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Consolidated Standalone

Bihar Sponge Iron

₹13.3 0.2 | 1.4%

Market Cap ₹120 Cr.

Stock P/E 16.1

P/B -1.1

Current Price ₹13.3

Book Value ₹ -12

Face Value 10

52W High ₹26.8

Dividend Yield 0%

52W Low ₹ 11.1

Edit Ratio

Bihar Sponge Iron Research see more...

Overview Inc. Year: 1982Industry: Steel/Sponge Iron/Pig Iron

Bihar Sponge Iron Limited is an India-based company that produces sponge iron from indigenous iron ore and non-coking coal. The company was incorporated in 1982 as the first merchant sponge iron plant in India. The company is a joint venture between Bihar State Industrial Development Corporation Limited (BSIDC), Modi Group, German Investment and Development Company (DEG), and International Finance Corporation (Washington). The company has a plant located at Umesh Nagar, Chandil, in district Saraikela Kharsawan, Jharkhand, with an installed capacity of 150,000 tonnes per annum. The company’s products are used as raw material for making steel in electric arc furnaces and induction furnaces. Company’s promoters are Mr. Ravi Tulsyan and Mr. Pramod Kumar Tulsyan, who hold 52.05% of the shareholding. The company’s achievements include being the most efficient coal-based plant in India and being awarded the ISO and IS 1786/1985 certification for quality standards.

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Bihar Sponge Iron Share Price

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Peer Comparison

Bihar Sponge Iron Quarterly Results

#(Fig in Cr.) Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024
Net Sales 130 108 113 48 74 70 74 104 64 53
Other Income 0 0 2 6 6 6 6 8 8 6
Total Income 130 108 114 55 80 77 81 112 71 59
Total Expenditure 126 103 109 53 78 75 75 107 69 56
Operating Profit 4 5 5 2 2 2 6 5 3 3
Interest 0 0 0 0 0 0 0 0 0 0
Depreciation 1 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 3 4 4 1 1 1 4 4 1 2
Provision for Tax 0 0 0 0 0 0 0 0 0 0
Profit After Tax 3 4 4 1 1 1 4 4 1 2
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 3 4 4 1 1 1 4 4 1 2
Adjusted Earnings Per Share 0.4 0.5 0.5 0.1 0.1 0.1 0.5 0.4 0.2 0.2

Bihar Sponge Iron Profit & Loss

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
Net Sales 19 0 0 0 0 0 0 22 86 463 267 295
Other Income 3 2 2 2 7 9 6 2 8 2 26 28
Total Income 22 2 2 2 7 9 6 24 95 466 292 323
Total Expenditure 31 3 4 3 3 3 3 17 83 449 280 307
Operating Profit -9 -1 -1 -1 4 6 2 8 11 16 12 17
Interest 4 1 0 0 0 0 0 0 0 0 0 0
Depreciation 3 4 4 4 4 4 3 3 3 4 4 4
Exceptional Income / Expenses -1 -1 0 1 1 -1 0 -0 0 0 0 0
Profit Before Tax -18 -7 -6 -4 -0 -0 -1 4 8 12 7 11
Provision for Tax 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Tax -18 -7 -6 -4 -0 -0 -1 4 8 12 7 11
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments -18 -7 -6 -4 -0 -0 -1 4 8 12 7 11
Adjusted Earnings Per Share -2 -0.8 -0.7 -0.4 -0 -0 -0.1 0.4 0.9 1.3 0.8 1.3

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -42% 130% 0% 30%
Operating Profit CAGR -25% 14% 15% 0%
PAT CAGR -42% 21% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -10% 6% 107% 16%
ROE Average 0% 0% 0% 0%
ROCE Average 0% 0% 0% 0%

Bihar Sponge Iron Balance Sheet

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Shareholder's Funds -57 -77 -83 -87 -87 -87 -88 -84 -75 -63 -56
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 69 69 66 62 62 62 61 55 56 87 85
Other Non-Current Liabilities 5 6 6 5 4 4 3 9 9 10 10
Total Current Liabilities 99 97 97 93 89 84 82 84 154 130 142
Total Liabilities 116 94 86 73 68 63 58 65 143 164 182
Fixed Assets 82 65 61 57 52 48 45 42 61 57 53
Other Non-Current Assets 7 7 7 7 7 6 6 6 4 7 9
Total Current Assets 26 22 18 9 9 8 7 10 55 72 102
Total Assets 116 94 86 73 68 63 58 65 143 164 182

