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Last Updated on: 22 May, 2024|Author: Getaka | Social: X Twitter Profile
Stock Ticker - BSE: 532756 | NSE: CIEINDIA

Fundamental Analysis of CIE Automotive India Ltd

Basic Stock Data

Last Updated: May 22, 2024, 7:02 pm

Market Cap 20,118 Cr.
Current Price 530
High / Low580/401
Stock P/E24.9
Book Value 158
Dividend Yield0.94 %
ROCE18.3 %
ROE14.4 %
Face Value 10.0
PEG Ratio0.96

Data Source: screener.in

Competitors of CIE Automotive India Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
Amforge Industries Ltd 15.8 Cr. 11.017.2/4.3646.6 8.750.00 %3.18 %1.53 % 2.00
Kalyani Forge Ltd 162 Cr. 448573/23235.2 2960.67 %6.25 %3.52 % 10.0
Ramkrishna Forgings Ltd 13,130 Cr. 726815/36038.4 1480.28 %18.7 %17.0 % 2.00
LGB Forge Ltd 239 Cr. 10.014.8/7.80 1.080.00 %12.0 %26.7 % 1.00
Bharat Forge Ltd 65,916 Cr. 1,4151,474/75371.8 1540.49 %13.3 %13.2 % 2.00
Industry Average15,892.56 Cr522.0038.40121.570.29%10.69%12.39%3.40

Quarterly Result

MonthMar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
Sales2,1892,0422,0911,6692,0612,2162,2292,2472,4402,3202,2792,2402,427
Expenses1,9031,7831,8221,4891,7801,9101,9361,9542,0601,9501,9341,9132,066
Operating Profit287260268180280306293292381370345327361
OPM %13%13%13%11%14%14%13%13%16%16%15%15%15%
Other Income19127881517-790751082091852
Interest1413139401182422313022
Depreciation88898366727573778383787886
Profit before tax204170179113213246227-582349372445237304
Tax %95%20%7%29%24%23%24%-13%20%19%16%29%24%
Net Profit1013616680161189171-658279302375169230
EPS in Rs0.273.594.392.124.264.984.52-17.347.367.959.904.456.08

Last Updated: May 10, 2024, 3:57 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: April 29, 2024, 6:32 am

MonthMar 2013Mar 2014Mar 2015Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023
Sales2,2162,5915,5704,0015,3206,4288,0327,9086,0506,7658,7539,280
Expenses2,1732,4825,1283,6384,7895,6227,0316,9405,5495,8237,5817,857
Operating Profit431094423635318061,0019685019421,1721,423
OPM %2%4%8%9%10%13%12%12%8%14%13%15%
Other Income34-183-49222039285532-749410
Interest49631215059515052553523107
Depreciation110120238163232268287316306273296322
Profit before tax-114-70-1001012625077026281956661041,403
Tax %0%-17%22%24%35%29%29%44%45%41%231%20%
Net Profit-114-81-7877169358498354106393-1361,125
EPS in Rs-12.36-8.82-2.422.374.479.4713.159.332.8110.37-3.5929.66
Dividend Payout %-0%-0%-0%-0%-0%-0%-0%-0%-0%24%-70%17%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2013-20142014-20152015-2016
YoY Net Profit Growth (%)28.95%195.06%316.67%
Change in YoY Net Profit Growth (%)0.00%166.11%121.60%

CIE Automotive India Ltd has shown a consistent positive trend in YoY Net Profit Growth (%) in the last 3 years from 2013-2014 to 2015-2016.

Growth

Compounded Sales Growth
10 Years:15%
5 Years:3%
3 Years:15%
TTM:1%
Compounded Profit Growth
10 Years:25%
5 Years:10%
3 Years:102%
TTM:12%
Stock Price CAGR
10 Years:17%
5 Years:18%
3 Years:41%
1 Year:17%
Return on Equity
10 Years:7%
5 Years:6%
3 Years:7%
Last Year:14%

Last Updated: May 22, 2024, 6:19 pm

Balance Sheet

Last Updated: April 29, 2024, 6:32 am

MonthMar 2013Mar 2014Mar 2015Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023
Equity Capital9292323323378378379379379379379379
Reserves6625641,5641,6832,8883,3373,9104,2554,5294,8184,7195,609
Borrowings6847341,5491,0851,3921,1971,6131,4691,6481,487984855
Other Liabilities5096211,5152,0522,1772,5872,5822,4602,8083,1373,8372,919
Total Liabilities1,9472,0114,9515,1436,8357,4998,4848,5639,3649,8219,9209,762
Fixed Assets1,1591,2113,1243,2934,5174,7504,9056,0446,7416,5875,5475,810
CWIP512912656976096541212512054
Investments41585767395568196234438576821
Other Assets6957131,6431,7272,1822,6342,8022,3702,3762,6713,6783,077
Total Assets1,9472,0114,9515,1436,8357,4998,4848,5639,3649,8219,9209,762

