |
| ROCE (%) | 17.02 | 22.4 | 22.51 | 17.71 | 12.02 | 11.03 | 13.37 | 12.87 | 15.45 | 19.13 |
| Asset Turnover Ratio | 1.11 | 1.07 | 1.06 | 0.86 | 0.7 | 0.82 | 0.99 | 0.94 | 0.96 | 1.08 |
| PAT to CFO Conversion(x) | 1.06 | 0.52 | 0.58 | 0.89 | 0.95 | 0.2 | 0.98 | 1.07 | 0.6 | 0.36 |
| Working Capital Days | ||||||||||
| Receivable Days | 58.10 | 61.90 | 67.70 | 72.60 | 74.50 | 72.60 | 65.30 | 65 | 66.60 | 63.60 |
| Inventory Days | 21.70 | 20.80 | 22.90 | 28 | 31.10 | 29.80 | 29 | 31.20 | 30.20 | 27.60 |
| Payable Days | 78.70 | 85.30 | 81 | 87.80 | 94.40 | 84.10 | 74.50 | 82.50 | 86.10 | 70.90 |
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 (%)
Top 5 Mutual Funds Holding
Last Visited Stocks
Announcements
India Nippon Electricals Ltd FAQs
The current trading price of India Nipon Elect. on 14-Jul-2026 16:59 is ₹1,210.7.
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 13-Jul-2026 the market cap of India Nipon Elect. stood at ₹2,800.7 Cr
The latest P/E ratio of India Nipon Elect. as of 13-Jul-2026 is 25.17.
The latest P/B ratio of India Nipon Elect. as of 13-Jul-2026 is 3.41.
The 52-week high of India Nipon Elect. is ₹1,247 and the 52-week low is ₹653.2.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of India Nipon Elect. is ₹1,068 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that India Nippon Electricals Ltd is a good quality company.
The key valuation ratios of India Nippon Electricals 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 Strong which suggest that the price of India Nippon Electricals Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
About India Nippon Electricals Ltd
INEL was incorporated in 1984 and converted into a joint venture in 1986 between Lucas Indian Service, a wholly-owned subsidiary of Lucas-TVS and Kokusan Denki Co, Japan - a group company of Hitachi Japan, to manufacture Electronic Ignition Systems for two-wheelers, three wheelers and portable engines. Over the years the company has enlarged its customer base and now supplies to most of the manufacturers of two-wheelers, three wheelers and gensets. INEL makes the entire range of 2/3 wheelers, digital and analog ignition products. Commencing its operation in Hosur (Tamil Nadu), over the years INEL has set up two more units with excellent facilities, one at Pondicherry and the other at Rewari (Haryana) to be nearer to customers and offer service such as just-in-time supplies and to improve response time for introduction of new products.
Milestones:
1985 Formation of the company 1986 Established manufacturing unit in Hosur, Tamil Nadu. Commencement of production and supply to TVS Motor Company for Motor Cycles. 1987 Commencement of supply to Bajaj Auto for Motor Cycles 1988 Supply to Hero Motors - Moped 1989 Introduction of Electronic Ignition Systems for TVS Champ 1990 Supply to Birla Yamaha - Genset 1991 Commencement of supply to Hero Honda Motor Cycle 1992 Supply to Honda SIEL Power Products for Genset 1993 Introduction of Integral Unit (IU) for Mopeds to TVS Motor Company. Commencement of supply to Yamaha Motor India for Motor Cycles. Crossed supply of one million Flywheel Magnetos since commencement of production 1994 Export of Ignition coils to Kokusan Denki Co, Japan Recognition by Department of Science & Technology, Government of India 1995 Commencement of supply to Kinetic Motor Co. for Scooters 1997 Commencement of supply to Royal Enfield Motors Decennial Celebrations of INEL 1998 Second Manufacturing Unit established at Pondicherry Commencement of supply of multi-pole Flywheel Magnetos and Regulator for 3W Diesel to Bajaj Auto Certified by BVQI for ISO - 9001 Quality System for Hosur Unit 1999 Commencement of supply to Piaggio Greaves. Commencement of supply to LML-Moped 2001 Introduction / Commencement of supply of Digital CDI ignition system for TVS Motor Company. Commencement of supply to Honda Motorcycle & Scooter India. Third Manufacturing Unit established at Rewari, Haryana Certified by BVQI for QS-9001 Quality system for Hosur Unit 2002 Certified by BVQI for ISO- 14001 EMS System for Hosur Unit. Crossed cumulative supply of 10 million Flywheel Magnetos 2004 A state-of-the-art electronic facility set up in Pondicherry unit. Certified by BVQI ISO 14001 for Rewari Unit. Commencement of supply to Lombardini, Italy
Products:
• FlyWheel Magneto/Generator • Capacitor Discharge Ignition Unit • Ignition Coil • Integral Unit • Regulator/Rectifier Units
Clients: • TVS Motor Company • Hero Honda Motors • Honda Motorcycle & Scooter • Bajaj Auto • Yamaha Motors • Royal Enfield • LML • Hero Motors • Majestic Auto • Kinetic Motor Company• Greaves Cotton • Lombardini India • Piaggio India • Honda SIEL Power Products • Birla Power Solutions • Kokusan Denki Co.
Awards and achievement:
• Certificates of recognition from BVQI for ISO 9001 in the year 1998• QS 9000 in the year 2001 and • ISO 14001 in the year 2002
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