Menon Pistons Ltd Stock Analysis

BSE: 531727 | NSE: | Auto Ancillary | Small Cap

BSE Share Price 07-Feb-2023 18:01
45.70 -1.40 (-2.97%)

DeciZen - Make an Informed Decision on Menon Pistons

Overall Rating
M-Cap below 500cr. High Risk from low Liquidity

1. Quality

2. Valuation

Somewhat overvalued

3. Price Trend

Semi Strong

Menon Pistons Price Chart

P/E Ratio ( SA) :
12.46
Market Cap :
233.1 Cr.
52-wk low :
36.2
52-wk high :
60
Bole Toh?

1. Is Menon Pistons Ltd a good quality company?

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

2. Is Menon Pistons Ltd undervalued or overvalued?

The key valuation ratios of Menon Pistons Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.

3. Is Menon Pistons Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Menon Pistons 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 Menon Pistons:

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

Value Creation

Value Creation Index Colour Code Guide

Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22TTM
ROCE % 8.5%5.3%9.3%7.4%10.8%9.5%12.9%5.8%10.5%17.4%-
Value Creation Index -0.4-0.6-0.3-0.5-0.2-0.3-0.1-0.6-0.30.2-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 153142144130133146156118137201213
YoY Gr. Rt. %--7%1.7%-9.7%1.9%10%6.9%-24.6%16.4%46.6%-
Adj EPS 0.90.41.10.81.51.420.91.83.53.7
YoY Gr. Rt. %--56.5%197.3%-25.5%78.1%-6.2%43.1%-56.1%103.5%100%-
BVPS (₹) 10.710.911.511.813.31415.214.616.318.821
Adj Net Profit 4.41.95.64.27.47104.48.917.919
Cash Flow from Ops. -0.15.83.411.451.211.413.812.93.8-
Debt/CF from Ops. -371.65.17.41.52.87.20.20.30.87.2-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 3.1%8.7%8.8%46.6%
Adj EPS 17%19.1%21.3%100%
BVPS 6.47.27.214.9
Share Price 20.6% 9.2% 46.1% -13.7%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22TTM
Return on Equity % 8.23.49.7711.61013.45.811.32018.5
Op. Profit Mgn % 9.16.210.18.711.310.811.99.112.415.215.1
Net Profit Mgn % 2.91.33.93.25.64.86.43.76.58.98.8
Debt to Equity 0.70.50.40.30.20.100.10.10.3-
Working Cap Days 1301521611701571651631951751510
Cash Conv. Cycle 4659707682105113145112910

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 18.50%

Net Profit is growing at healthy rate in last 3 years 21.32%

Sales growth has been subdued in last 3 years 8.80%

Sales growth is not so good in last 4 quarters at 9.76%

Latest Financials - Menon Pistons Ltd.

Standalone Consolidated
TTM EPS (₹) 3.7 6.2
TTM Sales (₹ Cr.) 213 245
BVPS (₹.) 21 23.7
Reserves (₹ Cr.) 102 116
P/BV 2.18 1.93
PE 12.46 7.33
From the Market
52 Week Low / High (₹) 36.20 / 60.00
All Time Low / High (₹) 2.81 / 64.80
Market Cap (₹ Cr.) 233
Equity (₹ Cr.) 5.1
Face Value (₹) 1
Industry PE 35.3

Management X-Ray of Menon Pistons :

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 Menon Pistons

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

News

Menon Pistons Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Menon Pistons on 07-Feb-2023 18:01 is : 45.70.
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 07-Feb-2023 18:01 the market cap of Menon Pistons stood at ₹ 233.1.
The latest PE ratio of Menon Pistons as of 07-Feb-2023 18:01 is 12.46.
The latest PB ratio of Menon Pistons as of 07-Feb-2023 18:01 is 2.18
The 52-week high of Menon Pistons is ₹ 60.00 and the 52-week low is ₹ 36.20.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue / sales of Menon Pistons is ₹ 213.2 ( Cr.) .

About Menon Pistons Ltd

Menon Pistons Ltd. ( MPL ) ventured into the manufacture of pistons in 1971 without any collaboration or technical assistance of any piston manufacturer. Menon Pistons’s  manufacturing plant was set up at the industrial estate in Shiroli, Kolhapur, a small industrial city, south east of Mumbai & delivered the First Ring Carrier piston to the Indian diesel engine industry in 1971.

