Siyaram Silk Mills Ltd: Fundamental Analysis, Share Price Insights & Intrinsic Value (2024)

Share Price and Basic Stock Data

Last Updated: December 21, 2024, 1:49 am

Market Cap	4,254 Cr.
Current Price	938
High / Low	1,175/410
Stock P/E	22.0
Book Value	265
Dividend Yield	1.17 %
ROCE	20.5 %
ROE	16.3 %
Face Value	2.00
PEG Ratio	0.21

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
Gravity (India) Ltd	6.18 Cr.	6.87	8.40/3.73		2.24	0.00 %	81.2 %	86.2 %	10.0
Flora Textiles Ltd	106 Cr.	176	187/9.00	16.7	10.8	0.00 %	88.9 %	%	10.0
E-Land Apparel Ltd	64.0 Cr.	13.3	16.5/6.54		103	0.00 %	%	%	10.0
Acknit Industries Ltd	95.1 Cr.	313	406/210	10.4	271	0.48 %	11.3 %	11.4 %	10.0
Siyaram Silk Mills Ltd	4,254 Cr.	938	1,175/410	22.0	265	1.17 %	20.5 %	16.3 %	2.00
Industry Average	2,778.17 Cr	240.37		18.75	105.24	0.24%	31.29%	26.27%	7.22

All Competitor Stocks of

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	233	480	562	628	398	635	501	695	354	585	502	646	307
Expenses	203	395	460	510	346	516	425	573	331	497	433	540	296
Operating Profit	30	85	102	118	52	120	76	121	23	88	68	106	10
OPM %	13%	18%	18%	19%	13%	19%	15%	17%	6%	15%	14%	16%	3%
Other Income	8	6	9	6	7	9	13	10	8	12	11	6	24
Interest	5	5	5	4	4	6	6	5	4	5	6	5	5
Depreciation	15	15	14	14	14	14	15	14	13	14	14	14	14
Profit before tax	17	72	92	106	41	109	68	113	13	81	60	93	16
Tax %	25%	26%	25%	27%	25%	26%	24%	22%	24%	24%	26%	26%	24%
Net Profit	13	53	69	77	31	81	52	88	10	61	44	69	12
EPS in Rs	2.75	11.36	14.73	16.49	6.61	17.18	11.09	18.85	2.14	13.10	9.76	15.21	2.65

Last Updated: October 9, 2024, 4:56 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: October 9, 2024, 4:56 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	1,032	1,291	1,496	1,609	1,570	1,733	1,815	1,698	1,088	1,903	2,229	2,087	2,040
Expenses	922	1,146	1,321	1,413	1,373	1,487	1,573	1,529	1,033	1,569	1,860	1,801	1,768
Operating Profit	110	146	174	196	197	246	241	169	55	334	369	286	272
OPM %	11%	11%	12%	12%	13%	14%	13%	10%	5%	18%	17%	14%	13%
Other Income	19	10	16	14	25	20	24	34	41	29	40	36	53
Interest	25	29	31	31	32	34	48	43	30	18	20	20	21
Depreciation	22	29	41	52	55	61	62	73	61	59	58	55	55
Profit before tax	82	98	119	127	136	171	154	88	5	287	332	247	250
Tax %	33%	35%	34%	34%	33%	35%	35%	18%	-2%	26%	24%	25%
Net Profit	55	64	79	84	91	112	101	72	5	213	252	185	187
EPS in Rs	11.73	13.55	16.80	17.93	19.41	23.81	21.58	15.30	1.14	45.34	53.73	40.70	40.72
Dividend Payout %	13%	12%	12%	12%	15%	18%	20%	56%	404%	20%	20%	27%

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 (%)	16.36%	23.44%	6.33%	8.33%	23.08%	-9.82%	-28.71%	-93.06%	4160.00%	18.31%	-26.59%
Change in YoY Net Profit Growth (%)	0.00%	7.07%	-17.11%	2.00%	14.74%	-32.90%	-18.89%	-64.34%	4253.06%	-4141.69%	-44.90%

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:	5%
5 Years:	3%
3 Years:	24%
TTM:	-3%

