Vascon Engineers Ltd: Fundamental Analysis, Share Price Insights & Intrinsic Value (2024)

Share Price and Basic Stock Data

Last Updated: December 21, 2024, 1:38 am

Market Cap	1,213 Cr.
Current Price	53.6
High / Low	93.2/49.7
Stock P/E	23.2
Book Value	44.8
Dividend Yield	0.47 %
ROCE	8.27 %
ROE	7.00 %
Face Value	10.0
PEG Ratio	0.53

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
IITL Projects Ltd	26.4 Cr.	52.9	78.1/16.0	8.18	70.7	0.00 %	%	%	10.0
HB Estate Developers Ltd	198 Cr.	102	125/45.0	26.6	80.1	0.00 %	7.00 %	2.39 %	10.0
Hazoor Multi Projects Ltd	994 Cr.	49.9	63.9/28.4	11.8	19.5	0.60 %	%	%	1.00
Gyan Developers & Builders Ltd	9.11 Cr.	30.4	33.8/7.07		12.7	0.00 %	4.02 %	3.75 %	10.0
GG Dandekar Properties Ltd	57.2 Cr.	120	163/87.4		96.9	0.00 %	1.27 %	9.45 %	1.00
Industry Average	16,164.50 Cr	306.21		47.59	133.45	0.14%	23.48%	27.83%	21.38

All Competitor Stocks of

Quarterly Result

Month	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Sales	189	112	153	171	218	201	217	254	327	204	217	280	335
Expenses	181	113	148	177	200	185	206	233	278	190	207	254	318
Operating Profit	9	-1	5	-6	18	16	11	21	49	15	10	27	18
OPM %	5%	-1%	3%	-4%	8%	8%	5%	8%	15%	7%	5%	9%	5%
Other Income	2	3	8	43	5	2	18	2	8	4	18	2	15
Interest	5	6	6	5	6	4	3	2	3	3	4	5	4
Depreciation	3	2	3	3	3	2	3	3	3	3	4	4	4
Profit before tax	2	-7	4	29	14	12	23	17	52	12	21	20	24
Tax %	-17%	2%	19%	0%	24%	6%	0%	6%	4%	3%	3%	7%	30%
Net Profit	3	-7	3	29	11	11	23	16	50	12	21	19	17
EPS in Rs	0.14	-0.39	0.18	1.32	0.50	0.50	1.04	0.75	2.28	0.55	0.95	0.84	0.76

Last Updated: Unknown

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: September 23, 2024, 3:17 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	708	624	623	588	490	539	524	521	506	657	1,019	1,053	1,108
Expenses	680	610	717	551	496	531	516	466	519	634	902	967	1,035
Operating Profit	27	14	-94	37	-6	8	8	55	-13	23	118	86	74
OPM %	4%	2%	-15%	6%	-1%	1%	2%	11%	-3%	3%	12%	8%	7%
Other Income	23	19	11	27	58	38	36	20	12	53	11	23	38
Interest	37	44	31	40	34	26	27	20	27	25	13	17	18
Depreciation	21	19	22	15	16	14	13	15	12	11	12	14	15
Profit before tax	-7	-30	-136	8	3	5	4	40	-40	40	103	78	78
Tax %	136%	45%	6%	-16%	55%	7%	-24%	0%	1%	11%	4%	12%
Net Profit	-17	-43	-145	9	1	5	5	40	-40	36	99	68	66
EPS in Rs	-1.07	-2.80	-9.17	0.53	0.12	0.33	0.38	2.22	-2.24	1.62	4.49	3.02	2.98
Dividend Payout %	0%	-1%	0%	0%	0%	0%	0%	0%	0%	0%	6%	8%

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 (%)	-152.94%	-237.21%	106.21%	-88.89%	400.00%	0.00%	700.00%	-200.00%	190.00%	175.00%	-31.31%
Change in YoY Net Profit Growth (%)	0.00%	-84.27%	343.42%	-195.10%	488.89%	-400.00%	700.00%	-900.00%	390.00%	-15.00%	-206.31%

