QUALITY GROWTH VALUATION MOMENTUM

Nalwa Sons Invst

STOCK RATING SCORE SCORE SCORE SCORE

-- 8/10 5/10 4/10 9/10

Essential Checks Price

Altman Z-Score 4.5 Chart
Modified C 5
Last Close (Rs.)
Piotroski F-Score 5
5018.05

3Y Growth  (%) MCap (Rs. Cr)

Sales 12.1 2,578

EBIT 9.9 PE
Earnings Per Share 34.83
3.7
Book Value Per Share 35.2 PEG
0.8
3Y Average (%)
ROE 0.7
EBIT Margin 85.8
PE Trend
PAT Margin 64.1 Current PE
34.83
Valuation  (%) 5Y median
PE Premium to 5Y median 113.7 16.3
PB Discount to 5Y median 25.3
Dividend Yield 0

Stock Performance (Trailing)

Time Nalwa Sons Invst S&P BSE Price Data
Period Sensex FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 YTD

3 Months -44.4 -4.8 Market Cap (Rs.`00` Cr) 3.4 3.1 4.6 6.2 5.4 3 5.4 9.1 11.4 17.3 25.8
1 Year 47 4.6 High (Rs) 994 806 963 1514 1400 1150 1176 2167 2788 3880 5150
3 Years 49.5 12.2 Low (Rs) 585 551 590 820 870 411 527 1044 1228 1999 4983
5 Years 47.4 9.8 Total Return (%) -6.9 2.8 91.9 -19 -36.6 34.1 59.9 46.2 43.7 -- -35.3
10 Years 21.5 -- Index Return (%) 6.8 1.8 59.6 -23.4 -6.8 32.1 62.8 -1.8 47.5 -- -5.5

Key Financial Metrics

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 TTM 10Y aggregate (Rs. Cr)

Income Statement (Rs. Cr) CFO 298

Sales 30.6 29.5 33.9 36.2 49.2 59 65.1 93.1 131.4 83.6 123.9 EBITDA 422

EBIT PAT 420

13.2 23.6 21.9 10.4 31 9.2 43.7 76.1 123.1 69.7 99.3
PAT 12.1 18.7 18.1 8.5 84.8 19.5 43.1 65.9 92.6 56.3 73.4
Balance Sheet (Rs. Cr) Shareholding Pattern (%)
Net Worth 322.8 339.1 358.8 370.1 3620.2 3187.3 5105.6 7939.2 7993.5 12605 17229.2
Debt 31.1 33.1 32.4 32.7 1.4 1.5 0 0 0 0 --
Cash Flow
CFO (Rs. Cr) 17 18 24 22 -9 20 50 42 72 41 --
FCF/Share 26 28 46 21 100 34 76 127 175 107 --
Ratios
ROE (%) 3.8 5.7 5.2 2.3 4.2 0.6 1 1 1.2 0.5 0.5
ROCE (%) 3.8 6.7 5.8 2.7 4.6 0.3 1.1 1.2 1.6 0.7 --
EBIT margin (%) 43.2 80 64.7 28.8 63.1 15.7 67.1 81.7 93.7 83.4 80.2
Fund House Invested (% of Equity)
PAT Margin (%) 39.5 62 52.9 23.4 122.9 33 63.9 67.7 69.3 63.6 59.3
UTI 0.5
Debt to Equity 0.1 0.1 0.1 0.1 0 0 0 0 0 0 0
-- --
Valuation
-- --
P/E 27.8 16.4 24.5 54.4 6.5 15.5 12.5 13.8 12.5 30.7 34.8
-- --
P/B 1 0.9 1.3 1.7 0.1 0.1 0.1 0.1 0.1 0.1 0.1

Quarterly Sales (Rs. Cr) Quarterly PAT (Rs. Cr) About the Company
Financial Year Jun Sep Dec Mar Financial Year Jun Sep Dec Mar
Nalwa Sons Investments Limited, a
FY26 -- -- -- -- FY26 -- -- -- -- non-banking financial company,
FY25 39.6 59.7 13.5 -- FY25 29.1 34.2 8.4 -- engages in the investment and
financing business in India. It
FY24 25.2 26.6 25.7 10.9 FY24 16.3 20.2 17 1.7
operates through Investment &
FY23 7.6 97 18.1 9.6 FY23 9.2 72.2 5.6 5.6 Finance, and Trading of Goods
FY22 15.8 59 6.3 12 FY22 11.8 39.2 8.3 7 segments. The company primarily
holds investments in equity shares of
steel manufacturing companies of
Other Details O.P. Jindal Group. The company was
Sub-Ind : Investment Services Group : Om Prakash NSE Code : NSIL formerly known as Jindal Strips
Chairman : - - Size : Small Cap Liquidity : High Limited. Nalwa Sons Investments
MD : -- BSE Code : 532256 Listing : -- Limited was incorporated in 1970 and
is based in New Delhi, India.

