WEBSITE BSE:543236 NSE: ATAM Inc. Year: 1982 Industry: Engineering - Industrial Equipments My Bucket: Add Stock
Last updated: 15:59
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1. Business Overview
Atam Valves Ltd. (ATAM) is an Indian engineering company primarily engaged in the manufacturing and sale of industrial valves. Valves are critical components used to control the flow, pressure, and temperature of fluids and gases in various industrial processes. The company's core business model involves designing, producing, and supplying a range of valves to diverse industrial sectors. Revenue is generated through direct sales of these manufactured valves to industrial clients, project contractors, and possibly through a distribution network.
2. Key Segments / Revenue Mix
Specific revenue mix and segment contributions are not publicly available from the provided information. However, typical segmentation for a valve manufacturer might include:
By Valve Type: Ball valves, gate valves, globe valves, check valves, butterfly valves, etc.
By Material: Carbon steel valves, stainless steel valves, alloy steel valves, etc.
By End-Use Industry: Oil & Gas, Power, Chemicals, Water Treatment, Pharmaceuticals, Infrastructure, Manufacturing, etc.
By Application: General purpose, high pressure, high temperature, corrosive media, cryogenic, etc.
3. Industry & Positioning
The industrial valves industry in India is characterized by a mix of large global players, established domestic manufacturers like Atam Valves, and numerous smaller, regional players. Competition is high, based on product quality, adherence to international standards and certifications (e.g., API, ISO), price competitiveness, delivery schedules, and after-sales service. Atam Valves likely positions itself as a reliable domestic supplier, potentially focusing on specific valve types, materials, or catering to particular industrial segments where it has developed expertise and client relationships. Its positioning would leverage 'Make in India' advantages and cost efficiencies against international competitors.
4. Competitive Advantage (Moat)
Without detailed company-specific information, it's challenging to ascertain a strong, durable moat. Potential sources of competitive advantage for Atam Valves could include:
Product Certifications & Quality: Adherence to stringent industry standards (e.g., API 600, API 6D, ISO 9001) for critical applications can build trust and provide an entry barrier for competitors.
Customer Relationships: Long-standing relationships with industrial clients and a reputation for timely delivery and reliable products can lead to repeat business.
Manufacturing Capabilities & Cost Efficiency: Expertise in valve manufacturing processes and economies of scale (for standard products) could enable competitive pricing.
Niche Specialization: Developing expertise in specific, complex, or high-performance valves for specialized applications (e.g., high pressure, corrosive media) could offer some pricing power.
5. Growth Drivers
Industrial Capital Expenditure (CAPEX) in India: Growth in manufacturing, infrastructure development (smart cities, industrial corridors), and expansion across sectors like oil & gas, power generation, chemicals, and water treatment will drive demand for industrial valves.
"Make in India" Initiative: Government focus on boosting domestic manufacturing could favor Indian valve producers over imports.
Replacement Demand: Aging industrial infrastructure across various sectors will necessitate the replacement of existing valves.
Upgradation & Automation: Increasing demand for more efficient, automated, and technologically advanced valves in modern industrial setups.
Export Opportunities: Potential for growth by expanding market reach into other developing economies if quality and pricing are competitive.
6. Risks
Economic Cyclicality: Demand for industrial valves is highly dependent on industrial CAPEX cycles. Economic slowdowns or reductions in infrastructure spending can significantly impact order books and revenue.
Raw Material Price Volatility: Fluctuations in prices of key raw materials like steel, alloys, and other components can impact manufacturing costs and gross margins.
Intense Competition: From both domestic and international players, leading to pricing pressures and potential erosion of market share.
Technological Obsolescence: Failure to invest in R&D and adapt to new valve designs, materials, or automation technologies could lead to a loss of competitiveness.
Quality Control & Certifications: Any lapse in product quality or failure to maintain required industry certifications can severely damage reputation and client trust.
Import Competition: Cheaper imports, especially from regions like China, can pose a challenge to pricing and market share.
7. Management & Ownership
Atam Valves Ltd. is typically a promoter-driven company, a common structure among mid-sized Indian industrial firms. The promoters (founding family or individuals) likely hold a significant stake and are actively involved in the management and strategic direction of the company. Specific details regarding the management team's experience, track record, or specific ownership percentages are not provided in the prompt. Management quality would generally be assessed by their strategic decisions, execution capabilities, and ability to navigate market cycles and competitive pressures.
8. Outlook
Atam Valves operates in a foundational segment of the industrial economy. Its outlook is intrinsically linked to India's industrial growth trajectory and the pace of capital expenditure across key sectors. The "Make in India" impetus and ongoing infrastructure development projects provide a tailwind for domestic manufacturers. However, the company faces inherent risks associated with the cyclical nature of industrial demand, intense competition, and volatility in raw material prices. Sustained success will depend on its ability to maintain high product quality, secure relevant industry certifications, foster strong client relationships, and potentially innovate or specialize in niche, higher-margin valve categories while effectively managing costs and operational efficiencies.
