Polson

₹13500 -9.1 | 0.1%

WEBSITE BSE:507645 NSE : POLSON LTD. 18 May, 12:50

Market Cap ₹162 Cr.

Stock P/E 32.1

P/B 1.3

Current Price ₹13500

Book Value ₹ 10033.2

Face Value 50

52W High ₹17160

Dividend Yield 0%

52W Low ₹ 11000

Edit Ratio

Polson Research see more...

Overview Inc. Year: 1938Industry: Chemicals

Polson Limited is a company that was established in 1900 by Mr. Pestonji Edulgi Polson, primarily as a coffee manufacturing company. Polson diversified into other business activities including dairy, agriculture, pharmaceuticals, leather chemicals and real estate. Polson is the pioneer and the largest manufacturer and exporter of vegetable tannin extracts and eco-friendly leather chemicals in Asia. Polson is also involved in the production of edible oils, electric vehicles, plastic granules, lubricants, gold and diamond trading, and software development. Company is managed by a professional board of directors, which consists of a group of elite professionals besides members of the Kapadia family. Mr. Amol Kapadia is the managing director of the company and is responsible for the overall operations of the company.

Polson Share Price

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Peer Comparison

Polson 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	26	33	21	18	28	19	17	30	22	20
Other Income	0	1	1	1	1	1	0	0	0	0
Total Income	26	34	22	19	29	20	17	30	23	21
Total Expenditure	21	28	18	16	24	16	14	25	19	16
Operating Profit	5	6	4	3	5	4	3	5	4	4
Interest	1	1	1	1	1	1	1	1	1	1
Depreciation	1	1	1	1	1	1	1	1	1	2
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	3	4	1	1	2	1	0	3	2	2
Provision for Tax	1	1	0	0	1	0	0	1	0	0
Profit After Tax	2	3	1	1	2	1	0	2	1	1
Adjustments	0	-0	0	0	-0	0	0	0	0	0
Profit After Adjustments	2	3	1	1	2	1	0	2	1	1
Adjusted Earnings Per Share	163.2	234.7	69.5	51.6	152	76.3	33	168.3	102.8	116.3

Polson 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	83	97	104	104	108	106	109	97	89	98	84	89
Other Income	9	4	7	7	5	4	6	5	4	3	2	0
Total Income	92	101	111	111	113	110	115	102	93	100	86	91
Total Expenditure	75	85	92	89	89	87	93	81	73	82	70	74
Operating Profit	17	17	19	22	24	23	22	21	20	18	16	16
Interest	6	7	8	9	7	7	7	6	6	4	6	4
Depreciation	3	3	2	3	3	4	4	5	5	5	6	5
Exceptional Income / Expenses	0	0	0	15	1	6	0	0	0	0	1	0
Profit Before Tax	8	7	10	25	16	18	11	10	9	9	7	7
Provision for Tax	2	2	3	9	6	7	1	3	1	2	2	1
Profit After Tax	6	4	7	16	10	11	10	7	9	6	5	4
Adjustments	0	0	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	6	4	7	16	10	11	10	7	9	6	5	4
Adjusted Earnings Per Share	476.6	359.3	545.6	1346.1	860.5	909.5	827.3	591.5	711	519.1	402.5	420.4

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	-14%	-5%	-5%	0%
Operating Profit CAGR	-11%	-9%	-7%	-1%
PAT CAGR	-17%	-11%	-15%	-2%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	19%	12%	6%	22%
ROE Average	4%	6%	8%	13%
ROCE Average	7%	8%	9%	14%

Polson 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	35	39	46	62	70	81	91	96	105	111	116
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	39	37	61	48	41	48	43	40	28	21	17
Other Non-Current Liabilities	0	0	1	4	9	11	9	10	8	8	8
Total Current Liabilities	36	40	73	41	45	40	40	38	31	52	39
Total Liabilities	110	117	180	154	164	180	182	184	172	192	181
Fixed Assets	31	30	83	86	83	93	98	105	99	108	114
Other Non-Current Assets	28	28	36	21	27	21	19	19	30	30	21
Total Current Assets	52	60	61	48	53	66	65	60	42	53	45
Total Assets	110	117	180	154	164	180	182	184	172	192	181

Polson 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	5	4	5	1	1	1	1	0	0	1	4
Cash Flow from Operating Activities	11	13	19	35	19	6	11	32	22	2	12
Cash Flow from Investing Activities	-14	-6	-46	-0	-9	-11	0	-22	3	-9	-0
Cash Flow from Financing Activities	3	-7	23	-34	-11	5	-12	-10	-25	10	-15
Net Cash Inflow / Outflow	-0	0	-4	1	-0	0	-0	-0	1	3	-3
Closing Cash & Cash Equivalent	4	5	1	2	1	1	0	0	1	4	0