STOCK CARD
Data as of February 25, 2025
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 Quality Growth Valuation Momentum
1. 
Market capitalisation: What you need to
Amara Raja Energy
Stock Rating Score Score Score Score
-- 9/10 7/10 4/10 9/10
pay to own 100 per cent of the company.
Calculated by multiplying. the share price Essential Checks Price
18 Altman Z-Score 9.8 chart
and total number of shares. 19 Modified C 2
Last close (Rs.)
20 Piotroski F-Score 6
2. 
Total return: It is the overall return, combin- 1324.4
Mcap (Rs. Cr)
ing dividends and capital gains, generated 3Y growth
Sales 13.8
(%)
24,247

by a stock in a financial year. EBIT 10.2 PE

25.26
21 Earning/share 8.1
3. Index return: It is the return generated by a 22 Book Value/share 14.7
27
PEG
2.7
benchmark stock index in a financial year. 3Y average (%)
ROE 14.9
4. 
Sales: Refers to the amount of income EBIT Margin 9.9
PE Trend

generated by a company from the sale of PAT margin 7.6 Current PE

25.26
goods and services in a given period. It Valuation (%) 5Y median
23 PE Premium to 5Y median 42.7 17.7
indicates a business’s scale of operations. 24 PB Premium to 5Y median 32.3
25 Dividend yield 0.7
26. EBITDA: Income earned before deducting
interest cost, taxes, depreciation, and Stock performance (Trailing)
Time Amara Raja S&P BSE Price data
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 YTD
amortisation in a given period. It is a com- period
3 months
Energy Sensex
1 Market cap (Rs.`000` Cr) 14.2 15 15.2 13.6 12.3 8.2 14.6 9.2 9.9 13.9 24.2
-21.8 0.9
monly cited, notoriously generous measure 1 Year 105.5 61 High (Rs) 948 1132 1080 955 908 814 1026 870 670 922 1392

of a company’s operating performance. 3 Years 20.9 34.9 Low (Rs) 376 773 820 665 671 349 456 520 438 563 1306
5 Years 14 28.6 2 Total return (%) 5.7 0.3 -3.5 -11 -2 28.2 -31.1 -10.3 -- -- 62.3

5. 
EBIT: Earnings before interest and tax or 10 Years 8.1 12.7 3 Index return (%) 7.4 8 48.1 -13.3 -3 19.9 39.2 1.4 -- -- 38.1

operating profit. It gives a better picture of Key financial metrics

10Y aggregate
a company’s operational performance as Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 TTM (Rs. Cr)

Income statement (Rs.`000` Cr) CFO 7188

it subtracts all operating expenses from 4 Sales 4.2 4.6 5.3 6.1 6.8 6.8 7.1 8.7 10.4 11.3 11.6 26 EBITDA 10530
PAT 5821
revenue. 5 EBIT 0.6 0.7 0.7 0.7 0.7 0.8 0.8 0.6 1 1.1 1.2
6 PAT 0.4 0.5 0.5 0.5 0.5 0.7 0.6 0.5 0.7 0.9 0.9
Shareholding pattern (%)
6. 
PAT: Profit after tax is the profit earned by Balance sheet (Rs.`000` Cr)
7 Net worth 1.7 2.1 2.6 2.9 3.3 3.7 4.2 4.6 6 6.8 6.8
a company in a given period after deduct- 8 Debt 0.1 0.1 0.1 0.1 0.1 0 0 0 0.1 0.1 --
ing all expenses from revenue. Cash flow
9 CFO (Rs.`00` Cr) 4 6 6 3 5 12 8 6 10 13 --
7. 
Net worth: The difference between a com- 10 FCF/share -0 2 7 -2 2 32 20 -6 25 50 --
Ratios
pany’s total assets and its total liabilities, 11 ROE (%) 26.8 25.8 20.3 17 15.4 18.9 16.4 11.7 14.8 15 14.9
reflecting the value owned by sharehold- 12 ROCE (%) 37.8 36.7 29.2 25.4 23.1 24 22.2 16 19.2 19.2 --

