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SAL Automotive
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Swaraj Automotives Limited (SAL) (formerly known Swaraj Automotives Limited) was incorporated as Public Limited Company on 20th November 1974. The Company is an emerging global manufacturer of automotive components, seats and agricultural implements and also a leading and preferred supplier to the Indian automotive industry. The Company was inaugurated by the Hon'ble President of India as 'Punjab Scooters Limited' and started manufacturing scooter named as 'Vijay Kesari'. The Company diversified into manufacturing of seats in 1986 and seat mechanism in 1994 in technological tie-up with Fuji Kiko of Japan.
The company is engaged in manufacturing business of Automobile Components, which includes Tractor seats, LCV (Light Commercial Vehicles) seats, seat mechanisms for passenger cars & commercial vehicles and seat frames for commercial vehicles and agriculture Implements, which include Rotavators, Tractor trailers and Planter etc. The Company has manufacturing plant at Nabha located in the State of Punjab and second plant at Dharwad located in the State of Karnataka. The product line of the Company includes seats, seat adjusters/ sliders, seat recliners, and agri implements namely Rotavators & Tractor Trolleys.
During the year 2016, Mahindra & Mahindra Ltd, one of the promoters of the Company (the Seller) entered into a Share Purchase Agreement on 16th October 2015 with b4S Solutions Private Ltd (the Acquirer) for sale of their entire equity stake of 71.19% held in the Company at Rs. 145.50 per share. The acquirer subsequently acquired the entire equity stake of 2.99% of other promoter, Punjab State Industrial Development Corporation (PSIDC), held in the Company, at the same rate. Thereafter, pursuant to SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, the acquirer had also made an open offer to the shareholders of the Company for acquiring another 25.82% equity shares of the Company. The entire process was successfully completed on 1st February 2016, taking b4S Solutions Private Limited' s equity holding in the Company to 88.28% and they became promoter of the Company.
During the year 2017, B4S Solutions Private Ltd (b4S or the promoter) acquired the entire equity stake of 71.19% held by Mahindra & Mahindra Ltd (M&M), one of the then promoters of the Company (the Seller), by entering into Share Purchase Agreement with M&M on 16th October 2015. b4S subsequently also acquired the entire equity stake of 2.99% held by the then other promoter, Punjab State Industrial Development Corporation (PSIDC). Thereafter, pursuant to SEBI (SAST) Regulations, 2011, b4S made an open offer to the shareholders of the Company. The entire process completed on 1st February 2016 and b4S's total equity holding in the Company stood at 88.28%. To comply with requirements applicable regulations to restore public shareholding in the Company to a minimum of 25%, the promoter divested 158,359 equity shares to the public via three offers for sale during the period December 2016 and January 2017, which has brought down the promoter's shareholding in the Company to 81.68% as on March 31, 2017. The promoter proposes to meet its obligation to divest the remaining 6.68% of its shareholding in near future.
During the year under review, the Company set up new seat frames using robots of manufacturing facilities at Dharwad, Karnataka to serve its customers in the West and South Region. The plant started its operations on 24th January 2018.
During the year 2018, b4S solutions Private Ltd (b4S or the promoter) acquired the entire equity stake of 71.19% held by Mahindra & Mahindra Ltd (M&M), one of the then promoters of the Company (the Seller), by entering into Share Purchase Agreement with M&M on 16th October 2015. b4S subsequently also acquired the entire equity stake of 2.99% held by the then other promoter, Punjab State Industrial Development Corporation (PSIDC). Thereafter, pursuant to SEBI (SAST) Regulations, 2011, b4S made an open offer to the shareholders of the Company. The entire process completed on 1st February 2016 and b4S's total equity holding in the Company stood at 88.28%. To comply with requirements applicable regulations to restore public shareholding in the Company to a minimum of 25%, the promoter divested 3,18,445 equity shares to the public via seven offers for sale during the period December 2016 to November 2017, which has brought down the promoter's shareholding in the Company to 75% as on March 31, 2018. Meanwhile on July 19, 2017, SEBI passed an interim order to prohibit Company, Directors, and Promoter from buying, selling, or otherwise dealing in securities of the Company, either directly or indirectly, due to non-compliant to Minimum public shareholding (MPS) requirement. After dilution of shareholding to 75% via OFS as mentioned above, the company achieved Minimum Public Shareholding as on 23rd November 2017. On February 14, 2018, SEBI passed a final order stating that there is no violation on part of Company/ Promoter considering enough to warrant any other enforcement action against the Company or its Directors. Further, SEBI found this matter to be disposed of without any further enforcement action.
