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Last Updated on: 14 November, 2024
Author: Getaka|Social: Getaka Financial Services X (Earlier Twitter) Profile Getaka Financial Services LinkedIn Logo

Excel Industries Ltd: Intrinsic Value and Fundamental Analysis

Share Price and Basic Stock Data

Last Updated: November 11, 2024, 12:45 pm

Market Cap 2,032 Cr.
Current Price 1,616
High / Low1,720/699
Stock P/E48.2
Book Value 1,135
Dividend Yield0.34 %
ROCE1.57 %
ROE1.00 %
Face Value 5.00
PEG Ratio-2.23

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

View Share Price Target for Excel Industries Ltd

Competitors of Excel Industries Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
Industry Average0 Cr0000%0.59%0.49%0

All Competitor Stocks of Excel Industries Ltd

Quarterly Result

MonthSep 2020Dec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023
Sales183.75213.58218.68231.91230.92350.52364.67328.81311.95222.97226.09214.28198.04
Expenses155.04173.94180.03199.39202.50247.82297.90273.65279.37194.98215.39206.53195.46
Operating Profit28.7139.6438.6532.5228.42102.7066.7755.1632.5827.9910.707.752.58
OPM %15.62%18.56%17.67%14.02%12.31%29.30%18.31%16.78%10.44%12.55%4.73%3.62%1.30%
Other Income0.972.901.124.012.288.131.222.625.751.912.599.387.42
Interest0.700.490.430.600.470.430.440.500.920.360.390.580.26
Depreciation6.766.836.957.217.508.217.747.777.917.857.848.847.78
Profit before tax22.2235.2232.3928.7222.73102.1959.8149.5129.5021.695.067.711.96
Tax %25.20%25.78%37.94%25.42%24.59%23.82%25.11%25.19%25.29%13.88%57.31%23.74%8.67%
Net Profit16.6126.1520.1021.4317.1477.8544.7937.0522.0418.682.165.881.79
EPS in Rs13.2120.8015.9917.0513.6361.9335.6329.4717.5314.861.724.681.42

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
Sales3163844164824484625998257027491,1781,090861
Expenses297344376409385419474574571628946961812
Operating Profit18404072634412525013112223212949
OPM %6%10%10%15%14%9%21%30%19%16%20%12%6%
Other Income204573945109151221
Interest912121413117343332
Depreciation10101115151415182327313132
Profit before tax19222151382710723411510121310636
Tax %20%32%15%19%31%26%31%34%16%29%24%24%
Net Profit1515184126207415396711618029
EPS in Rs14.0913.6916.5034.5920.1815.9358.78122.0776.4256.55128.2363.5922.68
Dividend Payout %14%22%23%20%22%38%21%15%13%20%18%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 (%)0.00%20.00%127.78%-36.59%-23.08%270.00%106.76%-37.25%-26.04%126.76%-50.31%
Change in YoY Net Profit Growth (%)0.00%20.00%107.78%-164.36%13.51%293.08%-163.24%-144.01%11.21%152.80%-177.07%

Excel Industries 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:7%
5 Years:0%
3 Years:3%
TTM:10%
Compounded Profit Growth
10 Years:-3%
5 Years:-39%
3 Years:-43%
TTM:167%
Stock Price CAGR
10 Years:16%
5 Years:14%
3 Years:22%
1 Year:95%
Return on Equity
10 Years:11%
5 Years:8%
3 Years:7%
Last Year:1%

Last Updated: Unknown

Balance Sheet

Last Updated: November 15, 2024, 12:33 am

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Sep 2024
Equity Capital5566666666666
Reserves1301431792044045266936958451,1431,2351,4211,584
Borrowings7310295896810724973214
Other Liabilities95100108121141186209212251330248367383
Total Liabilities3033523874216197289169371,1111,4871,4931,7951,987
Fixed Assets121128158164183203238376389427428428446
CWIP5203382312101721191916
Investments222223272112823942643655476259621,111
Other Assets156181204227216220272287340492421388415
Total Assets3033523874216197289169371,1111,4871,4931,7951,987

