RATING

RECOMMENDATION

Neutral

  • ROFR Required
  • Available in Depository:

  • NSDL

  • CDSL

  • Available for Investment:

  • Primary

  • Secondary

RATING

RECOMMENDATION

Neutral

Business Type

Fairly Valued

RATING

RECOMMENDATION

Neutral

Business Type

Fairly Valued

Discover and get a complete analysis on Eaton Fluid Pre IPO - Eaton Fluid Management Business Model, Financials, Growth, Valuations, Funding Rounds, News and get latest updates on Eaton Fluid Financial Statements.

ISIN

INE762B01015

Face Value

₹10.00

Total Share

69,00,000

Total Income

₹369.65 Cr

Profit After Tax

₹14.58 Cr

EPS

₹20.90

P/E

19.38

P/B

6.82

Market Capitalisation

₹279.45 Cr

Enterprise Value

₹369.64 Cr

Book Value

₹59.35

Intrinsic Value

₹510.00

Earnings Yield

5.16 %

Sector

Utilities

Sub-sector

Power Transmission & Distribution

Category

Delisted

Cashflow - Operations

₹6.12 Cr

Cashflow - Financing

-₹9.67 Cr

Eaton Fluid Growth

Compounded Sales Growth

  • -2.88%

    1 Year

  • -10.43%

    2 Year

  • 1.31%

    3 Year

Pro Only

Compounded Profit Growth

  • NA

    1 Year

  • 11.52%

    2 Year

  • -6.97%

    3 Year

Pro Only

Return On Equity

  • 35.29%

    2021

  • -26.02%

    2020

  • 29.54%

    2019

Pro Only

About Eaton Fluid

  • Eaton Fluid Power Ltd is engaged in manufacturing and trading of Fluid Power Hydraulic Equipment such as Pumps, Gear Pumps, Valves, Cylinders, Packaged systems and related components
  • Eaton has first acquired an engineering center at the Pune campus designed to do high-end engineering work for all of Eaton’s business segments.
  • Since then, Eaton has focused on enhancing its presence in India as a power management company in all business segments and on tapping into the diverse opportunities that India ores, including critical manufacturing and engineering capabilities, product development, service centers, and globally competitive sourcing. 
  • Presently ETN Holding 2 Limited Mauritius and Eaton Technologies Private Limited, India holds 52.61 percent and 45.00 percent of share capital respectively but after the stock and asset purchase agreement to sell the hydraulic business the combined stake of 97.61% have been transferred to Danfoss Fluid Power Private Limited, with the remaining shares being held by the public. 
  • Eaton Fluid Power Limited ("Eaton) is a public company domiciled in India and headquartered in Mumbai and is incorporated on 18/11/1965 under the provisions of the Companies Act, 1956. 

  • Eaton Fluid IPO Details

The company is not planning for IPO as of now.

  • Eaton Fluid Merger & Acquisition

Acquisition

  • On January 21, 2020, Eaton Corporation Plc. (Ultimate Holding Company) executed a Stock and Asset Purchase Agreement to sell the Hydraulic business to Danfoss A/S, a Danish industrial company. As a part of this global agreement, shares of Eaton Fluid Power Limited (the Hydraulic business entity of Eaton Corporation in India) has been sold by ETN Holding 2 Limited (52.61%) and Eaton Technologies Private Limited (45%) to Danfoss Fluid Power Private Limited (step-down subsidiary of Danfoss International A/S, Denmark) on 2nd August 2021. Consequently, 97.61% of the shares of the Company is now held by Danfoss Fluid Power Private Limited.
  • Eaton Fluid Subsidiaries

  • The company doesn't have any subsidiaries or associate companies

Eaton Fluid Business Model

The company is engaged in the business of providing energy efficient solutions in electrical, hydraulic and mechanical power segment. They are focusing on enhancing its presence in India as a power management company in all business segments and on tapping into the diverse opportunities that India offers, including critical manufacturing and engineering capabilities, product development, service centers and globally competitive sourcing.

