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Last Updated on: 23 June, 2024|Author: Getaka | Social: X Twitter Profile

Fundamental Analysis of Subros Ltd

Basic Stock Data

Last Updated: June 22, 2024, 10:23 pm

Market Cap 4,374 Cr.
Current Price 671
High / Low734/346
Stock P/E44.8
Book Value 147
Dividend Yield0.15 %
ROCE16.5 %
ROE10.7 %
Face Value 2.00
PEG Ratio15.73

Competitors of Subros Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
Capital Small Finance Bank Ltd 1,519 Cr. 337469/31113.60.00 %7.57 %18.3 % 10.0
Achyut Healthcare Ltd 92.0 Cr. 54.760.8/39.9161 18.30.00 %5.09 %3.92 % 10.0
VRL Logistics Ltd 4,934 Cr. 564799/51155.6 1080.89 %10.8 %9.23 % 10.0
Aayush Food And Herbs Ltd 89.0 Cr. 274286/21.1156 15.20.00 %12.6 %12.2 % 10.0
Aditya Ispat Ltd 5.53 Cr. 10.313.0/7.87 16.00.00 %0.72 %23.9 % 10.0
Industry Average373.93 Cr150.8434.3873.760.22%25.69%20.46%8.12

Quarterly Result

MonthMar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
Sales660480529548681709695655748693813732832
Expenses596454495508634665655621697646743673755
Operating Profit64273540474340345147706077
OPM %10%6%7%7%7%6%6%5%7%7%9%8%9%
Other Income3520224862374
Interest3342212222344
Depreciation24242626272728282827292832
Profit before tax405812211815122620423445
Tax %34%36%34%35%20%34%33%33%31%32%36%21%32%
Net Profit2635817121081814272730
EPS in Rs4.020.510.761.162.551.791.491.272.802.084.104.124.66

Last Updated: June 9, 2024, 12:30 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: May 27, 2024, 6:09 am

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Sales1,2671,1671,1921,2981,5351,9132,1241,9931,7962,2392,8063,071
Expenses1,1451,0351,0551,1461,3671,7031,8961,8041,6422,0892,6382,816
Operating Profit122132137152168210229189154149168254
OPM %10%11%11%12%11%11%11%9%9%7%6%8%
Other Income11212-2466621192015
Interest36373942484142361611712
Depreciation737779878892799092102110117
Profit before tax24202026882114124564571141
Tax %17%-5%0%9%-63%26%33%32%16%28%32%31%
Net Profit202120241361768547324898
EPS in Rs3.383.473.343.992.2010.1011.6913.007.264.987.3514.96
Dividend Payout %21%20%21%20%23%11%11%6%10%14%14%12%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2013-20142014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-2024
YoY Net Profit Growth (%)5.00%-4.76%20.00%-45.83%369.23%24.59%11.84%-44.71%-31.91%50.00%104.17%
Change in YoY Net Profit Growth (%)0.00%-9.76%24.76%-65.83%415.06%-344.64%-12.75%-56.55%12.79%81.91%54.17%

Growth

Compounded Sales Growth
10 Years:8%
5 Years:8%
3 Years:12%
TTM:9%
Compounded Profit Growth
10 Years:9%
5 Years:-5%
3 Years:-5%
TTM:85%
Stock Price CAGR
10 Years:35%
5 Years:15%
3 Years:25%
1 Year:94%
Return on Equity
10 Years:8%
5 Years:7%
3 Years:5%
Last Year:6%

Last Updated: April 13, 2024, 9:21 am

Balance Sheet

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Sep 2023
Equity Capital12121212121212131313131313
Reserves259274290305323335392667739782811854886
Borrowings34235041442039040438524415552331943
Other Liabilities231245214236276373508456482602648657742
Total Liabilities8448819299731,0011,1251,2971,3801,3881,4491,5051,5431,684
Fixed Assets387446484537563497670690765745726723744
CWIP90107103885414990866654618671
Investments00000122155255
Other Assets367328342348384477536603555646712709864
Total Assets8448819299731,0011,1251,2971,3801,3881,4491,5051,5431,684

Reserves and Borrowings Chart

Subros Ltd Cash Flow

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Cash from Operating Activity 8617796141151111315100239154151141
Cash from Investing Activity -177-135-109-94-69-75-231-126-93-58-100-145
Cash from Financing Activity 89-4214-48-82-35-7217-148-68-534
Net Cash Flow-2-01-1-0113-8-328-1-1

