WEBSITE BSE:532870 NSE: ANKIT METAL Inc. Year: 2002 Industry: Steel & Iron Products My Bucket: Add Stock
Last updated: 15:40
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1. Business Overview
Ankit Metal & Power Ltd. operates in the Steel & Iron Products sector. Its core business involves the manufacturing and sale of various steel and iron products. As a "Metal & Power" company, it likely has an integrated steel plant, potentially including captive power generation to meet its energy needs and reduce operational costs. The company generates revenue by producing semi-finished and finished steel products (such as billets, TMT bars, sponge iron, or other structural steel products) and supplying them to various end-user industries including construction, infrastructure, manufacturing, and general engineering.
2. Key Segments / Revenue Mix
Specific revenue breakdowns are not publicly available for this analysis. However, given its name and industry, its primary segments would likely include:
Steel Products: Manufacturing and sale of various steel items like billets, TMT bars, or other long products.
Iron Products: Potentially sponge iron or pig iron, which are intermediate products used in steelmaking or sold directly.
Power: While likely primarily for captive consumption to support steel manufacturing, there might be a minor component of power sales if surplus capacity exists.
3. Industry & Positioning
The Indian Steel & Iron Products industry is cyclical, capital-intensive, and highly dependent on economic growth, particularly infrastructure development, construction, and manufacturing. The industry structure ranges from large integrated players to numerous regional, smaller-scale mills. Ankit Metal & Power Ltd. likely operates as a mid-sized or regional player within this landscape. Its positioning would involve competing on factors such as product quality, cost efficiency (potentially aided by captive power or raw material linkages), and regional distribution strength, often catering to specific local or state-level demand.
4. Competitive Advantage (Moat)
For a company of its likely scale in a commodity industry, Ankit Metal & Power Ltd. likely faces challenges in establishing strong, durable competitive advantages. Potential competitive advantages, if present, could include:
Cost Efficiency: Achieved through backward integration (e.g., captive power generation, sourcing of raw materials like iron ore or coal), operational efficiencies, or efficient logistics within its operating region.
Regional Dominance/Logistics: Strong distribution network and proximity to customers in specific geographical areas can reduce transportation costs and delivery times.
Product Specialization: Focus on niche products or quality specifications that cater to specific industrial buyers.
However, broad brand recognition or significant switching costs are generally less prevalent in the standardized steel product market.
5. Growth Drivers
Infrastructure Spending: Government initiatives and investment in infrastructure (roads, railways, ports, urban development) will drive demand for steel products.
Urbanization & Housing: Growing urban populations and demand for residential and commercial construction will necessitate steel.
Manufacturing Growth: Expansion in sectors like automotive, capital goods, and engineering will increase industrial demand for steel.
Capacity Expansion: Any planned increases in manufacturing capacity or modernization of existing facilities by the company could boost sales volumes.
Operational Efficiencies: Improving cost structures through better energy management, raw material procurement, or technology adoption can enhance profitability and support growth.
6. Risks
Commodity Price Volatility: Fluctuations in prices of raw materials (iron ore, coking coal, energy) and finished steel products can significantly impact margins.
Economic Downturn: A slowdown in the Indian economy or key end-user sectors (construction, infrastructure, manufacturing) would reduce demand for steel.
Intense Competition: The steel industry is competitive, with both large integrated players and smaller regional mills vying for market share, potentially leading to pricing pressures.
Regulatory & Environmental Risks: Stricter environmental norms, changes in trade policies (e.g., import duties, anti-dumping measures), or changes in mining policies could affect operations and costs.
Capital Intensive Nature: Steel production requires significant capital expenditure, potentially leading to higher debt levels and sensitivity to interest rate changes.
7. Management & Ownership
Ankit Metal & Power Ltd. is typical of many Indian companies, likely being promoter-led. The promoter group generally holds a significant stake in the company, indicating their long-term commitment. While specific details on management quality are not available, in such structures, the vision and execution capabilities of the founding family or key promoters are crucial to the company's strategic direction and operational performance.
