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Published: July 15, 2023
Updated: July 15, 2023
Anyone who is familiar with India’s progress over the years will say without a moment’s hesitation that the Indian Railways is the backbone of the country’s economy. Not only does the Railways connect the country’s denizens in all directions across a massive, nearly 70,000 km route, it is by far the largest employer at 1.4 million jobs.
Its colonial pedigree has not come in the way of a radical change in its objectives, like inviting the private sector to operate select routes, and modernisation of its processes like ticketing and maintenance. The spillover effect is unmistakeable in associated public and private sector companies, which too have modernized their technology and processes.
Needless to say, the icing on the Railways’ growth cake is that all these companies will have a bountiful order book for years to come – in turn boosting their stocks and making an attractive proposition for discerning investors. Corporate India Corporate India Research Bureau has selected 10 rail stocks which are doing well and have a promising future ahead.
In recent times, among sectors which have driven a development and market boom in the country, the Railways has played a very important role. Unsurprisingly, along with the introduction of fast trains like Vande Bharat and Bullet trains, rail stocks have also picked up speed and have reached unprecedented heights. Consider Titagarh Rail Systems shares which, from being friendless at around Rs 120 in July 2022, have recorded a runaway rise and have reached Rs 542. If the business climate and market trends are any indication, it cannot be said how long Titagarh will ‘stop’ at this ‘station’ (Rs. 542)! Again, Ircon International, with a face value of Rs 2, has shot up from Rs 39 to Rs 85, while Rail Vikas Nigam has spurted from Rs 30 to Rs 120. Indian Railway Finance Corporation (FV Rs 10), which was available at around Rs 19 a few months ago, is now quoted around Rs 33 while RITES has moved up from Rs 232 to Rs 408. The Container Corporation India stock price has inched up from Rs 555 to Rs 635, that of BEML from Rs 1,034 to Rs 1,615, IRCTC (FV Rs 2) has moved up from Rs 557 to Rs 626, Rail Tel Corporation from Rs 93 to Rs 142, and Texmaco has advanced from Rs 39 to Rs 84. Thus, almost all rail stocks have started moving up.
It is a no-brainer that the Railways, which is the backbone of India’s economy, providing over 1.4 million jobs along its 67,850 km pan-India route and emerging as the country’s largest employer, has continued to play an essential and highly significant role in the economy for over a century. Thanks to its size, the Indian railway industry is directly and indirectly connected with many other sectors. Interestingly, yesterday’s listless industry is today on the verge of a revolution. Belonging totally to the government as per the industrial policy of 1956, it is undergoing a dramatic change. The government is slowly and gradually privatising this public sector industry. Even those government companies which are associated with the Indian Railways are shrugging off the traditional bureaucratic control system and adopting a professional, dynamic approach. In line with the changing winds in the wake of introduction of new technologies, these companies have also started following modern practices. Ticketing, engineering and other operations as well as maintenance are undergoing a dramatic change.
The growth potential of the Indian Railways is tremendous, and mainly on account of four factors:
(A) Population growth: India has become the most populous nation in the world with a population of 1.48 billion, sidelining China to the second position. The railways are the leading transportation facility for the masses.
(B) Rising Incomes: People have started earning more and the per capita income in the country has surged to Rs 1.72 lakh. The number of middle-class people, both lower and higher middle-class — is steadily going up. This means that the need for an expanded railway network will be on the rise going ahead.
(C) Energy-efficient and economic mode of transport: The Railways has emerged as the most popular means of transportation for the majority of Indians when travelling long distances. It is also an energy-efficient and economic mode of conveyance and transport. Little wonder, the Railways has emerged as the preferred carrier of automobiles in the country.
(D) Continued expansion, modernization: As there will be a sustained rise in demand, the railway system will have to continuously expand and modernize. Little wonder then that every year the government presents a special budget for the Railways which leads to introduction of train services in untracked regions, introduction of new trains, upgradation of narrow gauge tracks to broad gauge, and introduction of faster trains like Vande Bharat and Bullet trains.
What is more, the size of the Indian Railways network is enormous; hence, public as well as private sector companies associated with the Railways will have sufficient work related to expansion and maintenance of the rail network. In short, there are tremendous growth prospects for the rail companies. Consider:
The Indian railway network is growing at a healthy rate. In the next five years, the Indian railway market is expected to be the third largest, accounting for 10% of the global market. The government has announced two key initiatives for seeking private investments -- running passenger trains by private operators across the rail network and redevelopment of railway stations across the country. According to the Railways, these projects have the potential of bringing investments of over $ 7.5 billion in the next five years.
