Fiem Industries Ltd - Stock Valuation and Financial Performance

BSE: 532768 | NSE: FIEMIND | Auto Ancillary | Small Cap

Fiem Inds Share Price

1,130 54.05 5.02%
as on 28-Mar'24 16:01

DeciZen - make an informed investing decision on Fiem Inds

Overall Rating
Bole Toh

1. Quality

2. Valuation

Somewhat overvalued

3. Price Trend

Fiem Industries stock performance -

mw4me loader
P/E Ratio (SA):
18.07
Market Cap:
2,831.9 Cr.
52-wk low:
710.4
52-wk high:
1,299.3

Is Fiem Industries Ltd an attractive stock to invest in?

1. Is Fiem Industries Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Fiem Industries Ltd is a good quality company.

2. Is Fiem Industries Ltd undervalued or overvalued?

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

3. Is Fiem Industries Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Fiem Industries 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 Fiem Inds:

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.
Fiem Industries 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 % 15.3%15.4%18%11.3%10.6%11.3%14.4%9.1%15.6%20.3%-
Value Creation
Index
0.10.10.3-0.2-0.2-0.20.0-0.40.10.5-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 7188259871,0141,2381,4441,3781,2211,5721,8481,893
Sales YoY Gr.-14.8%19.7%2.8%22.1%16.6%-4.6%-11.4%28.8%17.5%-
Adj EPS 15.517.723.916.219.121.130.318.736.25359.5
YoY Gr.-14.3%34.9%-32%17.4%10.4%44.1%-38.2%93.1%46.5%-
BVPS (₹) 76.689.2108.3155.7170.6181.1201217.9246288.6323.6
Adj Net
Profit
37.142.457.142.850.255.479.849.395.3140157
Cash Flow from Ops. 76.682.11224612411920913692.6131-
Debt/CF from Ops. 1.61.41.24.91.31.40.50.40.20-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 11.1%8.3%10.3%17.5%
Adj EPS 14.7%22.7%20.5%46.5%
BVPS15.9%11.1%12.8%17.3%
Share Price 18.4% 34.7% 59.9% 56.1%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
20.32022.812.511.71215.9915.619.819.5
Op. Profit
Mgn %
12.312.412.911.611.410.711.41112.313.413.4
Net Profit
Mgn %
5.25.15.84.24.13.85.846.17.68.3
Debt to
Equity
0.70.60.50.60.40.40.20.100-
Working Cap
Days
6460648190908274737555
Cash Conv.
Cycle
111045121614381830

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 19.50%

Sales growth is growing at healthy rate in last 3 years 10.29%

Net Profit is growing at healthy rate in last 3 years 20.46%

Sales growth is not so good in last 4 quarters at 0.84%

Latest Financials - Fiem Industries Ltd.

Standalone Consolidated
TTM EPS (₹) 59.5 59.8
TTM Sales (₹ Cr.) 1,893 1,893
BVPS (₹.) 323.6 324.5
Reserves (₹ Cr.) 825 828
P/BV 3.33 3.32
PE 18.07 17.98
From the Market
52 Week Low / High (₹) 710.40 / 1299.25
All Time Low / High (₹) 19.62 / 1299.25
Market Cap (₹ Cr.) 2,832
Equity (₹ Cr.) 26.3
Face Value (₹) 10
Industry PE 46

Management X-Ray of Fiem Inds:

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 Fiem Inds

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
Sales7188259871,0141,2381,4441,3781,2211,5721,848
Operating Expenses 6307228608971,0981,2891,2211,0871,3791,600
Manufacturing Costs7584105113128131125105127136
Material Costs4384985735877378988407549861,131
Employee Cost 8498127146177196196164205236
Other Costs 33425651566460646196
Operating Profit 88102127117141155157134193248
Operating Profit Margin (%) 12.3%12.4%12.9%11.6%11.4%10.7%11.4%11.0%12.3%13.4%
Other Income 11155123311
Interest 141216232322181297
Depreciation 22313339444953575963
Exceptional Items 000-1430-1-300
Profit Before Tax 5361794582858765129188
Tax 1618221329308183449
Profit After Tax 374257335355794795140
PAT Margin (%) 5.2%5.1%5.8%3.2%4.2%3.8%5.7%3.9%6.1%7.6%
Adjusted EPS (₹)15.617.723.912.520.021.130.017.936.253.1
Dividend Payout Ratio (%)19%20%17%32%23%28%22%45%28%28%

