Nikhil Adhesives

₹123.7 2.4 | 2%

WEBSITE BSE:526159 NSE : NIKHIL ADHSV 10 May, 16:01

Market Cap ₹568 Cr.

Stock P/E 45.9

P/B 5.2

Current Price ₹123.7

Book Value ₹ 24

Face Value 1

52W High ₹147.7

Dividend Yield 0.16%

52W Low ₹ 107.7

Edit Ratio

Nikhil Adhesives Research see more...

Overview Inc. Year: 1986Industry: Chemicals

Nikhil Adhesives Ltd is an India-based multi-product corporation production, selling and exporting numerous sorts of polymer emulsions which are used for numerous applications. The Company gives polymeric emulsions adhesives, plasticizers and solvent-based adhesives. It's segments include Trading in Chemicals and Manufacturing of Adhesives & Emulsions. The Company operates under two commercial enterprise segments: Branded Consumer Products and Industrial Products. It offers timber adhesives, construction chemical substances and others under Branded Consumer Products phase, that are utilized by carpenters, printers, plumbers, mechanics, households, students and places of work, among others. It gives commercial adhesives and synthetic resins, among others underneath Industrial Products phase, which caters to numerous industries, inclusive of packaging, textiles, paints and leather-based. It has three production gadgets placed at Dahanu (Maharashtra), Silvassa (Dadra Nagar Haveli) and Dahej (Gujarat).

Nikhil Adhesives Share Price

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Peer Comparison

Nikhil Adhesives 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	176	199	221	218	224	197	162	142	144	130
Other Income	0	0	0	0	0	0	0	0	0	0
Total Income	176	199	221	218	224	197	162	142	144	130
Total Expenditure	165	187	211	207	214	189	155	135	136	123
Operating Profit	11	12	10	11	11	8	7	7	8	8
Interest	2	1	1	2	1	1	2	2	2	2
Depreciation	1	1	1	1	1	1	2	1	1	2
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	8	9	8	8	8	6	4	4	5	4
Provision for Tax	2	2	2	2	2	1	1	1	1	1
Profit After Tax	6	7	6	6	6	4	3	3	3	3
Adjustments	-0	0	0	0	0	-0	0	0	-0	0
Profit After Adjustments	6	7	6	6	6	4	3	3	3	3
Adjusted Earnings Per Share	1.4	1.5	1.3	1.3	1.4	0.9	0.6	0.7	0.8	0.6

Nikhil Adhesives 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	183	234	254	270	260	330	446	422	491	814	743	578
Other Income	0	1	1	0	0	1	1	1	0	1	0	0
Total Income	183	235	255	271	260	331	447	423	491	814	744	578
Total Expenditure	174	222	246	259	248	317	430	403	460	770	709	549
Operating Profit	9	13	9	12	12	14	18	20	31	44	35	30
Interest	4	6	6	8	7	7	8	8	7	6	6	8
Depreciation	2	2	2	2	1	2	2	3	3	4	5	6
Exceptional Income / Expenses	-2	-5	0	0	0	-1	0	0	0	0	0	0
Profit Before Tax	1	0	1	2	3	4	7	9	21	34	24	17
Provision for Tax	1	0	0	0	1	1	2	2	6	9	7	4
Profit After Tax	1	0	0	2	2	3	5	7	16	25	17	12
Adjustments	0	0	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	1	0	0	2	2	3	5	7	16	25	17	12
Adjusted Earnings Per Share	0.1	0.1	0.1	0.4	0.5	0.6	1.1	1.5	3.4	5.5	3.7	2.7

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	-9%	21%	18%	15%
Operating Profit CAGR	-20%	21%	20%	15%
PAT CAGR	-32%	34%	41%	33%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	-8%	38%	59%	50%
ROE Average	18%	27%	23%	14%
ROCE Average	24%	32%	28%	21%

Nikhil Adhesives 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	14	14	14	16	18	35	40	46	61	85	102
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	9	17	17	16	26	14	15	16	20	18	16
Other Non-Current Liabilities	2	2	2	3	2	3	4	6	6	6	10
Total Current Liabilities	66	84	77	84	84	105	128	124	204	206	168
Total Liabilities	90	116	112	119	130	157	186	191	291	316	295
Fixed Assets	22	25	25	24	23	30	37	44	54	64	76
Other Non-Current Assets	4	3	3	3	4	2	3	7	1	2	7
Total Current Assets	64	88	84	92	104	125	147	139	235	249	212
Total Assets	90	116	112	119	130	157	186	191	291	316	295

Nikhil Adhesives 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	1	1	0	0	2	1	1	1	1	2	5
Cash Flow from Operating Activities	8	-2	16	13	-4	11	16	21	23	25	21
Cash Flow from Investing Activities	-9	-3	-0	-2	-1	-6	-10	-12	-7	-15	-19
Cash Flow from Financing Activities	1	5	-15	-9	4	-5	-7	-9	-15	-6	-3
Net Cash Inflow / Outflow	-0	-0	0	1	-0	-0	-0	-1	1	3	-1
Closing Cash & Cash Equivalent	1	0	0	2	1	1	1	1	2	5	4