The Indian Railways has launched the National Rail Plan, Vision 2024, to accelerate implementation of critical projects such as multi-tracking of congested routes, achieving 100% electrification, upgrading the speed to 160 kmph on the Delhi-Howrah and Delhi-Mumbai routes, upgrading the speed to 130 kmph on all other golden quadrilateral-golden diagonal (GQ/GD) routes, and eliminating all level crossings on the GQ/GD routes by 2024.
All these projects and developments suggest that rail companies belonging to the public as well as private sector will have enough work on their hands for years to come, giving a boost to their topline as well as bottomline. In turn, this means that stock prices of rail companies will remain strong in the years to come. Thus, discerning investors should participate in the current rally of rail company stocks.
There are several companies which are directly or indirectly connected with the Railways. We have selected 10 such stocks which are doing very well today and have a promising future ahead. Here goes the list.
| FACE VALUE | 02 |
| CMP | 626.10 |
| 52 WEEK HIGH /LOW | 775/557 |
IRCTC, one of the best railway companies in India, is a monopoly operator in its field and provides online ticketing, catering and travel services. A mini-Ratna (category one) central public sector enterprise under the Ministry of Railways, it is an extended arm of the Indian Railways to upgrade, professionalise and manage the catering and hospitality services at stations, on trains and at other locations, and to promote domestic and international tourism through the development of budget hotels, special tour packages, information and commercial publicity, and global reservation systems. It has four core activities, viz:
(a) Catering and hospitality: IRCTC is the largest catering and hospitality company in India, offering services in passenger trains and on railway station premises. This segment contributes over 47 per cent to the overall revenues.
(b) Internet ticketing: IRCTC is the only entity authorized by the Ministry of Railways to offer railway tickets online. By now, the company accounts for over 75 per cent of reserved tickets booked online on the Indian Railways. The share of reserved passenger traffic through second class mail/express ticket bookings was 17 per cent in fiscal 2019 and CRISIL Research expects it to grow to 18 per cent in 2024. And in the case of upper class tickets, it is expected to rise from 2 per cent to 3 per cent.
(c) Travel and tourism: IRCTC has been mandated by the Indian Railways to provide travel and tourism services, which include luxury train tours, a Buddhist Circuit Special Train, Bharat Darshan Special Tourist Trains, theme-based tourist trains, hotel bookings, car rentals, etc.
The company is the only authorized agency to sell packaged water, styled 'Railneer', to passengers on stations as well as on trains. It produces over 300 million bottles per year. This segment contributes over 10 per cent of the total operating revenues.
The company has put up a gratifying show on the financial front with a remarkable spurt in profitability. During the last nine years, its sales turnover has expanded three and a half times from Rs 1,059 crore in fiscal 2015 to Rs 3,541 crore in fiscal 2023, with operating profit shooting up more than eight times from Rs 152 crore to Rs 1,276 crore and the net profit surging ahead almost eight times from Rs 131 crore to Rs 1,006 crore. The company's financial position is very strong, with reserves at the end of March 2023 standing at Rs 2,318 crore - over 14 times its equity capital of Rs 160 crore.
It has reduced its debt from Rs 109 crore in fiscal 2022 to Rs 84 crore, which will be wiped out shortly, making the company a totally debt-free entity.
The company's share price is quoted at around Rs 625 and research analysts feel that it is bound to shoot up. Some analysts aver that the price can go up to Rs 1,000 and beyond if the government does not end the monopoly of the company.
| FACE VALUE | 10 |
| CMP | 32.52 |
| 52 WEEK HIGH /LOW | 38/19 |
Indian Railway Finance Corporation, the financial arm of the Indian Railways, is also among the best rail stocks in the country. The company conducts its business through the leasing and finance segments. It concentrates on financial leasing of rolling stock assets, including powered and unpowered vehicles like coaches, wagons, trucks, flats, electric multiple units, containers, cranes, trollies of all kinds and other rolling stock components.
It is involved in lending to other organizations under the Ministry of Railways and leasing the government of India's national projects and railway infrastructure assets. In addition, it supports capacity-building initiatives and Railway projects.
It primarily focuses on initiatives to expand and decongest the current Railway network. In addition, it serves as a lender for several other railway-related businesses, including Konkan Railway Corporation Limited (KRCL), ICON and Railtel.
