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Last Updated on: 17 November, 2024
Author: Getaka|Social: Getaka Financial Services X (Earlier Twitter) Profile Getaka Financial Services LinkedIn Logo

Man Industries (India) Ltd: Intrinsic Value and Fundamental Analysis

Share Price and Basic Stock Data

Last Updated: November 15, 2024, 2:32 pm

Market Cap 1,911 Cr.
Current Price 295
High / Low514/239
Stock P/E18.1
Book Value 225
Dividend Yield0.68 %
ROCE14.5 %
ROE8.10 %
Face Value 5.00
PEG Ratio1.27

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Man Industries (India) Ltd

Competitors of Man Industries (India) Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
Hariom Pipe Industries Ltd 1,766 Cr. 570889/44029.5 1780.11 %15.0 %14.3 % 10.0
Earthstahl & Alloys Ltd 54.8 Cr. 44.766.0/0.0036.3 30.70.00 %8.22 %5.21 % 10.0
Crimson Metal Engineering Company Ltd 4.57 Cr. 10.310.3/9.38 12.50.00 %7.27 %21.7 % 10.0
Welspun Corp Ltd 17,795 Cr. 678806/44016.2 2300.74 %20.2 %19.8 % 5.00
Surya Roshni Ltd 6,733 Cr. 619842/46720.9 2080.40 %20.8 %16.2 % 5.00
Industry Average10,756.64 Cr605.4644.97136.190.26%15.56%13.95%4.85

All Competitor Stocks of Man Industries (India) Ltd

Quarterly Result

MonthDec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
Sales5555404044906316145104656585984901,018833
Expenses487498365448572573488450599557444948768
Operating Profit67423842594122155941477065
OPM %12%8%10%9%9%7%4%3%9%7%10%7%8%
Other Income-617711416122141142114
Interest911981110991211212220
Depreciation12111111121212111111151516
Profit before tax41372534413514-34930145443
Tax %25%30%23%27%23%25%29%-63%25%14%22%28%29%
Net Profit31261924312710-53726113931
EPS in Rs5.354.533.384.295.494.481.64-0.856.194.331.876.505.09

Last Updated: Unknown

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: Unknown

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023TTM
Sales1,7511,5141,0051,3641,3921,0601,6082,2221,7592,0802,1392,2312,764
Expenses1,5731,3229501,2501,2721,0121,4832,0441,5911,8751,9582,0942,548
Operating Profit1771925511412048125178168205181137216
OPM %10%13%5%8%9%5%8%8%10%10%8%6%8%
Other Income11-43135677253211431374050
Interest27444246563643646453374165
Depreciation41403243374039465246454552
Profit before tax1201041260934495886513713590148
Tax %41%40%27%17%7%24%33%33%15%26%25%25%
Net Profit7162950863464595610110268114
EPS in Rs12.8510.411.588.8215.145.8811.1510.309.7217.6617.1611.3118.89
Dividend Payout %16%19%63%17%10%26%13%15%10%11%0%18%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2012-20132013-20142014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-2023
YoY Net Profit Growth (%)-12.68%-85.48%455.56%72.00%-60.47%88.24%-7.81%-5.08%80.36%0.99%-33.33%
Change in YoY Net Profit Growth (%)0.00%-72.81%541.04%-383.56%-132.47%148.70%-96.05%2.73%85.44%-79.37%-34.32%

Man Industries (India) Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2012-2013 to 2022-2023.

Growth

Compounded Sales Growth
10 Years:12%
5 Years:7%
3 Years:15%
TTM:16%
Compounded Profit Growth
10 Years:28%
5 Years:12%
3 Years:1%
TTM:-10%
Stock Price CAGR
10 Years:17%
5 Years:52%
3 Years:42%
1 Year:18%
Return on Equity
10 Years:9%
5 Years:9%
3 Years:8%
Last Year:8%

Last Updated: Unknown

Balance Sheet

Last Updated: November 14, 2024, 8:34 pm

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Sep 2024
Equity Capital30292929292929292930303232
Reserves6256324545385706246737188069111,1021,3611,427
Borrowings53643849535344736824429429657301326216
Other Liabilities3994745223233116786487876558224276961,383
Total Liabilities1,5901,5731,4991,2431,3561,6981,5941,8271,7861,8201,8602,4153,059
Fixed Assets428405416349346355396368337318553605606
CWIP3231956334120143133
Investments152031041041031021021031020228105
Other Assets1,1441,1471,0777719021,1761,0931,3531,3451,3791,2931,5522,315
Total Assets1,5901,5731,4991,2431,3561,6981,5941,8271,7861,8201,8602,4153,059

