Bhagiradha Chemicals & Industries revenue surged on 25.9% in 2015 and EBITDA Margin decreased slightly on 0.51 pp from 5.4% to 4.9%

19-05-2015 • About Bhagiradha Chemicals & Industries ($BHAGCHEM) • By InTwits

Bhagiradha Chemicals & Industries reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts: EBITDA Margin is quite volatile: 4.9% in FY2015, 5.4% in FY2014, 6.7% in FY2013, 0.2% in FY2012, 1.4% in FY2011.

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

Bhagiradha Chemicals & Industries ($BHAGCHEM) key annual financial indicators

mln. INR	2011	2012	2013	2014	2015	2015/2014
P&L
Revenue	594	684	1,461	1,730	2,178	25.9%
EBITDA	8	1	99	93	106	14.0%
Net Income	1	-28	20	20	25	28.5%
Balance Sheet
Cash	42	31	27
Short Term Debt	119	227	344
Long Term Debt	39	37	40
Cash flow
Capex	24
Ratios
Revenue growth	-76.4%	15.2%	113.6%	18.4%	25.9%
EBITDA growth	-90.7%	-82.9%	6,807.0%	-5.8%	14.0%
EBITDA Margin	1.4%	0.2%	6.7%	5.4%	4.9%	-0.5%
Net Income Margin	0.1%	-4.1%	1.3%	1.1%	1.2%	0.0%
CAPEX, % of revenue	4.0%					0.0%
ROIC	-2.6%	-4.1%	7.7%			0.0%
ROE	0.2%	-6.1%	4.3%			0.0%
Net Debt/EBITDA	13.9x	163.2x	3.6x	0.0x	0.0x	0.0x

Revenue and profitability

The company's Revenue jumped on 25.9% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 2.3 pp from 5.5% to 7.7% in FY2015.

Net Income marign showed almost no change in FY2015.

Appendix 1: Peers in Agrochemicals

Below we provide Bhagiradha Chemicals & Industries benchmarking against other companies in Agrochemicals industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.

Top companies by Revenue growth, %

Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Insecticides (India) ($INSECTICID)	-59.4%	15.9%	18.2%	40.1%
P.I.Industries ($PIIND)	-69.9%	22.2%	31.0%	38.9%
Monsanto India ($MONSANTO)		2.9%	16.8%	33.6%	-4.6%
Rallis India ($RALLIS)		17.4%	14.4%	19.8%	4.3%
Astec Lifesciences Limited ($ASTEC)		2.6%	55.7%	18.4%	28.9%
Median (7 companies)	-59.4%	15.9%	18.2%	19.8%	-0.1%
Bhagiradha Chemicals & Industries ($BHAGCHEM)		15.2%	113.6%	18.4%	25.9%

Top companies by EBITDA margin, %

Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
P.I.Industries ($PIIND)	15.5%	17.0%	15.8%	18.4%
Astec Lifesciences Limited ($ASTEC)	14.5%	15.5%	16.7%	17.1%	20.3%
Rallis India ($RALLIS)	18.2%	16.2%	14.7%	15.2%	15.4%
Insecticides (India) ($INSECTICID)	9.9%	11.0%	11.3%	10.6%
Excel Industries ($EXCELINDUS)	12.6%	8.5%	10.9%	9.8%
Median (6 companies)	14.5%	15.1%	14.7%	12.9%	17.9%
Bhagiradha Chemicals & Industries ($BHAGCHEM)	1.4%	0.2%	6.7%	5.4%	4.9%

Top companies by CAPEX/Revenue, %

Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Astec Lifesciences Limited ($ASTEC)	32.6%	41.7%	14.9%	9.2%	7.5%
Excel Industries ($EXCELINDUS)	3.7%	7.6%	5.7%	8.5%
P.I.Industries ($PIIND)	13.5%	13.4%	13.2%	4.0%
Insecticides (India) ($INSECTICID)	13.3%	10.7%	8.1%	3.9%
Rallis India ($RALLIS)	12.1%	4.5%	3.2%	3.4%	3.3%
Median (6 companies)	12.1%	7.6%	6.9%	4.0%	3.0%

Top companies by ROIC, %

Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
P.I.Industries ($PIIND)	22.4%	23.9%	22.5%	31.3%
Rallis India ($RALLIS)	32.6%	26.3%	25.3%	28.3%	25.4%
Insecticides (India) ($INSECTICID)	23.5%	19.2%	15.6%	15.7%
Excel Industries ($EXCELINDUS)	13.8%	8.5%	14.2%	11.9%
Astec Lifesciences Limited ($ASTEC)	7.2%	5.6%	9.7%	10.7%	19.1%
Median (9 companies)	15.1%	8.5%	14.2%	13.8%	25.4%
Bhagiradha Chemicals & Industries ($BHAGCHEM)	-2.6%	-4.1%	7.7%

Top companies by Net Debt / EBITDA

Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Insecticides (India) ($INSECTICID)	0.8x	2.7x	3.0x	2.7x
Excel Industries ($EXCELINDUS)	1.4x	2.7x	1.6x	2.3x
Astec Lifesciences Limited ($ASTEC)	2.7x	4.1x	2.4x	2.3x	1.7x
P.I.Industries ($PIIND)	2.1x	1.6x	1.2x	0.3x
Rallis India ($RALLIS)	0.5x	0.7x	0.1x	0.2x	0.4x
Median (7 companies)	1.1x	2.7x	2.4x	0.3x	1.0x
Bhagiradha Chemicals & Industries ($BHAGCHEM)	13.9x	163.2x	3.6x	0.0x	0.0x

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