Bhandari Hosiery Exports Ltd: Fundamental Analysis, Share Price Insights & Intrinsic Value (2024)

Share Price and Basic Stock Data

Last Updated: December 21, 2024, 2:47 am

Market Cap	177 Cr.
Current Price	7.37
High / Low	11.4/5.46
Stock P/E	27.2
Book Value	6.25
Dividend Yield	0.27 %
ROCE	9.65 %
ROE	7.00 %
Face Value	1.00
PEG Ratio	5.96

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

Stock P/E Current Price Intrinsic Value

View Share Price Target for

Competitors of

Stock Name	Market Cap	Current Price	High / Low	Stock P/E	Book Value	Dividend Yield	ROCE	ROE	Face Value
Filatex Fashions Ltd	725 Cr.	0.87	4.30/0.79	79.4	2.77	0.00 %	1.07 %	0.73 %	1.00
Alan Scott Industries Ltd	78.7 Cr.	217	217/57.0		5.64	0.00 %	26.4 %	139 %	10.0
Addi Industries Ltd	44.8 Cr.	41.5	70.7/37.6	9.68	73.2	3.01 %	8.38 %	6.17 %	5.00
T T Ltd (TTL)	336 Cr.	156	185/95.8	1,864	36.8	0.00 %	7.93 %	6.77 %	10.0
Rupa & Company Ltd	2,039 Cr.	256	362/227	26.6	124	1.17 %	10.1 %	7.76 %	1.00
Industry Average	1,055.14 Cr	154.19		288.80	86.51	0.54%	8.44%	18.44%	5.50

All Competitor Stocks of

Quarterly Result

Month	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Sales	68.19	77.75	43.07	78.01	68.36	93.85	46.41	70.52	55.90	110.41	54.11	63.52	60.27
Expenses	62.10	71.86	38.20	71.60	62.90	88.14	41.14	64.53	49.78	104.44	48.97	57.10	53.98
Operating Profit	6.09	5.89	4.87	6.41	5.46	5.71	5.27	5.99	6.12	5.97	5.14	6.42	6.29
OPM %	8.93%	7.58%	11.31%	8.22%	7.99%	6.08%	11.36%	8.49%	10.95%	5.41%	9.50%	10.11%	10.44%
Other Income	0.20	0.05	0.01	0.03	0.00	0.11	0.01	0.00	0.01	0.07	0.01	0.00	0.03
Interest	3.20	2.77	2.38	2.77	2.68	2.45	2.41	2.56	2.68	2.69	2.20	2.85	2.86
Depreciation	1.64	1.31	1.43	1.48	1.28	1.28	1.51	1.38	1.34	0.97	1.27	1.30	1.31
Profit before tax	1.45	1.86	1.07	2.19	1.50	2.09	1.36	2.05	2.11	2.38	1.68	2.27	2.15
Tax %	6.90%	19.35%	0.00%	9.13%	16.00%	6.70%	0.00%	12.20%	15.64%	33.61%	14.29%	25.55%	17.67%
Net Profit	1.35	1.50	1.07	1.99	1.25	1.95	1.36	1.81	1.77	1.57	1.44	1.68	1.77
EPS in Rs	0.08	0.09	0.07	0.12	0.08	0.12	0.08	0.11	0.11	0.10	0.09	0.10	0.11

Last Updated: Unknown

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: Unknown

Month	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Sales	97	95	110	125	198	214	248	266	277	225	283	282	288
Expenses	88	87	102	117	183	201	231	246	255	207	260	259	264
Operating Profit	9	8	8	8	15	13	17	20	21	18	23	23	24
OPM %	9%	9%	7%	6%	8%	6%	7%	7%	8%	8%	8%	8%	8%
Other Income	-0	0	0	-0	0	0	0	0	0	0	0	0	0
Interest	4	3	4	4	7	5	7	9	10	11	10	10	11
Depreciation	1	1	1	1	3	3	4	4	5	5	5	5	5
Profit before tax	5	4	3	3	5	5	6	6	6	2	7	8	8
Tax %	32%	34%	29%	27%	26%	20%	16%	15%	15%	21%	8%	17%
Net Profit	3	3	2	2	4	4	5	5	5	2	6	7	6
EPS in Rs	0.27	0.18	0.12	0.13	0.25	0.26	0.30	0.33	0.32	0.10	0.38	0.40	0.40
Dividend Payout %	0%	0%	0%	7%	4%	3%	3%	3%	3%	9%	2%	2%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2012-2013	2013-2014	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023
YoY Net Profit Growth (%)	0.00%	-33.33%	0.00%	100.00%	0.00%	25.00%	0.00%	0.00%	-60.00%	200.00%	16.67%
Change in YoY Net Profit Growth (%)	0.00%	-33.33%	33.33%	100.00%	-100.00%	25.00%	-25.00%	0.00%	-60.00%	260.00%	-183.33%

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:	9%
5 Years:	0%
3 Years:	6%
TTM:	-3%