Reserves and Borrowings Chart

Cash Flow

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Cash from Operating Activity +-44324764205-75132137214-60451-120257
Cash from Investing Activity +194-29-61221-1050-464-119-135-264
Cash from Financing Activity +310-208-35-18841-115-138-37-63-267211158
Net Cash Flow6110-3119-13-88-1131-11965-45152

Free Cash Flow

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Free Cash Flow177.00-344.00-383.00-381.00-233.00-399.00-243.00-66.00-126.00-91.00124.00-164.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Debtor Days8010913070117879193115938141
Inventory Days155529244491264711085732598
Days Payable8016213575941741211621331747076
Cash Conversion Cycle156-187397139174167-83663
Working Capital Days117167945412464423484326180
ROCE %17%5%10%16%8%14%16%13%17%16%10%15%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthDec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024
Promoters42.62%44.70%45.69%45.68%45.68%45.68%45.68%49.61%49.61%46.15%46.12%46.12%
FIIs1.93%1.84%1.73%1.83%1.65%1.60%2.22%1.61%2.14%1.64%1.84%2.52%
DIIs0.20%0.19%0.19%0.19%0.19%0.23%0.04%0.04%0.64%3.31%3.31%3.27%
Public55.25%53.27%52.39%52.28%52.47%52.48%52.05%48.72%47.60%48.90%48.72%48.08%
No. of Shareholders40,93740,64341,97039,46638,74037,54931,53934,33035,19344,20646,29553,582

Shareholding Pattern Chart

No. of Shareholders

This stock is not held by any mutual fund

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 24Mar 23Mar 22Mar 21Mar 20
FaceValue5.005.005.005.005.00
Basic EPS (Rs.)17.4211.3317.7817.669.72
Diluted EPS (Rs.)16.7311.3317.5216.789.72
Cash EPS (Rs.)25.6818.8624.8425.7818.88
Book Value[Excl.RevalReserv]/Share (Rs.)217.00167.08159.21146.21130.70
Book Value[Incl.RevalReserv]/Share (Rs.)217.00167.08159.21146.21130.70
Revenue From Operations / Share (Rs.)485.35371.25361.38364.29308.09
PBDIT / Share (Rs.)45.2929.4136.7841.3032.31
PBIT / Share (Rs.)35.8621.8629.1133.1723.15
PBT / Share (Rs.)22.2915.0422.8123.9411.43
Net Profit / Share (Rs.)16.2411.3117.1617.669.72
NP After MI And SOA / Share (Rs.)16.2411.3117.1617.669.72
PBDIT Margin (%)9.337.9210.1711.3310.48
PBIT Margin (%)7.385.888.059.107.51
PBT Margin (%)4.594.056.316.573.70
Net Profit Margin (%)3.343.044.744.843.15
NP After MI And SOA Margin (%)3.343.044.744.843.15
Return on Networth / Equity (%)7.486.7710.7812.077.43
Return on Capital Employeed (%)14.6411.2917.6321.6316.42
Return On Assets (%)4.353.935.585.643.03
Long Term Debt / Equity (X)0.090.120.000.000.02
Total Debt / Equity (X)0.210.290.050.330.32
Asset Turnover Ratio (%)1.521.261.191.151.03
Current Ratio (X)1.921.671.451.331.15
Quick Ratio (X)1.151.451.070.960.78
Inventory Turnover Ratio (X)6.496.634.763.613.91
Dividend Payout Ratio (NP) (%)0.0017.400.0011.3225.72
Dividend Payout Ratio (CP) (%)0.0010.440.007.7513.23
Earning Retention Ratio (%)0.0082.600.0088.6874.28
Cash Earning Retention Ratio (%)0.0089.560.0092.2586.77
Interest Coverage Ratio (X)3.344.315.844.472.86
Interest Coverage Ratio (Post Tax) (X)2.202.663.722.911.90
Enterprise Value (Cr.)2378.40682.66374.99632.81252.35
EV / Net Operating Revenue (X)0.750.300.170.300.14
EV / EBITDA (X)8.113.861.722.681.37
MarketCap / Net Operating Revenue (X)0.730.250.260.210.13
Retention Ratios (%)0.0082.590.0088.6774.27
Price / BV (X)1.650.550.600.540.31
Price / Net Operating Revenue (X)0.730.250.260.210.13
EarningsYield0.040.120.170.220.23

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of Man Industries (India) Ltd as of November 17, 2024 is: 332.12

Calculation basis:

  • Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of November 17, 2024, Man Industries (India) Ltd is Undervalued by 12.58% compared to the current share price 295.00