Compounded Profit Growth
10 Years:	11%
5 Years:	12%
3 Years:	235%
TTM:	-9%

Stock Price CAGR
10 Years:	18%
5 Years:	33%
3 Years:	31%
1 Year:	74%

Return on Equity
10 Years:	16%
5 Years:	16%
3 Years:	21%
Last Year:	16%

Last Updated: Unknown

Balance Sheet

Last Updated: November 14, 2024, 7:38 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	9	9	9	9	9	9	9	9	9	9	9	9	9
Reserves	305	360	426	497	587	669	748	758	765	928	1,132	1,132	1,194
Borrowings	278	314	309	408	305	573	444	428	139	223	163	175	260
Other Liabilities	195	213	236	282	258	301	303	308	304	355	336	290	337
Total Liabilities	788	896	981	1,195	1,159	1,553	1,505	1,503	1,217	1,515	1,640	1,606	1,800
Fixed Assets	305	349	332	398	409	439	519	548	487	498	477	474	480
CWIP	16	3	7	5	36	93	8	4	3	2	5	19	61
Investments	0	0	0	15	0	33	25	25	52	49	135	41	133
Other Assets	466	543	641	778	714	989	953	926	676	967	1,022	1,072	1,126
Total Assets	788	896	981	1,195	1,159	1,553	1,505	1,503	1,217	1,515	1,640	1,606	1,800

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 +	68	66	60	81	203	-28	192	205	332	36	235	128
Cash from Investing Activity +	-73	-61	-23	-111	-69	-158	-12	-27	-29	-55	-113	68
Cash from Financing Activity +	6	-3	-38	31	-135	204	-194	-182	-301	19	-123	-194
Net Cash Flow	1	2	-1	1	-1	18	-15	-4	1	-1	-0	2

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	-168.00	-168.00	-135.00	-212.00	-108.00	-327.00	-203.00	-259.00	-84.00	111.00	206.00	111.00

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	71	74	82	82	71	89	79	73	87	74	70	82
Inventory Days	152	122	110	147	156	203	190	190	146	164	143	171
Days Payable	81	65	65	79	69	85	79	81	102	87	65	60
Cash Conversion Cycle	142	131	127	151	157	206	190	182	132	151	148	193
Working Capital Days	95	92	101	111	106	143	136	135	125	127	118	144
ROCE %	19%	21%	21%	19%	18%	19%	17%	11%	3%	29%	28%	20%

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	67.19%	67.19%	67.18%	67.18%	67.18%	67.18%	67.18%	67.18%	67.18%	67.45%	67.45%	67.45%
FIIs	1.92%	2.83%	3.65%	3.28%	2.66%	2.61%	2.04%	2.39%	1.91%	1.75%	1.56%	1.53%
DIIs	10.76%	7.75%	6.19%	6.24%	6.11%	4.45%	4.85%	4.27%	4.42%	3.44%	2.93%	2.54%
Public	20.12%	22.23%	22.98%	23.29%	24.04%	25.74%	25.94%	26.14%	26.49%	27.37%	28.07%	28.47%
No. of Shareholders	26,907	29,769	28,426	40,004	44,828	42,973	38,111	35,390	51,449	39,855	39,722	39,091

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
DSP Small Cap Fund	360,954	0.14	19.29	16,359	2024-12-17	2106.46%
Motilal Oswal Nifty Microcap 250 Index Fund	16,359	0.14	0.87	16,359	2024-12-17	0%

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20
FaceValue	2.00	2.00	2.00	2.00	2.00
Basic EPS (Rs.)	39.99	53.55	46.14	0.76	14.77
Diluted EPS (Rs.)	39.99	53.55	46.14	0.76	14.77
Cash EPS (Rs.)	52.93	65.97	58.71	13.81	30.36
Book Value[Excl.RevalReserv]/Share (Rs.)	250.61	242.56	199.27	163.64	162.59
Book Value[Incl.RevalReserv]/Share (Rs.)	250.61	242.56	199.27	163.64	162.59
Revenue From Operations / Share (Rs.)	461.11	476.32	406.44	232.40	362.56
PBDIT / Share (Rs.)	71.16	87.19	78.41	20.18	42.93
PBIT / Share (Rs.)	58.95	74.78	65.84	7.13	27.35
PBT / Share (Rs.)	54.47	70.57	61.99	0.73	18.17
Net Profit / Share (Rs.)	40.72	53.55	46.14	0.76	14.77
NP After MI And SOA / Share (Rs.)	40.72	53.55	46.14	0.76	14.77
PBDIT Margin (%)	15.43	18.30	19.29	8.68	11.84
PBIT Margin (%)	12.78	15.69	16.20	3.06	7.54
PBT Margin (%)	11.81	14.81	15.25	0.31	5.01
Net Profit Margin (%)	8.83	11.24	11.35	0.32	4.07
NP After MI And SOA Margin (%)	8.83	11.24	11.35	0.32	4.07
Return on Networth / Equity (%)	16.24	22.07	23.15	0.46	9.08
Return on Capital Employeed (%)	22.11	28.66	29.34	3.64	13.05
Return On Assets (%)	11.53	15.33	14.29	0.29	4.65
Long Term Debt / Equity (X)	0.00	0.01	0.03	0.07	0.13
Total Debt / Equity (X)	0.14	0.13	0.22	0.10	0.45
Asset Turnover Ratio (%)	1.29	1.41	1.40	0.80	1.14
Current Ratio (X)	2.73	2.66	2.12	2.29	1.77
Quick Ratio (X)	1.54	1.64	1.24	1.42	0.91
Inventory Turnover Ratio (X)	1.91	2.25	2.53	1.09	1.62
Dividend Payout Ratio (NP) (%)	27.33	19.04	22.97	0.00	58.20
Dividend Payout Ratio (CP) (%)	21.03	15.46	18.05	0.00	28.32
Earning Retention Ratio (%)	72.67	80.96	77.03	0.00	41.80
Cash Earning Retention Ratio (%)	78.97	84.54	81.95	0.00	71.68
Interest Coverage Ratio (X)	15.91	20.70	20.34	3.16	4.68
Interest Coverage Ratio (Post Tax) (X)	10.10	13.72	12.97	1.12	2.61
Enterprise Value (Cr.)	2132.14	2099.46	2173.16	938.35	998.85
EV / Net Operating Revenue (X)	1.02	0.94	1.14	0.86	0.58
EV / EBITDA (X)	6.60	5.14	5.91	9.92	4.96
MarketCap / Net Operating Revenue (X)	0.94	0.87	1.03	0.80	0.38
Retention Ratios (%)	72.66	80.95	77.02	0.00	41.79
Price / BV (X)	1.74	1.72	2.11	1.14	0.86
Price / Net Operating Revenue (X)	0.94	0.87	1.03	0.80	0.38
EarningsYield	0.09	0.12	0.10	0.00	0.10

