Fundamental Analysis of Hind Rectifiers Ltd

About the Company - Hind Rectifiers Ltd

Hind Rectifiers Ltd. is a Public Limited Listed company incorporated on 25/04/1958 and has its registered office in the State of Maharashtra, India. Company’s Corporate Identification Number(CIN) is L28900MH1958PLC011077 and registration number is 011077. Currently Company is involved in the business activities of Manufacture of electric motors, generators, transformers and electricity distribution and control apparatus. Company’s Total Operating Revenue is Rs. 372.10 Cr. and Equity Capital is Rs. 3.31 Cr. for the Year ended 31/03/2022.

INDUSTRY	ADDRESS	CONTACT
Electronics - Equipment/Components	Lake Road, Bhandup (West), Mumbai Maharashtra 400078	investors@hirect.com http://www.hirect.com

Management
Name	Position Held
Mr. Pradeep V Goyal	Chairman & Ind.Director
Mr. Suramya Nevatia	Managing Director & CEO
Mrs. Akshada Nevatia	Executive Director
Mr. Pawan Kumar Golyan	Non Exe.Non Ind.Director
Mr. Parimal Merchant	Independent Director
Mr. Ashlesha Bodas	Independent Director
Mr. V K Bhartia	Independent Director
Mr. Vandan Shah	Independent Director

Basic Stock Data of Hind Rectifiers Ltd

Last Updated: July 26, 2024, 10:36 pm

Market Cap	1,230 Cr.
Current Price	718
High / Low	824/287
Stock P/E	71.0
Book Value	72.7
Dividend Yield	0.17 %
ROCE	15.9 %
ROE	14.7 %
Face Value	2.00
PEG Ratio	-3.39

Data Source: screener.in

Hind Rectifiers Ltd Quarterly Results

Month	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Sales	81.00	75.57	73.45	102.12	94.19	102.34	72.64	77.64	97.23	111.59	97.58	131.98	136.63
Expenses	76.15	71.39	68.36	94.67	89.53	97.36	72.91	79.84	90.68	100.57	90.95	121.37	123.15
Operating Profit	4.85	4.18	5.09	7.45	4.66	4.98	-0.27	-2.20	6.55	11.02	6.63	10.61	13.48
OPM %	5.99%	5.53%	6.93%	7.30%	4.95%	4.87%	-0.37%	-2.83%	6.74%	9.88%	6.79%	8.04%	9.87%
Other Income	0.04	0.10	0.05	0.10	0.04	0.16	0.02	0.06	0.04	-10.63	0.06	0.10	-6.91
Interest	2.26	2.10	1.77	1.68	1.67	1.76	1.72	2.15	1.99	2.27	2.52	2.84	3.23
Depreciation	0.96	1.05	1.06	1.08	1.14	1.21	1.24	1.28	1.25	1.37	1.55	1.88	2.02
Profit before tax	1.67	1.13	2.31	4.79	1.89	2.17	-3.21	-5.57	3.35	-3.25	2.62	5.99	1.32
Tax %	25.15%	23.89%	33.33%	29.44%	30.69%	28.11%	29.28%	27.29%	27.76%	24.31%	27.86%	33.72%	-14.39%
Net Profit	1.25	0.85	1.55	3.38	1.31	1.56	-2.27	-4.06	2.42	-2.46	1.90	3.98	1.52
EPS in Rs	0.75	0.51	0.94	2.04	0.79	0.94	-1.37	-2.45	1.46	-1.44	1.11	2.32	0.89

Last Updated: July 11, 2024, 7:37 am

Hind Rectifiers Ltd Quarterly Chart

Hind Rectifiers Ltd Profit & Loss

Last Updated: July 10, 2024, 5:50 pm

Month	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Sales	118	136	97	94	94	111	126	255	300	305	372	359	438
Expenses	102	122	100	96	92	107	116	229	262	285	349	344	404
Operating Profit	16	14	-4	-2	2	5	10	26	38	20	23	15	35
OPM %	13%	10%	-4%	-3%	2%	4%	8%	10%	13%	7%	6%	4%	8%
Other Income	0	0	0	0	1	-7	0	1	0	0	0	-10	-10
Interest	2	1	2	2	3	5	6	8	8	9	7	8	10
Depreciation	2	2	2	1	2	2	2	3	4	4	4	5	6
Profit before tax	12	11	-7	-6	-2	-10	2	17	26	7	11	-9	9
Tax %	12%	9%	30%	40%	31%	27%	35%	29%	30%	28%	30%	27%
Net Profit	11	10	-5	-4	-2	-7	1	12	18	5	8	-6	6
EPS in Rs	6.43	6.10	-2.97	-2.15	-0.91	-4.29	0.79	7.12	11.16	3.22	4.71	-3.71	3.45
Dividend Payout %	23%	24%	-6%	0%	0%	0%	0%	6%	7%	12%	8%	0%

