Pansari Developers Ltd.

Market Capital

₹149 Cr.

P/E

63.10

Share Price

₹ 86.05 0.4 (0.47%)

Pansari Developers Ltd.
Overview
Financials
Benchmarking
Shareholding

Pansari Developers Ltd.

Pansari Developers Ltd.
Overview
Financials
Benchmarking
Shareholding

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

Price

₹ 86.05 0.4 (0.47%)

CHART MODE

Price

CHART MODE

EV/EBITDA

Price to Sales

Price to Book

CHART MODE

Capex

CHART MODE

Debt

Growth Table

Pansari Developers Ltd.

(in %)	1yr	2yr	3yr	4yr	5yr	6yr	7yr	8yr	9yr	10yr
Share Price CAGR	-18.04	24.61	57.16	42.01	32.83	25.6	—	—	—	—
TTM EPS CAGR	-58.68	-23.0	-2.53	—	—	—	—	—	—	—
Sales CAGR	-55.67	-15.73	—	—	—	—	—	—	—	—
PAT Margin (Abs Growth)	-4.36	-1.87	-13.32	-45.45	-36.25	-34.32	-44.44	-46.04	-37.72	-17.47
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PE CAGR	96.41	62.07	61.4	—	—	—	—	—	—	—
CFO CAGR	-50.99	42.35	32.66	3.55	—	—	33.31	22.69	10.6	0.53

