WEBSITE BSE:514300 NSE : PIONEER EMB 18 May, 12:50
Market Cap ₹128 Cr.
Stock P/E 49.7
P/B 0.9
Current Price ₹43.3
Book Value ₹ 48.1
Face Value 10
52W High ₹67
Dividend Yield 0%
52W Low ₹ 35.5
Pioneer Embroideries Limited is one of the largest manufacturer-exporter of embroideries, torchon/bobbin laces, raschel laces, and other garment accessories. The company was incorporated in 1991 as a public limited company and is located in Mumbai, Maharashtra. The company has a state-of-the-art manufacturing facility with a capacity of producing over 100 million meters of embroideries per annum. It caters to the domestic and international markets, serving customers in the fashion, home textiles, and apparel industries. The promoters of Pioneer Embroideries Limited are Mr. Harshad Thakkar and Mr. Hiren Thakkar, who hold 54.17% of the total shareholding as of December 2023 along with being the chairman and managing director of the company, respectively, which has a mission to create value for its stakeholders by delivering quality products and services.
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| #(Fig in Cr.) | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 76 | 76 | 74 | 86 | 70 | 66 | 74 | 74 | 83 | 85 |
| Other Income | 0 | 0 | 1 | 1 | 2 | 1 | 0 | 0 | 1 | 1 |
| Total Income | 77 | 76 | 75 | 87 | 72 | 66 | 75 | 74 | 83 | 86 |
| Total Expenditure | 69 | 69 | 70 | 84 | 68 | 63 | 70 | 70 | 78 | 79 |
| Operating Profit | 8 | 7 | 5 | 3 | 4 | 3 | 5 | 4 | 5 | 7 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 3 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 3 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 9 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 5 | 4 | 2 | 0 | 10 | 0 | 2 | 1 | 0 | 0 |
| Provision for Tax | 1 | 1 | 1 | 0 | 3 | 0 | 1 | 0 | 0 | 0 |
| Profit After Tax | 4 | 3 | 1 | 0 | 7 | 0 | 1 | 1 | 0 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 4 | 3 | 1 | 0 | 7 | 0 | 1 | 1 | 0 | 0 |
| Adjusted Earnings Per Share | 1.4 | 1.1 | 0.5 | 0 | 2.7 | 0.1 | 0.4 | 0.4 | 0.1 | 0 |
| #(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 | 241 | 273 | 272 | 255 | 236 | 257 | 274 | 238 | 226 | 292 | 297 | 316 |
| Other Income | 7 | 8 | 32 | 24 | 10 | 2 | 2 | 2 | 2 | 2 | 3 | 2 |
| Total Income | 248 | 281 | 304 | 279 | 246 | 259 | 276 | 240 | 228 | 294 | 300 | 318 |
| Total Expenditure | 229 | 254 | 252 | 234 | 220 | 248 | 255 | 219 | 199 | 267 | 285 | 297 |
| Operating Profit | 19 | 27 | 52 | 45 | 27 | 12 | 21 | 21 | 29 | 27 | 15 | 21 |
| Interest | 22 | 17 | 12 | 9 | 11 | 9 | 8 | 6 | 4 | 3 | 4 | 7 |
| Depreciation | 13 | 11 | 19 | 15 | 8 | 9 | 9 | 9 | 8 | 8 | 8 | 10 |
| Exceptional Income / Expenses | -0 | -6 | -15 | -4 | -27 | 0 | -1 | 2 | 0 | 0 | 9 | 0 |
| Profit Before Tax | -17 | -8 | 6 | 17 | -19 | -6 | 4 | 8 | 16 | 15 | 12 | 3 |
| Provision for Tax | 19 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3 | 4 | 4 | 1 |
