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Last Updated on: 27 February, 2024|Author: Getaka | Social: X Twitter Profile

Fundamental Analysis of Plastiblends India Ltd

About the Company - Plastiblends India Ltd

Plastiblends India Ltd. is a Public Limited Listed company incorporated on 22/01/1991 and has its registered office in the State of Maharashtra, India. Company’s Corporate Identification Number(CIN) is L25200MH1991PLC059943 and registration number is 059943. Currently Company is involved in the business activities of Manufacture of plastic in primary forms (includes amino-resins, polyurethanes etc.). Company’s Total Operating Revenue is Rs. 717.63 Cr. and Equity Capital is Rs. 12.99 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
Plastics - Plastic & Plastic ProductsFortune Terraces, A-Wing, 10th Floor, Mumbai Maharashtra 400053pbi@kolsitegroup.com
http://www.plastiblends.com
Management
NamePosition Held
Mr. Satyanarayan G KabraChairman & Managing Director
Mr. Varun S KabraVice Chairman & Mng.Director
Mr. Pushp Raj SinghviIndependent Director
Mr. Sudarshan K ParabIndependent Director
Mr. Bajrang Lal BagraIndependent Director
Mr. Rahul R RathiIndependent Director
Ms. Meena S AgrawalIndependent Director
Mr. Shreevallabh G KabraDirector
Mrs. Jyoti V KabraDirector

Plastiblends India Ltd. Share Price Update

Share PriceValue
Today₹297.20
Previous Day₹300.00

Basic Stock Data of Plastiblends India Ltd

Market Cap 704 Cr.
Current Price 271
High / Low358/139
Stock P/E21.7
Book Value 153
Dividend Yield1.47 %
ROCE9.20 %
ROE6.82 %
Face Value 5.00

Data Source: screener.in

Competitors of Plastiblends India Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
Pearl Polymers Ltd 69.8 Cr. 41.543.1/17.2 22.90.00 %17.4 %18.1 % 10.0
Nilkamal Ltd 2,956 Cr. 1,9812,805/1,67221.9 9001.02 %13.3 %10.5 % 10.0
Responsive Industries Ltd 7,846 Cr. 294365/10557.5 40.20.03 %4.51 %2.46 % 1.00
Mold-Tek Packaging Ltd 3,001 Cr. 9051,105/82541.9 1790.67 %19.6 %16.1 % 5.00
TPL Plastech Ltd 520 Cr. 66.678.0/26.929.6 15.20.88 %17.2 %13.9 % 2.00
Industry Average2,878.56 Cr657.6230.18231.460.52%14.40%12.21%5.60

Plastiblends India Ltd Quarterly Results

MonthDec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
Sales160.05171.68153.25171.39174.15218.84204.23180.30186.02197.97195.67210.46197.12
Expenses140.48152.37140.49160.35154.06201.49188.27172.18178.06180.18182.54196.03185.89
Operating Profit19.5719.3112.7611.0420.0917.3515.968.127.9617.7913.1314.4311.23
OPM %12.23%11.25%8.33%6.44%11.54%7.93%7.81%4.50%4.28%8.99%6.71%6.86%5.70%
Other Income0.751.451.771.211.062.892.512.231.77-1.301.332.582.03
Interest0.570.481.020.600.600.880.820.260.740.300.100.370.37
Depreciation4.113.874.164.014.023.904.034.084.274.063.883.863.87
Profit before tax15.6416.419.357.6416.5315.4613.626.014.7212.1310.4812.789.02
Tax %27.30%26.20%27.81%27.88%27.04%19.99%26.73%29.95%15.89%28.36%27.00%25.51%26.72%
Net Profit11.3812.116.755.5012.0712.389.984.213.978.697.659.536.61
EPS in Rs4.384.662.602.124.644.763.841.621.533.342.943.672.54