Hind Rectifiers Ltd Profit & Loss Yearly Chart

Hind Rectifiers Ltd Growth

Compounded Sales Growth
10 Years:	18%
5 Years:	15%
3 Years:	19%
TTM:	44%

Compounded Profit Growth
10 Years:	19%
5 Years:	9%
3 Years:	48%
TTM:	297%

Stock Price CAGR
10 Years:	32%
5 Years:	43%
3 Years:	66%
1 Year:	148%

Return on Equity
10 Years:	7%
5 Years:	10%
3 Years:	9%
Last Year:	15%

Last Updated: July 25, 2024, 9:09 am

Hind Rectifiers Ltd Balance Sheet

Last Updated: July 10, 2024, 5:50 pm

Month	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	3	3	3	3	3	3	3	3	3	3	3	3	3
Reserves	60	67	63	60	59	50	63	75	92	96	104	108	114
Borrowings	15	19	23	26	32	41	51	64	90	84	75	105	111
Other Liabilities	25	24	25	26	30	19	35	43	57	57	64	76	74
Total Liabilities	103	114	113	116	123	113	153	185	243	241	246	292	303
Fixed Assets	16	17	16	18	21	20	27	26	33	41	48	80	100
CWIP	0	0	0	1	2	5	4	14	18	20	28	21	8
Investments	0	0	0	0	0	0	0	0	6	0	0	0	0
Other Assets	87	97	97	96	101	88	121	144	185	180	170	192	194
Total Assets	103	114	113	116	123	113	153	185	243	241	246	292	303

Hind Rectifiers Ltd Reserves and Borrowings Chart

Hind Rectifiers Ltd Cash Flow

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Cash from Operating Activity	6	-1	2	5	-3	-4	6	4	22	36	33	34
Cash from Investing Activity	-4	-1	-3	-5	-4	-10	-10	-22	-8	-20	-29	-19
Cash from Financing Activity	0	-1	0	3	4	15	3	19	-15	-17	-4	-14
Net Cash Flow	3	-3	-0	4	-3	1	-1	1	-1	-0	0	0

Hind Rectifiers Ltd Financial Efficiency Indicators

Month	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	183	153	200	221	174	117	161	90	99	105	66	69
Inventory Days	88	100	147	117	180	126	143	106	121	106	97	121
Days Payable	73	56	89	97	124	57	115	65	69	65	60	69
Cash Conversion Cycle	198	197	258	241	230	185	188	132	151	146	104	120
Working Capital Days	179	173	243	228	224	172	192	120	141	145	103	116
ROCE %	19%	14%	-6%	-4%	1%	3%	8%	19%	21%	9%	10%	5%

Hind Rectifiers Ltd Financial Efficiency Indicators Chart

Hind Rectifiers Ltd Share Holding Pattern

Month	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
Promoters	42.25%	42.25%	42.25%	42.25%	42.25%	42.25%	44.08%	44.08%	44.08%	44.08%	44.05%	44.05%
FIIs	4.97%	6.39%	6.47%	6.47%	6.47%	6.47%	6.26%	6.26%	6.26%	5.72%	5.76%	5.82%
DIIs	0.02%	0.02%	0.02%	0.02%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Public	52.76%	51.34%	51.26%	51.26%	51.26%	51.26%	49.64%	49.64%	49.65%	50.18%	50.16%	50.13%
No. of Shareholders	10,004	9,432	9,608	9,652	9,553	9,136	8,921	7,983	7,580	8,403	9,936	10,997