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:	15%
3 Years:	28%
TTM:	7%

Compounded Profit Growth
10 Years:	13%
5 Years:	63%
3 Years:	52%
TTM:	-46%

Stock Price CAGR
10 Years:	9%
5 Years:	31%
3 Years:	29%
1 Year:	-26%

Return on Equity
10 Years:	0%
5 Years:	4%
3 Years:	6%
Last Year:	7%

Last Updated: Unknown

Balance Sheet

Last Updated: November 14, 2024, 6:36 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	90	90	90	161	168	174	178	178	182	217	217	221	224
Reserves	623	570	428	465	467	494	512	556	517	594	694	760	780
Borrowings	304	360	334	269	274	278	253	255	215	165	142	194	233
Other Liabilities	461	455	503	457	415	376	388	366	403	514	595	687	886
Total Liabilities	1,478	1,475	1,356	1,352	1,323	1,322	1,330	1,356	1,316	1,490	1,649	1,862	2,123
Fixed Assets	205	188	189	116	130	119	114	108	99	94	117	126	78
CWIP	22	25	2	0	0	1	0	0	0	0	0	0	1
Investments	65	68	61	122	84	86	83	98	81	76	83	83	86
Other Assets	1,186	1,193	1,103	1,114	1,109	1,116	1,133	1,150	1,137	1,320	1,450	1,652	1,959
Total Assets	1,478	1,475	1,356	1,352	1,323	1,322	1,330	1,356	1,316	1,490	1,649	1,862	2,123

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 +	126	-87	78	38	28	10	56	38	70	33	104	-29
Cash from Investing Activity +	-13	-14	8	-21	-23	6	-2	-27	6	-13	-32	-8
Cash from Financing Activity +	-116	100	-63	-26	-16	-24	-26	-34	-72	-22	-44	5
Net Cash Flow	-3	-1	23	-9	-12	-8	28	-24	4	-1	28	-31

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	-277.00	-346.00	-428.00	-232.00	-280.00	-270.00	-245.00	-200.00	-228.00	-142.00	-24.00	-108.00

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	139	154	172	150	167	139	140	127	118	90	78	92
Inventory Days	2,412		3,038	371	453	451	476	503	416	363	219	246
Days Payable	1,188		2,217	160	197	184	192	211	219	197	167	177
Cash Conversion Cycle	1,364	154	993	361	424	406	425	419	316	256	129	161
Working Capital Days	191	192	119	232	362	308	369	375	391	325	209	234
ROCE %	3%	1%	-11%	4%	4%	3%	3%	6%	-2%	2%	11%	8%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Promoters	35.72%	35.72%	34.95%	31.99%	31.99%	31.99%	31.99%	32.20%	32.20%	32.20%	32.20%	31.62%
FIIs	0.38%	0.39%	0.01%	0.03%	0.16%	0.02%	0.15%	0.40%	0.22%	0.51%	0.90%	0.11%
DIIs	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.11%	0.09%	0.14%
Public	63.90%	63.89%	65.03%	67.99%	67.85%	68.00%	67.86%	67.41%	67.56%	67.18%	66.80%	68.12%
No. of Shareholders	33,462	36,137	34,840	37,698	40,466	40,579	40,281	43,764	43,446	48,210	58,086	75,308

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
LIC MF Infrastructure Fund	114,750	0.56	0.98	114,750	2024-12-12	0%

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.)	3.05	4.49	1.76	-2.27	2.22
Diluted EPS (Rs.)	3.05	4.49	1.76	-2.27	2.21
Cash EPS (Rs.)	3.72	5.12	2.15	-1.55	3.07
Book Value[Excl.RevalReserv]/Share (Rs.)	44.94	42.53	37.92	38.94	41.75
Book Value[Incl.RevalReserv]/Share (Rs.)	44.94	42.53	37.92	38.94	41.75
Revenue From Operations / Share (Rs.)	47.57	46.91	30.23	27.77	29.24
PBDIT / Share (Rs.)	4.87	5.89	3.48	-0.05	4.15
PBIT / Share (Rs.)	4.22	5.34	2.98	-0.71	3.31
PBT / Share (Rs.)	3.50	4.75	1.86	-2.19	2.23
Net Profit / Share (Rs.)	3.07	4.57	1.65	-2.21	2.23
NP After MI And SOA / Share (Rs.)	3.02	4.49	1.62	-2.24	2.22
PBDIT Margin (%)	10.24	12.55	11.50	-0.19	14.17
PBIT Margin (%)	8.87	11.38	9.86	-2.58	11.30
PBT Margin (%)	7.36	10.13	6.14	-7.88	7.64
Net Profit Margin (%)	6.45	9.75	5.46	-7.96	7.62
NP After MI And SOA Margin (%)	6.35	9.56	5.35	-8.07	7.59
Return on Networth / Equity (%)	6.81	10.69	4.33	-5.83	5.39
Return on Capital Employeed (%)	8.52	11.58	7.54	-1.69	6.84
Return On Assets (%)	3.59	5.91	2.36	-3.09	2.92
Long Term Debt / Equity (X)	0.08	0.06	0.02	0.06	0.13
Total Debt / Equity (X)	0.17	0.14	0.19	0.18	0.27
Asset Turnover Ratio (%)	0.59	0.64	0.34	0.27	0.28
Current Ratio (X)	1.86	1.97	1.87	1.82	2.05
Quick Ratio (X)	1.13	1.24	1.05	0.98	1.08
Dividend Payout Ratio (NP) (%)	8.12	0.00	0.00	0.00	0.00
Dividend Payout Ratio (CP) (%)	6.68	0.00	0.00	0.00	0.00
Earning Retention Ratio (%)	91.88	0.00	0.00	0.00	0.00
Cash Earning Retention Ratio (%)	93.32	0.00	0.00	0.00	0.00
Interest Coverage Ratio (X)	6.77	10.01	3.09	-0.03	3.88
Interest Coverage Ratio (Post Tax) (X)	5.27	8.77	2.47	-0.50	3.09
Enterprise Value (Cr.)	1460.70	577.54	583.27	393.98	273.79
EV / Net Operating Revenue (X)	1.39	0.56	0.88	0.77	0.52
EV / EBITDA (X)	13.55	4.51	7.72	-400.92	3.71
MarketCap / Net Operating Revenue (X)	1.29	0.52	0.77	0.65	0.25
Retention Ratios (%)	91.87	0.00	0.00	0.00	0.00
Price / BV (X)	1.38	0.59	0.63	0.47	0.18
Price / Net Operating Revenue (X)	1.29	0.52	0.77	0.65	0.25
EarningsYield	0.04	0.18	0.06	-0.12	0.29

