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Last Updated on: 27 February, 2024|Author: Getaka | Social: X Twitter Profile

Fundamental Analysis of Shriram Pistons & Rings Ltd

About the Company - Shriram Pistons & Rings Ltd

Shriram Pistons & Rings Ltd. is a Public Limited Listed company incorporated on 09/12/1963 and has its registered office in the State of Delhi, India. Company’s Corporate Identification Number(CIN) is L29112DL1963PLC004084 and registration number is 004084. Currently Company is involved in the business activities of Manufacture of engines and turbines, except aircraft, vehicle and cycle engines. Company’s Total Operating Revenue is Rs. 2064.66 Cr. and Equity Capital is Rs. 22.03 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
Auto Ancl - Engine Parts3rd Floor, Himalaya House, 23, Kasturba Gandhi Marg, New Delhi Delhi 110001compliance.officer@shrirampistons.com
http://www.shrirampistons.com
Management
NamePosition Held
Mr. Pradeep DinodiaChairman
Mr. Krishnakumar SrinivasanManaging Director & CEO
Mr. Luv D ShriramWhole Time Director
Mr. Masaaki YamaguchiDirector
Mr. Hari S BhartiaDirector
Mrs. Meenakshi DassDirector
Mr. Inderdeep SinghDirector
Mrs. Ferida ChopraDirector
Mr. Alok RanjanDirector
Mr. Shinichi UnnoDirector
Mr. Sascha PutzDirector
Mr. Yasunori MaekawaAlternate Director

Shriram Pistons & Rings Ltd. Share Price Update

Share PriceValue
Today₹1,721.50
Previous Day₹1,737.30

Basic Stock Data of Shriram Pistons & Rings Ltd

Market Cap 7,404 Cr.
Current Price 1,681
High / Low1,867/491
Stock P/E18.0
Book Value 394
Dividend Yield0.29 %
ROCE24.7 %
ROE20.8 %
Face Value 10.0

Data Source: screener.in

Competitors of Shriram Pistons & Rings Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
Autoline Industries Ltd 555 Cr. 142165/60.165.2 20.60.00 %6.83 %1.96 % 10.0
Talbros Automotive Components Ltd 1,756 Cr. 284348/76.022.8 72.90.21 %19.2 %16.5 % 2.00
Sintercom India Ltd 353 Cr. 128140/95.2360 36.30.00 %3.65 %0.07 % 10.0
Sundram Fasteners Ltd 22,726 Cr. 1,0821,341/95244.2 1530.60 %19.3 %17.4 % 1.00
Rane Engine Valve Ltd 262 Cr. 362506/19518.9 1560.00 %7.48 %7.20 % 10.0
Industry Average5,130.40 Cr399.60102.2287.760.16%11.29%8.63%6.60

Shriram Pistons & Rings Ltd Quarterly Results

MonthSep 2020Dec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023
Sales427475546434533511587620652636701716752
Expenses359381450373446438503526537519566570594
Operating Profit6893956186738594115117135146158
OPM %16%20%17%14%16%14%14%15%18%18%19%20%21%
Other Income4577571071212161923
Interest3343332355667
Depreciation28272625262625242423242322
Profit before tax426872396251687398100121136151
Tax %21%26%26%26%25%26%26%26%25%25%25%26%25%
Net Profit3350532947385055737591101113
EPS in Rs7.3111.2111.866.4910.448.5311.4512.4216.5917.0120.6723.1725.80

Shriram Pistons & Rings Ltd Quarterly Chart

Shriram Pistons & Rings Ltd Profit & Loss

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023TTM
Sales9911,0521,1701,2441,3931,4631,7291,9551,6071,5972,0652,6092,805
Expenses7948739401,0541,1611,2071,4361,6601,4251,3811,7602,1492,249
Operating Profit197180229190232255293295182216304460556
OPM %20%17%20%15%17%17%17%15%11%14%15%18%20%
Other Income10101017182624222019294770
Interest20323832262016141213111924
Depreciation718810196939090941031031029592
Profit before tax115701017913117121120986120220393509
Tax %27%30%31%28%30%31%34%34%15%26%26%25%
Net Profit84497057921181391387389164294381
EPS in Rs18.7710.9515.5812.8220.5026.4231.0730.9716.3419.8537.1866.7086.65
Dividend Payout %9%16%11%14%10%13%16%16%18%15%13%11%

