NSE: INDNIPPON · BSE: 532240
INDIA NIPPON ELECT LTD
Makes and sells components for the automobile industry, with FY26 standalone revenue of Rs 1,068.48 crore, up 26.5% from Rs 844.83 crore in FY25. Materials are the largest cost at 65.9% of revenue, followed by employee costs at 11.1% and other operating expenses at 8.6%. The business sits under the Auto Components & Equipments classification and is controlled by promoter Lucas Indian Service Limited, which holds 70.32% of equity (around 1.59 crore shares). Operating profitability runs at a 15.38% EBITDA margin on Rs 1,067.31 crore of total assets, with capex at 3.9% of revenue and depreciation at 1.7%. An Indonesian subsidiary, PT Automotive Systems Indonesia, was wound up during FY26 with a small gain of Rs 20 lakh, and an exceptional Rs 15.21 crore was booked from a Haryana government land compensation order. Interim dividend for FY26 was Rs 15.50 per share, totalling Rs 35.06 crore on 2.26 crore shares. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Auto components. Auto components manufacturer; relatively capital-light within auto components (depreciation 1.7% of revenue)
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 566 | 656 | 724 | 845 | 1,068 |
| EBITDA (ex other income) | 50 | 53 | 66 | 94 | 134 |
| margin % | 8.8 | 8.1 | 9.2 | 11.1 | 12.5 |
| Owners' profit | 50 | 48 | 59 | 82 | 0 |
| EPS, as reported (₹) | 22.21 | 21.32 | 26.21 | 36.37 | 49.14 |
| ROE % · ROCE % | 9.9 · 11.6 | 8.6 · 10.2 | 9.5 · 11.4 | 11.6 · 13.7 | 13.5 · 16.8 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 7 | 57 | 71 | 50 | 40 |
| Capex | (28) | (25) | (24) | (23) | (42) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 187 | 210 | 215 | 234 | 225 | 273 | 272 | 299 |
| Profit before tax | 23 | 28 | 21 | 30 | 30 | 32 | 33 | 50 |
| Net profit | 18 | 21 | 16 | 27 | 23 | 23 | 25 | 40 |
| EPS (₹) | 8.02 | 9.35 | 7.06 | 11.94 | 10.26 | 10.26 | 11.02 | 17.61 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SAMVRDHNA MTHRSN INTL LTD | 1,66,707 | 38.1 | 3.82 | 14.8 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,34,520 | 56.9 | 9.06 | 33.0 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD | 84,295 | 119.4 | 8.82 | 30.4 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 62,653 | 52.0 | 8.63 | 28.8 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 57,518 | 45.9 | 9.36 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 52,988 | 76.1 | 8.64 | 46.0 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 40,753 | 67.2 | 2.87 | 15.8 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. | 32,042 | 33.0 | 4.68 | 15.7 | 13.9 | 15.6 | 17.4 | 13.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 23.4 | 25.0 | 55 of 119 | 54% |
| P/B | 3.2 | 3.3 | 58 of 117 | 51% |
| ROCE | 16.7 | 12.6 | 38 of 125 | 70% |
| ROE | 13.5 | 11.7 | 50 of 117 | 58% |
| Debt / Equity | 0.0 | 0.3 | 1 of 117 | 85% |
| EBITDA margin | 18.5 | 12.2 | 24 of 118 | 80% |
| Revenue growth | 28.1 | 20.2 | 33 of 113 | 71% |
| Profit growth | 47.4 | 24.4 | 38 of 115 | 68% |
| Market cap | 2601 | 1455 | 49 of 126 | 62% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · Quarterly Demat Compliance Certificate Filed for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closure from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 10 Sept 2026 · Company clarifies recent spike in trading volume | regulatory legal | medium | — | — |
| 10 Sept 2026 · BSE seeks clarification on volume movement | regulatory legal | medium | — | — |
| 9 Sept 2026 · NSE seeks clarification from India Nippon on unusual trading volume | regulatory legal | medium | — | — |
| 31 Aug 2026 · India Nippon Electricals to attend ICICI Securities Auto Trip meet on September 3 | board shareholder meetings | low | — | — |
| 21 Aug 2026 · India Nippon Electricals reports highest-ever quarterly sales in Q1 FY27 | investor communications | medium | — | — |
| 8 Aug 2026 · Newspaper publication of Q1FY27 unaudited financial results | compliance | minimal | — | — |
| 7 Aug 2026 · India Nippon Electricals Q1 results, new CFO appointed | management changes | high | — | — |
| 7 Aug 2026 · New CFO appointed; existing CFO moves to Special Projects role from Oct 1 | management changes | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.