  • Eaton Fluid Revenue Segmentation

  • Sale of services
  • Sale of product
  • Others
  • Eaton Fluid Product & Services

  • Electrical Segment- Eaton’s Electrical business in India is geared up to provide power distribution, power quality, and back-up, control and automation, power monitoring and management solutions and services to commercial, residential, utility, alternative energy, IT and data centers, public sector institutions and OEMs. 
  • Vehicle Segment- They manufacture and supply medium- and heavy-duty truck transmission and components for the exports.
  • AerospaceEaton designs develop, manufactures and integrates offerings in the areas of cockpit interface, electrical power management, engine solutions, fuel and inerting, hydraulic systems, and motion control. 
  • Filtration
  • Hydraulics
  • Eaton Fluid Assets

Assets of the company as on 31st, March 2021.

ParticularsAmount in Rs. Cr
Freehold Land0.066
Leasehold Improvements0.121
Building6.761
Roads0.224
Plant and Equipments33.146
Computer Hardware0.471
Furniture and Fixtures0.172
Office Equipments0.265
Electrical installation and Equipments0.053


  • Eaton Fluid Industry Overview

Industry Statistics

  • Hydraulic equipment canvasses various products, like pumps, motors, valves, cylinders, among others, that are used for delivering higher power with much smaller equipment than electric, pneumatic, and other drive systems. The market is typified with the focus on the higher power density of the equipment, which can be attributed to the demand for higher -pressure hydraulic equipment.
  • The global hydraulic equipment market was valued at USD 39,170.2 mn in 2020, and is expected to reach a value of USD 52,958.3 mn by 2026, registering a CAGR of 5.2% between 2021 and 2026. The Indian hydraulic equipment market is estimated to be USD 54.9 mn in 2022 and is expected to change by 0.2% from 2022 to 2023.The major market drivers for the industry are increasing demand for material handling equipment, rising construction activities across geographies and emergence of automation industry.
  • Hydraulic Industry in India is dependent on the growth of Mobile Hydraulic equipment, comprising mainly of off highway equipment such as Backhoe Loaders, Excavators, Mobile cranes, compaction equipment, wheel loaders, Forklifts, and Agricultural equipment.  Although post-2011, the demand for mobile equipment has been falling consistently, a trend reversal of sought began from 2015-16, this owing to strong domestic demand led by increased Government focus on investments in infrastructure projects, thereby leading to higher demand of capital equipment. The industry has witnessed severe demand pressure owing to the shrinkage in demand for mobile equipment used in infrastructure, farm equipment, and industrial equipment.
  • The Key Players in industry are: Praj Industries, Thermax, GMM Pfaudler, and Bharat Dynamics

   

Future Prospects

  • The infrastructure in India is also developing at an unprecedented rate; hence, the studied market vendors are also trying to utilize these opportunities. The Indian government plans to invest close to USD 1.4 trillion to build modern ports, highways, railways, airports, hospitals, and educational institutions to give a significant boost to the Indian economy. Big companies like Volvo are collaborating with government organizations. Domestic players, Bonfiglioli Transmissions, are also expanding their manufacturing facility to double the production in India .
  • Since, the demand for hydraulic cylinders is primarily driven by the growing demand for hydraulic cylinder based equipment which is used in industries such as manufacturing, construction, mining, agriculture, aerospace, and defense. One can anticipate that the recovery in economic activity will bring cheer to the sector and many of the OEMs will have to expand its current manufacturing facility to cater to the growing demand.

Government Initiatives

  • Government focus on farm sector will catapult demand for tractors and this will have a positive influence on the demand for the hydraulic product on the farm equipment segment. High adoption of material handling equipment offers growth opportunity for the market.

