MM Forgings Ltd.

Market Capital

₹2,112 Cr.

P/E

16.47

Share Price

₹ 855.55 -21.65 (-2.47%)

MM Forgings Ltd.

Price
Growth Table
Balance Sheet
Profit & Loss
Cash Flow
Cash Flow Analysis
Ratios
Quarterly Results
Reverse DCF

Price

₹ 855.55 -21.65 (-2.47%)

CHART MODE

Price

CHART MODE

EV/EBITDA

Price to Sales

Price to Book

CHART MODE

Capex

CHART MODE

Debt

Growth Table

MM Forgings Ltd.

(in %)	1yr	2yr	3yr	4yr	5yr	6yr	7yr	8yr	9yr	10yr
Share Price CAGR	10.99	6.12	39.21	22.85	9.14	17.95	22.5	15.74	16.04	36.08
TTM EPS CAGR	14.39	27.53	83.09	15.61	11.98	18.99	15.12	12.47	15.64	17.75
Sales CAGR	20.28	27.25	33.78	11.86	15.8	20.48	16.96	14.55	14.61	14.94
PAT Margin (Abs Growth)	0.77	2.63	3.3	0.31	-0.74	-0.32	-1.22	-1.31	1.63	1.98
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PE CAGR	-3.97	-16.92	-24.05	5.08	-3.32	-0.84	6.44	2.9	0.31	15.52
CFO CAGR	12.5	188.41	-15.73	58.23	108.68	7.9	4.69	6.07	19.02	11.4

* Share price and PE growth are updated everyday. All other fields are as of latest financial year end. EPS adjusted for bonus and splits.

