WEBSITE BSE:543512 NSE: AVROIND Inc. Year: 1996 Industry: Plastic Products My Bucket: Add Stock
Last updated: 15:56
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1. Business Overview
Avro India Ltd. is engaged in the manufacturing and marketing of a wide range of plastic molded products. Its core business model revolves around producing consumer plastic goods, primarily for household use. This typically includes items like plastic furniture (chairs, tables), storage solutions (containers, buckets), kitchenware, and other general utility products. The company makes money by selling these manufactured plastic goods through a distribution network to retailers and potentially directly to consumers or institutional buyers.
2. Key Segments / Revenue Mix
Without specific financial data, a precise breakdown of key segments or their revenue contribution is not available. However, based on its industry, Avro India's revenue likely stems primarily from:
Plastic Furniture: Chairs, tables, stools.
Household Products: Buckets, tubs, dustbins, storage containers.
Kitchenware & Utility: Various plastic items for daily household use.
The mix would depend on the company's strategic focus, product innovation, and market demand within these categories.
3. Industry & Positioning
The Indian plastic products industry is large, diverse, and highly competitive, characterized by a mix of organized and unorganized players. It is also significantly influenced by raw material prices (derivatives of crude oil). Avro India operates in the consumer durables segment of this industry, facing competition from both established national brands and numerous regional and local manufacturers. Its positioning would likely hinge on factors such as product quality, design innovation, pricing strategy, brand recognition, and the strength of its distribution network in specific regional markets or across India.
4. Competitive Advantage (Moat)
For a company like Avro India, potential competitive advantages (moats) could include:
Brand Recognition: A well-established brand name in specific product categories can drive consumer preference and loyalty.
Distribution Network: An extensive and efficient distribution network, especially in a fragmented market like India, can ensure product availability and market penetration.
Cost Efficiency: Scale of operations, efficient manufacturing processes, and backward integration could lead to cost leadership, allowing competitive pricing.
Product Design & Innovation: Ability to regularly launch new designs and functionally superior products can attract consumers.
5. Growth Drivers
Key factors that can drive growth for Avro India over the next 3-5 years include:
Rising Disposable Incomes & Urbanization: Increasing purchasing power and a growing urban population drive demand for modern household goods and furniture.
Shift from Unorganized to Organized Sector: Consumers increasingly prefer branded, quality-assured products, benefiting organized players.
Expanding Retail Penetration: Growth of modern retail formats (supermarkets, hypermarkets, e-commerce) provides new avenues for sales.
Product Innovation & Diversification: Introduction of new designs, categories, and applications of plastic products.
Infrastructure Development: Demand for plastic products can also be indirectly influenced by growth in construction and housing.
6. Risks
Key business risks for Avro India include:
Raw Material Price Volatility: Plastic resins (like polypropylene, polyethylene) are crude oil derivatives, making the company susceptible to fluctuations in global crude oil prices.
Intense Competition & Pricing Pressure: A fragmented market leads to fierce competition, which can impact margins.
Environmental Regulations: Increasing scrutiny and regulations on single-use plastics and waste management could impact product lines and necessitate investments in sustainable alternatives or recycling infrastructure.
Economic Slowdown: A downturn in the broader economy can reduce consumer discretionary spending, impacting demand for household goods.
Supply Chain Disruptions: Dependency on specific suppliers for raw materials or disruptions in logistics can affect production and delivery.
7. Management & Ownership
Avro India Ltd. is likely a promoter-led company, which is common in India. The promoters typically hold a significant stake, providing stability in ownership and strategic direction. Management quality would depend on their experience in the plastic manufacturing sector, their vision for market expansion, operational efficiency, and their ability to navigate industry challenges. Specific details on individual management profiles and ownership structure would require access to the company's latest annual reports and public filings.
8. Outlook
Avro India operates in a robust but competitive Indian consumer market. The bull case for the company hinges on India's demographic dividend, rising disposable incomes, and the ongoing shift from unorganized to organized retail, which could drive sustained demand for its household plastic products. Strategic investments in design, branding, and distribution network expansion could enable market share gains. However, the bear case must consider the inherent volatility of raw material prices, intense competition that could squeeze margins, and the evolving regulatory landscape concerning plastics, which might necessitate significant operational adjustments or product redesigns. Overall, the company's performance will be largely dependent on its ability to manage costs, innovate products, and effectively expand its market reach while adapting to external market and regulatory pressures.
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Market Cap ₹140 Cr.
