Wendt (India) Limited has informed the Exchange about Investor Presentation
WENDT (INDIA) LIMITED No. 69/70, Sipcot, Hosur 635 126, Tamilnadu, INDIA CIN : L85110KA1980PLC003913 Telephone: + 91 4344.405500 Telefax E-mail : wil@wendtindia.com Web : www.wendtindia.com
: + 91 4344 405620 / 405630
24th February 2025
BSE Limited 25th Floor, Phiroze Jeejeebhoy Towers Dalal Street, Fort, Mumbai- 400001
National Stock Exchange of India Ltd. Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E) Mumbai – 400 051
Dear Sir/Madam,
Stock Code: 505412
Stock Code: WENDT
Sub: SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015- Presentation(s) made to the Analyst/Investor call
This is further to our letter dated 22nd February 2025 wherein presentation for the Investor Roadshow was disclosed in terms of Regulation 30(6) read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
In this regard, please find enclosed the updated presentation to be made at such Roadshow and the same can be accessed through the following link:
Link: Presentation_23th-Feb_vF.pdf
https://wendtindia.com/wp-content/uploads/2025/02/Wendt-India_-Investor-
Request you to kindly take the above on record.
Thanking you
Yours faithfully For Wendt (India) Limited
Arjun Raj P Company Secretary
Regd. Office: Flat. No. A2-105, 1st Floor, Cauvery Block, National Games Housing Complex, Koramangala, Bangalore-47. Phone + 91 80 2570 1423/ 24, Fax + 91 80 2570 1425.
Wendt (India) Limited Investor Presentation
February 2025
Disclaimer
This presentation contains statements relating to future business developments and economic performance that could constitute 'forward looking statement'. While these forward-looking statements represent the Company's judgments and future expectations, several factors could cause actual developments and results to differ materially from expectations. The Company undertakes no obligation to publicly revise any forward-looking statements to reflect future events or circumstances. Further investors are requested to exercise their own judgment in assessing various risks associated with the Company and the effectiveness of the measures being taken by the Company in tackling them as those enumerated in this presentation are only as perceived by the management.
In Compliance with the Regulation 30 of the Listing Regulations, this presentation will be uploaded at the Company's website
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Table of Contents
Company Overview
Business Segments
01
02
Financial Performance
03
Transaction Update & Others
04
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1. Company Overview
Wendt (India) Limited (WIL) is a market leader in super abrasives and a reliable grinding solution provider with a track record of over four decades
Provides grinding solutions & high-end manufacturing services to various high-tech industries
Comprehensive product offering of tools, machines and precision parts
1st
One of the market leaders in super abrasives sector in India
1980
Year of Establishment
18.2%
FY24 PAT margin
₹ 22,482 lakhs
24.7%
FY24 Net Revenue
FY24 EBITDA margin
1 Mfg. facility in Hosur 1 Re-profiling Unit in Thailand 1 Insert Grinding unit in Pune
118 customers (64% of sales)
78 dealers (16% of sales)
Direct sales channel with professional service provided by highly trained application-oriented sales engineers
30.2%
20.4%
25.4%
FY24 Export share
FY24 ROE1
FY24 ROCE1
Significant export sales to US, UK, Germany, South Korea, Taiwan, and Australia
₹ 204.8 / 50.0
FY24 EPS / DPS
₹ 54.6 lakhs
FY24 Sales per employee
₹ 2,512 crs.