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Market Cap ₹78 Cr.
Stock P/E 12.4
P/B 2.1
Current Price ₹68.4
Book Value ₹ 32.3
Face Value 10
52W High ₹128
Dividend Yield 1.24%
52W Low ₹ 48.2
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 13 | 12 | 17 | 11 | 17 | 17 | 15 | 12 | 11 | 10 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 13 | 12 | 17 | 11 | 17 | 17 | 15 | 12 | 11 | 10 |
| Total Expenditure | 10 | 10 | 13 | 10 | 14 | 15 | 11 | 10 | 10 | 11 |
| Operating Profit | 2 | 2 | 4 | 1 | 3 | 3 | 3 | 2 | 2 | -0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 2 | 1 | 4 | 1 | 2 | 2 | 3 | 2 | 1 | -1 |
| Provision for Tax | 1 | 0 | 1 | 0 | 1 | 1 | 1 | 0 | 0 | -0 |
| Profit After Tax | 1 | 1 | 3 | 1 | 2 | 2 | 2 | 1 | 1 | -1 |
| Adjustments | 0 | 0 | -0 | 0 | 0 | 0 | 0 | -0 | 0 | -0 |
| Profit After Adjustments | 1 | 1 | 3 | 1 | 2 | 2 | 2 | 1 | 1 | -1 |
| Adjusted Earnings Per Share | 1.3 | 0.9 | 2.3 | 0.8 | 1.4 | 1.4 | 1.9 | 1.1 | 0.8 | -0.5 |
| #(Fig in Cr.) | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 16 | 17 | 18 | 16 | 18 | 20 | 49 | 53 | 61 | 48 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 16 | 17 | 18 | 16 | 18 | 20 | 49 | 53 | 61 | 48 |
| Total Expenditure | 13 | 15 | 16 | 14 | 16 | 17 | 38 | 43 | 51 | 42 |
| Operating Profit | 2 | 2 | 3 | 2 | 2 | 3 | 11 | 10 | 10 | 7 |
| Interest | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 1 | 1 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 0 | 1 | 1 | 0 | 1 | 2 | 10 | 8 | 9 | 5 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 2 | 2 | 1 |
| Profit After Tax | 0 | 1 | 1 | 0 | 1 | 1 | 8 | 6 | 6 | 3 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | 1 | 1 | 0 | 1 | 1 | 8 | 6 | 6 | 3 |
| Adjusted Earnings Per Share | 0.6 | 0.9 | 1.1 | 0.1 | 1.1 | 1.7 | 7.3 | 5.1 | 5.5 | 3.3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 15% | 45% | 31% | 0% |
| Operating Profit CAGR | 0% | 49% | 38% | 0% |
| PAT CAGR | 0% | 82% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -35% | -34% | 28% | NA% |
| ROE Average | 19% | 28% | 22% | 17% |
| ROCE Average | 20% | 30% | 23% | 18% |
| #(Fig in Cr.) | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 3 | 4 | 4 | 5 | 10 | 11 | 25 | 31 | 36 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 9 | 9 | 8 | 5 | 3 | 2 | 1 | 0 | 1 |
| Other Non-Current Liabilities | -0 | -0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 5 | 5 | 4 | 6 | 5 | 7 | 12 | 18 | 16 |
| Total Liabilities | 16 | 18 | 17 | 16 | 18 | 19 | 38 | 49 | 54 |
| Fixed Assets | 2 | 3 | 2 | 3 | 3 | 3 | 3 | 3 | 3 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 15 | 16 | 15 | 13 | 14 | 16 | 34 | 46 | 50 |
| Total Assets | 16 | 18 | 17 | 16 | 18 | 19 | 38 | 49 | 54 |
| #(Fig in Cr.) | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10 |
| Cash Flow from Operating Activities | 5 | 1 | 4 | 4 | 2 | 0 | -7 | 6 | -7 |
| Cash Flow from Investing Activities | -0 | -1 | -1 | -1 | -1 | -0 | -0 | -1 | -1 |
| Cash Flow from Financing Activities | -5 | 0 | -3 | -3 | -0 | -0 | 7 | 5 | -3 |
| Net Cash Inflow / Outflow | -0 | -0 | 0 | -0 | 0 | 0 | 0 | 10 | -10 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10 | 0 |
| # | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.58 | 0.85 | 1.09 | 0.07 | 1.06 | 1.66 | 7.27 | 5.09 | 5.5 |