* 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	76.72	103	129	166	180	190	170	201	196	253
Non Current Assets	17.87	19.09	32.81	33.45	31.55	35.25	39.08	88.04	90.73	95.65
Net Block	0.93	0.65	0.53	0.70	13.57	12.71	22.05	44.02	42.25	41.61
Capital Work in Progress	0	0	0.44	0	0	0	0	0	0	—
Intangible Assets Under Development	—	—	—	—	—	—	—	—	—	—
Long Term Investments	11.00	11.19	11.53	11.42	10.27	12.77	10.32	3.38	8.79	8.65
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Current Assets	58.86	84.05	96.61	133	149	155	131	119	110	158
Inventory	33.01	55.29	72.42	98.82	115	123	103	96.31	86.16	94.93
Accounts Receivable	1.90	2.08	2.96	6.92	3.98	6.83	3.74	5.85	2.26	0.55
Short Term Investments	—	—	—	—	—	—	—	—	—	—
Cash & Bank Balances	0.67	1.18	1.71	0.96	1.38	1.38	0.98	1.95	0.78	0.63
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Liabilities	76.72	103	129	166	180	190	170	201	196	253
Shareholders Funds	34.85	39.89	40.57	51.98	55.20	57.15	59.90	111	119	121
Share Capital	2.14	2.14	2.14	17.45	17.45	17.45	17.45	17.45	17.45	17.45
Reserves	32.71	37.75	38.43	34.54	37.76	39.70	42.46	93.41	102	104
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Non Current Liabilities	20.03	23.40	35.87	19.08	18.02	36.09	32.95	25.80	9.91	23.69
Secured Loans	—	—	—	—	7.91	23.53	23.17	11.86	—	—
Unsecured Loans	—	—	—	—	—	—	—	—	—	10
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Current Liabilities	21.85	39.79	53.04	95.15	107	96.75	76.94	64.19	66.24	108
Accounts Payable	1.12	13.26	2.33	4.42	2.34	2.36	1.49	1.15	0.88	2.64
Short Term Loans	7.19	9.34	14.98	47.01	34.14	21.45	23.95	25.42	36.93	49.63
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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
Assets	104	136	193	210	224	209	242	219	282
Non Current Assets	18.61	23.16	29.70	31.47	34.34	39.00	90.62	93.51	93.30
Net Block	0.65	0.55	0.71	13.58	12.73	22.06	44.03	42.25	41.62
Capital Work in Progress	0	0.44	0	0	0	0	0	0	—
Intangible Assets Under Development	—	—	—	—	—	—	—	—	—
Long Term Investments	11.19	11.47	11.37	10.21	12.71	10.27	3.31	8.93	8.65
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Current Assets	85.10	113	163	178	189	170	157	130	189
Inventory	55.29	80.92	116	137	149	133	133	103	120
Accounts Receivable	2.08	3.88	7.65	3.98	6.83	3.75	5.85	2.26	0.55
Short Term Investments	—	—	—	—	—	—	—	—	—
Cash & Bank Balances	1.19	1.85	1.00	1.42	1.53	1.30	2.28	1.11	0.80
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Liabilities	104	136	193	210	224	209	242	219	282
Shareholders Funds	39.98	40.57	51.98	55.20	57.15	59.90	111	119	120
Share Capital	2.24	2.14	17.45	17.45	17.45	17.45	17.45	17.45	17.45
Reserves	37.75	38.43	34.54	37.76	39.70	42.46	93.41	102	103
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Non Current Liabilities	23.40	35.90	19.08	18.02	36.09	32.95	25.87	9.98	23.77
Secured Loans	—	—	—	7.91	23.53	23.17	11.86	—	—
Unsecured Loans	—	—	—	—	—	—	—	—	10
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Current Liabilities	40.26	59.29	122	137	130	116	105	89.50	138
Accounts Payable	13.26	2.83	5.14	3.63	3.74	2.55	1.69	1.29	2.65
Short Term Loans	9.81	17.49	59.09	55.36	44.37	47.93	48.05	54.18	71.49
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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	76.72	103	129	166	180	190	170	201	196	253
Non Current Assets	17.87	19.09	32.81	33.45	31.55	35.25	39.08	88.04	90.73	95.65
Gross Block	0.93	0.65	1.40	1.89	15.30	15.48	26.01	49.17	49.13	—
Less: Accumulated Depreciation	—	—	0.87	1.19	1.73	2.78	3.96	5.15	6.88	—
Less: Impairment of Assets	—	—	—	—	—	—	—	—	—	—
Net Block	0.93	0.65	0.53	0.70	13.57	12.71	22.05	44.02	42.25	41.61
Lease Adjustment A/c	—	—	—	—	—	—	—	—	—	—
Capital Work in Progress	0	0	0.44	0	0	0	0	0	0	—
Long Term Investments	11.00	11.19	11.53	11.42	10.27	12.77	10.32	3.38	8.79	8.65
Long Term Loans & Advances	5.94	7.19	19.95	21.21	7.67	9.63	6.55	2.36	2.33	2.40
Other Non Current Assets	0	0	0.42	0	0	0	0	0	—	5.47
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Current Assets	58.86	84.05	96.61	133	149	155	131	119	110	158
Inventory	33.01	55.29	72.42	98.82	115	123	103	96.31	86.16	94.93
Accounts Receivable	1.90	2.08	2.96	6.92	3.98	6.83	3.74	5.85	2.26	0.55