BALANCE SHEET

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(in Rs. Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Assets	385	490	538	601	852	1,217	1,140	1,263	1,439	1,670
Non Current Assets	215	243	287	334	447	720	769	726	789	899
Net Block	200	225	262	320	365	588	653	618	650	712
Capital Work in Progress	6.66	11.07	29.61	13.72	27.37	39.19	8.71	17.47	36.35	59.34
Intangible Assets Under Development	—	—	—	—	—	—	—	—	—	—
Long Term Investments	0.14	0.14	0.17	0.17	4.30	4.88	4.88	4.88	32.88	49.72
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Current Assets	158	234	237	250	391	478	341	506	615	733
Inventory	76.28	78.66	73.31	65.96	125	188	131	169	193	288
Accounts Receivable	28.95	29.13	14.98	17.24	56.57	79.25	12.46	122	166	228
Short Term Investments	—	—	—	—	—	—	—	—	—	—
Cash & Bank Balances	25.30	89.03	121	134	164	172	174	187	225	205
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Liabilities	385	490	538	601	852	1,217	1,140	1,263	1,439	1,670
Shareholders Funds	196	238	280	315	369	436	468	500	578	689
Share Capital	12.07	12.07	12.07	12.07	12.07	24.14	24.14	24.14	24.14	24.14
Reserves	184	226	268	303	357	412	444	476	553	665
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Non Current Liabilities	46.86	95.88	113	128	185	434	367	331	388	371
Secured Loans	34.78	82.95	98.50	108	168	396	335	297	346	329
Unsecured Loans	—	—	—	—	—	—	—	—	—	—
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Current Liabilities	142	156	145	158	297	347	304	431	474	610
Accounts Payable	15.55	27.50	29.95	28.90	61.61	47.71	71.74	97.99	115	159
Short Term Loans	103	91.78	92.13	74.44	173	234	157	235	245	322
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(in Rs. Cr.)	Mar 2010	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Assets	242	853	1,218	1,134	1,256	1,414	1,660
Non Current Assets	145	440	699	746	711	767	889
Net Block	130	406	651	712	675	708	804
Capital Work in Progress	21.98	27.37	39.19	12.71	17.47	36.38	62.57
Intangible Assets Under Development	—	—	—	—	—	—	—
Long Term Investments	0.11	2.71	3.29	3.29	3.29	22.29	22.29
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Current Assets	90.05	399	500	358	518	619	740
Inventory	30.54	127	195	136	179	204	306
Accounts Receivable	28.94	62.57	90.32	20.75	116	157	197
Short Term Investments	—	—	—	—	—	—	—
Cash & Bank Balances	6.09	164	172	176	188	227	219
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Liabilities	242	853	1,218	1,134	1,256	1,414	1,660
Shareholders Funds	104	363	427	455	487	560	673
Share Capital	12.07	12.07	24.14	24.14	24.14	24.14	24.14
Reserves	91.65	351	403	431	463	535	649
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Non Current Liabilities	122	185	434	367	328	385	368
Secured Loans	114	168	396	335	297	350	332
Unsecured Loans	—	—	—	—	—	—	—
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Current Liabilities	16.86	305	357	311	441	469	619
Accounts Payable	13.34	66.03	57.94	79.29	101	110	167
Short Term Loans	—	176	234	157	235	246	322
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(in Rs. Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Assets	385	490	538	601	852	1,217	1,140	1,263	1,439	1,670
Non Current Assets	215	243	287	334	447	720	769	726	789	899
Gross Block	438	499	572	668	755	1,032	1,150	1,171	1,264	1,393
Less: Accumulated Depreciation	238	273	309	348	390	444	497	554	614	682
Less: Impairment of Assets	—	—	—	—	—	—	—	—	—	—
Net Block	200	225	262	320	365	588	653	618	650	712
Lease Adjustment A/c	—	—	—	—	—	—	—	—	—	—
Capital Work in Progress	6.66	11.07	29.61	13.72	27.37	39.19	8.71	17.47	36.35	59.34
Long Term Investments	0.14	0.14	0.17	0.17	4.30	4.88	4.88	4.88	32.88	49.72
Long Term Loans & Advances	3.81	5.44	6.53	14.71	57.93	97.94	115	110	98.77	106
Other Non Current Assets	16.58	13.16	2.30	1.92	5.62	8.85	16.89	7.37	6.69	9.94
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Current Assets	158	234	237	250	391	478	341	506	615	733
Inventory	76.28	78.66	73.31	65.96	125	188	131	169	193	288
Accounts Receivable	28.95	29.13	14.98	17.24	56.57	79.25	12.46	122	166	228
Short Term Investments	—	—	—	—	—	—	—	—	—	—
Cash & Bank Balances	25.30	89.03	121	134	164	172	174	187	225	205
Other Current Assets	17.84	18.15	26.01	20.11	28.64	37.42	21.69	26.45	1.32	2.01
Short Term Loans and Advances	9.61	19.48	1.54	13.04	16.84	2.08	1.98	2.14	29.59	9.81
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Liabilities	385	490	538	601	852	1,217	1,140	1,263	1,439	1,670
Shareholders Funds	196	238	280	315	369	436	468	500	578	689
Share Capital	12.07	12.07	12.07	12.07	12.07	24.14	24.14	24.14	24.14	24.14
Share Warrants	—	—	—	—	—	—	—	—	—	—
Reserves	184	226	268	303	357	412	444	476	553	665
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Non Current Liabilities	46.86	95.88	113	128	185	434	367	331	388	371
Secured Loans	34.78	82.95	98.50	108	168	396	335	297	346	329
Unsecured Loans	—	—	—	—	—	—	—	—	—	—
Deferred Tax Assets/Liabilities	11.44	12.29	13.72	16.66	13.42	18.64	29.81	30.88	35.17	38.18
Other Long Term Liabilities	0.55	0.55	0.38	3.32	3.46	18.78	2.92	3.05	5.68	3.61
Long Term Provisions	—	—	—	—	0.31	—	—	—	—	—
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Current Liabilities	142	156	145	158	297	347	304	431	474	610
Accounts Payable	15.55	27.50	29.95	28.90	61.61	47.71	71.74	97.99	115	159
Short Term Loans	103	91.78	92.13	74.44	173	234	157	235	245	322
Other Current Liabilities	14.06	15.91	23.38	41.16	40.88	57.70	75.48	83.80	89.27	102
Share Application Money	—	—	—	—	—	—	—	—	—	—
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Short Term Provisions	10.06	20.71	—	13.17	22.01	7.09	—	14.55	24.48	28.32
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(in Rs. Cr.)	Mar 2010	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Assets	242	853	1,218	1,134	1,256	1,414	1,660
Non Current Assets	145	440	699	746	711	767	889
Gross Block	269	829	1,132	1,253	1,309	1,407	1,581
Less: Accumulated Depreciation	139	423	481	540	633	699	777
Less: Impairment of Assets	—	—	—	—	—	—	—
Net Block	130	406	651	712	675	708	804
Lease Adjustment A/c	—	—	—	—	—	—	—
Capital Work in Progress	21.98	27.37	39.19	12.71	17.47	36.38	62.57
Long Term Investments	0.11	2.71	3.29	3.29	3.29	22.29	22.29
Long Term Loans & Advances	—	12.14	15.58	30.60	34.50	21.73	21.33
Other Non Current Assets	—	5.62	8.85	16.89	7.37	6.88	9.94
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Current Assets	90.05	399	500	358	518	619	740
Inventory	30.54	127	195	136	179	204	306
Accounts Receivable	28.94	62.57	90.32	20.75	116	157	197
Short Term Investments	—	—	—	—	—	—	—
Cash & Bank Balances	6.09	164	172	176	188	227	219
Other Current Assets	13.17	28.65	40.68	23.59	27.11	1.32	2.11
Short Term Loans and Advances	11.31	16.85	2.15	2.00	8.57	30.27	16.65
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Liabilities	242	853	1,218	1,134	1,256	1,414	1,660
Shareholders Funds	104	363	427	455	487	560	673
Share Capital	12.07	12.07	24.14	24.14	24.14	24.14	24.14
Share Warrants	—	—	—	—	—	—	—
Reserves	91.65	351	403	431	463	535	649
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Non Current Liabilities	122	185	434	367	328	385	368
Secured Loans	114	168	396	335	297	350	332
Unsecured Loans	—	—	—	—	—	—	—
Deferred Tax Assets/Liabilities	7.18	13.42	18.64	29.81	27.23	28.36	31.13
Other Long Term Liabilities	—	3.48	18.81	2.97	3.25	6.11	4.31
Long Term Provisions	—	—	—	—	—	—	—
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Current Liabilities	16.86	305	357	311	441	469	619
Accounts Payable	13.34	66.03	57.94	79.29	101	110	167
Short Term Loans	—	176	234	157	235	246	322
Other Current Liabilities	0	41.26	57.70	75.48	83.80	89.27	102
Share Application Money	—	—	—	—	—	—	—
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Short Term Provisions	3.52	22.01	7.09	—	20.95	24.48	28.32
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Balance Sheet Snapshot

