Black Rose Industries Ltd: Fundamental Analysis, Share Price Insights & Intrinsic Value (2024)

Share Price and Basic Stock Data

Last Updated: December 21, 2024, 1:17 am

Market Cap	645 Cr.
Current Price	127
High / Low	162/118
Stock P/E	31.4
Book Value	27.7
Dividend Yield	0.43 %
ROCE	21.2 %
ROE	15.6 %
Face Value	1.00
PEG Ratio	-7.16

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
HP Adhesives Ltd	725 Cr.	78.9	131/75.0	35.2	19.2	0.38 %	17.7 %	12.6 %	2.00
Haryana Leather Chemicals Ltd	44.4 Cr.	90.5	124/56.8	9.83	87.2	1.10 %	8.96 %	7.25 %	10.0
Hardcastle & Waud Mfg Co Ltd	61.8 Cr.	909	1,355/451	32.4	663	0.00 %	7.00 %	5.98 %	10.0
Grauer & Weil (India) Ltd	4,577 Cr.	101	120/63.5	28.6	19.2	0.50 %	26.1 %	19.6 %	1.00
DMCC Speciality Chemicals Ltd	972 Cr.	390	453/245	73.3	85.4	0.26 %	10.8 %	5.68 %	10.0
Industry Average	12,868.59 Cr	928.74		58.01	173.84	0.31%	14.09%	10.82%	6.44

All Competitor Stocks of

Quarterly Result

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	Sep 2024
Sales	126.05	128.21	134.50	119.83	101.94	97.50	111.17	87.62	83.86	93.62	115.36	98.27	123.33
Expenses	112.96	114.92	126.39	113.44	98.76	96.32	108.13	81.99	75.87	86.34	108.20	92.09	116.63
Operating Profit	13.09	13.29	8.11	6.39	3.18	1.18	3.04	5.63	7.99	7.28	7.16	6.18	6.70
OPM %	10.38%	10.37%	6.03%	5.33%	3.12%	1.21%	2.73%	6.43%	9.53%	7.78%	6.21%	6.29%	5.43%
Other Income	0.11	0.41	0.47	0.30	0.43	0.52	0.79	0.74	1.09	1.09	1.67	1.04	0.83
Interest	0.27	0.19	0.14	0.22	0.63	0.51	0.48	0.19	0.25	0.19	0.44	0.07	0.24
Depreciation	0.65	0.67	0.65	0.68	0.79	0.78	0.79	0.76	0.73	0.77	0.75	0.78	0.79
Profit before tax	12.28	12.84	7.79	5.79	2.19	0.41	2.56	5.42	8.10	7.41	7.64	6.37	6.50
Tax %	24.92%	26.32%	26.44%	26.08%	29.22%	34.15%	29.30%	25.28%	25.43%	26.59%	25.52%	25.90%	27.54%
Net Profit	9.22	9.47	5.73	4.28	1.55	0.27	1.81	4.05	6.04	5.44	5.70	4.72	4.71
EPS in Rs	1.81	1.86	1.12	0.84	0.30	0.05	0.35	0.79	1.18	1.07	1.12	0.93	0.92

Last Updated: November 6, 2024, 7:08 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: September 23, 2024, 2:51 pm

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	TTM
Sales	122	115	196	177	242	298	309	373	380	486	430	380	391
Expenses	117	113	189	168	227	276	284	340	339	442	416	352	362
Operating Profit	5	2	7	10	15	22	24	33	40	44	14	28	29
OPM %	4%	2%	3%	5%	6%	7%	8%	9%	11%	9%	3%	7%	7%
Other Income	0	1	1	1	1	1	1	-0	1	3	2	5	5
Interest	2	3	5	5	5	4	4	3	2	1	2	1	1
Depreciation	1	2	3	3	3	2	2	2	3	3	3	3	3
Profit before tax	3	-2	-1	2	8	16	19	27	37	43	11	29	30
Tax %	41%	11%	-177%	35%	34%	27%	28%	24%	25%	26%	28%	26%
Net Profit	2	-3	1	2	5	12	14	21	27	32	8	21	22
EPS in Rs	0.43	-0.53	0.10	0.32	0.98	2.30	2.72	4.05	5.38	6.25	1.55	4.16	4.30
Dividend Payout %	0%	0%	0%	0%	10%	7%	11%	9%	8%	12%	35%	16%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2013-2014	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024
YoY Net Profit Growth (%)	-250.00%	133.33%	100.00%	150.00%	140.00%	16.67%	50.00%	28.57%	18.52%	-75.00%	162.50%
Change in YoY Net Profit Growth (%)	0.00%	383.33%	-33.33%	50.00%	-10.00%	-123.33%	33.33%	-21.43%	-10.05%	-93.52%	237.50%

has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2013-2014 to 2023-2024.

