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Last Updated on: 21 June, 2024|Author: Getaka | Social: X Twitter Profile

Fundamental Analysis of Plastiblends India Ltd

Basic Stock Data

Last Updated: June 20, 2024, 10:31 pm

Market Cap 708 Cr.
Current Price 272
High / Low358/178
Stock P/E20.5
Book Value 156
Dividend Yield1.47 %
ROCE11.6 %
ROE8.63 %
Face Value 5.00
PEG Ratio-13.96

Competitors of Plastiblends India Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
Padmanabh Alloys & Polymers Ltd 12.9 Cr. 23.937.3/19.126.9 16.10.00 %8.60 %5.66 % 10.0
Avro India Ltd 120 Cr. 119171/93.729.8 28.60.00 %17.4 %15.0 % 10.0
Axel Polymers Ltd 58.1 Cr. 68.376.0/41.237.3 17.60.00 %12.9 %10.9 % 10.0
Pil Italica Lifestyle Ltd 284 Cr. 12.117.6/8.4561.6 3.160.00 %8.49 %6.41 % 1.00
Mold-Tek Packaging Ltd 2,661 Cr. 8011,105/71540.0 1790.75 %14.5 %11.6 % 5.00
Industry Average6,301.42 Cr782.2241.11151.570.24%31.48%72.85%6.44

Quarterly Result

MonthMar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
Sales172153171174219204180186198196210197199
Expenses152140160154201188172178180183196186183
Operating Profit191311201716881813141116
OPM %11%8%6%12%8%8%4%4%9%7%7%6%8%
Other Income12113322-11322
Interest0111110100000
Depreciation4444444444444
Profit before tax169817151465121013914
Tax %26%28%28%27%20%27%30%16%28%27%26%27%23%
Net Profit1276121210449810711
EPS in Rs4.662.602.124.644.763.841.621.533.342.943.672.544.13

Last Updated: June 10, 2024, 5:01 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: May 27, 2024, 5:54 am

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Sales400455484511545568627587555699751802
Expenses368408433452481513567519487637701748
Operating Profit314751596455606769625055
OPM %8%10%10%12%12%10%10%12%12%9%7%7%
Other Income232212134658
Interest664488813321
Depreciation44661112121716161615
Profit before tax234143524638425253493646
Tax %33%33%30%27%30%28%25%28%30%25%26%25%
Net Profit152730383327313737372735
EPS in Rs5.9110.4811.5614.4912.5810.5111.9914.3114.3714.1210.3313.29
Dividend Payout %30%24%24%24%10%24%23%26%28%28%39%32%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2013-20142014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-2024
YoY Net Profit Growth (%)80.00%11.11%26.67%-13.16%-18.18%14.81%19.35%0.00%0.00%-27.03%29.63%
Change in YoY Net Profit Growth (%)0.00%-68.89%15.56%-39.82%-5.02%33.00%4.54%-19.35%0.00%-27.03%56.66%

Growth

Compounded Sales Growth
10 Years:6%
5 Years:5%
3 Years:13%
TTM:7%
Compounded Profit Growth
10 Years:2%
5 Years:2%
3 Years:-3%
TTM:30%
Stock Price CAGR
10 Years:17%
5 Years:7%
3 Years:7%
1 Year:60%
Return on Equity
10 Years:12%
5 Years:10%
3 Years:9%
Last Year:9%

Last Updated: May 1, 2024, 9:09 am

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

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

Free Cash Flow

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Free Cash Flow-27.0016.0031.00-23.00-27.00-50.00-18.0019.0037.0017.0043.0047.00

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 Days787170777478776362624440
Inventory Days7263475766846285115937676
Days Payable313530503435121724161714
Cash Conversion Cycle119998684106127127131153139102102
Working Capital Days11192879710612410710111611086105
ROCE %17%27%27%25%19%14%14%16%16%13%9%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthJun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
Promoters64.08%64.15%64.27%63.77%63.90%63.82%63.60%63.37%63.37%64.21%64.38%64.38%
FIIs1.14%1.26%1.33%1.35%1.31%1.32%0.76%0.75%0.75%0.76%0.82%0.84%
DIIs0.22%0.22%0.22%0.22%0.22%0.22%0.22%0.22%0.22%0.22%0.00%0.00%
Public34.56%34.38%34.18%34.66%34.57%34.65%35.43%35.65%35.65%34.82%34.80%34.79%
No. of Shareholders12,13612,83912,84914,00014,32914,11814,12113,93513,84913,48314,54915,146