| Profit After Tax | -35 | -8 | 6 | 17 | -19 | -6 | 4 | 8 | 19 | 11 | 8 | 2 |
| Adjustments | 2 | -1 | 5 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -34 | -9 | 11 | 17 | -19 | -6 | 4 | 8 | 19 | 11 | 8 | 2 |
| Adjusted Earnings Per Share | -19.1 | -5 | 6.2 | 9.3 | -9 | -2.5 | 1.6 | 3.3 | 7.2 | 4.2 | 3.2 | 0.9 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 2% | 8% | 3% | 2% |
| Operating Profit CAGR | -44% | -11% | 5% | -2% |
| PAT CAGR | -27% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 22% | -8% | 12% | 14% |
| ROE Average | 7% | 12% | 10% | -15% |
| ROCE Average | 9% | 13% | 11% | 7% |
| #(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 | 35 | 72 | 101 | 81 | 74 | 74 | 78 | 86 | 110 | 121 | 129 |
| Minority's Interest | -8 | -8 | -8 | 0 | 2 | 2 | 2 | 1 | 1 | 1 | 1 |
| Borrowings | 102 | 13 | 38 | 48 | 36 | 37 | 22 | 13 | 12 | 7 | 59 |
| Other Non-Current Liabilities | 0 | 0 | -0 | 3 | 3 | 4 | 4 | 5 | 2 | 10 | 24 |
| Total Current Liabilities | 190 | 219 | 134 | 81 | 88 | 84 | 90 | 67 | 61 | 61 | 81 |
| Total Liabilities | 319 | 296 | 265 | 213 | 203 | 200 | 196 | 173 | 186 | 199 | 293 |
| Fixed Assets | 116 | 110 | 94 | 98 | 107 | 96 | 93 | 85 | 80 | 78 | 75 |
| Other Non-Current Assets | 43 | 32 | 38 | 34 | 5 | 7 | 4 | 4 | 9 | 15 | 99 |
| Total Current Assets | 161 | 155 | 133 | 81 | 91 | 97 | 98 | 84 | 96 | 98 | 111 |
| Total Assets | 319 | 296 | 265 | 213 | 203 | 200 | 196 | 173 | 186 | 199 | 293 |
| #(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 | 2 | 4 | 4 | 4 | 2 | 1 | 1 | 1 | 1 | 6 | 1 |
| Cash Flow from Operating Activities | 48 | 62 | 1 | 22 | 36 | 17 | 19 | 26 | 18 | 13 | 10 |
| Cash Flow from Investing Activities | -11 | -5 | 6 | -10 | -20 | -7 | -4 | 3 | -8 | -10 | -65 |
| Cash Flow from Financing Activities | -35 | -56 | -6 | -14 | -16 | -10 | -16 | -28 | -5 | -8 | 60 |
| Net Cash Inflow / Outflow | 2 | 0 | 0 | -2 | -0 | 0 | -1 | 1 | 5 | -5 | 5 |
| Closing Cash & Cash Equivalent | 4 | 4 | 4 | 2 | 1 | 1 | 1 | 1 | 6 | 1 | 7 |
| # | 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) | -19.12 | -4.98 | 6.21 | 9.31 | -8.96 | -2.46 | 1.59 | 3.29 | 7.24 | 4.15 | 3.19 |
| CEPS(Rs) | -12.57 | 2.08 | 14 | 17.24 | -5.16 | 1.03 | 5.11 | 6.81 | 10.13 | 7.18 | 6.29 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.25 | 0.3 | 0 |
| Book NAV/Share(Rs) | 4.65 | 25.62 | 42.59 | 34.5 | 32.74 | 29.16 | 29.78 | 33.02 | 39.85 | 43.86 | 46.84 |
| Core EBITDA Margin(%) | 5.09 | 6.96 | 7.37 | 8.27 | 6.96 | 3.62 | 7.09 | 7.98 | 11.8 | 8.47 | 3.97 |
| EBIT Margin(%) | 2.28 | 3.28 | 6.68 | 10.5 | -3.66 | 1.29 | 4.17 | 5.95 | 9.02 | 6.31 | 5.24 |
| Pre Tax Margin(%) | -6.98 | -2.83 | 2.26 | 6.81 | -8.18 | -2.3 | 1.38 | 3.38 | 7.04 | 5.21 | 4.01 |
| PAT Margin (%) | -14.65 | -2.83 | 2.26 | 6.8 | -8.18 | -2.31 | 1.38 | 3.38 | 8.31 | 3.77 | 2.79 |
| Cash Profit Margin (%) | -9.22 | 1.34 | 9.13 | 12.52 | -4.71 | 0.94 | 4.65 | 7.13 | 11.92 | 6.54 | 5.64 |
