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Apcotex Inds

₹409.3 -6.4 | 1.5%

Market Cap ₹2122 Cr.

Stock P/E 39.4

P/B 4.1

Current Price ₹409.3

Book Value ₹ 100.6

Face Value 2

52W High ₹588

Dividend Yield 1.34%

52W Low ₹ 400

Edit Ratio

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Apcotex Industries: Business Analysis

Overview Inc. Year: 1986Industry: Rubber Products

Apcotex Industries Ltd produces and sells synthetic emulsion polymers in India. It gives synthetic latexes, consisting of carboxylated styrene butadiene, styrene acrylic, vinyl pyridine, and nitrile latexes; and synthetic rubber, such as nitrile, NBR polyblend and powder, and high styrene rubber products. The corporation’s artificial latexes are utilized in programs, inclusive of tire cord dipping, paper and paperboard coating, carpet backing, concrete modification/water proofing, non-wovens, textile completing, paints, gloves, etc.; and artificial rubber to be used in various programs comprising shoes, automobile additives, rice rolls, molded objects, V-belts, conveyor belts, hoses, and so on. It additionally exports its merchandise. The enterprise was formerly called Apcotex Lattices Ltd and changed its name to Apcotex Industries Ltd in 2005. Apcotex Industries Ltd was founded in 1980 and is based in Mumbai, India.

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Apcotex Inds Share Price

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Peer Comparison

Apcotex Inds Quarterly Results

#(Fig in Cr.) Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Net Sales 251 277 306 283 234 256 278 279 257 311
Other Income 2 2 2 2 2 1 2 2 2 2
Total Income 253 279 308 286 236 257 280 281 259 313
Total Expenditure 217 232 258 238 203 222 252 248 232 279
Operating Profit 36 47 50 48 33 35 27 33 27 33
Interest 1 1 1 2 1 1 4 4 4 4
Depreciation 4 4 4 4 4 4 7 8 8 8
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 32 42 45 42 28 31 16 21 15 21
Provision for Tax 8 12 12 11 7 8 4 6 4 6
Profit After Tax 24 31 34 31 20 23 12 15 11 15
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 24 31 34 31 20 23 12 15 11 15
Adjusted Earnings Per Share 4.6 6 6.5 5.9 3.9 4.5 2.3 3 2.1 3

Apcotex Inds Profit & Loss

#(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 273 297 355 268 388 526 626 496 541 957 1080 1125
Other Income 1 3 6 8 31 8 8 6 5 8 7 8
Total Income 274 300 361 276 419 534 634 502 546 965 1087 1133
Total Expenditure 251 272 313 231 359 462 557 461 471 817 921 1011
Operating Profit 24 28 48 45 60 72 77 40 75 148 166 120
Interest 3 5 4 3 4 3 3 2 4 3 5 16
Depreciation 3 7 9 9 12 12 12 13 15 14 15 31
Exceptional Income / Expenses 0 0 0 0 -1 -1 0 0 0 0 0 0
Profit Before Tax 18 17 35 33 43 56 62 25 57 130 146 73
Provision for Tax 5 4 10 9 8 17 15 8 13 32 38 20
Profit After Tax 13 13 25 25 35 39 47 17 44 99 108 53
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 13 13 25 25 35 39 47 17 44 99 108 53
Adjusted Earnings Per Share 2.5 2.5 4.8 4.8 6.7 7.5 9 3.2 8.5 19.1 20.8 10.4

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 13% 30% 15% 15%
Operating Profit CAGR 12% 61% 18% 21%
PAT CAGR 9% 85% 23% 24%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -17% 12% 15% 32%
ROE Average 25% 23% 19% 19%
ROCE Average 28% 27% 23% 22%

Apcotex Inds Balance Sheet

#(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 78 85 100 187 223 246 278 251 305 396 476
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 22 17 8 0 0 0 1 23 6 26 125
Other Non-Current Liabilities 9 9 9 -2 7 7 8 12 18 17 23
Total Current Liabilities 63 72 64 96 67 91 91 111 122 165 180
Total Liabilities 172 183 181 281 297 344 377 397 452 605 803
Fixed Assets 65 68 63 90 88 79 76 125 145 157 384
Other Non-Current Assets 30 33 39 39 70 75 86 67 94 145 97
Total Current Assets 76 82 78 152 140 190 215 205 213 303 323
Total Assets 172 183 181 281 297 344 377 397 452 605 803

Apcotex Inds Cash Flow

#(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 34 15 5 4 9 6 31 32 33 25 17
Cash Flow from Operating Activities 28 10 32 -64 22 53 39 36 75 48 121
Cash Flow from Investing Activities -28 -6 -8 86 -8 -10 -8 -42 -37 -67 -179
Cash Flow from Financing Activities -19 -14 -26 -17 -17 -18 -30 7 -46 12 71
Net Cash Inflow / Outflow -19 -9 -2 5 -3 25 1 1 -8 -8 13
Closing Cash & Cash Equivalent 15 6 4 9 6 31 32 33 25 17 30