Short Term Investments	—	—	—	—	—	—	—	—	—	—
Cash & Bank Balances	0.67	1.18	1.71	0.96	1.38	1.38	0.98	1.95	0.78	0.63
Other Current Assets	0.00	0.01	1.67	2.04	3.54	6.20	3.75	3.50	3.25	21.55
Short Term Loans and Advances	23.28	25.49	17.85	24.13	25.22	16.97	19.15	10.98	17.20	—
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Liabilities	76.72	103	129	166	180	190	170	201	196	253
Shareholders Funds	34.85	39.89	40.57	51.98	55.20	57.15	59.90	111	119	121
Share Capital	2.14	2.14	2.14	17.45	17.45	17.45	17.45	17.45	17.45	17.45
Share Warrants	—	—	—	—	—	—	—	—	—	—
Reserves	32.71	37.75	38.43	34.54	37.76	39.70	42.46	93.41	102	104
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Non Current Liabilities	20.03	23.40	35.87	19.08	18.02	36.09	32.95	25.80	9.91	23.69
Secured Loans	—	—	—	—	7.91	23.53	23.17	11.86	—	—
Unsecured Loans	—	—	—	—	—	—	—	—	—	10
Deferred Tax Assets/Liabilities	-0.01	-0.06	0.06	-0.11	-0.04	-0.15	-0.16	-5.78	-4.87	—
Other Long Term Liabilities	20.03	23.45	35.81	19.20	10.14	12.70	9.95	19.59	14.64	9.92
Long Term Provisions	0.01	0.01	—	—	—	—	—	0.13	0.14	—
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Current Liabilities	21.85	39.79	53.04	95.15	107	96.75	76.94	64.19	66.24	108
Accounts Payable	1.12	13.26	2.33	4.42	2.34	2.36	1.49	1.15	0.88	2.64
Short Term Loans	7.19	9.34	14.98	47.01	34.14	21.45	23.95	25.42	36.93	49.63
Other Current Liabilities	9.88	14.19	28.07	43.57	61.79	72.17	49.87	35.47	25.65	—
Share Application Money	—	—	—	—	—	—	—	—	—	—
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Short Term Provisions	3.67	3.00	7.67	0.15	8.98	0.77	1.63	2.15	2.79	0.01
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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
Assets	104	136	193	210	224	209	242	219	282
Non Current Assets	18.61	23.16	29.70	31.47	34.34	39.00	90.62	93.51	93.30
Gross Block	0.65	1.42	1.91	15.32	15.51	26.04	49.21	49.17	—
Less: Accumulated Depreciation	—	0.87	1.19	1.75	2.79	3.98	5.18	6.91	—
Less: Impairment of Assets	—	—	—	—	—	—	—	—	—
Net Block	0.65	0.55	0.71	13.58	12.73	22.06	44.03	42.25	41.62
Lease Adjustment A/c	—	—	—	—	—	—	—	—	—
Capital Work in Progress	0	0.44	0	0	0	0	0	0	—
Long Term Investments	11.19	11.47	11.37	10.21	12.71	10.27	3.31	8.93	8.65
Long Term Loans & Advances	6.71	10.34	17.51	7.65	8.76	6.51	5.00	4.97	2.40
Other Non Current Assets	0	0.42	0	0	0	0	0	0	3.17
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Current Assets	85.10	113	163	178	189	170	157	130	189
Inventory	55.29	80.92	116	137	149	133	133	103	120
Accounts Receivable	2.08	3.88	7.65	3.98	6.83	3.75	5.85	2.26	0.55
Short Term Investments	—	—	—	—	—	—	—	—	—
Cash & Bank Balances	1.19	1.85	1.00	1.42	1.53	1.30	2.28	1.11	0.80
Other Current Assets	1.35	1.83	5.47	4.68	12.93	12.77	4.82	4.19	23.25
Short Term Loans and Advances	25.18	24.05	33.34	31.71	18.87	19.30	11.25	19.24	—
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Liabilities	104	136	193	210	224	209	242	219	282
Shareholders Funds	39.98	40.57	51.98	55.20	57.15	59.90	111	119	120
Share Capital	2.24	2.14	17.45	17.45	17.45	17.45	17.45	17.45	17.45
Share Warrants	—	—	—	—	—	—	—	—	—
Reserves	37.75	38.43	34.54	37.76	39.70	42.46	93.41	102	103
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Non Current Liabilities	23.40	35.90	19.08	18.02	36.09	32.95	25.87	9.98	23.77
Secured Loans	—	—	—	7.91	23.53	23.17	11.86	—	—
Unsecured Loans	—	—	—	—	—	—	—	—	10
Deferred Tax Assets/Liabilities	-0.06	0.06	-0.11	-0.04	-0.15	-0.16	-5.78	-4.87	—
Other Long Term Liabilities	23.45	35.84	19.20	10.14	12.70	9.95	19.67	14.72	10.01
Long Term Provisions	0.01	—	—	—	—	—	0.13	0.14	—
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Current Liabilities	40.26	59.29	122	137	130	116	105	89.50	138
Accounts Payable	13.26	2.83	5.14	3.63	3.74	2.55	1.69	1.29	2.65
Short Term Loans	9.81	17.49	59.09	55.36	44.37	47.93	48.05	54.18	71.49
Other Current Liabilities	14.18	31.29	49.63	68.73	81.58	64.00	53.29	30.60	—
Share Application Money	—	—	—	—	—	—	—	—	—
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Short Term Provisions	3.00	7.67	8.11	8.98	0.77	1.64	2.36	3.44	0.01
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Balance Sheet Snapshot