Polson 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)	476.63	359.33	545.64	1346.09	860.48	909.46	827.33	591.52	710.99	519.12	402.46
CEPS(Rs)	691.66	572.91	725.27	1600.79	1131.69	1216.29	1162.42	968.65	1108.53	946.84	861.71
DPS(Rs)	0	0	0	0	0	0	0	0	0	0	0
Book NAV/Share(Rs)	2861.99	3221.32	3766.97	5113.06	5805.21	6725.13	7553.36	8019.25	8730.82	9191.86	9625.8
Core EBITDA Margin(%)	9.49	12.24	11.88	14.5	17.62	17.37	14.85	16.67	17.63	15.93	17.02
EBIT Margin(%)	16.74	13.9	16.5	32.57	20.68	23.45	16.77	17.49	16.76	13.48	14.54
Pre Tax Margin(%)	9.3	6.63	9.22	24.2	14.65	17.11	10.42	10.77	10.32	8.9	7.93
PAT Margin (%)	6.64	4.29	6.3	15.51	9.54	10.32	9.11	7.34	9.63	6.39	5.76
Cash Profit Margin (%)	9.63	6.83	8.38	18.44	12.54	13.8	12.8	12.02	15.01	11.65	12.33
ROA(%)	5.71	3.79	4.41	9.67	6.49	6.35	5.49	3.88	4.8	3.43	2.59
ROE(%)	18.17	11.81	15.62	30.32	15.76	14.52	11.59	7.6	8.49	5.79	4.28
ROCE(%)	17.04	14.72	14.66	25.64	17.16	17.26	11.61	10.53	9.53	8.21	7.28
Receivable days	43.84	44	55.51	74.27	90.9	90.15	83.3	90.74	83.34	59.47	55.78
Inventory Days	62.02	64.18	52.18	27.79	17.42	41.45	59.37	54.95	36.13	67.63	122.81
Payable days	56.11	73.88	83.98	95.68	90.79	101.68	83.68	99.1	129.35	112.24	84.02
PER(x)	2.31	6.68	11.2	5.47	12.86	16.54	13.17	11.69	12.9	21.27	24.76
Price/Book(x)	0.38	0.75	1.62	1.44	1.91	2.24	1.44	0.86	1.05	1.2	1.04
Dividend Yield(%)	0	0	0	0	0	0	0	0	0	0	0
EV/Net Sales(x)	0.8	0.86	1.57	1.47	1.75	2.26	1.76	1.35	1.68	1.92	2.01
EV/Core EBITDA(x)	3.91	5.04	8.45	6.92	7.84	10.46	8.59	6.11	7.59	10.24	10.23
Net Sales Growth(%)	8.66	17.32	7.12	0.23	3.96	-2.32	3	-11.24	-8.36	10.06	-14.02
EBIT Growth(%)	27.66	-3.03	22.65	97.82	-33.98	10.74	-26.34	-7.44	-12.16	-11.47	-7.26
PAT Growth(%)	29.46	-24.61	51.85	146.7	-36.08	5.69	-9.03	-28.5	20.2	-26.99	-22.47
EPS Growth(%)	29.46	-24.61	51.85	146.7	-36.08	5.69	-9.03	-28.5	20.2	-26.99	-22.47
Debt/Equity(x)	1.68	1.53	2.01	1.1	0.9	0.92	0.76	0.68	0.43	0.54	0.43
Current Ratio(x)	1.42	1.49	0.83	1.17	1.2	1.63	1.64	1.58	1.35	1.02	1.16
Quick Ratio(x)	0.92	1.07	0.66	1.1	1.04	1.22	1.16	1.3	1.13	0.46	0.45
Interest Cover(x)	2.25	1.91	2.26	3.89	3.43	3.7	2.64	2.6	2.6	2.94	2.2
Total Debt/Mcap(x)	4.38	2.06	1.24	0.76	0.47	0.41	0.53	0.79	0.41	0.45	0.41

Polson Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	74.98	74.98	74.98	74.98	74.98	74.98	74.98	74.98	74.98	74.98
FII	0	0	0	0	0	0	0	0	0	0
DII	0.22	0.22	0.22	0.22	0.22	0.22	0.22	0.21	0.21	0.21
Public	24.8	24.8	24.8	24.8	24.8	24.8	24.8	24.81	24.81	24.81
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	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
FII	0	0	0	0	0	0	0	0	0	0
DII	0	0	0	0	0	0	0	0	0	0
Public	0	0	0	0	0	0	0	0	0	0
Others	0	0	0	0	0	0	0	0	0	0
Total	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01

Pros

Debtor days have improved from 112.24 to 84.02days.
Company has reduced debt.
Company is almost debt free.

Cons

Company has a low return on equity of 6% over the last 3 years.
The company has delivered a poor profit growth of -14% over past five years.

* 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.