Free Cash Flow

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Free Cash Flow-228.00-282.00-283.00-238.00-236.00-175.00-15.0034.00102.00116.00149.00249.00

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 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Debtor Days251319242831312935423727
Inventory Days817780787370666161807057
Days Payable6657504954821129610013010783
Cash Conversion Cycle403350524719-16-6-4-9-12
Working Capital Days23150-2-7-21-7-7-12-7-4
ROCE %10%10%8%8%9%12%16%19%13%8%7%9%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthJun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
Promoters36.79%36.79%36.79%36.79%36.79%36.79%36.79%36.79%36.79%36.79%36.79%36.79%
FIIs0.60%0.57%0.60%0.70%0.72%0.73%0.62%32.62%32.59%32.74%33.35%32.83%
DIIs10.88%11.69%12.24%12.40%12.76%13.00%13.15%13.30%12.46%10.96%9.48%9.96%
Public51.73%50.95%50.38%50.11%49.73%49.48%49.43%17.28%18.15%19.51%20.38%20.42%
No. of Shareholders27,71825,97624,23025,48723,35122,52122,57722,38132,36938,40248,33753,981

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Kotak Multicap Fund1,667,0291.1290.331,667,0292024-06-220%
Canara Robeco Small Cap Fund1,098,9260.6559.551,667,0292024-06-22-34.08%
Nippon India Small Cap Fund985,0000.1253.371,667,0292024-06-22-40.91%
UTI Small Cap Fund808,2471.2143.791,667,0292024-06-22-51.52%
UTI Transportation and Logistic Fund694,2571.3737.621,667,0292024-06-22-58.35%
Kotak Multi Asset Allocation Fund353,0000.4119.131,667,0292024-06-22-78.82%
Kotak Consumption Fund155,0001.948.41,667,0292024-06-22-90.7%
Sundaram ELSS Tax Saver Fund120,6290.556.541,667,0292024-06-22-92.76%
Bandhan Transportation and Logistics Fund80,0001.124.331,667,0292024-06-22-95.2%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 24Mar 23Mar 22Mar 21Mar 20
FaceValue2.002.002.002.002.00
Basic EPS (Rs.)14.967.354.987.2613.00
Diluted EPS (Rs.)14.967.354.987.2613.00
Cash EPS (Rs.)32.8024.2320.6321.2826.86
Book Value[Excl.RevalReserv]/Share (Rs.)146.50132.94126.27121.88115.28
Book Value[Incl.RevalReserv]/Share (Rs.)146.50132.94126.27121.88115.28
Revenue From Operations / Share (Rs.)470.59430.18343.16275.26305.48
PBDIT / Share (Rs.)41.1928.7924.2625.1532.10
PBIT / Share (Rs.)23.3311.888.5711.0318.25
PBT / Share (Rs.)21.5410.846.908.5419.01
Net Profit / Share (Rs.)14.957.334.947.1613.02
NP After MI And SOA / Share (Rs.)14.967.354.987.2613.00
PBDIT Margin (%)8.756.697.079.1310.50
PBIT Margin (%)4.952.762.494.005.97
PBT Margin (%)4.572.522.013.106.22
Net Profit Margin (%)3.171.701.432.604.26
NP After MI And SOA Margin (%)3.171.701.452.634.25
Return on Networth / Equity (%)10.215.523.945.9611.28
Return on Capital Employeed (%)14.858.396.378.4014.68
Return On Assets (%)5.913.102.153.266.11
Long Term Debt / Equity (X)0.000.010.010.030.03
Total Debt / Equity (X)0.000.010.030.030.14
Asset Turnover Ratio (%)1.921.841.521.271.44
Current Ratio (X)1.291.101.101.070.93
Quick Ratio (X)0.680.550.590.590.53
Inventory Turnover Ratio (X)6.396.525.625.065.83
Dividend Payout Ratio (NP) (%)0.009.5214.0511.019.99
Dividend Payout Ratio (CP) (%)0.002.883.383.744.84
Earning Retention Ratio (%)0.0090.4885.9588.9990.01
Cash Earning Retention Ratio (%)0.0097.1296.6296.2695.16
Interest Coverage Ratio (X)23.0327.7114.5010.105.76
Interest Coverage Ratio (Post Tax) (X)9.368.053.953.882.20
Enterprise Value (Cr.)3238.031882.722044.871917.01864.51
EV / Net Operating Revenue (X)1.050.670.911.070.43
EV / EBITDA (X)12.0510.0312.9211.684.13
MarketCap / Net Operating Revenue (X)1.090.690.951.120.42
Retention Ratios (%)0.0090.4785.9488.9890.00
Price / BV (X)3.522.262.602.531.12
Price / Net Operating Revenue (X)1.090.690.951.120.42
EarningsYield0.020.020.010.020.10

