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

Share Price and Basic Stock Data

Last Updated: December 21, 2024, 2:07 am

Market Cap	992 Cr.
Current Price	219
High / Low	260/180
Stock P/E	14.0
Book Value	190
Dividend Yield	1.82 %
ROCE	15.8 %
ROE	11.3 %
Face Value	10.0
PEG Ratio	-0.92

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
Bheema Cements Ltd	69.5 Cr.	21.3	35.3/21.0		13.2	0.00 %	11.8 %	56.4 %	10.0
UltraTech Cement Ltd	3,29,774 Cr.	11,423	12,145/9,250	50.2	2,126	0.61 %	15.1 %	12.2 %	10.0
The Ramco Cements Ltd	23,301 Cr.	986	1,060/700	84.5	302	0.25 %	8.17 %	5.63 %	1.00
The India Cements Ltd	10,510 Cr.	339	386/173		170	0.00 %	0.78 %	4.81 %	10.0
Star Cement Ltd	8,603 Cr.	213	256/170	43.5	67.9	0.00 %	16.5 %	11.5 %	1.00
Industry Average	33,573.79 Cr	1,891.88		36.93	530.04	0.60%	11.09%	16.06%	7.13

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	415.40	369.59	445.41	390.67	364.97	419.13	434.88	440.53	390.86	505.02	494.94	354.89	330.38
Expenses	353.77	332.97	404.09	357.96	341.28	365.67	396.34	377.67	351.62	447.86	446.09	318.68	296.78
Operating Profit	61.63	36.62	41.32	32.71	23.69	53.46	38.54	62.86	39.24	57.16	48.85	36.21	33.60
OPM %	14.84%	9.91%	9.28%	8.37%	6.49%	12.75%	8.86%	14.27%	10.04%	11.32%	9.87%	10.20%	10.17%
Other Income	2.90	2.37	4.55	3.47	5.55	2.71	7.50	4.56	3.92	3.45	6.28	3.58	-6.59
Interest	5.92	6.36	5.96	6.49	6.78	7.07	5.86	4.80	6.98	5.87	5.31	5.67	5.18
Depreciation	11.14	11.13	11.16	10.90	11.98	12.64	12.97	13.19	13.44	13.03	16.06	12.74	14.88
Profit before tax	47.47	21.50	28.75	18.79	10.48	36.46	27.21	49.43	22.74	41.71	33.76	21.38	6.95
Tax %	34.32%	29.49%	39.69%	33.63%	73.57%	45.34%	60.24%	37.12%	39.14%	39.82%	28.38%	39.52%	61.87%
Net Profit	31.18	15.16	17.33	12.47	2.77	19.94	10.82	31.08	13.84	25.11	24.18	12.94	2.65
EPS in Rs	6.89	3.35	3.83	2.76	0.61	4.41	2.39	6.87	3.06	5.55	5.35	2.86	0.59

Last Updated: November 12, 2024, 5:51 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: November 12, 2024, 5:51 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	470	551	534	750	868	880	980	938	1,384	2,046	1,610	1,871	1,685
Expenses	413	521	463	628	753	746	843	797	1,100	1,838	1,461	1,662	1,509
Operating Profit	57	29	70	122	115	134	137	140	284	208	149	209	176
OPM %	12%	5%	13%	16%	13%	15%	14%	15%	21%	10%	9%	11%	10%
Other Income	3	5	5	2	4	7	6	3	7	11	19	18	7
Interest	36	41	37	31	32	32	37	32	22	25	27	24	22
Depreciation	33	31	26	25	25	35	45	42	41	45	48	56	57
Profit before tax	-9	-38	12	67	62	74	61	69	228	150	93	148	104
Tax %	28%	8%	28%	21%	11%	34%	23%	27%	35%	34%	51%	36%
Net Profit	-12	-41	9	53	55	49	47	51	149	98	46	94	65
EPS in Rs	-3.30	-11.68	2.55	14.45	14.88	10.86	10.36	11.24	32.87	21.70	10.17	20.83	14.35
Dividend Payout %	-30%	-9%	-0%	14%	17%	23%	24%	1%	12%	14%	30%	14%

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 (%)	-241.67%	121.95%	488.89%	3.77%	-10.91%	-4.08%	8.51%	192.16%	-34.23%	-53.06%	104.35%
Change in YoY Net Profit Growth (%)	0.00%	363.62%	366.94%	-485.12%	-14.68%	6.83%	12.59%	183.65%	-226.39%	-18.83%	157.41%