Market Capitalization2
Zero-debt company with strong balance sheet and unbroken dividend track record
External credit rating of AA(-) stable (Long term rating) and A1(+) low credit risk & stable (Short term) by ICRA
Shareholders: Wendt GMBH (37.5%), Carborundum Universal Ltd. (37.5%), Free float (25.0%)
Note: All the financials are on consolidated basis unless specified 1) 2)
Return on Capital Employed = Profit before Interest & Tax (Excluding exceptional items) / Capital employed = Tangible net worth + Deferred tax liab - intangible assets; Return on Equity = PAT / Average Shareholder’s Equity As of 29th January 2025, from NSE website
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WIL - Long operating track record
FY80
Incorporated as a JV between Wendt GmbH and The House of Khataus
FY83
Listed on BSE
FY91
Cumi Murugappa acquired the Khatau’s stake in the business
FY05
Set up 100% subsidiary in Thailand
FY06
Listed on NSE
FY08
EP1 facility upgradation. Vitrified CBN2 launch in market
FY10
FY16
Wendt GmbH's parent firm Winterthur Technologies was acquired by 3M
Acquired the Diamond Dresser Tool business from Star Diamond Tools
Consolidated net sales (₹ lakhs)
22,482
15,597
16,178
13,567
12,274
10,059
9,129
17
135
181
292
455
697
1,052
1,270
5,275
5,600
1,849
2,540
3,784
FY84
FY86
FY89
FY91
FY93
FY95
FY97
FY99
FY01
FY03
FY05
FY07
FY09
FY11
FY13
FY15
FY17
FY19
FY21
FY24
(16)
11
(9)
28
92
136
212
283
323
464
773
909
931
1,684
1,286
1,354
1,205
1,541
1,277
4,009
Consol. PAT (₹ lakhs)
Note: All the financials are on consolidated basis unless specified 1) 2)
Electroplast CBN: Cubic Boron Nitride
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WIL’s fundamental strengths and solutions
One of the market leaders well poised to leverage growth from industry tailwinds
Our manufacturing program
1
2
3
From tools…
…to machines…
…to components
Comprehensive product range
State-of-the-art manufacturing process
High level of customization
Sound financial position
Well nurtured talent
Product innovation continues…
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The India opportunity - Well poised for long term growth
Strong economic outlook
Strong policy outlook
Other favorable trends
5th largest economy, with a GDP of USD3.7tn
Make in India and Atmanirbhar Bharat
Growing middle class (3x2 households with >USD30k annual income by 2030)
Among the fastest growing economies
Infrastructure investments by Government of India of USD11.8bn
Supply chain diversification
USD7.5tn economy by 2030
Favorable tax rate at 17% for new manufacturing firms
Low cost and engineering capabilities
Global manufacturing hub by 2030 with exports worth USD1tn+
PLI1 of ~USD26bn for manufacturing in 14 key sectors in India
Increasing scale of investments by global manufacturing companies
Sources: Union Budget Documents, Ministry of Heavy Industries, India Brand Equity Foundation (IBEF), ICE 360 PRICE survey Notes: 1. 2.
PLI: Production Linked Incentive Scheme Over 2020-21 levels
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Global super abrasive market expected to grow at ~9% CAGR and reach USD14bn
Global super abrasives market
Indian abrasives market
Growing demand for high end technology and their benefits
Global super abrasives market outlook USDbn
Conventional abrasives are being substituted by super abrasives for difficult to grind materials
Super abrasives being preferred due to long life cycle, high scale hardness and superlative performance
Increasing super abrasive use in automotive sector to cater for hardness of materials, close tolerances, high accuracy needs and boost productivity
Growing usage of super abrasive products for various medical applications such as Surgical Instruments, Hypodermic Needles, Dental implants etc.
8.4
6.7
1.7
2024
CAGR: 9%
CAGR: 11%
1 TAM Rest
2
Indian electronics market to grow at 25-30% CAGR FY23-30E to become a USD480-625bn market driven by rising demand of consumer electronics
Indian super abrasives market outlook USDm
High reserves supports increasing exploration activities which in turn boost demand for super abrasives
Indian auto ancillary market to grow at 18-20% CAGR FY24-30E to become USD200m market driven by govt. policy initiatives, rising vehicle demand
Increasing demand for grinding & polishing application in metal fabrication, auto construction and electronic machines
Indian Aerospace and Defense market is projected to reach USD70bn by FY30, driven by burgeoning demand for advanced infrastructure, govt. thrust
363
318
45
2024
CAGR: 10%
CAGR: 17%
1
TAM
2
Rest
14.0
10.8
3.2
2030E
640
527
113
2030E
Source: Company information, NITI Aayog, AIA (All India Association of Industries), McKinsey report (Sep-2024) Note: 1. TAM includes businesses of Semiconductor and Medical by 2030. India Super Abrasives 2030E TAM includes USD15m Semiconductor Business 2. Rest includes businesses of Construction, Natural Stones, Marble, Ceramic Tiles and Others
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Well diversified product offering with market leadership in Super Abrasives segment
1
Super Abrasives (59% of total FY24 Net revenue1)
2
Machines and Accessories (21% of total FY24 Net revenue1)
3
Precision Products (12% of total FY24 Net revenue1)
Wide range of Diamond & CBN2 products for Precision Grinding of Hard materials from Steel, Ceramics, Carbide to Exotic materials
CNC3 Grinders for the grinding of Carbide and Steel parts with built in gauging & probing facility
Precision Ground parts (Steel, Carbide)
Comprehensive offering with high product quality and high level of customization
Strong product development momentum with application-based approach
Certified to produce parts for Aerospace & Auto industry
Fine Grinding Wheels, Wear Parts, Diamond Segments & Pellets, Brazed products, Rotary Diamond Dresser, etc.