Stock P/E 46
P/B 1.7
Current Price ₹10.4
Book Value ₹ 6.2
Face Value 1
52W High ₹20.2
Dividend Yield 0%
52W Low ₹ 10.3
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 21 | 17 | 23 | 19 | 29 | 23 | 17 | 18 | 24 | 19 |
| Other Income | 1 | 2 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 2 |
| Total Income | 22 | 19 | 23 | 20 | 30 | 24 | 17 | 19 | 25 | 21 |
| Total Expenditure | 20 | 17 | 21 | 17 | 27 | 22 | 16 | 16 | 23 | 19 |
| Operating Profit | 2 | 2 | 2 | 2 | 3 | 2 | 2 | 3 | 3 | 2 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 |
| Profit Before Tax | 2 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 1 | 1 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Adjustments | 0 | 0 | 0 | -0 | -0 | 0 | -0 | -0 | 0 | -0 |
| Profit After Adjustments | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Adjusted Earnings Per Share | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 8 | 10 | 14 | 27 | 49 | 44 | 53 | 65 | 80 | 93 | 78 | 78 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 4 | 5 | 5 |
| Total Income | 8 | 10 | 14 | 27 | 50 | 44 | 54 | 65 | 82 | 97 | 83 | 82 |
| Total Expenditure | 7 | 9 | 12 | 24 | 46 | 41 | 49 | 60 | 74 | 88 | 73 | 74 |
| Operating Profit | 1 | 1 | 1 | 3 | 3 | 3 | 4 | 6 | 9 | 10 | 10 | 10 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 2 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 3 | 4 | 4 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 |
| Profit Before Tax | 0 | 0 | 0 | 1 | 1 | 1 | 2 | 4 | 6 | 6 | 4 | 4 |
| Provision for Tax | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 1 | 2 | 2 | 1 | 0 |
| Profit After Tax | 0 | 0 | 0 | 1 | 1 | 1 | 2 | 3 | 4 | 4 | 3 | 4 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | 0 | 0 | 1 | 1 | 1 | 2 | 3 | 4 | 4 | 3 | 4 |
| Adjusted Earnings Per Share | 0 | 0 | 0 | 0.1 | 0.1 | 0.1 | 0.2 | 0.3 | 0.4 | 0.4 | 0.2 | 0.3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -16% | 6% | 12% | 26% |
| Operating Profit CAGR | 0% | 19% | 27% | 26% |
| PAT CAGR | -25% | 0% | 25% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -41% | -11% | 56% | NA% |
| ROE Average | 6% | 17% | 18% | 14% |
| ROCE Average | 8% | 18% | 19% | 16% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 3 | 3 | 3 | 7 | 12 | 13 | 18 | 21 | 25 | 29 | 85 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 3 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 3 | 4 | 6 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 2 | 3 | 6 | 8 | 7 | 5 | 7 | 16 | 15 | 22 | 27 |
| Total Liabilities | 7 | 8 | 10 | 16 | 20 | 20 | 25 | 38 | 42 | 56 | 118 |
| Fixed Assets | 3 | 4 | 4 | 8 | 8 | 8 | 10 | 12 | 15 | 20 | 25 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 5 |
| Total Current Assets | 4 | 4 | 6 | 8 | 12 | 11 | 14 | 25 | 27 | 34 | 89 |
| Total Assets | 7 | 8 | 10 | 16 | 20 | 20 | 25 | 38 | 42 | 56 | 118 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | 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 | 1 | 0 | 0 | 0 | 1 | 0 |
| Cash Flow from Operating Activities | 0 | 1 | 2 | 3 | -2 | 2 | 0 | -1 | 3 | 6 | -2 |
| Cash Flow from Investing Activities | -2 | -1 | -1 | -2 | -2 | -1 | -1 | -2 | -6 | -9 | -24 |
| Cash Flow from Financing Activities | 2 | -0 | -0 | -1 | 4 | -1 | 1 | 3 | 3 | 3 | 56 |
| Net Cash Inflow / Outflow | 0 | -0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | -0 | 30 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 1 | 0 | 30 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.01 | 0.01 | 0.02 | 0.12 | 0.08 | 0.11 | 0.17 | 0.3 | 0.41 | 0.4 | 0.23 |