Hind Rectifiers Ltd Shareholding Pattern Chart

No. of Hind Rectifiers Ltd Shareholders

This stock is not held by any mutual fund

Hind Rectifiers Ltd ROCE Trend

Hind Rectifiers Ltd EPS Trend

Hind Rectifiers Ltd Key Financial Ratios

Month	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20
FaceValue	2.00	2.00	2.00	2.00	2.00
Basic EPS (Rs.)	7.30	-3.84	4.71	3.22	11.16
Diluted EPS (Rs.)	7.28	-3.84	4.68	3.22	11.16
Cash EPS (Rs.)	11.64	-0.71	7.42	5.53	13.62
Book Value[Excl.RevalReserv]/Share (Rs.)	72.66	65.24	64.87	60.24	57.74
Book Value[Incl.RevalReserv]/Share (Rs.)	72.66	65.24	64.87	60.24	57.74
Dividend / Share (Rs.)	1.20	0.00	0.40	0.40	0.80
Revenue From Operations / Share (Rs.)	301.99	209.71	224.65	184.20	180.89
PBDIT / Share (Rs.)	26.17	8.96	13.60	12.02	22.72
PBIT / Share (Rs.)	21.83	5.96	10.89	9.71	20.26
PBT / Share (Rs.)	10.32	-5.07	6.74	4.45	15.84
Net Profit / Share (Rs.)	7.30	-3.72	4.71	3.22	11.16
PBDIT Margin (%)	8.66	4.27	6.05	6.52	12.55
PBIT Margin (%)	7.22	2.84	4.84	5.26	11.19
PBT Margin (%)	3.41	-2.41	2.99	2.41	8.75
Net Profit Margin (%)	2.41	-1.77	2.09	1.74	6.16
Return on Networth / Equity (%)	10.04	-5.69	7.25	5.34	19.32
Return on Capital Employeed (%)	23.65	7.21	13.47	13.79	29.15
Return On Assets (%)	3.77	-2.17	3.16	2.21	7.61
Long Term Debt / Equity (X)	0.18	0.21	0.19	0.11	0.15
Total Debt / Equity (X)	1.04	0.93	0.69	0.77	0.88
Asset Turnover Ratio (%)	1.66	1.33	1.53	1.26	1.40
Current Ratio (X)	1.21	1.23	1.47	1.40	1.39
Quick Ratio (X)	0.64	0.61	0.77	0.85	0.84
Inventory Turnover Ratio (X)	4.03	3.42	3.98	3.32	3.59
Dividend Payout Ratio (NP) (%)	0.00	0.00	8.49	24.85	3.58
Dividend Payout Ratio (CP) (%)	0.00	0.00	5.39	14.47	2.93
Earning Retention Ratio (%)	0.00	0.00	91.51	75.15	96.42
Cash Earning Retention Ratio (%)	0.00	0.00	94.61	85.53	97.07
Interest Coverage Ratio (X)	3.52	1.89	3.27	2.28	5.14
Interest Coverage Ratio (Post Tax) (X)	2.53	1.54	2.13	1.61	3.53
Enterprise Value (Cr.)	1159.34	436.09	380.72	272.61	276.81
EV / Net Operating Revenue (X)	2.24	1.21	1.02	0.89	0.92
EV / EBITDA (X)	25.85	28.41	16.89	13.70	7.36
MarketCap / Net Operating Revenue (X)	1.99	0.92	0.82	0.64	0.65
Retention Ratios (%)	0.00	0.00	91.50	75.14	96.41
Price / BV (X)	8.29	2.98	2.86	1.98	2.04
Price / Net Operating Revenue (X)	1.99	0.92	0.82	0.64	0.65
EarningsYield	0.01	-0.01	0.02	0.02	0.09

Hind Rectifiers Ltd Profitability Ratios (%)

Hind Rectifiers Ltd Liquidity Ratios

Hind Rectifiers Ltd Liquidity Ratios (%)

Hind Rectifiers Ltd Interest Coverage Ratios (%)

Hind Rectifiers Ltd Valuation Ratios

Fair Value

Fair Value: 760.06

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: 5.86% compared to the current price 718

Intrinsic Value: 601.01

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.

Overvalued: 16.29% compared to the current price 718

Last 5 Year EPS CAGR: -20.93%

*Investments are subject to market risks

Strength and Weakness of Hind Rectifiers Ltd Stock

Strength	Weakness
The company has higher reserves (79.83 cr) compared to borrowings (62.08 cr), indicating strong financial stability. The company has shown consistent growth in sales (215.77 cr) and profit (4.69 cr) over the years.	The stock has a low average ROCE of 8.25%, which may not be favorable. The stock has a high average Working Capital Days of 169.67, which may not be favorable. The stock has a high average Cash Conversion Cycle of 179.17, which may not be favorable.

FAQ

What is the latest fair value of Hind Rectifiers Ltd?

The latest fair value of Hind Rectifiers Ltd is ₹760.06.

What is the Market Cap of Hind Rectifiers Ltd?

The Market Cap of Hind Rectifiers Ltd is 1,230 Cr..

What is the current Stock Price of Hind Rectifiers Ltd as on 27 July 2024?

The current stock price of Hind Rectifiers Ltd as on 27 July 2024 is 718.

What is the High / Low of Hind Rectifiers Ltd stocks in FY 2024?

In FY 2024, the High / Low of Hind Rectifiers Ltd stocks is 824/287.

What is the Stock P/E of Hind Rectifiers Ltd?

The Stock P/E of Hind Rectifiers Ltd is 71.0.

What is the Book Value of Hind Rectifiers Ltd?

The Book Value of Hind Rectifiers Ltd is 72.7.

What is the Dividend Yield of Hind Rectifiers Ltd?

The Dividend Yield of Hind Rectifiers Ltd is 0.17 %.

What is the ROCE of Hind Rectifiers Ltd?

The ROCE of Hind Rectifiers Ltd is 15.9 %.

What is the ROE of Hind Rectifiers Ltd?

The ROE of Hind Rectifiers Ltd is 14.7 %.

What is the Face Value of Hind Rectifiers Ltd?

The Face Value of Hind Rectifiers Ltd is 2.00.