8. Outlook
Ankit Metal & Power Ltd. operates within a fundamentally important industry for India's economic development. The long-term outlook for steel demand in India remains positive due to strong tailwinds from infrastructure development, urbanization, and a growing manufacturing sector. However, the company's performance is inherently linked to the cyclical nature of the commodity market and macroeconomic conditions. Challenges include managing raw material and energy price volatility, navigating intense competition, and adhering to evolving environmental regulations. Its ability to maintain cost efficiencies, strategically expand capacity, and potentially diversify its product mix will be key to its sustained performance in a dynamic market.
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Market Cap ₹22 Cr.
Stock P/E -0.2
P/B -
Current Price ₹1.6
Book Value ₹ 0
Face Value 10
52W High ₹2.5
Dividend Yield 0%
52W Low ₹ 1.3
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Jun 2023 | Sep 2023 | Dec 2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 141 | 212 | 149 | 239 | 207 | 187 | 197 | 203 | 206 | 147 |
| Other Income | 16 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 7 | 0 |
| Total Income | 157 | 212 | 149 | 239 | 207 | 187 | 197 | 203 | 213 | 147 |
| Total Expenditure | 182 | 211 | 145 | 224 | 212 | 190 | 231 | 248 | 300 | 213 |
| Operating Profit | -25 | 1 | 5 | 15 | -4 | -3 | -34 | -45 | -88 | -67 |
| Interest | 2 | 2 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 13 | 11 | 10 | 9 | 9 | 9 | 9 | 8 | 9 | 10 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -39 | -12 | -6 | 6 | -14 | -12 | -43 | -53 | -97 | -76 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -39 | -12 | -6 | 6 | -14 | -12 | -43 | -53 | -97 | -76 |
| Adjustments | 0 | -0 | 0 | 0 | -0 | 0 | 0 | -0 | 0 | 0 |
| Profit After Adjustments | -39 | -12 | -6 | 6 | -14 | -12 | -43 | -53 | -97 | -76 |
| Adjusted Earnings Per Share | -2.8 | -0.8 | -0.4 | 0.4 | -1 | -0.8 | -3.1 | -3.8 | -6.9 | -5.4 |
| #(Fig in Cr.) | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 1193 | 1476 | 1148 | 962 | 24 | 186 | 409 | 548 | 418 | 757 | 854 | 753 |
| Other Income | 1 | 3 | 10 | 1 | 1 | 0 | 4 | 11 | 3 | 1 | 0 | 7 |
| Total Income | 1194 | 1479 | 1158 | 963 | 24 | 186 | 413 | 559 | 421 | 758 | 854 | 760 |
| Total Expenditure | 1017 | 1410 | 1164 | 1124 | 259 | 265 | 457 | 539 | 434 | 762 | 917 | 992 |
| Operating Profit | 177 | 68 | -7 | -161 | -235 | -78 | -45 | 20 | -13 | -4 | -63 | -234 |
| Interest | 71 | 115 | 113 | 135 | 15 | 62 | 3 | 44 | 19 | 5 | 0 | 0 |
| Depreciation | 41 | 60 | 74 | 61 | 41 | 41 | 45 | 51 | 44 | 42 | 35 | 36 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | -8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 65 | -106 | -193 | -357 | -299 | -181 | -92 | -75 | -76 | -52 | -99 | -269 |