ers. Also called shareholders’ equity or 13 EBIT margin (%) 13.5 14.8 12.4 10.8 10.2 11.7 11.1 7.2 9.5 10.1 10
Fund house invested (% of Equity)
14 PAT margin (%) 9.7 10.5 8.9 7.7 7.1 9.6 8.9 5.8 7 8 7.9
Franklin Templeton 1.3
equity. 15 Debt to equity 0 0 0 0 0 0 0 0 0 0 0
Nippon India 0.9
Valuation
8. 
Debt: The total amount of interest-bearing 16 P/E 34.6 30.6 31.7 28.9 25.4 12.4 22.5 17.9 13.5 15.4 25.5
Tata
Kotak
0.5
0.5
financial obligations owed by a company. 17 P/B 8.4 7.1 5.9 4.6 3.7 2.2 3.5 2 1.9 2.1 3.5

9. 
CFO: The cash generated from a com- Quarterly sales (Rs.`00` Cr) Quarterly PAT (Rs. Cr) About the company
Financial Year Jun Sep Dec Mar Financial Year Jun Sep Dec Mar
pany’s operating activities, indicating its FY25 32.6 -- -- -- FY25 249.1 -- -- --
Amara Raja Energy & Mobility Limited
manufactures and sells lead-acid
ability to sustain and grow its operations. FY24 28 29.6 30.4 29.1 FY24 198.3 226.3 254.8 229.8 storage batteries for industrial and
automotive applications in India. The
FY23 26.2 27 26.4 24.3 FY23 132 201.2 221.9 142.4
company also provides installation,
10. FCF/share: Free cash flow is the amount FY22 18.9 22.6 23.7 21.8 FY22 124.1 144.3 145.3 98.9 commissioning, and maintenance
services. It sells its batteries under the
of cash left with the company after all FY21 11.5 19.4 19.6 21 FY21 62.5 201.3 193.7 189.4
Amaron, PowerZone, Power Stack,

operational expenses and reinvestments Other details

AmaronVolt, and Quanta brands. The
company exports its products to
Sub-Ind : Automotive Batteries Group : Amara Raja NSE Code : ARE&M
(capex) have been made. Calculated on a Chairman : Jayadev Galla Size : Mid Cap Liquidity : High
various countries in the Indian Ocean
Rim.
per-share basis. MD : Jayadev Galla BSE code : 500008 Listing : --

STOCK CARD
Data as of October 07, 2024

11. ROE: Return on equity highlights the efficiency in generating profit 19. Modified C-score: It evaluates whether a company is manipulating its
from equity. financials to present a rosy picture. The lower the score, the better.
12. ROCE: Return on capital employed showcases a company’s capital 20. Piotroski F-score: It evaluates how good a company’s financial perfor-
efficiency. That is, how much profit did a company generate from the mance has been in the last year. The higher the score, the better.
total capital (debt and equity) employed in the business. 21. Earning/share: Commonly known as EPS, it is simply the profit after
13. EBIT margin: Operating profit as a percentage of sales. It indicates tax divided by the total number of outstanding shares. It represents
the operating profitability of a company. the profit earned on each share.
14. PAT margin: Profit after tax as a percentage of sales. It indicates the 22. Book value/share: Book value per share (or net worth per share)
overall profitability of a company. captures the net worth of the company on a per-share basis.
15. Debt to equity: It shows how much debt a company has for every 23. P/E discount or premium to median: Current P/E of a stock as
rupee of equity in the business. compared to its five-year historical median. Shows how expensive or
16. P/E: Current share price divided by the earnings per share (i.e., PAT cheap it is as compared to the past.
per share) generated in the last twelve months. It is a valuation 24. P/B discount or premium to median: Current P/B of a stock as
metric that shows how much market participants are willing to pay compared to its five-year historical median. Shows how expensive or
for each rupee of profit after tax. cheap it is as compared to the past.
17. P/B: Current share price divided by the net worth per share (also 25. Dividend Yield: Dividends paid by the company in the last one year
called book value). Another valuation metric that shows how much as a percentage of the current share price. It indicates the return that
market participants are willing to pay for each rupee of net worth. can be generated through dividends alone.
18. Altman Z-score: It evaluates the chances of a company going bank- 27. PEG: The P/E ratio divided by the last five-year growth in earnings
rupt. The higher the score, the better. per share. It is a better measure of valuation than the P/E ratio as it
incorporates profit growth as well.

STOCK CARD