Surface Grinding, Cylindrical grinding, Tool & Cutter grinding machine, Dressing Machine, 3D Printing, etc.
Ferrous components, Non-ferrous components
FY24 Revenue:
₹ 13,315 lakhs
FY24 Revenue:
₹ 4,732 lakhs
FY24 Revenue:
₹ 2,733 lakhs
FY24 EBIT:
₹ 3,114 lakhs
FY24 EBIT:
₹ 1,111 lakhs
FY24 EBIT:
₹ 399 lakhs
FY24 EBIT Margin %:
23.4%
FY24 EBIT Margin %:
23.5%
FY24 EBIT Margin %:
14.6%
FY24 Segment assets:
₹ 8,827 lakhs
FY24 Segment assets:
₹ 3,779 lakhs
FY24 Segment assets:
₹ 2,632 lakhs
Note: 1) Based on consolidated basis, others contribute 8% 2) CBN: Cubic Boron Nitride 3) CNC: Computerized Numerical Control
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From tools to machines to components…
Supporting a diversified set of end-markets including high growth sectors
End market industry
Resin Bond Metal Bond
Electro- plated
Vitrified Bond
Dressing Rolls
Hones
Segments
D&ST4
PCD5/PCBN6 Brazed Bond
Machines
Precision Products
SA1
MTD2
PP3
Automotive
Cutting tools
Engineering
Refractory
Ceramics
Glass
Steel
Defense
Power
Aerospace
Construction
Gems, Jewelry
s t e k r a m d n e d e h s i l
b a t s E
s t e k r a m d n e g n g r e m E
i
Note: 1) 2) 3) 4)
Super Abrasives 5) Polycrystalline Diamond Machines and Accessories 6) Polycrystalline Cubic Boron Nitride Precision Products Dressers & STAR
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From tools to machines to components…
State-of-the-art manufacturing facilities and global distributor network
Manufacturing facilities
Global footprint
16.38 acres of area
490+ team strength
TQM Shrine
New block for purchase
New block for stores
Capacity utilization at Hosur plant for various products
70%
77%
87%
89%
75%
Resin
Metal
Vitrification
Rotary
EP
a i d n
I
, r u s o H
d n a l i a h T
,
L T G W
30.2%
FY24 Revenue1
69.8%
Domestic
Exports
Production site
Sales offices / Distributor Network
Note: 1) Consolidated financials
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R&D competencies and latest initiatives to capture the future growth trend
Total R&D investments (₹ lakhs)
R&D projects in progress for Super Abrasives segment
% of sales
0.9%
2.2%
1.3%
421
Automotive and others
• Wheels for fettling application
• Combi rolls
• Single pass honing tool for automotive industries
144
FY22
298
• Vitrified Diamond & CBN2 wheels for Crank & Cam shaft applications
• Wheels for round tool industry grinding wheels
• Wheels for solar glass & automotive glass grinding
FY23
FY24
R&D competencies
Technology absorption for manufacture, sales and service of insert grinding machines
Strong process competence like sintering, vitrification, vacuum brazing, and electro-plasting
Testing and validation capabilities for high performance super abrasive materials
Deep application knowledge for TC1, medical, and super alloy materials
Received Department of Scientific and Industrial Research (DSIR) recognition (Govt. of India) for inhouse R&D Centre
Semiconductor and Medical
• Wheels for ingot grinding
• OD3 grinding & Reference plane grinding wheels
• Wheels for wafer grinding
• Dicing wheel (Hub type & Hub less type)
• Back grinding wheel
• Design and development of testing machines for back grinding wheel
• Development of elastic bonds for orthopedic implant grinding
Note: 1) Tungsten Carbide 2) CBN: Cubic Boron Nitride 3) Outside Diameter
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Select new product development on the back of strong R&D investments
Super Abrasives
Machines
Precision products
Fiuting & Gashing
Razor Blade Grinding Wheel
Precision Creep Feed Grinder Procta-300
TC Ring Grinding Machine- Delta 350
Middle Plate
Lower Bearing
WBM1 Wheel
Resin Bond Wheel
Profiling & Dressing Machine- Opra 400
WAC 715 / 735 Quattro
Lower Chamber
Spool
Rotary Diamond Dresser
Electroplating
Vitrified CBN Wheel
WBM1 221
Rotary Surface Grinding Machine – WRS 600H
Eccentric Shaft
Silicon Nitride Roller
Note: 1) Wafer Bevel Machine