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Fund Flow Analysis

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Total

*Data is as of latest FY end

Profit & Loss

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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	TTM
Sales	16.17	9.99	6.53	2.90	6.26	13.23	34.80	26.82	37.15	26.42
Operating Expenses	8.28	5.74	3.19	2.30	4.18	9.07	28.35	20.32	30.85	21.38
Raw Material	14.76	18.23	—	—	20.19	16.95	6.54	12.21	17.63	11.03
Building Materials	0	0	0	0	0	0	6.54	12.21	17.63
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Employee Cost	0.08	0.10	0.06	0.08	0.16	0.23	0.81	0.44	0.68	0.92
Power & Fuel Cost	—	—	—	—	—	—	—	—	—	—
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Operating Profit	7.88	4.25	3.34	0.60	2.09	4.16	6.45	6.50	6.29	5.03
Other Income	1.90	2.18	1.37	1.32	3.34	0.75	0.64	1.41	0.81	1.39
Depreciation and Amortisation Expenses	0.13	0.30	0.26	0.32	0.57	1.13	1.19	1.19	1.82	1.88
Interest	0.83	0.62	1.22	0.00	0.71	1.33	2.12	2.21	0.63	1.38
Profit Before Tax	8.82	5.51	3.24	1.61	4.14	2.45	3.78	4.51	4.65	3.16
Tax	0.40	0.47	0.61	0.38	0.92	0.51	1.02	0.75	1.01	0.77
Net Profit	8.42	5.04	2.64	1.23	3.22	1.95	2.75	3.76	3.64	2.39
Number of shares(Crs)	—	—	—	1.74	1.74	1.74	1.74	1.74	1.74	—
Dividend Payout Ratio	0	0	0	0	0	0	0	0	0	—

*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	TTM
Sales	9.99	6.53	2.90	6.26	10.06	34.80	36.10	60.25	26.62
Operating Expenses	5.74	2.44	1.21	2.99	8.27	27.56	26.91	52.53	21.06
Raw Material	18.23	—	—	23.56	19.89	9.52	18.61	19.68	3.84
Employee Cost	0.10	0.15	0.15	0.25	0.32	0.94	0.56	0.75	0.92
Power & Fuel Cost	—	—	—	—	—	—	—	—	—
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Operating Profit	4.25	4.09	1.69	3.28	1.79	7.24	9.19	7.72	5.56
Other Income	2.18	1.38	1.33	3.35	3.94	0.66	0.60	0.37	1.34
Depreciation and Amortisation Expenses	0.30	0.26	0.32	0.58	1.14	1.19	1.19	1.83	1.88
Interest	0.62	1.97	1.09	1.91	2.14	2.92	3.65	1.41	1.81
Profit Before Tax	5.51	3.24	1.61	4.14	2.46	3.78	4.95	4.86	3.21
Tax	0.47	0.61	0.38	0.92	0.51	1.02	1.19	1.22	0.85
Net Profit	5.04	2.64	1.23	3.23	1.95	2.76	3.76	3.64	2.37
Number of shares(Crs)	—	—	1.74	1.74	1.74	1.74	1.74	1.74	—
Dividend Payout Ratio	0	0	0	0	0	0	0	0	—

