Jyoti Resins&Adhesiv

₹1285 -12 | 0.9%

WEBSITE BSE:514448 NSE : JYOTI RESINS 10 May, 16:01

Market Cap ₹1542 Cr.

Stock P/E 25.5

P/B 11.8

Current Price ₹1285

Book Value ₹ 108.8

Face Value 10

52W High ₹1780.1

Dividend Yield 0.47%

52W Low ₹ 1181.1

Edit Ratio

Jyoti Resins&Adhesiv Research see more...

Overview Inc. Year: 1993Industry: Chemicals

Jyoti Resins and Adhesives Ltd is an India-based manufacturer of synthetic resin adhesives. The Company manufactures various styles of wood working adhesives underneath the brand name of EURO 7000. The Company's products encompass WP 2in1, Extreme3, Ultra 5in1, 2in1, PVC Glue and Xtra. WP 2in1, Xtra and 2in1 are used for bonding plywood/medium density fiberboard (MDF)/particle board. Ultra 5in1 and Extreme3 are used for joining wood and derived wooden products, such as bonding of furnishings inner structures, paneling, door and windows lamination. Ultra 5in1 and Extreme3 are used for edge bonding, finger jointing, handicraft, modular fixtures and cold press/hot press. Its PVC Glue is appropriate for acrylic sheet to wooden for pre edge banding sorts. Xtra is an anti-termite formula. EURO7000 is in diverse cities of India.

Jyoti Resins&Adhesiv Share Price

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Peer Comparison

Jyoti Resins&Adhesiv Quarterly Results

#(Fig in Cr.)	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Jun 2023	Sep 2023	Dec 2023
Net Sales	27	49	49	57	64	66	67	61	63	62
Other Income	1	0	0	2	0	0	0	1	1	1
Total Income	28	49	49	59	64	66	67	62	64	63
Total Expenditure	23	43	42	50	53	52	50	40	42	41
Operating Profit	5	6	7	9	11	13	17	21	22	22
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	5	6	7	9	11	13	16	21	22	22
Provision for Tax	1	2	2	2	2	4	4	5	6	5
Profit After Tax	4	4	5	7	9	9	12	16	16	16
Adjustments	-0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	4	4	5	7	9	9	12	16	16	16
Adjusted Earnings Per Share	3	3.6	4.1	5.8	7.6	7.3	10.1	13.1	13.5	13.7

Jyoti Resins&Adhesiv 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	11	15	27	47	42	54	69	74	101	182	261	253
Other Income	0	0	0	0	0	0	1	1	6	3	2	3
Total Income	11	15	27	47	42	54	69	75	108	185	264	256
Total Expenditure	10	14	26	46	41	52	66	63	91	158	201	173
Operating Profit	1	1	1	1	1	2	3	12	17	27	63	82
Interest	0	0	1	1	1	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0	1	1	1	0
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	1	0	0	0	1	1	3	11	16	26	61	81
Provision for Tax	0	0	0	0	0	0	1	3	4	7	15	20
Profit After Tax	0	0	0	0	0	1	2	8	12	20	46	60
Adjustments	0	0	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	0	0	0	0	0	1	2	8	12	20	46	60
Adjusted Earnings Per Share	0.4	0.2	0.2	0.2	0.3	0.9	1.8	6.7	10.1	16.5	38.7	50.4

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	43%	52%	37%	37%
Operating Profit CAGR	133%	74%	99%	51%
PAT CAGR	130%	79%	115%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	-16%	81%	90%	86%
ROE Average	69%	60%	56%	31%
ROCE Average	91%	79%	73%	39%

Jyoti Resins&Adhesiv 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	4	4	4	4	5	6	8	28	44	63	106
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	2	2	2	2	0	0	1	1	0	0	0
Other Non-Current Liabilities	-0	-0	-0	1	0	0	0	0	1	1	1
Total Current Liabilities	5	7	15	22	44	51	74	91	100	88	104
Total Liabilities	10	13	21	29	49	58	82	120	144	152	211
Fixed Assets	1	1	1	1	1	4	5	19	39	46	47
Other Non-Current Assets	0	0	0	1	2	0	0	4	6	1	28
Total Current Assets	9	12	20	27	46	53	77	97	99	105	136
Total Assets	10	13	21	29	49	58	82	120	144	152	211

Jyoti Resins&Adhesiv 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	0	0	0	0	3	4	8	8	7	6
Cash Flow from Operating Activities	-1	-2	-4	1	4	3	4	7	10	3	1
Cash Flow from Investing Activities	-0	-0	-0	-0	-1	-2	-1	-7	-9	-2	-0
Cash Flow from Financing Activities	1	2	4	-1	-1	0	0	0	-2	-1	-3
Net Cash Inflow / Outflow	-0	-0	0	0	2	2	3	0	-1	-1	-2
Closing Cash & Cash Equivalent	0	0	0	0	3	4	8	8	7	6	4