Shriram Pistons & Rings Ltd Profit & Loss Yearly Chart

Shriram Pistons & Rings Ltd Growth

Compounded Sales Growth
10 Years:10%
5 Years:9%
3 Years:18%
TTM:18%
Compounded Profit Growth
10 Years:20%
5 Years:16%
3 Years:60%
TTM:63%
Stock Price CAGR
10 Years:%
5 Years:29%
3 Years:64%
1 Year:185%
Return on Equity
10 Years:13%
5 Years:13%
3 Years:15%
Last Year:21%

Shriram Pistons & Rings Ltd Balance Sheet

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Sep 2023
Equity Capital22222222222222222222222244
Reserves4404785385856737728911,0041,0481,1261,2331,5051,690
Borrowings32843138131028922617997135146157333333
Other Liabilities253248253272308334398445352409438512581
Total Liabilities1,0441,1791,1941,1891,2921,3541,4911,5681,5581,7041,8502,3732,648
Fixed Assets555725713667597577555613741703689733730
CWIP742494691117198653
Investments00001882066134327233
Other Assets4164304725186727609049347379591,1241,5631,882
Total Assets1,0441,1791,1941,1891,2921,3541,4911,5681,5581,7041,8502,3732,648

Shriram Pistons & Rings Ltd Reserves and Borrowings Chart

Shriram Pistons & Rings Ltd Cash Flow

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Cash from Operating Activity 129153180129255183175157297190219395
Cash from Investing Activity -229-197-65-45-67-55-65-157-214-10-56-209
Cash from Financing Activity 7668-101-111-113-89-88-61-111-28-9153
Net Cash Flow-242414-27753921-62-2815272240

Shriram Pistons & Rings Ltd Financial Efficiency Indicators

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Debtor Days535456635859686654746355
Inventory Days236185197196175213190184182175155113
Days Payable92132149129157185178144144184142115
Cash Conversion Cycle19710810413075878010792657553
Working Capital Days656340504147506455576149
ROCE %19%12%15%12%16%19%21%20%8%11%17%25%

Shriram Pistons & Rings Ltd Financial Efficiency Indicators Chart

No data available for the Shareholding

No data available for the Shareholding Pattern chart.

No data available for the No. of Shareholders chart.

Shriram Pistons & Rings Ltd Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)
Taurus Flexi Cap Fund66980.310.98
Taurus Mid Cap Fund50000.650.73