*TTM Values as of Jun 2023

(in Rs. Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	TTM
Gross Sales	16.17	9.99	6.53	2.90	6.26	13.23	34.80	26.82	37.15	—
Less: Excise Duty	—	—	—	—	—	—	—	—	—	—
Net Sales	16.17	9.99	6.53	2.90	6.26	13.23	34.80	26.82	37.15	26.42
Operating Expenses	8.28	5.74	3.19	2.30	4.18	9.07	28.35	20.32	30.85	21.38
Raw Material	14.76	18.23	—	—	20.19	16.95	6.54	12.21	17.63	11.03
Building Materials	0	0	0	0	0	0	6.54	12.21	17.63
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Increase/Decrease in Stock	-8.27	-22.40	-11.14	-26.39	-16.56	-8.66	20.04	6.71	10.16	-5.44
Other Manufacturing Expenses	—	1.03	13.30	28.20	—	—	—	—	—	—
Employee Cost	0.08	0.10	0.06	0.08	0.16	0.23	0.81	0.44	0.68	0.92
Selling and Distribution Expenses	—	—	0.69	0.00	0.00	—	—	0.06	0.13	—
Power & Fuel Cost	—	—	—	—	—	—	—	—	—	—
General and Administration Expenses	1.71	8.77	0.27	0.17	0.30	0.48	0.95	0.87	2.22	—
Miscellaneous Expenses	0.01	0.00	—	0.25	0.09	0.07	0.01	0.02	0.04	—
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Operating Profit	7.88	4.25	3.34	0.60	2.09	4.16	6.45	6.50	6.29	5.03
Other Income	1.90	2.18	1.37	1.32	3.34	0.75	0.64	1.41	0.81	1.39
Interest	0.83	0.62	1.22	0.00	0.71	1.33	2.12	2.21	0.63	1.38
PBDT	8.95	5.82	3.50	1.92	4.71	3.59	4.96	5.70	6.48	5.04
Depreciation and Amortization	0.13	0.30	0.26	0.32	0.57	1.13	1.19	1.19	1.82	1.88
Profit Before Taxation & Exceptional Items	8.82	5.51	3.24	1.61	4.14	2.45	3.78	4.51	4.65	—
Exceptional Income / Expenses	—	—	—	—	—	—	—	—	—	—
Profit Before Tax	8.82	5.51	3.24	1.61	4.14	2.45	3.78	4.51	4.65	3.16
Provision for Taxs	0.40	0.47	0.61	0.38	0.92	0.51	1.02	0.75	1.01	0.77
Current Income Tax	1.77	1.10	0.71	0.44	0.84	0.56	0.83	0.61	0.70	—
Deferred Tax	0.00	-0.05	0.10	-0.17	0.07	-0.11	-0.02	0.00	0.00	—
Other taxes	0	0	0	0	0	0	0	0	0	—
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Profit After Tax	8.42	5.04	2.64	1.23	3.22	1.95	2.75	3.76	3.64	2.39
Extra items	—	—	—	—	—	—	—	0	0	0
Minority Interest	—	—	—	—	—	—	—	—	—	—
Share of Associate	—	—	—	—	—	—	—	—	—	—
Net Profit	8.42	5.04	2.64	1.23	3.22	1.95	2.75	3.76	3.64	2.39
Number of shares(Crs)	—	—	—	1.74	1.74	1.74	1.74	1.74	1.74	—
Dividend Payout Ratio	0	0	0	0	0	0	0	0	0	—

*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	TTM
Gross Sales	9.99	6.53	2.90	6.26	10.06	34.80	36.10	60.25	—
Less: Excise Duty	—	—	—	—	—	—	—	—	—
Net Sales	9.99	6.53	2.90	6.26	10.06	34.80	36.10	60.25	26.62
Operating Expenses	5.74	2.44	1.21	2.99	8.27	27.56	26.91	52.53	21.06
Increase/Decrease in Stock	-22.40	-19.61	-35.07	-21.22	-12.50	16.13	6.73	29.70	-7.48
Raw Material	18.23	—	—	23.56	19.89	9.52	18.61	19.68	3.84
Other Manufacturing Expenses	1.03	20.93	35.71	—	—	—	—	—	—
Employee Cost	0.10	0.15	0.15	0.25	0.32	0.94	0.56	0.75	0.92
Selling and Distribution Expenses	—	0.69	0.00	0.00	—	—	0.06	0.13	—
Power & Fuel Cost	—	—	—	—	—	—	—	—	—
General and Administration Expenses	8.78	0.27	0.18	0.31	0.49	0.96	0.92	2.23	—
Miscellaneous Expenses	—	—	0.25	0.09	0.07	0.01	0.02	0.04	—
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Operating Profit	4.25	4.09	1.69	3.28	1.79	7.24	9.19	7.72	5.56
Other Income	2.18	1.38	1.33	3.35	3.94	0.66	0.60	0.37	1.34
Interest	0.62	1.97	1.09	1.91	2.14	2.92	3.65	1.41	1.81
PBDT	5.81	3.51	1.93	4.72	3.59	4.97	6.14	6.69	5.10
Depreciation and Amortization	0.30	0.26	0.32	0.58	1.14	1.19	1.19	1.83	1.88
Profit Before Taxation & Exceptional Items	5.51	3.24	1.61	4.14	2.46	3.78	4.95	4.86	—
Exceptional Income / Expenses	—	—	—	0.00	—	—	—	—	—
Profit Before Tax	5.51	3.24	1.61	4.14	2.46	3.78	4.95	4.86	3.21
Provision for Taxs	0.47	0.61	0.38	0.92	0.51	1.02	1.19	1.22	0.85
Current Income Tax	1.10	0.71	0.44	0.84	0.56	0.84	1.05	0.91	—
Deferred Tax	-0.05	0.10	-0.17	0.07	-0.11	-0.02	0.00	0.00	—
Other taxes	0	0	0	0	0	0	0	0	—
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Profit After Tax	5.04	2.64	1.23	3.23	1.95	2.76	3.76	3.64	2.37
Extra items	—	—	—	—	—	—	0	0	0
Minority Interest	—	—	—	—	—	—	—	—	—
Share of Associate	—	—	—	—	—	—	—	—	—
Net Profit	5.04	2.64	1.23	3.23	1.95	2.76	3.76	3.64	2.37
Number of shares(Crs)	—	—	1.74	1.74	1.74	1.74	1.74	1.74	—
Dividend Payout Ratio	0	0	0	0	0	0	0	0	—