Growth

Compounded Sales Growth
10 Years:	13%
5 Years:	4%
3 Years:	0%
TTM:	13%

Compounded Profit Growth
10 Years:	26%
5 Years:	9%
3 Years:	-8%
TTM:	69%

Stock Price CAGR
10 Years:	20%
5 Years:	5%
3 Years:	-14%
1 Year:	-16%

Return on Equity
10 Years:	22%
5 Years:	22%
3 Years:	17%
Last Year:	16%

Last Updated: Unknown

Balance Sheet

Last Updated: November 14, 2024, 5:40 pm

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	4	5	5	5	5	5	5	5	5	5	5	5	5
Reserves	10	14	14	16	20	30	43	62	88	117	122	140	136
Borrowings	22	37	42	42	42	35	30	23	17	14	5	4	17
Other Liabilities	21	34	30	22	42	34	31	51	37	40	30	43	31
Total Liabilities	57	90	92	84	109	105	109	141	147	176	162	193	190
Fixed Assets	8	42	41	38	36	34	33	37	35	37	40	41	44
CWIP	18	0	0	0	0	0	0	2	7	8	8	7	4
Investments	0	0	0	0	0	0	0	0	0	0	0	12	0
Other Assets	32	48	51	46	73	71	76	102	105	131	114	132	142
Total Assets	57	90	92	84	109	105	109	141	147	176	162	193	190

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 +	7	-1	1	6	7	12	11	17	10	15	23	14
Cash from Investing Activity +	-7	-11	-1	-0	-0	-0	-0	-7	-5	-6	-12	-10
Cash from Financing Activity +	0	12	1	-6	-4	-11	-9	-9	-5	-4	-11	-2
Net Cash Flow	0	-0	-0	0	2	1	2	2	-0	5	0	2

Free 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
Free Cash Flow	-17.00	-35.00	-35.00	-32.00	-27.00	-13.00	-6.00	10.00	23.00	30.00	9.00	24.00

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	53	71	52	47	52	42	33	47	42	50	50	64
Inventory Days	27	66	32	35	43	37	46	45	53	41	28	44
Days Payable	53	102	57	41	59	38	34	52	34	28	20	40
Cash Conversion Cycle	27	34	28	41	37	41	45	40	61	63	58	69
Working Capital Days	30	39	34	42	41	38	46	44	61	60	56	69
ROCE %	13%	1%	8%	12%	19%	29%	31%	38%	38%	36%	10%	21%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
Promoters	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%
FIIs	0.06%	0.06%	0.06%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	24.94%	24.94%	24.94%	24.94%	25.00%	25.00%	25.00%	25.00%	24.99%	24.98%	25.00%	24.99%
No. of Shareholders	66,545	72,661	75,781	79,875	79,251	77,983	76,364	73,564	70,538	67,531	64,799	64,496

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.)	4.16	1.55	6.25	5.38	4.05
Diluted EPS (Rs.)	4.16	1.55	6.25	5.38	4.05
Cash EPS (Rs.)	4.75	2.15	6.77	5.89	4.51
Book Value[Excl.RevalReserv]/Share (Rs.)	28.45	24.92	23.99	18.23	13.23
Book Value[Incl.RevalReserv]/Share (Rs.)	28.45	24.92	23.99	18.23	13.23
Revenue From Operations / Share (Rs.)	74.59	84.40	95.66	74.47	73.06
PBDIT / Share (Rs.)	6.40	3.10	9.12	7.96	6.56
PBIT / Share (Rs.)	5.81	2.51	8.60	7.45	6.10
PBT / Share (Rs.)	5.60	2.15	8.43	7.21	5.36
Net Profit / Share (Rs.)	4.16	1.55	6.25	5.38	4.05
NP After MI And SOA / Share (Rs.)	4.16	1.55	6.25	5.38	4.05
PBDIT Margin (%)	8.58	3.67	9.53	10.68	8.97
PBIT Margin (%)	7.79	2.97	8.99	10.00	8.34
PBT Margin (%)	7.51	2.54	8.81	9.68	7.33
Net Profit Margin (%)	5.58	1.83	6.53	7.22	5.54
NP After MI And SOA Margin (%)	5.58	1.83	6.53	7.22	5.54
Return on Networth / Equity (%)	14.63	6.23	26.07	29.51	30.63
Return on Capital Employeed (%)	19.54	9.51	33.79	37.87	40.56
Return On Assets (%)	11.02	4.88	18.15	18.66	14.62
Long Term Debt / Equity (X)	0.01	0.02	0.02	0.03	0.06
Total Debt / Equity (X)	0.02	0.03	0.11	0.17	0.29
Asset Turnover Ratio (%)	2.15	2.55	2.17	1.66	2.04
Current Ratio (X)	3.48	4.04	2.83	2.24	1.58
Quick Ratio (X)	2.54	2.98	1.82	1.27	0.97
Inventory Turnover Ratio (X)	1.49	1.50	1.53	0.99	1.44
Dividend Payout Ratio (NP) (%)	13.21	48.30	7.19	6.50	8.92
Dividend Payout Ratio (CP) (%)	11.57	34.91	6.64	5.94	8.01
Earning Retention Ratio (%)	86.79	51.70	92.81	93.50	91.08
Cash Earning Retention Ratio (%)	88.43	65.09	93.36	94.06	91.99
Interest Coverage Ratio (X)	30.57	8.61	52.25	33.69	13.15
Interest Coverage Ratio (Post Tax) (X)	20.87	5.31	36.84	23.79	9.62
Enterprise Value (Cr.)	609.04	526.75	997.89	894.77	400.20
EV / Net Operating Revenue (X)	1.60	1.22	2.05	2.36	1.07
EV / EBITDA (X)	18.65	33.29	21.46	22.05	11.97
MarketCap / Net Operating Revenue (X)	1.64	1.26	2.04	2.33	1.04
Retention Ratios (%)	86.78	51.69	92.80	93.49	91.07
Price / BV (X)	4.30	4.26	8.15	9.54	5.76
Price / Net Operating Revenue (X)	1.64	1.26	2.04	2.33	1.04
EarningsYield	0.03	0.01	0.03	0.03	0.05