| Provision for Tax | 14 | -30 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 51 | -77 | -193 | -357 | -299 | -181 | -92 | -75 | -76 | -52 | -99 | -269 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 51 | -77 | -193 | -357 | -299 | -181 | -92 | -75 | -76 | -52 | -99 | -269 |
| Adjusted Earnings Per Share | 5.4 | -6.3 | -15.8 | -25.3 | -21.2 | -12.8 | -6.5 | -5.3 | -5.4 | -3.7 | -7 | -19.2 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 13% | 16% | 36% | -3% |
| Operating Profit CAGR | 0% | NAN% | 0% | NAN% |
| PAT CAGR | 0% | 0% | 0% | NAN% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -36% | -28% | 3% | -1% |
| ROE Average | 0% | 0% | 0% | -26% |
| ROCE Average | -34% | -19% | -15% | -11% |
| #(Fig in Cr.) | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 499 | 503 | 309 | -10 | -309 | -491 | -583 | -659 | -734 | -785 | -883 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 473 | 314 | 778 | 731 | 659 | 562 | 447 | 276 | 177 | 66 | 11 |
| Other Non-Current Liabilities | 32 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 4 | 5 |
| Total Current Liabilities | 652 | 948 | 870 | 1178 | 1268 | 1414 | 1566 | 1658 | 1770 | 1935 | 2062 |
| Total Liabilities | 1656 | 1766 | 1957 | 1899 | 1618 | 1485 | 1430 | 1275 | 1216 | 1219 | 1195 |
| Fixed Assets | 706 | 849 | 776 | 715 | 685 | 644 | 599 | 548 | 504 | 461 | 426 |
| Other Non-Current Assets | 169 | 1 | 1 | 4 | 4 | 4 | 4 | 3 | 1 | 31 | 50 |
| Total Current Assets | 780 | 915 | 1180 | 1181 | 928 | 837 | 827 | 724 | 712 | 727 | 719 |
| Total Assets | 1656 | 1766 | 1957 | 1899 | 1618 | 1485 | 1430 | 1275 | 1216 | 1219 | 1195 |
| #(Fig in Cr.) | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 10 | 2 | 1 | 10 | 5 | 3 | 2 | 1 | 1 | 1 | 1 |
| Cash Flow from Operating Activities | 18 | 61 | -255 | 46 | 84 | 108 | 139 | 212 | 27 | 60 | 54 |
| Cash Flow from Investing Activities | -200 | -50 | 17 | 8 | -6 | 4 | -0 | 0 | 0 | -28 | -19 |
| Cash Flow from Financing Activities | 173 | -13 | 242 | -59 | -81 | -113 | -140 | -212 | -27 | -32 | -35 |
| Net Cash Inflow / Outflow | -8 | -1 | 5 | -5 | -3 | -0 | -2 | -0 | 0 | -0 | 0 |
| Closing Cash & Cash Equivalent | 2 | 1 | 6 | 5 | 3 | 2 | 1 | 1 | 1 | 1 | 1 |
| # | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 5.37 | -6.27 | -15.83 | -25.3 | -21.21 | -12.85 | -6.54 | -5.32 | -5.37 | -3.66 | -7 |
| CEPS(Rs) | 9.68 | -1.38 | -9.8 | -20.97 | -18.34 | -9.93 | -3.36 | -1.69 | -2.22 | -0.65 | -4.5 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 52.34 | 41.17 | 25.32 | -0.71 | -21.92 | -34.77 | -41.31 | -46.68 | -52.03 | -55.64 | -62.55 |
| Core EBITDA Margin(%) | 13.22 | 3.96 | -1.32 | -16.13 | -907.95 | -41.82 | -11.79 | 1.76 | -3.77 | -0.7 | -7.43 |
| EBIT Margin(%) | 10.23 | 0.53 | -6.3 | -22.07 | -1094.55 | -63.68 | -21.9 | -5.62 | -13.65 | -6.19 | -11.55 |
| Pre Tax Margin(%) | 4.87 | -6.47 | -15.18 | -35.47 | -1152.69 | -96.54 | -22.55 | -13.69 | -18.12 | -6.82 | -11.56 |
| PAT Margin (%) | 3.84 | -4.65 | -15.18 | -35.47 | -1152.69 | -96.54 | -22.55 | -13.69 | -18.12 | -6.82 | -11.56 |