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Fund Flow Analysis

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Increase
Decrease
Total

*Data is as of latest FY end

Profit & Loss

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(in Rs. Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Sales	503	502	478	621	904	727	726	1,105	1,409	1,442
Operating Expenses	392	394	386	496	731	602	604	903	1,154	1,186
Raw Material	212	200	191	286	443	319	332	523	734	755
Steel	212	200	191	286	443	319	332	523	734
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Employee Cost	43.59	47.49	46.69	56.43	75.82	76.40	70.43	98.66	109	128
Power & Fuel Cost	49.09	47.43	44.36	58.88	79.74	71.17	69.61	92.01	124	—
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Operating Profit	111	108	92.75	124	173	125	121	202	256	256
Other Income	2.40	5.41	11.27	12.12	15.84	18.51	21.59	18.57	16.12	21.86
Depreciation and Amortisation Expenses	35.38	35.81	38.93	42.00	54.41	53.23	56.73	60.11	67.60	69.40
Interest	9.14	8.32	9.95	12.65	26.14	33.05	31.22	27.31	29.22	31.64
Profit Before Tax	68.66	69.29	55.14	82.09	109	57.42	54.93	133	175	177
Tax	18.12	19.21	11.72	13.58	27.21	11.19	8.32	41.14	49.26	51.02
Net Profit	50.55	50.09	43.42	68.51	81.35	46.24	46.61	91.76	126	126
Number of shares(Crs)	1.21	1.21	1.21	1.21	2.41	2.41	2.41	2.41	2.41	—
Dividend Payout Ratio	14.33	14.46	16.68	17.62	14.84	26.11	25.90	15.79	11.53	—

*TTM Values as of Jun 2023

(in Rs. Cr.)	Mar 2010	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Sales	158	639	934	769	752	1,140	1,462	1,488
Operating Expenses	136	509	754	637	623	931	1,189	1,213
Raw Material	69.43	287	455	337	328	525	744	761
Employee Cost	15.52	57.97	82.26	82.83	80.14	110	122	142
Power & Fuel Cost	17.46	60.32	81.85	73.23	73.00	95.41	128	—
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Operating Profit	22.65	130	180	132	129	209	273	275
Other Income	7.13	12.14	15.86	18.57	17.73	14.23	12.04	17.80
Depreciation and Amortisation Expenses	11.60	46.44	58.07	59.56	64.58	67.77	78.81	81.70
Interest	6.35	13.49	31.58	38.30	32.13	27.73	29.57	31.99
Profit Before Tax	11.82	74.17	106	53.11	51.63	129	177	179
Tax	1.41	13.58	27.21	11.19	5.57	37.86	49.01	50.85
Net Profit	10.42	60.60	78.84	41.92	46.06	91.00	128	128
Number of shares(Crs)	1.21	1.21	2.41	2.41	2.41	2.41	2.41	—
Dividend Payout Ratio	17.38	19.92	15.31	28.79	26.21	15.92	11.32	—