*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	1.94	0.72	9.29	-40.71	8.19	6.03	5.96	17.70	3.61	-18.55
Profit Before Tax	8.82	5.51	3.24	1.61	4.14	2.45	3.78	4.51	4.65	2.66
Adjustments	0.13	0.30	0.27	1.68	4.64	5.10	4.47	4.59	4.17	1.60
OCF Before Working Capital	8.96	5.82	3.51	3.29	8.78	7.55	8.25	9.10	8.82	4.26
Working Capital Changes	-4.34	-1.77	5.96	-43.08	0.12	-0.74	-1.54	9.01	-4.52	-21.47
Taxes Paid	-2.68	-3.32	-0.18	-0.91	-0.71	-0.78	-0.76	-0.42	-0.69	-1.34
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Cash from Investing Activity	-1.31	-0.21	-13.19	0.43	2.05	-4.40	-4.60	-2.62	0.33	-3.93
Net Fixed Assets Purchased	-0.70	-0.03	-0.58	-0.04	-13.44	-0.27	-10.53	-1.27	-0.05	-1.16
Fixed Assets Purchased	-0.70	-0.03	-0.58	-0.04	-13.44	-0.27	-10.53	-1.27	-0.05	-1.26
Fixed Assets Sold	—	—	—	—	—	—	—	—	0.00	0.09
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Investment Purchased	-0.61	-0.18	-0.38	—	—	-2.50	—	—	—	-0.41
Investment Sold	—	—	—	0.19	1.16	—	2.81	0.31	0.08	0.32
Interest Recieved	0.00	0.00	1.18	1.23	0.79	0.38	0.24	0.21	0.27	0.62
Dividends Recieved	0.00	0.00	0.00	0.00	—	0.00	0.00	0.00	0.00	0.00
Subsidiary Investments	—	—	—	—	—	—	—	—	—	—
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Cash from Financing Activity	0.00	0.00	4.42	39.54	-9.82	-1.62	-1.76	-14.11	-5.11	22.33
Proceeds From Shares	—	—	—	10.19	—	—	—	—	—	—
Net Long Term Borrowings	0	0	0	0	7.91	15.62	-0.36	-11.31	-11.86	10
Proceeds From Borrowings	—	—	—	—	7.91	15.62	—	—	—	10
Repayment From Borrowings	—	—	—	—	—	—	-0.36	-11.31	-11.86	—
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Interest Paid	—	0.00	-1.22	-2.69	-4.87	-4.42	-3.89	-3.89	-2.65	-0.37
Dividend Paid	—	—	—	—	—	—	—	—	—	—
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Net Cash Flow	0.63	0.51	0.52	-0.74	0.42	0.00	-0.40	0.97	-1.17	-0.15
Opening Cash & Cash Equivalents	0.05	0.67	1.18	1.71	0.96	1.38	1.38	0.98	1.95	0.78
Effect of FX	—	—	—	—	—	—	—	—	—	—
Closing Cash & Cash Equivalents	0.67	1.18	1.71	0.96	1.38	1.38	0.98	1.95	0.78	0.63
Net Capex (est)	0.70	0.03	0.58	0.04	13.44	0.27	10.53	1.27	0.05	1.16
Free Cash Flow (est)	1.24	0.69	8.71	-40.75	-5.25	5.76	-4.57	16.43	3.56	-19.72

(in Rs. Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Cash from Operating Activity	1.33	-15.04	-29.41	8.67	4.27	4.92	20.33	9.97	-27.44
Profit Before Tax	5.51	3.24	1.61	4.14	2.46	3.78	4.92	4.86	2.72
Adjustments	0.92	-0.17	0.09	1.53	5.91	3.50	4.34	4.94	1.92
OCF Before Working Capital	6.43	3.08	1.70	5.67	8.36	7.28	9.26	9.80	4.63
Working Capital Changes	-1.78	-17.93	-30.19	3.71	-3.30	-1.60	11.73	1.26	-30.62
Taxes Paid	-3.32	-0.19	-0.92	-0.72	-0.80	-0.76	-0.65	-1.10	-1.44
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Cash from Investing Activity	-0.21	8.80	-22.13	-10.53	-3.56	-5.43	-4.27	0.13	0.60
Net Fixed Assets Purchased	-0.03	-0.60	-0.05	-13.45	-0.27	-10.53	-1.27	-0.05	-1.16
Fixed Assets Purchased	-0.03	-0.60	-0.05	-13.45	-0.27	-10.53	-1.27	-0.05	-1.26
Fixed Assets Sold	—	—	—	—	—	—	—	0.00	0.09
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Investment Purchased	-0.18	-0.37	—	—	-2.50	—	—	-0.13	-0.83
Investment Sold	—	—	0.19	1.32	—	2.82	0.33	—	0.32
Interest Recieved	0.00	1.18	1.23	0.79	0.38	0.24	0.21	0.27	0.63
Dividends Recieved	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Subsidiary Investments	—	—	—	—	—	—	—	—	—
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Cash from Financing Activity	-0.60	6.90	50.69	2.27	-0.59	0.27	-15.08	-11.26	26.52
Proceeds From Shares	0.01	—	10.19	—	—	—	—	—	—
Net Long Term Borrowings	0	0	0	7.91	15.62	-0.36	-11.31	-11.86	10
Proceeds From Borrowings	—	—	—	7.91	15.62	—	—	—	—
Repayment From Borrowings	—	—	—	—	—	-0.36	-11.31	-11.86	10
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Interest Paid	-0.62	-0.78	-1.09	-1.91	-5.22	-2.92	-3.64	-3.42	-0.79
Dividend Paid	—	—	—	—	—	—	—	—	—
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Net Cash Flow	0.51	0.67	-0.85	0.41	0.12	-0.23	0.98	-1.17	-0.31
Opening Cash & Cash Equivalents	0.68	1.19	1.85	1.00	1.42	1.53	1.30	2.28	1.11
Effect of FX	—	—	—	—	—	—	—	—	—
Closing Cash & Cash Equivalents	1.19	1.85	1.00	1.42	1.53	1.30	2.28	1.11	0.80
Net Capex (est)	0.03	0.60	0.05	13.45	0.27	10.53	1.27	0.05	1.16
Free Cash Flow (est)	1.30	-15.64	-29.46	-4.78	4.00	-5.61	19.07	9.92	-28.60