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Strong governance is the key pillar
Board of Directors
Senior Management
Mr. Bhagya Chandra Rao Chairman
Mr. Ramkumar Lakshminarayanan Independent Director
Mr. Sridharan Rangarajan Non-Executive Non- Independent Director
Mr. Ninad Gadgil Executive Director Chief Executive Officer
Mr. Mukesh Kumar Hamirwasia Chief Financial Officer
Mr. Uday RB Sales & Marketing - Head
Ms. Hima Srinivas Independent Director
Mr. Muthiah Venkatachalam Non-Executive Non-Independent Director
Mr. Ninad Gadgil Executive Director Chief Executive Officer
Rathinam P SA Manufacturing & Product Management – Head
Mr. Satheesh C DGM – HR
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Environment, Social and Governance (ESG) principles are at the core of our business operations
Environment Initiatives
Social Initiatives
Governance Initiatives
Effluent Treatment Plant Zero Discharge
CSR donation to government school at Zuzuvadi for classroom construction
Skill development program set up in 2012 with Carborundum Universal
ICAI Awards for Excellence in Financial Reporting
Zero Liquid Discharge achieved through installation of Effluent Treatment Plant (ETPs) and Sewage Treatment Plants (STPs)
Energy intensity per rupee of turnover declined from 0.0083 to 0.0075 Mega Joule /Rupee
Environment and tree plantation in the nearby communities by distributing and planting free saplings every year
Circularity- Reduce, Reuse & Recycle waste conversion of aluminium scrap to Ingots
Blood donation camps and Awareness on road safety
5S campaigns towards cleaner environment, imparting special education to the school children
The Board comprises of six Directors out of which three are Independent Directors including a Woman Director
Awareness training to value chain partners- POSH, Safety, Gemba training of safety for contractors & canteen service vendors
CSR Project
CUMI Centre for Skill Development
Classroom for Government school, Zuzuvadi
# of persons benefitted from CSR Projects
% of beneficiaries from vulnerable and marginalized groups
89
100%
Students
Under construction
Board Directors have collective experience in diverse fields of technology, engineering, finance, management and compliance
The Company's Annual Report for the FY21-22 had won the prestigious ICAI award for excellence in financial reporting
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Awards and Certifications validating WIL’s industry leading competency
Management standard systems
Awards
ISO 9001 : 2015
ISO 14001 : 2015
ISO 45001 : 2018
EN13236 : 2019
EN9100 : 2018
IATF 16949 : 2016
ICMAI Award for Excellence in Cost management for FY21-22
ICAI Silver Award for Excellence in BRSR (ESG) for FY22-23
CFO 100 Roll of Honor 2024 from CFO Collective (IMA India)
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2. Business Segments
Super Abrasive (1/2)
Overview
Geographic split %
Revenue (₹ in lakhs)
▪ Offers customized diamond / CBN1 grinding wheels in various bonding systems, rotary dressers, stationary dressers, hones and segmented products
▪ Recorded sales of ₹ 13,315 lakhs in FY24 ▪ Industries like auto, auto ancillaries, steel, bearings, engineering, cutting tools etc. contributed to the growth / domestic sales ▪ Exploring new opportunities in medical, consumer electronics / semiconductors via technical collaborations and new product development
23%
11,255
13,599
13,315
10,699
FY24 Revenue
2% 2% 3% 4%
66%
▪ Exports to US, UK, Germany, Indonesia, South Korea, etc. ▪ The company is focusing on identifying, targeting and onboarding new distributors, including industry specific distributors like glass, aerospace, steel in targeted countries
India
USA
Thailand
UK
Germany
Others
End-market split %
Key focus areas
Develop new products for high growth markets like solar glass, semiconductor and healthcare
21%
47%
FY24 Revenue
11%
9%
6%
6%
Accelerate export sales by focussing on six high potential countries
Auto ancillary Cutting tool
Engineering Bearings