*TTM Values as of Jun 2023

(in Rs. Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Gross Sales	503	502	478	621	904	727	726	1,105	1,409	—
Less: Excise Duty	—	—	—	—	—	—	—	—	—	—
Net Sales	503	502	478	621	904	727	726	1,105	1,409	1,442
Operating Expenses	392	394	386	496	731	602	604	903	1,154	1,186
Raw Material	212	200	191	286	443	319	332	523	734	755
Steel	212	200	191	286	443	319	332	523	734
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Increase/Decrease in Stock	-4.83	9.57	11.43	-27.61	-34.07	15.28	15.42	-18.37	-59.93	-59.65
Other Manufacturing Expenses	48.54	48.63	53.01	63.02	89.18	65.13	59.86	95.68	137	—
Employee Cost	43.59	47.49	46.69	56.43	75.82	76.40	70.43	98.66	109	128
Selling and Distribution Expenses	25.21	23.29	21.33	37.93	42.69	33.83	39.36	81.52	72.01	—
Power & Fuel Cost	49.09	47.43	44.36	58.88	79.74	71.17	69.61	92.01	124	—
General and Administration Expenses	7.57	7.75	6.37	9.03	11.86	6.45	6.24	14.27	17.42	—
Miscellaneous Expenses	10.76	10.46	11.33	12.94	22.55	15.12	11.90	16.32	20.03	—
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Operating Profit	111	108	92.75	124	173	125	121	202	256	256
Other Income	2.40	5.41	11.27	12.12	15.84	18.51	21.59	18.57	16.12	21.86
Interest	9.14	8.32	9.95	12.65	26.14	33.05	31.22	27.31	29.22	31.64
PBDT	104	105	94.07	124	163	111	112	193	242	247
Depreciation and Amortization	35.38	35.81	38.93	42.00	54.41	53.23	56.73	60.11	67.60	69.40
Profit Before Taxation & Exceptional Items	68.65	69.29	55.14	81.91	109	57.42	54.93	133	175	—
Exceptional Income / Expenses	0.01	0.01	0.00	0.17	0.02	0.00	0.00	0.00	0.01	—
Profit Before Tax	68.66	69.29	55.14	82.09	109	57.42	54.93	133	175	177
Provision for Taxs	18.12	19.21	11.72	13.58	27.21	11.19	8.32	41.14	49.26	51.02
Current Income Tax	16.90	17.25	11.77	15	21	8.18	7.25	26.00	46.25	—
Deferred Tax	0.85	1.43	2.93	-3.23	5.22	11.17	1.07	14.29	3.01	—
Other taxes	0	0	0	0	0	0	0	0	0	—
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Profit After Tax	50.55	50.09	43.42	68.51	81.35	46.24	46.61	91.76	126	126
Extra items	—	—	—	—	—	—	0	0	0	0
Minority Interest	—	—	—	—	—	—	—	—	—	—
Share of Associate	—	—	—	—	—	—	—	—	—	—
Net Profit	50.55	50.09	43.42	68.51	81.35	46.24	46.61	91.76	126	126
Number of shares(Crs)	1.21	1.21	1.21	1.21	2.41	2.41	2.41	2.41	2.41	—
Dividend Payout Ratio	14.33	14.46	16.68	17.62	14.84	26.11	25.90	15.79	11.53	—

*TTM Values as of Jun 2023

(in Rs. Cr.)	Mar 2010	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Gross Sales	158	639	934	769	752	1,140	1,462	—
Less: Excise Duty	0.00	—	—	—	—	—	—	—
Net Sales	158	639	934	769	752	1,140	1,462	1,488
Operating Expenses	136	509	754	637	623	931	1,189	1,213
Increase/Decrease in Stock	4.51	-26.35	-37.95	17.91	15.55	-20.53	-60.16	-64.17
Raw Material	69.43	287	455	337	328	525	744	761
Other Manufacturing Expenses	13.18	67.77	94.05	69.23	66.97	105	141	—
Employee Cost	15.52	57.97	82.26	82.83	80.14	110	122	142
Selling and Distribution Expenses	10.36	38.22	43.22	34.26	40.30	82.51	73.56	—
Power & Fuel Cost	17.46	60.32	81.85	73.23	73.00	95.41	128	—
General and Administration Expenses	5.04	9.03	11.91	6.50	6.51	14.54	17.54	—
Miscellaneous Expenses	0.28	14.46	23.69	16.00	13.37	18.58	22.49	—
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Operating Profit	22.65	130	180	132	129	209	273	275
Other Income	7.13	12.14	15.86	18.57	17.73	14.23	12.04	17.80
Interest	6.35	13.49	31.58	38.30	32.13	27.73	29.57	31.99
PBDT	23.43	129	164	112	114	195	255	261
Depreciation and Amortization	11.60	46.44	58.07	59.56	64.58	67.77	78.81	81.70
Profit Before Taxation & Exceptional Items	11.82	82.20	106	52.89	49.67	127	176	—
Exceptional Income / Expenses	—	-8.02	0.02	0.21	1.96	1.47	0.45	—
Profit Before Tax	11.82	74.17	106	53.11	51.63	129	177	179
Provision for Taxs	1.41	13.58	27.21	11.19	5.57	37.86	49.01	50.85
Current Income Tax	1.30	15	21	8.18	7.25	26.00	46.25	—
Deferred Tax	-0.10	-3.23	5.22	11.17	-1.68	11.14	2.76	—
Other taxes	0	0	0	0	0	0	0	—
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Profit After Tax	10.42	60.60	78.84	41.92	46.06	91.00	128	128
Extra items	—	—	—	—	0	0	0	0
Minority Interest	—	—	—	—	—	—	—	—
Share of Associate	—	—	—	—	—	—	—	—
Net Profit	10.42	60.60	78.84	41.92	46.06	91.00	128	128
Number of shares(Crs)	1.21	1.21	2.41	2.41	2.41	2.41	2.41	—
Dividend Payout Ratio	17.38	19.92	15.31	28.79	26.21	15.92	11.32	—