Bihar Sponge Iron Cash Flow

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Opening Cash & Cash Equivalents 12 11 10 7 1 1 1 1 1 3 3
Cash Flow from Operating Activities -2 -0 -1 -3 0 -0 1 10 23 -16 19
Cash Flow from Investing Activities 1 0 1 1 0 0 0 -0 -18 -2 -2
Cash Flow from Financing Activities 0 -1 -3 -4 -0 0 -1 -9 -2 17 -17
Net Cash Inflow / Outflow -1 -1 -3 -6 0 0 -0 0 2 -1 1
Closing Cash & Cash Equivalent 11 10 7 1 1 1 1 1 3 3 4

Bihar Sponge Iron Ratios

# Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Earnings Per Share (Rs) -1.97 -0.82 -0.65 -0.42 -0.01 -0.01 -0.09 0.44 0.92 1.35 0.83
CEPS(Rs) -1.59 -0.32 -0.17 0.06 0.46 0.46 0.27 0.76 1.25 1.82 1.29
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) -10.86 -13.09 -13.74 -14.15 -14.17 -14.18 -14.27 -14.56 -15.48 -14.65 -12.75
Core EBITDA Margin(%) -58.42 0 -9363.78 0 0 0 0 20.31 2.95 2.58 -4.42
EBIT Margin(%) -66.63 0 0 0 0 0 0 16.15 8.14 2.25 2.38
Pre Tax Margin(%) -85.37 0 0 0 0 0 0 15.2 8.11 2.22 2.38
PAT Margin (%) -85.37 0 0 0 0 0 0 15.2 8.11 2.22 2.38
Cash Profit Margin (%) -68.87 0 -3808.42 0 0 0 0 26.42 11.04 3 3.73
ROA(%) -14.18 -7.01 -6.54 -4.75 -0.17 -0.17 -1.37 6.45 7.96 7.89 4.3
ROE(%) 0 0 0 0 0 0 0 0 0 0 0
ROCE(%) 0 0 0 0 0 0 0 0 0 0 0
Receivable days 24.52 0 0 0 0 0 0 21.01 4.38 0 0
Inventory Days 228.14 0 0 0 0 0 0 46.37 81.33 35.59 88.78
Payable days 465.23 0 0 0 0 0 0 313.93 266.31 69.69 130.1
PER(x) 0 0 0 0 0 0 0 4.85 11.71 6.31 16.52
Price/Book(x) -0.21 -0.19 -0.19 -0.16 -0.13 -0.06 -0.03 -0.15 -0.69 -0.58 -1.07
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 5.77 0 3282.95 0 0 0 0 4.81 2.1 0.39 0.79
EV/Core EBITDA(x) -11.75 -93.74 -84.1 -224.98 27.25 18.19 38.91 14.14 16.25 11.12 18.06
Net Sales Growth(%) -84.16 -100 0 -100 0 0 0 0 291.18 436.31 -42.45
EBIT Growth(%) 15.04 50.59 16.16 36.96 107.47 -108.37 -3512.39 615.56 97.19 47.97 -39.38
PAT Growth(%) 31.96 58.51 20.25 35.85 96.74 11.41 -659.89 579.59 108.69 46.8 -38.65
EPS Growth(%) 31.95 58.51 20.25 35.85 96.74 11.4 -660.15 579.48 108.67 46.79 -38.65
Debt/Equity(x) -1.03 -0.86 -0.79 -1.03 -0.74 -0.74 -0.72 -0.67 -0.63 -0.82 -0.79
Current Ratio(x) 0.27 0.22 0.18 0.1 0.1 0.1 0.09 0.12 0.36 0.55 0.71
Quick Ratio(x) 0.19 0.15 0.11 0.03 0.04 0.05 0.04 0.08 0.08 0.06 0.1
Interest Cover(x) -3.56 -13.18 -42.65 -24.16 0.69 -0.26 -85.04 17 252.27 84.29 0
Total Debt/Mcap(x) 5.03 4.45 4.26 6.5 5.77 12.05 28.69 4.58 0.91 1.41 0.74

Bihar Sponge Iron Shareholding Pattern

# Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025
Promoter 69.23 69.23 69.23 69.23 69.23 69.23 69.23 69.23 69.23 69.23
FII 0 0 0 0 0 0 0 0 0 0
DII 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08
Public 30.7 30.7 30.7 30.7 30.7 30.7 30.7 30.7 30.7 30.7
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Stock is trading at -1.1 times its book value
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 0% over the last 3 years.
  • Debtor days have increased from 69.69 to 130.1days.

* 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.

Bihar Sponge Iron News

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