Bharat Rasayan 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	4,338 Cr.
Current Price	10,441
High / Low	14,284/8,333
Stock P/E	27.5
Book Value	2,561
Dividend Yield	0.01 %
ROCE	12.6 %
ROE	10.0 %
Face Value	10.0
PEG Ratio	-1.56

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
Epigral Ltd	8,482 Cr.	1,966	2,408/900	29.0	337	0.25 %	17.5 %	16.9 %	10.0
Dharmaj Crop Guard Ltd	957 Cr.	283	390/197	23.7	117	0.00 %	14.5 %	13.2 %	10.0
Bhaskar Agrochemicals Ltd	44.2 Cr.	84.9	122/46.1	22.4	29.2	0.00 %	14.7 %	13.4 %	10.0
Bhagiradha Chemicals & Industries Ltd	3,973 Cr.	319	448/117	148	51.0	0.03 %	8.71 %	5.55 %	1.00
Best Agrolife Ltd	1,467 Cr.	620	870/454	39.8	320	0.48 %	16.5 %	18.1 %	10.0
Industry Average	11,246.85 Cr	1,686.98		41.37	422.47	0.32%	13.25%	14.87%	7.25

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	222	270	252	269	335	445	327	292	309	306	239	263	233
Expenses	171	205	194	229	265	359	276	256	260	249	234	250	207
Operating Profit	51	65	58	40	70	86	51	36	49	57	6	13	26
OPM %	23%	24%	23%	15%	21%	19%	16%	12%	16%	19%	2%	5%	11%
Other Income	0	3	3	3	-0	7	8	3	6	-3	9	4	4
Interest	-1	2	1	1	2	3	2	1	2	1	0	1	1
Depreciation	7	7	6	6	7	7	6	7	7	6	6	6	7
Profit before tax	45	60	53	36	61	83	51	31	46	46	8	10	22
Tax %	22%	23%	26%	26%	25%	23%	26%	26%	27%	34%	8%	39%	29%
Net Profit	35	47	39	26	46	65	38	23	34	30	7	6	15
EPS in Rs	82.66	110.13	95.01	63.70	110.41	155.34	90.63	55.18	81.27	72.80	17.06	14.44	36.84

Last Updated: Unknown

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: Unknown

Month	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Sales	989	1,213	1,091	1,301	1,234	1,041
Expenses	802	983	852	1,050	1,043	940
Operating Profit	188	230	240	250	191	101
OPM %	19%	19%	22%	19%	16%	10%
Other Income	1	14	6	16	15	13
Interest	16	16	4	7	6	3
Depreciation	17	22	26	25	26	26
Profit before tax	155	205	215	234	174	85
Tax %	28%	23%	24%	25%	28%
Net Profit	112	158	164	176	125	59
EPS in Rs	262.48	371.03	385.69	423.51	299.88	141.14
Dividend Payout %	1%	0%	0%	0%	0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2019-2020	2020-2021	2021-2022	2022-2023
YoY Net Profit Growth (%)	41.07%	3.80%	7.32%	-28.98%
Change in YoY Net Profit Growth (%)	0.00%	-37.27%	3.52%	-36.29%

has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 4 years from 2019-2020 to 2022-2023.

Growth

Compounded Sales Growth
10 Years:	%
5 Years:	1%
3 Years:	-1%
TTM:	3%

Compounded Profit Growth
10 Years:	%
5 Years:	-4%
3 Years:	-17%
TTM:	97%

Stock Price CAGR
10 Years:	29%
5 Years:	11%
3 Years:	0%
1 Year:	16%

Return on Equity
10 Years:	%
5 Years:	20%
3 Years:	16%
Last Year:	10%

Last Updated: Unknown

Balance Sheet

Last Updated: November 15, 2024, 1:35 am

Month	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	4	4	4	4	4	4	4
Reserves	405	560	723	766	889	984	1,060
Borrowings	247	94	58	174	28	80	63
Other Liabilities	100	94	122	142	152	129	167
Total Liabilities	756	752	908	1,086	1,074	1,197	1,294
Fixed Assets	150	203	191	228	225	230	235
CWIP	35	18	18	11	11	6	14
Investments	0	9	150	43	67	143	186
Other Assets	570	522	549	803	771	818	859
Total Assets	756	752	908	1,086	1,074	1,197	1,294