*TTM Values as of Jun 2023

CASH FLOW

Standalone
Consolidated

(in Rs. Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Cash from Operating Activity	35.32	106	123	107	-13.62	32.62	273	10.23	147	114
Profit Before Tax	38.42	68.66	69.29	55.14	82.09	109	57.42	54.93	133	175
Adjustments	40.60	42.12	38.73	37.78	42.87	65.31	70.11	69.95	74.11	84.09
OCF Before Working Capital	79.02	111	108	92.92	125	174	128	125	207	259
Working Capital Changes	-35.34	12.10	32.52	27.31	-120.10	-116.13	155	-109.20	-32.88	-102.36
Taxes Paid	-8.36	-17.27	-17.77	-12.98	-18.48	-25.13	-9.43	-5.45	-26.84	-42.41
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Cash from Investing Activity	-39.75	-63.15	-85.96	-69.47	-93.18	-274.52	-71.43	-12.08	-126.01	-156.41
Net Fixed Assets Purchased	-41.30	-65.54	-91.33	-80.56	-100.69	-289.15	-87.59	-30.09	-111.32	-152.30
Fixed Assets Purchased	-56.00	-65.56	-91.48	-80.57	-100.90	-289.17	-87.60	-30.09	-111.32	-152.30
Fixed Assets Sold	14.70	0.02	0.15	0.00	0.21	0.02	0.00	0.00	0.00	0.01
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Investment Purchased	—	—	-0.03	—	-4.13	-0.58	—	—	-28	-16.84
Investment Sold	—	—	—	—	—	—	—	—	—	—
Interest Recieved	0.11	0.18	0.22	0.29	1.03	7.51	5.57	4.43	4.99	4.78
Dividends Recieved	-1.44	-2.21	-5.18	-10.81	-10.61	-7.70	-10.60	-13.58	-8.32	-7.94
Subsidiary Investments	—	—	—	—	—	—	—	—	—	—
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Cash from Financing Activity	5.90	21.28	-5.05	-24.74	137	249	-199.32	14.50	16.71	22.98
Proceeds From Shares	—	—	—	—	—	—	—	—	—	—
Net Long Term Borrowings	-7.60	48.17	15.55	9.91	59.86	228	-61.59	-37.38	48.87	-17.08
Proceeds From Borrowings	—	48.17	15.55	9.91	59.86	228	—	20	145	75
Repayment From Borrowings	-7.60	—	—	—	—	—	-61.59	-57.38	-96.02	-92.08
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Interest Paid	-7.66	-9.14	-8.32	-9.95	-12.65	-26.14	-33.05	-31.22	-27.31	-29.22
Dividend Paid	-3.62	-6.62	-12.04	-7.01	-8.22	-13.12	-20.21	—	-12.07	-14.48
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Net Cash Flow	1.47	63.73	31.77	13.05	30.13	7.58	2.25	12.65	37.98	-19.27
Opening Cash & Cash Equivalents	23.83	25.30	89.03	121	134	164	171	173	186	224
Effect of FX	—	—	—	—	—	—	—	—	—	—
Closing Cash & Cash Equivalents	25.30	89.03	121	134	164	172	173	186	224	205
Net Capex (est)	41.30	65.54	91.33	80.56	101	289	87.59	30.09	111	152
Free Cash Flow (est)	-5.97	40.06	31.45	26.69	-114.31	-256.53	185	-19.86	35.97	-38.13

(in Rs. Cr.)	Mar 2008	Mar 2009	Mar 2010	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Cash from Operating Activity	6.05	23.16	26.76	4.28	27.00	283	20.35	150	169
Profit Before Tax	20.46	14.14	11.82	74.17	106	53.11	51.63	129	177
Adjustments	21.74	24.33	16.62	48.14	74.42	81.42	80.68	85.12	99.29
OCF Before Working Capital	35.89	26.18	20.15	122	180	135	132	214	276
Working Capital Changes	-24.63	1.18	8.06	-99.01	-127.59	157	-106.82	-36.83	-64.59
Taxes Paid	-5.21	-4.20	-1.45	-19.02	-25.88	-9.14	-5.15	-26.72	-42.41
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Cash from Investing Activity	-37.95	-41	-14.83	-85.78	-300.57	-77.86	-11.43	-125.55	-187.17
Net Fixed Assets Purchased	0	0	0	-93.31	-315.21	-94.08	-29.48	-110.91	-200.27
Fixed Assets Purchased	—	—	—	-102.59	-315.23	-96.84	-32.22	-113.38	-201.15
Fixed Assets Sold	—	—	—	9.29	0.02	2.76	2.74	2.48	0.88
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Investment Purchased	—	—	—	-4.13	-0.58	—	—	-28	—
Investment Sold	—	—	—	—	—	—	—	—	0.36
Interest Recieved	—	—	—	1.05	7.51	5.62	4.48	5.03	4.80
Dividends Recieved	—	—	—	-10.61	-7.70	-10.60	-13.58	-8.32	-7.94
Subsidiary Investments	—	—	—	—	—	—	—	—	—
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Cash from Financing Activity	32.07	17.76	-6.71	112	281	-201.79	3.29	14.12	9.97
Proceeds From Shares	—	—	—	—	—	—	—	—	—
Net Long Term Borrowings	0	0	0	44.79	269	-61.79	-45.52	50.47	-17.82
Proceeds From Borrowings	—	—	—	44.79	269	2.78	11.86	146	75
Repayment From Borrowings	—	—	—	—	—	-64.57	-57.38	-96.02	-92.82
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Interest Paid	—	—	—	-13.49	-31.58	-38.30	-36.12	-32.11	-33.67
Dividend Paid	—	—	—	-8.22	-13.12	-20.21	—	-12.07	-14.48
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Net Cash Flow	0.16	-0.09	5.21	30.26	7.78	3.16	12.20	38.99	-7.97
Opening Cash & Cash Equivalents	0.80	0.97	0.88	134	164	172	175	187	226
Effect of FX	0	0	—	—	—	—	—	—	—
Closing Cash & Cash Equivalents	0.97	0.88	6.09	164	172	175	187	226	218
Net Capex (est)	0	0	0	93.31	315	94.08	29.48	111	200
Free Cash Flow (est)	6.05	23.16	26.76	-89.03	-288.21	189	-9.14	39.52	-31.04