Plastiblends India Ltd Quarterly Chart

Plastiblends India Ltd Profit & Loss

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023TTM
Sales334400455484511545568627587555699751790
Expenses302368408433452481513567519487637701737
Operating Profit32314751596455606769625053
OPM %10%8%10%10%12%12%10%10%12%12%9%7%7%
Other Income0232212134654
Interest4664488813322
Depreciation444661112121716161616
Profit before tax24234143524638425253493640
Tax %30%33%33%30%27%30%28%25%28%30%25%26%
Net Profit17152730383327313737372730
EPS in Rs6.435.9110.4811.5614.4912.5810.5111.9914.3114.3714.1210.3311.48
Dividend Payout %27%30%24%24%24%10%24%23%26%28%28%39%

Plastiblends India Ltd Profit & Loss Yearly Chart

Plastiblends India Ltd Growth

Compounded Sales Growth
10 Years:7%
5 Years:6%
3 Years:9%
TTM:2%
Compounded Profit Growth
10 Years:6%
5 Years:-1%
3 Years:-11%
TTM:6%
Stock Price CAGR
10 Years:18%
5 Years:8%
3 Years:5%
1 Year:74%
Return on Equity
10 Years:13%
5 Years:11%
3 Years:10%
Last Year:7%

Plastiblends India Ltd Balance Sheet

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Sep 2023
Equity Capital66666613131313131313
Reserves100110130151178217235256268317368382385
Borrowings49583120829110578483245715
Other Liabilities44628080948488678091928399
Total Liabilities200236248258361399442414409453518484512
Fixed Assets60656473151169176173180179189181175
CWIP1015101039203
Investments4433310118422516764
Other Assets135168180177206219255233222242275236270
Total Assets200236248258361399442414409453518484512

Plastiblends India Ltd Reserves and Borrowings Chart

Plastiblends India Ltd Cash Flow

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Cash from Operating Activity 11437377125155974481572
Cash from Investing Activity -7-7-3-19-80-25-17-8-20-27-5-26
Cash from Financing Activity -33-32-189-03-51-55-19-12-45
Net Cash Flow0-02-1-0-00-1-11-11

Plastiblends India Ltd Financial Efficiency Indicators

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Debtor Days697871707774787763626244
Inventory Days8572634757668462851159376
Days Payable233135305034351217241617
Cash Conversion Cycle131119998684106127127131153139102
Working Capital Days11411192879710612410710111611086
ROCE %19%17%27%27%25%19%14%14%16%16%13%9%

Plastiblends India Ltd Financial Efficiency Indicators Chart

Plastiblends India Ltd Share Holding Pattern

MonthMar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
Promoters63.98%64.08%64.15%64.27%63.77%63.90%63.82%63.60%63.37%63.37%64.21%64.38%
FIIs1.14%1.14%1.26%1.33%1.35%1.31%1.32%0.76%0.75%0.75%0.76%0.82%
DIIs0.22%0.22%0.22%0.22%0.22%0.22%0.22%0.22%0.22%0.22%0.22%0.00%
Public34.66%34.56%34.38%34.18%34.66%34.57%34.65%35.43%35.65%35.65%34.82%34.80%
No. of Shareholders10,50112,13612,83912,84914,00014,32914,11814,12113,93513,84913,48314,549