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of as of December 21, 2024 is: 73.10

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 21, 2024, is Undervalued by 36.38% compared to the current share price 53.60

Intrinsic Value of as of December 21, 2024 is: 105.36

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 21, 2024, is Undervalued by 96.57% compared to the current share price 53.60

Last 5 Year EPS CAGR: 44.13%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The company has higher reserves (573.85 cr) compared to borrowings (252.00 cr), indicating strong financial stability. The company has shown consistent growth in sales (444.85 cr) and profit (11.23 cr) over the years.	The stock has a low average ROCE of 2.67%, which may not be favorable. The stock has a high average Working Capital Days of 275.58, which may not be favorable. The stock has a high average Cash Conversion Cycle of 337.08, 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: 6.45%
  - 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: 8.52% (Industry Average ROCE: 21.78%)
  - 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%: 6.81% (Industry Average ROE: 22.99%)
  - 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): 5.27
  - 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: 1.13
  - 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: 23.2 (Industry average Stock P/E: 33.11)
  - 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: 0.17
  - 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

Vascon Engineers Ltd. is a Public Limited Listed company incorporated on 01/01/1986 and has its registered office in the State of Maharashtra, India. Company’s Corporate Identification Number(CIN) is L70100PN1986PLC175750 and registration number is 038511. Currently Company is involved in the business activities of Other specialized construction activities. Company’s Total Operating Revenue is Rs. 462.65 Cr. and Equity Capital is Rs. 217.32 Cr. for the Year ended 31/03/2022.

INDUSTRY	ADDRESS	CONTACT
Construction, Contracting & Engineering	Vascon Weikfield Chambers, Behind Hotel Novate, Pune Maharashtra 411014	compliance.officer@vascon.com http://www.vascon.com

Management
Name	Position Held
Mr. Ramamoorthy Vasudevan	Chairman Emeritus
Mr. Mukesh Satpal Malhotra	Chairman & Ind.Director
Mr. Siddharth Vasudevan Moorthy	Managing Director
Mrs. Sowmya Aditya Iyer	Non Executive Director
Mr. Sankaramahalingam Balasubramanian	Independent Director
Mr. K G Krishnamurthy	Independent Director
Dr. Santosh Sundararajan	WholeTime Director & Group CEO
Ms. Tara Subramaniam	Independent Director

FAQ

What is the latest intrinsic value of ?

The latest intrinsic value of as on 21 December 2024 is ₹73.10, which is 36.38% higher than the current market price of ₹53.60. The stock has a market capitalization of 1,213 Cr. and recorded a high/low of 93.2/49.7 during the current fiscal year 2024-2025. As of Sep 2024, the company has reserves of ₹780 Cr and total liabilities of ₹2,123 Cr.

What is the Market Cap of ?

The Market Cap of is 1,213 Cr..

What is the current Stock Price of as on 21 December 2024?

The current stock price of as on 21 December 2024 is 53.6.

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

In FY 2024-2025, the High / Low of stocks is 93.2/49.7.

What is the Stock P/E of ?

The Stock P/E of is 23.2.

What is the Book Value of ?

The Book Value of is 44.8.

What is the Dividend Yield of ?

The Dividend Yield of is 0.47 %.

What is the ROCE of ?

The ROCE of is 8.27 %.

What is the ROE of ?

The ROE of is 7.00 %.

What is the Face Value of ?

The Face Value of is 10.0.