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JK Files & Engineering Limited

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JK Files & Engineering ltd Company Background

JK Files & Engineering Limited is engaged in the business of manufacturing, sale and distribution of precision engineered components for tools and hardware such as steel files and drills, and marketing, sale and distribution of hand tools, power tool accessories and power tool machines, and through its subsidiary, Ring Plus Aqua (RPAL manufacturing, sale and distribution of auto components and engineering products such as ring gears, flexplates and water pump bearings.

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The company has the largest installed manufacturing capacity of steel files with a share of 25%-27% of the global capacity as of 2020 and was the second largest supplier globally of steel files with a market share of 10%-12% of the sales volume in 2020. The company is also the market leader in the files segment in India with a market share of 64%-66% in India by sales volume in Fiscal 2021. It also has a strong presence in the Asian, African and Latin American regions and is the largest brand in the African market with a market share of 50%-55% by volume in steel files in 2020. In addition, the company is also one of the leading players in the drills segment in India with the market share of 8%-10% in value terms in Fiscal 2021.

RPAL is estimated to occupy the highest volume share of 52%-56% in the domestic passenger vehicle (PV) industry and 46%-50% in the domestic commercial vehicle (CV) industry in terms of supply to original equipment manufacturers (OEMs) for domestic production in Fiscal 2021 and is amongst the key players in the ring gears industry globally. RPAL is the sole domestic manufacturer of flexplates in India and is estimated to cater to 25%-27% of the flexplate volume demand for PV domestic production in Fiscal 2021.

The company has a strong customer focus and its customer base comprises business-to-business (B2B) customers as well as business-to-consumer (B2C) customers spread in more than 60 countries, as of June 30, 2021, located across Asia-Pacific, Africa, Latin America, Europe and North America.

The company generates a significant amount of revenues from various markets, including India, Europe, Latin America, Africa, North America and Asia-Pacific. Its revenues from sale of products from exports contributing 52.99% and 65.58% of proforma total sale of products in Fiscal 2021 and the three months ended June 30, 2021, respectively.

Let us now look at a few competitive strengths and strategies of JK Files & Engineering Limited...

Competitive Strengths

+ Leadership Position in Complex and High-Quality Precision Engineered and Automotive Components The precision engineered and automotive components are manufactured using complex engineering processes, and given their importance in performing various applications, they require a high level of precision, adherence to high standard of quality and low margin of error. Industrial customers tend to focus on product quality and brand for purchase decisions. With a track record of manufacturing files for over seven decades, and drills and automotive components for over three decades, the company is able to gather significant industry expertise, develop a wide sales and distribution network and strategic customer relationships, manufacture products across automotive and non-automotive sectors, and achieve brand recognition and market leadership positions.

    Tools and Hardware Business: The company has the largest installed manufacturing capacity of steel files with a share of 25%-27% of the global capacity as of 2020 and the single-largest player of steel files in the domestic market in Fiscal 2021. The company was also the second largest supplier globally with a market share of 10%-12% of the sales volume of steel files in 2020 and had a market share of 64%-66% in India by sales volume of steel files in Fiscal 2021. It also has a strong presence in the Asian, African and Latin American regions and is the largest brand in the African market with a market share of 50%-55% by volume of steel files in 2020. Further, the company is also one of the leading players in the drills segment in India with the market share of 8%-10% in value terms in Fiscal 2021. Auto Components and Engineering Products Business: RPAL is estimated to occupy the highest volume share for ring gears of 52%-56% in the domestic PV industry and 46%-50% in the domestic CV industry in terms of supply to OEMs for domestic production in Fiscal 2021 and is amongst the key players in the ring gears industry globally. The company’s long-standing relationships with OEMs and Tier-1 suppliers as well as established presence in ring gears has allowed the company to further diversify its product portfolio to include flexplates and water pump bearings. RPAL is the sole domestic manufacturer of flexplates in India and is estimated to cater to 25%-27% of the flexplate volume demand for PV domestic production in Fiscal 2021. In addition, RPAL is one of the key players of water pump bearing with an estimated market share (volume terms) of 14%-18% for domestic PV and CV industry in Fiscal 2021

+ Comprehensive Product Portfolio with Wide Ranging Applications Across End-Segments And Industries : The company’s diverse portfolio of products in each of its businesses are suited for various applications, ensuring that its products remain relevant across a wide range of industries, attract new customers, improve its share of business amongst existing customers and reduce its reliance on end-users from any particular industry.

