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Swing Capital

Banco Products (India) Ltd

NSE: BANCOINDIA BSE: 500039

Banco Products (India) Ltd manufactures and supplies engine cooling modules and systems for automotive and industrial applications in both the domestic and international markets. It was Incorporated in 1961, promoted by Mr. Mehul K. Patel who has more than 40 years of experience in the automotive industry [1]

₹578
52W: ₹467 — ₹880
PE 23.4 · Book ₹72.4 · +698% vs book
Market Cap₹8,266 Cr
Stock P/E23.4Price to Earnings
ROCE38.9%Return on Capital
ROE33.2%Return on Equity
Div. Yield2.54%Face Value ₹2

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has delivered good profit growth of 32.0% CAGR over last 5 years
  • +Company has a good return on equity (ROE) track record: 3 Years ROE 34.2%
  • +Company has been maintaining a healthy dividend payout of 59.7%

Weaknesses

  • −Stock is trading at 8.00 times its book value
  • −Tax rate seems low
  • −Earnings include an other income of Rs.227 Cr.

Shareholding Pattern

Promoters67.88%
FIIs4.06%
DIIs0.22%
Public27.83%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters67.88%67.88%67.88%67.88%67.88%67.88%67.88%67.88%
FIIs3.21%3.08%▼0.13.76%▲0.73.88%▲0.13.83%▼0.04.4%▲0.64%▼0.44.06%▲0.1
DIIs0.14%0.18%▲0.00.21%▲0.00.17%▼0.00.43%▲0.30.29%▼0.10.22%▼0.10.22%
Public28.77%28.86%▲0.128.15%▼0.728.07%▼0.127.85%▼0.227.42%▼0.427.89%▲0.527.83%▼0.1

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales242233264257282257308301288301
Expenses200194222212231214251242240257
Operating Profit42394245514357604844
OPM %17%17%16%17%18%17%19%20%17%15%
Net Profit3161532838631374813831
EPS ₹2.154.253.731.942.654.429.63.359.632.19

AI Insights

Revenue Trend

TTM revenue at ₹1,198Cr, up 8.4% YoY. OPM at 17%.

Debt Position

Borrowings at ₹0Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Capex Cycle

CWIP at ₹5Cr (3% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0.22% (+0.20pp change). FIIs: 4.06% (+2.19pp change). Promoters hold 67.88%.

Margin & Efficiency

ROCE improving from 19% (Mar 2014) to 39% (Mar 2025). Working capital days: 115.

Valuation

PE 23.4x with 38.9% ROCE. Price is 698% above book value of ₹72.4. Dividend yield: 2.54%.

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