Morganite Crucible (India) Ltd: Share Price Analysis, Intrinsic Value & Fundamentals (2025)

Share Price and Basic Stock Data

Last Updated: January 23, 2025, 8:00 pm

Market Cap	773 Cr.
Current Price	1,380
High / Low	1,964/1,294
Stock P/E	29.0
Book Value	246
Dividend Yield	2.90 %
ROCE	28.3 %
ROE	20.2 %
Face Value	5.00
PEG Ratio	0.25

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for Morganite Crucible (India) Ltd

Competitors of Morganite Crucible (India) Ltd

Stock Name	Market Cap	Current Price	High / Low	Stock P/E	Book Value	Dividend Yield	ROCE	ROE	Face Value
Morganite Crucible (India) Ltd	773 Cr.	1,380	1,964/1,294	29.0	246	2.90 %	28.3 %	20.2 %	5.00
Associated Ceramics Ltd	75.2 Cr.	250	1,408/198	50.5	75.6	0.00 %	5.69 %	4.09 %	10.0
Vesuvius India Ltd	8,207 Cr.	4,044	6,000/3,012	31.4	642	0.32 %	26.1 %	19.4 %	10.0
IFGL Refractories Ltd	1,463 Cr.	408	849/395	28.8	306	1.72 %	8.97 %	7.82 %	10.0
Industry Average	3,481.00 Cr	1,520.50		34.93	317.40	1.24%	17.27%	12.88%	8.75

All Competitor Stocks of Morganite Crucible (India) Ltd

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	36.59	41.36	40.63	40.27	38.85	41.49	33.98	42.69	45.35	40.00	39.90	42.90	44.31
Expenses	28.15	31.50	35.88	33.75	31.94	33.43	30.23	31.19	32.51	31.50	34.28	32.12	31.48
Operating Profit	8.44	9.86	4.75	6.52	6.91	8.06	3.75	11.50	12.84	8.50	5.62	10.78	12.83
OPM %	23.07%	23.84%	11.69%	16.19%	17.79%	19.43%	11.04%	26.94%	28.31%	21.25%	14.09%	25.13%	28.96%
Other Income	0.33	16.25	11.32	1.15	0.23	1.82	1.64	1.15	1.12	3.39	-2.20	1.96	1.75
Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.04	0.06	0.03	0.08	0.08
Depreciation	1.76	2.09	1.84	1.77	1.94	2.02	2.03	2.04	2.21	2.11	2.09	1.95	2.17
Profit before tax	7.01	24.02	14.23	5.90	5.20	7.86	3.36	10.61	11.71	9.72	1.30	10.71	12.33
Tax %	24.96%	24.40%	6.96%	26.61%	25.00%	24.94%	40.77%	26.48%	29.04%	27.16%	46.92%	26.33%	27.74%
Net Profit	5.26	18.17	13.24	4.33	3.91	5.90	1.99	7.80	8.31	7.08	0.70	7.90	8.92
EPS in Rs	9.39	32.45	23.64	7.73	6.98	10.54	3.55	13.93	14.84	12.64	1.25	14.11	15.93

Last Updated: Unknown

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: Unknown

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	80	81	89	89	111	109	120	129	107	152	155	168	167
Expenses	62	64	70	68	83	86	100	111	96	122	129	129	129
Operating Profit	18	17	18	20	29	23	20	17	10	30	25	39	38
OPM %	22%	21%	21%	23%	26%	21%	17%	13%	10%	20%	16%	23%	23%
Other Income	1	2	0	2	2	3	6	7	1	32	5	3	5
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	4	5	8	7	5	4	4	5	6	7	8	8	8
Profit before tax	14	13	11	16	26	21	22	18	6	54	22	33	34
Tax %	40%	37%	44%	36%	37%	35%	30%	29%	116%	20%	28%	28%
Net Profit	9	8	6	10	17	14	15	13	-1	43	16	23	25
EPS in Rs	15.27	15.04	10.75	17.64	29.64	24.79	27.45	23.43	-1.66	77.48	28.79	41.95	43.93
Dividend Payout %	3%	3%	5%	11%	13%	32%	29%	34%	0%	70%	69%	95%

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 (%)	-11.11%	-25.00%	66.67%	70.00%	-17.65%	7.14%	-13.33%	-107.69%	4400.00%	-62.79%	43.75%
Change in YoY Net Profit Growth (%)	0.00%	-13.89%	91.67%	3.33%	-87.65%	24.79%	-20.48%	-94.36%	4507.69%	-4462.79%	106.54%

Morganite Crucible (India) Ltd 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:	8%
5 Years:	7%
3 Years:	16%
TTM:	2%