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Cash from Operating Activity +	-52	263	170	-65	213	41
Cash from Investing Activity +	-46	-53	-149	64	-43	-76
Cash from Financing Activity +	102	-169	-40	-25	-152	49
Net Cash Flow	4	40	-19	-26	18	14

Free Cash Flow

Month	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Free Cash Flow	-59.00	136.00	182.00	76.00	163.00

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 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	103	75	99	130	96	138
Inventory Days	112	70	90	120	141	135
Days Payable	24	17	33	30	33	37
Cash Conversion Cycle	191	128	156	221	204	236
Working Capital Days	173	116	134	185	173	227
ROCE %		34%	31%	28%	20%	13%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
Promoters	75.05%	75.05%	74.99%	74.99%	74.99%	74.99%	74.99%	74.99%	74.99%	74.99%	74.99%	74.99%
FIIs	0.00%	0.00%	0.00%	0.00%	0.53%	0.39%	0.34%	0.35%	0.35%	0.34%	0.34%	0.35%
DIIs	2.12%	2.28%	2.84%	2.89%	2.57%	2.60%	2.57%	2.57%	2.57%	2.57%	2.57%	2.59%
Public	22.82%	22.67%	22.17%	22.11%	21.91%	22.02%	22.10%	22.09%	22.09%	22.09%	22.09%	22.07%
No. of Shareholders	18,503	19,317	16,747	17,384	16,375	17,304	17,234	16,361	16,059	15,398	14,667	15,156

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
PGIM India Midcap Opportunities Fund	63,964	0.58	57.67	63,964	2024-12-17	0%
PGIM India Small Cap Fund	26,931	1.66	24.28	63,964	2024-12-17	-57.9%
Quant Small Cap Fund	16,063	0.09	14.48	63,964	2024-12-17	-74.89%

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20
FaceValue	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	229.86	299.89	423.52	385.70	371.03
Diluted EPS (Rs.)	229.86	299.89	423.52	385.70	371.03
Cash EPS (Rs.)	258.47	377.50	486.31	447.73	422.68
Book Value[Excl.RevalReserv]/Share (Rs.)	2377.47	2149.86	1853.14	1711.78	1327.74
Book Value[Incl.RevalReserv]/Share (Rs.)	2377.47	2149.86	1853.14	1711.78	1327.74
Revenue From Operations / Share (Rs.)	2514.03	2970.60	3131.39	2570.20	2859.82
PBDIT / Share (Rs.)	332.52	521.37	651.03	580.53	578.93
PBIT / Share (Rs.)	270.46	458.73	591.01	519.90	527.29
PBT / Share (Rs.)	263.33	433.75	565.14	508.26	482.96
Net Profit / Share (Rs.)	196.40	314.86	426.29	387.10	371.04
NP After MI And SOA / Share (Rs.)	229.86	299.89	423.53	385.70	371.04
PBDIT Margin (%)	13.22	17.55	20.79	22.58	20.24
PBIT Margin (%)	10.75	15.44	18.87	20.22	18.43
PBT Margin (%)	10.47	14.60	18.04	19.77	16.88
Net Profit Margin (%)	7.81	10.59	13.61	15.06	12.97
NP After MI And SOA Margin (%)	9.14	10.09	13.52	15.00	12.97
Return on Networth / Equity (%)	9.66	13.94	22.85	22.53	27.94
Return on Capital Employeed (%)	11.23	21.10	31.43	29.94	37.43
Return On Assets (%)	7.97	11.60	16.14	18.04	20.96
Long Term Debt / Equity (X)	0.00	0.00	0.00	0.00	0.03
Total Debt / Equity (X)	0.08	0.03	0.22	0.08	0.16
Asset Turnover Ratio (%)	0.91	1.14	1.30	1.32	1.61
Current Ratio (X)	4.60	4.64	2.59	3.82	3.38
Quick Ratio (X)	3.25	2.74	1.70	2.83	2.33
Inventory Turnover Ratio (X)	2.30	2.85	4.16	4.04	4.26
Dividend Payout Ratio (NP) (%)	0.00	0.50	0.00	0.38	0.40
Dividend Payout Ratio (CP) (%)	0.00	0.41	0.00	0.33	0.35
Earning Retention Ratio (%)	0.00	99.50	0.00	99.62	99.60
Cash Earning Retention Ratio (%)	0.00	99.59	0.00	99.67	99.65
Interest Coverage Ratio (X)	46.68	37.31	39.68	67.02	15.75
Interest Coverage Ratio (Post Tax) (X)	28.57	24.32	27.56	46.03	11.30
Enterprise Value (Cr.)	3562.69	3772.42	5228.04	4021.85	2256.45
EV / Net Operating Revenue (X)	3.41	3.06	4.02	3.68	1.86
EV / EBITDA (X)	25.78	17.41	19.33	16.31	9.17
MarketCap / Net Operating Revenue (X)	3.38	3.06	3.89	3.66	1.82
Retention Ratios (%)	0.00	99.49	0.00	99.61	99.59
Price / BV (X)	3.57	4.23	6.57	5.49	3.92
Price / Net Operating Revenue (X)	3.38	3.06	3.89	3.66	1.82
EarningsYield	0.02	0.03	0.03	0.04	0.07