| Cash Profit Margin (%) | 6.93 | -1.03 | -9.4 | -29.4 | -996.59 | -74.59 | -11.57 | -4.36 | -7.51 | -1.22 | -7.43 |
| ROA(%) | 3.47 | -4.47 | -10.38 | -18.51 | -17.02 | -11.69 | -6.33 | -5.55 | -6.08 | -4.24 | -8.18 |
| ROE(%) | 10.81 | -15.28 | -47.63 | -238.83 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| ROCE(%) | 11.47 | 0.66 | -5.63 | -16.15 | -26.11 | -14.2 | -12.94 | -5.25 | -11.72 | -11.85 | -34.2 |
| Receivable days | 59.9 | 64.67 | 93.88 | 115.61 | 3947.59 | 393.33 | 132.34 | 86.11 | 71.19 | 20.95 | 20.74 |
| Inventory Days | 77.97 | 87.32 | 155.02 | 250.12 | 8802.89 | 1041.66 | 480.06 | 353.55 | 480.99 | 281.42 | 249.78 |
| Payable days | 76.63 | 77.47 | 124.1 | 163.41 | 903.17 | 955.04 | 549.44 | 437.1 | 551.83 | 347.38 | 304.48 |
| PER(x) | 2.69 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Price/Book(x) | 0.28 | 0.17 | 0.11 | -2.27 | -0.08 | 0 | -0.01 | -0.01 | -0.02 | -0.16 | -0.06 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.79 | 0.6 | 1.06 | 1.31 | 53.47 | 7.4 | 3 | 2.19 | 2.83 | 1.67 | 1.36 |
| EV/Core EBITDA(x) | 5.31 | 13 | -185.87 | -7.84 | -5.37 | -17.59 | -27.42 | 59.12 | -92.84 | -285.77 | -18.29 |
| Net Sales Growth(%) | 28.84 | 23.72 | -22.23 | -16.17 | -97.55 | 689.37 | 119.57 | 34.01 | -23.79 | 81.09 | 12.85 |
| EBIT Growth(%) | 81.59 | -93.6 | -1019.81 | -177.03 | -27.94 | 57.92 | 25.06 | 65.61 | -85.18 | 17.93 | -110.63 |
| PAT Growth(%) | 53.99 | -249.49 | -152.59 | -84.7 | 16.16 | 39.43 | 49.11 | 18.66 | -0.88 | 31.81 | -91.29 |
| EPS Growth(%) | 53.99 | -216.79 | -152.59 | -59.79 | 16.16 | 39.43 | 49.11 | 18.66 | -0.88 | 31.81 | -91.29 |
| Debt/Equity(x) | 1.65 | 1.66 | 3.89 | -124.1 | -4.02 | -2.53 | -2.09 | -1.82 | -1.59 | -1.45 | -1.25 |
| Current Ratio(x) | 1.2 | 0.97 | 1.36 | 1 | 0.73 | 0.59 | 0.53 | 0.44 | 0.4 | 0.38 | 0.35 |
| Quick Ratio(x) | 0.65 | 0.51 | 0.61 | 0.39 | 0.32 | 0.21 | 0.19 | 0.12 | 0.08 | 0.07 | 0.07 |
| Interest Cover(x) | 1.91 | 0.08 | -0.71 | -1.65 | -18.83 | -1.94 | -33.74 | -0.7 | -3.06 | -9.76 | -872.87 |
| Total Debt/Mcap(x) | 5.97 | 9.5 | 33.81 | 54.75 | 51.89 | 0 | 180.06 | 229.21 | 81.29 | 8.94 | 20.23 |
| # | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 71.02 | 71.02 | 71.02 | 71.02 | 71.02 | 71.02 | 71.02 | 71.02 | 71.02 | 71.02 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 28.98 | 28.98 | 28.98 | 28.98 | 28.98 | 28.98 | 28.98 | 28.98 | 28.98 | 28.98 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 10.02 | 10.02 | 10.02 | 10.02 | 10.02 | 10.02 | 10.02 | 10.02 | 10.02 | 10.02 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 4.09 | 4.09 | 4.09 | 4.09 | 4.09 | 4.09 | 4.09 | 4.09 | 4.09 | 4.09 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 14.11 | 14.11 | 14.11 | 14.11 | 14.11 | 14.11 | 14.11 | 14.11 | 14.11 | 14.11 |
* The pros and cons are machine generated.
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