Compounded Profit Growth
10 Years:	12%
5 Years:	11%
3 Years:	151%
TTM:	11%

Stock Price CAGR
10 Years:	20%
5 Years:	13%
3 Years:	13%
1 Year:	-18%

Return on Equity
10 Years:	16%
5 Years:	15%
3 Years:	21%
Last Year:	20%

Last Updated: Unknown

Balance Sheet

Last Updated: Unknown

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	3	3	3	3	3	3	3	3	3	3	3	3	3
Reserves	45	53	58	67	77	88	96	105	100	120	124	126	135
Borrowings	0	0	0	0	0	0	0	0	0	0	0	1	1
Other Liabilities	28	27	14	18	38	23	28	32	37	32	34	45	43
Total Liabilities	76	82	75	88	118	114	127	139	139	155	161	174	182
Fixed Assets	25	23	18	15	25	27	31	32	30	38	53	62	65
CWIP	0	0	1	3	2	0	4	19	22	15	1	0	2
Investments	5	5	5	5	0	0	0	0	0	0	0	0	0
Other Assets	46	54	51	65	91	87	93	88	87	102	106	112	115
Total Assets	76	82	75	88	118	114	127	139	139	155	161	174	182

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 +	12	6	3	18	25	17	21	11	19	26	32	43
Cash from Investing Activity +	-4	-2	-2	-15	-8	-10	-29	1	-7	-2	-10	-17
Cash from Financing Activity +	-5	-0	-0	-0	-1	-3	-7	-4	-4	-24	-12	-22
Net Cash Flow	3	3	1	2	16	4	-15	7	7	0	9	4

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	18.00	17.00	18.00	20.00	29.00	23.00	20.00	17.00	10.00	30.00	25.00	38.00

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	64	61	50	59	60	57	52	66	76	75	64	58
Inventory Days	150	156	142	149	158	179	159	158	143	136	124	116
Days Payable	249	232	116	119	129	176	161	145	178	154	146	185
Cash Conversion Cycle	-35	-15	75	89	89	60	49	78	41	57	42	-11
Working Capital Days	23	41	69	67	5	60	44	62	33	71	48	17
ROCE %	31%	27%	19%	24%	36%	25%	23%	18%	8%	39%	18%	28%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
Promoters	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%
FIIs	0.22%	0.22%	0.19%	0.19%	0.19%	0.19%	0.06%	0.00%	0.00%	0.13%	0.18%	0.18%
DIIs	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.55%	0.62%	0.93%
Public	24.76%	24.76%	24.79%	24.79%	24.79%	24.79%	24.91%	24.97%	24.98%	24.32%	24.20%	23.88%
No. of Shareholders	4,904	5,046	5,623	5,542	5,516	5,440	5,619	6,318	6,270	6,191	6,695	7,049

Shareholding Pattern Chart

No. of Shareholders

This stock is not held by any mutual fund

ROCE / ROE Trend

EPS Trend

Key Financial Ratios

Month	Mar 17	Mar 16	Mar 15	Mar 14	Mar 13
FaceValue	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	51.87	35.67	20.57	30.16	34.37
Diluted EPS (Rs.)	51.87	35.67	20.57	30.16	34.37
Cash EPS (Rs.)	75.38	66.81	52.61	51.15	55.75
Book Value[Excl.RevalReserv]/Share (Rs.)	343.51	285.76	253.44	234.62	204.61
Book Value[Incl.RevalReserv]/Share (Rs.)	343.51	285.76	253.44	234.62	204.61
Revenue From Operations / Share (Rs.)	397.75	392.35	393.06	360.68	357.27
PBDIT / Share (Rs.)	109.55	95.26	71.70	72.15	81.96
PBIT / Share (Rs.)	91.91	65.59	39.72	52.18	65.20
PBT / Share (Rs.)	91.91	65.59	39.70	50.95	65.06
Net Profit / Share (Rs.)	57.74	37.14	20.62	31.18	38.99
NP After MI And SOA / Share (Rs.)	51.87	35.67	20.57	30.16	34.37
PBDIT Margin (%)	27.54	24.28	18.24	20.00	22.94
PBIT Margin (%)	23.10	16.71	10.10	14.46	18.25
PBT Margin (%)	23.10	16.71	10.09	14.12	18.20
Net Profit Margin (%)	14.51	9.46	5.24	8.64	10.91
NP After MI And SOA Margin (%)	13.04	9.09	5.23	8.36	9.62
Return on Networth / Equity (%)	16.56	13.64	8.92	14.24	18.81
Return on Capital Employeed (%)	26.60	22.62	15.54	21.43	30.91
Return On Assets (%)	12.30	9.59	6.28	8.50	10.51
Asset Turnover Ratio (%)	1.00	0.98	1.02	0.92	1.00
Current Ratio (X)	4.01	3.14	2.71	1.92	1.67
Quick Ratio (X)	3.27	2.41	1.87	1.33	1.11
Inventory Turnover Ratio (X)	2.26	2.14	2.25	2.07	2.12
Dividend Payout Ratio (NP) (%)	0.00	11.21	4.86	3.31	2.90
Dividend Payout Ratio (CP) (%)	0.00	6.12	1.90	1.99	1.95
Earning Retention Ratio (%)	0.00	88.79	95.14	96.69	97.10
Cash Earning Retention Ratio (%)	0.00	93.88	98.10	98.01	98.05
Interest Coverage Ratio (X)	0.00	0.00	2707.05	58.75	569.16
Interest Coverage Ratio (Post Tax) (X)	0.00	0.00	779.53	26.39	271.76
Enterprise Value (Cr.)	210.89	92.31	144.85	65.34	77.58
EV / Net Operating Revenue (X)	1.89	0.84	1.32	0.64	0.77
EV / EBITDA (X)	6.87	3.46	7.21	3.23	3.38
MarketCap / Net Operating Revenue (X)	2.23	1.04	1.39	0.75	0.85
Retention Ratios (%)	0.00	88.78	95.13	96.68	97.09
Price / BV (X)	2.83	1.56	2.38	1.29	1.68
Price / Net Operating Revenue (X)	2.23	1.04	1.39	0.75	0.85
EarningsYield	0.05	0.08	0.03	0.11	0.11