Jyoti Resins&Adhesiv 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)	0.39	0.2	0.17	0.18	0.33	0.87	1.83	6.75	10.14	16.47	38.7
CEPS(Rs)	0.5	0.32	0.24	0.25	0.39	0.96	2.04	7.15	10.66	17.06	39.91
DPS(Rs)	0	0	0	0	0	0	0	2.5	3	7.5	6
Book NAV/Share(Rs)	3.2	3.4	3.43	3.61	3.86	4.74	6.57	13.32	22.62	38.11	74.32
Core EBITDA Margin(%)	8.1	4.57	3	2.35	2.25	3.18	4.19	14.07	10.31	13.07	23.21
EBIT Margin(%)	7.13	3.8	2.8	2.22	2.14	3	4.6	15.26	16.04	14.57	23.52
Pre Tax Margin(%)	5.41	2.06	1.01	0.62	1	2.69	4.47	15.14	15.97	14.54	23.51
PAT Margin (%)	3.93	1.4	0.69	0.41	0.67	1.9	3.2	11.01	12.01	10.86	17.78
Cash Profit Margin (%)	5.03	2.21	0.95	0.55	0.81	2.09	3.56	11.66	12.62	11.25	18.33
ROA(%)	5.39	2.1	1.22	0.88	1.01	1.97	3.14	7.99	9.2	13.36	25.64
ROE(%)	13	6.1	5.07	5.19	8.73	20.28	32.39	67.9	56.42	54.24	68.85
ROCE(%)	13.61	8.07	7.47	9.21	10.06	17.87	43.06	87.13	72.85	72.43	91.05
Receivable days	173.85	170.55	144.27	121.27	182.29	267.08	259.24	266.41	189.63	116.77	108.83
Inventory Days	44.78	43.57	44.97	36.06	35.57	36.09	28.27	35	25.47	14.49	9.8
Payable days	153.56	137.85	116.03	144.18	145.86	53.06	20.74	35.31	24.46	8.33	26.31
PER(x)	7.17	13.67	19.62	188.27	172.44	27.14	18.58	5.68	17.27	44.57	32.84
Price/Book(x)	0.88	0.81	0.99	9.52	14.56	5	5.18	2.88	7.74	19.26	17.1
Dividend Yield(%)	0	0	0	0	0	0	0	2.17	0.57	0.34	0.47
EV/Net Sales(x)	0.62	0.54	0.49	1.04	1.71	0.45	0.49	0.4	1.84	4.71	5.72
EV/Core EBITDA(x)	6.64	10.39	14.2	38.65	54.73	13.84	9.97	2.48	11.06	31.49	23.76
Net Sales Growth(%)	43.81	45.23	74.32	76.99	-10.06	28.05	26.66	7.05	37.75	79.63	43.58
EBIT Growth(%)	24.58	-22.71	28.75	40.08	4.74	33.25	90.55	255.56	44.78	63.18	131.71
PAT Growth(%)	-15.66	-48.43	-13.94	5.45	78.54	167.24	109.85	268.81	50.2	62.47	134.98
EPS Growth(%)	-15.68	-48.43	-13.95	5.48	78.5	167.27	109.85	268.81	50.2	62.47	134.98
Debt/Equity(x)	0.86	1.25	2.28	1.83	1.69	0.07	0.09	0.08	0.01	0	0
Current Ratio(x)	1.9	1.65	1.33	1.21	1.06	1.05	1.05	1.08	0.99	1.19	1.31
Quick Ratio(x)	1.56	1.3	1.01	0.96	0.93	0.94	0.97	0.98	0.94	1.08	1.26
Interest Cover(x)	4.14	2.18	1.57	1.39	1.87	9.7	36.64	129.63	212.14	457.19	1938.26
Total Debt/Mcap(x)	0.98	1.55	2.3	0.19	0.12	0.01	0.02	0.03	0	0	0

Jyoti Resins&Adhesiv Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	49.6	49.97	49.97	50.82	50.82	50.82	50.82	50.83	50.83	50.83
FII	1.25	2	2	0.74	0	0.33	0.33	0.49	0.29	0.3
DII	0	0	0	0	0	0	0	0	0	0.07
Public	49.15	48.03	48.03	48.44	49.18	48.85	48.85	48.67	48.88	48.8
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	0.2	0.2	0.2	0.61	0.61	0.61	0.61	0.61	0.61	0.61
FII	0.01	0.01	0.01	0.01	0	0	0	0.01	0	0
DII	0	0	0	0	0	0	0	0	0	0
Public	0.2	0.19	0.19	0.58	0.59	0.59	0.59	0.58	0.59	0.59
Others	0	0	0	0	0	0	0	0	0	0
Total	0.4	0.4	0.4	1.2	1.2	1.2	1.2	1.2	1.2	1.2

Pros

Company has delivered good profit growth of 115% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 60%
Company is almost debt free.

Cons

Debtor days have increased from 8.33 to 26.31days.
Stock is trading at 11.8 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.