WEBSITE BSE:506027 NSE: BHORUKA ALU. Inc. Year: 1979 Industry: Aluminium & Aluminium Products My Bucket: Add Stock
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1. Business Overview
Bhoruka Aluminium Ltd. operates in the Aluminium & Aluminium Products sector in India. As an aluminium product manufacturer, the company is primarily involved in processing raw aluminium into various finished or semi-finished products. While specific product lines are not detailed, typical offerings in this industry include aluminium extrusions (used in construction, automotive, electricals), rolled products (sheets, coils for packaging, transportation), foils, and potentially specialized alloys or castings. The core business model likely involves B2B sales, supplying these products to diverse end-user industries. The company makes money by manufacturing and selling these aluminium products, adding value through processing and fabrication.
2. Key Segments / Revenue Mix
Without specific financial data, it is not possible to provide a breakdown of major business segments or their precise contribution to revenue. However, based on the industry, potential segments could include:
Aluminium Extrusions (e.g., profiles for architectural, industrial applications)
Aluminium Rolled Products (e.g., sheets, plates for general engineering, packaging)
Potentially, value-added fabrication or specialized alloys for niche markets.
The actual revenue mix would depend on the company's specific product focus and customer base.
3. Industry & Positioning
The Indian aluminium industry is characterized by a few large, integrated primary producers (e.g., Hindalco, Vedanta Aluminium) and a fragmented secondary sector comprising numerous smaller and mid-sized players like Bhoruka Aluminium. The industry is capital-intensive, susceptible to global commodity price fluctuations, and driven by demand from key sectors like construction, automotive, electrical, and packaging. Bhoruka Aluminium likely positions itself as a specialized or regional player within the secondary aluminium processing market, focusing on specific product types (e.g., extrusions) or catering to particular customer segments where it can offer competitive pricing, quality, or service. It competes with both larger, diversified players and other similar-sized specialized manufacturers.
4. Competitive Advantage (Moat)
Without detailed information, Bhoruka Aluminium's competitive advantages are likely to be narrow. Potential "moats" might include:
Niche Specialization: Expertise in specific product types or complex fabrications that larger players might overlook.
Customer Relationships: Long-standing relationships with specific industrial clients, leading to recurring orders.
Operational Efficiency: Cost-effective manufacturing processes within its specific product lines, allowing competitive pricing.
Geographic Proximity: A strong regional presence that provides logistical advantages and faster service to local customers.
A wide, durable moat based on brand, scale, or network effects is not immediately apparent for a company of this nature within the broader aluminium industry.
5. Growth Drivers
Key factors that can drive Bhoruka Aluminium's growth over the next 3-5 years include:
Infrastructure Development: Government and private sector investment in construction, transportation (roads, railways, automotive), and smart cities in India drives demand for aluminium extrusions and sheets.
Automotive Lightweighting: Increasing adoption of aluminium in the automotive sector to improve fuel efficiency and reduce emissions.
Electrical & Electronics Sector: Growing demand for aluminium in power transmission, distribution, and electronic components.
Packaging Industry: Expanding use of aluminium foil and sheets in food and pharmaceutical packaging.
"Make in India" Initiative: Government focus on boosting domestic manufacturing could create opportunities for local suppliers.
Urbanization and Industrialization: Overall economic growth and increasing industrial output in India will fuel demand across various end-user industries.
6. Risks
Commodity Price Volatility: Fluctuations in global (LME) aluminium prices and raw material costs (e.g., bauxite, alumina, scrap) can significantly impact profitability.
Raw Material & Energy Costs: Availability and pricing of essential inputs like power and primary aluminium/scrap are critical cost components.
Intense Competition: The presence of large integrated players and a fragmented secondary sector leads to significant price and quality competition.
Economic Slowdown: A downturn in end-user industries (construction, automotive) could lead to reduced demand.
Import Competition: Cheaper imports of aluminium products from other countries could exert pricing pressure.
Regulatory & Environmental Compliance: Evolving environmental norms and industrial regulations could impose additional operational costs.
7. Management & Ownership
"Bhoruka" in the name suggests it might be a promoter-driven or family-controlled business, a common structure in India. Promoters typically hold a significant stake, providing stable ownership. Without specific public information, it is not possible to comment on the quality or specific background of the management team. The ownership structure likely involves a majority stake held by the promoter group, with the remaining shares held by the public and potentially institutional investors.
