Indokem

₹93.9 4 | 4.5%

WEBSITE BSE:504092 NSE : INDOKEM LTD. 18 May, 12:50

Market Cap ₹262 Cr.

Stock P/E -55.7

P/B 5.2

Current Price ₹93.9

Book Value ₹ 18.1

Face Value 10

52W High ₹132.3

Dividend Yield 0%

52W Low ₹ 86.2

Edit Ratio

Indokem Research see more...

Overview Inc. Year: 1964Industry: Chemicals

Indokem Ltd manufactures, exports, and sells dyes, sizing chemicals, and auxiliaries for the textile industry in India, China, Bangladesh, Burma, Japan, Sri Lanka, Pakistan, the Middle East, Europe, Africa, and the US. The employer operates in 2 segments, Textile Dyes and Chemicals; and Electrical Capacitors. It offers disperse, vat, direct, reactive, and suplhur dyes, as well as pigment emulsions to impart coloration to textiles, paper, leather-based, and other substances. The organisation also gives sizing chemical compounds, which includes one shot sizing chemical compounds, modified starches, polyvinyl alcohols, polyester resin binders, softners, lubricant oil, and wax for textile sizing packages. In addition, it gives fabric auxiliaries for wet-processing of textiles. Further, the organisation offers in electric capacitors. Indokem Ltd was founded in 1945 and is situated in Mumbai, India.

Indokem Share Price

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Peer Comparison

Indokem Quarterly Results

#(Fig in Cr.)	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022
Net Sales	23	22	9	20	22	28	24	24	34	31
Other Income	0	1	0	0	0	0	0	0	0	0
Total Income	23	22	9	20	22	28	25	24	34	31
Total Expenditure	22	21	9	19	20	26	23	24	32	30
Operating Profit	1	2	1	1	2	1	1	1	2	1
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	1	1	0	1	1	1	0	0	2	1
Provision for Tax	0	0	0	0	0	0	0	0	0	0
Profit After Tax	1	1	0	1	1	1	0	0	2	1
Adjustments	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	1	1	0	1	1	1	0	0	2	1
Adjusted Earnings Per Share	0.2	0.4	0	0.3	0.6	0.4	0.2	0.1	0.6	0.2

Indokem 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	17	37	54	59	72	78	79	90	79	114	112	113
Other Income	0	1	3	1	24	2	1	1	0	1	2	0
Total Income	17	38	57	60	95	80	81	91	80	114	113	114
Total Expenditure	17	37	53	57	80	80	80	88	74	109	110	109
Operating Profit	1	1	4	3	15	-0	1	3	5	5	3	5
Interest	1	3	3	3	1	1	1	1	1	1	2	0
Depreciation	0	1	0	0	1	1	1	1	1	1	1	0
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	-1	-2	1	-0	14	-2	-1	1	3	3	0	3
Provision for Tax	0	0	0	0	0	0	0	0	0	0	0	0
Profit After Tax	-1	-2	1	-0	14	-2	-1	1	3	3	0	3
Adjustments	0	0	0	0	0	0	0	0	-0	0	-0	0
Profit After Adjustments	-1	-2	1	-0	14	-2	-1	1	3	3	0	3
Adjusted Earnings Per Share	-0.3	-0.9	0.3	-0.1	5.7	-0.7	-0.5	0.2	1.2	1.2	0.1	1.1

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	-2%	8%	8%	21%
Operating Profit CAGR	-40%	0%	0%	12%
PAT CAGR	-100%	-100%	0%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	-20%	36%	55%	49%
ROE Average	1%	6%	3%	5%
ROCE Average	4%	8%	6%	10%

Indokem 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	11	9	15	15	32	29	28	29	32	35	35
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	8	9	8	5	5	6	8	7	8	9	12
Other Non-Current Liabilities	3	3	3	3	3	3	4	3	4	4	4
Total Current Liabilities	31	33	34	40	23	26	22	25	23	27	29
Total Liabilities	53	53	60	63	62	65	62	64	66	75	80
Fixed Assets	24	24	20	21	24	26	27	27	26	26	28
Other Non-Current Assets	8	8	7	8	3	3	4	4	4	4	3
Total Current Assets	21	22	32	33	35	35	32	34	36	45	49
Total Assets	53	53	60	63	62	65	62	64	66	75	80

Indokem 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	1	1	1	0	1	0	1	1
Cash Flow from Operating Activities	0	1	-3	25	2	2	0	3	2	-0	-0
Cash Flow from Investing Activities	-1	-0	5	-1	1	-3	-2	-1	-1	-1	-2
Cash Flow from Financing Activities	1	-1	-2	-24	-3	1	1	-2	-0	2	2
Net Cash Inflow / Outflow	0	-0	0	0	-0	-0	0	-0	0	-0	-0
Closing Cash & Cash Equivalent	1	1	1	1	1	0	1	0	1	1	0

