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San Engineering Unlisted Shares
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About San Engineering Unlisted Shares
Founded in 1969, San Engineering and Locomotive Company Limited (San Engineering) has evolved from a locomotive manufacturer into a leading multi-product enterprise. Over the years, the company has built a strong reputation in various industry segments, providing innovative solutions and maintaining a customer-centric approach. Specializing in the design and manufacturing of locomotives, power packs, gearboxes, and other heavy machinery components, San Engineering has consistently demonstrated its engineering excellence.
The company’s journey is marked by strategic partnerships, a focus on research and development (R&D), and a commitment to delivering high-quality products. With its emphasis on innovation and technology, San Engineering has secured its place in both domestic and international markets, producing solutions that cater to diverse industries.
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Business Divisions
San Engineering operates in multiple sectors, producing a wide range of products designed to meet the needs of several industrial applications. The key business divisions are:
- Locomotives:
San Engineering manufactures diesel-hydraulic and diesel-electric locomotives, which are used in various industries, including transportation and mining. These locomotives are known for their durability, reliability, and performance. - Power Packs:
The company designs and manufactures power packs tailored for diverse industrial applications. These power packs are essential in powering heavy machinery and equipment across different sectors. - Gearboxes:
San Engineering produces high-performance gearboxes that are used in a range of industries, including manufacturing, automotive, and power generation. The company’s gearboxes are designed to deliver enhanced efficiency and longevity. - Turbo-Reversing Transmissions:
These advanced transmission systems are critical for industries that require high torque and precise control. San Engineering’s turbo-reversing transmissions are designed to offer reliable performance in demanding applications. - Heavy-Duty Cardan Shafts:
San Engineering manufactures cardan shafts, known for their robustness and reliability. These components are crucial in the transmission of power for heavy machinery and industrial equipment.
Financial Highlights
San Engineering’s financial performance over the past few years has been impressive, reflecting strong revenue growth, efficient cost management, and a robust profit margin. Below are some key financial highlights:
- Revenue Growth:
San Engineering’s revenue increased significantly from ₹137 crore in 2022 to ₹226 crore in 2024, showcasing a strong year-over-year growth of 64.96%. This growth is attributed to increased demand across its key product segments and the company’s ability to diversify its offerings. - Consistent Gross Margins:
The company has maintained healthy gross margins, with a slight increase from 46.72% in 2022 to 49.56% in 2024. This indicates that San Engineering has been successful in controlling production costs while increasing the value of its products. - Improvement in Profitability:
San Engineering has experienced an impressive rise in profit after tax (PAT), from ₹8 crore in 2022 to ₹28 crore in 2024, marking a substantial increase in Net Profit Margins (NPM) from 5.84% to 12.39%. This indicates better operational efficiency and higher demand for its products. - Strong EBITDA Growth:
The company’s EBITDA increased from ₹17 crore in 2022 to ₹40 crore in 2024, reflecting a growth of 135%. With an EBITDA margin of 17.7% in FY2024, San Engineering has shown strong operational profitability. - Solid Earnings Per Share (EPS):
San Engineering has achieved a remarkable EPS of ₹62.92 in FY2024, up from ₹17.98 in FY2022. This demonstrates the company’s ability to generate substantial earnings relative to its share capital, enhancing its attractiveness as an investment.
Pros
- Stock is trading at 1.14 times its book value
- Company is expected to give good quarter
- Company has been maintaining a healthy dividend payout of 26.3%
Cons
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -6.23% over past five years.
- Company has a low return on equity of 3.68% over last 3 years.
Key Details
| Share Name | Particulars |
|---|---|
| San Engineering Unlisted | 610 |
| Shares Price | Per Equity Share |
| Minimum Lot Size | Shares Worth Rs. 15000 |
| 52 Week High | ₹850 |
| 52 Week LoW | ₹714 |
| Depository | NSDL & CDSL |
| PAN Number | AAECS5331H |
| ISIN Number | INE031H01012 |
| CIN | U74210KA1973PLC002424 |
| RTA | Canbank Computer Services |
| Fundamentals | Value |
|---|---|
| Market Cap (in cr.) | 271.45 |
| P/E Ratio | 9.69 |
| P/B Ratio | 1.06 |
| Debt to Equity | 0 |
| ROE (%) | 11% |
| Book Value | 576.29 |
| EPS | 62.92 |
| Face Value | 10 |
| Total Shares | 4450000 |
Financials
| P&L Statement | 2024 | 2023 | 2022 |
|---|---|---|---|
| Revenue | 226 | 200 | 137 |
| Cost of Material Consumed | 114 | 102 | 73 |
| Gross Margins | 49.56 | 49 | 46.72 |
| Change in Inventory | -4 | 1 | -9 |
| Employee Benefit Expenses | 39 | 34 | 31 |
| Other Expenses | 37 | 33 | 25 |
| EBITDA | 40 | 30 | 17 |
| OPM | 17.7 | 15 | 12.41 |
| Other Income | 5 | 2.5 | 1.6 |
| Finance Cost | 1 | 1 | 1 |
| D&A | 6 | 6 | 6 |
| EBIT | 34 | 24 | 11 |
| EBIT Margins | 15.04 | 12 | 8.03 |
| PBT | 37 | 26 | 12 |
| PBT Margins | 16.37 | 13 | 8.76 |
| Tax | 9 | 7 | 4 |
| PAT | 28 | 19 | 8 |
| NPM | 12.39 | 9.5 | 5.84 |
| EPS | 62.92 | 42.7 | 17.98 |
| Financial Ratios | FY24 | FY23 | FY22 |
|---|---|---|---|
| Operating Margin | 17% | 13% | 9% |
| Net Profit Margin | 12% | 9% | 6% |
| Return on Equity | 11% | 9% | 4% |
| Debt-Equity | 0.01 | 0.01 | 0.01 |
| Current Ratio | 2.94 | 3.09 | 3.26 |
| Dividend Payout | 16% | 9% | 17% |
| Company | SAN ENGINEERING & LOCOMOTIVE CO. LTD | TITAGARH RAIL SYSTEMS LTD | TEXMACO RAIL AND ENGINEERING LTD |
|---|---|---|---|
| Market Cap (₹ Crores) | 223 | 15843 | 8720 |
| Profitability Margin (%) | 12.21% | 7.42% | 3.22% |
| ROCE (%) | 15.38% | 25.00% | 10.60% |
| ROE (%) | 11.37% | 18.10% | 5.71% |
| D/E Ratio | 0.01 | 0.21 | 0.35 |
| P/E Ratio | 8 | 52 | 42 |
| P/B Ratio | 0.9 | 6.72 | 3.32 |
| Book Value per Share (₹) | 553 | 175 | 67 |
Promoters or Management
Annual Reports
Frequently Asked Questions
1. What is the revenue split of San Engineering?
Locomotives contribute 22.77% of the revenue, power packs contribute 14.7% of the revenue, Special purpose vehicles contribute 29.23%, Spare parts contribute 18.59%, Engineering products contribute 18.59% of the revenue.
2. Does San Engineering have any subsidiaries?
Yes, there are two subsidiaries- SAN motors ltd and SAN rolling stock services ltd.
3. Where are San Engineering’s manufacturing facilities located?
SAN’s production is split between two state-of-the-art plants in Bangalore and Mysore, each outfitted with high-precision CNC horizontal and vertical machining centres. These facilities feature gear grinders capable of achieving exceptional quality and are bolstered by an R&D division guiding the SAN development program, a SOLID EDGE design unit, an integrated machine shop, and a fully equipped metrology laboratory.
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