Cash Flow Analysis

+ Add a Comparison

Increase
Decrease
Total

Ratios

Standalone
Consolidated

= Dominant Factor

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Operational Ratios
Quick Ratio	0.57	1.00	1.12	1.17	0.90	0.84	0.69	0.78	0.89	0.73
Liquid Assets (Crs)	81.70	156	163	184	266	290	210	337	422	445
Current Liabilities (Crs)	142	156	145	158	297	347	304	431	474	610
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Current Ratio	1.11	1.50	1.63	1.59	1.32	1.38	1.12	1.17	1.30	1.20
Current Assets (Crs)	158	234	237	250	391	478	341	506	615	733
Current Liabilities (Crs)	142	156	145	158	297	347	304	431	474	610
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Interest Coverage Ratio	6.02	8.51	9.33	6.54	7.49	5.15	2.74	2.76	5.87	6.98
EBIT (Crs)	44.46	77.79	77.61	65.09	94.56	135	90.47	86.15	160	204
Interest Expenses (Crs)	7.66	9.14	8.32	9.95	12.65	26.14	33.05	31.22	27.31	29.22
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Fixed Asset Turnover	0.94	1.01	0.88	0.72	0.82	0.88	0.63	0.62	0.87	1.01
Net Sales (Crs)	411	503	502	478	621	904	727	726	1,105	1,409
Fixed Assets (Crs)	438	499	572	668	755	1,032	1,150	1,171	1,264	1,393
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Cash Conversion Cycle	46.39	39.40	21.12	12.40	46.48	64.40	68.81	19.73	30.37	39.45
Inventory Days	65.43	56.27	55.22	53.13	56.23	63.15	79.85	75.28	59.70	62.26
Days Receivable	27.96	21.09	16.02	12.29	21.71	27.42	23.01	33.73	47.59	51.10
Days Payable	47.00	37.96	50.12	53.02	31.46	26.17	34.06	89.28	76.92	73.92
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Debt to Equity Ratio	0.77	0.80	0.76	0.71	1.03	1.58	1.21	1.23	1.18	1.09
Total Debt (Crs)	151	190	214	224	381	688	566	615	680	752
Shareholders Equity (Crs)	196	238	280	315	369	436	468	500	578	689
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Free Cash Flow/Sales (%)	-1.45	7.97	6.26	5.58	-18.42	-28.38	25.49	-2.74	3.26	-2.71
Free Cash Flow(est) (Crs)	-5.97	40.06	31.45	26.69	-114.31	-256.53	185	-19.86	35.97	-38.13
Net Sales (Crs)	411	503	502	478	621	904	727	726	1,105	1,409
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Profitability Ratios
Op Profit Margin (%)	19.56	22.52	22.58	21.74	22.00	20.92	19.76	19.69	19.94	19.28
Operating Profit (Crs)	80.49	113	113	104	137	189	144	143	220	272
Net Sales (Crs)	411	503	502	478	621	904	727	726	1,105	1,409
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Net Profit Margin (%)	7.13	10.06	9.97	9.08	11.04	9.00	6.36	6.42	8.31	8.91
Net Profit (Crs)	29.32	50.55	50.09	43.42	68.51	81.35	46.24	46.61	91.76	126
Net Sales (Crs)	411	503	502	478	621	904	727	726	1,105	1,409
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ROCE (%)	18.32	23.30	19.79	14.69	17.05	15.48	10.83	10.36	16.59	19.26
EBIT (Crs)	44.46	77.79	77.61	65.09	94.56	135	90.47	86.15	160	204
Capital Employed (Crs)	243	334	392	443	555	870	836	832	965	1,060
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Return on Assets (%)	7.62	10.32	9.32	7.23	8.04	6.69	4.06	3.69	6.38	7.52
Net Profit (Crs)	29.32	50.55	50.09	43.42	68.51	81.35	46.24	46.61	91.76	126
Total Assets (Crs)	385	490	538	601	852	1,217	1,140	1,263	1,439	1,670
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ROIC (%)	15.35	23.20	19.72	14.40	20.96	14.95	10.70	10.34	16.05	19.33
Op Profit after Taxes (Crs)	32.75	55.50	52.19	42.38	68.81	89.05	57.95	54.78	97.79	135
Invested Capital (Crs)	213	239	265	294	328	596	541	530	609	698
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ROE (%)	14.97	21.25	17.91	13.80	18.56	18.65	9.87	9.31	15.89	18.23
Net Profit Margin (%)	7.13	10.06	9.97	9.08	11.04	9.00	6.36	6.42	8.31	8.91
Asset Turnover ratio	1.07	1.03	0.93	0.80	0.73	0.74	0.64	0.57	0.77	0.84
Equity Multiplier	1.97	2.06	1.92	1.91	2.31	2.79	2.43	2.52	2.49	2.42
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Adjusted EPS	12.15	20.94	20.75	17.99	28.38	33.70	19.15	19.31	38.01	52.02