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of as of December 21, 2024 is: 7,043.45

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 Overvalued by 32.54% compared to the current share price 10,441.00

Intrinsic Value of as of December 21, 2024 is: 5,805.42

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 Overvalued by 44.40% compared to the current share price 10,441.00

Last 5 Year EPS CAGR: -17.58%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The stock has a high average ROCE of 21.00%, which is a positive sign. The company has higher reserves (769.57 cr) compared to borrowings (106.29 cr), indicating strong financial stability. The company has shown consistent growth in sales (165.67 cr) and profit (178.00 cr) over the years.	The stock has a high average Working Capital Days of 168.00, which may not be favorable. The stock has a high average Cash Conversion Cycle of 189.33, which may not be favorable.

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: 7.81%
  - 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: 11.23% (Industry Average ROCE: 13.25%)
  - 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%: 9.66% (Industry Average ROE: 14.87%)
  - 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): 28.57
  - 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: 3.25
  - 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: 27.5 (Industry average Stock P/E: 41.37)
  - 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: 0.08
  - 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

Bharat Rasayan Ltd. is a Public Limited Listed company incorporated on 15/05/1989 and has its registered office in the State of Delhi, India. Company’s Corporate Identification Number(CIN) is L24119DL1989PLC036264 and registration number is 036264. Currently Company is involved in the business activities of Manufacture of insecticides, rodenticides, fungicides, herbicides. Company’s Total Operating Revenue is Rs. 1301.16 Cr. and Equity Capital is Rs. 4.16 Cr. for the Year ended 31/03/2022.

INDUSTRY	ADDRESS	CONTACT
Agro Chemicals/Pesticides	1501, Vikram Tower, Rajendra Place, New Delhi Delhi 110008	investors.brl@bharatgroup.co.in http://www.bharatgroup.co.in

Management
Name	Position Held
Mr. Sat Narain Gupta	Chairman & Managing Director
Mr. Mahabir Prasad Gupta	Whole Time Director
Mr. Rajender Prasad Gupta	WholeTime Director & CEO
Mr. Ajay Gupta	Executive Director
Mr. Kamleshwar Prasad Uniyal	Executive Director
Mrs. Sujata Agarwal	Ind. Non-Executive Director
Mr. Suresh Kumar Garg	Ind. Non-Executive Director
Mr. Ankit Aggarwal	Ind. Non-Executive Director
Ms. Mukta Gupta	Ind. Non-Executive Director
Mr. Rajesh Gupta	Ind. Non-Executive Director
Mr. Naman Jain	Ind. Non-Executive Director

FAQ

What is the latest intrinsic value of ?

The latest intrinsic value of as on 21 December 2024 is ₹7043.45, which is 32.54% lower than the current market price of ₹10,441.00. The stock has a market capitalization of 4,338 Cr. and recorded a high/low of 14,284/8,333 during the current fiscal year 2024-2025. As of Sep 2024, the company has reserves of ₹1,060 Cr and total liabilities of ₹1,294 Cr.

What is the Market Cap of ?

The Market Cap of is 4,338 Cr..

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

The current stock price of as on 21 December 2024 is 10,441.

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

In FY 2024-2025, the High / Low of stocks is 14,284/8,333.

What is the Stock P/E of ?

The Stock P/E of is 27.5.

What is the Book Value of ?

The Book Value of is 2,561.

What is the Dividend Yield of ?

The Dividend Yield of is 0.01 %.

What is the ROCE of ?

The ROCE of is 12.6 %.

What is the ROE of ?

The ROE of is 10.0 %.

What is the Face Value of ?

The Face Value of is 10.0.

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

Share Holding Pattern

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

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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