Cash Flow Analysis

+ Add a Comparison

Increase
Decrease
Total

Ratios

Standalone
Consolidated

= Dominant Factor

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Operational Ratios
Quick Ratio	0.54	1.18	0.72	0.46	0.36	0.32	0.33	0.36	0.35	0.35
Liquid Assets (Crs)	15.63	25.85	28.76	24.18	34.58	34.30	31.56	27.63	22.27	23.48
Current Liabilities (Crs)	29.09	21.85	39.79	53.04	95.15	107	96.75	76.94	64.19	66.24
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Current Ratio	1.39	2.69	2.11	1.82	1.40	1.39	1.60	1.70	1.85	1.66
Current Assets (Crs)	40.37	58.86	84.05	96.61	133	149	155	131	119	110
Current Liabilities (Crs)	29.09	21.85	39.79	53.04	95.15	107	96.75	76.94	64.19	66.24
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Interest Coverage Ratio	8.53	11.61	9.91	3.67	1,096	6.81	2.84	2.78	3.04	8.34
EBIT (Crs)	14.79	9.66	6.13	4.46	1.61	4.85	3.78	5.90	6.72	5.29
Interest Expenses (Crs)	1.73	0.83	0.62	1.22	0.00	0.71	1.33	2.12	2.21	0.63
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Fixed Asset Turnover	82.91	17.46	15.41	4.66	1.54	0.41	0.85	1.34	0.55	0.76
Net Sales (Crs)	29.55	16.17	9.99	6.53	2.90	6.26	13.23	34.80	26.82	37.15
Fixed Assets (Crs)	0.36	0.93	0.65	1.40	1.89	15.30	15.48	26.01	49.17	49.13
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Cash Conversion Cycle	314	618	2,315	3,966	669	6,522	3,407	1,210	1,398	923
Inventory Days	332	652	1,614	3,569	0	6,225	3,287	1,189	1,358	896
Days Receivable	24.53	51.01	72.66	141	622	317	149	55.44	65.22	39.80
Days Payable	41.95	85.04	-628.25	-255.50	-46.72	19.82	29.30	34.57	25.47	13.32
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Debt to Equity Ratio	0.74	0.21	0.23	0.37	0.90	0.77	0.82	1.38	0.36	0.31
Total Debt (Crs)	19.45	7.19	9.34	14.98	47.01	42.67	46.76	82.91	39.39	36.93
Shareholders Equity (Crs)	26.43	34.85	39.89	40.57	51.98	55.20	57.15	59.90	111	119
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Free Cash Flow/Sales (%)	12.81	7.68	6.94	133	-1406.48	-83.75	43.49	-13.13	61.26	9.58
Free Cash Flow(est) (Crs)	3.78	1.24	0.69	8.71	-40.75	-5.25	5.76	-4.57	16.43	3.56
Net Sales (Crs)	29.55	16.17	9.99	6.53	2.90	6.26	13.23	34.80	26.82	37.15
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Profitability Ratios
Op Profit Margin (%)	50.29	60.53	64.44	72.23	66.45	86.57	37.17	20.37	29.47	19.14
Operating Profit (Crs)	14.86	9.79	6.43	4.72	1.93	5.42	4.92	7.09	7.90	7.11
Net Sales (Crs)	29.55	16.17	9.99	6.53	2.90	6.26	13.23	34.80	26.82	37.15
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Net Profit Margin (%)	43.76	52.08	50.50	40.36	42.29	51.42	14.70	7.91	14.01	9.80
Net Profit (Crs)	12.93	8.42	5.04	2.64	1.23	3.22	1.95	2.75	3.76	3.64
Net Sales (Crs)	29.55	16.17	9.99	6.53	2.90	6.26	13.23	34.80	26.82	37.15
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ROCE (%)	55.91	17.59	9.69	5.83	2.27	6.62	4.06	6.35	4.92	4.09
EBIT (Crs)	14.79	9.66	6.13	4.46	1.61	4.85	3.78	5.90	6.72	5.29
Capital Employed (Crs)	26.45	54.88	63.29	76.43	71.07	73.22	93.24	92.86	137	129
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Return on Assets (%)	23.28	10.97	4.89	2.04	0.74	1.78	1.02	1.62	1.87	1.86
Net Profit (Crs)	12.93	8.42	5.04	2.64	1.23	3.22	1.95	2.75	3.76	3.64
Total Assets (Crs)	55.55	76.72	103	129	166	180	190	170	201	196
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ROIC (%)	117	19.85	8.26	5.80	0.58	2.19	3.46	5.11	4.58	4.12
Op Profit after Taxes (Crs)	13.53	7.40	3.61	2.51	0.22	1.18	2.40	3.84	4.42	3.50
Invested Capital (Crs)	11.59	37.26	43.73	43.24	37.47	53.89	69.46	75.00	96.46	84.87
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ROE (%)	48.92	24.16	12.64	6.50	2.36	5.84	3.40	4.60	3.39	3.05
Net Profit Margin (%)	43.76	52.08	50.50	40.36	42.29	51.42	14.70	7.91	14.01	9.80
Asset Turnover ratio	0.53	0.21	0.10	0.05	0.02	0.03	0.07	0.20	0.13	0.19
Equity Multiplier	2.10	2.20	2.58	3.19	3.20	3.27	3.32	2.83	1.81	1.64
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Adjusted EPS	10.09	6.57	3.94	2.06	0.70	1.85	1.12	1.58	2.15	2.09
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Valuation Ratios
P/E	0	0	0	0	28.54	0	26.99	0	24.15	62.76
Price to Book	0	0	0	0	0.67	0	0.92	0	0.82	1.91
EV/EBITDA	1.45	0.88	1.60	3.27	42.08	10.83	19.90	14.02	16.22	37.23
Dividend Yield (%)	—	—	—	—	0	—	0	—	0	0
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	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Operational Ratios
Quick Ratio	0.74	0.53	0.39	0.31	0.31	0.32	0.23	0.30
Liquid Assets (Crs)	29.80	31.64	48.14	41.97	40.44	37.15	24.19	26.80
Current Liabilities (Crs)	40.26	59.29	122	137	130	116	105	89.50
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Current Ratio	2.11	1.90	1.34	1.31	1.45	1.47	1.49	1.45
Current Assets (Crs)	85.10	113	163	178	189	170	157	130
Current Liabilities (Crs)	40.26	59.29	122	137	130	116	105	89.50
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Interest Coverage Ratio	9.90	2.65	2.47	3.17	2.15	2.29	2.36	4.46
EBIT (Crs)	6.13	5.21	2.70	6.06	4.59	6.70	8.60	6.27
Interest Expenses (Crs)	0.62	1.97	1.09	1.91	2.14	2.92	3.65	1.41
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Fixed Asset Turnover	15.41	4.60	1.52	0.41	0.65	1.34	0.73	1.23
Net Sales (Crs)	9.99	6.53	2.90	6.26	10.06	34.80	36.10	60.25
Fixed Assets (Crs)	0.65	1.42	1.91	15.32	15.51	26.04	49.21	49.17
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Cash Conversion Cycle	2,300	4,123	768	7,674	5,338	1,487	1,363	730
Inventory Days	2,021	3,807	0	7,361	5,189	1,481	1,345	716