Eaton Fluid Awards & Achievements

On 11/06/2012, Eaton received Prestigious R&D 100 Award Recognizing It As One Of The Top New Technologies Of 2012

On 29/05/2012, Eaton Wins 2012 Manufacturing Leadership Award for its Innovative PowerSource™ iPad Application

On 27/02/2012, Eaton Receives 2011 Supplier Excellence Award from Motion Industries for Reducing Cost of Doing Business and Improving Supply Chain Efficiency

On 29/03/2011, Eaton’s Eatonite Laser Coating For Piston Rods Wins Design News’ Golden Mousetrap Award As One Of The Best New Products Of 2011

On 06/04/2009, Eaton Manufacturing Plant Awarded “Efficiency Partner 2009” Recognition by Xcel Energy Corporation

On 10/06/2008, Eaton Wins CALSTART 2008 Blue Sky ™ Award For Environmental Innovation And Technology

On 02/10/2007, Eaton’s STC® EZ-Torque Connector Wins Design News’ Prestigious Golden Mousetrap Award

On 24/04/2007, NAPA Honors Eaton As 2006 Heavy Duty Supplier Of The Year

Eaton Fluid Strengths

  • The company has installed Active Harmonic Filters on both feeders to improve the power quality and reduce the power losses due to harmonics present in the system, they have also installed VFD for paint booth blowers and DG valve Hydraulic test stand which will help them to differentiate their products from their competitors and provide a better value for their customers
  • The company has deployed “Pick Beam Sensor” Technology for Piston pump subassembly stations to ensure error free assembly of parts and they have also started using a renowned customer data platform software for managing the new product launches which can help them in better management of operations and a better customer service.

Eaton Fluid Shortcomings

  • The Debt to Equity ratio of the company in FY21 is very high at the levels of 2.4x which signifies a high level risk of solvency for the company.
  • The company is not able to grow in terms of revenue, operating profit and net profit since FY18. The Net Profit Margin of the company is in FY21 stood at 4%.

Eaton Fluid Opportunities

  • Global Research & Data Services from UNIDO and IMF has recently added a new report on the hydraulic motors market which estimates the Indian output of Fluid power equipment in India will cross USD 1.92 billion by 2022. The development in nationwide construction activities is expected to surge the consumption of hydraulic-based building equipment, such as hydraulic cranes, loaders, and excavators, enhancing the hydraulic motors demand.
  • As firms strive toward a more intelligent environment, the industry is seeing substantial advancement in the areas of automation. Several significant market players are betting on a synergy between hydraulic items and the electrical division. Liquid power transfer, transportable diagnostic instruments, simpler hose selection, thermoplastic components, and electrohydraulic control are all examples of current hydraulic technology advancements.

Eaton Fluid Threats

  • The COVID-19 pandemic has shaken manufacturing industries profoundly. As has been the case after other major upheavals, such as the 2008-2009 financial crisis, a return to pre-crisis levels will likely take several years, if not more. Back in 2008, it took manufacturing industries three years to return to the pre crisis level. This time the course of the crisis will be at least as severe as it was during the financial crisis, if not even worse.

Eaton Fluid Rating

  • RECOMMENDATION

    Neutral

  • Eaton Fluid Detail Info

Industry Statistics

PUBLIC LIMITED

Registered In

India

last Updated

22/03/2022

Registered Date

18/11/1965

Planify Ticker

EFP

Reg Office: 145, MUMBAI PUNE ROAD,PIMPRI, PUNE, MAHARASHTRA, INDIA PIN-411018.

Visit Website

Frequently Ask Questions

The company is not planning for IPO as of now

The face value of the company is 10

Yes we can expect good profit from the company in future

Danfoss Fluid power limited is the major shareholder of the company

Ravichandran Puroshatam is the owner of the company

The company has installed Active Harmonic Filters on both feeders to improve the power quality and reduce the power losses due to harmonics present in the system, they have also installed VFD for paint booth blowers and DG valve Hydraulic test stand which will help them to differentiate their products from their competitors and provide a better value for their customers

We recommend neutral rating on this stock

the total profit for the company is 14.58Cr

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