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:	14%
3 Years:	11%
TTM:	0%

Compounded Profit Growth
10 Years:	16%
5 Years:	15%
3 Years:	-15%
TTM:	-7%

Stock Price CAGR
10 Years:	19%
5 Years:	22%
3 Years:	1%
1 Year:	-3%

Return on Equity
10 Years:	14%
5 Years:	13%
3 Years:	10%
Last Year:	11%

Last Updated: Unknown

Balance Sheet

Last Updated: November 14, 2024, 7:59 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	35	35	35	37	37	45	45	45	45	45	45	45	45
Reserves	141	108	118	160	190	416	454	483	620	699	730	810	814
Borrowings	227	217	179	202	347	278	336	347	320	335	292	218	244
Other Liabilities	222	247	258	224	210	224	260	278	314	392	441	469	457
Total Liabilities	624	607	590	623	784	962	1,095	1,153	1,299	1,472	1,508	1,542	1,560
Fixed Assets	423	430	407	392	385	693	658	695	789	773	986	969	943
CWIP	39	7	2	11	152	33	90	90	61	171	28	39	70
Investments	0	0	0	0	0	0	0	0	30	50	35	51	51
Other Assets	162	170	181	221	246	237	346	368	419	477	459	484	496
Total Assets	624	607	590	623	784	962	1,095	1,153	1,299	1,472	1,508	1,542	1,560

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 +	56	-2	56	130	18	156	71	106	237	106	211	183
Cash from Investing Activity +	-24	-5	4	-18	-161	-223	-69	-78	-136	-139	-103	-64
Cash from Financing Activity +	-33	7	-57	-97	133	70	4	-31	-52	-25	-83	-110
Net Cash Flow	-1	-0	3	15	-9	4	6	-4	49	-58	25	9

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	-170.00	-188.00	-109.00	-80.00	-232.00	-144.00	-199.00	-207.00	-36.00	-127.00	-143.00	-9.00

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	32	29	30	26	20	32	56	56	27	30	32	28
Inventory Days	272	261	242	256	199	240	214	327	173	186	240	217
Days Payable	204	226	191	99	126	146	184	197	121	103	144	114
Cash Conversion Cycle	100	64	82	183	93	127	87	186	80	114	128	131
Working Capital Days	-12	-11	-25	-31	14	1	25	32	-2	39	32	26
ROCE %	6%	1%	14%	27%	19%	16%	12%	12%	27%	17%	11%	16%

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	44.00%	45.04%	45.73%	46.14%	46.48%	47.13%	47.27%	44.48%	44.48%	43.71%	42.31%	42.08%
FIIs	3.10%	3.00%	2.75%	2.81%	2.33%	2.38%	3.49%	4.23%	4.88%	5.17%	5.41%	5.33%
DIIs	0.05%	0.06%	0.06%	0.16%	0.16%	0.03%	0.03%	0.03%	0.03%	0.03%	0.39%	0.03%
Government	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
Public	52.84%	51.89%	51.45%	50.86%	51.01%	50.43%	49.19%	51.25%	50.59%	51.07%	51.88%	52.53%
No. of Shareholders	59,467	60,494	62,078	60,742	59,641	58,058	53,823	54,349	52,981	53,743	56,142	58,855

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.)	20.50	9.40	20.69	32.65	11.26
Diluted EPS (Rs.)	20.50	9.40	20.69	32.65	11.26
Cash EPS (Rs.)	32.98	20.66	31.18	41.94	20.55
Book Value[Excl.RevalReserv]/Share (Rs.)	187.72	170.20	163.78	146.95	116.83
Book Value[Incl.RevalReserv]/Share (Rs.)	187.72	170.20	163.78	146.95	116.83
Revenue From Operations / Share (Rs.)	413.72	355.86	361.11	305.90	207.34
PBDIT / Share (Rs.)	49.87	36.83	48.09	64.02	31.39
PBIT / Share (Rs.)	37.48	25.96	37.77	54.24	22.07
PBT / Share (Rs.)	32.40	20.17	32.29	49.64	15.29
Net Profit / Share (Rs.)	20.59	9.79	20.86	32.16	11.24
NP After MI And SOA / Share (Rs.)	20.59	9.79	20.86	32.16	11.24
PBDIT Margin (%)	12.05	10.35	13.31	20.92	15.13
PBIT Margin (%)	9.05	7.29	10.45	17.73	10.64
PBT Margin (%)	7.83	5.66	8.94	16.22	7.37
Net Profit Margin (%)	4.97	2.75	5.77	10.51	5.42
NP After MI And SOA Margin (%)	4.97	2.75	5.77	10.51	5.42
Return on Networth / Equity (%)	10.96	5.75	12.73	21.88	9.62
Return on Capital Employeed (%)	14.01	9.88	15.20	24.72	12.68
Return On Assets (%)	6.05	2.91	6.41	11.19	4.40
Long Term Debt / Equity (X)	0.17	0.26	0.37	0.35	0.31
Total Debt / Equity (X)	0.25	0.37	0.42	0.40	0.54
Asset Turnover Ratio (%)	1.22	1.08	1.18	1.13	0.83
Current Ratio (X)	1.34	1.28	1.21	1.11	0.94
Quick Ratio (X)	0.80	0.83	0.83	0.76	0.64
Inventory Turnover Ratio (X)	3.17	1.64	2.16	1.91	1.52
Dividend Payout Ratio (NP) (%)	0.00	30.64	19.17	7.77	42.90
Dividend Payout Ratio (CP) (%)	0.00	14.52	12.82	5.96	23.46
Earning Retention Ratio (%)	0.00	69.36	80.83	92.23	57.10
Cash Earning Retention Ratio (%)	0.00	85.48	87.18	94.04	76.54
Interest Coverage Ratio (X)	9.83	6.36	8.99	13.92	4.63
Interest Coverage Ratio (Post Tax) (X)	5.06	2.69	4.92	7.99	2.66
Enterprise Value (Cr.)	998.62	1057.69	1111.76	971.27	512.85
EV / Net Operating Revenue (X)	0.53	0.65	0.68	0.70	0.54
EV / EBITDA (X)	4.43	6.35	5.11	3.35	3.61
MarketCap / Net Operating Revenue (X)	0.44	0.50	0.49	0.56	0.26
Retention Ratios (%)	0.00	69.35	80.82	92.22	57.09
Price / BV (X)	0.98	1.05	1.09	1.17	0.46
Price / Net Operating Revenue (X)	0.44	0.50	0.49	0.56	0.26
EarningsYield	0.11	0.05	0.11	0.18	0.20