8. Outlook
Bhoruka Aluminium Ltd. operates in a sector with structural tailwinds from India's economic growth and increasing industrialization, which should drive demand for aluminium products across various applications. The company stands to benefit from ongoing infrastructure development, growth in the automotive sector, and the push for lightweighting and sustainable materials. However, its performance is highly sensitive to global commodity price fluctuations (especially aluminium and energy), and it faces intense competition from both larger integrated players and other specialized manufacturers. Its ability to maintain operational efficiencies, manage raw material costs, and secure strong customer relationships in its specific niche markets will be crucial. While the overall demand outlook for aluminium in India is positive, the company's profitability will depend on its execution capabilities, cost management, and ability to navigate a volatile commodity market.
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Market Cap ₹2 Cr.
Stock P/E -11.3
P/B 0.2
Current Price ₹0.4
Book Value ₹ 2.7
Face Value 10
52W High ₹0
Dividend Yield 0%
52W Low ₹ 0
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Dec 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Jun 2023 | Sep 2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Profit | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -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 | -11 |
| Profit Before Tax | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -11 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -11 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -11 |
| Adjusted Earnings Per Share | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -2.1 |
| #(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 | 24 | 7 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income | 1 | 44 | 5 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 24 | 50 | 5 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Expenditure | 31 | 12 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 |
| Operating Profit | -6 | 38 | 5 | -1 | -1 | 2 | -1 | -0 | -0 | -0 | -0 | 0 |
| Interest | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 2 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | -4 | 0 | 0 | 0 | 0 | 2 | 0 | 0 | 0 | -11 |
| Profit Before Tax | -9 | 37 | -0 | -1 | -1 | 2 | -1 | 1 | -0 | -0 | -0 | -11 |
| Provision for Tax | 0 | 5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -9 | 31 | -0 | -1 | -1 | 1 | -1 | 1 | -0 | -0 | -0 | -11 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -9 | 31 | -0 | -1 | -1 | 1 | -1 | 1 | -0 | -0 | -0 | -11 |
| Adjusted Earnings Per Share | -1.6 | 5.7 | -0.1 | -0.1 | -0.2 | 0.2 | -0.2 | 0.2 | -0 | -0 | -0 | -2.1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | 0% | 0% | -100% |
| Operating Profit CAGR | 0% | 0% | -100% | 0% |
| PAT CAGR | 0% | -100% | -100% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 0% | 0% | 6% | -1% |
| ROE Average | -1% | -1% | 0% | 5% |
| ROCE Average | -1% | -1% | 0% | 3% |
| #(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 | 49 | 49 | 48 | 47 | 13 | 12 | 12 | 11 | 15 | 14 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 6 | 12 | 4 | 2 | 3 | 4 | 4 | 4 | 3 | 3 | 3 |
| Other Non-Current Liabilities | 4 | 0 | 0 | 0 | 0 | -19 | -19 | -20 | -20 | -19 | -19 |
| Total Current Liabilities | 124 | 14 | 20 | 19 | 18 | 12 | 13 | 11 | 11 | 12 | 12 |
| Total Liabilities | 152 | 75 | 72 | 70 | 69 | 9 | 9 | 8 | 6 | 11 | 9 |
| Fixed Assets | 50 | 3 | 2 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 72 | 71 | 67 | 68 | 67 | 8 | 8 | 6 | 5 | 10 | 9 |
| Total Current Assets | 31 | 2 | 4 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Total Assets | 152 | 75 | 72 | 70 | 69 | 9 | 9 | 8 | 6 | 11 | 9 |