Steel Others
FY22
FY23
FY24
9M'FY25
EBIT (₹ in lakhs)
18.2%
2,044
25.9%
3,528
23.4%
22.7%
3,114
2,434
FY22
FY23
FY24
9M'FY25
Margin %
Segment assets (₹ in lakhs)
7,996
9,004
8,827
9,569
FY22
FY23
FY24
9M'FY25
Note: 1) CBN: Cubic Boron Nitride
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Super Abrasive (2/2) Product range
Resin Bond
Metal Bond
Hybrid wheels
Vitrified & Galvanic Bond
Rotary Diamond Dresser
Fine Grinding wheels
Brazed products
Diamond segments & pellets
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2020 20
Geographic split %
Revenue (₹ in lakhs)
Machines and Accessories (1/2)
Overview ▪ Offers CNC1 Horizontal & Vertical Honing Machines, Cylindrical Grinders, Creep Feed Grinding, Rotary Surface Grinding - Horizontal & Vertical
▪ Majority of the machines are sold to steel industry followed by
cutting tools, engineering and auto industries
▪ Recorded its highest ever sales of ₹ 4,732 lakhs (+70% YoY) in
FY24 despite supply chain issues
▪ Timely execution and delivery ensured by better planning, bulk
ordering of parts, advanced schedule release for timely execution, and standardization of design parts
▪ Key end markets include Automotive, Defense & Aerospace,
Cutting tools and Power
3% 1%1% 2%
3%
11%
FY24 Revenue
79%
India China Taiwan USA Africa Bhutan Others
▪ The Company's strategy of dynamic contract review and micro
level planning has won customer recognition
End-market split %
▪ Focus on improving operational efficiency through Total
Employee Involvement (TEI), relay-out of shop to increase the number of assembly bays
▪ Machine sales in export markets have achieved good growth
and wide customer acceptance
Key focus areas
Regain premier market share in carbide insert machine industry through inert periphery grinding machines
1%
5%
3%
4%
13%
FY24 Revenue
74%
4,732
2,454
2,776
1,646
FY22
FY23
FY24
9M'FY25
EBIT (₹ in lakhs)
18.0%
15.5%
443
431
23.5%
1,111
4.7%
FY22
FY23
FY24
Segment assets (₹ in lakhs)
77
9M'FY25
Margin %
1,728
1,440
3,779
2,723
Focus on lucrative ‘service revenue’ from WIL’s large installed base
Steel Automobile
Cutting tool Engineering
Ceramics Others
FY22
FY23
FY24
9M'FY25
Note: 1)
CNC: Computerized Numerical Control
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Machines (2/2) Product range
Surface grinding
Cylindrical grinding
Tool and cutter griding machine
Wheel dressing & profiling machines
CNC profiling dressing machines
Double side fine grinding machine
TC Roll & Guide Roll Grinding machine
Note: 1) 2)
CNC: Computerized Numerical Control TC: Tungsten Carbide
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Precision Products (1/2)
Overview
Geographic split %
Revenue (₹ in lakhs)
▪ Existing product offering includes vanes, distance piece, TP
blade1, inserts
▪ Expanding into new products like silicon nitride roller, rotors
and rings etc. and started regular billing
▪ Recorded sales of ₹ 2,733 lakhs in FY24 (-5% YoY). The sales were impacted due to schedule deferment and lower volume off take by end customers
▪ However, the company continues to focus on developing new products for its components business as part of its de-risking strategy
▪ Aims to accelerate business in Indian 3D Printing market and
facilitate complex designs and production of parts ▪ Established insert grinding facility in Pune to capture the
strong trend in the fuel injector space & carbide insert grinding
Key focus areas
Develop low-cost vanes for steering, hydraulics, compressor for refrigeration and air conditioning industry
6%
FY24 Revenue
94%
India
USA
End-market split %
5%
11%
FY24 Revenue
84%
2,307
2,863
2,733
1,946
FY22
FY23
FY24
9M'FY25
EBIT (₹ in lakhs)
23.9%
550
24.1%
689
14.6%
10.8%
399
FY22
FY23
FY24
211
9M'FY25
Margin %
Segment assets (₹ in lakhs)
1,701
2,282
2,632
2,843
Note: 1)
TP blade: Tuck point blade
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Auto ancillary
Cutting tool
Engineering
FY22
FY23
FY24
9M'FY25