Nikhil Adhesives 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)	0.15	0.07	0.1	0.41	0.52	0.62	1.14	1.53	3.41	5.5	3.71
CEPS(Rs)	0.59	0.69	0.56	0.81	0.91	1	1.59	2.16	4.16	6.39	4.84
DPS(Rs)	0.08	0	0	0	0	0.1	0.1	0.1	0.15	0.2	0.2
Book NAV/Share(Rs)	3.51	3.58	3.68	4.09	4.57	7.62	8.61	9.94	13.25	18.6	22.13
Core EBITDA Margin(%)	4.32	4.88	2.84	3.77	3.85	3.77	3.71	4.54	6.32	5.34	4.65
EBIT Margin(%)	2.8	2.43	2.45	3.35	3.46	3.26	3.48	4.04	5.67	4.9	4.02
Pre Tax Margin(%)	0.73	0.14	0.19	0.61	1.06	1.28	1.66	2.17	4.31	4.18	3.17
PAT Margin (%)	0.28	0.1	0.13	0.53	0.71	0.84	1.17	1.67	3.19	3.1	2.29
Cash Profit Margin (%)	1.15	1.03	0.77	1.06	1.22	1.36	1.63	2.35	3.89	3.61	2.99
ROA(%)	0.66	0.26	0.33	1.38	1.64	1.99	3.04	3.72	6.5	8.33	5.58
ROE(%)	4.17	1.92	2.69	10.52	12.11	10.82	13.99	16.49	29.39	34.53	18.21
ROCE(%)	13.1	12.1	12.87	19.8	17.56	16.91	21.98	22.25	33.25	39.74	24.26
Receivable days	59.98	56.12	58.01	53.04	68.52	76.62	71.44	82.74	91.36	66.36	62.58
Inventory Days	30.35	30.53	32.27	31.34	29.65	29.52	30.2	33.2	40.33	33.09	39.26
Payable days	86.51	86.15	92.33	94.38	100.75	91.42	86.44	99.77	114.06	86.79	86.37
PER(x)	19.35	31.83	28.47	10.53	14.49	38.59	11.1	6.38	11.1	13.1	26.25
Price/Book(x)	0.8	0.6	0.76	1.05	1.66	3.15	1.46	0.98	2.85	3.87	4.4
Dividend Yield(%)	2.85	0	0	0	0	0.42	0.79	1.02	0.4	0.28	0.21
EV/Net Sales(x)	0.21	0.21	0.17	0.17	0.27	0.42	0.2	0.18	0.4	0.43	0.64
EV/Core EBITDA(x)	4.13	3.68	4.85	3.95	6.14	10.18	5.04	3.87	6.33	8	13.52
Net Sales Growth(%)	9.81	28.12	8.57	6.32	-3.96	27.2	35.17	-5.51	16.42	65.73	-8.64
EBIT Growth(%)	56.32	11.94	10.53	43.07	0.38	10.43	40.14	9.82	63.44	43.29	-25.18
PAT Growth(%)	-26.99	-53.17	43.55	318.11	28.39	39.95	82.56	34.67	122.9	61.39	-32.55
EPS Growth(%)	-26.99	-53.18	43.55	318.12	28.39	18.63	82.56	34.67	122.9	61.39	-32.55
Debt/Equity(x)	2.37	3.18	2.5	2.19	2.56	0.93	0.86	0.74	0.45	0.32	0.31
Current Ratio(x)	0.98	1.05	1.09	1.09	1.24	1.19	1.15	1.12	1.15	1.21	1.26
Quick Ratio(x)	0.7	0.75	0.76	0.79	0.99	0.87	0.84	0.83	0.8	0.84	0.76
Interest Cover(x)	1.35	1.06	1.08	1.22	1.44	1.64	1.92	2.16	4.18	6.76	4.73
Total Debt/Mcap(x)	2.96	5.26	3.31	2.08	1.54	0.29	0.59	0.75	0.16	0.08	0.07

Nikhil Adhesives Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	54.44	54.44	54.44	54.44	54.44	54.44	54.44	54.44	54.44	54.44
FII	0	0	0	0	0	0	0	0	0	0
DII	1.39	0	0	0	0	0	0	0	0	0
Public	44.17	45.56	45.56	45.56	45.56	45.56	45.56	45.56	45.56	45.56
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	0.25	0.25	0.25	0.25	2.5	2.5	2.5	2.5	2.5	2.5
FII	0	0	0	0	0	0	0	0	0	0
DII	0.01	0	0	0	0	0	0	0	0	0
Public	0.2	0.21	0.21	0.21	2.09	2.09	2.09	2.09	2.09	2.09
Others	0	0	0	0	0	0	0	0	0	0
Total	0.46	0.46	0.46	0.46	4.59	4.59	4.59	4.59	4.59	4.59

Pros

Company has delivered good profit growth of 41% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 27%
Debtor days have improved from 86.79 to 86.37days.
Company has reduced debt.
Company is almost debt free.

Cons

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.