RATING

RECOMMENDATION

Neutral

  • ROFR Required
  • Available in Depository:

  • NSDL

  • CDSL

  • Available for Investment:

  • Primary

  • Secondary

RATING

RECOMMENDATION

Neutral

Business Type

Dominant Leader

RATING

RECOMMENDATION

Neutral

Business Type

Dominant Leader

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

ISIN

INE02YY01015

Face Value

₹10.00

Total Share

25,08,370

Total Income

₹262.47 Cr

Profit After Tax

₹24.93 Cr

EPS

₹99.37

P/E

24.61

P/B

5.10

Market Capitalisation

₹613.30 Cr

Enterprise Value

₹577.83 Cr

Book Value

₹479.01

Intrinsic Value

₹3,044.10

Dividend Yield

0.08 %

Earnings Yield

4.06 %

Sector

Consumer Discretionary

Sub-sector

Auto Ancillaries

Category

Micro Cap

Cashflow - Operations

₹42.23 Cr

Cashflow - Financing

-₹11.47 Cr

Elofic Industries Growth

Compounded Sales Growth

  • 15.33%

    1 Year

  • 6.73%

    3 Year

  • 8.99%

    5 Year

Pro Only

Compounded Profit Growth

  • 43.57%

    1 Year

  • 27.67%

    3 Year

  • 37.76%

    5 Year

Pro Only

Return On Equity

  • 20.74%

    2021

  • 25.15%

    2019

  • 10.22%

    2017

Pro Only

About Elofic Industries

  • Elofic industries limited ("Elofic"), manufactures oil, air, fuel, and hydraulic filters. It offers oil filters, such as spin on, cartridges, strainers, and metal free filters; fuel filters, including plastic and metallic in line, and in tank filters; diesel fuel filters, such as coarse and fine diesel, coil type, spin-on diesel, and metal free filters; air filters, including metal end cap, PU panel type and cylindrical, and plastic injection molded filters; and hydraulic filters, such as spin on, assemblies, multi-layer pleated media cartridges. The company also provides lubricants, including petrol and diesel engine oils, CNG engine and gear oils, and greases, as well as coolants and gasket markers. It offers its products for use in passenger cars, tractors, and commercial vehicles
  • The company has increased its production from 100 units per day during the times of inception to 8 millions units per day. 
  • Elofic has full in house R&D facility for designs, testing and quality checks. Additionally, the company has different quality rooms for quality checks. Elofic is the largest exporter of filters in India. 
  • It has a distribution network of 1,400 Distributors, and 55,000 Dealers who are backed by 6 regional warehouses.
    • The company has full in house R&D facility and rise upto the standards of Department of Scientific and Industrial Research, Government of India. 
    • The company has six manufacturing units located in Faridabad, Noida, Hosur and Nalagarh with a production capacity of 110 million pcs per annum.
    • Mr. Mohan Bir Sahni is the chairman cum managing director and Mr. Kanwal Deep Sahani is the vice chairman cum joint managing director.
    • Some of the prominent clients of Elofic are TATA Motors, Volvo Eicher, Maruti Suzuki, Mahindra and Mahindra, Renault Nissan, Kawasaki Motors, Wabco, Kohler and many others.
    • The company was incorporated on 2nd June 1973. The company is engaged in manufacturing and supplying of automobile filters and lubes. Elofic Industries Limited 

    • Elofic Industries IPO Details

    Currently, the company has expressed no intentions to raise funds through IPO. 

    • Elofic Industries Subsidiaries

    • Elofic industries limited established its first overseas arm Elofic USA LLC and first offshore warehouse in Milwaukee, WI, USA in 2002.
    • Elofic USA LLC is wholly owned subsidiary of Elofic industries ltd.

    Elofic Industries Business Model

    • Elofic is one of India's largest filter manufacturing companies producing a complete range of filters and lubricants. Products of the company are widely used in various industries like petrochemical, air conditioning, agriculture, marine, commercial and passenger cars. 
    • Elofic Industries Revenue Segmentation

    • Sales of products (Filter and lubes)
    • Traded Goods (Coolants)
    • Other Operating Income
    • Other Income
    • Elofic Industries Product & Services

    • Oil Filters 
    • Fuel Filters 
    • Air Filters
    • Hydraulic filters
    • Cabin Air (HEPA)
    • Air Purifiers
    • Elofic Industries Assets

    The company's assets as on 31st, March 2021

    ParticularsAmount in Rs. Cr
    Land - Freehold 2
    Building - Factory3.8
    Plant and Equipment38.28
    Furniture and fixtures0.46
    Vehicles0.89
    Office Equipment0.17
    Electrical Installation0.30
    Computers0.20
    Computer Softwares0.25


    • Elofic Industries Industry Overview

    Industry Statistics

    • Filters prevent any insects, dust, particles, sand or debris reaching the engine and ensures a good mixture of air and fuel to support performance. On the basis of type, the market has been classified into air filters, oil filters, and fuel filters. Based on vehicle type, the market has been clubbed into passenger cars and commercial vehicles. Filters are made from a wide range of raw materials, mostly depending on their application scope. Iron and steel are major raw materials used for developing filters. 
    • As per Grandview Research, the overall Indian filter market value has reached to USD 3,757.7 mn as compared to USD 3,502.3 mn in 2020, represents a growth of 7.3%. The automobile industry is one of the major end-use market for filters along with construction, metal & mining etc. The demand for automobiles has witnessed brisk growth in the historic period from 2010 to 2019 and this trend is expected to be moderate over the estimated timeframe owing to a rise in the demand for passenger vehicles. Filters are used for applications such as oil intake, cabin air filtration, and emission filtration in the automotive industry. 
    • Oil filters segment dominated the mobile & engine filters market in 2020, with a share of 30.74%. This is attributed to their widespread usage in several application industries including heavy duty commercial vehicles, agriculture, manufacturing, mining, marine, and power generation, for the removal of contaminants from the oil used in engines, generators, and pumps.
    • The growing emphasis on cooling system maintenance from several end-use industries including power generation and locomotive, is expected to drive the demand for coolant filters. As per the reports by International Energy Agency (IEA), investments toward increasing power generation capacity by governments across several countries over the coming years are expected to lead to the setup of several new renewable resources- based power plants, thus benefitting the growth of coolant filters.
    • The sudden rise in spending on air purifiers (recorded in 2020) to tackle the air transmission of COVID-19 has positively impacted the demand for air filters used in household and industrial air purifiers, which majorly included pleated filters, HEPA filters, and activated carbon filters.
    • With the growing demand for vehicles and government incentives to OEMs to promote the Make in India initiative, several OEMs from across the world are investing heavily in the country to set up their production units to meet the local and global demand. The other factor acting as a market driver is the increasing average age of vehicles on road. The rising demand for electric vehicles is further expected to reduce the utilization of filters in vehicles as they need limited number of filters in comparison to internal combustion engine (ICE) vehicles.
    • Competitive landscape:  Newtech Filters India Private Limited, Fleetguard Filters Pvt. Ltd., MAHLE Filter Systems (India) Pvt. Ltd., Donaldson India Filter Systems Pvt. Ltd., Mann & Hummel Filter Pvt. Ltd., and Durga Filters Pvt. Ltd. are unlisted firm that are its peer companies.

    Future Prospects

    • The auto ancillary market was valued at INR 3,61,578 Cr in FY2020 and is expected to reach INR 6,72,657 Cr by FY 2025, expanding at a CAGR of 15.35% during the FY 2021–FY 2025 period.
    • Reduction in excise duties in the motor vehicles sector is expected to propel the demand for auto ancillary products.
    • India automotive filter market is projected to grow at a CAGR of more than 10% during 2017 to 2023
    • Growth in the market is expected to be fueled by growing automobile sales, expanding vehicle fleet size and increasing purchasing power of consumers in the country.
    • Both domestic and export markets are almost similar in terms of market share breakup. Engine and exhaust components along with body and structural parts make up nearly 50% of the potential domestic sales as well as exports. Transmission and steering parts, and electronics and electrical equipment are the other key products
    • India is emerging as global hub for auto component sourcing. A cost-effective manufacturing base keeps costs lower by 10-25% relative to operations in Europe and Latin America. Relative to Chinese suppliers, India is also geographically closer to key automotive markets like the Middle East and Europe

