Jayshree Chemicals revenue surged on 262% in 2015 while EBITDA Margin decreased on 5.7 pp from 5.3% to -0.42%

10-05-2015 • About Jayshree Chemicals ($JAYCH) • By InTwits

Jayshree Chemicals reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:

• The company operates at negative EBITDA Margin: -0.4%
• EBITDA Margin is quite volatile: -0.4% in FY2015, 5.3% in FY2014, 18.2% in FY2013, 10.9% in FY2012, -17.7% in FY2011

Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Jayshree Chemicals ($JAYCH) key annual financial indicators

mln. INR	2011	2012	2013	2014	2015	2015/2014
P&L
Revenue	291	1,132	1,330	330	1,196	262.3%
EBITDA	-51	124	242	17	-5	-128.7%
Net Income	11	8	8	-70	-285
Balance Sheet
Cash	22	3	7
Short Term Debt	230	492	483
Long Term Debt	847	784	681
Cash flow
Capex	1,164	136	52
Ratios
Revenue growth	-79.4%	288.9%	17.5%	-75.2%	262.3%
EBITDA growth	-160.8%	-340.4%	95.7%	-92.8%	-128.7%
EBITDA Margin	-17.7%	10.9%	18.2%	5.3%	-0.4%	-5.7%
Net Income Margin	3.7%	0.7%	0.6%	-21.2%	-23.9%	-2.7%
CAPEX, % of revenue	399.9%	12.0%	3.9%			0.0%
ROIC	-5.3%	2.5%	8.4%			0.0%
ROE	2.1%	1.5%	1.6%			0.0%
Net Debt/EBITDA		10.3x	4.8x	0.0x		0.0x

Revenue and profitability

Jayshree Chemicals's Revenue surged on 262% in FY2015. Revenue growth was financed by EBITDA margin decline. EBITDA Margin decreased on 5.7 pp from 5.3% to -0.42% in FY2015.

Net Income marign decreased on 2.7 pp from -21.2% to -23.9% in FY2015.

Appendix 1: Peers in Commodity Chemicals

Below you can find Jayshree Chemicals benchmarking vs. other companies in Commodity Chemicals industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.

Top companies by Revenue growth, %

Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Shree Hari Chemicals Export ($SHHARICH)	-52.2%	-2.5%	-78.0%	299.5%
Jindal Poly Films ($JINDPOLBBPH)	-66.5%	-17.2%	-6.3%	131.7%
Bodal Chemicals ($BODALCHEM)	-51.3%	5.4%	-12.6%	80.0%
Kanoria Chemicals & Industries ($KANORICHEM)	-22.3%	-40.7%	27.2%	47.9%
Camphor & Allied Products ($CAMPHOR)	-49.0%	-6.7%	7.2%	42.7%
Median (35 companies)	-43.8%	15.5%	10.9%	10.7%	-9.0%
Jayshree Chemicals ($JAYCH)		288.9%	17.5%	-75.2%	262.3%

Top companies by EBITDA margin, %

Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Shree Hari Chemicals Export ($SHHARICH)	8.3%	1.8%	-19.4%	29.4%
Chemfab Alkalis ($CHEMFALKAL)	19.0%	22.3%	32.9%	24.2%	19.8%
Aditya Birla Chemicals (India) ($ABCIL)	33.6%	26.8%	27.1%	23.6%
Bodal Chemicals ($BODALCHEM)	10.6%	1.8%	5.6%	20.4%
Alkyl Amines Chemicals ($ALKYLAMINE)	13.3%	15.9%	16.0%	19.0%
Median (31 companies)	13.3%	11.6%	8.3%	8.6%	12.6%
Jayshree Chemicals ($JAYCH)	-17.7%	10.9%	18.2%	5.3%	-0.4%

Top companies by CAPEX/Revenue, %

Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Chemfab Alkalis ($CHEMFALKAL)	5.1%	2.2%	15.8%	55.6%
Aditya Birla Chemicals (India) ($ABCIL)	5.9%	136.9%	24.2%	30.8%
Jindal Poly Films ($JINDPOLBBPH)	2.9%	6.9%	2.1%	27.5%
Polyplex Corporation ($POLYPLEX)	6.0%	10.7%	41.3%	19.2%
Kanoria Chemicals & Industries ($KANORICHEM)	12.9%	25.1%	6.0%	13.4%
Median (20 companies)	5.6%	5.2%	7.2%	5.7%	2.0%

Top companies by ROIC, %

Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Riddhi Siddhi Gluco Biols ($RIDDHI)	-0.2%	-1.3%	-0.6%	61.1%
Bodal Chemicals ($BODALCHEM)		-1.3%	3.3%	39.0%
Elantas Beck India ($ELANTAS)	17.5%	20.4%	33.9%	31.0%
Alkyl Amines Chemicals ($ALKYLAMINE)	10.3%	16.0%	18.7%	25.0%
Aarti Industries ($AARTIIND)	13.1%	15.9%	19.1%	17.2%
Median (59 companies)	10.7%	9.2%	9.8%	9.3%	5.3%
Jayshree Chemicals ($JAYCH)	-5.3%	2.5%	8.4%

Top companies by Net Debt / EBITDA

Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
India Glycols ($INDIAGLYCO)	8.2x	4.8x	3.7x	8.5x
Godrej Industries ($GODREJIND)	6.8x	9.9x	5.7x	7.9x
Polyplex Corporation ($POLYPLEX)	0.6x	0.9x	6.8x	7.1x
Link Pharma Chem ($LINKPH)	71.1x	3.4x	4.1x	6.2x
Refnol Resins & Chemicals ($REFNOL)			4.1x	5.6x
Median (41 companies)	2.5x	2.6x	3.0x	1.4x	0.0x
Jayshree Chemicals ($JAYCH)		10.3x	4.8x	0.0x

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