Compounded Profit Growth
10 Years:	13%
5 Years:	4%
3 Years:	56%
TTM:	1%

Stock Price CAGR
10 Years:	9%
5 Years:	52%
3 Years:	3%
1 Year:	35%

Return on Equity
10 Years:	7%
5 Years:	7%
3 Years:	8%
Last Year:	7%

Last Updated: Unknown

Balance Sheet

Last Updated: November 15, 2024, 1:36 am

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	15	15	15	15	15	15	15	15	15	15	15	16	24
Reserves	33	35	37	40	44	49	54	59	61	67	72	83	126
Borrowings	23	29	47	55	73	82	87	105	108	103	104	122	92
Other Liabilities	14	10	17	15	17	26	24	26	24	33	24	28	28
Total Liabilities	85	88	116	125	149	172	180	205	207	218	216	249	270
Fixed Assets	21	20	44	41	46	56	53	65	60	56	52	79	76
CWIP	12	9	0	0	1	0	1	0	2	0	1	0	0
Investments	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets	51	58	72	84	103	115	126	140	145	162	162	170	194
Total Assets	85	88	116	125	149	172	180	205	207	218	216	249	270

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Cash from Operating Activity +	0	0	-3	-7	-6	2	-3	-2	-0	4	12	16
Cash from Investing Activity +	0	0	-15	-0	-9	-14	-2	-17	-2	1	-3	-29
Cash from Financing Activity +	0	0	17	8	14	13	5	18	3	-5	-10	12
Net Cash Flow	0	0	-1	1	-1	1	-0	-1	1	0	-0	-1

Free Cash Flow

Month	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Free Cash Flow	9.00	-15.00	-21.00	-39.00	-40.00	-60.00	-65.00	-67.00	-84.00	-90.00	-80.00	-81.00

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

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	39	50	57	56	72	68	58	70	83	89	89	81
Inventory Days	181	156	166	101	96	105	117	121	159	125	137	157
Days Payable	53	25	47	21	21	25	19	18	18	20	22	33
Cash Conversion Cycle	167	181	176	136	146	147	156	173	224	194	204	205
Working Capital Days	149	166	166	130	125	134	143	153	200	169	180	199
ROCE %	12%	9%	8%	12%	8%	10%	10%	10%	7%	9%	10%	10%

Financial Efficiency Indicators Chart

No valid data available for the Shareholding

Shareholding Pattern Chart

No. of Shareholders

This stock is not held by any mutual fund

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20
FaceValue	1.00	1.00	1.00	1.00	1.00
Basic EPS (Rs.)	0.42	0.44	0.43	0.11	0.36
Diluted EPS (Rs.)	0.40	0.44	0.43	0.11	0.36
Cash EPS (Rs.)	0.73	0.79	0.80	0.48	0.70
Book Value[Excl.RevalReserv]/Share (Rs.)	6.09	5.95	5.57	5.15	5.04
Book Value[Incl.RevalReserv]/Share (Rs.)	6.09	5.95	5.57	5.15	5.04
Dividend / Share (Rs.)	0.01	0.01	0.01	0.01	0.01
Revenue From Operations / Share (Rs.)	16.32	19.33	19.33	15.41	18.93
PBDIT / Share (Rs.)	1.55	1.60	1.54	1.25	1.47
PBIT / Share (Rs.)	1.22	1.24	1.17	0.87	1.13
PBT / Share (Rs.)	0.53	0.53	0.46	0.14	0.42
Net Profit / Share (Rs.)	0.39	0.44	0.42	0.11	0.36
PBDIT Margin (%)	9.51	8.27	7.97	8.08	7.75
PBIT Margin (%)	7.47	6.43	6.04	5.69	5.94
PBT Margin (%)	3.27	2.78	2.41	0.93	2.25
Net Profit Margin (%)	2.44	2.29	2.21	0.73	1.91
Return on Networth / Equity (%)	6.56	7.46	7.68	2.21	7.18
Return on Capital Employeed (%)	13.53	15.56	14.14	10.89	14.72
Return On Assets (%)	2.60	2.99	2.87	0.80	2.58
Long Term Debt / Equity (X)	0.38	0.30	0.43	0.51	0.46
Total Debt / Equity (X)	1.17	1.08	1.27	1.44	1.42
Asset Turnover Ratio (%)	1.14	1.30	1.33	1.09	1.44
Current Ratio (X)	1.65	1.64	1.68	1.63	1.50
Quick Ratio (X)	0.81	0.84	0.91	0.76	0.72
Inventory Turnover Ratio (X)	2.44	2.81	2.89	2.35	3.13
Dividend Payout Ratio (NP) (%)	2.24	2.25	2.33	8.77	2.76
Dividend Payout Ratio (CP) (%)	1.22	1.25	1.24	2.07	1.42
Earning Retention Ratio (%)	97.76	97.75	97.67	91.23	97.24
Cash Earning Retention Ratio (%)	98.78	98.75	98.76	97.93	98.58
Interest Coverage Ratio (X)	2.27	2.27	2.20	1.70	2.10
Interest Coverage Ratio (Post Tax) (X)	1.58	1.63	1.61	1.16	1.52
Enterprise Value (Cr.)	236.05	154.89	209.83	139.01	114.98
EV / Net Operating Revenue (X)	0.88	0.54	0.74	0.61	0.41
EV / EBITDA (X)	9.30	6.61	9.29	7.61	5.35
MarketCap / Net Operating Revenue (X)	0.44	0.22	0.38	0.14	0.03
Retention Ratios (%)	97.75	97.74	97.66	91.22	97.23
Price / BV (X)	1.20	0.72	1.32	0.43	0.14
Price / Net Operating Revenue (X)	0.44	0.22	0.38	0.14	0.03
EarningsYield	0.05	0.10	0.05	0.05	0.48