    Tools and Hardware Business: The company offers customers a wide range of tooling solution through its comprehensive product portfolio. The product category includes files, drills, Hand Tools and Power Tool Accessories, and Power Tool Machines. Auto Components and Engineering Products Business: As of June 30, 2021, the company manufactured over 750 active SKUs of ring gears, flexplates and water pump bearings, with varied applications in the automotive industry such as PV and CV as well as non-automotive industry such as construction and mining equipment, tractors, industrial power generators, marine engine and lawn mowers. RPAL provides a wide range of ring gears (from 150 mm to 1,500 mm) across the automotive and non-automotive industries.

+ De-Risked Business Model with Diversification Across Geographies, Customers and End-Segments : The company’s business model is well diversified by geographical spread, customers and end-segment. It continuously leverages core competencies to diversify into new markets and products and acquire new customers.

Geographical spread: The company has focused on increasing its export revenues with a view to reduce dependence on the Indian market for each of its businesses.

  • Tools and Hardware Business: The company exported files and drills to over 55 countries located across regions in Latin America, Africa, Asia-Pacific, Europe and North America, as of June 30, 2021.
  • Auto Components and Engineering Products Business: Globally, the realization of ring gears is higher as compared to the domestic market. The company is an export-oriented business and its revenues from sale of products are geographically diversified primarily from Asia, Europe, North America, South America and Australia.
Customer base: The company has a diversified and increasing customer base in each of its businesses.
  • Tools and Hardware Business: The company has developed a diverse presence in the B2C business through its own brand and wide distribution network and in the B2B business through white label and end to end manufacturing solution. The company has a network of active distributors of over 730 in India and over 135 across international markets as of June 30, 2021.
  • Auto Components and Engineering Products Business: The company generates revenues from selling products directly to a number of OEMs and Tier-1 suppliers (who are primarily directed by OEMs). It supplied products to 20 OEMs and 108 Tier-1 suppliers in Fiscal 2021 and is continuously pursuing new OEMs and Tier-1 customer relationships.

End-segment: The company derives its revenue from multiple end-segments from each of its businesses. In the tools and hardware business, it primarily derives revenue from the engineering, agriculture, construction, industrial, automotive, carpentry, saw and plumbing end-segments. While in the auto components and engineering products business, it derives revenue from multiple segments within the automotive sector, including the PV, CV, and agriculture vehicle, non-automotive segments and aftermarket verticals. In particular, within the export markets, it caters primarily to the non-automotive segments such as industrial and power generators, construction and mining equipment, agricultural, lawn mowers and marine applications.

+ Consistent Financial Performance : In Fiscal 2021 and the three months ended June 30, 2021, the company’s proforma total income was Rs 5,532.97 million and Rs 1,842.64 million, respectively, while the proforma EBITDA was Rs 880.58 million and Rs 293.43 million, respectively, in the same periods. The proforma EBITDA Margin was 15.92% and 15.92% in Fiscal 2021 and the three months ended June 30, 2021, respectively, while its proforma PAT Margin was 8.69% and 9.45%, respectively, in the same periods. The proforma return on capital employed RoCE for Fiscal 2021 and the three months ended June 30, 2021 was 23.59% and 32.32%, respectively, while proforma operating RoCE was 36.85% and 46.62%, respectively, in the same periods. The company is also net debt free on a proforma level, as of June 30, 2021.

+ Strong Parentage of the Raymond Group and Experienced Senior Management Team : The company is a subsidiary of Raymond Limited, the flagship company of ‘The Raymond group’. The Raymond group has a rich history of over 95 years and its long and successful track-record. Raymond Limited is a diversified and market-leading conglomerate with interests in textile and apparel sectors as well as has presence across diverse segments such as real estate, fast-moving consumer goods and engineering in domestic and international markets. The company is led by an experienced management team that has the expertise and vision to manage and grow both of its businesses. Balasubramanian Vishwanathan, Managing Director of the Company, has 35 years of experience and was working as a Whole-Time Director in RPAL and Hukumchand Lakhotiya, Chief Executive Officer of the tools and hardware business of the Company, has 25 years of experience. In addition, other members of the senior management team comprise experienced and qualified professionals with industry knowledge and experience.

Key Strategies

Here are a few strategies JK Files & Engineering Limited has for its business:

Increase its wallet share of business with existing distributors and customers and acquire new business
Focus on development and introduction of new products
Increasing manufacturing capacity to capitalize on favorable macro-economic trends
Focus on operational efficiencies to improve returns and achieve synergies
Expand its business through strategic alliances or inorganic opportunities

JK Files & Engineering Limited Consolidated Financials

And finally here’s a look at key financials of JK Files & Engineering Limited...

Revenue from operations

Particulars (in Rs. million)

Particulars (in Rs. million)

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