Harrisons Malayalam Ltd: Fundamental Analysis, Share Price Insights & Intrinsic Value (2024)

Share Price and Basic Stock Data

Last Updated: December 26, 2024, 10:18 pm

Market Cap	579 Cr.
Current Price	313
High / Low	342/150
Stock P/E	181
Book Value	75.4
Dividend Yield	0.00 %
ROCE	5.39 %
ROE	0.10 %
Face Value	10.0
PEG Ratio	-3.70

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

Stock P/E Current Price Intrinsic Value

View Share Price Target for Harrisons Malayalam Ltd

Competitors of Harrisons Malayalam Ltd

Stock Name	Market Cap	Current Price	High / Low	Stock P/E	Book Value	Dividend Yield	ROCE	ROE	Face Value
Indag Rubber Ltd	480 Cr.	183	308/130	45.3	87.6	1.64 %	%	%	2.00
Eastern Treads Ltd	18.7 Cr.	35.7	51.4/31.0		22.8	0.00 %	0.62 %	%	10.0
Dolfin Rubbers Ltd	215 Cr.	215	290/126	40.7	31.1	0.00 %	19.1 %	17.9 %	10.0
Vikas Ecotech Ltd	564 Cr.	3.20	5.65/3.00	35.8	3.10	0.00 %	4.53 %	2.07 %	1.00
Modi Rubber Ltd	321 Cr.	131	157/79.1	14.7	279	0.00 %	3.72 %	1.97 %	10.0
Industry Average	803.88 Cr	506.32		60.43	106.50	0.38%	8.52%	7.06%	6.22

All Competitor Stocks of Harrisons Malayalam Ltd

Quarterly Result

Month	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
Sales	94.72	129.06	118.70	129.04	108.61	128.17	132.06	117.92	95.85	121.73	129.55	140.98	97.66
Expenses	90.04	122.32	106.91	120.88	101.18	120.24	122.65	115.44	96.15	120.70	120.75	140.07	101.92
Operating Profit	4.68	6.74	11.79	8.16	7.43	7.93	9.41	2.48	-0.30	1.03	8.80	0.91	-4.26
OPM %	4.94%	5.22%	9.93%	6.32%	6.84%	6.19%	7.13%	2.10%	-0.31%	0.85%	6.79%	0.65%	-4.36%
Other Income	0.98	1.07	1.18	3.89	1.27	1.77	1.55	2.52	2.22	1.52	2.63	-5.20	3.44
Interest	2.89	2.96	2.64	2.69	2.96	3.00	3.15	3.12	3.02	3.41	3.36	3.35	3.24
Depreciation	0.91	0.95	1.08	1.28	0.91	0.94	1.08	1.43	1.17	1.29	1.39	1.92	1.56
Profit before tax	1.86	3.90	9.25	8.08	4.83	5.76	6.73	0.45	-2.27	-2.15	6.68	-9.56	-5.62
Tax %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Profit	1.86	3.91	9.25	8.08	4.83	5.76	6.73	0.44	-2.28	-2.15	6.68	-9.56	-5.61
EPS in Rs	1.01	2.11	5.00	4.37	2.61	3.11	3.64	0.24	-1.23	-1.16	3.61	-5.17	-3.03

Last Updated: September 24, 2024, 5:32 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: September 24, 2024, 5:32 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	346	382	325	284	365	382	352	385	449	470	485	486	490
Expenses	323	359	342	320	352	369	364	362	394	438	457	476	483
Operating Profit	22	24	-17	-36	13	13	-12	24	55	31	27	10	6
OPM %	6%	6%	-5%	-13%	4%	3%	-3%	6%	12%	7%	6%	2%	1%
Other Income	2	3	4	10	10	9	6	6	3	7	7	1	2
Interest	15	15	14	14	14	13	14	16	14	11	12	13	13
Depreciation	7	6	7	6	5	4	4	4	4	4	4	6	6
Profit before tax	3	5	-35	-46	4	4	-24	9	40	23	18	-7	-11
Tax %	34%	14%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Net Profit	2	4	-35	-46	4	4	-24	9	40	23	18	-7	-11
EPS in Rs	1.24	2.38	-19.06	-24.69	2.21	2.41	-13.02	5.01	21.85	12.48	9.61	-3.95	-5.75
Dividend Payout %	60%	42%	0%	0%	0%	0%	0%	0%	0%	0%	10%	0%

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 (%)	100.00%	-975.00%	-31.43%	108.70%	0.00%	-700.00%	137.50%	344.44%	-42.50%	-21.74%	-138.89%
Change in YoY Net Profit Growth (%)	0.00%	-1075.00%	943.57%	140.12%	-108.70%	-700.00%	837.50%	206.94%	-386.94%	20.76%	-117.15%

Harrisons Malayalam Ltd 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:	2%
5 Years:	7%
3 Years:	3%
TTM:	8%

