SM Auto Stamping Limited

Company is listed on BSE SME platform. Co designs and manufactures sheet metal components and sub-assemblies for automobile manufacturers. Company's components cover clutches, brakes, engine mountings, chassis, shaft drive, body trims, bearings etc. used in passenger cars, commercial vehicles, tractors, etc. Deep drawn components and control panel components also find application in electrical equipment industry. Apart from manufacturing, company also provide job work services of blanking and forming process on metal components. Company has 3 production centers in Nashik with a production capacity of 6530 MTPA. Its manufacturing facilities include Production Facility, Welding and Assembly Facility, Tool Design & Die Making Facility, Metrology & Testing Facility. In FY22, total production was 5276.59 MT, which constitutes 80.80 % of installed capacity. The financials of the company looks good, RoNW is 14.6% and at CMP its looks fully priced. Price difference is around 20% and acceptance ratio as per current share holding for retail will be around 21%, but it may be possible that this ratio may go down as more people will buy for buyback. As per current share holding profit may be at least 4%. So we give NEUTRAL rating to this buyback.

• 1 Mr. Rajesh Pirogiwal
• 2 Mrs. Sunita Pirogiwal
• 3 Miss Tanvi Pirogiwal