Intrinsic Value of Man Industries (India) Ltd as of November 17, 2024 is: 379.32

Calculation basis:

  • Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
  • EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of November 17, 2024, Man Industries (India) Ltd is Undervalued by 28.58% compared to the current share price 295.00

Last 5 Year EPS CAGR: 14.21%

*Investments are subject to market risks

Strength and Weakness

StrengthWeakness
  1. The company has higher reserves (803.15 cr) compared to borrowings (336.23 cr), indicating strong financial stability.
  2. The company has shown consistent growth in sales (1.38 cr) and profit (91.62 cr) over the years.
  1. The stock has a low average ROCE of 13.08%, which may not be favorable.
  2. The stock has a high average Working Capital Days of 79.42, which may not be favorable.
  3. The stock has a high average Cash Conversion Cycle of 50.58, which may not be favorable.

Stock Analysis

  • Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in Man Industries (India) Ltd:
    1. Net Profit Margin: 3.34%
      • Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
    2. ROCE: 14.64% (Industry Average ROCE: 15.56%)
      • ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
    3. ROE%: 7.48% (Industry Average ROE: 13.95%)
      • ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
    4. Interest Coverage Ratio (Post Tax): 2.2
      • Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
    5. Quick Ratio: 1.15
      • Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
    6. Stock P/E: 18.1 (Industry average Stock P/E: 44.97)
      • Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
    7. Total Debt / Equity: 0.21
      • Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
    The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
    Stock Rating:

About the Company - Qualitative Analysis

Man Industries (India) Ltd. is a Public Limited Listed company incorporated on 19/05/1988 and has its registered office in the State of Maharashtra, India. Company’s Corporate Identification Number(CIN) is L99999MH1988PLC047408 and registration number is 047408. Currently Company is involved in the business activities of Manufacture of tubes, pipes and hollow profiles and of tube or pipe fittings of cast-iron/cast-steel. Company’s Total Operating Revenue is Rs. 2094.08 Cr. and Equity Capital is Rs. 29.59 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
Steel - Tubes/PipesMAN House, 101, S. V. Road, Mumbai Maharashtra 400056cs@maninds.org
http://www.mangroup.com
Management
NamePosition Held
Mr. R C MansukhaniExecutive Chairman
Mr. Nikhil R MansukhaniManaging Director
Mrs. Heena Vinay KalantriNon Executive Director
Mr. Narendra MairpadyIndependent Director
Mrs. Renu P JalanIndependent Director
Mr. Rabi BastiaIndependent Director

FAQ

What is the latest intrinsic value of Man Industries (India) Ltd?

The latest intrinsic value of Man Industries (India) Ltd as on 16 November 2024 is ₹332.12, which is 12.58% higher than the current market price of ₹295.00.

What is the Market Cap of Man Industries (India) Ltd?

The Market Cap of Man Industries (India) Ltd is 1,911 Cr..

What is the current Stock Price of Man Industries (India) Ltd as on 16 November 2024?

The current stock price of Man Industries (India) Ltd as on 16 November 2024 is ₹295.

What is the High / Low of Man Industries (India) Ltd stocks in FY 2024?

In FY 2024, the High / Low of Man Industries (India) Ltd stocks is 514/239.

What is the Stock P/E of Man Industries (India) Ltd?

The Stock P/E of Man Industries (India) Ltd is 18.1.

What is the Book Value of Man Industries (India) Ltd?

The Book Value of Man Industries (India) Ltd is 225.

What is the Dividend Yield of Man Industries (India) Ltd?

The Dividend Yield of Man Industries (India) Ltd is 0.68 %.

What is the ROCE of Man Industries (India) Ltd?

The ROCE of Man Industries (India) Ltd is 14.5 %.

What is the ROE of Man Industries (India) Ltd?

The ROE of Man Industries (India) Ltd is 8.10 %.

What is the Face Value of Man Industries (India) Ltd?

The Face Value of Man Industries (India) Ltd is 5.00.

About the Author

Author Avatar
Getaka

Getaka, CFA, a financial analyst with 15 years of experience in the industry. Getaka holds an MBA degree and the Chartered Financial Analyst designation, demonstrating his profound understanding of financial analysis and investment management. Throughout his career, he has conducted numerous financial analyses and due diligence processes for companies in the industry, and has a strong track record of identifying key trends and opportunities. He leverages his expertise to deliver a thorough financial analysis of a company, encompassing its financial performance, key ratios, future prospects, and risks. Getaka is committed to providing accurate, reliable, and trustworthy information to help readers make informed decisions about their finances and investments.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Man Industries (India) Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE