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IP Rings Ltd (IPRINGLTD)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 523638 NSE: IPRINGLTD Auto Ancillary | Small Cap | IP Rings Share Price

₹140 3.20 (2.34%)

As on 18-Sep'26 16:59

IP Rings Ltd (IPRINGLTD)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 523638 NSE: IPRINGLTD Auto Ancillary | Small Cap | IP Rings Share Price

₹140 3.20 (2.34%)

As on 18-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹177 Cr.
Current Price
₹140
52-Week Low / High
₹93 / 184
TTM EPS
₹2.4
TTM Sales
₹351 Cr.
Book Value per Share
₹82.5
P/E Ratio
57.39
Higher than its 5-year historical median
Industry PE
49.2
Price to Book (P/B)
1.70
Higher than its 5-year historical median
Price to Sales (P/S)
0.51
Lower than its 5-year historical median
EV/EBITDA
7.62
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
1.68%
Underperforms industry median
Return on Capital Employed (ROCE)
7.78%
Underperforms industry median
Return on Assets (ROA)
0.55%
Operating Profit Margin
8.9%
Net Profit Margin
0.51%
Gross Profit Margin
6.8%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
11.01%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
35.54%
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
56.58%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹92 Cr.
Equity
₹12.7 Cr.
Face Value
₹10
All Time Low / High
₹15.19 / 278.80

IP Rings stock performance

Key Ratios
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Check Before You Invest

Quality

Not Good
Check detailed performance

Valuation

Undervalued

Check Valuation charts

Price Trend

Weak
Check Price chart
Q.1 Is IP Rings Ltd a good quality company?
IP Rings Ltd is a weak quality company, based on a inconsistent 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.

View More

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.

View More
How does IP Rings Ltd performance compare with that of its Peers?
Q.1 Revenue growth of IP Rings Ltd vs industry peers?
IP Rings Ltd revenue CAGR is 0.00%, compared to the industry median CAGR of 0.79%, indicating slower growth and losing its market share.
Q.1 Promoter shareholding and pledge status of IP Rings Ltd?
Promoters hold 56.58% of the IP Rings Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of IP Rings Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of -0.8% based on the current price.
View More

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 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.
IP Rings Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ5.4%11.1%10.8%6.1%7.3%10.1%6.2%4.4%3.7%8.2%-
Value Creation
Index ⓘ		-0.6-0.2-0.2-0.6-0.5-0.3-0.6-0.7-0.7-0.4-

Growth Parameters ⓘ
Sales ⓘ174203212198198273323317303337351
Sales YoY Gr.-16.9%4.5%-6.7%0.3%37.4%18.6%-2%-4.2%11%-
Adj EPS ⓘ-0.86.36.71.546.50.5-2.5-2.80.13
YoY Gr.-NA7.5%-77.1%156.5%63.3%-92.9%-650%NANA-
BVPS (₹) ⓘ68.37480.279.783.188.287.684.181.483.584.7
Adj Net
Profit ⓘ		-17.98.5258.20.6-3.2-3.60.24
Cash Flow from Ops. ⓘ10.321.820.732.21722.842.134.919.48.4-
Debt/CF from Ops. ⓘ5.83.342.55.54.82.32.45.114.3-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ7.6%11.2%1.4%11%
Adj EPS ⓘNA-48.7%-32.7%NA
BVPSⓘ2.3%0.1%-1.6%2.6%
Share Price -0.8% 0.1% -0.5% -7.4%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ		-1.68.88.71.94.97.50.5-3-3.40.23.5
Op. Profit
Mgn % ⓘ		812.213.411.512.512.187.37.48.99
Net Profit
Mgn % ⓘ		-0.63.9412.530.2-1-1.20.11.1
Debt to
Equity ⓘ		0.70.80.80.80.910.90.811.1-
Working Cap
Days ⓘ		16417717617519017216417517916881
Cash Conv.
Cycle ⓘ		81839496947765626272-2

Valuation of IP Rings - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

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 (%)

Financials

PARTICULARSMar'22Mar'23Mar'24Mar'25Mar'26
Sales273323317303337
Operating Expenses ⓘ + 240297294281307
Manufacturing Costs107129123114140
Material Costs8211211010596
Employee Cost 2930343339
Other Costs ⓘ 2226272932
Operating Profit ⓘ 3326232230
Operating Profit Margin (%) 12.1%8.0%7.3%7.3%8.9%
Other Income ⓘ + 23336
Exceptional Items ⓘ 0000-1
Interest ⓘ 1011111214
Depreciation ⓘ 1416171818
Profit Before Tax ⓘ 112-3-63
Tax ⓘ 31-0-11
Profit After Tax 82-3-42
PAT Margin (%) 3.0%0.5%-1.0%-1.5%0.5%
Adjusted EPS (₹)6.51.3-2.6-3.51.4
Dividend Payout Ratio (%)30.90%76%0%0%0%
PARTICULARSMar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 112111106101103
Share Capital ⓘ 1313131313
Reserves ⓘ 9998938990
Debt +8771587699
Long Term Debt5041344355
Short Term Debt3630243343
Minority Interest00000
Trade Payables6390988482
Others Liabilities ⓘ 3943464039
Total Liabilities ⓘ 301316307301323