| CEPS(Rs) | 0.07 | 0.11 | 0.15 | 0.28 | 0.21 | 0.26 | 0.32 | 0.42 | 0.59 | 0.68 | 0.52 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 0.35 | 0.35 | 0.37 | 0.48 | 0.88 | 1 | 1.14 | 1.44 | 1.85 | 2.25 | 5.68 |
| Core EBITDA Margin(%) | 10.32 | 10.91 | 9.26 | 9.73 | 5.87 | 6.23 | 7.14 | 7.97 | 7.85 | 6.25 | 6.52 |
| EBIT Margin(%) | 4.71 | 4.8 | 3.47 | 5.54 | 3.4 | 3.89 | 5.01 | 6.72 | 8.5 | 7.55 | 7.18 |
| Pre Tax Margin(%) | 0.6 | 0.86 | 0.99 | 4.39 | 2.78 | 3.18 | 4.52 | 6.06 | 7.28 | 6.04 | 5.13 |
| PAT Margin (%) | 0.41 | 0.5 | 0.88 | 3.17 | 1.74 | 2.58 | 3.28 | 4.6 | 5.19 | 4.32 | 3.88 |
| Cash Profit Margin (%) | 6.12 | 7.17 | 7.05 | 7.6 | 4.37 | 5.88 | 5.97 | 6.58 | 7.46 | 7.31 | 8.89 |
| ROA(%) | 0.63 | 0.75 | 1.5 | 6.59 | 4.77 | 5.72 | 7.84 | 9.48 | 10.33 | 8.21 | 3.5 |
| ROE(%) | 1.45 | 2.16 | 5.17 | 27.35 | 13.71 | 11.98 | 16.22 | 22.89 | 25.04 | 19.54 | 6.19 |
| ROCE(%) | 8.07 | 8.4 | 8.22 | 22.08 | 17.36 | 13.73 | 18.87 | 22.99 | 25.94 | 20.56 | 8.21 |
| Receivable days | 48.73 | 48.51 | 58.66 | 57.27 | 49.8 | 67.46 | 64.76 | 82.96 | 80.49 | 72.87 | 102.85 |
| Inventory Days | 49.06 | 49.28 | 36.89 | 21.15 | 10.78 | 11.5 | 10.74 | 19 | 26.13 | 25.93 | 50.88 |
| Payable days | 16.71 | 35.23 | 73.24 | 67.38 | 35.11 | 30.72 | 21.91 | 42.08 | 36.4 | 29.44 | 58.87 |
| PER(x) | 0 | 0 | 0 | 0 | 17.53 | 14.96 | 7.12 | 20.85 | 30.28 | 26.1 | 63.49 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 1.68 | 1.69 | 1.08 | 4.28 | 6.74 | 4.65 | 2.55 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.64 | 0.55 | 0.38 | 0.2 | 0.36 | 0.44 | 0.3 | 1.07 | 1.71 | 1.29 | 2.18 |
| EV/Core EBITDA(x) | 5.57 | 4.26 | 3.48 | 2.01 | 5.33 | 6.12 | 3.95 | 12.3 | 15.87 | 12.27 | 17.58 |
| Net Sales Growth(%) | 31.25 | 23.7 | 38.83 | 94.99 | 82.44 | -10.19 | 20.89 | 21.53 | 23.59 | 16.69 | -16.11 |
| EBIT Growth(%) | 55.66 | 27.57 | 0.8 | 176.76 | 11.96 | 2.83 | 55.69 | 62.91 | 56.29 | 3.66 | -20.17 |
| PAT Growth(%) | -25.27 | 51.85 | 146.11 | 523.88 | 0.19 | 32.94 | 53.88 | 70.34 | 39.49 | -2.75 | -24.65 |
| EPS Growth(%) | -25.27 | 51.85 | 146.11 | 523.88 | -27.03 | 32.94 | 53.89 | 70.33 | 39.49 | -2.75 | -42.89 |
| Debt/Equity(x) | 1.45 | 1.5 | 1.46 | 0.94 | 0.38 | 0.26 | 0.36 | 0.53 | 0.62 | 0.69 | 0.26 |
| Current Ratio(x) | 2.24 | 1.35 | 1.11 | 1.08 | 1.74 | 2.11 | 2.14 | 1.59 | 1.85 | 1.52 | 3.26 |
| Quick Ratio(x) | 1.37 | 0.87 | 0.84 | 0.87 | 1.54 | 1.84 | 1.88 | 1.28 | 1.41 | 1.22 | 2.71 |
| Interest Cover(x) | 1.14 | 1.22 | 1.4 | 4.82 | 5.46 | 5.49 | 10.15 | 10.25 | 7.01 | 5 | 3.5 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0.23 | 0.15 | 0.33 | 0.12 | 0.09 | 0.15 | 0.1 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 70.37 | 70.37 | 70.37 | 70.37 | 67.04 | 54.07 | 54.07 | 54.07 | 54.07 | 54.07 |
| FII | 0 | 0.02 | 0 | 0.03 | 0 | 6.11 | 6.15 | 6.29 | 6.46 | 6.9 |
| DII | 0 | 0 | 0 | 0 | 0 | 0.2 | 0.2 | 0.2 | 0 | 0 |
| Public | 29.63 | 29.61 | 29.62 | 29.6 | 32.96 | 39.62 | 39.58 | 39.43 | 39.47 | 39.03 |
| 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 | 0.71 | 0.71 | 0.71 | 0.71 | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 |
| FII | 0 | 0 | 0 | 0 | 0 | 0.08 | 0.08 | 0.08 | 0.09 | 0.09 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.3 | 0.3 | 0.3 | 0.3 | 0.35 | 0.53 | 0.53 | 0.52 | 0.53 | 0.52 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.01 | 1.01 | 1.01 | 1.01 | 1.07 | 1.33 | 1.33 | 1.33 | 1.33 | 1.33 |
* The pros and cons are machine generated.
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