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Valuation Ratios
P/E	4.89	16.19	10.68	15.06	18.30	16.13	8.67	25.65	22.28	16.01
Price to Book	0.73	3.44	1.91	2.08	3.40	3.01	0.86	2.39	3.54	2.92
EV/EBITDA	3.35	8.13	5.53	7.15	10.77	9.67	5.51	11.36	11.35	9.42
Dividend Yield (%)	1.68	0.88	1.35	1.11	0.96	0.92	3.01	1.01	0.71	0.72
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	Mar 2010	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Operational Ratios
Quick Ratio	3.53	0.89	0.85	0.71	0.77	0.88	0.70
Liquid Assets (Crs)	59.51	272	305	222	339	415	434
Current Liabilities (Crs)	16.86	305	357	311	441	469	619
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Current Ratio	5.34	1.31	1.40	1.15	1.17	1.32	1.19
Current Assets (Crs)	90.05	399	500	358	518	619	740
Current Liabilities (Crs)	16.86	305	357	311	441	469	619
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Interest Coverage Ratio	2.86	6.50	4.36	2.39	2.61	5.65	6.98
EBIT (Crs)	18.17	95.69	138	91.19	81.80	155	206
Interest Expenses (Crs)	6.35	13.49	31.58	38.30	32.13	27.73	29.57
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Fixed Asset Turnover	0.59	0.77	0.83	0.61	0.57	0.81	0.92
Net Sales (Crs)	158	639	934	769	752	1,140	1,462
Fixed Assets (Crs)	269	829	1,132	1,253	1,309	1,407	1,581
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Cash Conversion Cycle	88.68	44.34	64.01	67.98	13.39	28.52	34.00
Inventory Days	82.04	45.00	62.83	78.44	76.39	61.29	63.62
Days Receivable	52.57	26.15	29.87	26.35	33.07	43.62	44.13
Days Payable	45.92	26.80	28.70	36.81	96.06	76.39	73.74
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Debt to Equity Ratio	1.10	1.06	1.61	1.24	1.26	1.22	1.12
Total Debt (Crs)	114	385	688	566	615	685	756
Shareholders Equity (Crs)	104	363	427	455	487	560	673
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Free Cash Flow/Sales (%)	16.89	-13.94	-30.85	24.54	-1.21	3.47	-2.12
Free Cash Flow(est) (Crs)	26.76	-89.03	-288.21	189	-9.14	39.52	-31.04
Net Sales (Crs)	158	639	934	769	752	1,140	1,462
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Profitability Ratios
Op Profit Margin (%)	18.79	22.25	20.95	19.60	19.46	19.56	19.49
Operating Profit (Crs)	29.78	142	196	151	146	223	285
Net Sales (Crs)	158	639	934	769	752	1,140	1,462
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Net Profit Margin (%)	6.57	9.49	8.44	5.45	6.12	7.98	8.75
Net Profit (Crs)	10.42	60.60	78.84	41.92	46.06	91.00	128
Net Sales (Crs)	158	639	934	769	752	1,140	1,462
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ROCE (%)	8.07	17.47	15.98	11.09	10.04	16.42	19.80
EBIT (Crs)	18.17	95.69	138	91.19	81.80	155	206
Capital Employed (Crs)	225	548	861	822	815	945	1,041
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Return on Assets (%)	4.30	7.10	6.47	3.70	3.67	6.43	7.71
Net Profit (Crs)	10.42	60.60	78.84	41.92	46.06	91.00	128
Total Assets (Crs)	242	853	1,218	1,134	1,256	1,414	1,660
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ROIC (%)	4.44	18.52	13.51	9.35	9.70	14.76	18.01
Op Profit after Taxes (Crs)	9.73	68.25	90.51	57.33	57.16	99.48	140
Invested Capital (Crs)	219	369	670	613	589	674	779
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ROE (%)	10.04	16.71	18.45	9.21	9.45	16.26	19.01
Net Profit Margin (%)	6.57	9.49	8.44	5.45	6.12	7.98	8.75
Asset Turnover ratio	0.65	0.75	0.77	0.68	0.60	0.81	0.88
Equity Multiplier	2.33	2.35	2.85	2.49	2.58	2.53	2.47
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Adjusted EPS	4.31	25.10	32.66	17.37	19.08	37.69	53.00
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Valuation Ratios
P/E	7.64	20.69	16.65	9.56	25.95	22.46	15.72
Price to Book	0.77	3.46	3.07	0.88	2.45	3.65	2.99
EV/EBITDA	6.31	10.37	9.34	5.25	11.08	11.23	8.95
Dividend Yield (%)	2.27	0.96	0.92	3.01	1.01	0.71	0.72
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Quarterly Results