IRFC, a schedule 'A' PSU, is also registered as a systematically important, non-deposit taking, non-banking financial company (NBFC) and infrastructure finance company with the Reserve Bank of India.
In its existence of over three decades, the company has played a significant role in supporting the expansion of the Indian Railways and related entities by financing a significant proportion of their annual plan outlay. The IRFC's cumulative funding to the rail sector had crossed Rs 5 lakh crore by the end of the last fiscal year. So far, it has funded the acquisition of 13,350 locomotives, 73,980 passenger coaches and 259,665 wagons - which constitute over 75 per cent of the total rolling stock fleet of the Indian Railways.
The company has made rapid strides on the financial front. During the last 12 years, its sales turnover has expanded by more than five times, from Rs 4,642 crore in fiscal 2012 to Rs 23,892 crore in fiscal 2023, with operating profit also shooting up over five times from Rs 4,633 crore to Rs 23,757 crore and the profit at net level shooting up over 14 times from Rs 481 crore to Rs 6,337 crore. The company's financial position is sound, with reserves at the end of March 2023 standing at Rs 32,402 crore, more than double the equity capital of Rs 13,069 crore. The company has been maintaining a healthy dividend payout of 30.7 per cent.
The Rs 10 face value shares are quoted around Rs 32.
This is a highly promising stock and discerning investors can add them in their portfolios.
| FACE VALUE | 10 |
| CMP | 119.60 |
| 52 WEEK HIGH /LOW | 145/30 |
Rail Vikas Nigam (RVN), which is also rated among the best rail stocks, is a special purpose vehicle (SPV) conducting development projects related to the Railways, and specially focused on the Golden Quadrilateral. To be specific, RVNL concentrates on Golden Quadrilateral reinforcement projects - particularly on funding and implementing new lines, doubling gauge conversion, railway electrification, metro projects, workshops, significant bridges, cable-stayed bridge construction and institutional buildings. The company completes all types of railway projects. It is a turnkey contractor and handles the entire project development cycle from conceptualisation to commissioning, including the design stages, estimate preparation, contract calling and project as well as contract management.
Since its inception in 2003, RVNL has implemented around 1,190 projects including the Diva-Kalyan 5th and 6th line, the Gurup-Shaktigarh extension of 3rd lane, the Jakhapur Haridaspur 3rd lane, Karjoda-Palanpur doubling, and civil engineering works in connection with the diesel loco component factory, Dankani.
Set up at the instance of then Prime Minister, late Atal Behari Vajpayee (who had announced the idea in his lecture from the ramparts of the Red Fort), RVNL has been assigned the role of arranging financial resources for Railway projects, creating project-specific SPVs for individual works and commercializing projects wherever it was considered necessary.
As a major development, RVNL has formed a JV with Russia's Transmash for manufacturing Vande Bharat trains. The consortium had given the lowest bid of Rs 120 crore per train and won the contract against stiff competition from BHEL Titagarh (Rs 139.8 crore), BEML-Siemens (Rs 145 crore), Alstom-Transport (Rs 164.52 crore) and Megha Servo Stadler Rail (Rs 165 crore). This deal has changed the status of RVNL.
The company is doing extremely well on the financial front. During the last nine years, its revenues have expanded by more than 17 times, from Rs 1,147 crore in fiscal 2015 to Rs 20,282 crore in fiscal 2023, with operating profit shooting up over eight and a half times from Rs 146 crore to Rs 1,247 crore, and the profit at net level growing over four times from Rs 337 crore to Rs 1,421 crore. The company's financial position is steadily improving, with reserves at the end of March 2023 reaching Rs 5,240 crore - more than double the equity capital of Rs 2,085 crore. The company has been maintaining a healthy dividend payout of 32.2 per cent and its track record of return on equity (RoE) for the last five years is 19 per cent.
The Rs 10 face value stock has taken a high jump from Rs 30 to Rs 120 in the wake of winning deals like Vande Bharat trains. There is more steam in the soup going ahead.
| FACE VALUE | 02 |
| CMP | 83.57 |
| 52 WEEK HIGH /LOW | 92/36 |
Ircon International, incorporated by the Indian Railways under the name Indian Railway Construction Corporation in 1976, is a turnkey construction company in the public sector known for its quality commitment and consistency in terms of performance. Ircon has widespread operations in several states in India and also in other countries like Malaysia, Ethiopia, Nepal, Bangladesh, Mozambique, Afghanistan, UK, Algeria and Sri Lanka.
