Incorporated in 1986, Craftsman automation is a diversified engineering company that has vertically integrated manufacturing capabilities. It is the largest player in India which is involved in the machining of cylinder blocks & cylinder heads for the intermediate, medium, and heavy commercial vehicles segment as well as in the construction equipment industry.
The company is engaged mainly in 3 business segments which are Automotive- powertrain & others, Automotive- Aluminium products and Industrial & Engineering. Its comprehensive solutions include process engineering, design, and manufacturing of foundry, fabrication, machining, heat treatment, and assembly facilities. Its key products in the Industrial & Engineering segment are highly engineered which include engine parts such as cylinder heads & cylinder blocks, camshafts, gearbox, transmission parts, housings, turbochargers, and bearing caps.
Craftsman has a long-term relationship with many marquee domestic & global original equipment manufacturers and component manufacturers across its three business segments.
For Automotive– Powertrain & Others segment its key customers include Tata Motors, Daimler India, Mahindra & Mahindra, Simpson & Co. Limited, Tata Cummins, TAFE Motors & Tractors, Ashok Leyland, Escorts, Perkins, John Deere, Mitsubishi Heavy Industries, and JCB India.
For the Automotive– Aluminium Products segment its key customers include TVS Motors, Daimler India, Perkins, Royal Enfield, and Mahindra & Mahindra.
For the industrial and engineering segment, its key customers include Mitsubishi Heavy Industries and Siemens.
The promoter of the company is Mr. Srinivasan Ravi.
Strengths of the company:
- The company has diversified engineering capabilities with a focus on manufacturing high-quality products and providing comprehensive solutions.
- It has a strong in-house process for the manufacturing solutions along with product design capabilities with an ability to interchange product mix and capabilities.
- The company has well-established and long-term relationships with marquee domestic & global OEMs.
- It has strategically located manufacturing facilities with an extensive manufacturing footprint.
- The company has a robust financial performance.
- It has a qualified and experienced management team.
Purpose of the IPO:
- To repay or prepay the borrowings of the company.
- To meet the general corporate purposes
Financial Performance of the Company:
| For the six-month period ended 30th September 2020 | FY 2020 | FY 2019 | FY 2018 | |
| Total Revenue | 536.52 | 1,501.05 | 1,831.64 | 1,522.86 |
| Total Expenses | 526.06 | 1,437.87 | 1,692.06 | 1,479.56 |
| Profit After Tax | 6.96 | 41.07 | 97.36 | 31.53 |
| Total Assets | 2,168.18 | 2,303.13 | 2,325.39 | 1,999.43 |
*All the values are in crores and as per DRHP.
Valuation of the Company:
| For the six-month period ended 30th September 2020 | FY 2020 | FY 2019 | FY 2018 | |
| Basic Earnings per Share (EPS) | 3.46 | 20.41 | 48.39 | 15.67 |
| Diluted Earnings per Share (EPS) | 3.46 | 20.41 | 48.39 | 15.67 |
| Return on Net Worth (%) | 1.04% | 6.19% | 15.51% | 5.83% |
| Net assets value per Equity share | 332.52 | 329.73 | 312.02 | 268.98 |
*as per DRHP.
Craftsman Automation Limited DRHP
IPO details:
| Face Value | ₹5 per equity share |
| Market Lot | Shares |
| Minimum Order Quantity | Shares |
| Price Band | ₹ - ₹ per equity share |
| Issue type | Book Built Issue IPO |
| Issue Size | ₹ Crores |
| Fresh Issue | ₹150 Crores |
| Offer for Sale | 4,521,450 Equity Shares |
| Listing | NSE, BSE |
Important IPO dates:
| Open Date | 15th March 2021 |
| Close Date | 17th March 2021 |
| Basis of Allotment Date | March 2021 |
| Initiation of Refunds | March 2021 |
| The credit of shares to Demat Account | March 2021 |
| Listing Date | March 2021 |
Allocation Quota:
| Category | Portion |
| Qualified Institutional Buyers (QIBs) | Not more than 50% |
| Non- Institutional Buyers (NIIs) | Not less than 15% |
| Retail Investors | Not less than 35% |
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