Shriram Pistons & Rings Ltd ROCE Trend

Shriram Pistons & Rings Ltd EPS Trend

Shriram Pistons & Rings Ltd Key Financial Ratios

MonthMar 23Mar 22Mar 21Mar 20Mar 19
FaceValue10.0010.0010.0010.0010.00
Basic EPS (Rs.)133.4374.2639.6732.6461.88
Diluted EPS (Rs.)133.4374.2639.6732.6461.88
Cash EPS (Rs.)176.43120.6085.5078.69104.03
Book Value[Excl.RevalReserv]/Share (Rs.)695.48565.40508.79474.09454.39
Book Value[Incl.RevalReserv]/Share (Rs.)699.90569.82513.14478.44458.75
Revenue From Operations / Share (Rs.)1184.71937.42713.56718.11873.70
PBDIT / Share (Rs.)230.20151.50105.0790.21141.89
PBIT / Share (Rs.)187.20105.1759.2344.1599.73
PBT / Share (Rs.)178.4499.9853.6238.6293.51
Net Profit / Share (Rs.)133.4374.2639.6632.6461.88
NP After MI And SOA / Share (Rs.)133.2474.2639.6632.6461.88
PBDIT Margin (%)19.4316.1614.7212.5616.24
PBIT Margin (%)15.8011.218.306.1411.41
PBT Margin (%)15.0610.667.515.3710.70
Net Profit Margin (%)11.267.925.554.547.08
NP After MI And SOA Margin (%)11.247.925.554.547.08
Return on Networth / Equity (%)19.3313.137.796.8813.61
Return on Capital Employeed (%)23.2116.8610.488.3119.11
Return On Assets (%)12.358.845.204.688.82
Long Term Debt / Equity (X)0.090.030.040.030.04
Total Debt / Equity (X)0.190.100.080.080.04
Asset Turnover Ratio (%)1.241.160.971.031.28
Current Ratio (X)2.512.312.101.952.07
Quick Ratio (X)1.941.611.471.161.20
Inventory Turnover Ratio (X)2.972.521.791.531.97
Dividend Payout Ratio (NP) (%)10.508.0715.1244.4819.48
Dividend Payout Ratio (CP) (%)7.944.977.0118.4511.58
Earning Retention Ratio (%)89.5091.9384.8855.5280.52
Cash Earning Retention Ratio (%)92.0695.0392.9981.5588.42
Interest Coverage Ratio (X)26.2829.2118.7116.3022.81
Interest Coverage Ratio (Post Tax) (X)16.2315.328.066.9010.95
Enterprise Value (Cr.)1884.071334.911625.85883.942292.24
EV / Net Operating Revenue (X)0.720.641.020.551.17
EV / EBITDA (X)3.724.006.924.387.22
MarketCap / Net Operating Revenue (X)0.850.751.120.551.18
Retention Ratios (%)89.4991.9284.8755.5180.51
Price / BV (X)1.461.251.560.842.26
Price / Net Operating Revenue (X)0.850.751.120.551.18
EarningsYield0.130.100.040.080.06

Shriram Pistons & Rings Ltd Profitability Ratios (%)

Shriram Pistons & Rings Ltd Liquidity Ratios

Shriram Pistons & Rings Ltd Liquidity Ratios (%)

Shriram Pistons & Rings Ltd Interest Coverage Ratios (X)

Shriram Pistons & Rings Ltd Valuation Ratios

Fair Value / Intrinsic Value of Shriram Pistons & Rings Ltd

Fair Value: ₹1479.41

The stock is overvalued by 11.99% compared to the current price ₹1681

*Investments are subject to market risks

Strength and Weakness of Shriram Pistons & Rings Ltd

StrengthWeakness
  1. The stock has a high average ROCE of 16.25%, which is a positive sign.
  2. The company has higher reserves (921.77 cr) compared to borrowings (257.31 cr), indicating strong financial stability.
  3. The company has shown consistent growth in sales (77.38 cr) and profit (185.77 cr) over the years.
  1. The stock is trading at a high valuation with an average P/B ratio of 99.10 and average Dividend Yield of 10.57%.
  2. The stock has a high average Working Capital Days of 53.50, which may not be favorable.
  3. The stock has a high average Cash Conversion Cycle of 97.75, which may not be favorable.

Should I Buy Shriram Pistons & Rings Ltd Share Now?

  • Based on the analysis of various financial indicators, it may be worth considering investment in Shriram Pistons & Rings Ltd:
    1. Net Profit Margin: 11.26% (Higher values are generally favorable)
      • 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: 23.21% (Industry Average ROCE: 11.29%)
      • 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. Interest Coverage Ratio (Post Tax): 16.23 (Higher values, preferably > 2, are recommended)
      • 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.
    4. Quick Ratio: 1.94 (Higher values, preferably > 1, are recommended)
      • 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.
    5. ✓ Stock P/E: 18.2 (Industry average Stock P/E: 103.76)
      • 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.
    6. ✓ Total Debt / Equity: 0.19 (Lower values, preferably < 1, are preferred)
      • 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.
    While these metrics suggest potential opportunity, it's essential to conduct thorough research or seek advice from financial experts before making any investment decisions.

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 Shriram Pistons & Rings 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