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of as of December 22, 2024 is: 136.27

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 22, 2024, is Undervalued by 7.30% compared to the current share price 127.00

Intrinsic Value of as of December 22, 2024 is: 130.30

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 22, 2024, is Undervalued by 2.60% compared to the current share price 127.00

Last 5 Year EPS CAGR: -4.38%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The stock has a high average ROCE of 21.33%, which is a positive sign. The company has higher reserves (62.46 cr) compared to borrowings (25.38 cr), indicating strong financial stability. The company has shown consistent growth in sales (299.92 cr) and profit (17.08 cr) over the years.	The stock has a high average Working Capital Days of 46.67, which may not be favorable. The stock has a high average Cash Conversion Cycle of 45.33, 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: 5.58%
  - 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: 19.54% (Industry Average ROCE: 14.09%)
  - 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%: 14.63% (Industry Average ROE: 10.82%)
  - 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): 20.87
  - 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: 2.54
  - 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: 31.4 (Industry average Stock P/E: 58.01)
  - 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: 0.02
  - 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

Black Rose Industries Ltd. is a Public Limited Listed company incorporated on 01/01/1990 and has its registered office in the State of Maharashtra, India. Company’s Corporate Identification Number(CIN) is L17120MH1990PLC054828 and registration number is 054828. Currently Company is involved in the business activities of Wholesale of industrial chemicals,. Company’s Total Operating Revenue is Rs. 341.88 Cr. and Equity Capital is Rs. 5.10 Cr. for the Year ended 31/03/2022.

INDUSTRY	ADDRESS	CONTACT
Chemicals - Speciality - Others	145-A, Mittal Tower, Mumbai Maharashtra 400021	investor@blackrosechemicals.com http://www.blackrosechemicals.com

Management
Name	Position Held
Mr. Anup Jatia	Non Executive Chairperson
Mrs. Shruti Jatia	Whole Time Director
Mr. Ambarish Daga	Whole Time Director
Mr. Rishabh Saraf	Ind. Non-Executive Director
Mr. Abhishek Murarka	Ind. Non-Executive Director
Mrs. Deepa Poncha	Ind. Non-Executive Director

FAQ

What is the latest intrinsic value of ?

The latest intrinsic value of as on 21 December 2024 is ₹136.27, which is 7.30% higher than the current market price of ₹127.00. The stock has a market capitalization of 645 Cr. and recorded a high/low of 162/118 during the current fiscal year 2024-2025. As of Sep 2024, the company has reserves of ₹136 Cr and total liabilities of ₹190 Cr.

What is the Market Cap of ?

The Market Cap of is 645 Cr..

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

The current stock price of as on 21 December 2024 is 127.

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

In FY 2024-2025, the High / Low of stocks is 162/118.

What is the Stock P/E of ?

The Stock P/E of is 31.4.

What is the Book Value of ?

The Book Value of is 27.7.

What is the Dividend Yield of ?

The Dividend Yield of is 0.43 %.

What is the ROCE of ?

The ROCE of is 21.2 %.

What is the ROE of ?

The ROE of is 15.6 %.

What is the Face Value of ?

The Face Value of is 1.00.