Balance Sheet

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

Equity and Liabilities

Shareholders Fund 197227273410449477529573647759
Share Capital 12121213131313131313
Reserves 185215261397436463516560634746
Minority Interest0000000000
Debt8786109184124131582280
Long Term Debt5851911198793582280
Short Term Debt2934186437380000
Trade Payables7788151151220189167172261165
Others Liabilities 93100126125143165169158138125
Total Liabilities 4555016588699359629239261,0541,050

Fixed Assets

Gross Block425480593695804861938949962994
Accumulated Depreciation112145178215250297348403455502
Net Fixed Assets313334416479554564590546507493
CWIP 051267110315
Investments 0018720282929865
Inventories425166102140147129117185176
Trade Receivables76871191191441467781175141
Cash Equivalents 23423214610967180
Others Assets21214254696353413451
Total Assets 4555016588699359629239261,0541,050

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 77821224612411920913693131
PBT 5361794582858765129188
Adjustment 36434973607170796879
Changes in Working Capital -1-713-57-1-17709-69-74
Tax Paid -12-14-19-15-16-19-19-18-36-62
Cash Flow From Investing Activity -41-59-108-198-45-81-47-15-7437
Capex -41-59-109-116-115-74-46-20-19-54
Net Investments 000-8667-8-20-5783
Others 0014411429
Cash Flow From Financing Activity -36-22-13173-102-38-118-57-61-55
Net Proceeds from Shares 000117000000
Net Proceeds from Borrowing -14-63939-3910-38-41-30-20
Interest Paid -14-13-18-25-23-22-17-10-7-6
Dividend Paid -5-7-14-4-11-22-18-4-21-26
Others -34-1945-29-3-44-2-2-2
Net Cash Flow 02022-2204463-42113
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)22.1621.324.199.8112.2411.9915.78.5515.619.85
ROCE (%)22.822.9726.0113.2716.7817.0716.3912.2221.1727.38
Asset Turnover Ratio1.791.891.881.481.411.521.461.331.61.76
PAT to CFO Conversion(x)2.081.952.141.392.342.162.652.890.980.94
Working Capital Days
Receivable Days33333438383730233031
Inventory Days21192027353637373535
Payable Days63617694928377828069

Fiem Industries Ltd Stock News

Fiem Industries Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Fiem Inds on 28-Mar-2024 16:01 is ₹1,130.
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 Fiem Inds stood at ₹2,831.9.
The latest P/E ratio of Fiem Inds as of 28-Mar-2024 16:01 is 18.07.
The latest P/B ratio of Fiem Inds as of 28-Mar-2024 16:01 is 3.33.
The 52-week high of Fiem Inds is ₹1,299.3 and the 52-week low is ₹710.4.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Fiem Inds is ₹1,893 ( Cr.) .

About Fiem Industries Ltd

The company was originally incorporated in India as Rahul Auto Private Limited on February 6, 1989 in New Delhi under the Companies Act, 1956. The company is promoted by J.K. Jain, its Chairman and Managing Director. The Company is one of the leading manufacturers of automotive lighting & signaling equipments and rear view mirrors.