Standalone
Consolidated

(in Rs. Cr.)	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023
Net Sales	285	239	261	289	315	333	342	361	373	366
Operating Expenses	229	196	214	233	260	272	280	295	307	303
Increase/Decrease in Stock	15.25	-4.65	14.21	-5.87	-22.06	-11.13	-13.14	-11.58	-24.09	-10.85
Raw Material	119	113	109	135	166	167	167	192	208	188
Employee Cost	26.87	26.24	26.42	27.51	32.55	30.62	32.45	30.14	33.31	31.91
Selling and Distribution Expenses	0	0	0	0	0	0	0	0	0	0
Electricity, Power & Fuel Cost	24.53	20.74	20.36	24.95	25.97	30.03	29.95	30.88	32.75	32.83
Gen_AdminExpenses	0	0	0	0	0	0	0	0	0	0
Miscellaneous Expenses	0	0	0	0	0	0	0	0	0	0
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Operating Profit	55.61	43.42	47.68	56.12	54.52	61.29	62.36	66.46	65.42	62.08
Other Income	3.35	4.46	4.99	3.81	5.31	0.56	4.66	5.56	5.35	6.28
Interest	8.02	6.54	7.21	7.41	6.15	7.10	7.34	7.61	7.16	9.52
PBDT	50.94	41.34	45.47	52.52	53.68	54.75	59.68	64.41	63.61	58.84
Depreciation and Amortization	16.73	15	15	15	15.11	15.70	17.30	17.30	17.30	17.50
Profit Before Tax	34.21	26.34	30.47	37.52	38.57	39.05	42.38	47.11	46.31	41.34
Tax	4.07	2.50	2.75	6.50	29.38	9.50	10.50	13.25	16.02	11.25
Profit After Tax	30.13	23.84	27.72	31.02	9.19	29.55	31.88	33.86	30.29	30.09
Extra items	0	0	0	0	0	0	0	0	0	0
Net Profit	30.13	23.84	27.72	31.02	9.19	29.55	31.88	33.86	30.29	30.09
Quarterly Ratios
EPS	12.48	9.87	11.48	12.85	3.81	12.24	13.20	14.03	12.55	12.46
Operating Profit Margin	19.52	18.14	18.25	19.41	17.32	18.41	18.21	18.41	17.54	16.98
Net Profit Margin	10.58	9.96	10.61	10.73	2.92	8.88	9.31	9.38	8.12	8.23
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(in Rs. Cr.)	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023
Net Sales	296	247	273	296	324	344	358	372	388	370
Operating Expenses	236	201	224	239	268	281	291	299	319	305
Increase/Decrease in Stock	14.66	-7.57	15.64	-6.88	-21.87	-8.98	-12.84	-12.49	-25.85	-12.99
Raw Material	119	114	112	135	167	168	171	191	214	185
Employee Cost	30.03	29.34	28.79	30.41	35.37	33.68	36.17	33.57	36.43	35.58
Selling and Distribution Expenses	0	0	0	0	0	0	0	0	0	0
Electricity, Power & Fuel Cost	25.59	21.65	21.01	26.00	26.50	31.08	31.36	32.12	33.79	34.43
Gen_AdminExpenses	0	0	0	0	0	0	0	0	0	0
Miscellaneous Expenses	0	0	0	0	0	0	0	0	0	0
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Operating Profit	59.22	45.86	49.27	57.12	55.66	63.20	66.98	73.14	69.53	65.44
Other Income	2.41	3.37	3.85	2.71	4.29	-0.34	3.61	4.23	4.71	5.25
Interest	8.13	6.65	7.21	7.51	6.25	7.19	7.43	7.70	7.25	9.61
PBDT	54.31	42.57	45.92	52.32	53.70	55.67	63.16	69.66	66.99	61.08
Depreciation and Amortization	18.48	16.99	16.65	16.93	16.85	17.94	19.75	20.61	20.51	20.83
Profit Before Tax	35.83	25.58	29.27	35.39	36.85	37.73	43.42	49.05	46.48	40.25
Tax	4.07	2.50	2.75	6.50	29.39	9.41	10.50	13.25	15.85	11.25
Profit After Tax	31.75	23.08	26.52	28.89	7.46	28.32	32.92	35.80	30.63	29.00
Extra items	0	0	0	0	0	0	0	0	0	0
Net Profit	31.75	23.08	26.52	28.89	7.46	28.32	32.92	35.80	30.63	29.00
Quarterly Ratios
EPS	13.15	9.56	10.99	11.97	3.09	11.73	13.64	14.83	12.69	12.01
Operating Profit Margin	20.03	18.56	18.04	19.27	17.20	18.38	18.73	19.66	17.91	17.68
Net Profit Margin	10.74	9.34	9.71	9.75	2.30	8.23	9.21	9.62	7.89	7.83
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Reverse DCF

Earnings

(Cr)

Discount Rate (%)

5 YEAR

Terminal Multiple

Implied Growth Rate over a 5 year period*

10 YEAR

Terminal Multiple

Implied Growth Rate over a 10 year period*

20 YEAR

Terminal Multiple

Implied Growth Rate over a 20 year period*

*Implied Growth calculated using Newton-Rhapson method.

Learn how to use Reverse DCF

Data feed provided by Accord Fintech