    Government Initiatives

    • To develop India into a manufacturing hub of auto mobiles and auto components, the Government of India has allocated INR 570 Bn under the production-linked incentive (PLI) scheme
    • Government support in the form of numerous initiatives such as National Automotive Testing and R&D Infrastructure Project (NATRiP), Focus Market Scheme (FMS), Automotive Mission Plan 2016-2026, National Electric Mobility Mission Plan (NEMMP) 2020 and Make in India' program are anticipated to have a positive impact on the country's automotive filter market.
    • The PLI scheme, introduced in November 2020, is expected to attract additional investments in the auto ancillary sector from domestic and foreign investors.
    • Government has come out with Automotive Mission Plan (AMP) 2016-26 which will help the automotive industry to grow and will benefit Indian economy in the following ways: Contribution of auto industry in the country’s GDP will rise to over 12%, around 65 million incremental number of direct and indirect jobs will be created, end of life policy will be implemented for old vehicles.
    • The stringent regulatory framework, which specifies lower emissions, is anticipated to critically impact the market in the near future. The regulations have resulted in automobile manufacturers investing heavily in the installation of high-quality filters in cars for cabin air filtration, as well as emission filtration, to comply with regulations set by governments and related associations globally. 

    Elofic Industries Awards & Achievements

    • Elofic Industries Limited has been awarded "Gold" for “Excellence in New Product Design & Development" by ACMA at the 6th ACMA Technology Summit & ACMA Awards.
    • Elofic has received its First International Award from Kawasaki Engines, USA under the Environmental Category for the year 2019.
    • A National Award was bestowed upon Elofic by the erstwhile Prime Minister of India, Dr.Manmohan Singh for its contribution in developing quality products, initiating development of the domestic economy.
    • The ACMA Certificate of Merit was bestowed upon the company in 1998 for its distinguished achievements in contributing to the Indian Auto Component Industry. The prestigious award recognizes the exceptional entrepreneurship efforts of Elofic.
    • The Rajiv Gandhi National Quality Award was bestowed upon Elofic in 1997 for its precision engineered filtration solutions. The award given by the Bureau of Indian Standards to Indian organizations recognizes the consistent endeavours of Elofic to practice the TQM philosophy.

    Elofic Industries Strengths

    • Elofic has a huge and diverse customer base, both in India and overseas. This safeguards the company from any macroeconomic disruptions that could disrupt its sales, leading to consistent and steady sales around the world. 
    • The company covers filter not only for automobiles but covers wide array of industries upon which its products are sold. 
    • It has a strong distribution network of 1,400 Distributors, and 55,000 Dealers who are backed by 6 regional warehouses.
    • Elofic has a huge customer base such as TATA Motors, Volvo Eicher, Maruti Suzuki, Mahindra and Mahindra, Renault Nissan, Kawasaki Motors, Wabco, Kohler and many others, which allows to avoid any dependency on one.

    Elofic Industries Shortcomings

    • The company is unable to covert its inventory into sales effectively when compared to its peers.
    • Expenses per unit of total revenue outside India is significantly higher from than of expense per unit of total revenue in India. The company can mobilise its resources on leveraging its foreign transactions. 

    Elofic Industries Opportunities

    • In the post pandemic scenario, Original equipment manufacturers (OEMs) are expected to drive consolidation in the auto ancillary market of tier I cities, as well as propel important global suppliers to strengthen local presence.
    • The distributors of auto ancillary products are expected to de-risk their sourcing base. Indian auto ancillary players are expected to leverage technology tie-ups to compete in the international market
    • The aftermarket is likely to remain relatively insulated, resulting in increased focus toward the auto ancillary after market by auto components suppliers until the OEM market recovers.
    • Favorable Government schemes are likely to increase the demand of auto industry.

    Elofic Industries Threats

    • A high competition from both international and domestic competitors such as MAHLE, Minda industries, Rico Industries, JBM, WABCO, Motherson Sumi poses a threat to business.
    • Further expansion of electrical vehicles in India could pose a serious threat to Elofic as the company manufactures oil filters that will not be used in these kinds of vehicles. 
    Elofic Industries Rating

    • RECOMMENDATION

      Neutral

    • Elofic Industries Detail Info

    Industry Statistics

    PUBLIC LIMITED

    Registered In

    India

    last Updated

    22/03/2022

    Registered Date

    02/06/1973

    Planify Ticker

    EIL

    Reg Office: 14/4, Mathura Road, Faridabad, Haryana, India – 121003

    Visit Website

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