Reserves and Borrowings Chart

Cash Flow

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Cash from Operating Activity +27134446311191351109110912572
Cash from Investing Activity +-25-32-27-2716-45-111-61-53-104-118-51
Cash from Financing Activity +-420-23-17-48-73-24-31-17-17-35-17
Net Cash Flow-21-61-11-01721-12-274

Free Cash Flow

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Free Cash Flow18.00-33.00-62.00-23.00-26.00-24.00115.00243.00107.00113.00225.00126.00

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 Days8489801039576707884625282
Inventory Days77741039986797590711037880
Days Payable9181841129812310812212611264139
Cash Conversion Cycle718299908332364629526723
Working Capital Days657774828254606154626157
ROCE %17%15%24%18%10%22%38%17%13%21%9%2%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthJun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
Promoters52.77%52.49%52.49%52.49%52.60%52.59%52.59%52.59%52.60%52.60%52.60%52.60%
FIIs0.21%0.24%0.27%0.41%0.63%0.77%0.77%0.85%0.74%0.70%0.66%0.56%
DIIs7.45%7.39%7.35%7.35%7.24%7.24%7.22%6.99%6.99%6.97%6.97%6.97%
Public39.57%39.88%39.88%39.75%39.52%39.39%39.40%39.55%39.68%39.72%39.75%39.86%
No. of Shareholders25,59026,74525,56625,96926,63625,67625,03425,04425,92526,20226,61226,725

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.)5.3163.59128.2456.5576.43
Diluted EPS (Rs.)5.3163.59128.2456.5576.43
Cash EPS (Rs.)38.5388.54152.6278.1594.55
Book Value[Excl.RevalReserv]/Share (Rs.)1135.23987.82914.32677.41557.56
Book Value[Incl.RevalReserv]/Share (Rs.)1135.23987.82914.32677.41557.56
Revenue From Operations / Share (Rs.)657.20866.96937.12596.21558.83
PBDIT / Share (Rs.)44.51111.10195.73103.53111.57
PBIT / Share (Rs.)19.5186.16171.3581.9393.44
PBT / Share (Rs.)18.0284.14169.8080.1991.41
Net Profit / Share (Rs.)13.5363.59128.2456.5576.43
NP After MI And SOA / Share (Rs.)13.5363.59128.2456.5576.43
PBDIT Margin (%)6.7712.8120.8817.3619.96
PBIT Margin (%)2.969.9318.2813.7416.72
PBT Margin (%)2.749.7018.1113.4516.35
Net Profit Margin (%)2.057.3313.689.4813.67
NP After MI And SOA Margin (%)2.057.3313.689.4813.67
Return on Networth / Equity (%)1.196.4314.028.3413.70
Return on Capital Employeed (%)1.547.9016.7710.7914.88
Return On Assets (%)0.945.3510.846.3910.24
Total Debt / Equity (X)0.000.000.000.010.03
Asset Turnover Ratio (%)0.500.731.010.790.80
Current Ratio (X)2.703.632.362.091.89
Quick Ratio (X)2.182.561.551.651.37
Inventory Turnover Ratio (X)4.094.145.314.904.52
Dividend Payout Ratio (NP) (%)0.0035.388.770.0045.35
Dividend Payout Ratio (CP) (%)0.0025.417.370.0036.65
Earning Retention Ratio (%)0.0064.6291.230.0054.65
Cash Earning Retention Ratio (%)0.0074.5992.630.0063.35
Interest Coverage Ratio (X)29.7964.23126.9759.7354.83
Interest Coverage Ratio (Post Tax) (X)10.0637.9384.1833.6338.56
Enterprise Value (Cr.)878.57914.631660.751011.14560.83
EV / Net Operating Revenue (X)1.060.831.411.350.79
EV / EBITDA (X)15.706.556.757.774.00
MarketCap / Net Operating Revenue (X)1.080.911.461.410.79
Retention Ratios (%)0.0064.6191.220.0054.64
Price / BV (X)0.620.801.501.240.80
Price / Net Operating Revenue (X)1.080.911.461.410.79
EarningsYield0.010.070.090.060.17