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.)13.2810.3314.1214.3714.30
Diluted EPS (Rs.)13.2810.3314.1214.3714.30
Cash EPS (Rs.)19.2116.6620.3120.4820.86
Book Value[Excl.RevalReserv]/Share (Rs.)155.99151.96146.78127.02108.08
Book Value[Incl.RevalReserv]/Share (Rs.)155.99151.96146.78127.02108.08
Dividend / Share (Rs.)0.004.004.004.003.75
Revenue From Operations / Share (Rs.)308.65295.71276.13222.14233.12
PBDIT / Share (Rs.)24.1421.1826.2327.7326.96
PBIT / Share (Rs.)18.2114.8520.0421.6320.40
PBT / Share (Rs.)17.7614.0418.8420.4719.83
Net Profit / Share (Rs.)13.2810.3314.1214.3714.30
PBDIT Margin (%)7.817.169.4912.4811.56
PBIT Margin (%)5.905.027.259.738.75
PBT Margin (%)5.754.746.829.218.50
Net Profit Margin (%)4.303.495.116.466.13
Return on Networth / Equity (%)8.516.799.6211.3113.23
Return on Capital Employeed (%)10.878.9612.2315.5516.45
Return On Assets (%)7.155.547.098.249.09
Long Term Debt / Equity (X)0.000.000.000.000.03
Total Debt / Equity (X)0.000.000.080.090.14
Asset Turnover Ratio (%)1.661.531.481.341.47
Current Ratio (X)5.874.813.032.692.52
Quick Ratio (X)3.212.561.551.341.38
Inventory Turnover Ratio (X)4.894.574.193.494.86
Dividend Payout Ratio (NP) (%)0.0038.7128.320.0054.78
Dividend Payout Ratio (CP) (%)0.0024.0119.690.0037.55
Earning Retention Ratio (%)0.0061.2971.680.0045.22
Cash Earning Retention Ratio (%)0.0075.9980.310.0062.45
Interest Coverage Ratio (X)53.6326.0122.0023.8947.27
Interest Coverage Ratio (Post Tax) (X)30.5213.6912.8513.3826.08
Enterprise Value (Cr.)597.87392.41543.48623.64338.66
EV / Net Operating Revenue (X)0.740.510.751.080.55
EV / EBITDA (X)9.537.137.978.654.83
MarketCap / Net Operating Revenue (X)0.740.510.711.030.49
Retention Ratios (%)0.0061.2871.670.0045.21
Price / BV (X)1.480.991.341.801.07
Price / Net Operating Revenue (X)0.740.510.711.030.49
EarningsYield0.050.060.070.060.12

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value: 280.04

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.

Undervalued: 2.96% compared to the current price 272

Intrinsic Value: 275.93

Calculation basis:

  • Fair 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 fair value of the stock by analyzing its fundamental indicators along with EPS growth.

Undervalued: 1.45% compared to the current price ₹272

Last 5 Year EPS CAGR: -1.47%

*Investments are subject to market risks

Strength and Weakness

StrengthWeakness
  1. The stock has a high average ROCE of 16.42%, which is a positive sign.
  2. The company has higher reserves (250.33 cr) compared to borrowings (50.42 cr), indicating strong financial stability.
  3. The company has shown consistent growth in sales (582.00 cr) and profit (43.42 cr) over the years.
  1. The stock has a high average Working Capital Days of 103.50, which may not be favorable.
  2. The stock has a high average Cash Conversion Cycle of 114.58, 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 Plastiblends India Ltd:
    1. Net Profit Margin: 4.30%
      • 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: 10.87% (Industry Average ROCE: %)
      • 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%: 8.51% (Industry Average ROE: %)
      • 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): 30.52
      • 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: 3.21
      • 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: 20.5 (Industry average Stock P/E: )
      • 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: 0.00
      • 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 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

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

FAQ

What is the latest fair value of Plastiblends India Ltd?

The latest fair value of Plastiblends India Ltd is ₹280.04.

What is the Market Cap of Plastiblends India Ltd?

The Market Cap of Plastiblends India Ltd is 708 Cr..

What is the current Stock Price of Plastiblends India Ltd as on 21 June 2024?

The current stock price of Plastiblends India Ltd as on 21 June 2024 is ₹272.

What is the High / Low of Plastiblends India Ltd stocks in FY 2024?

In FY 2024, the High / Low of Plastiblends India Ltd stocks is 358/178.

What is the Stock P/E of Plastiblends India Ltd?

The Stock P/E of Plastiblends India Ltd is 20.5.

What is the Book Value of Plastiblends India Ltd?

The Book Value of Plastiblends India Ltd is 156.

What is the Dividend Yield of Plastiblends India Ltd?

The Dividend Yield of Plastiblends India Ltd is 1.47 %.

What is the ROCE of Plastiblends India Ltd?

The ROCE of Plastiblends India Ltd is 11.6 %.

What is the ROE of Plastiblends India Ltd?

The ROE of Plastiblends India Ltd is 8.63 %.

What is the Face Value of Plastiblends India Ltd?

The Face Value of Plastiblends India 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 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