Rane Brake Lining Ltd Ltd
Auto Parts & Equipments
FV – Rs 10; 52wks H/L –405.9/265 ; TTQ – 110 ; CMP – Rs 325(As On November 16th 2015; 11:40) ;
Market Cap – Rs 257 Crs
Standalone Financials and Valuations for FY15 (Amt in Rs Crs unless specified)
Equity Capital |
Net worth |
Long Term Debt | Total Sales |
PAT | BV (Rs) |
EPS (Rs) |
P/E |
Industry P/E |
P/BV |
Promoter’s Stake |
Beta |
| 7.91 | 121.7 | 10.5 | 418.5 | 16.1 | 154 | 20.4 | 15.9 | 32.4 | 2.1 | 66.5 | 0.84 |
Standalone Financials and Valuations for H1 FY16
Equity Capital |
Net worth |
Total Sales |
PAT | BV (Rs) |
TTM EPS (Rs) |
TTM P/E |
Industry P/E |
P/BV |
Promoter’s Stake |
Beta |
| 7.91 | 130.4 | 109.3 | 3.9 | 165 |
24.64 |
13.2 |
32.4 |
2 |
66.5 |
0.84 |
Debt to Equity – 0.28
Return on Equity % – 13.3
Overwiew:
- Rane Brake Lining Ltd (RBL) is part of the Rane group of companies, a leading auto component group based out of Chennai.
- The company is a manufacturer of friction material products like Brake linings, Disc pads, Clutch facings, Clutch buttons, Brake shoes and Railway Brake blocks.
- It is market leader in India and global player in friction material.
- The company has a technical collaboration with Nisshinbo Brakes Inc, Japan.
- The company is a supplier of composite brake blocks to Indian railways, with presence in passenger, Electric Multiple Unit (EMU), Freight, Locomotive and Metro Rail.
- Manufacturing plants are located in Chennai, Hyderabad, Puducherry and Trichi.
| Domestic Sales | (Rs. In Crores) | Growth in % | |
| 2014-15 | 2013-14 | ||
| Brake Linings | 176.54 | 160.72 | 9.84 |
| Disc Pads | 164.19 | 145.71 | 12.68 |
| Other Products | 47.58 | 50.74 | -6.24 |
- The exports of the company were at Rs.27.58 Crs registering a growth of 4.7% over the previous year.
Management:
- L Ganesh – Chairman
- M A P Sridhar Kumar – CFO
Major Non-Promoter Holdings:
| Sr.No | Non – Promoters | No. of Shares held | % of shares held |
| 1 | United India Insurance Company Ltd | 479030 | 6.05 |
| 2 | General Insurance Corporation of India | 291498 | 3.68 |
| Total | 770528 | 9.74 |
Standalone Financial Trends (In Rs. Crs) :
| Particulars | FY15 | FY14 | FY13 | FY12 | FY11 |
| Equity Paid Up | 7.91 | 7.91 | 7.91 | 7.91 | 7.91 |
| Networth | 121.7 | 112.3 | 102 | 96.6 | 86.8 |
| Total Debt | 34.6 | 61.8 | 74 | 63.6 | 54.2 |
| Net Sales | 418.5 | 386.5 | 379.7 | 363.5 | 308.3 |
| Other Income | 2.1 | 2.4 | 3.2 | 4.4 | 2.5 |
| PAT | 16.1 | 17.2 | 9.1 | 16.2 | 15.3 |
| Book Value (Rs) | 154 | 142 | 129 | 122 | 110 |
| EPS (Rs) | 20.4 | 21.7 | 11.5 | 20.5 | 19.3 |
Net sales were up by 8.4% as compared to previous year with new products generating 11% (i.e Rs.45.8 Crs) of the revenues.
Company has reduced its debt over the years and maintains a healthy dividend payout.