Fixed Assets

Net Fixed Assets ⓘ +154154146146151
Gross Block223238247259279
Accumulated Depreciation6984100113128
CWIP ⓘ 52233
Investments ⓘ 01143
Inventories5360595370
Trade Receivables6776776776
Cash Equivalents 36622
Others Assets ⓘ 1818152518
Total Assets ⓘ 301316307301323
PARTICULARSMar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 234235198
PBT ⓘ 112-3-63
Adjustment ⓘ 2526293029
Changes in Working Capital ⓘ -111510-4-25
Tax Paid ⓘ -2-1-1-02
Cash Flow From Investing Activity ⓘ + -27-13-7-25-16
Capex -26-12-9-15-23
Net Investments -1-0-1-4-0
Others ⓘ 0-03-77
Cash Flow From Financing Activity ⓘ + 1-27-2727
Net Proceeds from Shares ⓘ 00000
Net Proceeds from Borrowing ⓘ 19-6-7710
Interest Paid ⓘ -10-10-11-11-13
Dividend Paid ⓘ -2-3-1-00
Others ⓘ -7-8-8610
Net Cash Flow ⓘ -321-4-1
PARTICULARSMar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)7.331.5-2.98-4.271.68
ROCE (%)9.586.184.143.087.78
Asset Turnover Ratio0.911.051.0211.08
PAT to CFO Conversion(x)2.8821N/AN/A4
Working Capital Days
Receivable Days90.1080.7088.1086.8077.40
Inventory Days70.7063.6068.3067.5066.80
Payable Days241.50211.20249.40242.30234

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Announcements

IP Rings Ltd FAQs

The current trading price of IP Rings on 18-Sep-2026 16:59 is ₹140.0.

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 17-Sep-2026 the market cap of IP Rings stood at ₹177.5 Cr

The latest P/E ratio of IP Rings as of 17-Sep-2026 is 47.27.

The latest P/B ratio of IP Rings as of 17-Sep-2026 is 1.65.

The 52-week high of IP Rings is ₹183.8 and the 52-week low is ₹93.00.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of IP Rings is ₹351 ( Cr.) .

Past 10 year’s financial track record analysis by Moneyworks4me indicates that IP Rings Ltd is a below average quality company.

The key valuation ratios of IP Rings Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of IP Rings Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About IP Rings Ltd

IP Rings was born out of the technical collaboration between India Pistons Limited and Nippon Piston Ring Company Ltd., Japan - a world class leader in Ring Technology in 1991. IP Rings was promoted by India Pistons Ltd., Simpson & Company Ltd., Tractors and Farm Equipment Ltd., and Amalgamations Pvt Ltd., Chennai. State-of-the-Art manufacturing facility at Maraimalai Nagar, 50 Kms. from Chennai. 

IP Rings manufactures a wide range of sophisticated piston rings. A model manufacturing unit, the Company’s production plant is fully integrated and has a wide spectrum of Surface Engineering Technologies.

IP Rings is the only Company in India, which has got under one roof, facilities for all the surface treatments, which are currently used in contemporary engines. Its plant at Maraimalainagar has the following surface treatment facilities.

Plasma Spray: IP Rings has one of the best plasma spray facilities, which is capable of spraying alloy powders and also multi-layer coatings. Plasma sprayed coatings improve the scuff and wear resistance and are recommended for high operating temperatures.

Gas Nitriding : IP Rings has a fully automatic Gas Nitriding frunace, capable of giving extremely close tolerances on mechanical properties and case depth. This results in excellent wear-resistance and prolonged engine life for gasolene engines - both for passenger cars and two-wheelers.  

Nifflex-S & Nifflex-H: IP Rings has the facility to manufacture 3 piece steel oil control ring, consisting of an expander and two side rails, based on the famous Nifflex-S, Nifflex-Hdesign of NPR, Japan. These rings ensure total conformability of the oil ring to the cylinder bore throughout the life of the engine and give better and long life oil control.  

Chrome Plating : IP Rings has a fully automated chrome plating facility, which can carry out besides periphery plating, chrome plating of the side faces of the rings, as well as the bore surface. Thus, it can cater to the entire range of chrome plating requirements.

Entire spectrum of the automobile industry from two-wheelers to Heavy Commercial Vehicles and Tractors are catered by them.

Product range of the company includes:

  • Steel Rings
  • Cast Iron Rings and
  • Nifflex S Rings
  • Nifflex H with surface coatings
  • Plasma Spraying
  • Gas Nitriding
  • Chrome Plating

Clientele:Tata Motors, Maruti, Ashok Leyland, Hyundai. Eicher, HM, TVS, Royal Enfield, Simpson, Nippon Pistons etc.

Achievements/ recognition:

  • ISO 9002 (1996)
  • QS9000 (2000)
  • ISO 14001 (2002)
  • ISO/TS16949:2002 (2002)
  • 100 PPM (2003)
  • Accreditation of In-house R & D (2004)
  • IMEA Gold Award from Frost & Sulivan (2005)
  • IMEA Super Platinum From Frost & Sulivan (2007)
  • CII EXIM - Significant Acheivement Award (2008)
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