Days Receivable	75.86	166	727	339	196	55.49	48.50	24.54
Days Payable	-202.73	-149.69	-41.50	26.22	47.21	48.93	30.55	11.01
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Debt to Equity Ratio	0.25	0.43	1.14	1.16	1.22	1.23	0.56	0.45
Total Debt (Crs)	9.81	17.49	59.09	63.88	69.68	73.59	62.02	54.18
Shareholders Equity (Crs)	39.98	40.57	51.98	55.20	57.15	59.90	111	119
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Free Cash Flow/Sales (%)	13.03	-239.55	-1016.73	-76.28	39.75	-16.13	52.81	16.46
Free Cash Flow(est) (Crs)	1.30	-15.64	-29.46	-4.78	4.00	-5.61	19.07	9.92
Net Sales (Crs)	9.99	6.53	2.90	6.26	10.06	34.80	36.10	60.25
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Profitability Ratios
Op Profit Margin (%)	64.42	83.84	104	106	56.97	22.69	27.12	13.43
Operating Profit (Crs)	6.43	5.47	3.02	6.63	5.73	7.89	9.79	8.09
Net Sales (Crs)	9.99	6.53	2.90	6.26	10.06	34.80	36.10	60.25
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Net Profit Margin (%)	50.48	40.37	42.29	51.49	19.36	7.92	10.41	6.04
Net Profit (Crs)	5.04	2.64	1.23	3.23	1.95	2.76	3.76	3.64
Net Sales (Crs)	9.99	6.53	2.90	6.26	10.06	34.80	36.10	60.25
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ROCE (%)	9.67	6.82	3.80	8.27	4.93	7.22	6.29	4.85
EBIT (Crs)	6.13	5.21	2.70	6.06	4.59	6.70	8.60	6.27
Capital Employed (Crs)	63.39	76.46	71.07	73.22	93.24	92.86	137	129
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Return on Assets (%)	4.86	1.94	0.63	1.54	0.87	1.32	1.55	1.66
Net Profit (Crs)	5.04	2.64	1.23	3.23	1.95	2.76	3.76	3.64
Total Assets (Crs)	104	136	193	210	224	209	242	219
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ROIC (%)	8.15	5.89	2.53	3.90	0.73	5.89	6.49	5.39
Op Profit after Taxes (Crs)	3.61	3.11	1.04	2.10	0.52	4.41	6.08	4.41
Invested Capital (Crs)	44.30	52.80	41.19	53.95	70.24	74.78	93.64	81.84
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ROE (%)	12.61	6.50	2.36	5.84	3.41	4.60	3.39	3.05
Net Profit Margin (%)	50.48	40.37	42.29	51.49	19.36	7.92	10.41	6.04
Asset Turnover ratio	0.10	0.05	0.02	0.03	0.04	0.17	0.15	0.28
Equity Multiplier	2.59	3.35	3.71	3.80	3.91	3.49	2.18	1.83
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Adjusted EPS	3.93	2.06	0.70	1.85	1.12	1.58	2.15	2.09
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Valuation Ratios
P/E	0	0	28.54	0	26.97	0	24.15	62.76
Price to Book	0	0	0.67	0	0.92	0	0.82	1.91
EV/EBITDA	1.67	3.25	30.81	12.05	21.05	11.37	15.37	34.80
Dividend Yield (%)	—	—	0	—	0	—	0	0
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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	5.96	2.72	12.28	13.53	8.62	4.52	5.46	8.58	4.43	7.94
Operating Expenses	3.83	1.90	10.24	11.67	7.07	3.53	4.26	7.43	3.70	5.99
Increase/Decrease in Stock	0	0	0	0	-3.79	0.11	0	0	-6.24	0.80
Raw Material	3.44	1.63	9.49	10.46	0	0	3.91	7.12	0	0
Employee Cost	0.01	0.07	0.25	0.18	0.18	0.17	0.27	0.19	0.23	0.22
Selling and Distribution Expenses	0	0	0	0	0	0	0	0	0	0
Electricity, Power & Fuel Cost	0	0	0	0	0	0	0	0	0	0
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	2.12	0.82	2.05	1.86	1.55	0.99	1.20	1.16	0.73	1.95
Other Income	1.09	0.48	0.53	0.18	-0.37	0.07	0.04	0.13	0.60	0.63
Interest	0.55	0.35	0.13	0.03	0.12	0.09	0.07	0.06	0.15	1.11
PBDT	2.66	0.95	2.45	2.01	1.06	0.97	1.17	1.23	1.18	1.47
Depreciation and Amortization	0.32	0.28	0.28	0.80	0.46	0.42	0.46	0.48	0.50	0.44
Profit Before Tax	2.35	0.67	2.17	1.21	0.60	0.55	0.70	0.75	0.68	1.02
Tax	0.36	0.01	0.41	0.30	0.30	0.08	0.22	0.17	0.18	0.20
Profit After Tax	1.99	0.66	1.76	0.91	0.31	0.47	0.48	0.58	0.51	0.83
Extra items	0	0	0	0	0	0	0	0	0	0
Net Profit	1.99	0.66	1.76	0.91	0.31	0.47	0.48	0.58	0.51	0.83
Quarterly Ratios
EPS	1.14	0.38	1.01	0.52	0.18	0.27	0.28	0.33	0.29	0.47
Operating Profit Margin	35.65	30.23	16.67	13.73	17.94	21.85	21.96	13.47	16.47	24.53
Net Profit Margin	33.42	24.42	14.34	6.71	3.55	10.37	8.81	6.75	11.39	10.41
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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	11.28	4.80	17.10	20.60	17.74	4.60	5.44	8.58	4.55	8.04
Operating Expenses	6.46	3.53	14.60	18.44	16.00	3.61	4.22	7.43	3.37	6.04
Increase/Decrease in Stock	0	0	0	17.22	5.37	0.06	0	7.12	-14.60	0.01
Raw Material	5.97	3.25	13.84	0	0	0	3.84	0	0	0
Employee Cost	0.10	0.07	0.25	0.19	0.24	0.17	0.30	0.19	0.20	0.22
Selling and Distribution Expenses	0	0	0	0	0	0	0	0	0	0
Electricity, Power & Fuel Cost	0	0	0	0	0	0	0	0	0	0
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	4.82	1.28	2.50	2.16	1.75	0.99	1.22	1.15	1.19	2.00
Other Income	0.28	0.02	0.07	0.10	0.19	0.07	0.04	0.16	0.54	0.60
Interest	2.00	0.35	0.12	0.25	0.67	0.09	0.09	0.06	0.55	1.11
PBDT	3.10	0.96	2.45	2.01	1.27	0.97	1.17	1.26	1.18	1.49
Depreciation and Amortization	0.32	0.28	0.28	0.80	0.46	0.42	0.46	0.48	0.50	0.44
Profit Before Tax	2.79	0.67	2.17	1.21	0.81	0.55	0.70	0.78	0.68	1.05
Tax	0.80	0.01	0.41	0.30	0.50	0.08	0.25	0.18	0.20	0.22
Profit After Tax	1.99	0.67	1.76	0.91	0.31	0.47	0.46	0.60	0.48	0.83
Extra items	0	0	0	0	0	0	0	0	0	0
Net Profit	1.99	0.67	1.76	0.91	0.31	0.47	0.46	0.60	0.48	0.83
Quarterly Ratios
EPS	1.14	0.38	1.01	0.52	0.18	0.27	0.26	0.35	0.28	0.47
Operating Profit Margin	42.75	26.60	14.64	10.50	9.84	21.53	22.49	13.42	26.06	24.84
Net Profit Margin	17.64	13.84	10.30	4.41	1.72	10.19	8.36	7.04	10.56	10.29
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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