Reserves and Borrowings Chart

Cash Flow

MonthMar 2013Mar 2014Mar 2015Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023
Cash from Operating Activity 1022113226803045127081,0275391,0511,1181,383
Cash from Investing Activity -102-88-184-225-831-303-1,017-589-422-762-637-910
Cash from Financing Activity 19-116-294-494575-236362-404-38-363-488-427
Net Cash Flow197-155-3948-26533480-74-646

Free Cash Flow

MonthDec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Mar 2013Mar 2014Mar 2015
Free Cash Flow362.00530.00805.000.00967.00500.00941.00-983.00-854.00-641.00-625.00441.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2013Mar 2014Mar 2015Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023
Debtor Days442328353634343443363625
Inventory Days110126981521421281231031311489386
Days Payable8793149296260204169144190212163144
Cash Conversion Cycle6756-24-109-82-42-12-7-16-28-35-32
Working Capital Days3416-3-45-18-102-1-1-9-021
ROCE %-4%0%10%10%8%12%14%11%4%11%15%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthJun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
Promoters72.19%72.19%72.19%72.17%74.87%74.96%74.96%68.90%65.70%65.70%65.70%65.70%
FIIs12.73%10.45%10.36%10.66%6.85%7.26%7.29%8.62%7.54%6.61%5.63%5.11%
DIIs5.62%7.84%7.78%7.39%8.10%7.66%7.47%11.19%14.75%15.40%15.98%18.12%
Government0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.01%0.02%0.03%0.03%0.04%
Public9.46%9.52%9.68%9.78%10.17%10.09%10.29%11.26%11.96%12.26%12.66%11.03%
No. of Shareholders59,31465,47674,87780,01684,47989,95596,5701,09,3321,13,7251,18,9201,36,3851,34,185

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)
Axis Small Cap Fund7,144,8611.73329.95
Nippon India Small Cap Fund6,966,7840.7321.73
Nippon India Multi Cap Fund4,986,3320.83230.27
HDFC Flexi Cap Fund - Regular Plan3,850,6210.35177.82
HDFC Multi Cap Fund2,729,5301.02126.05
Aditya Birla Sun Life Multi-Cap Fund2,042,9661.8194.34
Canara Robeco Small Cap Fund1,834,4330.984.71
HDFC Large and Mid Cap Fund - Regular Plan1,606,5250.4374.19
Aditya Birla Sun Life MNC Fund - Div1,269,5341.6858.63
Aditya Birla Sun Life MNC Fund - Gr1,269,5341.6858.63

ROCE Trend

EPS Trend

Key Financial Ratios

MonthDec 23Dec 22Dec 21Dec 20Mar 20
FaceValue10.0010.0010.0010.0010.00
Basic EPS (Rs.)29.66-3.5910.362.802.80
Diluted EPS (Rs.)29.66-3.5910.362.802.80
Cash EPS (Rs.)38.164.1619.3810.8910.89
Book Value[Excl.RevalReserv]/Share (Rs.)157.84134.42137.08129.50129.50
Book Value[Incl.RevalReserv]/Share (Rs.)157.84134.42137.08129.50129.50
Revenue From Operations / Share (Rs.)244.63230.77221.23159.63159.63
PBDIT / Share (Rs.)39.7032.4328.3014.6814.68
PBIT / Share (Rs.)31.2024.6219.256.606.60
PBT / Share (Rs.)28.3725.0217.515.155.15
Net Profit / Share (Rs.)29.67-3.6510.332.812.81
NP After MI And SOA / Share (Rs.)29.66-3.5910.362.812.81
PBDIT Margin (%)16.2214.0512.799.199.19
PBIT Margin (%)12.7510.678.704.134.13
PBT Margin (%)11.5910.847.913.223.22
Net Profit Margin (%)12.12-1.584.671.751.75
NP After MI And SOA Margin (%)12.12-1.554.681.751.75
Return on Networth / Equity (%)18.79-2.677.562.162.16
Return on Capital Employeed (%)17.7716.0710.703.693.69
Return On Assets (%)11.52-1.373.941.111.11
Long Term Debt / Equity (X)0.010.020.120.190.19
Total Debt / Equity (X)0.130.180.240.330.33
Asset Turnover Ratio (%)0.940.550.440.3163.57
Current Ratio (X)1.010.950.910.900.90
Quick Ratio (X)0.630.650.480.530.53
Inventory Turnover Ratio (X)4.092.672.381.476.01
Dividend Payout Ratio (NP) (%)0.00-69.600.000.000.00
Dividend Payout Ratio (CP) (%)0.0059.250.000.000.00
Earning Retention Ratio (%)0.00169.600.000.000.00
Cash Earning Retention Ratio (%)0.0040.750.000.000.00
Interest Coverage Ratio (X)14.0354.1920.1710.164.56
Interest Coverage Ratio (Post Tax) (X)8.4330.578.602.952.95
Enterprise Value (Cr.)18419.3013879.6310030.957920.724037.87
EV / Net Operating Revenue (X)1.981.591.201.310.66
EV / EBITDA (X)12.2311.289.3514.237.26
MarketCap / Net Operating Revenue (X)1.921.491.061.080.43
Retention Ratios (%)0.00169.600.000.000.00
Price / BV (X)2.982.561.711.330.53
Price / Net Operating Revenue (X)1.921.491.061.080.43
EarningsYield0.06-0.010.040.010.04

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value: ₹571.85

Calculation basis:

  • Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

Undervalued: 7.90% compared to the current price ₹530

Intrinsic Value: ₹720.68

Calculation basis:

  • Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
  • EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators along with EPS growth.