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of as of December 21, 2024 is: 11.93

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 December 21, 2024, is Undervalued by 61.87% compared to the current share price 7.37

Intrinsic Value of as of December 21, 2024 is: 12.47

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 December 21, 2024, is Undervalued by 69.20% compared to the current share price 7.37

Last 5 Year EPS CAGR: 4.56%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The stock is trading at a low valuation with an average P/B ratio of 1.48 and average Dividend Yield of 6.31%. The company has shown consistent growth in sales (208.31 cr) and profit (5.23 cr) over the years.	The stock has a low average ROCE of 9.58%, which may not be favorable. The stock has a high average Working Capital Days of 159.50, which may not be favorable. The stock has a high average Cash Conversion Cycle of 175.75, which may not be favorable. The company has higher borrowings (79.23) compared to reserves (58.46), which may suggest financial risk.

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 :
1. Net Profit Margin: 2.44%
  - 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: 13.53% (Industry Average ROCE: 8.44%)
  - 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%: 6.56% (Industry Average ROE: 18.44%)
  - 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): 1.58
  - 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: 0.81
  - 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: 27.2 (Industry average Stock P/E: 288.8)
  - 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: 1.17
  - 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

Bhandari Hosiery Exports Ltd. is a Public Limited Listed company incorporated on 25/11/1993 and has its registered office in the State of Punjab, India. Company’s Corporate Identification Number(CIN) is L17115PB1993PLC013930 and registration number is 013930. Currently company belongs to the Industry of Textiles - Hosiery/Knitwear. Company’s Total Operating Revenue is Rs. 283.28 Cr. and Equity Capital is Rs. 14.65 Cr. for the Year ended 31/03/2022.

INDUSTRY	ADDRESS	CONTACT
Textiles - Hosiery/Knitwear	Bhandari House, Ludhiana Punjab 141007	bhandari@bhandariexport.com http://www.bhandariexport.com

Management
Name	Position Held
Mr. Nitin Bhandari	Chairman & Managing Director
Mr. Vikas Nayar	Non Executive Director
Mr. Rajesh Kumar	Non Executive Director
Mr. Surinder K Kapoor	Independent Director
Ms. Alka Gambhir	Independent Director
Ms. Komal Bhalla	Independent Director

FAQ

What is the latest intrinsic value of ?

The latest intrinsic value of as on 21 December 2024 is ₹11.93, which is 61.87% higher than the current market price of ₹7.37. The stock has a market capitalization of 177 Cr. and recorded a high/low of 11.4/5.46 during the current fiscal year 2024-2025. As of Sep 2024, the company has reserves of ₹126 Cr and total liabilities of ₹270 Cr.

What is the Market Cap of ?

The Market Cap of is 177 Cr..

What is the current Stock Price of as on 21 December 2024?

The current stock price of as on 21 December 2024 is 7.37.

What is the High / Low of stocks in FY 2024-2025?

In FY 2024-2025, the High / Low of stocks is 11.4/5.46.

What is the Stock P/E of ?

The Stock P/E of is 27.2.

What is the Book Value of ?

The Book Value of is 6.25.

What is the Dividend Yield of ?

The Dividend Yield of is 0.27 %.

What is the ROCE of ?

The ROCE of is 9.65 %.

What is the ROE of ?

The ROE of is 7.00 %.

What is the Face Value of ?

The Face Value of is 1.00.

Share Price and Basic Stock Data

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

Competitors of

Quarterly Result

Quarterly Chart

Profit & Loss - Annual Report

Profit & Loss Yearly Chart

YoY Net Profit Growth

Growth

Balance Sheet

Reserves and Borrowings Chart

Cash Flow

Free Cash Flow

Free Cash Flow Chart

Financial Efficiency Indicators

Financial Efficiency Indicators Chart

Shareholding Pattern Chart

No. of Shareholders

ROCE Trend

EPS Trend

Key Financial Ratios

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Strength and Weakness

About the Company - Qualitative Analysis

FAQ

What is the latest intrinsic value of ?

What is the Market Cap of ?

What is the current Stock Price of as on 21 December 2024?

What is the High / Low of stocks in FY 2024-2025?

What is the Stock P/E of ?

What is the Book Value of ?

What is the Dividend Yield of ?

What is the ROCE of ?

What is the ROE of ?

What is the Face Value of ?

About the Author

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