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SAL Steels

₹28.3 -0.4 | 1.3%

Market Cap ₹241 Cr.

Stock P/E 462.7

P/B 5.7

Current Price ₹28.3

Book Value ₹ 5

Face Value 10

52W High ₹31.2

Dividend Yield 0%

52W Low ₹ 13.8

SAL Steels Research see more...

Overview Inc. Year: 2003Industry: Steel/Sponge Iron/Pig Iron

SAL Steel Limited is a steel, ferro alloys and power producer and exporter based in Gujarat, India. It was established in 2003 by Shri Rajendra V. Shah, who is the non-executive chairman of the company. Their vision is to become a respected world class corporation and a leader in Indian steel business driving quality, productivity, profitability and customer satisfaction. Company's offerings include direct reduced iron, iron ore pellets, finished steel products and power, and has a credit rating of BB+ with a stable outlook from CARE Ratings. The company has a double advantage of having proximity to one of the busiest commercial ports and also to the customers of its finished products. It has secured long-term tie-ups for its various raw materials by renowned suppliers, which has led to achieve consistent high standard of quality in its finished products.

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SAL Steels Share Price

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SAL Steels Quarterly Results

#(Fig in Cr.) Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024
Net Sales 186 119 137 142 112 154 157 130 139 111
Other Income 0 0 0 0 0 0 0 0 0 0
Total Income 186 119 137 142 112 154 157 130 139 111
Total Expenditure 177 116 130 134 107 148 151 127 130 105
Operating Profit 10 3 7 7 6 6 6 2 9 6
Interest 0 0 1 4 3 3 3 3 3 3
Depreciation 2 2 2 2 2 2 2 2 2 3
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 7 0 4 1 0 0 0 -3 4 0
Provision for Tax 2 0 1 0 0 0 0 -1 1 0
Profit After Tax 5 0 3 1 -0 0 0 -2 3 0
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 5 0 3 1 -0 0 0 -2 3 0
Adjusted Earnings Per Share 0.6 0 0.3 0.1 -0 0 0 -0.3 0.3 0

SAL Steels 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 379 328 365 338 361 446 574 408 301 505 496 537
Other Income 2 2 1 1 2 3 1 44 22 29 14 0
Total Income 381 329 366 338 363 449 576 452 323 535 510 537
Total Expenditure 373 328 339 314 351 440 565 426 301 509 487 513
Operating Profit 8 1 27 24 12 9 11 26 22 26 23 23
Interest 32 30 30 12 1 1 2 2 0 0 8 12
Depreciation 19 17 9 8 8 8 8 8 9 9 10 9
Exceptional Income / Expenses 0 0 -47 -32 0 64 -20 0 0 0 0 0
Profit Before Tax -43 -47 -59 -29 4 64 -19 17 12 16 6 1
Provision for Tax -14 -11 16 0 3 22 3 1 1 5 2 0
Profit After Tax -29 -35 -76 -29 1 42 -22 16 12 12 4 1
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments -29 -35 -76 -29 1 42 -22 16 12 12 4 1
Adjusted Earnings Per Share -3.4 -4.2 -8.9 -3.4 0.1 5 -2.5 1.9 1.4 1.4 0.4 0

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -2% 7% 2% 3%
Operating Profit CAGR -12% -4% 21% 11%
PAT CAGR -67% -37% -38% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 74% 41% 57% 27%
ROE Average 9% 34% 23% -18%
ROCE Average 8% 8% 5% 2%

SAL Steels 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 105 70 -6 -35 -39 20 -1 15 26 38 42
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 101 54 15 4 169 167 160 146 124 0 125
Other Non-Current Liabilities 3 -9 8 1 -1 23 22 23 22 22 21
Total Current Liabilities 225 281 270 280 160 72 102 130 123 231 90
Total Liabilities 434 397 287 250 290 282 283 314 295 291 277
Fixed Assets 174 156 147 140 133 128 126 118 155 146 136
Other Non-Current Assets 139 137 83 34 38 37 18 54 9 10 6
Total Current Assets 120 103 57 76 119 117 139 142 131 134 134
Total Assets 434 397 287 250 290 282 283 314 295 291 277

SAL Steels 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 7 5 1 1 1 1 2 0 1 1 2
Cash Flow from Operating Activities 24 -17 22 2 -6 7 -4 54 23 22 8
Cash Flow from Investing Activities -9 1 0 -1 -1 -3 8 -35 -1 0 -2
Cash Flow from Financing Activities -16 11 -22 -1 7 -3 -6 -18 -22 -22 -7
Net Cash Inflow / Outflow -2 -4 0 -0 0 1 -2 0 1 0 -1
Closing Cash & Cash Equivalent 5 1 1 1 1 2 0 1 1 2 1

SAL Steels 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) -3.37 -4.17 -8.93 -3.39 0.1 4.99 -2.54 1.87 1.36 1.36 0.42
CEPS(Rs) -1.09 -2.11 -7.9 -2.39 1 5.9 -1.62 2.75 2.42 2.44 1.54
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 11.47 8.24 -0.74 -4.13 -4.56 2.39 -0.15 1.71 3.08 4.45 4.89
Core EBITDA Margin(%) 1.61 -0.13 6.42 6.19 2.41 1.43 1.62 -4.46 -0.1 -0.73 1.71
EBIT Margin(%) -2.68 -4.54 -7.26 -4.36 1.08 14.6 -2.98 4.56 4.21 3.25 2.69
Pre Tax Margin(%) -10.38 -12.9 -14.62 -7.67 0.9 14.34 -3.25 4.18 4.13 3.21 1.11
PAT Margin (%) -6.91 -9.79 -18.67 -7.67 0.22 9.5 -3.76 3.89 3.84 2.28 0.72
Cash Profit Margin (%) -2.25 -4.96 -16.51 -5.41 2.15 11.24 -2.4 5.74 6.84 4.1 2.64
ROA(%) -6.25 -8.53 -22.19 -10.72 0.32 14.83 -7.65 5.32 3.79 3.94 1.25
ROE(%) -25.58 -42.29 -238.03 0 0 0 -227.12 238.73 56.75 36.07 8.94
ROCE(%) -3.25 -5.88 -16.32 -19.7 4.66 39.62 -9.42 10.81 7.29 9.83 8.12
Receivable days 39.07 44.21 27.42 25.95 41.68 34.77 40 94.35 124.67 50.85 45.96
Inventory Days 55.35 46.81 31.56 29.61 41.1 55.74 34.23 23.03 31.5 29.2 39.52
Payable days 78.31 56.42 33.25 39.47 39.81 31.1 33.24 64.73 113.73 53.62 37.29
PER(x) 0 0 0 0 49.13 1.45 0 0.92 2.27 7.33 32.68
Price/Book(x) 0.18 0.19 -2.35 -0.7 -1.11 3.02 -33.56 1 1 2.24 2.79
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 0.58 0.57 0.37 0.33 0.59 0.52 0.37 0.43 0.57 0.41 0.48
EV/Core EBITDA(x) 26.88 178.72 5.04 4.61 17.93 25.73 19.87 6.69 7.89 8.09 10.49
Net Sales Growth(%) 15.84 -13.59 11.44 -7.6 6.81 23.7 28.76 -28.99 -26.22 67.92 -1.89
EBIT Growth(%) -146.38 -48.14 -79.41 44.48 126.29 1413.12 -126.33 208.37 -31.87 29.76 -18.78
PAT Growth(%) -6924.18 -23.9 -114.06 62.07 103.05 4734.14 -150.95 173.48 -27.2 -0.1 -69.28
EPS Growth(%) -6924.14 -23.9 -114.06 62.07 103.05 4734.16 -150.95 173.48 -27.2 -0.1 -69.27
Debt/Equity(x) 2.13 2.51 -19.17 -2.46 -4.45 8.62 -135.05 11.03 5.58 3.28 3.01
Current Ratio(x) 0.54 0.37 0.21 0.27 0.74 1.63 1.36 1.09 1.06 0.58 1.5
Quick Ratio(x) 0.29 0.23 0.09 0.17 0.36 0.57 1.06 0.97 0.8 0.4 0.9
Interest Cover(x) -0.35 -0.54 -0.99 -1.32 5.89 56.28 -11.41 12.27 53.45 87.46 1.71
Total Debt/Mcap(x) 11.51 13.55 8.16 3.51 4 2.85 4.02 10.99 5.56 1.47 1.08

SAL Steels Shareholding Pattern

# Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024
Promoter 50.56 50.56 50.56 50.56 50.56 50.56 50.56 50.56 50.56 50.56
FII 0 0 0 0 0 0 0 0 0 0
DII 0 0 0 0 0 0 0 0 0 0
Public 49.44 49.44 49.44 49.44 49.44 49.44 49.44 49.44 49.44 49.44
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 34%
  • Debtor days have improved from 53.62 to 37.29days.

Cons

  • Stock is trading at 5.7 times its book value.
  • The company has delivered a poor profit growth of -37% 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.

SAL Steels News

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