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Swing Capital

India Nippon Electricals Ltd

NSE: INDNIPPON BSE: 532240

India Nippon Electricals is a manufacturer of Ignition Systems for two-wheelers, three-wheelers, and portable engines [1] It was incorporated in 1984 and was converted into a joint venture in 1986 between Lucas Indian Service Ltd, a wholly-owned subsidiary of Lucas-TVS Ltd and MAHLE Electric Drives Japan Corporation(Japan) – a company of MAHLE Group [2]

₹778
52W: ₹653 — ₹1100
PE 17.9 · Book ₹347 · +124% vs book
Market Cap₹1,760 Cr
Stock P/E17.9Price to Earnings
ROCE15.4%Return on Capital
ROE12.3%Return on Equity
Div. Yield1.98%Face Value ₹5

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has been maintaining a healthy dividend payout of 36.6%

Weaknesses

  • −Company has a low return on equity of 10.9% over last 3 years.

Shareholding Pattern

Promoters70.37%
FIIs0.41%
DIIs0.06%
Public29.14%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters70.37%70.37%70.37%70.37%70.37%70.37%70.37%70.37%
FIIs0.14%0.21%▲0.10.21%0.19%▼0.00.28%▲0.10.37%▲0.10.42%▲0.00.41%▼0.0
DIIs0%0%0%0%0%0%0.06%▲0.10.06%
Public29.49%29.43%▼0.129.42%▼0.029.45%▲0.029.35%▼0.129.25%▼0.129.14%▼0.129.14%

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales190179196187210215234225273272
Expenses170164174170186189206202243242
Operating Profit20152217242628233029
OPM %10%9%11%9%11%12%12%10%11%11%
Net Profit17122018211627232325
EPS ₹7.685.379.068.019.347.0211.8910.310.2611.02

AI Insights

Revenue Trend

TTM revenue at ₹1,003Cr, up 18.7% YoY. OPM at 11%.

Debt Position

Borrowings at ₹2Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Capex Cycle

CWIP at ₹12Cr (8% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0.06% (+0.06pp change). FIIs: 0.41% (+0.33pp change). Promoters hold 70.37%.

Margin & Efficiency

ROCE improving from 12% (Mar 2014) to 15% (Mar 2025). Working capital days: 37.

Valuation

PE 17.9x with 15.4% ROCE. Price is 124% above book value of ₹347. Dividend yield: 1.98%.

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