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of as of December 22, 2024 is: 306.05

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 39.75% compared to the current share price 219.00

Intrinsic Value of as of December 22, 2024 is: 259.30

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 18.40% compared to the current share price 219.00

Last 5 Year EPS CAGR: -15.28%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The stock has a low average Working Capital Days of 7.33, which is a positive sign. The company has higher reserves (441.77 cr) compared to borrowings (272.46 cr), indicating strong financial stability. The company has shown consistent growth in sales (459.77 cr) and profit (78.54 cr) over the years.	The stock has a low average ROCE of 14.83%, which may not be favorable. The stock has a high average Cash Conversion Cycle of 114.58, 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: 4.97%
  - 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: 14.01% (Industry Average ROCE: 11.09%)
  - 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%: 10.96% (Industry Average ROE: 14.99%)
  - 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): 5.06
  - 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: 0.8
  - 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: 14 (Industry average Stock P/E: 22.16)
  - 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: 0.25
  - 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

NCL Industries Ltd. is a Public Limited Listed company incorporated on 10/09/1979 and has its registered office in the State of Andhra Pradesh, India. Company’s Corporate Identification Number(CIN) is L33130TG1979PLC002521 and registration number is 002521. Currently Company is involved in the business activities of Manufacture of portland cement, aluminous cement, slag cement and similar hydraulic cement. Company’s Total Operating Revenue is Rs. 1633.41 Cr. and Equity Capital is Rs. 45.23 Cr. for the Year ended 31/03/2022.

INDUSTRY	ADDRESS	CONTACT
Cement	10-3-162, NCL Pearl, 7th Floor, Opp Hyderabad Bhavan, Secunderabad Telangana 500026	ncl@nclind.com http://www.nclind.com

Management
Name	Position Held
Mr. Kamlesh Gandhi	Chairman
Mr. K Ravi	Executive Vice Chairman
Mr. K Gautam	Promoter Managing Director
Mr. N G V S G Prasad	Executive Director
Mrs. Roopa Bhupatiraju	Executive Director
Mr. Utkal Goradia	Executive Director
Mrs. Pooja Kalidindi	Promoter Non-Exe.Director
Mr. Penmetsa Narasimha Raju	Promoter Non-Exe.Director
Mrs. P Sudha Reddy	Independent Woman Director
Dr. R Kalidas	Independent Director
Lt. Gen. (Retd.) T A D�unha	Independent Director
Mr. P Rajagopal Reddy	Independent Director
Mr. SK Subramanian	Independent Director

FAQ

What is the latest intrinsic value of ?

The latest intrinsic value of as on 22 December 2024 is ₹306.05, which is 39.75% higher than the current market price of ₹219.00. The stock has a market capitalization of 992 Cr. and recorded a high/low of 260/180 during the current fiscal year 2024-2025. As of Sep 2024, the company has reserves of ₹814 Cr and total liabilities of ₹1,560 Cr.

What is the Market Cap of ?

The Market Cap of is 992 Cr..

What is the current Stock Price of as on 22 December 2024?

The current stock price of as on 22 December 2024 is 219.

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

In FY 2024-2025, the High / Low of stocks is 260/180.

What is the Stock P/E of ?

The Stock P/E of is 14.0.

What is the Book Value of ?

The Book Value of is 190.

What is the Dividend Yield of ?

The Dividend Yield of is 1.82 %.

What is the ROCE of ?

The ROCE of is 15.8 %.

What is the ROE of ?

The ROE of is 11.3 %.

What is the Face Value of ?

The Face Value of is 10.0.