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of as of December 22, 2024 is: 961.41

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 2.50% compared to the current share price 938.00

Intrinsic Value of as of December 22, 2024 is: 1,965.57

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 109.55% compared to the current share price 938.00

Last 5 Year EPS CAGR: 104.45%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The stock has a high average ROCE of 18.75%, which is a positive sign. The company has higher reserves (730.85 cr) compared to borrowings (309.15 cr), indicating strong financial stability. The company has shown consistent growth in sales (1.23 cr) and profit (161.23 cr) over the years.	The stock has a high average Working Capital Days of 119.42, which may not be favorable. The stock has a high average Cash Conversion Cycle of 159.17, 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: 8.83%
  - 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: 22.11% (Industry Average ROCE: 27.81%)
  - 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%: 16.24% (Industry Average ROE: 17.51%)
  - 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): 10.1
  - 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: 1.54
  - 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: 22 (Industry average Stock P/E: 12.5)
  - 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: 0.14
  - 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

Siyaram Silk Mills Ltd. is a Public Limited Listed company incorporated on 29/06/1978 and has its registered office in the State of Maharashtra, India. Company’s Corporate Identification Number(CIN) is L17116MH1978PLC020451 and registration number is 020451. Currently Company is involved in the business activities of Spinning, weaving and finishing of textiles. Company’s Total Operating Revenue is Rs. 1903.07 Cr. and Equity Capital is Rs. 9.37 Cr. for the Year ended 31/03/2022.

INDUSTRY	ADDRESS	CONTACT
Textiles - Weaving	H-3/2, MIDC, A-Road, Tarapur, Palghar District Maharashtra 401506	sharedept@siyaram.com http://www.siyaram.com

Management
Name	Position Held
Mr. Ramesh D Poddar	Chairman & Managing Director
Mr. Pawan D Poddar	Joint Managing Director
Mr. Shrikishan D Poddar	Executive Director
Mr. Gaurav P Poddar	Executive Director & President
Mr. Ashok M Jalan	Senior President & Director
Mrs. Mangala R Prabhu	Independent Director
Mr. Sachindra N Chaturvedi	Independent Director
Mr. Deepak R Shah	Independent Director
Mr. Ashok N Desai	Independent Director
Mr. Chetan S Thakkar	Independent Director

FAQ

What is the latest intrinsic value of ?

The latest intrinsic value of as on 22 December 2024 is ₹961.41, which is 2.50% higher than the current market price of ₹938.00. The stock has a market capitalization of 4,254 Cr. and recorded a high/low of 1,175/410 during the current fiscal year 2024-2025. As of Sep 2024, the company has reserves of ₹1,194 Cr and total liabilities of ₹1,800 Cr.

What is the Market Cap of ?

The Market Cap of is 4,254 Cr..

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

The current stock price of as on 22 December 2024 is 938.

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

In FY 2024-2025, the High / Low of stocks is 1,175/410.

What is the Stock P/E of ?

The Stock P/E of is 22.0.

What is the Book Value of ?

The Book Value of is 265.

What is the Dividend Yield of ?

The Dividend Yield of is 1.17 %.

What is the ROCE of ?

The ROCE of is 20.5 %.

What is the ROE of ?

The ROE of is 16.3 %.

What is the Face Value of ?

The Face Value of is 2.00.