Undervalued: 35.98% compared to the current price ₹530

Last 5 Year EPS CAGR: 26.03%

*Investments are subject to market risks

Strength and Weakness

StrengthWeakness
  1. The stock has a low average Working Capital Days of -1.17, which is a positive sign.
  2. The stock has a low average Cash Conversion Cycle of -22.00, which is a positive sign.
  3. The company has higher reserves (3,211.50 cr) compared to borrowings (1,224.75 cr), indicating strong financial stability.
  4. The company has shown consistent growth in sales (5.67 cr) and profit (240.17 cr) over the years.
  1. The stock has a low average ROCE of 7.58%, which may not be favorable.

Stock Analysis

  • Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in CIE Automotive India Ltd:
    1. Net Profit Margin: 12.12%
      • Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
    2. ROCE: 17.77% (Industry Average ROCE: 10.05%)
      • ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
    3. ✓ ROE%: 18.79% (Industry Average ROE: 12.08%)
      • ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
    4. Interest Coverage Ratio (Post Tax): 8.43
      • Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
    5. Quick Ratio: 0.63
      • Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
    6. ✓ Stock P/E: 24.9 (Industry average Stock P/E: 29.08)
      • Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
    7. ✓ Total Debt / Equity: 0.13
      • Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
    The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
    Stock Rating:

About the Company - Qualitative Analysis

Mahindra CIE Automotive Ltd. is a Public Limited Listed company incorporated on 13/08/1999 and has its registered office in the State of Maharashtra, India. Company’s Corporate Identification Number(CIN) is L27100MH1999PLC121285 and registration number is 121285. Currently Company is involved in the business activities of Forging, pressing, stamping and roll-forming of metal; powder metallurgy. Company’s Total Operating Revenue is Rs. 3290.60 Cr. and Equity Capital is Rs. 379.10 Cr. for the Year ended 31/12/2021.
INDUSTRYADDRESSCONTACT
ForgingsSuite F9D, Grand Hyatt Plaza (Lobby Level), Mumbai Maharashtra 400055mcie.investors@cie-india.com
http://www.mahindracie.com
Management
NamePosition Held
Mr. Shriprakash ShuklaChairman
Mr. Manoj MenonExecutive Director & CEO
Mr. Anil HaridassNon Executive Director
Mr. Ander Arenaza AlvareExecutive Director
Mr. Jesus Maria Herrera BarandiaranNon Executive Director
Mr. Manoj MaheshwariIndependent Director
Mr. Suhail A NathaniIndependent Director
Mr. Dhananjay MungaleIndependent Director
Mr. Kadambi NarahariIndependent Director
Mrs. Roxana Meda InorizaIndependent Director
Mr. Alan Savio D�Silva PicardoIndependent Director

FAQ

What is the latest fair value of CIE Automotive India Ltd?

The latest fair value of CIE Automotive India Ltd is ₹571.85.

What is the Market Cap of CIE Automotive India Ltd?

The Market Cap of CIE Automotive India Ltd is 20,118 Cr..

What is the current Stock Price of CIE Automotive India Ltd as on 22 May 2024?

The current stock price of CIE Automotive India Ltd as on 22 May 2024 is ₹530.

What is the High / Low of CIE Automotive India Ltd stocks in FY 2024?

In FY 2024, the High / Low of CIE Automotive India Ltd stocks is ₹580/401.

What is the Stock P/E of CIE Automotive India Ltd?

The Stock P/E of CIE Automotive India Ltd is 24.9.

What is the Book Value of CIE Automotive India Ltd?

The Book Value of CIE Automotive India Ltd is 158.

What is the Dividend Yield of CIE Automotive India Ltd?

The Dividend Yield of CIE Automotive India Ltd is 0.94 %.

What is the ROCE of CIE Automotive India Ltd?

The ROCE of CIE Automotive India Ltd is 18.3 %.

What is the ROE of CIE Automotive India Ltd?

The ROE of CIE Automotive India Ltd is 14.4 %.

What is the Face Value of CIE Automotive India Ltd?

The Face Value of CIE Automotive India Ltd is 10.0.

About the Author

Author Avatar
Getaka

Getaka, CFA, a financial analyst with 15 years of experience in the industry. Getaka holds an MBA degree and the Chartered Financial Analyst designation, demonstrating his profound understanding of financial analysis and investment management. Throughout his career, he has conducted numerous financial analyses and due diligence processes for companies in the industry, and has a strong track record of identifying key trends and opportunities. He leverages his expertise to deliver a thorough financial analysis of a company, encompassing its financial performance, key ratios, future prospects, and risks. Getaka is committed to providing accurate, reliable, and trustworthy information to help readers make informed decisions about their finances and investments.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in CIE Automotive India Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE