Banco Products (India) Ltd logo

Banco Products (India) Ltd

BANCOINDIA NSE

Key Fundamentals

MicrocapAuto ComponentsAutomobiles
Market Cap
₹8,971 Cr
Volatility
Moderate
P/E Ratio
18.17
EBITDA
₹652 Cr
Return on Equity
30.07%
Debt to Equity
0.36
Book Value
₹117.72
EPS
₹37.93
52W High
₹879.8
52W Low
₹502

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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48 extracted metrics + investor summaries across FY15–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Strengths

2
  • Company has delivered good profit growth of 32.6% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 30.3%

Weaknesses

1
  • Company might be capitalizing the interest cost

Growth Rate

Revenue Growth
18.80% ↗
Net Income Growth
21.92% ↗
Cash Flow Change
-64.13% ↘
ROE
16.51% ↗
ROCE
14.37% ↗
EBITDA Margin (Avg.)
-18.57% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 18d ago
AI opinion · based on fundamentals
Risk medium

Banco Products (India) Ltd is a mid-cap auto components manufacturer with a market cap of approximately ₹9,106 crore, trading at a PE of 18.6x. The company has demonstrated strong compounded profit growth of 33% CAGR over five years with consistently high ROE averaging 30% over three years, while maintaining a modest dividend yield of 2.39%.

Bull Case 8
  • Strong profit growth with 5-year compounded profit CAGR of 33% and TTM profit growth of 23%, indicating sustained earnings momentum
  • Consistently high return on equity with 3-year average ROE of 30% and last year ROE of 31%, well above cost of equity
  • Healthy revenue growth with 5-year compounded sales CAGR of 21% and TTM sales growth of 21%, showing no deceleration
  • Reasonable valuation at PE of 18.6x relative to 25% three-year profit CAGR, implying a PEG ratio below 1
  • Dominant market position with approximately 21% share of the Indian radiator market and annual production capacity of 3.33 million units across five plants
  • Diversified customer base supplying OEMs like Mahindra & Mahindra and Tata Motors with 16% year-on-year volume growth
  • Attractive dividend yield of 2.39% providing income alongside capital appreciation, with stock CAGR of 49% over 5 years
  • Export presence in Europe, Americas, Middle East and Africa provides geographic diversification beyond domestic auto cycle
Bear Case 8
  • Potential accounting concern flagged: company might be capitalizing interest cost, which could overstate reported profitability
  • Stock has delivered only 6% return over the past 1 year versus 52% three-year CAGR, suggesting momentum fatigue at current levels
  • Price-to-book ratio of 5.33x is elevated for an auto components manufacturer, leaving limited margin of safety
  • Debt-to-equity ratio reported at approximately 0.36-0.44 in recent years, indicating some leverage on the balance sheet
  • Cyclical exposure to commercial vehicle and passenger vehicle segments makes earnings vulnerable to auto industry downturns
  • 10-year compounded sales CAGR of 13% is significantly lower than recent 5-year CAGR of 21%, suggesting recent growth may not be sustainable long-term
  • 10-year ROE average of 21% is notably below the recent 31%, indicating current profitability may be at a cyclical peak
  • Mid-cap market cap of ₹9,106 crore with limited analyst coverage may result in lower liquidity and higher volatility compared to large-cap peers

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 74d ago
Positives 2
  • FY26 net profit up 22.9% May 30

    Banco Products reported FY26 net profit of ₹48.17B, a 22.9% YoY increase, with revenue rising to ₹386.74B.

  • Final dividend of ₹8/share May 30

    The Board recommended a final dividend of ₹8 per share for FY26, signaling confidence in cash flow generation.

Neutral 1
  • FY26 audited results published May 30

    Banco Products published its audited annual results in newspapers on May 30, 2026, as a routine regulatory disclosure.

TL;DR: Banco Products delivered strong FY26 earnings growth of 22.9% in net profit alongside healthy revenue expansion, supported by a generous dividend payout. No visible headwinds emerged from recent news flow. The earnings trajectory is clearly positive, though investors should watch for margin sustainability and demand outlook in coming quarters.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
749
725
571
724
804
895
639
875
970
1,038
789
1,099
1,184
Expenses
653
602
482
610
671
689
581
660
788
889
664
874
971
Operating Profit
97
122
89
114
133
206
58
214
182
149
125
225
213
OPM %
13%
17%
16%
16%
17%
23%
9%
24%
19%
14%
16%
20%
18%
Other Income
16
3
12
6
2
17
5
19
14
59
27
20
6
Interest
5
6
4
7
7
6
5
8
7
8
8
0
5
Depreciation
15
16
17
28
19
19
20
36
24
25
26
60
35
PBT
93
104
81
86
109
197
39
190
164
175
119
186
179
Tax %
26%
36%
15%
20%
37%
30%
21%
19%
33%
20%
28%
21%
31%
Net Profit
69
66
68
68
69
139
31
154
110
139
86
147
122
EPS in Rs
4.81
4.62
4.78
4.77
4.8
9.7
2.16
10.73
7.66
9.71
6
10.31
8.56
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,129
1,148
1,239
1,336
1,567
1,422
1,533
1,958
2,332
2,768
3,213
3,896
4,110
Expenses
1,027
1,002
1,096
1,157
1,405
1,300
1,354
1,686
1,966
2,340
2,601
3,215
3,398
Operating Profit
102
146
144
179
161
122
178
272
366
428
611
681
712
OPM %
9%
13%
12%
13%
10%
9%
12%
14%
16%
15%
19%
17%
17%
Other Income
53
11
32
18
10
25
9
5
14
32
43
120
112
Interest
8
3
2
2
4
3
4
5
13
21
26
23
21
Depreciation
34
35
33
28
29
33
34
48
56
76
94
135
145
PBT
113
119
141
167
138
111
150
224
311
363
534
644
659
Tax %
22%
25%
31%
30%
50%
31%
24%
32%
24%
25%
27%
25%
—
Net Profit
88
90
97
117
69
77
114
152
236
271
392
482
495
EPS in Rs
6.13
6.29
6.8
8.17
4.83
5.36
7.95
10.66
16.47
18.98
27.39
33.68
34.58
Div. Payout %
24%
37%
66%
61%
83%
187%
13%
94%
67%
53%
40%
0%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
14
14
14
14
14
14
14
14
14
14
29
29
Reserves
605
674
705
793
818
696
814
967
987
1,037
1,274
1,656
Borrowings
36
36
38
34
40
92
14
115
418
423
573
614
Other Liabilities
164
232
211
356
322
287
344
405
435
508
868
760
Total Liabilities
819
956
969
1,197
1,195
1,089
1,187
1,502
1,855
1,982
2,744
3,058
Fixed Assets
227
221
192
191
184
193
190
297
359
454
516
472
CWIP
11
3
4
13
13
3
1
15
18
10
5
11
Investments
1
1
91
24
69
9
1
1
0
0
38
79
Other Assets
581
731
682
969
929
883
995
1,190
1,477
1,518
2,185
2,496
Total Assets
819
956
969
1,197
1,195
1,089
1,187
1,502
1,855
1,982
2,744
3,058
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
85
68
90
99
62
52
157
57
-41
458
164
380
Investing
88
-17
-59
-22
-52
149
-59
-104
-23
-114
-73
-175
Financing
-136
-6
-61
-68
-49
-153
-78
-11
59
-339
-89
-189
Net Cash Flow
36
46
-30
9
-39
49
20
-58
-6
5
3
16
Free Cash Flow
61
48
89
49
21
26
125
-15
-135
363
86
267
CFO/OP
110
70
97
90
77
72
103
39
13
128
45
80
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
57
70
60
70
63
75
64
60
65
63
69
69
Inventory Days
152
190
171
217
191
212
234
225
271
210
289
263
Days Payable
39
71
51
90
102
99
118
95
95
90
128
100
Cash Conversion Cycle
170
189
180
197
152
188
180
191
241
183
231
232
Working Capital Days
103
107
105
108
111
120
132
133
123
102
106
125
ROCE %
12%
18%
17%
21%
17%
13%
19%
24%
26%
27%
32%
31%

Shareholding Pattern

As of Jun 2026
Promoters 67.88%
Public 19.35%
Others 8.61%
FIIs 3.91%
DIIs 0.25%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
67.88%
67.88%
67.88%
67.88%
67.88%
67.88%
67.88%
67.88%
67.88%
67.88%
67.88%
67.88%
67.88%
67.88%
67.88%
67.88%
67.88%
67.88%
67.88%
67.88%
67.88%
67.88%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
3.00%
3.21%
3.08%
3.94%
3.88%
3.83%
4.40%
4.00%
4.06%
3.91%
DIIs
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.03%
0.02%
0.02%
0.02%
0.13%
0.14%
0.18%
0.23%
0.18%
0.44%
0.30%
0.23%
0.22%
0.25%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
21.59%
21.01%
21.25%
21.38%
21.64%
21.63%
21.81%
21.34%
20.02%
20.00%
19.80%
19.62%
19.10%
19.06%
19.07%
18.10%
18.43%
19.12%
18.67%
19.23%
19.25%
19.35%
Others
10.50%
11.09%
10.85%
10.72%
10.46%
10.46%
10.29%
10.76%
12.06%
12.10%
12.29%
12.48%
9.88%
9.71%
9.78%
9.85%
9.63%
8.73%
8.75%
8.66%
8.59%
8.61%
No. of Shareholders
31,346
32,194
34,701
34,631
36,279
35,755
43,257
43,180
40,571
40,550
48,399
47,751
51,172
52,823
58,795
58,015
67,945
69,540
72,708
76,314
76,781
76,328

Documents

Frequently Asked Questions about Banco Products (India) Ltd

What does Banco Products (India) Ltd do?
Banco Products (India) Ltd manufactures and supplies engine cooling modules and systems for automotive and industrial applications in both the domestic and international markets. It was Incorporated in 1961, promoted by Mr. Mehul K. Patel who has more than 40 years of experience in the automotive...
Where is Banco Products (India) Ltd (BANCOINDIA) listed?
Banco Products (India) Ltd is listed on the Indian stock exchanges. It is listed on NSE: BANCOINDIA and BSE: 500039. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Banco Products (India) Ltd belong to?
Banco Products (India) Ltd operates in the Automobiles sector within the Auto Components industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Banco Products (India) Ltd?
Banco Products (India) Ltd has a market capitalisation of approximately ₹8971.30 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Banco Products (India) Ltd?
The Price-to-Earnings (PE) ratio of Banco Products (India) Ltd is 18.17. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Banco Products (India) Ltd?
Over the past 52 weeks, Banco Products (India) Ltd has traded between a low of ₹502 and a high of ₹879.8. This range helps investors understand the stock's price volatility and recent trading levels.
Does Banco Products (India) Ltd pay dividends?
Yes, Banco Products (India) Ltd has a dividend yield of 2.45%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Banco Products (India) Ltd?
Banco Products (India) Ltd has a Return on Equity (ROE) of 30.07%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Banco Products (India) Ltd on Tapetide?
On Tapetide, you can view Banco Products (India) Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Banco Products (India) Ltd manufactures and supplies engine cooling modules and systems for automotive and industrial applications in both the domestic and international markets. It was Incorporated in 1961, promoted by Mr. Mehul K. Patel who has more than 40 years of experience in the automotive industry [1]

Website bancoindia.com
CEO Ms. Preeti Yadav
Employees 737
Listed 2006-12-22
Face Value ₹ 2
Issued Size 14,30,37,300

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