Ircon is a specialized construction organization covering the entire spectrum of construction activities and services in the infrastructure sector. However, Railway and highway construction, EHP sub-station (engineering and construction) and MRTS are its core competence areas.
The company operates not only in a highly competitive environment but also in difficult terrains and regions in India and abroad, and is an active participant in prestigious nation building projects. Ircon has so far completed more than 300 infrastructure projects in India and more than 100 projects across the globe In more than 21 countries.
Recently the company has been awarded the work for supply, installation, testing and commissioning of integrated tunnel communication systems in Jiribam, Imphal, a new railway line project. This project follows the commissioning of the first phase of the upgradation of the railway line from Mahoto Omanthai rehabilitation project from Sri Lanka.
The company is steadily improving its performance on the financial front. During the last 12 years, its sales turnover has almost trebled from Rs 3,552 crore in fiscal 2012 to Rs 10,368 crore in fiscal 2023, with operating profit inching up from Rs 473 crore to Rs 703 crore and the net profit moving up from Rs 465 crore to Rs 765 crore. The company's financial position is very sound, with reserves at the end of March 2023 standing at Rs 5,023 crore - almost 27 times its equity capital of Rs 188 crore. The company has been maintaining a healthy dividend payout of 30.1 per cent and its 10-year record of RoE (return on equity) is 13 per cent.
Following the recent two deals, the stock price of Ircon has surged from Rs 36 to Rs 84. Future prospects for the company are highly promising and hence there are better chances for further appreciation of the stock price going ahead.
| FACE VALUE | 10 |
| CMP | 408.00 |
| 52 WEEK HIGH /LOW | 434/232 |
Formerly known as Rail India Technical and Economic Service, central PSU Rites Ltd is a multi-disciplinary engineering and consultancy organization, providing a comprehensive range of services from concept to commissioning in all facets of transport infrastructure and related technologies.
The company is a leading player in the transport consultancy and engineering sector in India and is uniquely placed in terms of diversification of services, highways, urban engineering (metros) and sustainability airports, ports, ropeways, institutional buildings, inland waterways and renewable energy. Rites is the only export arm of the Indian Railways for providing rolling stock abroad, except for Thailand, Malaysia and Indonesia.
Rites' business spans 49 years, covering more than 55 countries across Asia, Africa, Latin America, South America and the Middle East.
The company is making steady progress on the financial front. During the last 10 years, its sales turnover has grown around two and a half times from Rs 1,096 crore in fiscal 2014 to Rs 2,628 crore in fiscal 2023, with operating profit also advancing two and a half times from Rs 280 crore to Rs 745 crore, and the net profit more than doubling from Rs 261 crore to Rs 571 crore.
The company's financial position is very strong, with reserves at the end of March 2023 almost 10 times its equity capital of Rs 240 crore. The company's balance sheet is very healthy as the management has steadily reduced its debt from Rs 173 crore in fiscal 2016 to a nominal Rs 5 crore in fiscal 2023, making the company a virtually debt-free, The company's five-year track record of ROE is 21 per cent and it has been maintaining a healthy dividend payout of 80.8 per cent.
The company's shares with a face value of Rs 10 are quoted around Rs 408 and are expected to reach near the Rs 500 mark within a year or so.
| FACE VALUE | 05 |
| CMP | 683.75 |
| 52 WEEK HIGH /LOW | 829/555 |
Container Corporation India, a holding company which started its journey in November 1989 by taking over the existing network of ICDs from the Indian Railways, has by now emerged as an undisputed market leader, having the largest network of 61 ICDs/CFSs in India. In addition to providing inland transport by rail for containers, it has also expanded to cover management of ports and cargo complexes and establishing cold chains. It has and will also continue to play the role of promoting containerisation in India by virtue of its modern rail wagon fleet, customer-friendly commercial practices and extensively used information technology. The company has developed multi-modal logistics support for India's international and domestic containerisation and trade. Though rail is the mainstay of its transportation plan, it is also engaged in road services and door-to-door services, whether in the international or domestic businesses.
The company's international and domestic divisions carry out handling, transport and warehousing activities. Some of the international offerings include air cargo movements, bonded warehousing, reefer cold chain services, and factory stuffing and de-stuffing.
