Banco Products rose 19% to Rs.207.90, a new 52-week high today morning, It has come off the high levels but remains firmly some 15% up in the green. Volumes are up over 2.5 times.

The company was founded in 1961, with the purpose to design and manufacture Radiators and Gaskets as an import substitute for the Indian OEM Industry, Railways and Defense Sector. It an OEM supplier and all the who’s who of the industry are its customers.

The company posted very good numbers for Q1FY17, giving all a very pleasant surprise. It posted a consolidated net profit of Rs.41 crore, up 46% (YoY) and this was on a 21% jump up in net sales at Rs.381 crore. Other income of Rs.11 crore also helped boost the bottomline.

EBITDA came in at Rs.54 crore, up 21% while margins were status quo at 14%. The company’s equity is at Rs.14.30 crore and EPS came in at Rs.5.68 (FV of Rs.2/share). Its debt is pretty negligible given the interest outgo of less than Rs.50 lakh, more than halving from Q1FY16 outgo of Rs.1 crore. Promoters stake stands stable at 67.88%.