Indokem 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)	-0.35	-0.91	0.34	-0.15	5.68	-0.71	-0.48	0.21	1.22	1.16	0.13
CEPS(Rs)	-0.26	-0.67	0.53	0.05	5.99	-0.37	-0.07	0.67	1.69	1.63	0.66
DPS(Rs)	0	0	0	0	0	0	0	0	0	0	0
Book NAV/Share(Rs)	4.08	3.19	3.47	3.21	12.95	12.1	11.66	11.93	13.12	14.31	14.43
Core EBITDA Margin(%)	2.92	0.67	1.72	3.06	-11.29	-2.77	-0.42	2.18	6.25	4.23	1.65
EBIT Margin(%)	1.94	1.04	6.49	4.4	18.82	-1.19	0	2.03	5.33	3.66	1.92
Pre Tax Margin(%)	-4.9	-5.59	1.47	-0.48	18.07	-2.16	-1.46	0.57	3.77	2.49	0.28
PAT Margin (%)	-4.9	-5.91	1.47	-0.58	18.07	-2.16	-1.46	0.57	3.74	2.49	0.28
Cash Profit Margin (%)	-3.58	-4.33	2.31	0.21	19.04	-1.13	-0.2	1.82	5.19	3.5	1.43
ROA(%)	-1.63	-4.19	1.45	-0.59	22.15	-2.71	-1.83	0.81	4.55	4.03	0.4
ROE(%)	-8.22	-25.04	10.1	-4.43	70.35	-5.64	-4.01	1.78	9.71	8.48	0.89
ROCE(%)	1.05	1.24	11.59	11.5	55.58	-2.63	0	4.88	10.71	9.42	4.38
Receivable days	230.44	107.95	86.55	102.28	98.15	106.61	101.43	82.3	100.46	82.46	99.03
Inventory Days	175.8	85.71	66.59	58.22	44.72	42.03	41.67	42.95	48.96	37.73	45.14
Payable days	242.45	117.2	95.6	105.13	109.83	128.21	123.95	101.95	121.7	82.14	95.71
PER(x)	0	0	14.99	0	3.35	0	0	45.37	20.63	40.49	811.62
Price/Book(x)	0.38	0.58	1.45	1.18	1.47	1.56	0.99	0.8	1.91	3.29	7.16
Dividend Yield(%)	0	0	0	0	0	0	0	0	0	0	0
EV/Net Sales(x)	1.47	0.72	0.64	0.27	0.71	0.66	0.46	0.35	0.88	1.11	2.39
EV/Core EBITDA(x)	44.76	27.08	8.34	4.96	3.35	-398.11	36.36	10.6	12.98	23.82	77.72
Net Sales Growth(%)	-60.14	113.91	45.34	9.13	21.85	8.97	1.77	12.86	-11.57	43.31	-1.5
EBIT Growth(%)	105.02	15.78	830.74	-24.92	427.01	-106.6	100	0	131.87	-1.42	-48.32
PAT Growth(%)	90.97	-160.62	136.95	-143.84	3929.96	-112.44	32.56	143.97	480.39	-4.39	-89.05
EPS Growth(%)	90.97	-160.62	136.95	-144.14	3930.39	-112.44	32.55	143.96	480.44	-4.39	-89.05
Debt/Equity(x)	2.23	2.91	3	0.55	0.16	0.21	0.31	0.29	0.29	0.35	0.46
Current Ratio(x)	0.68	0.65	0.95	0.83	1.5	1.35	1.43	1.38	1.56	1.66	1.69
Quick Ratio(x)	0.41	0.37	0.62	0.61	1.07	1.02	0.99	0.92	1.13	1.16	1.2
Interest Cover(x)	0.28	0.16	1.29	0.9	25.26	-1.23	0	1.39	3.43	3.13	1.17
Total Debt/Mcap(x)	5.94	5.05	1.83	0.59	0.11	0.14	0.31	0.37	0.15	0.11	0.06

Indokem Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	70.93	70.93	70.93	70.93	70.93	70.93	70.93	70.93	68.71	68.71
FII	0	0	0	0	0	0	0	0	0	0
DII	0.23	0.23	0.22	0.22	0.22	0.22	0.22	0.22	0.19	0.19
Public	28.85	28.85	28.85	28.85	28.85	28.85	28.85	28.85	31.1	31.1
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	1.73	1.73	1.73	1.73	1.73	1.73	1.73	1.73	1.92	1.92
FII	0	0	0	0	0	0	0	0	0	0
DII	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Public	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.87	0.87
Others	0	0	0	0	0	0	0	0	0	0
Total	2.43	2.43	2.43	2.43	2.43	2.43	2.43	2.43	2.79	2.79

Pros

Company is almost debt free.

Cons

Company has a low return on equity of 6% over the last 3 years.
Debtor days have increased from 82.14 to 95.71days.
Stock is trading at 5.2 times its book value.

* 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.