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Consolidated Standalone

Associated Ceramics

₹339.2 6.6 | 2%

Market Cap ₹69 Cr.

Stock P/E 17.1

P/B 2.4

Current Price ₹339.2

Book Value ₹ 144.1

Face Value 10

52W High ₹1408.2

Dividend Yield 0%

52W Low ₹ 43.3

Edit Ratio

Associated Ceramics Research see more...

Overview Inc. Year: 1970Industry: Refractories

Associated Ceramics Limited is a public limited company that was incorporated in 1970 as a subsidiary of W.H. Brady & Co. Ltd. The company is one of India’s leading manufacturers of material handling equipment, such as cranes, hoists, winches, pulleys, trolleys, pallet trucks, etc. It caters to various industries, such as steel, cement, power, oil and gas, mining, defence, and others. The company’s promoters are Pavan G. Morarka, Vaibhav Morarka, Kaushik D. Shah, and W.H. Brady & Co. Ltd, who together hold 73.98% of the company’s shares. Pavan G. Morarka is also the chairman and managing director of the company, while Vaibhav Morarka is an executive director. The company’s management team also includes Rajiv Bakshi, Rajender Kumar Sharma, Mita Jha, and H.S. Bindra as directors. The company’s website is bradymorris.in.

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Associated Ceramics Share Price

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Peer Comparison

Associated Ceramics Quarterly Results

#(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 7 12 10 9 10 15 13 8 9 13
Other Income 0 0 0 0 0 0 0 0 0 0
Total Income 7 12 10 9 10 15 13 8 9 13
Total Expenditure 7 10 7 8 8 14 10 8 7 11
Operating Profit 1 2 3 1 2 0 3 0 3 2
Interest 0 0 0 0 0 0 0 0 0 0
Depreciation 0 0 0 0 0 0 0 1 1 1
Exceptional Income / Expenses 0 0 0 -0 0 0 0 0 0 0
Profit Before Tax 1 1 3 0 1 0 3 -0 1 1
Provision for Tax 0 0 0 1 0 0 0 -0 0 0
Profit After Tax 1 1 3 -1 1 0 3 -0 1 1
Adjustments -0 0 0 -0 0 0 0 0 -0 0
Profit After Adjustments 1 1 3 -1 1 0 3 -0 1 1
Adjusted Earnings Per Share 2.9 6.5 12.7 -4.3 6.4 0.6 13.2 -1.7 4.8 3.5

Associated Ceramics 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 16 18 17 25 20 17 27 34 31 38 56 43
Other Income 0 0 0 0 0 1 1 1 1 0 0 0
Total Income 16 18 17 25 20 18 28 35 32 39 56 43
Total Expenditure 15 18 16 23 21 17 25 30 27 32 48 36
Operating Profit 1 1 1 2 -1 0 3 5 5 6 8 8
Interest 0 0 0 0 1 1 0 0 0 0 1 0
Depreciation 1 1 1 1 2 2 1 1 1 1 2 3
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 -0 0 0
Profit Before Tax 0 0 0 1 -4 -2 2 3 4 5 6 5
Provision for Tax 0 0 0 2 -1 0 -0 0 -0 1 2 0
Profit After Tax 0 0 0 -1 -3 -2 2 3 5 4 5 5
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 0 0 0 -1 -3 -2 2 3 5 4 5 5
Adjusted Earnings Per Share 0.3 0.4 1 -4.1 -13.8 -8.8 8.2 14.2 19.9 20.5 22.4 19.8

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 47% 18% 27% 13%
Operating Profit CAGR 33% 17% 0% 23%
PAT CAGR 25% 19% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 722% NA% NA% NA%
ROE Average 18% 21% 21% 5%
ROCE Average 20% 19% 18% 8%

Associated Ceramics 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 18 19 19 18 14 12 14 17 22 26 30
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 0 0 0 3 3 3 0 0 0 0 0
Other Non-Current Liabilities 0 0 0 2 1 1 1 1 0 0 0
Total Current Liabilities 11 6 11 15 16 12 10 11 10 8 14
Total Liabilities 29 25 30 37 33 27 24 28 32 34 45
Fixed Assets 6 5 5 12 13 11 10 10 9 11 25
Other Non-Current Assets 0 0 0 2 1 1 1 1 3 6 2
Total Current Assets 23 19 24 24 20 16 13 18 19 17 18
Total Assets 29 25 30 37 33 27 24 28 32 34 45