Plastiblends India Ltd Shareholding Pattern Chart

No. of Plastiblends India Ltd Shareholders

This stock is not held by any mutual fund

Plastiblends India Ltd ROCE Trend

Plastiblends India Ltd EPS Trend

Plastiblends India Ltd Key Financial Ratios

MonthMar 23Mar 22Mar 21Mar 20Mar 19
FaceValue5.005.005.005.005.00
Basic EPS (Rs.)10.3314.1214.3714.3011.99
Diluted EPS (Rs.)10.3314.1214.3714.3011.99
Cash EPS (Rs.)16.6620.3120.4820.8616.51
Book Value[Excl.RevalReserv]/Share (Rs.)151.96146.78127.02108.08103.39
Book Value[Incl.RevalReserv]/Share (Rs.)151.96146.78127.02108.08103.39
Dividend / Share (Rs.)4.004.004.003.752.75
Revenue From Operations / Share (Rs.)295.71276.13222.14233.12241.20
PBDIT / Share (Rs.)21.1826.2327.7326.9623.66
PBIT / Share (Rs.)14.8520.0421.6320.4019.14
PBT / Share (Rs.)14.0418.8420.4719.8316.01
Net Profit / Share (Rs.)10.3314.1214.3714.3011.99
PBDIT Margin (%)7.169.4912.4811.569.80
PBIT Margin (%)5.027.259.738.757.93
PBT Margin (%)4.746.829.218.506.63
Net Profit Margin (%)3.495.116.466.134.97
Return on Networth / Equity (%)6.799.6211.3113.2311.59
Return on Capital Employeed (%)8.9612.2315.5516.4515.63
Return On Assets (%)5.547.098.249.097.53
Long Term Debt / Equity (X)0.000.000.000.030.06
Total Debt / Equity (X)0.000.080.090.140.25
Asset Turnover Ratio (%)1.531.481.341.471.47
Current Ratio (X)4.813.032.692.522.40
Quick Ratio (X)2.561.551.341.381.55
Inventory Turnover Ratio (X)4.574.193.494.865.36
Dividend Payout Ratio (NP) (%)38.7128.320.0054.7825.13
Dividend Payout Ratio (CP) (%)24.0119.690.0037.5518.25
Earning Retention Ratio (%)61.2971.680.0045.2274.87
Cash Earning Retention Ratio (%)75.9980.310.0062.4581.75
Interest Coverage Ratio (X)26.0122.0023.8947.277.56
Interest Coverage Ratio (Post Tax) (X)13.6912.8513.3826.084.83
Enterprise Value (Cr.)392.41543.48623.64338.66587.35
EV / Net Operating Revenue (X)0.510.751.080.550.93
EV / EBITDA (X)7.137.978.654.839.55
MarketCap / Net Operating Revenue (X)0.510.711.030.490.82
Retention Ratios (%)61.2871.670.0045.2174.86
Price / BV (X)0.991.341.801.071.93
Price / Net Operating Revenue (X)0.510.711.030.490.82
EarningsYield0.060.070.060.120.06

Plastiblends India Ltd Profitability Ratios (%)

Plastiblends India Ltd Liquidity Ratios

Plastiblends India Ltd Liquidity Ratios (%)

Plastiblends India Ltd Interest Coverage Ratios (%)

Plastiblends India Ltd Valuation Ratios

Fair Value / Intrinsic Value of Plastiblends India Ltd

Fair Value: ₹229.76

The stock is overvalued by 15.22% compared to the current price ₹271

*Investments are subject to market risks

Strength and Weakness of Plastiblends India Ltd

StrengthWeakness
  1. The stock has a high average ROCE of 18.00%, which is a positive sign.
  2. The company has higher reserves (238.23 cr) compared to borrowings (50.85 cr), indicating strong financial stability.
  3. The company has shown consistent growth in sales (562.00 cr) and profit (41.46 cr) over the years.
  1. The stock is trading at a high valuation with an average P/B ratio of 25.15 and average Dividend Yield of 7.74%.
  2. The stock has a high average Working Capital Days of 104.25, which may not be favorable.
  3. The stock has a high average Cash Conversion Cycle of 117.00, which may not be favorable.

Should I Buy Plastiblends India Ltd Share Now?

  • Considering various financial indicators, investors might exercise caution regarding investment in Plastiblends India Ltd:
    1. Net Profit Margin: 3.49%
      • 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: 8.96% (Industry Average ROCE: 70.38%)
      • 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. Interest Coverage Ratio (Post Tax): 13.69
      • 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.
    4. Quick Ratio: 2.56
      • 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.
    5. ✓ Stock P/E: 22.6 (Industry average Stock P/E: 24.92)
      • 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.
    6. ✓ Total Debt / Equity: 0.00
      • 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 suggests exercising caution. It's advisable to conduct further research or consult with financial experts before considering any investment.

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 Plastiblends India 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