Precision products (2/2) Product range
Vanes
Distance piece
CB 18 sub assembly pump
Grinding of inserts and Ceramics
Transfer blades
Shoe cam roller
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3. Financial Performance
Consolidated Financials Performance (1/2)
Total Income1 (₹ in lakhs)
Net Revenue (₹ in lakhs)
21,523
23,395
18,268
16,477
17,724
20,761
22,482
15,620
FY22
FY23
FY24
9M'FY25
FY22
FY23
FY24
9M'FY25
Operating EBITDA2 (₹ in lakhs)
PAT (₹ in lakhs)
23.5%
27.0%
24.7%
21.9%
15.3%
19.3%
18.2%
17.0%
5,615
5,564
4,167
3,424
2,707
2,659
4,009
4,095
FY22
FY23
FY24
9M'FY25
FY22
FY23
FY24
9M'FY25
Note: 1) 2)
Includes other operating income and other income Excludes exceptional items and other income
Margin %
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Consolidated Financials Performance (2/2)
Earnings Per Share (₹ share)
Dividend per share (₹ share)
200.5
204.8
Dividend %3
650%
135.3
132.9
65.0
800%
80.0
500%
300%
50.0
30.0
FY22
FY23
FY24
9M'FY25
FY22
FY23
FY24
9M'FY25
Net Working Capital Days1
ROCE2 and ROE2
78
79
93
FY22
FY23
FY24
Note: 1)
2)
3)
Net working capital = Receivables days + Inventory days – Payables days; Receivable days = 365 * Average Receivables / Net Revenue; Payables days = 365 * Average Payables / Net Revenue; Inventory days: 365 * Average Inventory / Net Revenue Profit before Interest & Tax (Excluding exceptional items) / Capital employed = Tangible net worth + Deferred tax liab - intangible assets; Return on Equity = PAT / Average Shareholder’s Equity Dividend % on face value of ₹ 10 per share
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22.6%
17.7%
27.9%
22.9%
25.4%
20.4%
FY22
FY23
FY24
ROCE
ROE
2727 27
4. Transaction update & Others
Transaction background and update
JV between Wendt GmbH (3M’s subsidiary) and CUMI
Wendt GmbH’s stake sale
Post stake sale scenario
December 2010
January 2025
Post transaction
3M acquired 98.5% stake in Winterthur Technologies AG which held 37.5% stake in Wendt India, thereby getting an indirect stake in Wendt (India) Limited
Wendt GmbH intimated WIL of its intention to do a stake sale of up to 37.5% through one or more transactions in secondary market
Wendt GmbH (3M) will cease to be a JV partner with CUMI if the ownership falls below 10%, thus allowing Wendt GmbH to apply to reclassify as a public shareholder
Wendt India Limited will acquire the absolute ownership of the “Wendt” brand and trademarks
Subject to shareholders approval, the company will acquire from Wendt GmbH, the absolute ownership of brands and trademarks worldwide with over 60 registrations in 40 countries, free and clear of any encumbrances for an amount not exceeding EUR3.8m (~INR34crs.)
WIL to enter and/or continue contract(s)1 with Wendt GmbH for FY25 and FY26 to help contribute to the business growth, competitiveness and efficiency of the company
Source: NSE India, Company filings Note: 1) Purchase/sale of goods and materials, availing / rendering of any services, commission income, consideration for trademark assignment, technology license fee, dividend and other transactions for the purpose of business
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Significant value creation since WIL’s inception for its shareholders
Total shareholder return
Purchase price at inception
Bonus shares
Dividend paid
Current price
Total shareholder return1 (In times)
1981
1996-97
Since inception
As of 29th January 2025
As of 29th January 2025
Shareholder investment per share
Bonus share issued twice
Total Dividend paid to shareholders (including bonus share issued)
Current market price for four shares
₹ 10
4 shares for 1
₹ 2,646
₹ 50,242
~5,289x
Source: NSE India, Company filings Note: 1) Total shareholder return (In times) = ((4 * Current market price per share) + Total Dividend paid to shareholders ) / Shareholder investment per share
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Total shareholder return
3030 30
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