| #(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 | 0 | 1 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | 1 | -25 | -2 | -2 | 1 | -38 | 0 | -2 | -1 | 5 | -2 |
| Cash Flow from Investing Activities | -0 | 90 | 5 | 1 | -2 | 42 | -0 | 2 | 1 | -5 | 2 |
| Cash Flow from Financing Activities | -1 | -65 | -1 | -2 | 1 | -4 | -0 | 0 | -0 | 0 | 0 |
| Net Cash Inflow / Outflow | 0 | 1 | 2 | -3 | 0 | -0 | 0 | -0 | -0 | -0 | 0 |
| Closing Cash & Cash Equivalent | 0 | 1 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | 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) | -1.58 | 5.69 | -0.06 | -0.14 | -0.15 | 0.21 | -0.15 | 0.23 | -0.02 | -0.03 | -0.04 |
| CEPS(Rs) | -1.27 | 5.83 | 0.07 | -0.1 | -0.11 | 0.21 | -0.15 | 0.23 | -0.02 | -0.03 | -0.04 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 3.28 | 8.97 | 8.91 | 8.77 | 8.62 | 2.31 | 2.15 | 2.21 | 2.01 | 2.71 | 2.46 |
| Core EBITDA Margin(%) | -27.14 | -66.6 | -1081.09 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT Margin(%) | -30.67 | 487.09 | -476.67 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre Tax Margin(%) | -33.31 | 474.57 | -477.07 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PAT Margin (%) | -33.31 | 404.61 | -477.07 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Profit Margin (%) | -26.66 | 414.61 | 559.24 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| ROA(%) | -5.64 | 27.49 | -0.45 | -1.08 | -1.21 | 2.91 | -9.26 | 15.59 | -1.49 | -1.99 | -2 |
| ROE(%) | -38.92 | 92.95 | -0.68 | -1.58 | -1.75 | 3.78 | -6.81 | 10.65 | -0.86 | -1.29 | -1.44 |
| ROCE(%) | -6.62 | 42.3 | -0.55 | -1.29 | -1.45 | 4.64 | -4.18 | 8.23 | -0.66 | -1.02 | -1.18 |
| Receivable days | 30.21 | 58.06 | 368.03 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory Days | 328.63 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 416.44 | 1046.79 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PER(x) | 0 | 0.12 | 0 | 0 | 0 | 0 | 0 | 1.16 | 0 | 0 | 0 |
| Price/Book(x) | 0.34 | 0.08 | 0.07 | 0.06 | 0.07 | 0 | 0.25 | 0.12 | 0.13 | 0.57 | 0 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 4.41 | 2.18 | 165.83 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Core EBITDA(x) | -16.6 | 0.39 | 2.55 | -21.38 | -21.91 | 33.94 | -9.66 | -21.97 | -46.26 | -70.1 | -284.63 |
| Net Sales Growth(%) | -83.74 | -70.73 | -98.99 | -100 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT Growth(%) | 82.36 | 569.94 | -100.89 | -129.2 | -9.55 | 305.58 | -138.41 | 292.87 | -107.78 | -65.77 | -23.97 |
| PAT Growth(%) | 85.67 | 459.36 | -101.07 | -129.28 | -9.42 | 235.35 | -173.69 | 252.62 | -107.79 | -68.88 | -21.69 |
| EPS Growth(%) | 85.67 | 459.36 | -101.07 | -129.22 | -9.42 | 235.34 | -173.69 | 252.59 | -107.8 | -68.51 | -21.64 |
| Debt/Equity(x) | 5.47 | 0.25 | 0.23 | 0.2 | 0.22 | 0.28 | 0.3 | 0.29 | 0.29 | 0.21 | 0.23 |
| Current Ratio(x) | 0.25 | 0.14 | 0.21 | 0.05 | 0.06 | 0.06 | 0.06 | 0.1 | 0.06 | 0.06 | 0.06 |
| Quick Ratio(x) | 0.07 | 0.14 | 0.21 | 0.05 | 0.06 | 0.06 | 0.06 | 0.1 | 0.06 | 0.06 | 0.06 |
| Interest Cover(x) | -11.59 | 38.92 | -1204.23 | -842.3 | 0 | 14.09 | -3.8 | 3189.61 | 0 | -53.34 | 0 |
| Total Debt/Mcap(x) | 16 | 3.19 | 3.34 | 3.54 | 3.1 | 0 | 1.22 | 2.37 | 2.22 | 0.36 | 0 |
| # | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 33.77 | 33.77 | 33.77 | 33.77 | 33.77 | 33.77 | 33.77 | 33.77 | 33.77 | 33.77 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 66.23 | 66.23 | 66.23 | 66.23 | 66.23 | 66.23 | 66.23 | 66.23 | 66.23 | 66.23 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.86 | 1.86 | 1.86 | 1.86 | 1.86 | 1.86 | 1.86 | 1.86 | 1.86 | 1.86 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 3.64 | 3.64 | 3.64 | 3.64 | 3.64 | 3.64 | 3.64 | 3.64 | 3.64 | 3.64 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 5.49 | 5.49 | 5.49 | 5.49 | 5.49 | 5.49 | 5.49 | 5.49 | 5.49 | 5.49 |
* The pros and cons are machine generated.
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