Associated Ceramics 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 0 1 1 2 0 0 0 0 1 0 1
Cash Flow from Operating Activities 0 2 -1 -1 0 4 9 -0 0 8 9
Cash Flow from Investing Activities 0 -0 -1 -9 1 -0 -0 -1 -2 -5 -12
Cash Flow from Financing Activities 0 -1 2 9 -1 -3 -9 2 2 -3 3
Net Cash Inflow / Outflow 0 0 1 -2 -0 0 -0 1 -0 1 -0
Closing Cash & Cash Equivalent 0 1 2 0 0 0 0 1 0 1 1

Associated Ceramics 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) 0.3 0.37 1 -4.13 -13.85 -8.77 8.22 14.25 19.86 20.47 22.38
CEPS(Rs) 3.58 3.23 3.66 0.65 -6.03 -1.93 14.05 19.79 24.8 25.32 30.04
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 71 71.38 72.04 67.83 52.27 43.5 51.72 65.97 85.79 115.11 137.48
Core EBITDA Margin(%) 5.15 2.81 3.96 7.72 -5.43 -2.48 9.3 11.65 14.72 15.84 13.68
EBIT Margin(%) 2.7 1.31 2.05 4.06 -11.97 -6.07 7.95 11.1 14.2 14.23 11.97
Pre Tax Margin(%) 0.77 0.71 1.53 2.45 -17.24 -11.23 6.22 9.78 13.45 13.93 11.06
PAT Margin (%) 0.38 0.43 1.23 -3.4 -14.78 -11.68 6.86 9.63 14.53 10.91 8.2
Cash Profit Margin (%) 4.53 3.71 4.49 0.54 -6.43 -2.57 11.73 13.38 18.14 13.49 11.01
ROA(%) 0.23 0.31 0.84 -2.81 -8.96 -6.64 7.31 12.41 15.15 12.84 11.71
ROE(%) 0.42 0.52 1.4 -5.91 -23.06 -18.32 17.27 24.21 26.18 19.4 17.72
ROCE(%) 2.27 1.3 1.87 4.42 -9.18 -4.32 11.68 20.75 18.49 19.48 20.36
Receivable days 123.41 95.87 85.7 48.78 90.35 129.81 56.6 40.98 73.88 52.04 22.76
Inventory Days 296.42 232.68 251.83 212.78 238.42 204.77 107.02 98.9 115.61 96.12 71.74
Payable days 261.38 133.19 107.22 92.4 142.43 164.48 76.76 80.96 68.69 66.41 51.78
PER(x) 0 0 0 0 0 0 0 0 0 0 0.63
Price/Book(x) 0 0 0 0 0 0 0 0 0 0 0.1
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 0.35 0.21 0.31 0.64 0.85 0.83 0.2 0.21 0.3 0.16 0.19
EV/Core EBITDA(x) 4.61 4.13 6.32 7.25 -21.01 40.71 1.81 1.44 1.72 0.94 1.3
Net Sales Growth(%) -38.92 11.59 -7.84 50.61 -22.16 -14.23 63.53 23.44 -7.54 22.8 45.41
EBIT Growth(%) -65.46 -46.53 46.47 195.83 -327.16 59.39 309.06 72.31 18.3 23.08 22.25
PAT Growth(%) -87.48 25 170.36 -511.65 -235.18 36.66 193.74 73.28 39.41 -7.8 9.33
EPS Growth(%) -87.48 25 170.36 -511.65 -235.18 36.66 193.74 73.28 39.41 3.03 9.33
Debt/Equity(x) 0.14 0.05 0.16 0.69 0.89 0.84 0.11 0.22 0.26 0.12 0.21
Current Ratio(x) 2.13 3.03 2.17 1.58 1.28 1.32 1.33 1.68 1.99 2.22 1.28
Quick Ratio(x) 0.74 1.44 0.76 0.45 0.56 0.63 0.52 0.71 1.03 0.8 0.48
Interest Cover(x) 1.4 2.18 3.94 2.52 -2.27 -1.17 4.6 8.43 18.82 46.17 13.17
Total Debt/Mcap(x) 0 0 0 0 0 0 0 0 0 0 2.19

Associated Ceramics Shareholding Pattern

# Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Promoter 44.31 55.33 55.33 55.33 55.33 55.33 55.33 55.33 55.33 55.33
FII 0 0 0 0 0 0 0 0 0 0
DII 0 0 0 0 0 0 0 0 0 0
Public 55.69 44.67 44.67 44.67 44.67 44.67 44.67 44.67 44.67 44.67
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 a good return on equity (ROE) track record: 3 Years ROE 21%
  • Debtor days have improved from 66.41 to 51.78days.
  • Company is almost debt free.

Cons

* 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.

Associated Ceramics News

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