The company has issued more shares over this period, which dilutes each existing shareholder’s stake.
Diluted shares outstanding: 15.3M (2022) → 27.6M (2026)
Rane (Madras) Limited engages in the manufacture and marketing of auto components for transportation industry in India and internationally. It offers steering and suspension systems, linkage products, steering gears, aluminum high pressure die-casting products, brake components, and engine components. The company markets and sells its products to the manufacturers of passenger cars, utility vehicles, and farm tractors. It also exports its products. The company was founded in 1960 and is headquartered in Chennai, India. Rane (Madras) Limited operates as a subsidiary of Rane Holdings Limited.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
+16.3% YoY
YoY Growth Rate
Steady revenue growth
+222.2% YoY
YoY Growth Rate
Strong earnings growth
$0/ year
↓ Declining (-100% vs prior year)
0.0% of revenue
Below sector average (4%)
R&D spend declining — could signal cost-cutting or efficiency
Cash flow positive
$775M cash & investments
Company generates more cash than it spends — no dilution risk from fundraising
Rane (Madras) Limited is a rare growth stock that's already generating positive cash flow while growing at 16%. The Winston Score doesn't fully credit this transition from "burner" to "earner."
The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.
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ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.
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Earnings growing 25%+ a year. The compounder zone.
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Free cash flow is negative. They are burning cash, not generating it.
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Interest coverage between 3 and 8. Profits cover interest several times over.
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P/E above the market average. People are paying up for expected growth.
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Modest yield. The bulk of any return needs to come from price appreciation.
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