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Company Overview
Mohindra Fasteners Limited (MFL)
Specialists in High-Tensile Fasteners for the Automotive and Engineering Sectors
Mohindra Fasteners Limited (MFL) is a leading manufacturer of high-tensile fasteners, critical components used in the automotive and engineering industries. Though often unseen, fasteners play a vital role in securely joining components across various applications, ensuring safety, durability, and reliability.
Company History
- Founded in: 1997
- Current Employee Base: 400
Since beginning commercial production in 1997, MFL has grown steadily, serving both domestic and international markets with high-quality fasteners designed to meet the stringent demands of the automotive and engineering sectors.
Stock Exchange Listing
- Listed On: Metropolitan Stock Exchange (MSEI)
Revenue Breakdown
- Domestic Sales: 40%
- Export Sales: 60% (Primarily to North America, the UK, and Europe)
Key Clients
MFL is a trusted supplier for some of the world’s leading automotive companies, including:
- Hero MotoCorp Limited: The largest two-wheeler manufacturer in the world
- Tier-1 Suppliers of:
- Maruti Suzuki
- Hyundai India
- Tata Motors
Raw Material & Market Impact
MFL primarily uses steel as its raw material. The recent decline in steel prices is expected to positively impact production costs, allowing MFL to remain competitive in both domestic and international markets.
Manufacturing Facilities
MFL operates state-of-the-art manufacturing plants strategically located along the Delhi-Rohtak Road, Haryana:
- Plant I: 60th K.M. Stone, Delhi – Rohtak Road
- Plant II: 60th K.M. Stone, Delhi – Rohtak Road
- Plant IV: 70th K.M. Stone, Delhi – Rohtak Road
Industry Overview
Indian Market: The primary consumer of fasteners in India is the automotive sector, followed by the construction and engineering sectors.
Global Market:
- Projected Market Size by 2023: INR ~7.77 lakh crore
- CAGR (2018-2023): 6.5% (Source: ResearchAndMarkets.com)
The global fastener market is expected to experience sustained growth, driven by increasing demand in the automotive sector and rising infrastructure expenditure in emerging economies such as China, Brazil, Saudi Arabia, Australia, Indonesia, and India.
Fundamentals
| Fundamentals | Details | Fundamentals | Details |
|---|---|---|---|
| Current Price | ₹ 260 | Debt to Equity | 0.39 |
| Market Cap (in Cr.) | ₹ 153 | Face Value | ₹ 10 |
| Book Value | ₹ 16 | ROE (%) | 16 |
| P/B | 1.61 | P/E Ratio | 10.21 |
| PAN Number | AAACM6749D | EPS | ₹ 25.47 |
| ISIN | INE705H01011 | No. Of Shares (in Cr.) | 5.89 |
Promoters & Managements
| Name | Designation |
|---|---|
| Deepak Arneja | Chairman Cum Managing Director & CEO |
| Ravinder Mohan Juneja | Managing Director (MD) |
| Sunil Mishra | Chief Financial Officer (CFO) |
Profits & Loss
| Metrics | 2022 | 2023 |
|---|---|---|
| Revenue (INR Crore) | 139.61 | 176 |
| Cost of Material Consumed (INR Crore) | 54.27 | 69 |
| Gross Margins (INR Crore) | 60.33 | 59.88 |
| Change in Inventory (INR Crore) | -6.48 | -2 |
| Employee Benefit Expenses (INR Crore) | 25.16 | 28 |
| Other Expenses (INR Crore) | 46.7 | 55 |
| EBITDA (INR Crore) | 17.15 | 22 |
| Operating Profit Margin (OPM) | 12.54% | 12.79% |
| Other Income (INR Crore) | 2.81 | 4 |
| Finance Cost (INR Crore) | 0.74 | 2 |
| Depreciation & Amortization (D&A) (INR Cr.) | 2.38 | 4 |
| EBIT (INR Crore) | 14.77 | 18 |
| EBIT Margins | 10.8% | 10.47% |
| Profit Before Tax (PBT) (INR Crore) | 16.73 | 20 |
| PBT Margins | 12.23% | 11.63% |
| Tax (INR Crore) | 4.37 | 5 |
| Profit After Tax (PAT) (INR Crore) | 12.36 | 15 |
| Net Profit Margin (NPM) | 9.04% | 8.72% |
| Earnings Per Share (EPS) (INR) | 20.98 | 25.47 |
| Financial Ratios | 2022 | 2023 |
|---|---|---|
| Operating Profit Margin | 12.54% | 12.79% |
| Net Profit Margin | 9.04% | 8.72% |
| Earnings Per Share (Diluted) | 20.98 | 25.47 |
Cash Flow Statement
| Metrics | 2022 | 2023 |
|---|---|---|
| Profit Before Tax (PBT) (INR Crore) | 16.82 | 20 |
| Operating Profit Before Working Capital (OPBWC) | 18.42 | 26 |
| Change in Receivables (INR Crore) | 0 | 0 |
| Change in Inventories (INR Crore) | -10.12 | -2 |
| Change in Payables (INR Crore) | 5.82 | 4 |
| Other Changes (INR Crore) | -6.19 | -17 |
| Working Capital Change (INR Crore) | -10.49 | -15 |
| Cash Generated From Operations (INR Crore) | 7.93 | 11 |
| Tax (INR Crore) | -4.24 | -4 |
| Cash Flow From Operations (INR Crore) | 3.69 | 7 |
| Purchase of PPE (INR Crore) | -21.46 | -21 |
| Sale of PPE (INR Crore) | 0 | 0 |
| Cash Flow From Investment (INR Crore) | -21.21 | -19 |
| Borrowing (INR Crore) | 13.17 | 8.6 |
| Dividend (INR Crore) | -1.6 | -2 |
| Equity (INR Crore) | 4.82 | 0 |
| Others From Financing (INR Crore) | -0.87 | -2.6 |
| Cash Flow from Financing (INR Crore) | 15.52 | 4 |
| Net Cash Generated (INR Crore) | -2 | -8 |
| Cash at the Start (INR Crore) | 21.83 | 20 |
| Cash at the End (INR Crore) | 19.83 | 12 |
Share Holding Pattern
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