| CEPS(Rs) | 1.84 | 1.78 | 2.2 | 1.48 | 1.85 | 2.76 | 7.95 | 5.65 | 6.04 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 1 | 2 | 1.5 | 0.75 | 0.85 |
| Book NAV/Share(Rs) | 5.42 | 6.18 | 7.27 | 8.09 | 12.08 | 12.95 | 22.22 | 27.08 | 31.82 |
| Core EBITDA Margin(%) | 13.12 | 13.93 | 13.75 | 11.44 | 13.08 | 15.39 | 21.62 | 18.18 | 16.12 |
| EBIT Margin(%) | 9.67 | 10.91 | 10.51 | 6.44 | 9.7 | 11.37 | 20.67 | 17.02 | 15.22 |
| Pre Tax Margin(%) | 2.06 | 4.29 | 4.8 | 1.31 | 6.64 | 9.24 | 19.88 | 14.9 | 13.8 |
| PAT Margin (%) | 1.61 | 2.87 | 3.56 | 0.25 | 4.77 | 6.69 | 15.19 | 10.82 | 10.2 |
| Cash Profit Margin (%) | 5.13 | 6 | 7.21 | 5.45 | 8.33 | 11.16 | 16.61 | 12.02 | 11.22 |
| ROA(%) | 1.68 | 2.94 | 3.69 | 0.25 | 5.19 | 7.31 | 26.78 | 13.38 | 12.25 |
| ROE(%) | 10.65 | 16.17 | 16.16 | 0.9 | 11.8 | 13.23 | 44.95 | 21.41 | 18.66 |
| ROCE(%) | 11.54 | 12.58 | 12.22 | 7.38 | 12.75 | 15.17 | 43.73 | 24.37 | 20.43 |
| Receivable days | 82.61 | 91.36 | 112.09 | 115.94 | 92.03 | 93.08 | 91.11 | 116.37 | 107.7 |
| Inventory Days | 196.02 | 189.42 | 163.16 | 172.99 | 166.56 | 166.17 | 86.79 | 118.86 | 144.31 |
| Payable days | 46.78 | 41.7 | 34.03 | 59.72 | 73.27 | 61.46 | 25.89 | 30.67 | 27.02 |
| PER(x) | 0 | 0 | 0 | 0 | 18.4 | 33.4 | 26.17 | 33 | 14.1 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 1.61 | 4.27 | 8.56 | 6.2 | 2.44 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 2.56 | 1.81 | 0.79 | 0.45 | 1.1 |
| EV/Net Sales(x) | 0.8 | 0.9 | 0.74 | 0.7 | 1.12 | 2.5 | 4.23 | 3.7 | 1.66 |
| EV/Core EBITDA(x) | 5.48 | 6.25 | 5.22 | 5.99 | 8.43 | 15.71 | 18.57 | 19.84 | 10.02 |
| Net Sales Growth(%) | 0 | 10.9 | 5.99 | -11.15 | 12.52 | 10.89 | 141.06 | 7.32 | 15.02 |
| EBIT Growth(%) | 0 | 16.82 | -0.69 | -45.57 | 69.5 | 30.56 | 349.5 | -12.08 | 2.42 |
| PAT Growth(%) | 0 | 84.25 | 27.81 | -93.63 | 2005.7 | 56.21 | 461.28 | -23.94 | 8.01 |
| EPS Growth(%) | 0 | 47.4 | 27.81 | -93.63 | 1431.42 | 56.22 | 338.99 | -30.01 | 8.01 |
| Debt/Equity(x) | 4.54 | 3.44 | 2.46 | 1.75 | 0.46 | 0.5 | 0.28 | 0.41 | 0.33 |
| Current Ratio(x) | 3.04 | 3.01 | 3.27 | 2.03 | 2.7 | 2.43 | 2.88 | 2.61 | 3.11 |
| Quick Ratio(x) | 1.15 | 1.26 | 1.66 | 0.73 | 1.09 | 0.91 | 1.72 | 1.42 | 1.4 |
| Interest Cover(x) | 1.27 | 1.65 | 1.84 | 1.26 | 3.18 | 5.33 | 26.24 | 8.02 | 10.71 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0.28 | 0.12 | 0.03 | 0.07 | 0.13 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 68.26 | 70.79 | 61.22 | 52.29 | 52.29 | 52.29 | 52.29 | 52.56 | 52.44 | 52.29 |
| FII | 0 | 0 | 0.06 | 0.26 | 0.18 | 0.36 | 0.21 | 0.18 | 0.17 | 0.17 |
| DII | 0 | 0 | 0.36 | 0 | 0 | 0 | 0 | 0.09 | 0.99 | 1.01 |
| Public | 31.74 | 29.21 | 38.37 | 47.44 | 47.53 | 47.35 | 47.5 | 47.18 | 46.39 | 46.53 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.72 | 0.81 | 0.7 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.01 | 0.01 |
| Public | 0.33 | 0.33 | 0.44 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.53 | 0.53 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.05 | 1.15 | 1.15 | 1.15 | 1.15 | 1.15 | 1.15 | 1.15 | 1.15 | 1.15 |
* The pros and cons are machine generated.
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