The company is committed to providing responsive, cost-effective, efficient and reliable logistics solutions to its customers. It strives to be the first choice for its customers. In short, it is a customer-focused, performance-driven, resultoriented organisation, focused on providing value for money to its customers.
The company is steadily on the growth track in its financial performance. During the last 12 years, its sales turnover has more than doubled from Rs 4,064 crore in fiscal 2012 to Rs 8,169 crore in fiscal 2023, with operating profit inching up from Rs 1,024 to Rs 1,806 crore and net profit moving up from Rs 866 crore to Rs 1,173 crore.
The company's stock price is strong at around Rs 683 (face value of Rs 5). According to analysts, the price can go up to Rs 800 within a year or so.
| FACE VALUE | 02 |
| CMP | 541.45 |
| 52 WEEK HIGH /LOW | 559/120 |
Kolkata-headquartered Titagarh Rail Systems, formerly known as Titagarh Wagons, is a leading manufacturer of freight and passenger rolling stock. The company, which started its journey in the 1980s as a manufacturer of railway castings such as bogies and couplers for the Indian Railways, started producing railway freight wagons in 1997 and emerged in a few years as the leader in the Indian market, while in 2015 it emerged as a significant exporter of freight wagons and wagon parts. In 2015, it acquired a 100 per cent stake in Firena, an Italian company and a well-known name in the space of manufacturing passenger rolling stock. Now, with a presence in two countries - one in Asia and one in Europe -- Titagarh has stretched its global reach far and wide, thus having transformed itself into a global conglomerate.
With the Indian government adopting a 'Make in India' policy and 'Atmanirbhar Bharat', the company's fortunes have brightened. As it has emerged as the biggest beneficiary of the government's policy, the railway rolling stock manufacturer has become a multi-bagger, with its stock price skyrocketing from Rs 30 to Rs 600 during the last three years.
Needless to say, the company made rapid strides in its financial performance. During the last 12 years, its sales turnover more than trebled from Rs 891 crore in fiscal 2012 to Rs 2,780 crore in fiscal 2023, with operating profit surging from Rs 137 crore to Rs 251 crore and the profit at net level inching up from Rs 84 crore to Rs 126 crore. Significantly, during the last five years, it registered a CAGR sales growth of 17 per cent and a profit growth of 24 per cent. The company's financial position is very strong, with reserves at the end of March 2023 standing at Rs 940 crore - over 39 times its equity capital of Rs 24 crore. The company has been reducing its debt burden. Last year (March 2023), it slashed its debt from Rs 920 crore to Rs 350 crore.
The company's prospects going ahead are all the more promising as it has diversified its product range. Till now a leader in the wagon manufacturing space, Titagarh has emerged as an integrated manufacturer of passenger rail systems. According to HSBC Global Research, the company has created a manufacturing set-up which is difficult for anybody to replicate and it has the capacity to grow its turnover to over Rs 10,000 crore over the next five years.
The company's order book is getting fatter every year. Last year, it won an order worth Rs 7,800 crore for the supply of 24,177 wagons, bagged another one to supply 80 Vande Bharat trains worth around Rs 9,600 crore, and signed a contract worth Rs 12,226.5 crore to manufacture 15,40,000 wheels for the Railways. At the same time, it has closed a deal for Rs 866 crore to supply 24 trains for Phase I of the Surat Metro. At the end March 2023, the company's order book shot up to Rs 27,000 crore from Rs 2,500 crore just a year ago.
With a view to meeting the rising demand for its products, the company has planned a capex of Rs 650 crore to be spent during the next two years to augment its manufacturing facilities. The company's emphasis now is not only strengthening its position in the domestic market but also on increasing exports.
The company's share price has skyrocketed from Rs 30 three years ago to Rs 545 and HSBC Research analysts have set a target of Rs 690 within a year or so.
| FACE VALUE | 10 |
| CMP | 1614.85 |
| 52 WEEK HIGH /LOW | 1749/1034 |
A Bengaluru-headquartered PSU, BEML conducts business in three main industry sectors -- mining and construction, defence and aerospace, and rail and metro.
The company, formerly known is Bharat Earth Movers Ltd, is Asia's second largest manufacturer of earth-moving equipment. Its defence and aerospace business segment manufactures defence ground support equipment, including Tatra-based high mobility trucks, aircraft towing tractors, medium and heavy recovery vehicles, and pontoon mainstream bridge systems.