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of Excel Industries Ltd as of November 14, 2024 is: 548.93

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 November 14, 2024, Excel Industries Ltd is Overvalued by 66.03% compared to the current share price 1,616.00

Intrinsic Value of Excel Industries Ltd as of November 14, 2024 is: 430.53

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 14, 2024, Excel Industries Ltd is Overvalued by 73.36% compared to the current share price 1,616.00

Last 5 Year EPS CAGR: -21.57%

*Investments are subject to market risks

Strength and Weakness

StrengthWeakness
  1. The stock has a high average ROCE of 17.17%, which is a positive sign.
  2. The company has higher reserves (707.85 cr) compared to borrowings (38.69 cr), indicating strong financial stability.
  3. The company has shown consistent growth in sales (480.46 cr) and profit (83.85 cr) over the years.
  1. The stock has a high average Working Capital Days of 65.75, which may not be favorable.
  2. The stock has a high average Cash Conversion Cycle of 59.17, 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 Excel Industries Ltd:
    1. Net Profit Margin: 2.05%
      • 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: 1.54% (Industry Average ROCE: 0.59%)
      • 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%: 1.19% (Industry Average ROE: 0.49%)
      • 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): 10.06
      • 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: 2.18
      • 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: 48.2 (Industry average Stock P/E: 0)
      • 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
      • 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

Excel Industries Ltd. is a Public Limited Listed company incorporated on 05/09/1960 and has its registered office in the State of Maharashtra, India. Company’s Corporate Identification Number(CIN) is L24200MH1960PLC011807 and registration number is 011807. Currently Company is involved in the business activities of Manufacture of pesticides and other agrochemical products. Company’s Total Operating Revenue is Rs. 1178.02 Cr. and Equity Capital is Rs. 6.29 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
Agro Chemicals/Pesticides184-87, Swami Vivekanand Road, Jogeshwari (West), Mumbai Maharashtra 400102investors@excelind.com
http://www.excelind.co.in
Management
NamePosition Held
Mr. G NarayanaChairman Emeritus
Mr. Ashwin C ShroffExecutive Chairman
Mr. Ravi A ShroffManaging Director
Mr. Hrishit A ShroffExecutive Director
Mr. Atul G ShroffNon Executive Director
Mr. Ninad GupteIndependent Director
Mr. Shekhar KhanolkarIndependent Director
Mr. Rajesh VarmaIndependent Director
Mr. Vihang VirkarIndependent Director
Dr. Meena A GalliaraIndependent Director
Mr. Dinesh BhagatNominee Director

FAQ

What is the latest intrinsic value of Excel Industries Ltd?

The latest intrinsic value of Excel Industries Ltd as on 14 November 2024 is ₹548.93, which is 66.03% lower than the current market price of ₹1,616.00.

What is the Market Cap of Excel Industries Ltd?

The Market Cap of Excel Industries Ltd is 2,032 Cr..

What is the current Stock Price of Excel Industries Ltd as on 14 November 2024?

The current stock price of Excel Industries Ltd as on 14 November 2024 is ₹1,616.

What is the High / Low of Excel Industries Ltd stocks in FY 2024?

In FY 2024, the High / Low of Excel Industries Ltd stocks is 1,720/699.

What is the Stock P/E of Excel Industries Ltd?

The Stock P/E of Excel Industries Ltd is 48.2.

What is the Book Value of Excel Industries Ltd?

The Book Value of Excel Industries Ltd is 1,135.

What is the Dividend Yield of Excel Industries Ltd?

The Dividend Yield of Excel Industries Ltd is 0.34 %.

What is the ROCE of Excel Industries Ltd?

The ROCE of Excel Industries Ltd is 1.57 %.

What is the ROE of Excel Industries Ltd?

The ROE of Excel Industries Ltd is 1.00 %.

What is the Face Value of Excel Industries Ltd?

The Face Value of Excel Industries 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 Excel Industries 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