Compounded Profit Growth
10 Years:	-28%
5 Years:	15%
3 Years:	-85%
TTM:	17%

Stock Price CAGR
10 Years:	19%
5 Years:	41%
3 Years:	26%
1 Year:	71%

Return on Equity
10 Years:	-1%
5 Years:	15%
3 Years:	9%
Last Year:	0%

Last Updated: Unknown

Balance Sheet

Last Updated: December 14, 2024, 3:31 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	18	18	18	18	18	18	18	18	18	18	18	18	18
Reserves	301	303	268	223	84	85	60	60	97	120	138	125	121
Borrowings	113	110	113	112	95	96	121	114	99	89	95	98	96
Other Liabilities	98	110	114	148	163	181	173	211	192	193	194	221	243
Total Liabilities	530	541	513	501	361	381	373	403	407	420	445	463	479
Fixed Assets	428	429	428	424	277	277	280	285	285	286	291	298	298
CWIP	5	2	2	1	8	11	10	13	22	36	58	72	80
Investments	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets	97	109	83	76	76	93	83	106	100	98	97	93	101
Total Assets	530	541	513	501	361	381	373	403	407	420	445	463	479

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 +	20	26	10	13	21	20	-7	33	41	38	31	33
Cash from Investing Activity +	-12	-5	-4	4	4	-7	-6	-9	-11	-14	-27	-22
Cash from Financing Activity +	-6	-20	-14	-15	-31	-12	11	-23	-32	-21	-6	-11
Net Cash Flow	2	1	-8	2	-6	1	-1	1	-1	2	-2	0

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	-91.00	-86.00	-130.00	-148.00	-82.00	-83.00	-133.00	-90.00	-44.00	-58.00	-68.00	-88.00

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	9	14	14	9	8	14	10	8	13	11	9	14
Inventory Days	85	90	88	103	78	89	94	157	94	80	97	89
Days Payable	68	62	73	130	101	121	108	186	117	118	118	160
Cash Conversion Cycle	26	42	29	-18	-15	-18	-4	-22	-10	-27	-12	-57
Working Capital Days	-20	5	-21	-70	-58	-55	-79	-72	-44	-46	-45	-64
ROCE %	4%	5%	-5%	-9%	5%	8%	-5%	13%	27%	14%	12%	5%

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	54.12%	54.12%	54.12%	54.12%	54.12%	54.12%	54.12%	54.12%	54.12%	54.12%	54.12%	54.12%
FIIs	0.20%	0.47%	0.41%	0.14%	0.29%	0.11%	0.11%	0.11%	0.09%	0.10%	0.11%	0.01%
DIIs	0.05%	0.05%	0.05%	0.04%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%
Public	45.63%	45.36%	45.42%	45.70%	45.55%	45.72%	45.73%	45.73%	45.75%	45.72%	45.72%	45.83%
No. of Shareholders	28,177	27,579	30,329	31,358	30,379	29,293	28,777	28,564	27,592	27,528	25,920	25,286

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	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	-3.96	9.63	12.51	21.90	5.02
Diluted EPS (Rs.)	-3.96	9.63	12.51	21.90	5.02
Cash EPS (Rs.)	-0.83	11.99	14.80	24.13	7.35
Book Value[Excl.RevalReserv]/Share (Rs.)	77.97	84.62	74.77	62.32	42.75
Book Value[Incl.RevalReserv]/Share (Rs.)	77.97	84.62	74.77	62.32	42.75
Revenue From Operations / Share (Rs.)	264.50	263.77	255.51	244.45	209.87
PBDIT / Share (Rs.)	10.40	18.62	20.86	31.50	15.97
PBIT / Share (Rs.)	7.27	16.26	18.57	29.27	13.64
PBT / Share (Rs.)	-3.96	9.63	12.51	21.90	5.02
Net Profit / Share (Rs.)	-3.96	9.63	12.51	21.90	5.02
NP After MI And SOA / Share (Rs.)	-3.96	9.63	12.51	21.90	5.02
PBDIT Margin (%)	3.93	7.05	8.16	12.88	7.60
PBIT Margin (%)	2.74	6.16	7.26	11.97	6.49
PBT Margin (%)	-1.49	3.64	4.89	8.96	2.39
Net Profit Margin (%)	-1.49	3.64	4.89	8.96	2.39
NP After MI And SOA Margin (%)	-1.49	3.64	4.89	8.96	2.39
Return on Networth / Equity (%)	-5.07	11.37	16.73	35.15	11.74
Return on Capital Employeed (%)	5.71	11.69	14.80	25.48	13.41
Return On Assets (%)	-1.57	3.99	5.50	9.93	2.29
Long Term Debt / Equity (X)	0.27	0.29	0.33	0.38	0.73
Total Debt / Equity (X)	0.65	0.59	0.62	0.69	1.33
Asset Turnover Ratio (%)	1.08	1.13	1.14	1.11	0.99
Current Ratio (X)	0.38	0.44	0.49	0.46	0.44
Quick Ratio (X)	0.22	0.24	0.30	0.29	0.26
Inventory Turnover Ratio (X)	2.79	2.99	3.37	2.78	2.37
Interest Coverage Ratio (X)	1.46	2.81	3.44	4.28	1.85
Interest Coverage Ratio (Post Tax) (X)	1.02	2.45	3.07	3.97	1.58
Enterprise Value (Cr.)	396.83	288.68	325.51	334.29	199.31
EV / Net Operating Revenue (X)	0.81	0.59	0.69	0.74	0.51
EV / EBITDA (X)	20.68	8.40	8.46	5.75	6.76
MarketCap / Net Operating Revenue (X)	0.62	0.40	0.51	0.56	0.25
Price / BV (X)	2.12	1.27	1.77	2.23	1.24
Price / Net Operating Revenue (X)	0.62	0.40	0.51	0.56	0.25
EarningsYield	-0.02	0.08	0.09	0.15	0.09