Equipment like hydraulic excavators, bulldozers, wheel loaders, wheel dozers, dump trucks, motor graders, pipe layers, tyre handlers, water sprinklers and backhoe loaders are manufactured and sold by the company's mining and construction division to a variety of user segments.
Its Rail and Metro division produces and sells rail coaches, metro cars, alternating current electric multiple units (ACEMUs), overhead equipment (OHE) cars, and steel and aluminium wagons to the rail and metro industries. It operates four manufacturing facilities in Bengaluru, Kolar Gold Fields, Mysuru and Palakkad.
The company is doing quite well on the financial performance. During the last 12 years, its sales turnover has advanced from Rs 2,715 crore in fiscal 2012 to Rs 3,899 crore with operating profit trebling from Rs 117 crore to Rs 364 crore. The company's financial position is very sound, with reserves at the end of March 2023 standing at Rs 2,380 crore - almost 59 times its equity capital of Rs 42 crore. It is reducing its debt burden and slashed its borrowings to Rs 380 crore last year from Rs 830 crore a year ago.
The company's shares are quoted around Rs 1,615 (face value Rs 10). This is fundamentally a solid company and a good buy for investors.
| FACE VALUE | 10 |
| CMP | 141.40 |
| 52 WEEK HIGH /LOW | 149/93 |
RailTel, a 'Mini Ratna' PSU, is an ICT provider and one of the largest neutral telecom infrastructure providers in the country owning a pan-India optic fiber network. The OFC network covers important towns and cities of the country and several rural areas.
RailTel was incorporated on September 26, 2000 with the aim of modernizing the existing telecom system for train control, operation, and safety and to generate additional revenues by creating a nationwide broadband and multimedia network, and laying an optical fiber cable using the right of way along railway tracks. Presently, the optic fiber network of RailTel covers over 61,000+ route km and covers 6,108+ railway stations across India. Its citywide access across the country is 21,000+ km.
RailTel has a strategic relationship with the Indian Railways and it undertakes a wide variety of projects, including provision of mission critical connectivity services like IP-based video surveillance system at stations, 'e-Office' services, and implementing short haul connectivity between stations and long haul connectivity to support various organizations within the Indian Railways. RailTel also provides various passenger services, including content on demand services and Wi-Fi across major railway stations in India.
The company is steadily growing on the financial front. In the last 10 years, its sales turnover has more than doubled from Rs 453 crore in fiscal 2014 to Rs 1,964 crore in fiscal 2023, with operating profit also doubling from Rs 169 crore to Rs 378 crore. The company's financial position is also very strong, with reserves at the end of March 2023 standing at Rs 1,328 crore, over four times its equity capital of Rs 321 crore. The company is almost debt-free.
The company's shares with a face value of Rs 10 are quoted around Rs 140, as against Rs. 90 a year ago.
| FACE VALUE | 01 |
| CMP | 83.20 |
| 52 WEEK HIGH /LOW | 85/39 |
Kolkata-headquartered Texmaco Rail & Engineering Ltd, certified ISO: 9001-2008, is a premier multi-discipline, multi-unit engineering and Infrastructure company with 5 manufacturing units extending over 170 acres on the outskirts of Kolkata. The company was formed after the demerger of the heavy engineering and steel foundry divisions of parent company Texmaco Ltd. The engineering and infrastructure company is presently the flagship company of the Adventz group headed by Chairman Saroj Kumar Poddar.
The company's subsidiary, Bright Power, specialises in overhead electrification (OHE) solutions for the Railways. With Bright Power and its strong credentials in railway electrification,, Texmaco has strengthened its position further as a total rail solutions provider company and is well-positioned to leverage growth opportunities in Railway infrastructure in the coming years.
The company has joined hands with Touax Rail to enter the business of wagon leasing, post receipt of relevant regulatory and statutory approvals.
It is doing quite well in its financial performance. During the last 8 years, its sales turnover doubled from Rs 1,102 crore in fiscal 2016 to Rs 2,243 crore in fiscal 2023, with operating profit more than doubling from Rs 50 crore to Rs 145 crore and the net profit improving from Rs 20 crore to Rs 26 crore. Financially, the company is in a sound position with its reserves at the end of March 2023 standing at Rs 1,360 crore, more than 40 times its equity capital of Rs 32 crore.
The company's stock (face value Re 1) is quoted around Rs 80, doubling from the last year (Rs 40). Its prospects going ahead are quite encouraging.
February 15, 2025 - First Issue
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