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of Morganite Crucible (India) Ltd as of January 23, 2025 is: 1,482.86

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 January 23, 2025, Morganite Crucible (India) Ltd is Undervalued by 7.45% compared to the current share price 1,380.00

Intrinsic Value of Morganite Crucible (India) Ltd as of January 23, 2025 is: 3,197.12

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 January 23, 2025, Morganite Crucible (India) Ltd is Undervalued by 131.68% compared to the current share price 1,380.00

Last 5 Year EPS CAGR: 115.60%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The stock has a high average ROCE of 24.67%, which is a positive sign. The company has higher reserves (91.85 cr) compared to borrowings (0.15 cr), indicating strong financial stability. The company has shown consistent growth in sales (119.77 cr) and profit (22.31 cr) over the years.	The stock has a high average Working Capital Days of 45.00, which may not be favorable. The stock has a high average Cash Conversion Cycle of 43.25, 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 Morganite Crucible (India) Ltd:
1. Net Profit Margin: 14.51%
  - 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: 26.6% (Industry Average ROCE: 17.27%)
  - 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%: 16.56% (Industry Average ROE: 12.88%)
  - 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): 0
  - 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: 3.27
  - 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: 29 (Industry average Stock P/E: 34.93)
  - 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
  - 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

Morganite Crucible (India) Ltd. is a Public Limited Listed company incorporated on 13/01/1986 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L26920MH1986PLC038607 and registration number is 038607. Currently company belongs to the Industry of Refractories. Company's Total Operating Revenue is Rs. 167.93 Cr. and Equity Capital is Rs. 2.80 Cr. for the Year ended 31/03/2024.

INDUSTRY	ADDRESS	CONTACT
Refractories	B-11, MIDC Waluj, Aurangabad Maharashtra 431136	Sales.India@morganplc.com http://www.morganmms.com

Management
Name	Position Held
Mr. Mukund Bhogale	Chairman & Ind.Director
Mr. Aniruddha Karve	Director
Mr. Jonathan Percival	Director
Ms. Maithilee Tambolkar	Independent Director
Mr. Ulhas Gaoli	Independent Director

FAQ

What is the latest intrinsic value of Morganite Crucible (India) Ltd?

The latest intrinsic value of Morganite Crucible (India) Ltd as on 23 January 2025 is ₹1482.86, which is 7.45% higher than the current market price of ₹1,380.00. The stock has a market capitalization of 773 Cr. and recorded a high/low of 1,964/1,294 during the current fiscal year 2024-2025. As of Sep 2024, the company has reserves of ₹135 Cr and total liabilities of ₹182 Cr.

What is the Market Cap of Morganite Crucible (India) Ltd?

The Market Cap of Morganite Crucible (India) Ltd is 773 Cr..

What is the current Stock Price of Morganite Crucible (India) Ltd as on 23 January 2025?

The current stock price of Morganite Crucible (India) Ltd as on 23 January 2025 is 1,380.

What is the High / Low of Morganite Crucible (India) Ltd stocks in FY 2024-2025?

In FY 2024-2025, the High / Low of Morganite Crucible (India) Ltd stocks is 1,964/1,294.

What is the Stock P/E of Morganite Crucible (India) Ltd?

The Stock P/E of Morganite Crucible (India) Ltd is 29.0.

What is the Book Value of Morganite Crucible (India) Ltd?

The Book Value of Morganite Crucible (India) Ltd is 246.

What is the Dividend Yield of Morganite Crucible (India) Ltd?

The Dividend Yield of Morganite Crucible (India) Ltd is 2.90 %.

What is the ROCE of Morganite Crucible (India) Ltd?

The ROCE of Morganite Crucible (India) Ltd is 28.3 %.

What is the ROE of Morganite Crucible (India) Ltd?

The ROE of Morganite Crucible (India) Ltd is 20.2 %.

What is the Face Value of Morganite Crucible (India) Ltd?

The Face Value of Morganite Crucible (India) Ltd is 5.00.