Apcotex Inds Ratios

# 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) 2.47 2.54 4.76 4.76 6.75 7.45 8.99 3.21 8.52 19.06 20.82
CEPS(Rs) 3.07 3.84 6.49 6.48 9.08 9.79 11.26 5.79 11.32 21.78 23.76
DPS(Rs) 1.8 2 2.8 1.8 1.8 2.4 3 3 3.5 5 5.5
Book NAV/Share(Rs) 15.08 16.44 19.23 36.1 42.99 47.52 53.57 48.47 58.91 76.41 91.81
Core EBITDA Margin(%) 7.44 7.53 10.64 12.51 6.63 11.84 11.04 6.95 12.92 14.61 14.68
EBIT Margin(%) 6.76 6.45 9.88 12.18 10.92 10.85 10.41 5.44 11.2 13.96 13.94
Pre Tax Margin(%) 5.94 5.02 8.87 11.18 10.04 10.34 9.85 4.96 10.49 13.62 13.47
PAT Margin (%) 4.21 3.96 6.28 8.25 8.09 7.17 7.44 3.35 8.17 10.33 9.99
Cash Profit Margin (%) 5.24 6 8.57 11.24 10.89 9.42 9.33 6.05 10.85 11.8 11.41
ROA(%) 7.57 7.4 13.56 10.68 12.1 12.05 12.93 4.3 10.41 18.7 15.33
ROE(%) 17.32 16.09 26.69 17.2 17.06 16.47 17.78 6.29 15.87 28.17 24.75
ROCE(%) 16.19 16.51 29.41 21.21 20.62 23 23.89 9.28 19.53 34.88 28.04
Receivable days 55.22 54.36 46.64 80.88 68.36 59.69 61.05 73.63 65.46 50.85 50.5
Inventory Days 14.6 15.33 15.02 35.73 37.07 31.75 28.41 39.65 38.99 27.26 32.48
Payable days 30.39 37.06 34.53 59.56 39.58 36.85 42.82 53.68 71.18 54.96 54.14
PER(x) 8.05 9.48 20.88 18.08 19 26.49 23.27 24.68 21.04 18.7 23.4
Price/Book(x) 1.32 1.46 5.17 2.38 2.98 4.15 3.9 1.63 3.04 4.66 5.31
Dividend Yield(%) 4.52 4.16 1.41 2.09 1.4 1.22 1.43 3.79 1.95 1.4 1.13
EV/Net Sales(x) 0.53 0.56 1.53 1.72 1.75 1.96 1.72 0.89 1.72 1.97 2.46
EV/Core EBITDA(x) 6.17 5.91 11.34 10.18 11.37 14.33 14.01 10.97 12.37 12.79 16.01
Net Sales Growth(%) 7.21 8.64 19.54 -24.43 44.6 35.6 18.91 -20.73 9 76.99 12.86
EBIT Growth(%) 1.28 4.16 81.4 -6.19 29.58 23.96 11.36 -58.54 124.08 120.68 12.69
PAT Growth(%) 11.7 2.64 87.78 -0.04 41.81 10.44 20.62 -64.32 165.58 123.75 9.24
EPS Growth(%) 11.7 2.64 87.78 -0.04 41.81 10.44 20.62 -64.32 165.58 123.75 9.24
Debt/Equity(x) 0.61 0.56 0.31 0.14 0.1 0.07 0.01 0.2 0.05 0.13 0.32
Current Ratio(x) 1.21 1.14 1.22 1.58 2.07 2.1 2.37 1.85 1.75 1.84 1.79
Quick Ratio(x) 1.04 0.9 0.99 1.13 1.41 1.56 1.84 1.32 1.29 1.31 1.21
Interest Cover(x) 8.18 4.5 9.7 12.13 12.49 21.31 18.63 11.18 15.89 41.05 29.77
Total Debt/Mcap(x) 0.46 0.39 0.06 0.06 0.03 0.02 0 0.12 0.02 0.03 0.06

Apcotex Inds Shareholding Pattern

# Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Promoter 58.15 58.15 58.2 58.22 58.23 58.23 58.23 58.23 58.23 58.23
FII 0.89 0.91 1 0.86 0.47 0.48 0.49 0.51 0.51 0.48
DII 0.45 0.51 0.6 0.17 0.1 0.11 0.05 0.18 0.43 0.56
Public 40.51 40.43 40.2 40.75 41.2 41.19 41.23 41.07 40.83 40.73
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Company has delivered good profit growth of 22% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 23%
  • Debtor days have improved from 54.96 to 54.14days.
  • Company is almost debt free.

Cons

  • Stock is trading at 4.1 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Apcotex Inds News

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