| ROA(%) | -10.92 | -2.51 | 2.18 | 7.26 | -9.27 | -3.01 | 1.91 | 4.37 | 10.47 | 5.73 | 3.36 |
| ROE(%) | -187.15 | -28.83 | 10.15 | 24.93 | -28.7 | -8.6 | 5.21 | 10.28 | 19.93 | 9.9 | 6.85 |
| ROCE(%) | 1.86 | 3.32 | 7.59 | 13.61 | -5.51 | 2.45 | 8.53 | 11.37 | 15.96 | 13.02 | 8.54 |
| Receivable days | 64.03 | 55.08 | 42.64 | 35.3 | 39.89 | 36.3 | 38.67 | 37.71 | 34 | 29.84 | 31.68 |
| Inventory Days | 53.96 | 42.73 | 42.78 | 45.24 | 56.64 | 55.49 | 47.15 | 55.59 | 65.3 | 56.56 | 62.02 |
| Payable days | 52.63 | 43.07 | 44.22 | 54.25 | 73.52 | 70.64 | 70.89 | 75.88 | 72.33 | 47.02 | 47.64 |
| PER(x) | 0 | 0 | 3.5 | 5.45 | 0 | 0 | 14.87 | 5.32 | 5.49 | 11.46 | 8.71 |
| Price/Book(x) | 1.33 | 0.3 | 0.51 | 1.47 | 1.45 | 0.98 | 0.79 | 0.53 | 1 | 1.09 | 0.59 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.63 | 0.63 | 0 |
| EV/Net Sales(x) | 1.17 | 0.81 | 0.65 | 0.79 | 0.73 | 0.52 | 0.42 | 0.33 | 0.58 | 0.52 | 0.53 |
| EV/Core EBITDA(x) | 14.74 | 8.3 | 3.4 | 4.46 | 6.44 | 11.16 | 5.38 | 3.71 | 4.59 | 5.78 | 10.6 |
| Net Sales Growth(%) | 13.19 | 13.24 | -0.61 | -5.96 | -7.59 | 8.92 | 6.59 | -12.99 | -5.2 | 29.29 | 1.53 |
| EBIT Growth(%) | -49.37 | 62.58 | 102.67 | 47.76 | -132.19 | 139.36 | 236.29 | 24.31 | 43.61 | -9.62 | -15.69 |
| PAT Growth(%) | -243.36 | 78.15 | 179.31 | 183.63 | -211.14 | 68.65 | 162.27 | 113.58 | 133.04 | -41.27 | -25.01 |
| EPS Growth(%) | -167.67 | 73.93 | 224.52 | 50.05 | -196.22 | 72.57 | 164.58 | 107.33 | 120.04 | -42.65 | -23.09 |
| Debt/Equity(x) | 7.06 | 2.56 | 1.22 | 1.14 | 0.99 | 0.93 | 0.77 | 0.43 | 0.3 | 0.24 | 0.75 |
| Current Ratio(x) | 0.85 | 0.71 | 0.99 | 1 | 1.04 | 1.16 | 1.09 | 1.24 | 1.57 | 1.62 | 1.37 |
| Quick Ratio(x) | 0.67 | 0.57 | 0.73 | 0.64 | 0.54 | 0.73 | 0.7 | 0.68 | 0.87 | 0.84 | 0.71 |
| Interest Cover(x) | 0.25 | 0.54 | 1.51 | 2.85 | -0.81 | 0.36 | 1.49 | 2.31 | 4.56 | 5.75 | 4.27 |
| Total Debt/Mcap(x) | 22.55 | 13.7 | 3.12 | 0.98 | 0.68 | 0.95 | 0.98 | 0.81 | 0.3 | 0.22 | 1.26 |
| # | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 32.86 | 32.86 | 32.86 | 32.86 | 32.86 | 32.86 | 32.39 | 32.39 | 32.39 | 29.65 |
| FII | 0 | 0.35 | 0.11 | 0 | 0 | 0 | 0 | 0 | 0 | 8.48 |
| DII | 9.93 | 9.41 | 9.41 | 9.41 | 9.41 | 9.41 | 9.27 | 9.27 | 9.27 | 8.49 |
| Public | 57.21 | 57.38 | 57.63 | 57.73 | 57.73 | 57.73 | 58.33 | 58.33 | 58.33 | 53.39 |
| 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 | 0.87 | 0.87 | 0.87 | 0.87 | 0.87 | 0.87 | 0.87 | 0.87 | 0.87 | 0.87 |
| FII | 0 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.25 |
| DII | 0.26 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 |
| Public | 1.52 | 1.53 | 1.53 | 1.54 | 1.54 | 1.54 | 1.57 | 1.57 | 1.57 | 1.57 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.66 | 2.66 | 2.66 | 2.66 | 2.66 | 2.66 | 2.7 | 2.7 | 2.7 | 2.95 |
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