Vinati Organics

₹1569.6 -10.7 | 0.7%

WEBSITE BSE:524200 NSE : VINATI ORG. 10 May, 16:01

Market Cap ₹16271 Cr.

Stock P/E 44.8

P/B 6.8

Current Price ₹1569.6

Book Value ₹ 230.6

Face Value 1

52W High ₹2010

Dividend Yield 0.45%

52W Low ₹ 1462.7

Edit Ratio

Vinati Organics Research see more...

Overview Inc. Year: 1989Industry: Chemicals

Vinati Organics Ltd is an India-based agency, that is engaged in production of speciality chemical and organic intermediaries. The Company produces Acrylamido 2Methylpropane Sulfonic Acid (ATBS) and Isobutyl Benzene (IBB). The Company's distinctiveness aromatics consist of regular butylbenzene (NBB), secondary butyl benzene (SBB), Tertiary amyl benzene (TAB), (3-PP), Hexene, C 10 Aromatic Solvent, 3-Phenylpentane, (1-ethylpropyl) benzene. Its distinctiveness monomers include sodium salt of 2-acrylamido-2-methylpropane sulphonic acid (NAATBS), 2-acrylamido 2-methylapropane sulphonic acid (ATBS), N-tertiary butyl acrylamide (TBA) and N-tertiary octyl acrylamide (TOA). Its special products other methyl 4-tertiary butyl benzoate (PTBMB), PARA tertiary butyl benzoic acid (PTBBA), isobutylene (IB), methanol, methyl tertiary butyl ether (HP-MTBE), and tertiary-butylamine. The Company serves its merchandise to business and chemical corporations across the United States, Europe and Asia.

Vinati Organics Share Price

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Peer Comparison

Vinati Organics Quarterly Results

#(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	374	369	486	506	566	517	503	431	448	448
Other Income	14	15	15	19	20	11	17	15	16	9
Total Income	388	384	501	525	586	528	520	446	464	457
Total Expenditure	273	276	347	375	418	369	351	322	337	333
Operating Profit	115	107	154	150	168	159	169	124	127	123
Interest	0	0	0	0	0	0	0	0	0	1
Depreciation	11	12	12	13	13	17	13	13	14	19
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	103	96	142	136	155	142	156	111	113	103
Provision for Tax	22	13	41	35	39	35	41	28	29	26
Profit After Tax	81	83	101	101	116	107	115	83	84	77
Adjustments	0	0	-0	0	0	0	0	-0	0	0
Profit After Adjustments	81	83	101	101	116	107	115	83	84	77
Adjusted Earnings Per Share	7.9	8.1	9.8	9.8	11.3	10.4	11.2	8.1	8.2	7.5

Vinati Organics Profit & Loss

#(Fig in Cr.)	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	1029	954	1616	2078	1830
Other Income	45	26	61	72	57
Total Income	1074	980	1676	2151	1887
Total Expenditure	614	601	1180	1482	1343
Operating Profit	460	379	496	669	543
Interest	2	1	2	2	1
Depreciation	33	43	45	52	59
Exceptional Income / Expenses	0	0	0	0	0
Profit Before Tax	425	335	449	615	483
Provision for Tax	91	66	103	157	124
Profit After Tax	334	269	347	458	359
Adjustments	0	0	0	0	0
Profit After Adjustments	334	269	347	458	359
Adjusted Earnings Per Share	32.5	26.2	33.7	44.6	35

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	29%	26%	0%	0%
Operating Profit CAGR	35%	13%	0%	0%
PAT CAGR	32%	11%	0%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	-21%	-3%	12%	28%
ROE Average	23%	21%	22%	22%
ROCE Average	30%	27%	29%	29%

Vinati Organics Balance Sheet

#(Fig in Cr.)	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	1279	1543	1828	2218
Minority's Interest	0	0	0	0
Borrowings	0	0	0	0
Other Non-Current Liabilities	75	83	94	109
Total Current Liabilities	89	108	167	220
Total Liabilities	1443	1734	2090	2547
Fixed Assets	751	757	873	882
Other Non-Current Assets	50	322	441	671
Total Current Assets	643	655	776	994
Total Assets	1443	1734	2090	2547

Vinati Organics Cash Flow

#(Fig in Cr.)	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	49	159	176	1
Cash Flow from Operating Activities	416	219	127	577
Cash Flow from Investing Activities	-197	-198	-255	-367
Cash Flow from Financing Activities	-109	-3	-47	-86
Net Cash Inflow / Outflow	109	18	-175	124
Closing Cash & Cash Equivalent	159	176	1	125

Vinati Organics Ratios

#	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	32.48	26.2	33.72	44.56
CEPS(Rs)	35.71	30.38	38.15	49.61
DPS(Rs)	5.5	6	6.5	7
Book NAV/Share(Rs)	124.48	150.16	177.85	215.82
Core EBITDA Margin(%)	40.32	37.02	26.96	28.61
EBIT Margin(%)	41.47	35.23	27.91	29.6
Pre Tax Margin(%)	41.28	35.13	27.81	29.51
PAT Margin (%)	32.45	28.22	21.46	21.97
Cash Profit Margin (%)	35.67	32.72	24.27	24.46
ROA(%)	23.13	16.96	18.13	19.75
ROE(%)	26.09	19.08	20.56	22.64
ROCE(%)	33.34	23.8	26.59	30.36
Receivable days	71.58	91.6	83.09	81.24
Inventory Days	33.05	41.14	33.68	32.14
Payable days	47.39	55.71	35.81	36.68
PER(x)	23.69	53.43	57.89	40.58
Price/Book(x)	6.18	9.32	10.98	8.38
Dividend Yield(%)	0.71	0.43	0.33	0.39
EV/Net Sales(x)	7.63	15.07	12.43	8.94
EV/Core EBITDA(x)	17.08	37.94	40.45	27.77
Net Sales Growth(%)	0	-7.25	69.3	28.64
EBIT Growth(%)	0	-21.21	34.12	36.83
PAT Growth(%)	0	-19.32	28.7	32.13
EPS Growth(%)	0	-19.32	28.7	32.13
Debt/Equity(x)	0	0	0.01	0
Current Ratio(x)	7.22	6.08	4.64	4.52
Quick Ratio(x)	6.17	4.95	3.59	3.65
Interest Cover(x)	209.58	354.55	272.91	363.21
Total Debt/Mcap(x)	0	0	0	0

Vinati Organics Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	74.06	74.06	74.06	74.06	74.06	74.06	74.06	74.06	74.06	74.28
FII	4.53	4.58	4.66	4.76	4.81	4.79	4.47	4.64	4.71	4.94
DII	7.54	7.85	8.11	7.98	7.88	7.9	8.11	8.18	7.55	7.31
Public	13.87	13.51	13.17	13.19	13.25	13.26	13.36	13.12	13.68	13.47
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	7.61	7.61	7.61	7.61	7.61	7.61	7.61	7.61	7.61	7.7
FII	0.47	0.47	0.48	0.49	0.49	0.49	0.46	0.48	0.48	0.51
DII	0.78	0.81	0.83	0.82	0.81	0.81	0.83	0.84	0.78	0.76
Public	1.43	1.39	1.35	1.36	1.36	1.36	1.37	1.35	1.41	1.4
Others	0	0	0	0	0	0	0	0	0	0
Total	10.28	10.28	10.28	10.28	10.28	10.28	10.28	10.28	10.28	10.37

Pros

Company has a good return on equity (ROE) track record: 3 Years ROE 21%
Company is almost debt free.

Cons

Debtor days have increased from 35.81 to 36.68days.
Stock is trading at 6.8 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.