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value: 705.72

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: 5.17% compared to the current price 671

Intrinsic Value: 725.82

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: 8.17% compared to the current price ₹671

Last 5 Year EPS CAGR: 2.85%

*Investments are subject to market risks

Strength and Weakness

StrengthWeakness
  1. The stock has a low average Working Capital Days of -3.17, which is a positive sign.
  2. The company has higher reserves (559.58 cr) compared to borrowings (239.25 cr), indicating strong financial stability.
  3. The company has shown consistent growth in sales (1.42 cr) and profit (60.92 cr) over the years.
  1. The stock has a low average ROCE of 10.75%, which may not be favorable.
  2. The stock has a high average Cash Conversion Cycle of 17.25, 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 Subros Ltd:
    1. Net Profit Margin: 3.17%
      • 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: 14.85% (Industry Average ROCE: %)
      • 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%: 10.21% (Industry Average ROE: %)
      • 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): 9.36
      • 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: 0.68
      • 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: 44.8 (Industry average Stock P/E: )
      • 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: 0.00
      • 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

Subros Ltd. is a Public Limited Listed company incorporated on 14/02/1985 and has its registered office in the State of Delhi, India. Company’s Corporate Identification Number(CIN) is L74899DL1985PLC020134 and registration number is 020134. Currently Company is involved in the business activities of Manufacture of diverse parts and accessories for motor vehecles sucs as brakes, gearboxes, axles, road wheels, suspension shock absorbers, radiators, silencers, exhaust pipes, catalysers, clutches, steering wheels, steering columns and steering boxes etc.. Company’s Total Operating Revenue is Rs. 2238.64 Cr. and Equity Capital is Rs. 13.05 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
Auto Ancl - Equipment OthersLGF, World Trade Centre, New Delhi Delhi 110001kamal.samtani@subros.com
http://www.subros.com
Management
NamePosition Held
Mr. Ramesh SuriChairman Emeritus
Ms. Shradha SuriChairman & Managing Director
Mr. Parmod Kumar DuggalWholeTime Director & CEO
Mr. Shailendra SwarupDirector
Mr. K R RamamoorthyDirector
Mrs. Meena SethiDirector
Mr. M A PathanDirector
Dr. Jyotsna SuriDirector
Mr. Tomoaki YoshimoriDirector
Mr. G N MehraDirector
Mr. Arvind KapurDirector
Mr. Naohisa KuriyamaDirector
Mr. Hisashi TakeuchiDirector
Mr. Yasuhiro IidaAlternate Director

FAQ

What is the latest fair value of Subros Ltd?

The latest fair value of Subros Ltd is ₹705.72.

What is the Market Cap of Subros Ltd?

The Market Cap of Subros Ltd is 4,374 Cr..

What is the current Stock Price of Subros Ltd as on 23 June 2024?

The current stock price of Subros Ltd as on 23 June 2024 is ₹671.

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

In FY 2024, the High / Low of Subros Ltd stocks is 734/346.

What is the Stock P/E of Subros Ltd?

The Stock P/E of Subros Ltd is 44.8.

What is the Book Value of Subros Ltd?

The Book Value of Subros Ltd is 147.

What is the Dividend Yield of Subros Ltd?

The Dividend Yield of Subros Ltd is 0.15 %.

What is the ROCE of Subros Ltd?

The ROCE of Subros Ltd is 16.5 %.

What is the ROE of Subros Ltd?

The ROE of Subros Ltd is 10.7 %.

What is the Face Value of Subros Ltd?

The Face Value of Subros Ltd is 2.00.

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 Subros 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