During the financial year 2021, to manufacture seat and seat frame for commercial and passenger vehicle an additional facility is under commissioning at Rudrapur in the State of Uttrakhand. Out of the initial setup cost of Rs.15.37 lakhs incurred till 31 March 2021, Rs. 7 lakhs being capex has been accounted for CWIP and rest amount of Rs. 8.37 lakhs of revenue has been charged to profit & loss account.
SAL Automotive share price reflects investor sentiment toward the company and is impacted by various factors such as financial performance, market trends, and economic conditions. Share price is an indicator which shows the current value of the company's shares at which buyers or sellers can transact.
Market capitalization of SAL Automotive indicates the total value of its outstanding shares. Marketcap is calculated by multiplying share price and outstanding shares of the company. It is a helpful metric for assessing the company's size and market Valuation. It also helps investors understand how SAL Automotive is valued compared to its competitors.
SAL Automotive PE ratio helps investors understand what is the market value of each stock compared to SAL Automotive 's earnings. A PE ratio higher than the average industry PE could indicate an overvaluation of the stock, whereas a lower PE compared to the average industry PE could indicate an undervaluation.
The PEG ratio of SAL Automotive evaluates its PE ratio in relation to its growth rate. A PEG ratio of 1 indicates a fair value, a PEG ratio of less than 1 indicates undervaluation, and a PEG ratio of more than 1 indicates overvaluation.
Return on Equity (ROE) measures how effectively SAL Automotive generates profit from shareholders' equity. A higher ROE of more than 20% indicates better financial performance in terms of profitability.
Return on Capital Employed (ROCE) evaluates the profitability of SAL Automotive in relation to its capital employed. In simple terms, ROCE provides insight to investors as to how well the company is utilizing the capital deployed. A high ROCE of more than 20% shows that the business is making profitable use of its capital.
Total debt of SAL Automotive shows how much the company owes to either banks or individual creditors. In simple terms, this is the amount the company has to repay. Total debt can be a very useful metric to show the financial health of the company. Total debt more than equity is considered to be a bad sign.
The Debt-to-Equity (DE) ratio of SAL Automotive compares its total debt to shareholders' equity. A higher Debt to Equity ratio could indicate higher financial risk, while a lower ratio suggests that the company is managing its debt efficiently.
CAGR shows the consistent growth rate of SAL Automotive over a specific period, whether it is over a month, a year, or 10 years. It is a key metric to evaluate the company’s long-term growth potential. Main metrics for which CAGR is calculated are net sales, net profit, operating profit, and stock returns.
Technical analysis of SAL Automotive helps investors get an insight into when they can enter or exit the stock. Key components of SAL Automotive Technical Analysis include:
There are usually multiple support levels, but the main support levels for a stock are S1, S2, S3. Support levels indicate price points where stock might get support from buyers, helping the stock stop falling and rise.
There are usually multiple resistance levels, but the main resistance levels for a stock are R1, R2, R3. Resistance levels represent price points where SAL Automotive shares often struggle to rise above due to selling pressure.
Dividends refer to the portion of the company’s profits distributed to its shareholders. Dividends are typically paid out in cash and reflect SAL Automotive ’s financial health and profitability.
Bonus shares are usually given by companies to make the stock more affordable, increase liquidity, boost investor confidence, and more.
Stock split increases the number of its outstanding shares by dividing each existing share into multiple shares. When the company offers a stock split, the face value of the stock reduces in the same proportion as the split ratio.
The financials of SAL Automotive provide a complete view to investors about its net sales, net profit, operating profits, expenses, and overall financial health. Investors can analyze financial data to assess the company’s stability and also understand how the company has been growing financially.
The profit and loss statement of SAL Automotive highlights its net sales, net profit, total expenditure, and operating profits in the current financial year. This Profit and Loss statement is crucial for evaluating the profitability and financial stability of SAL Automotive .
The balance sheet presents a snapshot of SAL Automotive ’s assets, liabilities, and equity of shareholders, providing insights into the financials of the company.
Cashflow statements track the company's cash inflows and outflows over a period. It is an essential tool for understanding how well the company manages its liquidity and finances.
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