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of Harrisons Malayalam Ltd as of December 27, 2024 is: 13.92

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 27, 2024, Harrisons Malayalam Ltd is Overvalued by 95.55% compared to the current share price 313.00

Intrinsic Value of Harrisons Malayalam Ltd as of December 27, 2024 is: 7.12

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 27, 2024, Harrisons Malayalam Ltd is Overvalued by 97.73% compared to the current share price 313.00

Last 5 Year EPS CAGR: -48.86%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The stock has a low average Working Capital Days of -47.42, which is a positive sign. The stock has a low average Cash Conversion Cycle of -7.17, which is a positive sign. The company has higher reserves (152.69 cr) compared to borrowings (103.92 cr), indicating strong financial stability.	The stock has a low average ROCE of 6.17%, which may not be favorable. The company has not shown consistent growth in sales (400.08) and profit (-1.31).

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 Harrisons Malayalam Ltd:
1. Net Profit Margin: -1.49%
  - 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: 5.71% (Industry Average ROCE: 8.52%)
  - 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%: -5.07% (Industry Average ROE: 7.06%)
  - 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): 1.02
  - 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: 0.22
  - 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: 181 (Industry average Stock P/E: 60.43)
  - 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: 0.65
  - 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

Harrisons Malayalam Ltd. is a Public Limited Listed company incorporated on 05/01/1978 and has its registered office in the State of Kerala, India. Company’s Corporate Identification Number(CIN) is L01119KL1978PLC002947 and registration number is 002947. Currently Company is involved in the business activities of Growing of potatoes and other tubers such as sweet potatoes, cassava, yams. Company’s Total Operating Revenue is Rs. 471.53 Cr. and Equity Capital is Rs. 18.45 Cr. for the Year ended 31/03/2022.

INDUSTRY	ADDRESS	CONTACT
Rubber Processing/Rubber Products	24/1624, Bristow Road, Cochin Kerala 682003	hmlcorp@harrisonsmalayalam.com http://www.harrisonsmalayalam.com

Management
Name	Position Held
Mr. Santosh Kumar	Whole Time Director
Mr. Cherian M George	Whole Time Director
Mr. Kaushik Roy	Director
Mr. C Vinayaraghavan	Director
Mr. Noshir Naval Framjee	Director
Mr. P Rajagopalan	Director
Mr. Rajat Bhargava	Director
Ms. Rusha Mitra	Director

FAQ

What is the latest intrinsic value of Harrisons Malayalam Ltd?

The latest intrinsic value of Harrisons Malayalam Ltd as on 27 December 2024 is ₹13.92, which is 95.55% lower than the current market price of ₹313.00. The stock has a market capitalization of 579 Cr. and recorded a high/low of 342/150 during the current fiscal year 2024-2025. As of Sep 2024, the company has reserves of ₹121 Cr and total liabilities of ₹479 Cr.

What is the Market Cap of Harrisons Malayalam Ltd?

The Market Cap of Harrisons Malayalam Ltd is 579 Cr..

What is the current Stock Price of Harrisons Malayalam Ltd as on 27 December 2024?

The current stock price of Harrisons Malayalam Ltd as on 27 December 2024 is 313.

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

In FY 2024-2025, the High / Low of Harrisons Malayalam Ltd stocks is 342/150.

What is the Stock P/E of Harrisons Malayalam Ltd?

The Stock P/E of Harrisons Malayalam Ltd is 181.

What is the Book Value of Harrisons Malayalam Ltd?

The Book Value of Harrisons Malayalam Ltd is 75.4.

What is the Dividend Yield of Harrisons Malayalam Ltd?

The Dividend Yield of Harrisons Malayalam Ltd is 0.00 %.

What is the ROCE of Harrisons Malayalam Ltd?

The ROCE of Harrisons Malayalam Ltd is 5.39 %.

What is the ROE of Harrisons Malayalam Ltd?

The ROE of Harrisons Malayalam Ltd is 0.10 %.

What is the Face Value of Harrisons Malayalam Ltd?

The Face Value of Harrisons Malayalam Ltd is 10.0.