Menon Group, the multi-product, high end critical auto components group with a turnover exceeding Rs 300 crore, & globally positioned with business activities spanning 24 countries around the globe exporting 35 % of its production. The Menon Group's historic commitment to quality and customer service, strong corporate values, disciplined & professional management systems, emphasis on trust in business relations, & our ability to meet special needs is recognized the word over.

In the year 1985 a second unit was started in Sangli, yet again a small town 60 km away from Kolhapur to manufacture Gudgeon Pins & Pistons for stationary & industrial applications. In the year 1996 a third unit was added in Shiroli industrial estate exclusively for the manufacture of small pistons to industrial applications & passenger cars. Currently this plant concentrates on the manufacturing of pistons for passenger car as an “ Exclusive & Single source “ supplier to Maruti Suzuki Ltd, for their prize vehicle “ Swift ”

The company has kept pace with the growing trends by virtue of streamlining quality systems, development of quality culture, adoption of latest technology & equipment. Products of Menon Pistons enjoy a high degree of customer satisfaction & value for the money & has been the choice of discerning customers as most cost effective supplier.

Menon Pistons Ltd., manufactures aluminium alloy pistons, piston pins, and piston rings for passenger cars, heavy and light commercial vehicles, heavy duty diesel engines for power generation and earth movers, compressors, etc.

Product range of the company includes:

MPL's product range boasts of piston assemblies for diverse array of high tech features catering to the wide variety of applications such as :

  • Heavy Duty Diesel Engines for Power Generation / Off Highway Vehicles/Gas Engines
  • Heavy/Medium/Light Commercial Vehicles with Diesel Engines.
  • Passenger Car (Diesel & Gasoline) Engines
  • Bi-wheeler (4 Stroke) / Small Engine Applications

Clients:

  • Tata
  • Suzuki
  • Cummins
  • Greaves
  • New Holland
  • Eicher
  • Kirloskar
  • Arrow Engine Company

Milestones:

  • 1969 - Company Incorporated.
  • 1971 - Developed Ring Carrier Piston (Alfin Piston) Fist Time in India for Cummins which was import substitution.
  • 1978 -100,000Th Piston Produced for Cummins alone.
  • 1982 - Technology upgradation Agreement with Sakura Kogyo Co.Ltd, Japan, for manufacture of Pistons.
  • 1985 -Started Gudgeon Pin Production in Plant 2 – Sangli (Maharashtra).
  • 1985 -First Export of Pistons to Russia. Upto 1991 supplied pistons to AVTO LADA & 40000 large dia pistons to tractor company in USSR.
  • 1985 -ISO 9002 Certification by BVQI, UK.
  • 1994 -Best Vendor Performance Award by Maruti Udyog Ltd.
  • 1995 -“Ship to Use” Status awarded by Cummins India Ltd.
  • 1996 - Company became Public Limited.
  • 1996 -Technical Tie up with M/s. Izumi Industries Ltd, Japan, one of the leading piston manufacturers in the world.
  • 2000 -QS 9000 certification by TUV Suddeutschland, Germany.
  • 2001 -Reached a total supply of 1.5 Million Pistons to Cummins.
  • 2004 -Re-certification of QS 9000 by TUV Suddeutschland, Germany.
  • 2005 -TS 16949 certification by TUV Suddeutschland, Germany.
  • 2006 -Signed Technical License Agreement with M/s. Dong Yang Piston Co Ltd, South Korea.
  • 2006- First surveillance audit of TS 16949 successfully completed.
  • 2007 -Development of cooled gallery piston for heavy duty application.

Achievements/ recognition:

  • The First Company in India to develop Ring Carrier Pistons
  • Best Vendor Award from Maruti Udyog Ltd in the year 1994-95
  • “Ship -to - Use” Status by Cummins India Ltd since 1995
  • Faster Development Award from Kirloskar Oil Engines Ltd
  • ISO/TS: 16949 Certified by TUV Suddentschland in 2005
  • “Outstanding Supplier For Excellent Performance” award from Cummins Group in July 2006
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