They set up their unit at HSIDC Industrial Estate, Kundli, Sonepat (Haryana) for carrying on the business of manufacturing rear view mirrors for two, three and four wheelers. They changed the name of their company to FIEM Industries Private Limited w.e.f. May 7, 1992. Subsequently, the company was converted into a public company with effect from November 30, 1993 pursuant to which, the name of their company was changed to FIEM Industries Limited. During the year 1993-94, they added additional facilities for manufacturing of automotive lighting and signaling equipments such as head lamp, tail lamp, side indicator, reflex Reflector, fog lamp, etc. With a view to expand their business, they shifted all their manufacturing during the year 1993-94 to the plant situated at 32 Mile Stone, G.T. Road, Kundli, Sonepat, (Haryana) (Unit 1) having full fledged testing laboratory for manufacturing automotive lamps & rear view mirrors conforming to International Standards viz, JIS, ADR, DOT, ECE, SAE and Indian Standards viz.,   AIS and BIS in the year 1996, the company set-up a Joint Venture Company under the name and style of FIEM Sung San (India) Limited in association with Sung San Co. Limited, Korea and Daewoo Motors India Limited. Subsequently, FIEM Sung San ( India ) Limited became our subsidiary w.e.f September 30, 2005 pursuant to the acquisition of 32,50,000 Equity Shares of Rs.10 each. 

They further expanded their capacities with the setting-up of their Unit II in the year 2003-04 at Tamil Nadu for manufacturing head lamps, tail lamps, / rear combination lamps, side indicator lamps, reflex reflectors and rear view mirrors. They set up their Unit III in the year 2004-05 at Kelamanglam, Tamil Nadu for manufacturing sheet metal items viz., frame, mudguards, stands, guard exhaust pipe. In the same year they set up Unit IV at Mysore Taluk, Karnataka for manufacturing value added products such as assembly of rear fender for two wheelers. They are presently conducting trail runs at their Export Unit (Unit V) at Kelamangalam, Tamil, Nadu for manufacturing mirror plates, mirror assembly, head lamps, tail lamps, and side indicators.They are also in the process of setting up of Unit VI at Nalagarh, Himachal Pradesh which shall engage in the manufacture of head lamps, tail lamps, side indicator lamps, rear fender, reflex reflectors and rear view mirrors primarily for the four wheeler segment. 

The company is supplying its products to almost all major OEMs in the domestic market as well as few global OEMs. Besides some global Tier I automotive lamp manufacturers.The list includes, Punjab Tractors Ltd, Hyundai Motors India Ltd, Tata Motors Ltd, Inter-national Tractors Ltd, SwarajMazda Ltd, Ashok Leyland Ltd, Force Motors Ltd etc.

Products of the company include:

  • TWO WHEELERS - lighting & signaling equipments and rear view mirrors.
  • FOUR WHEELERS - lighting & signaling equipments and rear view mirrors.
  • AUXILLARY LAMPS
  • WARNING TRIANGLES  
  • REFLEX REFLECTORS
  • LED LAMPS

Awards & Achievements:

  • The company was accredited with ISO-9002 in the year 1997 by BVQI, London . 
  • In the year 1999, their Unit Sonepat Haryana was accredited with ISO 9001: 2000 & ISO 9002 : 1994 and the quality system requirements certification QS 9000 : 1998 by Underwriters Laboratories Inc. (UL), USA for the manufacture of automotive lighting & signaling equipments and rear view mirrors.
  •  In the year 2004, their Unit I at Sonepat, Haryana was accredited with ISO/TS 16949 : 2002 by UL, USA.
  •  In the year 2005, their Unit II at Hosur , Tamil Nadu was accredited with ISO/TS 16949 : 2002 by UL, USA.
  •  In the same year, their Unit I at Sonepat, Haryana was accredited with ISO 14001-2004 by UL , USA.
  •  Prior to this in the year 2002, their unit I at Sonepat, Haryana also received the 'Confirmity of production' form RDW, Netherlands for e-marked products.
  • The Company was awarded Bhartiya shiromani Puruskar by the Institute of Economic Studies (IES), New Delhi in the year 2005. 
  • In 2007 Company has received QCDDM (Quality, Cost, Delivery, Development and Management) Award from its esteemed customer M/s Honda Motorcycle & Scooter India Pvt. Limited for 4th Consecutive year.

Recent developments

Fiem Industries has inked an Memorandum of Understanding (MoU) with Japan based Ichikoh Industries in May 2009. Ichikoh Industries is one of the world's renowned manufacturers in the field of automotive lighting and rear view mirrors. As per the MoU, Ichikoh would have equity participation in Fiem and extend technical assistance for development and manufacturing of automotive lightings and rear view mirrors for various car manufacturers in India.

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